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Journal Article
The outlook for net exports
Journal Article
External imbalances and adjustment in the Pacific Basin: conference summary
This Economic Letter summarizes the papers presented at the conference on "External Imbalances and Adjustment in the Pacific Basin" held at the Federal Reserve Bank of San Francisco on September 22-23, 2005, under the sponsorship of the Bank's Center for Pacific Basin Studies.
Journal Article
1989 Fall Academic Conference
Journal Article
ECU, who?
Journal Article
Foreign financial institutions in Japan
Working Paper
Global versus country-specific productivity shocks and the current account
For G-7 countries over the period 1961-1990, there appears to be a strong and stable negative correlation between annual changes in the current account and investment. Here we explore this correlation using a highly tractable empirical model that distinguishes between global and country-specific shocks. This distinction turns out to be quite important empirically, as global shocks account for roughly fifty percent of the overall variance of productivity. An apparent puzzle, however, is that the current account seems to respond by much less than investment to country-specific productivity ...
Working Paper
Thoughts on the origins of the Asia crisis: impulses and propagation mechanisms
The traditional fundamentals suggested by first and second-generation of crisis models did not provide much indication of an impending crisis in Asia. Growing current account deficits and somewhat overvalued real exchange rates suggested some need to curtail domestic demand and/or engineer nominal currency depreciation, but did not suggest a crisis of the magnitude that has occurred. ; Nevertheless, to a large extent, the Asian crisis can be explained in terms of impulses and propagation mechanisms related to fundamentals, specifically general weaknesses and distortions in the financial ...