Download or read book The Impact of Exchange Rate Volatility on Trade Flows for East Asian Countries written by Wooi Hooy Chee and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Exchange Rate Volatility and Trade Flows of East Asian EMEs written by Chee Wooi Hooy and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Exchange Rate Regimes in East Asia written by Masahiro Kawai and published by Taylor & Francis. This book was released on 2004-08-02 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gordon De Brouwer is an experienced Routledge author All contributors are leading researchers in the field and are mainly from Australia, Japan and Korea

Download or read book Exchange Rate Volatility and Exports written by Myint Moe Chit and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis provides an empirical analysis of the impact of exchange rate volatility on the exports of five emerging East and South East Asian economies; China, Indonesia, Malaysia, the Philippines and Thailand. The countries under consideration are the main members of the impending ASEAN-China Free Trade Area (ACFTA), and the options for a closer monetary integration including proposais for the eventual formation of a currency union within the region are currently an active area of research and policy debate. Therefore, an understanding of the degree to which exchange rate volatility affects their export activity is important for setting the optimal exchange rate policy in emerging East Asian countries. Recognizing the specificity of the exports of the sample countries which is different from those of industrialised countries this study employs an augmented generalised gravity model instead of a pure gravity model. A GMM-IV approach is used to overcome the potential econometric problems of endogeneity and heteroskedasticity. In addition, this study is the first to conduct the recently developed panel unit-root and cointegration tests to verify the existence of a long-run stationary relationship between real exports and exchange-rate volatility. The benchmark measure of the exchange rate volatility which represents uncertainty is the standard deviation of the first difference of the logarithmic exchange rate. In order to check the robustness of the results two additional measures of exchange rate volatility - the moving average standard deviation of the logarithmic exchange rate (MASD) and the conditional exchange rate volatility which follows a Generalised Autoregressive Conditional Heteroscedascity process (GARCH) are also used to estimate the model. The results provide a strong evidence that exchange rate volatility has an economically and statistically significant negative impact not only on the overall exports to the world market but also on the intra-regional exports of emerging East Asian countries. In addition, the results indicate that the adverse effect of exchange rate volatility on exports is not a linear and is conditional on the financial sector development of the exporting country: the more financially developed an economy is, the less its exports are adversely affected by exchange rate volatility. These results are robust across different estimation techniques and do not depend on the variable chosen to proxy exchange rate uncertainty. In conclusion, the results of the thesis suggest that whilst exchange rate flexibility has desirable properties as a 'shock absorber' to dampen the impact of real shocks, on average it still has an adverse effect on the exports of the emerging East Asian countries, and the impact is more severe on a financially less developed economy.

Download or read book Exchange Rate Risk Management written by George Allayannis and published by World Bank Publications. This book was released on 2001 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a large sample of East Asian nonfinancial corporations, firms using foreign currency derivatives had distinctive characteristics, such as larger size and foreign debt exposures. Unlike in studies of U.S. firms, there was only weak evidence that liquidity-constrained firms with greater growth opportunities hedged more. Firms appeared to use foreign earnings as a substitute for hedging with derivatives, and to engage in "selective" hedging. There was no evidence that East Asian firms eliminated their foreign exchange exposure by using derivatives. And firms using derivatives before the crisis performed just as poorly as nonhedgers during the crisis.

Download or read book Currency Cooperation in East Asia written by Frank Rövekamp and published by Springer. This book was released on 2014-07-08 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the opportunities and limits of currency cooperation in East Asia. Currency issues play an important role in the region. The Asian crisis of the late 90s was rooted in deficient currency arrangements. The Chinese RMB is not freely convertible yet, but policymakers in China nevertheless aim for a more international role of the Chinese currency. The recent change of direction in Japanese monetary policy caused a drastic depreciation of the Yen and led to warnings against a possible “currency war”, thus demonstrating that currency issues can also easily lead to political frictions. Most trade in and with the East Asian zone on the other hand is still conducted in US $. Against this background different modes of currency cooperation serve the goal of smoothing exchange rate fluctuations and capital flows. They are an important element to promote financial stability and to reduce the transaction cost for foreign trade or investment. The contributions of this book analyze the environment and design of currency cooperation in East Asia and their effects from a macro-and microeconomic viewpoint.

Download or read book Proposed Strategy for a Regional Exchange Rate Arrangement in Post crisis East Asia written by Masahiro Kawai and published by World Bank Publications. This book was released on 2000 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: A coordinated action by East Asian countries to stabilize their currencies against a common basket of major currencies (broadly representative of their average structure of trade and foreign direct investment) would help stabilize both intraregional exchange rates and effective exchange rates, in a way consistent with the medium-term objective of promoting trade investment and growth in the region.

Download or read book Toward an East Asian Exchange Rate Regime written by Duck-Koo Chung and published by Rowman & Littlefield. This book was released on 2007-05-01 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: East Asian exchange rates have become a global flashpoint. U.S. policymakers blame artificially low Asian currency values for global imbalances, including America's ballooning current account deficit. The solution, they argue, lies in some combination of greater exchange rate flexibility and the appreciation of Asian currencies against the dollar. Asian officials recognize the need to let their exchange rates rise, but they fear that would hamper growth and cut sharply into the value of their dollar reserves. Toward an East Asian Exchange Rate Regime offers a timely and comprehensive analysis of the resulting debates, drawing on expertise from China, Japan, South Korea, and the United States. The introduction reviews the issues at stake, sketches a variety of proposed exchange rate regimes, and discusses comparisons between East Asia and the West. Subsequent chapters examine the connection between global financial imbalances and East Asian monetary cooperation, China's potential role in regional coordination, the relationship between monetary and trade integration, and different paths toward regional cooperation. Authoritative yet concise, this is an essential primer on East Asian monetary integration. Contributors include Gongpil Choi (Korean Institute of Finance, Federal Reserve Bank of San Francisco), Masahiro Kawai (University of Tokyo, Asian Development Bank), Kwanho Shin (Korea University), Yunjong Wang (SK Institute), Masaru Yoshitomi (RIETI,Tokyo), and Yongding Yu (Chinese Academy of Social Sciences).

Download or read book Studies In East Asian Economies Capital Flows Exchange Rates And Monetary Policy written by Jagdish Handa and published by World Scientific. This book was released on 2011-07-29 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book includes three economic/econometric studies on four East Asian countries (Indonesia, Malaysia, Philippines and Thailand) and two studies on China. The four East Asian economies, designated at one time as ‘economic tigers’, provide important and interesting case studies on periods of very rapid growth with heavy capital inflows, followed by financial and economic crises. The three studies on these countries examine the impact of heavy capital inflows on growth, real exchange rates and the conduct of domestic monetary policy during the period 1970-96, which immediately preceded their financial crises of 1997-98. At a more general level, they shed light on the contributions that capital inflows make to small open economies and how these inflows impact on their exchange rates and monetary policies.The two studies on China examine the adequacy of capital flows to it and its monetary policies. In recent years, while China has been among the biggest recipients of capital inflows, our study on it finds that these inflows are still considerably short of the amounts that perfect capital flows would imply. Regarding China's pursuit of monetary policy, our study is the first one to question whether interest rates or monetary aggregates are appropriate instruments for the control of the economy. Our finding is that its large informal sector and black money holdings make the use of monetary aggregates the more appropriate policy instrument. This finding contrasts with the usual one for financially developed economies that interest rate targeting and a Taylor rule provide the applicable monetary policy framework.

Download or read book Exchange Rate Volatility and Trade Among the Asia Pacific Countries written by SaangJoon Baak and published by . This book was released on 2017 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to investigate the impact of exchange rate volatility on exports among 14 Asia Pacific countries, where various measures to raise the intra-region trade are being implemented. Specifically, this paper estimates a gravity model, in which the dependent variable is the product of the exports of two trading countries. In addition, it also estimates a unilateral exports model, in which the dependent variable is not the product of the exports of two trading countries but the exports from one country to another. By doing this, the depreciation rate of the exporting country's currency value can be included as one of the explanatory variables affecting the volume of exports.As the explanatory variables of the export volume, the gravity model adopts the product of the GDPs of two trading counties, their bilateral exchange rate volatility, their distance, a time trend and dummies for the share of the border line, the use of the same language, and the APEC membership. In the case of the unilateral exports model, the product of the GDPs is replaced by the GDP of the importing country, and the depreciation rate of the exporting country's currency value is dded. In addition, considering that the export volume will also depend on various onditions of the exporting country, dummies for exporting countries are also included as an explanatory variable.The empirical tests, using annual data for the period from 1980 to 2002, detect a significant negative impact of exchange rate volatility on the volume of exports. In addition, various tests using the data for sub-sample periods indicate that the negative impact had been weakened since 1989, when APEC had launched, and surged again from 1997, when the Asian financial crisis broke out. This finding implies that the impact of exchange rate volatility is time-dependent and that it is significantly negative at least in the present time. This phenomenon is noticed regardless which estimation model is adopted.In addition, the test results show that the GDP of the importing country, the depreciation of the exporting country's currency value, the use of the same language and the membership of APEC have positive impacts on exports, while the distance between trading countries have negative impacts. Finally, it turns out that the negative impact of exchange rate volatility is much weaker among OECD countries than among non-OECD counties.

Download or read book Exchange Rates Under the East Asian Dollar Standard written by Ronald I. McKinnon and published by MIT Press. This book was released on 2005 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: The policy dilemmas inherent in using the US dollar as the key currency for stabilizing exchange rates in East Asia.

Download or read book Exchange Rate Monetary and Financial Issues and Policies in Asia written by Ramkishen S. Rajan and published by World Scientific. This book was released on 2009 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a Pageburst digital textbook; the product description may vary from the print textbook. User-friendly and comprehensive, this essential resource covers all aspects of canine, feline, and equine diagnostic radiology and interpretation. It features relevant coverage of the physics of radiology, CT, and MRI, as well as valuable information on patient positioning and management, radiographic technique and safety measures, normal and abnormal anatomy, radiographic viewing and interpretation, and alternative imaging modalities. This edition features more than 500 additional images, a new chapter on the principles of digital imaging, and expanded coverage of brain and spinal cord imaging. Features comprehensive, logically organized coverage of the latest advances in imaging techniques and interpretation for the dog, cat, and horse. A body systems approach presents information in a logical progression, covering skeletal versus soft tissue structures, normal anatomy, general radiographic changes, and the most common abnormalities affecting each particular system. Discussion of the physics of radiology, CT, and MRI offers a better understanding of the radiographic process. An atlas of normal radiographic anatomy of the dog and horse offers a basis for comparison to assist in recognizing abnormal findings. Information on radiation safety highlights safety measures associated with ionizing radiation. A self-assessment section at the end of each chapter evaluates understanding of key concepts and clinical applications. High-quality radiographic images, illustrations, tables, and charts throughout clarify important concepts and interpretative principles. A new chapter on Digital Images and Digital Radiographic Image Capture (Chapter 2). Updated and expanded coverage of brain and spinal cord imaging, including CT and MRI. More than 500 additional radiographic images that clarify key concepts.

Download or read book Exchange Rate Volatility and Exports written by Myint Moe Chit and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of bilateral real exchange rate volatility on real exports of five emerging East Asian countries among themselves as well as to 13 industrialised countries. We recognise the specificity of the exports between the emerging East Asian and industrialised countries and employ a generalised gravity model. In the empirical analysis we use a panel comprising 25)years of quarterly data and perform unit-root and cointegration tests to verify the long-run relationship among the variables. The results provide strong evidence that exchange rate volatility has a negative impact on the exports of emerging East Asian countries. In addition, the results suggest that the pattern of bilateral exports is influenced by third-country variables. An increase in the price competitiveness of other emerging East Asian countries has a negative impact on a country's exports to a destination market, but the magnitude of the impact is relatively small. These results are robust across different estimation techniques and do not depend on the variable chosen to proxy exchange rate uncertainty. The results of the GMM-IV estimation also confirm the negative impact of exchange rate volatility on exports and suggest that this negative relationship is not driven by simultaneous causality bias.

Download or read book Exchange Rate Volatility and Exports written by Myint Moe Chit and published by . This book was released on 2008 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of bilateral real exchange rate volatility on real exports of five emerging East Asian countries among themselves as well as to thirteen industrialised countries. We explicitly recognize the specificity of the exports between the emerging East Asian and industrialised countries and employ a generalized gravity model that combines a traditional long-run export demand model with gravity type variables. In the empirical analysis we use a panel comprising 25 years of quarterly data and perform unit-root and cointegration tests to verify the long-run relationship among the regression variables. The results provide strong evidence that exchange rate volatility has a negative impact on the exports of emerging East Asian countries. These results are robust across different estimation techniques and do not depend on the variable chosen to proxy exchange rate uncertainty.

Download or read book Proposed Strategy for a Regional Exchange Rate Arrangement in Post Crisis East Asia written by Masahiro Kawai and published by . This book was released on 2016 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: A coordinated action by East Asian countries to stabilize their currencies against a common basket of major currencies (broadly representative of their average structure of trade and foreign direct investment) would help stabilize both intra-regional exchange rates and effective exchange rates - in a way consistent with the medium-term objective of promoting trade, investment, and growth in the region. After discussing major conceptual and empirical issues relevant to the exchange rate policies of East Asian countries, Kawai and Takagi propose a regional exchange rate arrangement designed to promote intraregional exchange rate stability and regional economic growth. They argue that:For developing countries, exchange rate volatility tends to significantly hurt trade and investment, making it inadvisable to adopt a system of freely floating exchange rates.Given the high share of intraregional trade and the similarity of trade composition in East Asia, exchange rate policy should be directed toward maintaining intraregional exchange rate stability, to promote trade, investment, and economic growth.The current policy of maintaining exchange rate stability against the U.S. dollar as an informal, uncoordinated mechanism for ensuring intraregional exchange rate stability is suboptimal. A pragmatic policy option - conducive to a more robust framework for cooperation in monetary and exchange rate policy - would be a coordinated action to shift the target of nominal exchange rate stability to a basket of tripolar currencies (the U.S. dollar, the Japanese yen, and the euro). This alternative would better reflect the region's diverse structure of trade and foreign direct investment.The authors envision no rigid peg. Instead, at least initially, each country could choose its own formal exchange rate arrangement - be it a currency board, a crawling peg, or a basket peg with wide margins. At times of crisis, the peg might be temporarily suspended, subject to the rule that the exchange rate would be restored to the original level as soon as practical. Only in extreme circumstances would the level be adjusted to reflect new equilibrium conditions.This paper - a product of the Office of the Chief Economist, East Asia and Pacific Region - is part of a larger effort in the region to study financial market development, capital flows, and exchange rate arrangements in East Asia.

Download or read book Global Volatility and Forex Returns in East Asia written by Sanjay Kalra and published by International Monetary Fund. This book was released on 2008-09 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: During 2001-07, increases in mature market volatility were associated with declines in forex returns for East Asian countries, consistent with an overall "flight to safety" effect. Estimates from GARCH models suggest that a 5 percentage point increase in mature market equity volatility generated an exchange rate depreciation of up to 1⁄2 percent. This sensitivity rose during the latter period in the sample, suggesting greater integration of Asian financial markets with global markets. Unconditional standard deviations estimated from these models also provide operational measures of "long-term" and "excess" volatility in forex markets. Long-run forex volatility declined as Asian economies settled down with generally stronger fundamentals in the post-crisis period to more flexible regimes along with a generally lower level of mature market volatility.

Download or read book Exchange Rate Regimes and Macroeconomic Management in Asia written by Tony Cavoli and published by Hong Kong University Press. This book was released on 2009-06-01 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the rise of China, India and the re-emergence of East Asia from the financial crisis of 1997–98, monetary issues in Asia have acquired great significance as the region holds the largest reserves in the world and consequently plays a major role in the global macro-economy. In addition, there are also a great variety of monetary policy regimes at play in the region – reflecting each country's needs and policy preferences. This volume explores monetary, exchange rate and macroeconomic policies in Asia. A particular question that is analysed is Asia's experience since the crisis with the use of monetary policy to manage the resurgence in capital inflows. It also examines the theoretical and policy issues associated with international capital flows, the increasing degree of integration of financial markets and exchange rates for emerging Asian economies. The book is unique in focussing on China, India and Southeast Asia, rather than just having a sub-regional or country-specific focus. Rigorous empirical analysis is applied to important practical policy issues. The book also provides accessible overviews of recent research relevant to the questions that are explored and is written throughout in a manner that is accessible to policy makers, students and business/financial journalists.