Exchange rate misalignments in ASEAN-5 countries
The purpose of this paper is to estimate the exchange rate misalignments for Indonesia, Malaysia, Philippines, Singapore and Thailand before the currency crisis. By employing the sticky-price monetary exchange rate model in the environment of vector error-correction, the results indicate that the...
| Main Authors: | , , , |
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| Format: | Proceeding Paper |
| Language: | English |
| Published: |
2004
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/30771/1/IBBC2004.pdf |
| _version_ | 1825647366350307328 |
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| author | Lee, Chin Azli, M. Yusop, Zulkornain Yusoff, Mohammed |
| author_facet | Lee, Chin Azli, M. Yusop, Zulkornain Yusoff, Mohammed |
| author_sort | Lee, Chin |
| collection | IIUM |
| description | The purpose of this paper is to estimate the exchange rate misalignments for Indonesia, Malaysia, Philippines,
Singapore and Thailand before the currency crisis. By employing the sticky-price monetary exchange rate model
in the environment of vector error-correction, the results indicate that the Indonesia rupiah, Malaysian ringgit,
Philippines peso and Singapore dollar were overvalued before the currency crisis while Thai baht was
undervalued on the eve of the crisis. However, they suffered modest misalignment. Therefore, little evidence of
exchange misalignment is found to exist in 1997:2. In particular, Indonesia rupiah, Malaysia ringgit, Philippines
peso and Singapore dollar were only overvalued about 1 to 4 percent against US dollar while the Thai baht was
only 2 percent undervalued against US dollar. |
| first_indexed | 2024-03-05T23:16:32Z |
| format | Proceeding Paper |
| id | oai:generic.eprints.org:30771 |
| institution | International Islamic University Malaysia |
| language | English |
| last_indexed | 2024-03-05T23:16:32Z |
| publishDate | 2004 |
| record_format | dspace |
| spelling | oai:generic.eprints.org:307712013-07-19T03:09:50Z http://irep.iium.edu.my/30771/ Exchange rate misalignments in ASEAN-5 countries Lee, Chin Azli, M. Yusop, Zulkornain Yusoff, Mohammed HG3810 Foreign exchange The purpose of this paper is to estimate the exchange rate misalignments for Indonesia, Malaysia, Philippines, Singapore and Thailand before the currency crisis. By employing the sticky-price monetary exchange rate model in the environment of vector error-correction, the results indicate that the Indonesia rupiah, Malaysian ringgit, Philippines peso and Singapore dollar were overvalued before the currency crisis while Thai baht was undervalued on the eve of the crisis. However, they suffered modest misalignment. Therefore, little evidence of exchange misalignment is found to exist in 1997:2. In particular, Indonesia rupiah, Malaysia ringgit, Philippines peso and Singapore dollar were only overvalued about 1 to 4 percent against US dollar while the Thai baht was only 2 percent undervalued against US dollar. 2004 Proceeding Paper PeerReviewed application/pdf en http://irep.iium.edu.my/30771/1/IBBC2004.pdf Lee, Chin and Azli, M. and Yusop, Zulkornain and Yusoff, Mohammed (2004) Exchange rate misalignments in ASEAN-5 countries. In: International Borneo Business Conference, 9-11 December 2004, Kota Kinabalu. (Unpublished) |
| spellingShingle | HG3810 Foreign exchange Lee, Chin Azli, M. Yusop, Zulkornain Yusoff, Mohammed Exchange rate misalignments in ASEAN-5 countries |
| title | Exchange rate misalignments in ASEAN-5 countries |
| title_full | Exchange rate misalignments in ASEAN-5 countries |
| title_fullStr | Exchange rate misalignments in ASEAN-5 countries |
| title_full_unstemmed | Exchange rate misalignments in ASEAN-5 countries |
| title_short | Exchange rate misalignments in ASEAN-5 countries |
| title_sort | exchange rate misalignments in asean 5 countries |
| topic | HG3810 Foreign exchange |
| url | http://irep.iium.edu.my/30771/1/IBBC2004.pdf |
| work_keys_str_mv | AT leechin exchangeratemisalignmentsinasean5countries AT azlim exchangeratemisalignmentsinasean5countries AT yusopzulkornain exchangeratemisalignmentsinasean5countries AT yusoffmohammed exchangeratemisalignmentsinasean5countries |