Macroeconomic Environment, Exchange Rate Policy Objective and the Asymmetry of East Asia Currencies’ Relationship with RMB——A Comparative Analysis Before and After the “Financial Crisis”
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Macroeconomic Environment, Exchange Rate Policy Objective and the Asymmetry of East Asia Currencies’ Relationship with RMB——A Comparative Analysis Before and After the “Financial Crisis”
XU Xiang-yun1, LIAO Jia2
1.School of International Business Administration,Shanghai University of Finance and Economics, Shanghai 200433, China; 2.School of International Economics and Business, Shanghai University of International Business and Economics, Shanghai 201620, China
Abstract By applying Quantile Regression model to analyze the asymmetry of six East Asia currencies’ relationship with RMB, it is revealed that the East Asian currencies behaved differently before the Crisis while there’s no asymmetry phenomenon. But some similarities are found after the Crisis, and Asian countries prefer to “follow” when RMB depreciates and are reluctant to follow when RMB appreciates at a comparatively large degree, which reflect the existence of asymmetry. This paper argues that the differences may be related to the different macroeconomic environment faced by East Asia region and the change of exchange rate policy objectives before and after the Crisis.
HU Xiang-Yun,LIAO Jia. Macroeconomic Environment, Exchange Rate Policy Objective and the Asymmetry of East Asia Currencies’ Relationship with RMB——A Comparative Analysis Before and After the “Financial Crisis”. Economic Survey, 2015, 32(5): 043.
2015, Vol. 32 
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