This paper evaluates the sustainability of large current account imbalances in the era when the Chinese GDP growth rate and current account/GDP exceed 10%. We investigate the size distribution and the durability of current account deficits during 1966-2005, and report the results of a simulation...

This paper studies the association between the current account and real estate valuation across countries, subject to data availability [43 countries, of which 25 are OECD], during 1990 - 2005. We find robust and strong positive association between current account deficits and the appreciation...

IT IS ALWAYS A PLEASURE TO HAVE THE LAST WORD. I WILL NOT make a point-by-point counter-argument to Brian Caplan’s Rejoinder (2005b) because doing so would exhaust my patience, as well as the readers’ (but probably not Caplan’s). Instead, I will present some general...

A COMMON COMPLAINT BY AUTHORS IS THAT THEIR REVIEWERS have misinterpreted what the author has said. This is not my complaint here, because Bryan Caplan has explained my position better than I have. And I certainly cannot complain when Caplan sees my views as being more opposed to Lenin’s...

We construct game-theoretic foundations for bargaining in the shadow of a trial. Plaintiff and defendant both have noisy signals of a common-value trial judgment and make simultaneous offers to settle. If the offers cross, they settle on the average offer; otherwise, both litigants incur an...