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Type: Journal article
Title: Misalignment of the Baht and its trade balance consequences for Thailand in the 1980s and 1990s
Author: Rajan, R.
Sen, R.
Siregar, R.
Citation: World Economy, 2004; 27(7):985-1012
Publisher: Blackwell Publ Ltd
Issue Date: 2004
ISSN: 0378-5920
Statement of
Ramkishen S. Rajan, Rahul Sen, Reza Y. Siregar
Abstract: This paper examines Thailand's pre-crisis exchange rate policy, focusing on the degree of the country's real exchange rate misalignment pre-crisis and its consequent effects on Thailand's trade balance with its two large trading partners, the US and Japan, in the 1980s and 1990s. Defining misalignment as the difference between actual and 'equilibrium' exchange rates, we estimate three key 'equilibrium' exchange rates of the Thai baht: (a) the real effective equilibrium exchange rate of the Thai baht against its twenty-two major trading partners; (b) the bilateral real equilibrium exchange rates of the baht against the US dollar; and (c) the bilateral real equilibrium exchange rate of the baht against the Japanese yen.
Description: The definitive version is available at
RMID: 0020041833
DOI: 10.1111/j.1467-9701.2004.00638.x
Published version:
Appears in Collections:Economics publications

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