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政大典藏 > College of Commerce > Department of Money and Banking > Periodical Articles > Item 140.119/78205

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/78205

Title:	Long Swing in Appreciation and Short Swing in Depreciation and does the Market not Know It?--The Case of Taiwan
Authors:	Shen, Chung-Hua;Chen, Shyh-Wei 沈中華
Contributors:	金融系
Keywords:	central bank preference;Long swing;uncovered interest parity
Date:	2004-06
Issue Date:	2015-09-02 17:05:11 (UTC+8)
Abstract:	This paper finds an asymmetric swing in Taiwan`s exchange rate. In contrast to the developed countries, whose exchange rates exhibit long swings in both appreciation and depreciation regimes, the long swing only exists in an appreciation regime for Taiwan. A short swing, however, is found during a depreciation regime in Taiwan. These results may reflect to some extent the central bank`s preference, which is to have a let-it-go policy during depreciation and a slowdown policy in appreciation. In addition, it may simply reflect the Japanese yen`s influences.
Relation:	International Economic Journal, 18(2), 195-213
Data Type:	article
DOI link:	http://dx.doi.org/10.1080/1016873042000228330
DOI:	10.1080/1016873042000228330
Appears in Collections:	[Department of Money and Banking] Periodical Articles

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