Given the absence of publicly available information on foreign exchange intervention, we propose an index of central bank intervention in the exchange market to classify exchange rate regimes adopted by four East Asian economies. We revisit an old debate on whether these crisis-effected East...

The primary objective of this study is to examine the evidence of occurrences of extreme market pressure of currencies of a number of Asian economies against the US dollar during the period of 2000-2009. In particular, we are interested in investigating the severity of these pressures during the...

We demonstrate that the economies of Indonesia, Korea, Philippines and Thailand, which are among the first group of emerging markets to embrace the inflation targeting framework of monetary policy, tend to adopt a form of an asymmetrical exchange rate behaviour wherein appreciation pressures are...

Our study brings into light the evidence of a fundamental role of the Chinese renminbi in shaping the exchange rate behavior of other major Asian currencies. We obtain results suggesting that there is an additional dimension to the ‘fear of appreciation’ or ‘fear of floating in-reverse’...

This study seeks to address a number of rising policy concerns from the aftermath of the recent subprime crisis. Did foreign bank lending decline sharply and transmit the financial shocks from the advanced economies to the SEACEN emerging markets? Was the decline driven by the drying-up in...

Pushing for a higher and a more robust growth while maintaining price stability within a target range of inflation continue to be core tasks for the macroeconomic policy management in Indonesia in recent years. Whilst inflation was successfully kept below the target of 7 percent at the end of...

The objective of our study is to review and debate selected factors frequently underlined as the foundations to the strength and the resilient of economic growth in Indonesia in recent years. We first examine closely the compositions of the country’s exports to particularly highlight the role...

The deepening financial liberalisation and the tightening of financial integration globally have made it more challenging to manage macroeconomic policies in general, and to contain the spread of financial turbulence in particular. The financial sector has been shown to be inherently...

The aim of this paper is to review and examine a collection of ‘most commonly applied’ theoretical and empirical models of equilibrium exchange rate. The presentation on each model starts with an introduction of core theoretical frameworks. It will then be followed by discussions on relevant...

Amidst the global financial uncertainties since 2007, the East and Southeast Asian economies continued to attract a significant bulk of the global banks’ loans to emerging markets, albeit at a decelerating rate. The alleged advantages of these lending are wellknown. Yet the recent interruption...