A country's financial system is internationally illiquid if its potential short-term obligations in foreign currency exceed the amount of foreign currency it can have access to in short notice. This condition may be necessary and sufficient for financial crises and/or exchange rate collapses...

The Chinese economy has been reasonably stable during the Asian financial crisis. However, there is a widespread speculation about the prospect of the stability of RMB, the Chinese currency. While the Chinese government has repeatedly promised the stability of RMB, many oversea economists have...

This paper explores episodes of financial crises and recessions experienced by the economies in Southeast Asia: the global debt crisis and the commodity price collapse in the 1980s, the Asian financial crisis in the 1990s, and the burst of the dot-com bubble and the global financial crisis in...

The current IMF programs in Asia go far beyond the traditional role of the IMF. Instead of requiring macroeconomic policies that can achieve the necessary current account improvements, the IMF is intervening in detailed domestic policies in labor markets, corporate structure, banking, specific...

NOTE: This is a description of the paper and is not the actual abstract. This paper discusses the role of the IMF in the current Asian "economic crisis". It traces the evolution of the IMF policy from macroeconomic policies in currency crises to the current attempt to impose very detailed...

Numerous studies have examined trading strategies that seek to exploit price reversal behaviors in the U.S. stock market. The evidence to date suggests that taking a long position in U.S. stocks with negative returns (losers) and a short position in stocks that have positive returns (winners)...