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The Political Economy of Exchange Rate Regimes: Evidence from Hong Kong and Taiwan

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This paper investigates whether the macroeconomic performance of a small- open economy depends on the choice of exchange rate regimes. Hong Kong and Taiwan - two economies with many similar macroeconomic characteristics, but different in their choices of exchange rate regimes - provide a good setting to study the relation between the choice of exchange rate regime and macro-economic performance. We examine the basic facts of growth and inflation and the coefficients’ stability of their vector autoregression (VAR), as well as cyclical characters of other aggregate variables in Hong Kong and Taiwan. Our empiric finding indicates that macroeconomic performance is not systematically related to exchange rate regimes.
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Document Type: Research Article

Affiliations: 1: National Taiwan University, 2: National Chung Cheng University

Publication date: March 1, 2002

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