... reportsdata characterising the situation in some Asian EMEs, namely, Malaysia,South Korea (henceforth Korea) and Thailand, during the Asian crisis (1997-1998). The Asian crisis is best characterised ... 1983 and as having a managed ‡oat since 1974, and New Zealand is de…ned as having a managed ‡oat since 1985 and a de factomoving band around the Australian dollar between 1973 and 1985.In line ... can adopt any real value. The value of is negative in a contractionarydepreciation and positive in an expansionary depreciation. All shocks are ofthe zero-mean, con stant variance, type, and...