Purchasing Power Parity and Emerging South East Asian Nations
This paper provides a test of purchasing power parity (PPP) as an explanation for longterm foreign exchange rate movements. It essentially extends the analysis of Cheung and Lai (1993) to the South East Asian nations, Indonesia, the Philippines, Malaysia, South Korea, and Thailand. Consistent with Cheung and Lai, we impose symmetry and proportionality restrictions flowing from the absolute form of purchasing power parity (PPP) as well as applying the less restrictive Johansen test of PPP to...[Show more]
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