The paper examines the capital flows of seven Southeast Asian emerging economies over the last decade and a half. It first evaluates the role of economic conditions within a country itself, including the country's domestic financial conditions and the openness of its financial markets to...

Some commentators have claimed that there is a growing Beijing Consensus among emerging and developing economies concerning the merits of China’s economic policies. Within an analytical framework provided by the well known international policy trilemma, this paper investigates the empirical...

Issues surrounding exchange rates continue to fascinate both economists and political scientists. Although a relatively large literature has grown around attempting to explain the choice of exchange rate regime, empirical estimation has failed to find a generally satisfactory explanation of it....

In this paper, we examine the stability of international macroeconomic policies of developing countries in the post-Bretton Woods period. We use the simple geometry of the classic, open-economy trilemma to construct a new, univariate measure of inter- national macroeconomic policy stability, and...

Some commentators have claimed that there is a growing Beijing Consensus among emerging and developing economies concerning the merits of ChinaÕs economic policies. Within an analytical framework provided by the well known international trilemma, this paper investigates the empirical evidence...

In this paper, we examine the foreign exchange exposure of a sample of U.S. and Japanese banking firms. Using daily data, we construct estimates of the exchange rate sensitivity of the equity returns of the U.S. bank holding companies and compare them to those of a sample of Japanese banks. We...

This paper studies the objectives and operating procedures of the Bank of Japan (BOJ) during the period 1975-94. To do this we adapt Bernanke and Mihov's (1995) structural VAR model, which nests several alternative hypotheses concerning central bank behavior. In particular, the model separately...