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Exchange Market Pressure and Monetary Policies in ASEAN5

Ratnasari, Anggraeni and Widodo, Tri (2017): Exchange Market Pressure and Monetary Policies in ASEAN5.


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The aim of this research is to analyze the relationship between Exchange Market Pressure (EMP) and monetary policies in ASEAN5 (Indonesia, Malaysia, the Philippines, Thailand, and Singapore). This research applies Vector Error Correction Model (VECM) and monthly data for the periods January 2006 – December 2016 for individual country estimation. The results show that the ASEAN5 monetary authorities have responded the increase of EMP by contracting domestic credit in the non-crisis periods, and by providing more liquidity to the bank system in the crisis periods. In addition, in the case of ASEAN5 the increase in interest rate differential has reduced the EMP.

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