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Journal Article
How susceptible is the United States to the Asian flu?
The financial maladies that have afflicted East Asian nations recently have left many policymakers feeling ill at ease. But is there true cause for concern?
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 ...
Conference Paper
On the possibility of the yen bloc
Journal Article
Foreign exchange reserves in East Asia: why the high demand?
Journal Article
Government intervention and the East Asian miracle
Journal Article
Responding to Asia's crises
Journal Article
Did a boom in money and credit precede east Asia's recent currency crisis?
This paper assesses the relationship between money and credit and episodes of sharp depreciation in East Asia by: (i) examining the growth rates of money and credit variables around depreciation episodes; (ii) estimating the impact of money and credit variables on the probability of a sharp depreciation episode using logit models; (iii) evaluating the signals contained in money and credit variables prior to episodes of sharp currency depreciation. ; Reserve money grew rapidly prior to the 1997 currency crisis in East Asia. However, signs of a money or credit boom based on other indicators ...
Journal Article
Is there a case for an Asian Monetary Fund?