本篇主要使用Panel model去評估亞洲國家的匯率相對表現，我們由亞洲國家的實質匯率，國內生產毛額，以及國外直接投資的三者之間的關係去做判斷，藉由觀測各國的截距項，我們可以因此判斷該國貨幣是相對高估或者低估。除此之外，我們亦針對1997年的亞洲金融風暴的匯率表現重新檢視評估。

實證結果發現亞洲國家自90年代之後，除了新加坡和馬來西亞之外，大多亞洲國家呈現幣值相對低估的現象。而加入新變數(國外直接投資)的模型，在衡量相對匯率表現的效果，也較原先只納入國內生產毛額當作解釋變數的模型來得良好。

In this paper, we use the panel regression model to measure the relative performance on Asian currency. We measure the relationship between real exchange rate, gross domestic product relative to U.S. and growth in foreign direct investment. By observing the intercept term for every country, we can determine if the currency is relative undervalued or overvalued. In addition, we reassess the relative performance of exchange rate for each country during the Asian finance crisis in 1997.

The results of our study suggest that almost Asian currency is relative undervalued since 1990s’, except for Malaysia and Singapore. Also, the model with a new independent variable foreign direct investment (FDI) can actually capture a better measurement in currency valuation compared with the model we only taking GDP into consideration.

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