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Latin America and East Asia in the Context of an Insurance Model of Currency Crises

Chinn, Menzie D. - 1999

This paper focuses on the 1995 Latin American and 1997 East Asian crises using an insurance-based model of financial crises. First the model of Dooley (forthcoming) is described. Second, some empirical evidence for an insurance model is presented. The key variables in this approach include the...

Persistent link: https://www.econbiz.de/10012471706

International Capital Inflows, Domestic Financial Intermediation and Financial Crises under Imperfect Information

Chinn, Menzie D. - 2000

A model of financial crises in emerging markets based on problems of agency in financial intermediation is developed. This model generates dynamic relationships between foreign capital inflows, domestic investment and domestic bank debt in an endogenous growth model. As a consequence of loan...

Persistent link: https://www.econbiz.de/10012470835

Before the Fall : Were East Asian Currencies Overvalued?

Chinn, Menzie D. - 1998

I implement two major approaches to identifying the equilibrium exchange rate. First, the concept of purchasing power parity is tested and used to define the equilibrium real exchange rate for the Indonesian rupiah, Korean won, Malaysian ringgit, Philippine peso, Singapore dollar, Taiwanese...

Persistent link: https://www.econbiz.de/10012472311

A Primer on Real Effective Exchange Rates : Determinants, Overvaluation, Trade Flows and Competitive Devaluation

Chinn, Menzie D. - 2005

Several alternative measures of "effective" exchange rates are discussed in the context of their theoretical underpinnings and actual construction. Focusing on contemporary indices and recently developed econometric methods, the empirical characteristics of these differing series are examined,...

Persistent link: https://www.econbiz.de/10012467158

The Overvaluation of Renminbi Undervaluation

Cheung, Yin-Wong - 2007

We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for,...

Persistent link: https://www.econbiz.de/10012465806

Three Current Account Balances : A "Semi-Structuralist" Interpretation

Chinn, Menzie D. - 2005

Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area … process that involves real depreciation in its exchange rate. For Japan, a little more than 1 percentage point (of GDP) of the …

Persistent link: https://www.econbiz.de/10012466819

Monetary Policy in Japan, Germany and the United States : Does One Size Fit All?

Chinn, Menzie D. - 1997

We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy … rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese … that, with minor adjustments, the same specification provides a useful framework for understanding monetary policy in Japan …

Persistent link: https://www.econbiz.de/10012472722

Financial Spillovers and Macroprudential Policies

Aizenman, Joshua - 2017

economies (CEs, i.e., the U.S., Japan, and the Euro area), and the peripheral economies (PHs). We first estimate the correlation …

Persistent link: https://www.econbiz.de/10012453608

Monetary Policy Spillovers and the Trilemma in the New Normal : Periphery Country Sensitivity to Core Country Conditions

Aizenman, Joshua - 2015

) can be affected by the movements in the center economies - the U.S., Japan, the Eurozone, and China. We apply a two …

Persistent link: https://www.econbiz.de/10012457538