01802cas a2200253 a 4500 AALejournalIMF001743 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451858426 1018-5941 BD-DhAAL BD-DhAAL Hernandez, Leonardo. Post-Crisis Exchange Rate Policy in Five Asian Countries : Filling in the "Hollow Middle"? / Leonardo Hernandez, Peter Montiel. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (41 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Following the 1997-98 financial turmoil, crisis countries in Asia moved toward either floating or fixed exchange rate systems, reinforcing the bipolar view of exchange rate regimes and the "hollow middle" hypothesis. But some academics have claimed that the crisis countries' policies have been similar in the post- and pre-crisis periods. This paper analyzes the evidence and concludes that, except for Malaysia, which adopted a hard peg and imposed capital controls, the other crisis countries are floating more than before, though less than "real" floaters do. Further, the crisis countries' policies during the post-crisis period can be justified on second-best arguments. Mode of access: Internet Montiel, Peter. IMF Working Papers; Working Paper ; No. 2001/170 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/170/001.2001.issue-170-en.xml IMF e-Library