Thesis (Ph. D.)--University of Pittsburgh, 1992. / Includes bibliographical references (leaves 106-111).

This thesis presents three essays on the role of international capital flows in growth, real exchange rate behavior and the conduct of domestic monetary policy in four Asian economies. The first chapter develops an endogenous growth model based on an infinitely-lived optimizing representative agent. Data from the four Asian countries is used to test the implications of the model. Using applied time series econometric techniques, the results for Malaysia, Philippines and Thailand lend credence to the endogenous growth process, while it is rejected for Indonesia. Chapter 2 develops a three-good model for the internal real exchange rate to identify the fundamental determinants of the internal real exchange rates for exports and imports. The examination of the time series properties of the variables suggests that the internal real exchange rates in the ASEAN-4 countries were indeed driven by the fundamentals derived from the model. Furthermore, the results indicate that there was no misalignment between the actual and equilibrium real exchange rates. Movements in the real exchange rates were thus equilibrium responses to changes in the fundamentals. The third chapter estimates coefficients of capital flow offset to domestic monetary policy and sterilization and analyzes the implications for domestic monetary autonomy. The relative performance of the monetary model and the portfolio balance model is compared using quarterly data for the four countries. The empirical results show that the capital flow offset was less than complete and that sterilization turned out to be ineffective in three of the four countries.

Thesis (Ph. D.)--University of Notre Dame, 2000. / Includes bibliographical references (leaves 327-333).

No description available.

Leung Sze Wan. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 62-64). / Abstracts in English and Chinese. / Abstract --- p.ii / Acknowledgments --- p.iv / Table of Contents --- p.v / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- A review of the related literature --- p.7 / Chapter Chapter 3 --- The data --- p.12 / Chapter Chapter 4 --- Research methodology --- p.31 / Chapter Chapter 5 --- Determinants of peg duration --- p.34 / Chapter Chapter 6 --- Main results --- p.41 / Chapter Chapter 7 --- Predicted probabilities of devaluation --- p.51 / Chapter Chapter 8 --- Results from an alternative exchange rate peg definition --- p.54 / Chapter Chapter 9 --- Conclusion --- p.59 / Bibliography --- p.62 / Appendix --- p.65

The aim of this thesis is to examine empirically the relationship between the exchange rate, the instruments of monetary policy and the measures of economic performance for Indonesia, Korea and Thailand during the pre- and post 1997 Asian financial crisis. The first core chapter (Chapter 2) assesses the possible linkages between the increase in domestic inflation and the exchange rate targeting policy adopted in these countries. Using the cointegration technique and a simple monetarist inflation model, Chapter 2 finds strong evidence that the exchange rate policy that generates a predominant domestic currency undervaluation has caused an increase in the domestic inflation rate for Indonesia and Korea. However, the exchange rate targeting policy that brings about a predominant baht overvaluation especially during the pre-crisis period has lowered Thailand’s inflation. Soon after the outbreak of 1997-crisis, instead of using the exchange rate as the nominal anchor, all three countries have implement their monetary policy around an inflation target following an inflation targeting framework. Owing to this significant structural break, the second core chapter (Chapter 3) uses a Markov-switching VAR framework to determine if the effects of monetary policy shocks have changed across different monetary policy regimes in these economies. Chapter 3 finds that regime switches occur in mid-1997 to 2000 for Indonesia, which coincides with the period after the onset of 1997-crisis and the economic recovery period; and in 1999 for Korea and Thailand, which coincides with the period when the inflation-targeting framework is adopted. From the regime-dependent impulse response functions, the responses of macroeconomic variables to monetary policy shocks have changed significantly across different regimes only for the case of Korea and Thailand. From the above discussions, Chapter 2 found that exchange rate targeting policy caused higher domestic inflation in Indonesia and Korea especially during the pre-crisis period; while Chapter 3 found that inflation targeting policy seemed to cause structural changes in Korea and Thailand. Therefore using a structural VAR framework, the third core chapter (Chapter 4) explores further the role of the exchange rate and inflation targeting policy on the economic performances of these economies during the pre- and post crisis periods. Chapter 4 finds that in the case of Indonesia and Korea, the foreign exchange market does create most of its own shocks during the pre-crisis period but not during the post crisis period. For Indonesia and Thailand, the soft US dollar peg policy during the pre-crisis period has caused additional distortions in the domestic economy. Moreover the role of the exchange rate as a shock absorber has increased during the post crisis period only for the case of Indonesia and Thailand. For all three economies, following the introduction of the inflation targeting policy, domestic short-term interest rates have been adjusted systematically to offset inflationary pressure following the real and nominal shocks. Moreover, in the case of Indonesia and Thailand, the unsystematic part of monetary policy plays a smaller role in explaining the variations in domestic economy during the post crisis period. / http://proxy.library.adelaide.edu.au/login?url= http://library.adelaide.edu.au/cgi-bin/Pwebrecon.cgi?BBID=1320356 / Thesis (Ph.D.) -- University of Adelaide, School of Economics, 2008

Chen Chen. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 122-129). / Abstracts in English and Chinese. / ABSTRACT --- p.ii / ACKNOWLEDGEMENT --- p.iv / TABLE OF CONTENTS --- p.v / LIST OF FIGURES --- p.vii / LIST OF TABLES --- p.viii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter 1.1 --- Introduction --- p.1 / Chapter 1.2 --- Objectives and Motivation --- p.5 / Chapter 1.3 --- The Asian Crisis --- p.9 / Chapter 1.4 --- Procedures and Findings --- p.18 / Chapter 1.5 --- Summary --- p.20 / Chapter II. --- LITERATURE REVIEW --- p.21 / Chapter 2.1 --- Definition and Determinants --- p.21 / Chapter 2.2 --- Measurement Model --- p.25 / Chapter 2.3 --- Exchange Rate Fluctuation and Market Value of the Firm --- p.28 / Chapter 2.3.1 --- Exchange Rate Fluctuation and Stock Return --- p.28 / Chapter 2.3.2 --- Some Problems of the Measurement Model --- p.31 / Chapter 2.4 --- Exchange Rate Fluctuation and Market Risk of the Firm --- p.42 / Chapter 2.5 --- Summary --- p.45 / Chapter III. --- HYPOTHESES，METHODOLOGY & DATA --- p.47 / Chapter 3.1 --- Hypotheses --- p.47 / Chapter 3.2 --- Research Design --- p.50 / Chapter 3.3 --- Sample Selection --- p.56 / Chapter 3.3.1 --- Selection of Sample Group --- p.56 / Chapter 3.3.2 --- Selection of Control Group --- p.61 / Chapter 3.3.3 --- Comparison of Two Groups --- p.62 / Chapter 3.4 --- Data and the Measurement of the Variables --- p.64 / Chapter 3.5 --- Summary --- p.67 / Chapter IV. --- EMPIRICAL RESULTS AND DISCUSSION --- p.68 / Chapter 4.1 --- Exchange Rate Variability and Stock Return Volatility --- p.68 / Chapter 4.2 --- Exchange Rate Variability and Market Risk --- p.81 / Chapter 4.3 --- Interpretations --- p.87 / Chapter 4.3.1 --- Phenomenon 1: Cost of Equity and Net Cash Flows --- p.89 / Chapter 4.3.2 --- Phenomenon 2: Increased Return Variability and the US Stock Market Return --- p.92 / Chapter 4.4 --- Alternative Explanation --- p.96 / Chapter 4.5 --- Summary --- p.99 / Chapter V. --- CONCLUDING REMARKS --- p.100 / APPENDICES / APPENDIX 1. Firm Lists --- p.105 / APPENDIX 2. Estimates of CAPM Betas --- p.115 / BIBLIOGRAPHY --- p.122