International monetary transmission in East Asia: Floaters, non-floaters, and capital controls

► This paper analyzes the impacts of the US monetary shocks on East Asian countries using structural VAR model. ► In the floating exchange rate regime, interest rate strongly responds to the U.S. interest rate shocks but exchange rate does not respond much, probably because of fear of floating. ► In the fixed exchange rate regime with capital account restriction, neither exchange rate nor interest rate responds much.