The purpose of this paper is to investigate what affected the post-crisis exchange rates of three ASEAN countries: Singapore, Thailand and Malaysia. Our critical departure from previous studies is the use of intra-daily exchange rates. The use of the intra-daily data is useful in removing...

In many countries, the monetary policy instrument sometimes remains unchanged for a long period and shows infrequent responses to exogenous shocks. The purpose of this paper is to provide a new explanation on why the central bank's policy instrument remains unchanged. In the analysis, we explore...

After prolonged recessions, the Japanese economy had recovered in the first half of the 2000s and recorded sustained growth until summer 2007. The purpose of this paper is to examine the role of international trade with China for the recovery of Japanese firms in the 2000s from both macro- and...

The Japanese economy experienced prolonged recessions during the 1990s and the 2000s. Until the early 2000s, evergreen lending to "zombie" firms had distorted market discipline in terms of stabilizing the Japanese economy. Even though a majority of the zombie firms eventually recovered during...