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Series:Pacific Basin Working Paper Series 

Working Paper
Targets, instruments, and monetary policy in an open economy: a GARCH application

Pacific Basin Working Paper Series , Paper 92-04

Working Paper
Liberalization of Korea's foreign exchange markets

Pacific Basin Working Paper Series , Paper 92-08

Working Paper
Foreign reserve and money dynamics with asset portfolio adjustment: international evidence

Pacific Basin Working Paper Series , Paper 94-09

Working Paper
Financial development and growth: are the APEC nations unique?

This paper examines panel evidence concerning the role of financial development in economic growth. I decompose the well-documented relationship between financial development and growth to examine whether financial development affects growth solely through its contribution to growth in factor accumulation rates, or whether it also has a positive impact on total factor productivity, in the manner of Benhabib and Spiegel (2000). I also examine whether the growth performances of a subsample of APEC countries are uniquely sensitive to levels of financial development. The results suggest that ...
Pacific Basin Working Paper Series , Paper 2001-04

Working Paper
The evolution of \"too-big-to-fail\" policy in Japan: evidence from market equity values

This paper examines the evidence in bank equity markets concerning bank regulatory policies in Japan over the turbulent 1995-1998 period. We find that investors grouped banks according to regulatory status in assessing whether a bank was currently treated as "too-big-to-fail." when a failure of a bank of certain regulatory status was announced, excess returns on other banks of that regulatory status and below displayed heightened sensitivity to adverse news. This suggests that investors updated their beliefs about which classes of banks were protected by too-big-to-fail policies over the ...
Pacific Basin Working Paper Series , Paper 00-01

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 ...
Pacific Basin Working Paper Series , Paper 95-05

Working Paper
Borrowing constraints and asset market dynamics: evidence from the Pacific Basin

This paper estimates a linearized, stochastic version of Kiyotaki and Moore's (1997) credit cycle model, using land price data from Hong Kong, Japan, and Korea. It is shown that the welfare costs of borrowing constraints are positively related to the persistence of (de-trended) land price fluctuations. When the residual demand curve for land is inelastic and the steady state share of land held by the constrained sector is less than 30 percent, welfare costs are less than 1 percent of GDP in all countries. However, the costs of borrowing constraints rise quickly as the constrained sector ...
Pacific Basin Working Paper Series , Paper 98-04

Working Paper
A cure worse than the disease? currency crises and the output costs of IMF-supported stabilization programs

This paper investigates the output effects of IMF-supported stabilization programs, especially those introduced at the time of a severe balance of payments/currency crisis. Using a panel data set over the 19751997 period and covering 67 developing and emerging market economies (with 461 IMF stabilization programs and 160 currency crises), we find that currency criseseven after controlling for macroeconomic developments and political and regional factorssignificantly reduce output growth for one to two years. Output growth is also lower (0.7 percentage point annually) during IMF stabilization ...
Pacific Basin Working Paper Series , Paper 2001-02

Working Paper
Asset price fluctuations in Japan: what role for monetary policy?

Pacific Basin Working Paper Series , Paper 93-11

Working Paper
Structural change and the macroeconomic effects of oil shocks: empirical evidence from the United States and Japan

Pacific Basin Working Paper Series , Paper 92-06

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Hutchison, Michael M. 16 items

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