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Journal Article
Trade liberalization in the Pacific Basin
Journal Article
Reforming China's banking system
Journal Article
NAFTA and U.S. banking
Journal Article
Stock prices and bank lending behavior in Japan
This study attempts to shed light on whether stock price movements have contributed to recent fluctuations in bank lending in Japan by examining the historical relationship between stock prices and bank lending in that country. It is found that prior to the mid-1980s the relationship between stock prices and bank lending was weak, but subsequently strengthened considerable. This coincided with a change in the regulatory environment that encouraged banking institutions to pay more attention to their capital positions. Since the late 1980s, fluctuations in stock prices appear to have made ...
Journal Article
Mexico and the peso
Working Paper
The political economy of foreign bank entry and its impact: theory and a case study
We apply Becker's (1983) model of lobbying to show that liberalization of foreign bank entry may result from political changes and a fall in domestic bank efficiency caused by lack of competition, which raises the costs to domestic banks of restricting foreign bank entry. We also show that in equilibrium, reform may be too limited to improve efficiency. We use this model and Data Envelopment Analysis techniques to interpret the liberalization of foreign bank entry in the Philippines in 1994. Declines in banking efficiency reduced resistance to foreign bank entry, but the effects of ...
Journal Article
The Eurodollar market and U. S. residents
Journal Article
Euromarkets and monetary policy
Working Paper
Macroeconomic behavior during periods of speculative pressure or realignment: evidence from Pacific Basin economies
This paper uses non-parametric tests to provide a description of the "stylized facts" associated with episodes of speculative pressure in foreign exchange markets in Pacific Basin Economies, and to see whether these "stylized facts" appear to be broadly consistent with the alternative explanations for such episodes suggested in the theoretical literature. ; The empirical results are mixed, but some of the results are nonetheless suggestive. Episodes of depreciation appear to be associated with larger budget deficits and growth in central bank domestic credit, than episodes of ...