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Exchange Rate Pegs and Foreign Exchange Exposure in East and South East Asia - page 24 / 33

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Indonesia

Pegged Nonpegged

0 2

2 0

54 12

10 0

5 42

.52

100

Korea

Pegged Nonpegged

11 4

0 1

78 4

3 1

22 68

.28

100

Malaysia

Pegged Nonpegged

56 27

7 15

61 11

2 11

63 54

.40

98

Philippines Pegged Nonpegged

42 0

6 6

63 3

12 3

33 64

.31

33

Taiwan

Pegged Nonpegged

1 3

4 4

30 19

2 4

14 34

.59

100

Thailand

Pegged Nonpegged

75 10

21 3

35 2

11 5

81 39

.57

100

Notes: Observations are taken weekly from January 1990, to March 2002. Exchange rates are designated pegged during the following periods: Indonesia, January 1, 1990 to July 1, 1997 Korea, January 1, 1990 to October 22, 1997 Malaysia, January 1, 1990 to July 12, 1997; and September 1, 1998 to March 7, 2002 Philippines, January 1, 1990 to July 12, 1997 Taiwan, January 1, 1990 to July 28, 1997 Thailand, January 1, 1990 to July 4, 1997

Table 4: ri ,t

Foreign Exchange Exposure and Exchange Rate Arrangements

m = US$

¥

£

j

(1)

(2)

(3)

(4)

(5)

Median R

2

# of firms

(6)

(7)

J 0 J h rh ,t

  • J w rw ,t

H0:

  • wi,t

Percent of firms rejecting:

ȕm=0 at the 5% level

H0: ȕm=0

4

  • ¦

m1

4

E p ,m D p ,t sm ,t ¦ E

m1

n ,m D

n,t s

m ,t

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