The financial crisis of East Asia in 1997 was largely unanticipated and was characterized by the fact that drastic currency depreciation worsens the corporate capital structure and brought widespread financial turmoil. This paper attempts to examine the vicious cycle mechanism of East Asia...

Following Mendelson and Pillai (1999), we take the view that, in an information age, one of the main activities that organizations engage in is information processing. That is, the value of organization can be characterized by its organizational capacity of information processing, which is...

The Feldstein-Horioka puzzle has caused by the substantial disagreement about the interpretation of the saving-retention coefficient. Baxter and Crucini (1993) propose a general equilibrium model to show that the investment-saving correlation will be large when the country-size, measured by GNP,...

Meese and Rogoff (1983) first examined the dynamic relationship between exchange rates and monetary fundamentals and indicated that monetary fundamentals do not contain predictive component of exchange rates changes at short horizon. This note re-examines this relationship by estimating the...

This study uses minute-by-minute data to analyze price discovery dynamics between the Nikkei 225 index in Japan and the E-mini S&P 500 index futures in the United States across their respective time zones. Specifically, we apply Gonzalo and Granger's (1995) and Hasbrouck's (1995) models to...