This paper examines Thailand's exchange rate policy, focusing on the degree of the country's real exchange rate misalignment pre-crisis, and their consequent effects on Thailand's trade balance with its two large trading partners, the US and Japan. We estimate misalignment as the difference...

The third generation genre of currency crises models that have been popularized following the recent crises inemerging economies give prominence to the capital account. Hence, they are also commonly referred to as 'capital crisis models'. These models provide the theoretical rationale and...

The literature on the East Asian crisis has concentrated almost exclusively on the five crisis-hit economies of Indonesia, Korea, Malaysia, Thailand and the Philippines (Asia-5). Relatively scant attention has been paid to the twin cities of Hong Kong and Singapore, both of which also suffered...