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Keywords:Asia 

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

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

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

Journal Article
Thinking globally: International prospects for 2002

EconSouth , Volume 3 , Issue Q4 , Pages 24-29

Journal Article
Dealing with currency speculation in the Asian Pacific Basin

FRBSF Economic Letter

Conference Paper
Multiple equilibria, contagion, and the emerging market crises

Proceedings , Issue Sep

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

Chicago Fed Letter , Issue Jan

Working Paper
Capital flows and monetary policy in East Asia

Pacific Basin Working Paper Series , Paper 94-08

Conference Paper
Interest rate stabilization of exchange rates and contagion in the Asian crisis countries

Proceedings , Issue Sep

Journal Article
Contractionary effects of devaluation

FRBSF Economic Letter

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