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Yu Hsing
''Exchange Rate Arrangements and Monetary Autonomy in Fourteen Selected Asian and Pacific Countries''
( 2012, Vol. 32 No.2 )
Applying the autoregressive distributed lag model, this paper examines whether different exchange rate arrangements may affect monetary autonomy. In the short run, all the countries have moderate or significant monetary autonomy due to partial or small adjustments. In the long run, Hong Kong, New Zealand, the Philippines and Thailand make full or large adjustments whereas Australia, Bangladesh, China, India, Indonesia, Japan, Korea, Malaysia, Singapore and Taiwan continue to possess moderate or significant monetary autonomy.
Keywords: exchange rate regimes, monetary autonomy, ADL model, trilemma
JEL: F4 - Macroeconomic Aspects of International Trade and Finance: General
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Manuscript Received : May 13 2012 Manuscript Accepted : Jun 15 2012

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