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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/63900

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/63900

Title:	Exchange Rate Exposure in the Asian Emerging Markets
Authors:	Lin, Chien-Hsiu 林建秀
Contributors:	金融系
Keywords:	Asymmetric exchange exposure;Financial crisis;Central banks’ intervention;Real exchange rate
Date:	2011-09
Issue Date:	2014-02-17 17:47:58 (UTC+8)
Abstract:	This paper investigates the impact of foreign exchange rate change on stock returns in the Asian emerging markets. The asymmetric exchange exposure framework and real exchange rates are used in this paper to capture the different exposures between currency appreciation and depreciation and the high inflation effect in the emerging markets. My empirical results show that there did exist extensive exchange rate exposure in the Asian emerging markets from 1997 to 2010. Moreover, foreign exchange exposure became more significant or greater during the 1997 Asian crisis and the 2008 global crisis periods, despite the frequent central banks’ interventions during these periods. The greater exchange exposure during the crisis periods can be attributable to net exporters or firms with dollar assets, implying that firms can reduce exchange exposures by decreasing their export ratio or dollar assets holding during times of crisis.
Relation:	Journal of Multinational Financial Management, 21(4), 224-238
Data Type:	article
DOI 連結:	http://dx.doi.org/http://dx.doi.org/10.1016/j.mulfin.2011.04.002
DOI:	10.1016/j.mulfin.2011.04.002
Appears in Collections:	[金融學系] 期刊論文

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