Real exchange rate behavior under alternative international monetary regimes

1988 ◽  
Vol 32 (2-3) ◽  
pp. 363-371 ◽  
Author(s):  
Barry Eichengreen
Keyword(s):  
Exchange Rate ◽  
Real Exchange Rate ◽  
Monetary Regimes ◽  
Rate Behavior

Real Exchange Rate Behavior under Peg: Evidence from the Chinese RMB and Malaysian MYR

2009 ◽  
Vol 12 (01) ◽  
pp. 141-158 ◽  
Author(s):  
Yongjian E ◽  
Anthony Yanxiang Gu ◽  
Chau-Chen Yang
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Real Exchange Rate ◽  
Real Exchange Rates ◽  
Exchange Rate Volatility ◽  
The Us ◽  
Rate Behavior ◽  
Japanese Yen ◽  
Chinese Yuan ◽  
Real Exchange Rate Volatility

The exchange-rate behavior of the Chinese yuan (RMB) and the Malaysian ringgit (MYR) indicates that the real exchange rate volatility of both the pegged currency/the anchor currency (the US dollar), and the pegged currency/the non-anchor currencies (Japanese yen and British pound) are lower under the pegged regime. The dynamic behavior of the pegged currencies' real exchange rates is consistent with the anchor currency as the speed of convergence of the Big Mac real exchange rates of the RMB, MYR, and the dollar against the floating currencies are almost identical during the pegged period. This may be due to similar inflation rate movements in the related economies. These results do not support the opinion that China has manipulated the value of its currency.

Real exchange rate behavior

1997 ◽  
Vol 16 (6) ◽  
pp. 945-954 ◽  
Author(s):  
James R. Lothian ◽  
Mark P. Taylor
Keyword(s):  
Exchange Rate ◽  
Real Exchange Rate ◽  
Rate Behavior

Real Exchange Rate Behavior: Evidence From Malaysia, Singapore, and Thailand

2015 ◽  
Vol 3 (5) ◽  
Author(s):  
Kit Soon Tan ◽  
Lan Thi Phuong Nguyen ◽  
Malick Ousmane Sy ◽  
Cheng Ming Yu
Keyword(s):  
Exchange Rate ◽  
Real Exchange Rate ◽  
Rate Behavior

Effective Exchange Rates and the Classical Gold Standard Adjustment

2005 ◽  
Vol 95 (4) ◽  
pp. 1259-1275 ◽  
Author(s):  
Luis A. V Catão ◽  
Solomos N Solomou
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Real Exchange Rate ◽  
Gold Standard ◽  
Nominal Exchange Rate ◽  
Exchange Rate Flexibility ◽  
Adjustment Mechanism ◽  
Monetary Regimes ◽  
Effective Exchange ◽  
Parity Change

Using a new international dataset of trade-weighed exchange rates, this paper highlights a neglected adjustment mechanism in the classical gold standard literature. Since gold-pegged countries traded extensively with economies operating more flexible monetary regimes and where parity change was a common adjustment device to systemic shocks, we show that such parity adjustments induced worldwide swings in nominal effective exchange rates. These translated into real exchange rate variations to which trade balances responded with an average elasticity of unity and in the direction of restoring external disequilibria. We conclude that some nominal exchange rate flexibility thus present in the pre-1914 system was instrumental to international payments adjustment.

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