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Emerging Economies’ Supply Shocks and Japan’s Price Deflation : International Transmissions in a Three-Country DSGE Model
Hirakata, Naohisa; Iwasaki, Yuto; Kawai, Masahiro - East Asian Bureau of Economic Research (EABER) - 2014
This paper examines the international transmission effects that a positive supply shock in emerging economies may have on inflation in developed economies. We construct a dynamic stochastic general equilibrium (DSGE) model for three countries and analyze the impact of a supply shock in an...
Persistent link: https://www.econbiz.de/10011134369
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How Elastic is East Asian Demand for Consumption Goods?
Thorbecke, Willem - East Asian Bureau of Economic Research (EABER) - 2010
This paper investigates import demand in East Asia. Estimating exchange rate elasticities for countries in the region is difficult because many imports are used to produce goods for re-export. An exchange rate appreciation that reduces East Asian exports will also reduce the demand for imported...
Persistent link: https://www.econbiz.de/10011278000
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Asian Monetary Integration : A Japanese Perspective
Kawai, Masahiro - East Asian Bureau of Economic Research (EABER) - 2014
This paper discusses Japan’s strategy for Asian monetary integration. It argues that Japan faces three major policy challenges when promoting intraregional exchange rate stability. First, there must be some convergence of exchange rate regimes in East Asia, and the most realistic option is for...
Persistent link: https://www.econbiz.de/10011278016
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Financial Safety Nets in Asia : Genesis, Evolution, Adequacy, and Way Forward
Hill, Hal; Menon, Jayant - East Asian Bureau of Economic Research (EABER) - 2012
Financial safety nets in Asia have come a long way since the Asian Financial Crisis (AFC) of 1997–98. Not wanting to rely solely on the International Monetary Fund (IMF) again, the Chiang Mai Initiative (CMI) was created in 2000. When the CMI also proved inadequate following the...
Persistent link: https://www.econbiz.de/10011278018
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Inadequate Regional Financial Safety Nets Reflect Complacency
Azis, Iwan J. - East Asian Bureau of Economic Research (EABER) - 2013
To the extent that financial contagion from the United States and the euro area crisis has occurred in Asia, this paper focuses on the importance of strengthening the regional financial safety nets. By conjecturing that efforts to prevent and manage a crisis are the essence of providing...
Persistent link: https://www.econbiz.de/10011278029
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Rethinking Capital Flows for Emerging East Asia
Grenville, Stephen - East Asian Bureau of Economic Research (EABER) - 2012
Since the 1980s, emerging countries have been urged to welcome foreign capital inflows. The result has often been a pattern of surges, where excessive inflows were followed by damaging “sudden stops†and reversals. This was dramatically evident in the Asian crisis of...
Persistent link: https://www.econbiz.de/10011278030
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The Effect of Exchange Rate Changes on Trade in East Asia
Thorbecke, Willem - East Asian Bureau of Economic Research (EABER) - 2011
This paper considers how exchange rates affect East Asian trade. The evidence indicates that exports produced within regional production networks depend on exchange rates throughout the region while labor-intensive exports depend on exchange rates in the exporting country. These results make...
Persistent link: https://www.econbiz.de/10011278034
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Asia’s Post-Global Financial Crisis Adjustment : A Model-Based Dynamic Scenario Analysis
Kawai, Masahiro; Zhai, Fan - East Asian Bureau of Economic Research (EABER) - 2010
financial crisis on Asian economies and the implications of post-crisis adjustment in emerging East Asia (EEA) for the world …, the region’s growth rebalancing has only modest spillover effects on the rest of the world. EEA can contribute to global … growth, but it alone cannot become the sole engine driving post-crisis growth in the world economy. …
Persistent link: https://www.econbiz.de/10011278041
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The People’s Republic of China and Global Imbalances from a View of Sectorial Reforms
Ito, Hiro; Volz, Ulrich - East Asian Bureau of Economic Research (EABER) - 2012
This paper examines the impact of sectorial reforms on current account imbalances, with a special focus on the People’s Republic of China (PRC). In particular, we investigate to what extent reforms pertaining to the financial sector, social protection, and healthcare may contribute to a...
Persistent link: https://www.econbiz.de/10011278043
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International Monetary Reform : A Critical Appraisal of Some Proposals
Park, Yung Chul; Wyplosz, Charles - East Asian Bureau of Economic Research (EABER) - 2012
This paper reviews some of the current debates on the reform of the international monetary system. Despite its deficiencies, the United States (US) dollar will remain the dominant currency and Special Drawing Rights (SDR) cannot serve as either an international medium of exchange or a reserve...
Persistent link: https://www.econbiz.de/10011278046