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Can a Rapidly-Growing Export-Oriented Economy Smoothly Exit an Exchange Rate Peg? Lessons for China from Japan's High-Growth Era

Eichengreen, Barry; Hatase, Mariko - National Bureau of Economic Research (NBER) - 2005

profits and damage investment. For China this suggests starting with a modest band widening and a limited increase in …

Persistent link: https://www.econbiz.de/10005084521

Current Account Reversals: Always a Problem?

Eichengreen, Barry; Adalet, Muge - National Bureau of Economic Research (NBER) - 2005

Using panel data and case studies, we analyze the pre-1970 history of international capital flows and current account reversals. Considering a sample of emerging markets and advanced economies with per capita GDPs at least 60 per cent those of the lead country, we show that the incidence of...

Persistent link: https://www.econbiz.de/10005089053

The Evolution of Income Concentration in Japan, 1886-2002: Evidence from Income Tax Statistics

Saez, Emmanuel; Moriguchi, Chiaki - National Bureau of Economic Research (NBER) - 2006

primarily to the collapse of capital income due to wartime regulations and inflation. We argue that the change in the …

Persistent link: https://www.econbiz.de/10005777803

New Evidence on the First Financial Bubble

Goetzmann, William; Rouwenhorst, K. Geert; Frehen, Rik G.P. - National Bureau of Economic Research (NBER) - 2009

The first global financial bubble in stock prices occurred 1720 in Paris, London and the Netherlands. Explanations for these linked bubbles primarily focus on the irrationality of investor speculation and the corresponding stock price behavior of two large firms: the South Sea Company in Great...

Persistent link: https://www.econbiz.de/10005027100

Why did Countries Adopt the Gold Standard? Lessons from Japan

Weidenmier, Marc; Mitchener, Kris James; Shizume, Masato - National Bureau of Economic Research (NBER) - 2009

Why did policymakers adopt the gold standard? Although previous research has identified ex post effects of gold standard adoption on trade and bond yields, few studies have sought to understand whether these were the actual outcomes of interest to policymakers at the time of adoption. We examine...

Persistent link: https://www.econbiz.de/10005087486

Railroads of the Raj: Estimating the Impact of Transportation Infrastructure

Donaldson, Dave - National Bureau of Economic Research (NBER) - 2010

How large are the benefits of transportation infrastructure projects, and what explains these benefits? To shed new light on these questions, this paper uses archival data from colonial India to investigate the impact of India's vast railroad network. Guided by four predictions from a general...

Persistent link: https://www.econbiz.de/10008684848

An Integrated Assessment of Water Markets: Australia, Chile, China, South Africa and the USA

Libecap, Gary D.; Grafton, R. Quentin; Landry, Clay; … - National Bureau of Economic Research (NBER) - 2010

particular the Limarí Valley); (3) China (in particular, the North); (4) South Africa; and (5) the western United States. It …

Persistent link: https://www.econbiz.de/10008540041

Great Inflation and Central Bank Independence in Japan

Ito, Takatoshi - National Bureau of Economic Research (NBER) - 2010

Japan suffered a very high inflation rate in 1973-74. The CPI inflation rate rose to near 30% in 1974, the highest rate …, the oil crisis is blamed for the 1973-74 high inflation. However, due to monetary policy decisions in 1972-73, the … inflation rate had already exceeded 10% before the onset of the oil crisis in October 1973. These decisions include the interest …

Persistent link: https://www.econbiz.de/10008634709

Institutions, Competition, and Capital Market Integration in Japan

Mitchener, Kris J.; Ohnuki, Mari - National Bureau of Economic Research (NBER) - 2008

Using a newly-constructed panel data set which includes annual estimates of lending rates for 47 Japanese prefectures, we analyze why interest rates converged over the period 1884-1925. We find evidence that technological innovations and institutional changes played an important role in creating...

Persistent link: https://www.econbiz.de/10005829112

Time of Troubles: The Yen and Japan's Economy, 1985-2008

Obstfeld, Maurice - National Bureau of Economic Research (NBER) - 2009

This paper explores the links between macroeconomic developments, especially monetary policy, and the exchange rate during the period of Japan's bubble economy and subsequent stagnation. The yen experienced epic gyrations over that period, starting with its rapid ascent after the March 1985...

Persistent link: https://www.econbiz.de/10005723089