| This dissertation is about the impact on exchange rate regime changes in Asia with examination employed through econometric theory and modeling analysis. The dissertation consists of two parts.; The first part is about the impact of corporate restructuring on the performance of Thai firms such as return on assets, capital cost, debt-to-asset ratio, and coverage ratio after the financial crisis and the following floating of the exchange rate regime in 1997. Based on two approaches from the program evaluation literature---the "matching" and the "endogenous switching regression" approaches, the estimated impacts of corporate restructuring on a firm's performance are found to be either insignificant or inconclusive, depending on which of these two approaches is used. The estimated effects of debt-restructuring are also found to vary between structured and non-restructured firms for some performance measures.; The second part of the dissertation examines whether the volatility of Japanese macroeconomic variables are stable during the fixed regime and whether the stability of these variables change following floating of the exchange rate regime in the early 1970s. Through usage of the structural break test model, it was found that, after floating of the Yen in 1971, there was a strong pattern of one-time break in volatility for most variables that are related to the nominal exchange rates, such as real exchange rates, exports, imports and unit value of exports. The same pattern can be found only in volatility of some of the variables that are not related to the nominal exchange rates, namely the household consumption expenditure. On the other hand, volatility of most of the variables that are not related to the nominal exchange rates appears to be instable throughout the periods of our investigation. |
