slower than would have been predicted by a simple econometric model, if Japanese trade. We then explore several possible … Japanese export prices than in the past, and the slow pass-through of terms-of-trade gains to consumer prices. Evidence is also … presented that Japanese exporters adjust prices asymmetrically in response to yen depreciations and appreciations. ; Next, we …

This paper examines the available data that may shed light on the carry trade in Japanese yen. We define an individual … on bank loans and bond holdings by currency reveal a large apparent yen carry position of the Japanese official sector … and modest carry positions in the Japanese and foreign banking sectors. The Japanese private non-banking sector has a …

, likely the engine for innovation in the coming years in China, are especially financially constrained, due perhaps to the …-the-big-and-letting-go-the-small' privatization program in China. Our empirical results suggest that government connections play an important role in explaining … Chinese firms' financing conditions, and provide further evidence on the nature of the misallocation of credit by China …

Many companies on China's stock markets have separate, restricted classes of shares for domestic residents and … shares. We attribute low Chinese expected returns to the limited alternative investments available in China. We then explore …

We assess links between China and the rest of emerging Asia. Some commentators have argued that China’s apparent … very sharp real appreciation of the currency. Although in principle, export competition with China could nevertheless have … export growth from China and from other developing Asian economies. To the extent there is evidence of export competition, it …

In the past few years, observers increasingly have pointed to China as a source of downward pressure on global prices …. This paper evaluates the theoretical and empirical evidence bearing on the question of whether China's buoyant export … theoretical analysis suggests that China's economy is still too small relative to the world economy to have much effect on global …

China's strong growth in the midst of the Asian crisis is striking. We explore features of China's financial system … that helped insulate it from the crisis, and then try to assess whether China has avoided crisis or simply deferred it. We … not surprising that China has survived so far. In a market-oriented system, pressures generally force rapid adjustment …

Hong Kong plays a prominent role as a re-exporter of a large percentage of trade bound for or coming from China …. Current reporting practices in China and its trading partners do not fully reflect this role and therefore provide a … China and its trading partners to correct for this problem. We also correct for differences due to markups in Hong Kong and …