July 1999 <p> Forthcoming: Oxford Review of Economic Policy <p> This paper investigates the role of the exchange rate regime in a simple Fisherian model of the overborrowing syndrome. Where domestic banks are subject to moral hazard, the choice of exchange rate regime may have important implications...</p></p>

February 1998 <p> The severity of the financial crises enveloping the ‘tiger’ economies of South East Asia in 1997 came as a surprise to many observers. This paper uses a simple Fisherian model of the ‘overborrowing syndrome’ to compare the Asian crises of 1997 with earlier overborrowing...</p>