Search Results
Working Paper
Currency crashes in emerging markets: an empirical treatment
We use a panel of annual data for over one hundred developing countries from 1971 through 1992 to characterize currency crashes. We define a currency crash as a large change of the nominal exchange rate that is also a substantial increase in the rate of change of the nominal depreciation. We examine the composition of the debt as well as its level, and a variety of other macroeconomic, external and foreign factors. Our factors are significantly related to crash incidence, especially output growth, the rate of change of domestic credit, and foreign interest rates. A low ratio of FDI to debt is ...
Journal Article
A Pacific economic bloc: is there such an animal?
Conference Paper
International capital mobility and exchange rate volatility
Conference Paper
Financial links around the Pacific Rim, 1982-1992
Working Paper
The cost of capital in Japan: a survey
Conference Paper
Financial links around the Pacific Rim, 1982-1992
Working Paper
Trade and growth in East Asian countries: cause and effect?
Estimates of growth equations have found a role for openness, particularly in explaining rapid growth among East Asian countries. But major concerns of simultaneous causality between growth and trade have been expressed. This study aims to deal with the endogeneity of trade by using as instrumental variables the exogenous determinants from the gravity model of bilateral trade, such as proximity to trading partners. Our preliminary finding is that the effect of openness on growth is even clearer when we correct for the endogeneity of openness than in standard OLS estimates. We conclude ...