Interest Rates in East Asian Countries : Internal Financial Structures and International Linkages
The progress of financial liberalisation in East Asian countries has led to an abundant economic literature, especially as far as its external aspects are concerned. Without doubt, the main issue hinges on whether these countries participate in a monetary zone, as this has important implications for the role of the yen and the dollar in the international monetary system. Research generally suggests that the dollar is still the dominant currency in East Asia. The methods used to obtain such results are often based on interest rate parity tests, with the implicit assumption that the overall monetary stance of a country may be revealed by a single rate of interest. However, this assumption can be challenged for countries which have not yet completed internal financial liberalisation.
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