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    Optimal Dynamic Path During the Transition of Exchange Rae Regime: Analysis of the People's Republic of China, Malaysia, and Singapore

    Yoshino, Naoyuki; Asonuma, Tamon | July 2017
    Abstract
    This paper considers the optimal exchange rate regime transition policy for three East Asian countries: the People’s Republic of China (PRC), Malaysia, and Singapore. In contrast to two traditional approaches to exchange rate regimes in East Asia, the paper conducts a dynamic transition analysis. Based on a small, open-economy dynamic stochastic general equilibrium model applied to these three countries, we define transition policies from a dollar peg regime to either a basket peg or a floating regime and compare the welfare gains of these policies relative to maintaining the current dollar peg regime. The quantitative analysis using PRC, Malaysian, and Singaporean data shows that the PRC would be better off shifting gradually from a dollar peg to a basket peg. In response to the PRC’s shift, both Malaysia and Singapore would opt to shift gradually to a basket peg regime.
    Citation
    Yoshino, Naoyuki; Asonuma, Tamon. 2017. Optimal Dynamic Path During the Transition of Exchange Rae Regime: Analysis of the People's Republic of China, Malaysia, and Singapore. © Asian Development Bank Institute. http://hdl.handle.net/11540/7627.
    Keywords
    ADB
    Project finance
    Development plans
    Strategic planning
    Business Financing
    Investment Requirements
    Insurance Companies
    International Monetary Relations
    International Financial Market
    Exchange Rate
    Development
    Finance
    Development Challenges
    Development Issues
    Development Problems
    Microenterprises Finance
    Commercial Finance Companies
    Enterprise Financing
    Financial Analysis
    Banking Finance And Investment
    Insurers
    Insurance stocks
    Insurance holding companies
    Insurance carriers
    Insurance agencies
    Business subsidies
    Investment companies
    International banks and banking
    Stock exchanges
    Grants
    Loans
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/7627
    Metadata
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    adbi-wp765.pdf (633.4Kb)
    Author
    Yoshino, Naoyuki
    Asonuma, Tamon
    Theme
    Development
    Finance
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise