The purpose of this paper is to investigate the choice of invoice currency under exchange rate uncertainty. The analysis is motivated by the fact that the U.S. dollar has been the dominant vehicle currency in developing countries. The theoretical analysis is based on an open economy model of...

Since the onset of the Asian crisis, what characterizes the East Asian exchange rates has been a topic of considerable discussion. In the pre-crisis period, the de facto pegs to the U.S. dollar sometimes destabilized the real "effective" exchange rates of these currencies. Several economists...

This paper classifies 175 countries over a period of just 30 years according to the balance of payments stages that are frequently used in proposing a hypothesis that the stage depends on the progression in a nation’s development. Using a nonparametric estimation, this investigation...

This study analyzes a panel of nearly 800 deposit-taking institutions in Japan during the period from March 1992 to March 2003. We are concerned with two questions that are relevant to the design of a new regulatory framework for Japanese banking: 1) whether depositors respond to bank risks as...

The purpose of this study is to investigate how corporate reforms in organizational structures and human resource management affect the effective use of information technology based on the nation-wide survey data from 3141 firms. Multiple comparison analysis revealed four observations. First,...

Depreciation width of the GDP deflator has expanded, influence of distribution sector is pointed out as a background of enlargement in depreciation width after 1999. This paper analyzes 1) effects of the fluctuations in distributor's margin ratio on GDP deflator and real GDP, and discusses the...

A number of hypotheses have been proposed to examine why Japan's household saving rate was high. This paper takes advantage of a micro-level data from Public Opinion Survey on Household Financial Assets and Liabilities to reexamine the effects of the bonus system on households' savings. We find...