26 0206:31-07-26 2026:31-07-26 11:59:41.000 0206:31-07-26 utf8 0 Oau Text txt Computermedien c Online-Ressource cr 1980588724 OCoLC 1609536129 9788932243146 9788932240268 set KXP 1980588724 eng rda 2026 August 28, 2026 https://www.kiep.go.kr/galleryDownload.es?bid=0001&list_no=12531&seq=1 H LF https://www.kiep.go.kr/gallery.es?mid=a20205030000&bid=0001 H LF XB-KR Explosive depreciation and expectation-driven overshooting evidence from the GSADF test Jee Won Park and Hyo Sang Kim 1923420844 Tpv3 gnd/136374657X piz Park Jee Won VerfasserIn aut 1767710178 Tpv3 gnd/1239669011 piz Kim Hyo Sang VerfasserIn aut Sejong-Si, Korea Korea Institute for International Economic Policy 1 Online-Ressource (circa 68 Seiten) Illustrationen KIEP working paper 26, 01 2026,1 552256498 Odv zdb/2400193-4 281362440 KIEP working paper Seoul [Verlag nicht ermittelbar] 1990 August 1990- 26, 01 FS Exchange Rate DE-206 FS Explosive Depreciation DE-206 FS Dollar Cycle DE-206 FS GSADF test DE-206 34 JEL C12 F31 This paper examines whether episodes of sharp depreciation in East and Southeast Asian currencies reflect currency-specific instability or the regional transmission of the global dollar cycle. We apply the generalized supremum augmented Dickey-Fuller (GSADF) test of Phillips et al. (2015) to U.S.-dollar exchange rates for ten Asian economies over 2006-2025 under three benchmark definitions: the raw bilateral rate, a PPP-adjusted misalignment measure, and a DXY-adjusted measure. We find recurrent explosive episodes across the region: the raw bilateral measure clusters around both the 2015-2017 U.S. monetary normalization cycle and 2022, whereas the PPP-based measure displays its strongest regional burst in 2022. However, regional clustering weakens substantially after DXY adjustment, especially in the periods centered on the main regional depreciation waves. These results indicate that much of the apparent explosiveness in bilateral U.S.-dollar exchange rates reflects common dollar-driven regional pressure rather than simultaneous episodes of currency-specific instability. Once broad dollar movements are removed, the remaining late-sample evidence is much narrower and concentrated mainly in the Japanese yen and, more briefly, the Korean won. 26 PICA 31-07-26 31-07-26 11:29:33.000 utf8 31-07-26 6426 0206 500404757X 31-07-26 z1z DS 900 08