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Equilibrium Exchange Rates in Asian Currencies

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Authors
Miyagawa, Tsutomu; Toya, Hideki; Makino, Tatsuji
Issue Date
2004
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 17 (No. 4 2004): 483-510
Keywords
Asian currency crisis; Equilibrium exchange rate; Hollowing out of industry; Purchasing power parity
Abstract
In this paper, we measured the equilibrium exchange rates (EER) for Asian currencies (baht. new Taiwan dollar. won. yen. and yuan) and the U.S. dollar. We compared the equilibrium exchange rates reflecting economic fundamentals with the actual exchange rate, and examined which factors affect the movement of equilibrium exchange rates. Our study shows that rapid increases of labor productivity in Korea and China have prevented an excessive depreciation of the won and yuan. When we take multilateral trade into account, the effective exchange rate of the yen was undervalued compared with the effective equilibrium exchange rate in 2000.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1322
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.17(4) (Winter 2004)
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