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Journal Article
Statement to Congress, January 30, 1998, (recent financial crisis in Asia)
Greenspan, Alan (1998-03)
Federal Reserve Bulletin , Issue Mar

Working Paper
Borrowing constraints and asset market dynamics: evidence from the Pacific Basin
Kasa, Kenneth (1998)
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

Journal Article
Statement to Congress, March 3, 1998, (global financial system and the current Asian crisis).
Greenspan, Alan (1998-05)
Federal Reserve Bulletin , Issue May

Working Paper
Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America
Ohanian, Lee E.; Restrepo-Echavarria, Paulina; Wright, Mark L. J. (2015-11-04)
Since 1950, the economies of East Asia grew rapidly but received little international capital, while Latin America received considerable international capital even as their economies stagnated. The literature typically explains the failure of capital to flow to high growth regions as resulting from international capital market imperfections. This paper proposes a broader thesis that country-specific distortions, such as domestic labor and capital market distortions, also impact capital flows. We develop a DSGE model of Asia, Latin America, and the Rest of the World that features an ...
Working Paper Series , Paper WP-2015-8

Working Paper
Asset bubbles, domino effects and 'lifeboats': elements of the East Asian crisis
Edison, Hali J.; Miller, Marcus; Luangaram, Pongsak (1998)
Credit market imperfections have been blamed for the depth and persistence of the Great Depression in the USA. Could similar mechanisms have played a role in ending the East Asian miracle? After a brief account of the nature of the recent crises, we use a model of highly levered credit-constrained firms due to Kiyotaki and Moore (1997) to explore this question. As applied to land-holding property companies, it predicts greatly amplified responses to financial shocks--like the ending of the land price bubble or the fall of the exchange rate. The initial fall in asset values is followed by the ...
International Finance Discussion Papers , Paper 606

Journal Article
Statement to Congress, February 12, 1998, (Asian financial crisis).
Greenspan, Alan (1998-04)
Federal Reserve Bulletin , Issue Apr , Pages 257-262

Working Paper
The new regionalism and Asia: impact and options
Frankel, Jeffrey A.; Wei, Shang-Jin (1995)
New regional initiatives abound, both outside Asia and within. Free Trade Areas in the West - notably NAFTA, its possible enlargement into an FTA of the Americas, and the European Union - have implications for Asia. Asian manufacturers will experience trade diversion, especially in textiles and apparel. Balancing such losses is the likelihood of gains from higher import demand caused by stronger economic growth in the Americas and Europe. ; New estimates of the gravity model of bilateral trade confirm the presence of implicit or de facto trade blocs in Asia and the Pacific, as in Europe ...
Pacific Basin Working Paper Series , Paper 95-10

Report
Foreign direct investment and indebted developing countries
Hickok, Susan; Arguelles, R. (1986)
Research Paper , Paper 8609

Journal Article
Sterilization of capital inflows through the banking sector: evidence from Asia
Spiegel, Mark M. (1995)
This paper develops an open-economy version of the Bernanke-Blinder model which indicates that sterilization efforts through increases in reserve requirements will have limited impact if viable financial alternatives to the commercial banking sector exist. I then examine the capital inflow surge experiences of seven developing Asian nations. Our analysis yields three stylized conclusions: First, the timing of capital inflow surges indicates a causal role for both domestic and foreign factors. Second, there is little general rule as to the most effective sterilization instrument. Finally, ...
Economic Review

Working Paper
APEC and other regional economic arrangements in the Pacific
Frankel, Jeffrey A.; Stein, Ernesto; Wei, Shang-Jin (1994)
Pacific Basin Working Paper Series , Paper 94-04

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