Publication

This paper analyzes the degree of flexibility in the exchange rate regimes of seven emerging Asian economies by comparing de jure and de facto regimes. After having studied the cases of India, Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand, the authors conclude that there are signs of a gradual movement toward greater de jure exchange rate flexibility in many Asian countries. However, the propensity for foreign exchange intervention and exchange rate management as captured by de facto measures among regional central banks remains high in many instance, according to the authors.