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East Asian Countries: Competitive Devaluation and Formation of Gold and Foreign Ex-change Reserves
 
PIIS013128120006094-4-1
DOI10.31857/S013128120006094-4
Publication type Article
Status Published
Authors
Yana Dyomina 
Affiliation: FGBUN Institute for Economic Research, Far Eastern Branch of the Russian Academy of Sciences
Address: Russian Federation
Journal nameProblemy Dalnego Vostoka
EditionIssue 4
Pages37-46
Abstract

East Asia is characterized by a variety of exchange rate regimes with frequent changes. After the crises of 1997–1998 and 2008–2009 the States of the region sought to create a "safety cushion", taking advantage of the competitive devaluation against the US dollar. The results of the regression analysis show that despite the absence of an institutional framework for coordinated monetary policy in the region, in practice there remains to exist a binding of nominal rates of East Asian currencies to the US dollar.

Keywordsexchange rate regimes, competitive devaluation policy, gold and currency reserves, East Asia, ASEAN, monetary and financial crises, "Asian tigers"
Received23.09.2019
Publication date23.09.2019
Number of characters31940
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