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Journal Article
Foreign financial institutions in Japan

FRBSF Economic Letter

Conference Paper
Interest rate operating procedures of foreign central banks

Proceedings , Paper 1, pt. 1

Margin requirements, speculative trading and stock price fluctuations: the case of Japan

Research Paper , Paper 9006

Journal Article
Assessing the condition of Japanese banks: how informative are accounting earnings?

This article examines the accounting and stock market performance of banks from 1991 to 1997. Overall, the results indicate that the accounting, disclosure, and regulatory practices of Japanese banks have drive a wedge between their accounting and stock market returns in recent years and, furthermore, that regulatory forbearance might have become a more important source of value to shareholders than the value of assets in place.
Economic Perspectives , Volume 22 , Issue Q IV , Pages 12-34

Working Paper
Long-term international capital mobility: new evidence from equilibrium real interest rate linkages

Pacific Basin Working Paper Series , Paper 93-06

Working Paper
The international transmission of financial shocks: the case of Japan

One of the more dramatic financial events of the late 1980s and early 1990s was the surge in Japanese stock prices that was immediately followed by a very sharp decline of more than 50 percent. While the unprecedented fluctuations in Japanese stock prices were domestic financial shocks, the unique institutional characteristics of the Japanese economy produce a framework that is particularly suited to transmit shocks to other countries through the behavior of the Japanese banking system. ; The large size of Japanese bank lending operations in the United States enables us to use U.S. banking ...
Working Papers , Paper 96-1

Journal Article
Financial regulation and banking sector performance: a comparison of bad loan problems in Japan and Korea

We estimate the bad loan rate in Japan and Korea for 1973-1992 using data on defaults on notes issued by the corporate sector. This method exploits institutional features common in both countries which suggest a close linkage between default on notes and default on bank borrowing. Our main findings are as follows. First, the pattern of the estimated bad loan rate series generally conforms to past business cycle patterns in both countries. Second, the bad loan rate is substantially higher in Korea than Japan. Lastly, a much tighter linkage is observed for Japan between the bad loan rate ...
Economic Review

Journal Article
Do capital controls affect the response of investment to saving? evidence from the Pacific Basin

This paper examines the effect of capital controls on the response of investment to savings in Pacific Basin countries. A robust finding is that the size of the savings coefficient tends to be smaller (larger) in countries with relatively higher (lower) capital controls. Additionally, relaxation in capital controls for the most part had no discernible impact on the savings- investment relationship in individual country time-series regressions. At least a partial resolution to these puzzles is found in the government policy response: Countries with a relatively high saving-investment ...
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

Working Paper
Foreign reserve and money dynamics with asset portfolio adjustment: international evidence

Pacific Basin Working Paper Series , Paper 94-09



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Hutchison, Michael M. 20 items

Kim, Sun Bae 14 items

Cargill, Thomas F. 12 items

Glick, Reuven 11 items

Moreno, Ramon 9 items

Kasa, Kenneth 7 items

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