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We present empirical evidence that the Thai baht’s value is driven in part by investors’ cross-border equity portfolio rebalancing decisions. Our results are based on comprehensive datasets of FX and stock market transactions undertaken by nonresident investors in Thailand in 2005 and 2006....
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For Matías Vernengo and Esteban Pérez Caldentey (2020), the MMT literature overemphasizes the choice of the exchange rate regime and the relevance of a flexible exchange rate regime, as well as the ultimate effect of that choice upon the policy space. In addition, they argue that the role of...
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During the past five years or so, most East Asian economies including the Philippines experienced a rising level of … prior to the 1997 crisis. Another reason is the rise in current account surpluses. The Philippines has experienced both a … several economies including the Philippines. Policy measures at the domestic level can focus on reviving private investment …
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