Characterizing Exchange Rate Regimes in Post-Crisis East Asia

44 Pages Posted: 31 Jan 2006

See all articles by Taimur Baig

Taimur Baig

International Monetary Fund (IMF)

Date Written: October 2001


This paper examines the behavior of the exchange rates of selected emerging market East Asian economies in the aftermath of the Asian crisis. The results suggest that movements in the Asia-5 currencies (Indonesia, Korea, Malaysia, Philippines, and Thailand) were significantly influenced by the U.S. dollar's day-to-day movements before the crisis, and have indeed continued to do so post-crisis. However, comparisons with a range of other currencies suggest that this is a fairly common trait across various regimes. Moreover, results from the post-crisis data do not support the view that the Asia-5 currencies presently have the same characteristics as they did before the crisis.

Keywords: exchange rate regime, volatility, Asian crisis

JEL Classification: F31, F33

Suggested Citation

Baig, Taimur, Characterizing Exchange Rate Regimes in Post-Crisis East Asia (October 2001). IMF Working Paper No. 01/152, Available at SSRN:

Taimur Baig (Contact Author)

International Monetary Fund (IMF) ( email )

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