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Exchange Rate Pegs and Foreign Exchange Exposure in East and South East Asia - page 25 / 33

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Table 5:

Foreign Exchange Exposure and Exchange Rate Arrangements Excluding the Asian Crisis Period

ri ,t

J 0 J h rh ,t

  • J w rw ,t

4

  • ¦

m1

E p ,m

D p ,t

sm ,t

4

  • ¦

m1

E n ,m

D n ,t

sm ,t

  • wi,t

m = US$

¥

£

j

(1)

(2)

(3)

(4)

(5)

H0:

Percent of firms rejecting: ȕm=0 at the 5% level

H0: ȕm=0

Median R 2

(6)

  • #

    of

firms (7)

Indonesia

Pegged

Korea

Pegged

Malaysia

Pegged

Philippines

Pegged

Taiwan

Pegged

Thailand

Pegged

0

4

55

9

5

.52

100

14

5

78

10

26

.28

100

5

2

61

14

11

.38

98

46

12

64

15

30

.31

33

0

6

28

2

15

.59

100

12

12

5

8

29

.56

100

Notes: Observations are taken weekly from January 1990 to May 1997. Exchange rates are designated pegged during the following periods: Indonesia, January 1, 1990 to May 30, 1997 Korea, January 1, 1990 to May 30, 1997 Malaysia, January 1, 1990 to May 30, 1997 Philippines, January 1, 1990 to May 30, 1997 Taiwan, January 1, 1990 to May 30, 1997 Thailand, January 1, 1990 to May 30, 1997

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