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Measuring Misalignment: Purchasing Power Parity and East Asian Currencies in the 1990s

Overview 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, producer price indices (PPIs), and price indices of export goods. The second deflator yields the greatest evidence of "stationarity." the study finds that the Malaysian, Philippines, and Thai currencies were overvalued, while the Korean and Indonesian were substantially undervalued. Mixed results were obtained for the others. Measures of the equilibrium rate based on time trends in CPI-deflated rates typically suggest larger overvaluations.

Further White Paper Details
Publisher	International Monetary Fund	File Format	PDF, requires Acrobat Rdr 5
Date Published	September 1999	Downloads	10
Format	White Papers
Topics	Currency Conversion

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