This paper tries to answer the following basic question: have the high interest rates had the desired effect of appreciating the nominal exchange rates in the Asian crisis countries? We use Korean high-frequency (weekly) data during the crisis and its aftermath to examine the relationship...

The paper seeks to determine whether high interest rates have had the effect of appreciating nominal exchange rates in three Asian countries. The authors use high-frequency data for Korea, Malaysia, and Thailand during the recent crisis and its aftermath to examine the relationship between the...

The paper seeks to determine whether high interest rates have had the effect of appreciating nominal exchange rates in three Asian countries. The authors use high-frequency data for Korea, Malaysia, and Thailand during the recent crisis and its aftermath to examine the relationship between the...