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Theoretical And Empirical Study Of East Asian Exchange Rate Fluctuations

Posted on:2005-09-11Degree:DoctorType:Dissertation
Country:ChinaCandidate:X Z WangFull Text:PDF
GTID:1116360125460024Subject:Marxist theory and ideological and political education
Abstract/Summary:PDF Full Text Request
The study object of this dissertation is the fluctuation of exchange rate of currencies in the economic entities in East Asia. A detailed analysis is made of the basic features and main reasons of rate fluctuation of every countries and areas in East Asia whose economics are in different levels. This dissertation also discusses the role of Renminbi in the stability of exchange rate in East Asia and its reasons.This dissertation is composed of three parts: introduction, main body and conclusion. The structure, methodology and creativeness are included in the introduction part. There are five chapters in the main body. Chapter one is exchange rate change theory and exchange rate system. Chapter two is the stage analysis of the exchange rate change of Japanese Yen. Chapter three is the comparative analysis of the exchange rate change of the Four Little Dragons in Asia. Chapter four is the exchange rate change of main ASEAN countries and the reasons. Chapter five is the stability of the exchange rate of Renminbi and its regional significance. Chapter one is exchange rate change theory and exchange rate system. Based on the comprehensive discussion of relevant theories of exchange rate change and example research, a study is made of the history of international exchange rate change. The basic purpose of the reform of the international exchange rate system is then presented here. A theoretical discussion is also made of those problems such as the international exchange rate system and the international currency entity, fixed exchange rate system and floating exchange rate. This chapter is the theory foundation of the whole dissertation. It mainly reveals the interdependent relation between exchange rate change and the international exchange rate system change. An argument is also presented about the interacting relation between the international exchange rate system change and the choice of exchange rate system and its change of different countries and areas.Chapter two is the stage analysis of the exchange rate change of Japanese Yen. It is believed that the gradual increase of Japanese Yen between 1971 and 1984 is closely connected with the sharp rise of Japanese economics and great international favorable balance of payments deficit. It is also connected with the unsymmetrical influence of petroleum crisis, the reform of Japanese financial system and the internationalization of Japanese Yen and the government's choice of policy. The revaluation of Japanese Yen between 1985 and 1995 is mainly connected with the economic intensity between Japan and US, the great movements of international capital and the strength of protection tendency of different countries. The devaluation of Japanese Yen exchange rate has something to do with the inverse change of American and Japanese economic growth, the structure of Japanese economics, the policy choice of Japanese and American economics, the Asian financial crisis and the shortcomings of the international financial system. The stage analysis of the exchange rate change of Japanese Yen mainly reveals the importance of economic growth in the exchange rate change. This part also discusses the role of inside and outside factors in the exchange rate change such as policy choice, international capital movements, trade protection and international financial environment. Chapter three is the comparative analysis of the exchange rate change of the Four Little Dragons in Asia. In Briton Forest System, the Four Little Dragons carry out fixed exchange rate system in different ways. Firstly, the foundations of their fixed exchange rate systems are different. Only Korea and Taiwan are members of Briton Forest System. Hong Kong and Singapore indirectly connect with US dollars via the fixed rate with UK pounds. Secondly, the time periods of carrying out the fixed exchange rate systems are different. Korea executed the fixed exchange rate system sticking to US dollars from 1945 to 1980. Taiwan executed the exchange rate system gradually sticking to US dollars from postwar time to 1...
Keywords/Search Tags:East Asia, fluctuation of exchange rate, exchange rate system, system change, Renminbi
PDF Full Text Request
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