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Series:Pacific Basin Working Paper Series 

Working Paper
The usual suspects? productivity and demand shocks and Asia-Pacific real exchange rates

The evidence for a productivity-based explanation for real exchange rate behavior of East Asian currencies is examined. Using sectoral output and employment data, relative prices and relative productivities are calculated for China, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand Time series regressions of the real exchange rate on relative prices indicate a role for relative prices for Indonesia, Japan and Korea. When examining real exchange rates and relative productivity ratios, one finds a relationship for Japan, Malaysia, the Philippines. Only when ...
Pacific Basin Working Paper Series , Paper 97-06

Working Paper
Long-term international capital mobility: new evidence from equilibrium real interest rate linkages

Pacific Basin Working Paper Series , Paper 93-06

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
On the dollar and the yen

Pacific Basin Working Paper Series , Paper 91-04

Working Paper
Love and hate: state and non-state firms in transition economies

Pacific Basin Working Paper Series , Paper 93-10

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

Pacific Basin Working Paper Series , Paper 94-09

Working Paper
Monetary regime choices for a semi-open country

Pacific Basin Working Paper Series , Paper 93-02

Working Paper
Capital mobility with transaction costs: a concept and applications

Pacific Basin Working Paper Series , Paper 91-03

Working Paper
Capital flows and monetary policy in East Asia

Pacific Basin Working Paper Series , Paper 94-08

Working Paper
An examination of the market valuation effects of financial reform in Korea

This paper uses an event-study methodology to examine the wealth effects of Korea's recent move toward financial market liberalization. A government plan finalized in 1993 calls for further interest rate deregulation, greater autonomy for managers of financial institutions, and a blurring of the distinction between commercial banks, investment banks, and insurance companies. These changes will have complex and offsetting effects on the profitability of financial institutions, as they represent a combination of increased opportunity, which should enhance profitability, and increased ...
Pacific Basin Working Paper Series , Paper 95-07




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Working Paper 110 items


Hutchison, Michael M. 16 items

Frankel, Jeffrey A. 15 items

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Glick, Reuven 11 items

Wei, Shang-Jin 7 items

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