Replacing investment shares in GDP by growth rates of capital stock, this paper first shows that cross-country regressions can explain East Asian high rates of economic growth remarkable well. The result is observationally consistent with recent growth accounting studies which proposed that...

This paper empirically investigates the determinants of capital controls and their effects on trade balance during the period of capital market liberalization in Japan. As is well known, the capiral market in Japan was gradually liberalized in the 1970s. By paying the special attention to the...

This paper investigates how the adverse selection effects of net worth will change the welfare effects of demand and supply shocks. In the economy, there exists asymmetric information in the financial market, under which an increase in the value of net worth may rule out good type of firms from...