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Research paper thumbnail of Purchasing Power Parity in Developing Countries: Multi-Period Evidence Under the Current Float

World Development, 2003

Using panel unit root tests, we examine purchasing power parity (PPP) for US dollar real exchange... more Using panel unit root tests, we examine purchasing power parity (PPP) for US dollar real exchange rates of developing countries during the current floating rate period. Since evidence of PPP may vary from period to period, we examine the data for moving 10-year periods from 1976-85 up to 1990-99. We organize panels based on country characteristics influencing the validity of PPP. Those characteristics include openness, inflation, and the level and growth rate of per capita GDP. Although we find stronger evidence of PPP after 1980, our examination of panel data over 15 10-year periods yields only limited support for PPP.

Research paper thumbnail of Exchange rate determination and inflation in Southeast Asian countries

Journal of Development Economics, 1998

We estimate structural open economy models consistent with rational (RE) and theories consistent ... more We estimate structural open economy models consistent with rational (RE) and theories consistent (TCE) expectations which incorporate cointegration to examine exchange rate determination and inflation in three southeast Asian countries. The RE model is rejected in favor of the TCE model. Our results show that while inflation in all three countries is affected by different external factors, Malaysia and Singapore avoided high inflation despite high levels of economic growth through 'tight' monetary policy. In contrast, the Philippines had high inflation, even with a stagnant economy, due to 'loose' monetary policy and the monetization of government debt.

Research paper thumbnail of Purchasing Power Parity in Developing Countries: Multi-Period Evidence Under the Current Float

World Development, 2003

Using panel unit root tests, we examine purchasing power parity (PPP) for US dollar real exchange... more Using panel unit root tests, we examine purchasing power parity (PPP) for US dollar real exchange rates of developing countries during the current floating rate period. Since evidence of PPP may vary from period to period, we examine the data for moving 10-year periods from 1976-85 up to 1990-99. We organize panels based on country characteristics influencing the validity of PPP. Those characteristics include openness, inflation, and the level and growth rate of per capita GDP. Although we find stronger evidence of PPP after 1980, our examination of panel data over 15 10-year periods yields only limited support for PPP.

Research paper thumbnail of Exchange rate determination and inflation in Southeast Asian countries

Journal of Development Economics, 1998

We estimate structural open economy models consistent with rational (RE) and theories consistent ... more We estimate structural open economy models consistent with rational (RE) and theories consistent (TCE) expectations which incorporate cointegration to examine exchange rate determination and inflation in three southeast Asian countries. The RE model is rejected in favor of the TCE model. Our results show that while inflation in all three countries is affected by different external factors, Malaysia and Singapore avoided high inflation despite high levels of economic growth through 'tight' monetary policy. In contrast, the Philippines had high inflation, even with a stagnant economy, due to 'loose' monetary policy and the monetization of government debt.

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