The Resource Mechanics of a Successful Exchange-Rate Peg: Lessons for Emerging Markets

Mechanics of a Successful Exchange-Rate Peg: Lessons for Emerging Markets

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Mechanics of a Successful Exchange-Rate Peg: Lessons for Emerging Markets
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Mechanics of a Successful Exchange-Rate Peg: Lessons for Emerging Markets
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Summary
To the surprise of many market watchers, Thailand's exchange rate peg to the dollar collapsed in July 1997, leading to similar rounds of currency devaluations in other East Asian countries. This study seeks to determine whether there were identifiable contrasts in implementation between Thailand's peg and a perennially successful peg -- Austria's peg to the Deutsche mark -- that would have hinted at problems for Thailand prior to July 1997. The comparison suggests that Thailand was not sufficiently vigilant about keeping its inflation rate low in the early 1990s. By 1995, Thailand faced a situation in which a tight monetary policy involving high domestic interest rates would not always have created disinflationary pressure, as high interest rates also tended to attract greater capital inflow to Thailand. In this environment, Thailand's monetary policy became erratic and failed to maintain the exchange rate peg
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  • Dueker, Michael J
  • Inter-university Consortium for Political and Social Research [distributor]
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Fischer, Andreas
Label
Mechanics of a Successful Exchange-Rate Peg: Lessons for Emerging Markets
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1246
Control code
ICPSR01246.v1
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Access restricted to subscribing institutions
Label
Mechanics of a Successful Exchange-Rate Peg: Lessons for Emerging Markets
Publication
Note
1246
Control code
ICPSR01246.v1
Governing access note
Access restricted to subscribing institutions

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