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Journal Article
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 (detrended) 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 GDP in all countries. However, the strained sector becomes more important and as the elasticity of ...
Economic Review

Gateway to Asia

Asia?s growing influence in the United States - economically and culturally - is very apparent in the Federal Reserve?s Twelfth District. The nine western states form a geographical gateway to Asia, and because of the close ties, can provide insight into Asian economic and financial developments. The Twelfth District is an attractive destination for trade and investment by Asian companies because of its location. Also, the District?s geographical position has contributed to a long and rich history of Asian immigration into the region.
Annual Report

Journal Article
Banking system developments in the four Asian tigers

FRBSF Economic Letter

Asia and the Midwest real economy

Chicago Fed Letter , Issue Mar

Journal Article
The changing pattern of U.S. trade: 1975-1985

Economic Review , Issue Oct , Pages 36-42

A retrospective on the Asian crisis of 1997: was it foreseen?

Chicago Fed Letter , Issue Jan

Journal Article
How will the Asian financial crisis affect the Southeast?

Regional Update , Issue Jan , Pages 1,3-4

Journal Article
How do currency crises spread?

FRBSF Economic Letter

Conference Paper
Payment and settlement systems in EMEAP economies

Proceedings , Paper 580

Working Paper
Measuring productivity growth in Asia: do market imperfections matter?

Recent research reports contradictory estimates of productivity growth for the newly industrialized economies (NIEs) of Asia. In particular, estimates using real factor prices find relatively rapid TFP growth; estimates using quantities of inputs and output find relatively low TFP growth. The difference is particularly notable for Singapore, where the difference is about 2-1/4 percentage-points per year. We show that about 2/3 of that difference reflects differences in estimated capital payments. We argue that these differences reflect economically interesting imperfections in output and ...
Working Paper Series , Paper WP-03-15



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Moreno, Ramon 8 items

Kasa, Kenneth 6 items

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Spiegel, Mark M. 4 items

anonymous 4 items

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