Exchange Rates and Economic Recovery in the 1930s: An Extension to Asia |
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| Authors: | Chien‐Jung Ting Tai‐Kuang Ho |
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| Affiliation: | 1. Shu‐Te University;2. National Tsing Hua UniversityThe authors thank Cheng‐Chung Lai, Ling‐Fan Li, Masato Shizume, Pierre van der Eng, Chien‐Wen Yang, and participants of the 2015 Asia Pacific Economic and Business History Conference held at UNSW Canberra, Australia, for helpful comments and suggestions. Mariko Hatase kindly provided the Japanese export commodity prices. The authors also thank the Editor Andrew Seltzer, the Associate Editor, and two anonymous referees for critical comments and helpful suggestions. Financial support from Taiwan's Ministry of Science and Technology NSC101‐2410‐H‐007‐018‐MY2 is acknowledged. |
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| Abstract: | Scholars have found a positive relationship between the magnitude of currency depreciation and the extent of recovery from the Great Depression for Europe and Latin America. The relationship between currency depreciation and economic activity during the Great Depression for Asian economies has not yet been explored. This paper examines this topic using data from 13 Asian economies: China, India, Indonesia, Iran, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Turkey, and Vietnam. We find that Asian economies responded in a similar way to currency depreciation during the Great Depression as did European and Latin American countries. |
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| Keywords: | Asian economy economic recovery from the Great Depression exchange rate gold standard silver standard E42 F33 N25 |
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