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Modelling U.S. services trade flows: a cointegration-ECM approach
Viana, Sandra; Hung, Juann H. (1995)
The U.S. service surplus soared from near zero in 1985 to about $60 billion in 1992, offsetting about two thirds of the goods trade deficit. Could this merely reflect improvement in data collection? Or does this mean U.S. services industries are more competitive internationally than goods industries? Is the services surplus likely to continue to rise? This paper estimates a forecastable model of U.S. services trade to address the above questions. We find that data improvement actually had a negative net impact on the services surplus, since it affected imports more than exports. Instead, the ...
Research Paper , Paper 9518

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U.S. external imbalances: financial strains and macroeconomic choices
Kasman, Bruce; Rodrigues, Anthony P.; Hung, Juann H. (1989)
Research Paper , Paper 9003

Journal Article
Explaining the persistence of the U.S. trade deficit in the late 1980s
Hung, Juann H.; Hickok, Susan (1991-01)
The U.S. trade deficit was twice as large a percentage of U.S. GDP in 1989 as in 1979 although the value of the dollar and the level of U.S. demand relative to foreign demand were roughly comparable in both years. This article investigates the reasons for the deficit's magnitude in the late 1980s. Particular attention is given to two prominent theories about the persistence of the deficit, one focusing on the relationship between exchange rate movements and capital stock developments and the other on shifts in the structure of U.S. trade flows.
Quarterly Review , Volume 16 , Issue Win , Pages 29-46

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The exchange rate and overseas profits of U.S. multinationals
Hung, Juann H. (1994)
Research Paper , Paper 9405

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The effectiveness of sterilized U.S. foreign exchange intervention, an empirical study based on the noise trading approach
Hung, Juann H. (1991)
Research Paper , Paper 9118

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Noise trading and the effectiveness of sterilized foreign exchange intervention
Hung, Juann H. (1991)
Research Paper , Paper 9111

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Intervention strategies and exchange rate volatility: a noise trading perspective
Hung, Juann H. (1995)
This paper estimates and explains the impact of U.S. sterilized intervention on exchange rate volatility. We find that U.S. intervention reduced both yen/dollar and DM/dollar exchange rate volatilities during 1985-86, but increased them during 1987-89. These results make sense in a noise trading framework where the effectiveness of sterilized intervention may depend critically on the shrewdness of intervention strategies. Depending on circumstances, central banks may use noise trading channels through covert intervention, or activate signaling channels through overt intervention. The ...
Research Paper , Paper 9515

Journal Article
Financial implications of the U.S. external deficit
Pigott, Charles; Rodrigues, Anthony P.; Hung, Juann H. (1988-01)
Quarterly Review , Volume 13 , Issue Win , Pages 33-51

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An expanded, cointegrated model of U.S. trade
Hung, Juann H.; Hickok, Susan; Wulfekuhler, Kurt C. (1991)
Research Paper , Paper 9121

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Are exchange rates misaligned or excessively volatile? An intertemporal balance of payments equilibrium approach
Hung, Juann H. (1990)
Research Paper , Paper 9001