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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

Analysis of financial crisis in Asia

Chicago Fed Letter , Issue Dec

Working Paper
Sterilization of capital inflows through the banking sector: evidence from Asia

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 exists. We 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, ...
Pacific Basin Working Paper Series , Paper 95-06

Asia, trade deficits, and the health of the U.S. economy

Remarks before the Greater Dallas Asian American Chamber of Commerce, Dallas, Texas, February 23, 2006 ; "As long as the Federal Reserve does its job of holding inflation at bay, and as long as our political leaders resist protectionism and let the private sector get on with its work, we will remain the world's predominant economic machine.">
Speeches and Essays , Paper 78

Working Paper
A dynamic model of export competition, policy coordination and simultaneous currency collapse

This paper offers a game-theoretic interpretation of the recent currency crisis in Asia. Specifically, we argue that the 'price wars during booms' logic of Rotemberg and Saloner (1986) can be used to explain the nearly simultaneous devaluation of several Asian currencies during the summer of 1997. The idea is as follows. Since each of these countries relies heavily on exports to the U.S. pressures for competitive devaluations naturally arise. ; We view the historical tendency of these countries to peg to the dollar as a way to avoid these pressures. However, it must be in the ...
Pacific Basin Working Paper Series , Paper 97-08

Working Paper
Macroeconomic control in liberalizing Socialist economies: Asian and European parallels

Pacific Basin Working Paper Series , Paper 92-05

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

Proceedings , Issue Sep

Journal Article
Will the Tenth District catch the Asian flu?

While the impacts of the Asian financial turmoil on the United States have been widely discussed and studied, few analysts have looked at the likely impact on the Tenth District Economy. Gazel and Lamb examine the negative impacts of the Asian financial turmoil on the Tenth District and find that while the overall impact on the district economy is likely to be moderate, some segments of the economy could be hurt significantly. Two important sectors of the Tenth District economy likely to be affected by the Asian economic crisis are manufacturing and agriculture.> District manufacturing ...
Economic Review , Volume 83 , Issue Q II , Pages 9-26

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
Statement to Congress, January 30, 1998, (recent financial crisis in Asia)

Federal Reserve Bulletin , Issue Mar



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Moreno, Ramon 8 items

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