The Exchange Rate Managements in Crisis-experienced Emerging Market Economies after the 1990s

抄録

This article examined the exchange rate managements in the crisis-experienced emerging market economies after the 1990s. First, we found that the exchange rate flexibility has increased from the pre-crisis period towards the post-crisis period under the “soft peg” regime. Second, we identified a structural change in the factors for determining a reference rate in exchange rate management from the pre-crisis period to the post-crisis period. Third, we found that East Asian countries, in their post-crisis exchange rate managements, might reduce US dollar dominance, while raising the other currencies' weight, and further found that the countries who were not sensitive to inflation rates in their pre-crisis managements, might raise its sensitivity during the post-crisis period.
JEL classification : E44, F31, F33