TY - BOOK ID - 84542386 TI - Post-Crisis Exchange Rate Policy in Five Asian Countries : Filling in the "Hollow Middle"? AU - Hernández, Leonardo. AU - Montiel, Peter. PY - 2001 SN - 1462383165 1452705798 1282049747 9786613798046 1451903677 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Finance: General KW - Financial Risk Management KW - Foreign Exchange KW - Current Account Adjustment KW - Short-term Capital Movements KW - Studies of Particular Policy Episodes KW - Development Planning and Policy: Trade Policy KW - Factor Movement KW - Foreign Exchange Policy KW - Financial Crises KW - International Financial Markets KW - Currency KW - Foreign exchange KW - Economic & financial crises & disasters KW - Finance KW - Exchange rates KW - Exchange rate policy KW - Exchange rate arrangements KW - Financial crises KW - Currency markets KW - Financial markets KW - Foreign exchange market KW - Malaysia UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542386 AB - Following the 1997-98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, reinforcing the bipolar view of exchange rate regimes and the "hollow middle" hypothesis. But some academics have claimed that the crisis countries' policies have been similar in the post- and pre-crisis periods. This paper analyzes the evidence and concludes that, except for Malaysia, which adopted a hard peg and imposed capital controls, the other crisis countries are floating more than before, though less than "real" floaters do. Further, the crisis countries' policies during the post-crisis period can be justified on second-best arguments. ER -