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Journal Article
GATS and banking in the Pacific Basin
Journal Article
Monetary lessons of Hong Kong
Working Paper
Asia's financial crisis: lessons and policy responses
This paper argues that fundamental weaknesses in Asian financial systems that had been masked by rapid growth were at the root of East Asia's 1997 currency and financial crisis. These weaknesses were caused by the lack of incentives for effective risk management created by implicit or explicit government guarantees against failure. The weakness of the financial sector was accentuated by large capital inflows, which were partly encouraged by pegged exchange rates. ; Policy responses need to be designed to restore growth in an environment of macroeconomic stability in the short run, and to ...
Journal Article
Does pegging increase international trade?
Journal Article
Euromarkets and monetary policy
Journal Article
East Asia: recovery and restructuring
Working Paper
Pegging and macroeconomic performance in East Asia
Working Paper
Was there a boom in money and credit prior to East Asia's recent currency crisis?
This paper assesses the relationship between money and credit and episodes of sharp depreciation in East Asia by (i) examining growth rates of money and credit variables around depreciation episodes; (ii) estimating the impact of money and credit variables on the probability of a share depreciation episode using logit models; (iii) evaluating the signals contained in money and credit variables prior to episodes of sharp currency depreciation. Reserve money grew rapidly prior to the 1997 currency crisis in East Asia. However, signs of a money or credit boom based on other indicators were ...
Journal Article
Measuring the dollar's strength