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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
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
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
using a natural experiment in India as well as data from China, Indonesia, the Philippines, South Africa, and Kenya …
Persistent link: https://www.econbiz.de/10013230605
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
Inflation persists at moderate rates of 15-30 percent in all the countries that successfully reduced triple digit inflations in the 1980s. Several other countries, for example Colombia, have experienced moderate inflation for prolonged periods. In this paper we first set out theories of...
Persistent link: https://www.econbiz.de/10013245721
, Indonesia, and the United States. When we aggregate across all products, most of the countries analyzed experienced a decline in …
Persistent link: https://www.econbiz.de/10013139522
Analyzing the distributional impacts of economic crises is important and, unfortunately, an ever more pressing need. If policymakers are to intervene to help those most adversely impacted, then policymakers need to identify those who have been most harmed and the magnitude of that harm....
Persistent link: https://www.econbiz.de/10013226160