Agénor, Pierre-Richard - 1996
, money base velocity, and the temporary component of the real exchange rate (TCRER) is estimated for Korea, Mexico, the … Philippines, and Thailand. TCRER movements are associated only weakly with shocks to capital flows. Negative shocks to U ….S. interest rates lead to capital inflows in Asia and a TCRER appreciation in the Philippines and Thailand. Positive shocks to …