Nonlinear Adjustment of ASEAN−5 Real Exchange Rates: Symmetrical or Asymmetrical?
This study examines whether the nonlinear adjustment dynamic of exchange rate to the equilibrium level as documented in Liew et al. (2003, 2004) is symmetrical or asymmetrical. Following the sequential tests as proposed in Teräsvirta and Anderson (1993), this study is able to identify that the US do...
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| Format: | Article |
| Language: | English |
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Economics Bulletin
2004
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| Online Access: | http://ir.unimas.my/id/eprint/77/ http://ir.unimas.my/id/eprint/77/1/nonlinear.pdf |
| _version_ | 1848834481595613184 |
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| author | Liew, Venus Khim-Sen |
| author_facet | Liew, Venus Khim-Sen |
| author_sort | Liew, Venus Khim-Sen |
| building | UNIMAS Institutional Repository |
| collection | Online Access |
| description | This study examines whether the nonlinear adjustment dynamic of exchange rate to the equilibrium level as documented in Liew et al. (2003, 2004) is symmetrical or asymmetrical. Following the sequential tests as proposed in Teräsvirta and Anderson (1993), this study is able to identify that the US dollar based real exchange rates of Indonesia, Philippines, Singapore and Thailand exhibit LSTAR−type nonlinearity, implying that the real exchange rates of these countries have asymmetrical responds towards appreciation and depreciation. This finding provides useful guidelines in the monitoring and stabilising of ASEAN exchange rates, in order to boost the economy of this region, which has experienced different extends of negative shocks in the past few years. |
| first_indexed | 2025-11-15T05:52:40Z |
| format | Article |
| id | unimas-77 |
| institution | Universiti Malaysia Sarawak |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-15T05:52:40Z |
| publishDate | 2004 |
| publisher | Economics Bulletin |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | unimas-772021-06-01T12:54:46Z http://ir.unimas.my/id/eprint/77/ Nonlinear Adjustment of ASEAN−5 Real Exchange Rates: Symmetrical or Asymmetrical? Liew, Venus Khim-Sen AC Collections. Series. Collected works H Social Sciences (General) This study examines whether the nonlinear adjustment dynamic of exchange rate to the equilibrium level as documented in Liew et al. (2003, 2004) is symmetrical or asymmetrical. Following the sequential tests as proposed in Teräsvirta and Anderson (1993), this study is able to identify that the US dollar based real exchange rates of Indonesia, Philippines, Singapore and Thailand exhibit LSTAR−type nonlinearity, implying that the real exchange rates of these countries have asymmetrical responds towards appreciation and depreciation. This finding provides useful guidelines in the monitoring and stabilising of ASEAN exchange rates, in order to boost the economy of this region, which has experienced different extends of negative shocks in the past few years. Economics Bulletin 2004-08-12 Article PeerReviewed text en http://ir.unimas.my/id/eprint/77/1/nonlinear.pdf Liew, Venus Khim-Sen (2004) Nonlinear Adjustment of ASEAN−5 Real Exchange Rates: Symmetrical or Asymmetrical? Economics Bulletin, 6 (8). pp. 1-19. ISSN 1545-2921 http://www.accessecon.com/pubs/eb/ |
| spellingShingle | AC Collections. Series. Collected works H Social Sciences (General) Liew, Venus Khim-Sen Nonlinear Adjustment of ASEAN−5 Real Exchange Rates: Symmetrical or Asymmetrical? |
| title | Nonlinear Adjustment of ASEAN−5 Real Exchange Rates: Symmetrical or Asymmetrical? |
| title_full | Nonlinear Adjustment of ASEAN−5 Real Exchange Rates: Symmetrical or Asymmetrical? |
| title_fullStr | Nonlinear Adjustment of ASEAN−5 Real Exchange Rates: Symmetrical or Asymmetrical? |
| title_full_unstemmed | Nonlinear Adjustment of ASEAN−5 Real Exchange Rates: Symmetrical or Asymmetrical? |
| title_short | Nonlinear Adjustment of ASEAN−5 Real Exchange Rates: Symmetrical or Asymmetrical? |
| title_sort | nonlinear adjustment of asean−5 real exchange rates: symmetrical or asymmetrical? |
| topic | AC Collections. Series. Collected works H Social Sciences (General) |
| url | http://ir.unimas.my/id/eprint/77/ http://ir.unimas.my/id/eprint/77/ http://ir.unimas.my/id/eprint/77/1/nonlinear.pdf |