In this paper we present a critical overview of differnt methods of constructing an equilibrium
exchange rate. The recent literature on purchasing power parity (PPP) indicates that on its …

Several alternative measures of “effective” exchange rates are discussed in the context of
their theoretical underpinnings and construction. Focusing on contemporary indices and …

The paper explores the view that the Asian currency and financial crises in 1997 and 1998
reflected structural and policy distortions in the countries of the region, even if market …

This paper tests for evidence of contagion between the financial markets of Thailand,
Malaysia, Indonesia, Korea, and the Philippines. We find that correlations in currency and …

THE EAST ASIAN crisis is only the latest in a series of spectacular economic catastrophes in
developing countries. In the past twenty years at least ten countries have suffered from the …

内容提要: 基于均衡实际汇率理论, 本文应用多种经济计量方法实证分析了自20 世纪50
年代中期至2000 年期间人民币实际汇率状况, 估计出人民币均衡实际汇率, 进而测算了实际汇率 …

The Asian crisis has sparked a thoroughgoing reappraisal of current international financial
norms, the policy prescriptions of the International Monetary Fund, and the adequacy of the …

The present study investigates for the first time the efficiency of Malaysian banking sector
around the Asian financial crisis 1997. The efficiency estimates of individual banks are …

The currency crises of the 1990s shocked investors, academics, international civil servants,
and policy makers alike. Most analysts had missed the financial weaknesses in Mexico and …

The macroeconomic experience of emerging and developing economies has tended to be
quite different from that of industrial countries. Compared to industrial countries, emerging …