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This paper analyzes the macroeconomic adjustment from the crisis in East Asia in a broad international prospective. The stylized pattern from the previous 160 currency crisis episodes over the period from 1970 to 1995 shows a V-type adjustment of real GDP growth in the years prior to and...
Persistent link: https://www.econbiz.de/10013227193
By looking at how an East Asian currency moves when the yen fluctuates sharply against the US dollar, we sometimes find that the reaction has been much more significant than would be suggested by the econometric estimates of the weight of the yen in nominal exchange rate determination. Moreover,...
Persistent link: https://www.econbiz.de/10013246656
A general equilibrium model featuring multiple realistic sources of financial frictions is developed to study how different constraints interact in equilibrium. We highlight, distinguish, and evaluate their differential impacts and rich interactions. The economic impact of financial inclusion...
Persistent link: https://www.econbiz.de/10013030631
We use a new firm-level dataset to examine the efficiency of investment in emerging economies. In the three-year period following stock market liberalizations, the growth rate of the typical firm's capital stock exceeds its pre-liberalization mean by an average of 5.4 percentage points....
Persistent link: https://www.econbiz.de/10012780226
This paper examines issues of household saving, growth. and aging in Taiwan. The Taiwanese patterns of high income …
Persistent link: https://www.econbiz.de/10013125763
In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative...
Persistent link: https://www.econbiz.de/10013324629
factors to the role of capital flows in the currency crises in different countries, especially Thailand, Indonesia, and Korea …
Persistent link: https://www.econbiz.de/10013221289
Malaysia recovered from the Asian financial crisis swiftly after the imposition of capital controls in September 1998 …. The fact that Korea and Thailand recovered in parallel has been interpreted as suggesting that capital controls did not … play a significant role in facilitating Malaysia's rebound. However, the financial crisis was deepening in Malaysia in the …
Persistent link: https://www.econbiz.de/10013235866
, Colombia and Mexico -- and three East Asian countries--Korea, Malaysia and Thailand. It identifies a number of potential …
Persistent link: https://www.econbiz.de/10013230779
-force participation. We use the natural experiment provided by the 1995 introduction of National Health Insurance in Taiwan to examine …
Persistent link: https://www.econbiz.de/10013244093