This paper examines market efficiency of the major foreign exchange markets during the post-Bretton Woods era by applying the bivariate and multivariate cointegration estimations to the weekly data of seven major foreign exchange rates. In particular, this study investigates whether the major...

We study the international transmission of aggregate TFP shocks by introducing demand-side shocks to government spending into an otherwise standard DSGE two-country, two-good model. In the model the substitutability in consumption between private and public goods works to limit international...

An improved investment environment and aggressive foreign direct investment (FDI) liberalization strategies have enabled Asian countries, such as Korea and Vietnam, to attract sharply increased FDI inflows and multinational corporations (MNCs) during the 1990s. Indonesia, however, has suffered...