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Keywords:Pacific Area 

Journal Article
How lower Japanese asset prices affect Pacific financial markets

The collapse of Japanese asset prices in the 1990s sharply reduced the wealth of Japanese banks and life insurers and slowed their international activity. This article traces the channels through which wealth changes altered these intermediaries' growth, pricing, and portfolio strategies. The authors also consider several factors that have eased the adaptation of foreign market participants to the revised strategies.
Quarterly Review , Volume 19 , Issue Spr

Working Paper
Capital inflows, financial intermediation, and aggregate demand.

In trying to explain the balance-of-payments and banking crises of 1994-95 that erupted in Mexico, observers have pointed to various effects of the substantial capital inflows that took place in the preceding half decade. It has been argued that these inflows contributed to rapid monetary growth, real appreciation of the peso, and the widening of Mexico's current account deficit. In addition, by making available credit for consumption loans at a time when investment spending in Mexico was not yet ready to grow rapidly, these inflows may have contributed to the fall in Mexico's savings rate. ; ...
International Finance Discussion Papers , Paper 583

Journal Article
Inflation and economic growth in Pacific Basin developing economies

Economic Review , Issue Fall , Pages 8-18

Journal Article
Macroeconomic behavior during periods of speculative pressure or realignment: evidence from Pacific Basin economies

This paper uses nonparametric tests to provide a description of the "stylized facts" associated with episodes of speculative pressure in foreign exchange markets in Pacific Basin Economies and to see whether these "stylized facts" appear to be broadly consistent with the alternative explanations for such episodes suggested in the theoretical literature. ; The empirical results are mixed, but some are nonetheless suggestive. Larger budget deficits and growth in central bank domestic credit appear to be associated with episodes of depreciation rather than episodes of appreciation or ...
Economic Review

Journal Article
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 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

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
Financial deepening in Pacific Basin countries

Economic Review , Issue Sum , Pages 43-56

Journal Article
Inflation and monetary accommodations in the Pacific Basin

Economic Review , Issue Sum , Pages 23-36

Journal Article
Interest rate linkages in the Pacific Basin

Economic Review , Issue Sum , Pages 31-42

Journal Article
Exchange-rate policies and inflation: theory and evidence

Economic Review , Issue Fall , Pages 50-64

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Pacific Area 78 items

Capital movements 11 items

Asia 10 items

Monetary policy - Pacific Basin 10 items

Foreign exchange rates - Pacific Basin 8 items

Foreign exchange - Law and legislation 7 items

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