Search Results
Conference Paper
On the possibility of the yen bloc
Journal Article
Long-run determinants of East Asian real exchange rates
Journal Article
Are prices countercyclical? Evidence from East Asian countries
Working Paper
Capital flows and monetary policy in East Asia
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
What caused East Asia's financial crisis?
Working Paper
Trade and growth in East Asian countries: cause and effect?
Estimates of growth equations have found a role for openness, particularly in explaining rapid growth among East Asian countries. But major concerns of simultaneous causality between growth and trade have been expressed. This study aims to deal with the endogeneity of trade by using as instrumental variables the exogenous determinants from the gravity model of bilateral trade, such as proximity to trading partners. Our preliminary finding is that the effect of openness on growth is even clearer when we correct for the endogeneity of openness than in standard OLS estimates. We conclude ...
Journal Article
How susceptible is the United States to the Asian flu?
The financial maladies that have afflicted East Asian nations recently have left many policymakers feeling ill at ease. But is there true cause for concern?
Conference Paper
The East Asian financial crisis