{"created":"2023-06-19T09:42:30.130868+00:00","id":1196,"links":{},"metadata":{"_buckets":{"deposit":"97d8caeb-e070-4256-8365-35aabfd03ad5"},"_deposit":{"created_by":3,"id":"1196","owners":[3],"pid":{"revision_id":0,"type":"depid","value":"1196"},"status":"published"},"_oai":{"id":"oai:matsuyama-u-r.repo.nii.ac.jp:00001196","sets":["10:11:134:139"]},"author_link":["1667","1666"],"item_3_biblio_info_12":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2003-12-01","bibliographicIssueDateType":"Issued"},"bibliographicIssueNumber":"5","bibliographicPageEnd":"140","bibliographicPageStart":"99","bibliographicVolumeNumber":"15","bibliographic_titles":[{"bibliographic_title":"松山大学論集"},{"bibliographic_title":"Matsuyama University review","bibliographic_titleLang":"en"}]}]},"item_3_description_11":{"attribute_name":"抄録(英)","attribute_value_mlt":[{"subitem_description":"This paper studies the evolution of the exchange rate regime on East Asian economies between pre- and post-crisis periods, especially with a focus on the impacts of change in yen-dollar rate, using a regression model based on the work by Frankel and Wei (1994). As a result of the study, the following points are understood. Firstly, a greater diversity in exchange rate regime is seen for the post-crisis period than the pre-crisis period. At one extreme, Hong Kong under a stable dollar peg throughout the period, has maintained the dollar coefficients at a level close to unity. Malaysia returned to a formal dollar-peg regime, which was confirmed from the result of the adjusted R^2 close to one and the estimated standard error of regression which is even smaller than in the pre-crisis period. Taiwan has been stabilizing the currency to the U.S. dollar in a similar way to the pre-crisis period, as judged from a larger size of the adjusted R^2 and a smaller size of the estimated standard error of regression. At the other extreme, in Indonesia, despite large coefficients on the dollar in post-crisis period, the adjusted R^2 is much lower and the estimated standard error of regression is much higher than in the pre-crisis period. In this sense, Indonesia has been maintaining an exchange rate regime that is most akin to floating system among the East Asian economies. In case of Korea, Singapore, Thailand, and the Philippines, the results show that the U.S. dollar coefficients decline, despite having still the large values, and the Japanese yen coefficients increase in the post-crisis period. In addition, in case of these economies, the t-value of the dollar coefficients substantially decreases and that of the yen coefficients increases with a statistical significance as well as a higher volatility of exchange rate is observed in the post-crisis period than the pre-crisis except for Singapore. It implies that, even if the U.S. dollar is still important in their exchange rate regime, the post-crisis period exchange rate regime is not what is used to be. As an additional result, which can be a robustness of this point, came from rolling regression per year for only a post-crisis period from 1999 to 2002, we can see that the degree of fixity to the Japanese yen is rising, while that to the U.S. dollar is becoming lower. This implies that there may be a growing tendency toward an exchange rate regime with more exchange rate flexibility in the post-crisis period than the pre-crisis period. Secondly, the exchange rates of East Asia's currencies have asymmetric responses to appreciation and depreciation of the yen-dollar exchange rates, which indicates that there may be different correlations of the U.S. dollar and the Japanese yen before and after the crisis. In particular, the results in case of Korea, Singapore, Taiwan, and Thailand show that the currency rates have smaller (larger) responses to the U.S. dollar and larger (smaller) responses to the Japanese yen with a statistical significance as the yen depreciates (appreciates) against the U.S. dollar. These results may also be confirmed from the synchronization of these currency rates with Japanese yen rate since 2000, and they imply that these countries are copping more or less with the issues of the de facto U.S. dollar-peg system argued widely as the underlying triggers of the currency crisis. The above-mentioned results can be drawn from the adoption of inflation targeting as an anchor of monetary policy, along with the floating exchange rate regime in East Asian economies. Based on the inflation targeting policy which permits the independence of central banks to control domestic inflation by using of diverse macroeconomic variables such as call-rates, the central banks do not need to concern about the exchange rate as a nominal anchor, and can allow the flexibility exchange rate movement. According to the tri-lemma in the theory of international finance, the liberalized capital movement, a fixed exchange rate regime and autonomous monetary policy cannot exist at the same time. Since East Asian economies already have liberalized international capital flows, the adoption of inflation targeting policy may bring along a more resilient exchange rate that has a consistent tendency toward itself.","subitem_description_type":"Other"}]},"item_3_description_15":{"attribute_name":"表示順","attribute_value_mlt":[{"subitem_description":"7","subitem_description_type":"Other"}]},"item_3_description_16":{"attribute_name":"アクセション番号","attribute_value_mlt":[{"subitem_description":"KJ00004263391","subitem_description_type":"Other"}]},"item_3_description_8":{"attribute_name":"記事種別(日)","attribute_value_mlt":[{"subitem_description":"論説","subitem_description_type":"Other"}]},"item_3_description_9":{"attribute_name":"記事種別(英)","attribute_value_mlt":[{"subitem_description":"Article","subitem_description_type":"Other"}]},"item_3_source_id_1":{"attribute_name":"雑誌書誌ID","attribute_value_mlt":[{"subitem_source_identifier":"AN10105261","subitem_source_identifier_type":"NCID"}]},"item_3_source_id_19":{"attribute_name":"ISSN","attribute_value_mlt":[{"subitem_source_identifier":"09163298","subitem_source_identifier_type":"ISSN"}]},"item_3_text_6":{"attribute_name":"著者所属(日)","attribute_value_mlt":[{"subitem_text_value":"経済研究科"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"金, 炳宣"}],"nameIdentifiers":[{"nameIdentifier":"1666","nameIdentifierScheme":"WEKO"}]},{"creatorNames":[{"creatorName":"Kim, Byung Sun","creatorNameLang":"en"}],"nameIdentifiers":[{"nameIdentifier":"1667","nameIdentifierScheme":"WEKO"}]}]},"item_files":{"attribute_name":"ファイル情報","attribute_type":"file","attribute_value_mlt":[{"accessrole":"open_date","date":[{"dateType":"Available","dateValue":"2017-04-05"}],"displaytype":"detail","filename":"KJ00004263391.pdf","filesize":[{"value":"2.1 MB"}],"format":"application/pdf","licensetype":"license_note","mimetype":"application/pdf","url":{"label":"KJ00004263391.pdf","url":"https://matsuyama-u-r.repo.nii.ac.jp/record/1196/files/KJ00004263391.pdf"},"version_id":"6957c13c-6d3e-40c9-8ba8-3f39cc4b1e95"}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"jpn"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"departmental bulletin paper","resourceuri":"http://purl.org/coar/resource_type/c_6501"}]},"item_title":"東アジア通貨は実質的なドル・ペッグへ回帰したか? : アジア危機以後の東アジア各国の為替レート変動と円ドル・レートの影響(上)","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"東アジア通貨は実質的なドル・ペッグへ回帰したか? : アジア危機以後の東アジア各国の為替レート変動と円ドル・レートの影響(上)"},{"subitem_title":"Is the Return to the Virtual US Dollar Pegging of East Asian Currencies Correct? : The Impacts of the Yen-Dollar Exchange Rate on the East Asian Currencies in the Post Crisis Period.","subitem_title_language":"en"}]},"item_type_id":"3","owner":"3","path":["139"],"pubdate":{"attribute_name":"公開日","attribute_value":"2017-04-05"},"publish_date":"2017-04-05","publish_status":"0","recid":"1196","relation_version_is_last":true,"title":["東アジア通貨は実質的なドル・ペッグへ回帰したか? : アジア危機以後の東アジア各国の為替レート変動と円ドル・レートの影響(上)"],"weko_creator_id":"3","weko_shared_id":-1},"updated":"2023-06-19T10:33:19.026834+00:00"}