Asian-Pacific real exchange rates

K.G. Koedijk; R.J. Mahieu

doi:10.1080/00036849200000138

Asian-Pacific real exchange rates

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Abstract

Real exchange rate behaviour is investigated for 11 Asian-Pacific countries between 1976 and 1990 using a modified version of principal components analysis. The standard principal component analysis is changed such that the results are independent of the numeraire currency. For the full-sample period the dominant Asian exchange rate movements are relative to Indonesia, Japan and the United States. Significant changes in the covariance structure have taken place since 1986. It appears that Asian-Pacific real exchange rate movements since September 1986 are dominated by Australia, Korea, New Zealand and Japan. This contradicts the popular notion of an emerging yen-block in the Asian-Pacific region. © 1992, Taylor & Francis Group, LLC. All rights reserved.

Original language	English
Pages (from-to)	1255-1262
Journal	Applied Economics
Volume	24
Issue number	11
DOIs	https://doi.org/10.1080/00036849200000138
Publication status	Published - 1 Nov 1992
Externally published	Yes

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title = "Asian-Pacific real exchange rates",

abstract = "Real exchange rate behaviour is investigated for 11 Asian-Pacific countries between 1976 and 1990 using a modified version of principal components analysis. The standard principal component analysis is changed such that the results are independent of the numeraire currency. For the full-sample period the dominant Asian exchange rate movements are relative to Indonesia, Japan and the United States. Significant changes in the covariance structure have taken place since 1986. It appears that Asian-Pacific real exchange rate movements since September 1986 are dominated by Australia, Korea, New Zealand and Japan. This contradicts the popular notion of an emerging yen-block in the Asian-Pacific region. {\textcopyright} 1992, Taylor & Francis Group, LLC. All rights reserved.",

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AB - Real exchange rate behaviour is investigated for 11 Asian-Pacific countries between 1976 and 1990 using a modified version of principal components analysis. The standard principal component analysis is changed such that the results are independent of the numeraire currency. For the full-sample period the dominant Asian exchange rate movements are relative to Indonesia, Japan and the United States. Significant changes in the covariance structure have taken place since 1986. It appears that Asian-Pacific real exchange rate movements since September 1986 are dominated by Australia, Korea, New Zealand and Japan. This contradicts the popular notion of an emerging yen-block in the Asian-Pacific region. © 1992, Taylor & Francis Group, LLC. All rights reserved.

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JO - Applied Economics

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Asian-Pacific real exchange rates

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