This article examines the effects of the Tiananmen Square incident on Hong Kong stock prices, which fell by more than 22% on the first day of trading after the event. Notwithstanding the expected negative across-the-board impact, we find some partial protection from the worst of the negative...

We reexamine the behavior of money growth, inflation, and real money balances in post–World War II Taiwan. Our results suggest that the importance of the June 1949 reform package has been overstated. The empirical work reveals an extended period of instability that begins several months prior...

We show that the effects of inflation on growth change substantially as the inflation rate rises. Moreover the nonlinearities are quite different for industrial economies than for developing countries. We find that the threshold at which inflation first begins to seriously negatively affect...

Confederate Treasury notes were convertible into government bonds at par. This provided an imbedded option value for the currency. Confederate interest-rate policy encouraged, and ultimately coerced, holders of Treasury notes to exchange these notes for bonds by imposing deadlines on their...

As mainland China's inflationary spiral accelerated in 1947-1949 there was a massive outflow of funds to the island of Taiwan. The exporting of China's hyperinflation was facilitated by the fixed, overvalued, exchange rate between the mainland Chinese currency and the Taiwanese currency that was...

On April 1, 1864 the Confederate Currency Reform Act reduced the money supply in the Eastern Confederacy by one third. The delayed implementation of the reform west of the Mississippi provides a counterfactual view of what may have happened in the east had the reform not been enacted. This...