TY  - UNPD
A1  - Beck, Günter W.
A1  - Weber, Axel A.
T1  - Economic integration and the exchange rate regime: how damaging are currency crises?
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2001,13
N2  - We use consumer price data for 205 cities/regions in 21 countries to study deviations from the law-of-one-price before, during and after the major currency crises of the 1990s. We combine data from industrialised nations in North America (Unites States, Canada, Mexico), Europe (Germany, Italy, Spain and Portugal) and Asia (Japan, Korea, New Zealand, Australia) with corresponding data from emerging market economies in the South America (Argentine, Bolivia, Brazil, Columbia) and Asia (India, Indonesia, Malaysia, Philippines, Taiwan, Thailand). We confirm previous results that both distance and border explain a significant amount of relative price variation across different locations. We also find that currency attacks had major disintegration effects by significantly increasing these border effects, and by raising within country relative price dispersion in emerging market economies. These effects are found to be quite persistent since relative price volatility across emerging markets today is still significantly larger than a decade ago. JEL classification: F40, F41
T3  - CFS working paper series - 2001, 13 r 
KW  - relative price volatility
KW  - spatial data
KW  - real exchange rate
KW  - law of one price
KW  - purchasing power parity
KW  - currency crisis
KW  - contagion
KW  - Verbraucherpreis
KW  - Währungskrise
KW  - Geschichte 1990-1999
Y1  - 2005
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4392
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-10983
IS  - This version: November 2001
ER  -