This paper uses annual US data to examine the causal relationship between immigration and real GDP. Despite its implications for policy, a statistically robust relationship between these two series has been difficult to pin down. Our tests reveal that both the series are break-stationary....

Prevailing views suggest that short-term, unhedged foreign borrowing and crony capitalism, in combination with a weak financial system and lack of transparency may lie at the heart of the Asian financial crisis of 1997. Although the crisis first began in Thailand, it quickly spread to the rest...

This paper presents empirical evidence that bank lending, and capital inflows can explain the severity of the Asian crisis of 1997 above and beyond macroeconomic fundamentals. We find that countries that share Japanese banks as their major lender with Thailand, the first victim in the Asian...