This paper analyzes the nonfinancial corporation (NFC) sector's financial balance sheets using data available from the OECD. In our sample of 20 advanced economies, corporate debt in percent of GDP-a frequently used indicator in the context of corporate balance sheet adjustments-has remained...

This paper assesses the role of bank and nonbank financial institutions' balance sheet foreign exposures and risk management practices in driving capital flow responses to global risk. Using a unique and previously unexplored dataset on domestic and cross border balance sheet positions of...

"This paper analyzes the co-movement of the exchange rates and the stock prices from the viewpoint of contagion among the eight countries in the region during the period of Asian currency crisis, 1997-1999. Ito and Hashimoto (2002; NBER working paper) proposed a new definition of high-frequency...