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Equilibrium Exchange Rates in Asian Currencies
Tsutomu Miyagawa,Hideki Toya,Tatsuji Makino 서울대학교 경제연구소 2004 Seoul journal of economics Vol.17 No.4
In this paper, we measured the equilibrium exchange rates (EER) for Asian currencies (baht. new Taiwan dollar. won. yen. and yuan) and the U.S. dollar. We compared the equilibrium exchange rates reflecting economic fundamentals with the actual exchange rate, and examined which factors affect the movement of equilibrium exchange rates. Our study shows that rapid increases of labor productivity in Korea and China have prevented an excessive depreciation of the won and yuan. When we take multilateral trade into account, the effective exchange rate of the yen was undervalued compared with the effective equilibrium exchange rate in 2000.
The Role of Human Capital Accumulation for Economic Growth in East Asian countries
Shin-ichi Fukuda,Hideki Toya 서울대학교 경제연구소 1994 Seoul journal of economics Vol.7 No.2
The purpose of this paper is to investigate whether the difference in human capital accumulation can explain the non-convergent feature in East Asian countries. The paper first presents the cross country evidence that growth rates in East Asian countries had little correlation with the starting level of income for the last few decades. In addition, the paper shows that this non-convergent result does not change even if the regressions allow the difference in school-enrollment rates. Noting that government expenditure on education can improve the quality of education, the paper then demonstrates that government expenditure on education played a special role for East Asian miraculous economic growth for the last few decades. The paper also shows that exports played a special role in explaining the convergence hypothesis in East Asian countries.