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題名 Equilibrium Real Exchange Rates and Asian Financial Crisis 作者 吳中書
Wu, Chung-Shu關鍵詞 Real exchange rates;financial crisis 日期 2006-03 上傳時間 9-Jan-2009 12:22:31 (UTC+8) 摘要 A huge depreciation in currency value was a significant symptom of the Asian Financial Crisis. Based on the observation, existing literatures like Corsetti, Pesenti & Roubini (1998), Radelet & Sachs (1998), Calvo & Vegh (1999), and Chen, Hu & Wu (1999), Ho(2003), and Caporale, Cipollini & Demetriades (2005) argued that an inappropriate exchange rate policy was one of the main factors causing the crisis. Our empirical results show countries like the Philippines, Indonesia, Thailand, Singapore and Malaysia did have an over-valuation of their currencies. However, for countries such as Japan, Korea and Taiwan, their actual real exchange rates in fact were larger than the model estimated the equilibrium real exchange rates. This implies that, for some countries which experienced a drastic depreciation of their currencies during the Asian financial crisis, it was riot because of inappropriate market fundamentals, but rather because of self-fulfilling effects or contagion effects. 關聯 中國統計學報,44(3),51-63 資料類型 article dc.creator (作者) 吳中書 zh_TW dc.creator (作者) Wu, Chung-Shu - dc.date (日期) 2006-03 en_US dc.date.accessioned 9-Jan-2009 12:22:31 (UTC+8) - dc.date.available 9-Jan-2009 12:22:31 (UTC+8) - dc.date.issued (上傳時間) 9-Jan-2009 12:22:31 (UTC+8) - dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/23330 - dc.description.abstract (摘要) A huge depreciation in currency value was a significant symptom of the Asian Financial Crisis. Based on the observation, existing literatures like Corsetti, Pesenti & Roubini (1998), Radelet & Sachs (1998), Calvo & Vegh (1999), and Chen, Hu & Wu (1999), Ho(2003), and Caporale, Cipollini & Demetriades (2005) argued that an inappropriate exchange rate policy was one of the main factors causing the crisis. Our empirical results show countries like the Philippines, Indonesia, Thailand, Singapore and Malaysia did have an over-valuation of their currencies. However, for countries such as Japan, Korea and Taiwan, their actual real exchange rates in fact were larger than the model estimated the equilibrium real exchange rates. This implies that, for some countries which experienced a drastic depreciation of their currencies during the Asian financial crisis, it was riot because of inappropriate market fundamentals, but rather because of self-fulfilling effects or contagion effects. - dc.format application/ en_US dc.language en en_US dc.language en-US en_US dc.language.iso en_US - dc.relation (關聯) 中國統計學報,44(3),51-63 en_US dc.subject (關鍵詞) Real exchange rates;financial crisis - dc.title (題名) Equilibrium Real Exchange Rates and Asian Financial Crisis en_US dc.type (資料類型) article en
