This collection of papers delivered at a seminar, moderated by Ungku A. Aziz, in Kuala Lumpur addresses issues of economic and structural adjustment and trade and exchange rate policies in Southeast Asia

The concept of purchasing power parity (PPP) is used to evaluate whether eight East Asian currencies were overvalued on the eve of the 1997 crises. The Johansen and Horvath-Watson cointegration test procedures are applied to bilateral and multilateral exchange rates, deflated using CPIs,...