메뉴 건너뛰기




Volumn 1, Issue 2, 2000, Pages 101-126

Before the fall: Were East Asian currencies overvalued?

Author keywords

Equilibrium exchange rates; Overvaluation; Purchasing power parity

Indexed keywords


EID: 0034259249     PISSN: 15660141     EISSN: None     Source Type: Journal    
DOI: 10.1016/S1566-0141(00)00008-X     Document Type: Article
Times cited : (60)

References (51)
  • 1
    • 0031462555 scopus 로고    scopus 로고
    • Purchasing power parity in South East Asian countries economies: A cointegration approach
    • Baharumshah, A.Z., Ariff, M., 1997. Purchasing power parity in South East Asian countries economies: A cointegration approach. Asian Econ. J. 11, 141-154.
    • (1997) Asian Econ. J. , vol.11 , pp. 141-154
    • Baharumshah, A.Z.1    Ariff, M.2
  • 2
    • 0027739488 scopus 로고
    • Purchasing power parity based on effective exchange rates and cointegration: 25 LDCs experience with its absolute formulation
    • Bahmani-Oskooee, M., 1993. Purchasing power parity based on effective exchange rates and cointegration: 25 LDCs experience with its absolute formulation. World Dev. 21, 1023-1031.
    • (1993) World Dev. , vol.21 , pp. 1023-1031
    • Bahmani-Oskooee, M.1
  • 3
    • 0001399205 scopus 로고
    • The purchasing power parity doctrine: A reappraisal
    • Balassa, B., 1964. The purchasing power parity doctrine: A reappraisal. J. Polit. Econ. 72, 584-596.
    • (1964) J. Polit. Econ. , vol.72 , pp. 584-596
    • Balassa, B.1
  • 4
    • 0002380039 scopus 로고
    • The robustness of equilibrium exchange rate calculations to alternative assumptions and methodologies
    • Williamson, J. (Ed.), Institute for International Economics, Washington, DC
    • Bayoumi, T., Clark, P., Symansky, S., Taylor, M., 1994. The robustness of equilibrium exchange rate calculations to alternative assumptions and methodologies. In: Williamson, J. (Ed.), Estimating Equilibrium Exchange Rates. Institute for International Economics, Washington, DC, pp. 19-60.
    • (1994) Estimating Equilibrium Exchange Rates , pp. 19-60
    • Bayoumi, T.1    Clark, P.2    Symansky, S.3    Taylor, M.4
  • 6
    • 84981676740 scopus 로고
    • Finite-sample sizes of Johansen's likelihood ratio tests for cointegration
    • Cheung, Y.-W., Lai, K.S., 1993a. Finite-sample sizes of Johansen's likelihood ratio tests for cointegration. Oxf. Bull. Econ. Stat. 55, 313-328.
    • (1993) Oxf. Bull. Econ. Stat. , vol.55 , pp. 313-328
    • Cheung, Y.-W.1    Lai, K.S.2
  • 7
    • 0001728763 scopus 로고
    • Long-run purchasing power parity during the recent float
    • Cheung, Y.-W., Lai, K.S., 1993b. Long-run purchasing power parity during the recent float. J. Int. Econ. 34, 181-192.
    • (1993) J. Int. Econ. , vol.34 , pp. 181-192
    • Cheung, Y.-W.1    Lai, K.S.2
  • 9
    • 0032979154 scopus 로고    scopus 로고
    • On the won and other East Asian currencies
    • Chinn, M.D., 1999b. On the won and other East Asian currencies. Int. J. Finance Econ. 4, 113-127.
    • (1999) Int. J. Finance Econ. , vol.4 , pp. 113-127
    • Chinn, M.D.1
  • 10
    • 0034028601 scopus 로고    scopus 로고
    • The usual suspects: Productivity and demand shocks and Asia-Pacific real exchange rates
    • Chinn, M.D., 2000. The usual suspects: Productivity and demand shocks and Asia-Pacific real exchange rates. Rev. Int. Econ. 8, 20-43.
    • (2000) Rev. Int. Econ. , vol.8 , pp. 20-43
    • Chinn, M.D.1
  • 11
    • 0033177085 scopus 로고    scopus 로고
    • Latin America and East Asia in the context of an insurance model of currency crises
    • Chinn, M.D., Dooley, M.P., Shrestha, S., 1999. Latin America and East Asia in the context of an insurance model of currency crises. J. Int. Money Finance 18, 659-681.
    • (1999) J. Int. Money Finance , vol.18 , pp. 659-681
    • Chinn, M.D.1    Dooley, M.P.2    Shrestha, S.3
  • 12
    • 0004932372 scopus 로고    scopus 로고
    • Imperfect information, domestic regulation and financial crises
    • Glick, R., Moreno, R., Spiegel, M., (Eds.), Cambridge University Press, Cambridge (forthcoming)
    • Chinn, M.D., Kletzer, K. Imperfect information, domestic regulation and financial crises. In: Glick, R., Moreno, R., Spiegel, M., (Eds.), Financial Crises in Emerging Markets. Cambridge University Press, Cambridge (forthcoming).
    • Financial Crises in Emerging Markets
    • Chinn, M.D.1    Kletzer, K.2
  • 13
    • 0002019315 scopus 로고    scopus 로고
    • Financial and capital account liberalization in the Pacific Basin: Korea and Taiwan
    • Chinn, M.D., Maloney, W.f., 1998. Financial and capital account liberalization in the Pacific Basin: Korea and Taiwan. Int. Econ. J. 12, 1-22.
    • (1998) Int. Econ. J. , vol.12 , pp. 1-22
    • Chinn, M.D.1
  • 14
    • 0001126361 scopus 로고
    • Banking on currency forecasts: Is change in money predictable?
    • Chinn, M.D., Meese, R.A., 1995. Banking on currency forecasts: Is change in money predictable? J. Int. Econ. 38, 161-178.
    • (1995) J. Int. Econ. , vol.38 , pp. 161-178
    • Chinn, M.D.1    Meese, R.A.2
  • 15
    • 0029546656 scopus 로고
    • Long-run real exchange rates in the four little dragons
    • Chou, W.L., Shih, Y.C., 1995. Long-run real exchange rates in the four little dragons. J. Int. Trade Dev. 4, 184-202.
    • (1995) J. Int. Trade Dev. , vol.4 , pp. 184-202
    • Chou, W.L.1    Shih, Y.C.2
  • 17
    • 0032842150 scopus 로고    scopus 로고
    • Financial liberalization and money demand in the ASEAN countries
    • Dekle, R., Pradhan, M., 1999. Financial liberalization and money demand in the ASEAN countries. Int. J. Finance Econ. 4, 205-215.
    • (1999) Int. J. Finance Econ. , vol.4 , pp. 205-215
    • Dekle, R.1    Pradhan, M.2
  • 18
    • 0000852872 scopus 로고
    • Expectations and exchange rate dynamics
    • Dornbusch, R., 1976. Expectations and exchange rate dynamics. J. Polit. Econ. 84, 1161-1176.
    • (1976) J. Polit. Econ. , vol.84 , pp. 1161-1176
    • Dornbusch, R.1
  • 19
    • 0002332213 scopus 로고    scopus 로고
    • FEERs: A sensitivity analysis
    • MacDonald, R.R., Stein, J. (Eds.), Kluwer Academic Publishers, Boston
    • Driver, R., Wren-Lewis, S., 1999. FEERs: A sensitivity analysis. In: MacDonald, R.R., Stein, J. (Eds.), Equilibrium Exchange Rates. Kluwer Academic Publishers, Boston.
    • (1999) Equilibrium Exchange Rates
    • Driver, R.1    Wren-Lewis, S.2
  • 20
    • 0031070989 scopus 로고    scopus 로고
    • Understanding the empirical literature on purchasing power parity: The post-bretton woods era
    • Edison, H., Gagnon, J., Melick, W., 1997. Understanding the empirical literature on purchasing power parity: The post-bretton woods era. J. Int. Money Finance 16, 1-17.
    • (1997) J. Int. Money Finance , vol.16 , pp. 1-17
    • Edison, H.1    Gagnon, J.2    Melick, W.3
  • 21
    • 84995733144 scopus 로고
    • On the mark: A theory of floating exchange rates based on real interest differentials
    • Frankel, J.A., 1979. On the mark: A theory of floating exchange rates based on real interest differentials. Am. Econ. Rev. 69, 610-622.
    • (1979) Am. Econ. Rev. , vol.69 , pp. 610-622
    • Frankel, J.A.1
  • 22
    • 0042762133 scopus 로고    scopus 로고
    • Currency crashes in emerging markets: An empirical treatment
    • Frankel, J.A., Rose, A.K., 1996a. Currency crashes in emerging markets: An empirical treatment. J. Int. Econ. 41, 351-368.
    • (1996) J. Int. Econ. , vol.41 , pp. 351-368
    • Frankel, J.A.1    Rose, A.K.2
  • 23
    • 0030462091 scopus 로고    scopus 로고
    • A panel project on purchasing power parity: Mean reversion within and between countries
    • Frankel, J.A., Rose, A.K., 1996b. A panel project on purchasing power parity: Mean reversion within and between countries. J. Int. Econ. 40, 209-224.
    • (1996) J. Int. Econ. , vol.40 , pp. 209-224
    • Frankel, J.A.1    Rose, A.K.2
  • 24
    • 0000634137 scopus 로고
    • A monetary approach to the exchange rate: Doctrinal aspects and empirical evidence
    • Frenkel, J.A., 1976. A monetary approach to the exchange rate: Doctrinal aspects and empirical evidence. Scand. J. Econ. 78, 200-224.
    • (1976) Scand. J. Econ. , vol.78 , pp. 200-224
    • Frenkel, J.A.1
  • 25
    • 77957239083 scopus 로고
    • Perspectives on PPP and long-run real exchange rates
    • Grossman, G., Rogoff, K. (Eds.), Elsevier Press, Amsterdam
    • Froot, K.A., Rogoff, K., 1995. Perspectives on PPP and long-run real exchange rates. In: Grossman, G., Rogoff, K. (Eds.), Handbook of International Economics, Vol. 3. Elsevier Press, Amsterdam, pp. 1648-1684.
    • (1995) Handbook of International Economics , vol.3 , pp. 1648-1684
    • Froot, K.A.1    Rogoff, K.2
  • 27
    • 0031539573 scopus 로고    scopus 로고
    • International price linkage within a region: The case of East Asia
    • Fukuda, S., Kano, T., 1997. International price linkage within a region: The case of East Asia. J. Jpn. Int. Econ. 11, 643-666.
    • (1997) J. Jpn. Int. Econ. , vol.11 , pp. 643-666
    • Fukuda, S.1    Kano, T.2
  • 28
  • 29
    • 0040531552 scopus 로고    scopus 로고
    • The aftermath of appreciations
    • Goldfajn, I., Valdes, R., 1999. The aftermath of appreciations. Q. J. Econ. 114, 229-262.
    • (1999) Q. J. Econ. , vol.114 , pp. 229-262
    • Goldfajn, I.1    Valdes, R.2
  • 31
    • 84974082784 scopus 로고
    • Testing for cointegration when some of the cointegrating vectors are prespecified
    • Horvath, M.T.K., Watson, M.W., 1995. Testing for cointegration when some of the cointegrating vectors are prespecified. Econometric Theory 11, 984-1014.
    • (1995) Econometric Theory , vol.11 , pp. 984-1014
    • Horvath, M.T.K.1    Watson, M.W.2
  • 32
    • 0002337868 scopus 로고    scopus 로고
    • The Asian currency crash: Were badly driven fundamentals to blame?
    • forthcoming
    • Husted, S., MacDonald, R.R., 2000. The Asian currency crash: Were badly driven fundamentals to blame? J. Asian Econ. (forthcoming).
    • (2000) J. Asian Econ.
    • Husted, S.1    MacDonald, R.R.2
  • 33
    • 0342875496 scopus 로고    scopus 로고
    • Long run movements in real exchange rates
    • Ito, T., Isard, P., Symansky, S., Bayoumi, T. (Eds.), Occasional Paper 145. International Monetary Fund, Washington, DC
    • Isard, P., Symansky, S., 1996. Long run movements in real exchange rates. In: Ito, T., Isard, P., Symansky, S., Bayoumi, T. (Eds.), Exchange Rate Movements and their Impact on Trade and Investment in the APEC Region. Occasional Paper 145. International Monetary Fund, Washington, DC.
    • (1996) Exchange Rate Movements and their Impact on Trade and Investment in the APEC Region
    • Isard, P.1    Symansky, S.2
  • 35
    • 0345510809 scopus 로고
    • Statistical analysis of cointegrating vectors
    • Johansen, S., 1988. Statistical analysis of cointegrating vectors. J. Econ. Dyn. Control 12, 231-254.
    • (1988) J. Econ. Dyn. Control , vol.12 , pp. 231-254
    • Johansen, S.1
  • 36
    • 84981579311 scopus 로고
    • Maximum likelihood estimation and inference on cointegration - With applications to the demand for money
    • Johansen, S., Juselius, K., 1990. Maximum likelihood estimation and inference on cointegration - With applications to the demand for money. Oxf. Bull. Econ. Stat. 52, 169-210.
    • (1990) Oxf. Bull. Econ. Stat. , vol.52 , pp. 169-210
    • Johansen, S.1    Juselius, K.2
  • 37
    • 0039624712 scopus 로고    scopus 로고
    • The twin crises: The causes of banking and balance-of-payments problems
    • Kaminsky, G.L., Reinhart, C.M., 1999. The twin crises: The causes of banking and balance-of-payments problems. Am. Econ. Rev. 89, 473-500.
    • (1999) Am. Econ. Rev. , vol.89 , pp. 473-500
    • Kaminsky, G.L.1    Reinhart, C.M.2
  • 39
    • 0002369727 scopus 로고
    • Liberalization of the financial market in Taiwan in the 1980s
    • Kuo, S.W.Y., 1990. Liberalization of the financial market in Taiwan in the 1980s. Pacific-Basin Capital Markets Res. 1, 7-26.
    • (1990) Pacific-Basin Capital Markets Res. , vol.1 , pp. 7-26
    • Kuo, S.W.Y.1
  • 40
    • 0033145442 scopus 로고    scopus 로고
    • Purchasing power parity and dynamic error correction: Evidence from Asia Pacific economies
    • Lee, D.Y., 1999. Purchasing power parity and dynamic error correction: Evidence from Asia Pacific economies. Int. Rev. Econ. Finance 8.
    • (1999) Int. Rev. Econ. Finance , vol.8
    • Lee, D.Y.1
  • 41
    • 0030305869 scopus 로고    scopus 로고
    • Panel unit root tests and real exchange rates
    • MacDonald, R.R., 1996. Panel unit root tests and real exchange rates. Econ. Lett. 50, 7-11.
    • (1996) Econ. Lett. , vol.50 , pp. 7-11
    • MacDonald, R.R.1
  • 43
    • 0002377625 scopus 로고
    • Exchange rates and monetary policy in Singapore and Hong Kong
    • Cheng, H.-S. (Ed.), Kluwer, Boston
    • Moreno, R., 1988. Exchange rates and monetary policy in Singapore and Hong Kong. In: Cheng, H.-S. (Ed.), Monetary Policy in Pacific Basin Countries. Kluwer, Boston, pp. 173-200.
    • (1988) Monetary Policy in Pacific Basin Countries , pp. 173-200
    • Moreno, R.1
  • 44
    • 0000248987 scopus 로고
    • Does the real exchange rate follow a random walk? The Pacific Basin perspective
    • Phylaktis, K., Kassimatis, Y., 1994. Does the real exchange rate follow a random walk? The Pacific Basin perspective. J. Int. Money Finance 13, 476-495.
    • (1994) J. Int. Money Finance , vol.13 , pp. 476-495
    • Phylaktis, K.1    Kassimatis, Y.2
  • 46
    • 0001465629 scopus 로고
    • Theoretical notes on trade problems
    • Samuelson, P., 1964. Theoretical notes on trade problems. Rev. Econ. Stat. 46, 145-154.
    • (1964) Rev. Econ. Stat. , vol.46 , pp. 145-154
    • Samuelson, P.1
  • 50
    • 85037806592 scopus 로고
    • New York, 19 November
    • World Financial Markets, 1993. Morgan Guaranty, New York, 19 November.
    • (1993) Morgan Guaranty


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.