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International Monetary Transmission and Exchange Rate Regimes: Floaters vs. Non-Floaters

dc.contributor.authorSoyoung Kim
dc.contributor.authorDoo Yong Yang
dc.date.accessioned2015-04-10T10:16:49Z
dc.date.available2015-04-10T10:16:49Z
dc.date.issued2009-12-15
dc.identifier.urihttp://hdl.handle.net/11540/3769
dc.description.abstractThis paper analyzed the impact of United States (US) monetary shocks on the economies of selected East Asian countries using a structural vector autoregression model. We found that the impacts of the US monetary shocks on domestic interest rates and exchange rates contradict conventional wisdom. The conventional exchange rate channel is unlikely to play much role in the transmission of US monetary policy shocks to floating exchange rate regimes in East Asian countries, excluding Japan. In these countries, the domestic interest rate responds strongly to US interest rate changes, largely by authorities giving up monetary autonomy due to fear of floating. On the other hand, the domestic interest rate does not respond much to changes in US rates in the countries with a fixed exchange rate regime and capital account restrictions, such as the People’s Republic of China and Malaysia. This may suggest that the countries with a fixed exchange rate regime enjoy a higher degree of monetary autonomy, probably with the help of capital account restrictions.
dc.languageEnglish
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.titleInternational Monetary Transmission and Exchange Rate Regimes: Floaters vs. Non-Floaters
dc.typeWorking Papers
dc.subject.expertTrade Finance
dc.subject.expertRural Finance
dc.subject.expertRegional Development Finance
dc.subject.expertPublic Financial Management
dc.subject.expertPublic Finance
dc.subject.expertInternational Finance
dc.subject.expertIntergovernmental Finance
dc.subject.expertFinancial System
dc.subject.expertFinancial Flows
dc.subject.expertFinancial Assets
dc.subject.expertFinance And Trade
dc.subject.expertTrade Finance
dc.subject.adbLocal Finance
dc.subject.adbInternational Monetary Relations
dc.subject.adbLocal Finance
dc.subject.adbBanks
dc.subject.adbCapital Market
dc.subject.adbfinancial statistics
dc.subject.adbForeign trade
dc.subject.naturalMunicipal government
dc.subject.naturalMetropolitan government
dc.subject.naturalInternational banks and banking
dc.subject.naturalCapital movements
dc.subject.naturalCentral banks and banking
dc.subject.naturalBills of exchange
dc.subject.naturalSwaps
dc.subject.naturalBanks and banking
dc.subject.naturalStock exchanges
dc.subject.naturalMarket
dc.subject.naturalExchange
dc.subject.naturalBalance of trade
dc.title.seriesADBI Working Paper Series
dc.title.volume181
dc.contributor.imprintAsian Development Bank
oar.themeFinance
oar.themeTrade
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-004208
oar.authorKim, Soyoung
oar.authorYang, Doo Yong
oar.importtrue
oar.googlescholar.linkpresenttrue


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    The Asian Development Bank Institute (ADBI) Working Paper series is a continuation of the formerly named Discussion Paper series which began in January 2003. The numbering of the papers continued without interruption or change. ADBI was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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