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After the Crisis, the East Asian Dollar Standard Resurrected: An Interpretation of High Frequency Exchange Rate Pegging
2001
Social Science Research Network
For more than a decade before the great crisis of 1997-98, East Asian countries pegged "softly" to the U.S. dollar. In the period of currency chaos from mid 1997 through 1998 with exchange depreciations in eight East Asian countries, massive deflationary pressure in dollar terms which was unleashed in the whole East Asian region. Surprisingly, however, the post-crisis exchange rate regime in 1999 into 2000 again exhibits high frequency pegging to the dollar much like the pre-crisis regime. was
doi:10.2139/ssrn.1009453
fatcat:y462nfyb7nektf4r3muad7etlq