price data from Hong Kong, Japan, and Korea. It is shown that the welfare costs of borrowing constraints are positively … fluctuations are relatively transitory, to 11 percent of GDP in Japan, where land price fluctuations are the most persistent. …

the root of East Asia's 1997 currency and financial crisis. These weaknesses were caused by the lack of incentives for …

This paper assesses the relationship between money and credit and episodes of sharp depreciation in East Asia by (i … the 1997 currency crisis in East Asia. However, signs of a money or credit boom based on other indicators were mixed. The … 1997 episodes differ from East Asia's past experience in a number of ways. Rapid growth in the M2 multiplier and in the …

This paper offers a game-theoretic interpretation of the recent currency crisis in Asia. Specifically, we argue that …

There are two striking conventional wisdoms about the status of regional trading blocs in East Asia. The first is that … members is thought to be very low. The second is that East Asia taken as a whole does function as a trading and investment … bilateral trade. The same is true of trade within East Asia more broadly (or trade within an ASEAN-Australia-New Zealand …