By Norman Colton
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Third, Korea and Thailand have signiﬁcantly reduced exchange rate volatility, but it seems still to be slightly higher than before the crisis. The larger weight of the yen in the Thai and Korean currency baskets inhibits a complete return to the precrisis level of dollar pegging. Finally, although Indonesia and the Philippines have been quite successful in reducing the day-to-day volatility of their exchange rates compared to during the crisis, volatility is still much higher than before. S. dollar.
32 Chapter 1 The Composition of Currency Baskets Using the regression model developed by Frankel and Wei (1994), we show that the smaller East Asian countries have more or less ignored these recommendations. Instead they have clandestinely returned to high-frequency dollar pegging on a day-to-day basis. Before the crisis a few East Asian currencies were de jure pegged to a basket of major currencies, but typically the weights assigned to various currencies in the ofﬁcial basket were not announced.
Similarly, all dollar prices that Korean importers (or exporters) face are sticky and invariant to ﬂuctuations in the yen/dollar rate. Thus, if the won is pegged to the dollar, Korean importers of yen-invoiced goods are at risk when the yen/dollar rate ﬂuctuates. Suppose a Korean importer is obligated to pay 100 yen in 60 days. Then any random appreciation of the yen against the dollar within the 60-day interval will increase the won cost of servicing that debt. If the won prices for which the importer can sell his Japanese goods in Korea are sticky, then he could buy forward 100 yen for dollars in order to hedge the transaction.