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dc.contributor.authorHolmes, Mark J.
dc.date.accessioned2010-06-01T22:03:29Z
dc.date.available2010-06-01T22:03:29Z
dc.date.issued2010
dc.identifier.citationHolmes, M.J. (2010). Are Asia-Pacific real exchange rates stationary? A regime-switching perspective. Pacific Economic Review, 15(2), 189-203.en_NZ
dc.identifier.urihttps://hdl.handle.net/10289/3915
dc.description.abstractThis paper tests for long-run purchasing power (PPP) among nine Asia-Pacific countries. Non-stationarity of the real exchange rate is tested within a Markov regime-switching framework. Two new concepts of PPP are defined that allow for real exchange behaviour to switch between stationary and non-stationary regimes (partial PPP) or between stationary regimes of differing degrees of persistence (varied PPP). The results indicate that each country is characterized by at least one stationary regime. Indeed, five countries are characterized by two such regimes. Further analysis indicates that the Asian crisis of 1997 gave mixed impetus to the achievement of long-run PPP.en_NZ
dc.language.isoen
dc.publisherWiley-Blackwellen_NZ
dc.relation.urihttp://www3.interscience.wiley.com/journal/123359609/abstract?CRETRY=1&SRETRY=0en_NZ
dc.subjectpurchasing power parityen_NZ
dc.subjectPPPen_NZ
dc.subjectAsia-Pacificen_NZ
dc.titleAre Asia-Pacific real exchange rates stationary? A regime-switching perspectiveen_NZ
dc.typeJournal Articleen_NZ
dc.identifier.doi10.1111/j.1468-0106.2010.00497.xen_NZ
dc.relation.isPartOfPacific Economic Reviewen_NZ
pubs.begin-page189en_NZ
pubs.elements-id34950
pubs.end-page203en_NZ
pubs.issue2en_NZ
pubs.volume15en_NZ


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