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Journal Article
Japan passes again on fundamental financial reform
Journal Article
A new direction for Japan
Journal Article
Forecasting Nevada's economy
Journal Article
A tale of two financial reforms
Journal Article
Is competitive banking stable?
Working Paper
Asian finance and the role of bankruptcy
The degree to which bankruptcy is permitted to play a role in the allocation of capital is a key distinction between the Asian state-directed financial regime and the Western market-directed version. The paper discusses the two approaches to finance and argues that a major problem with the bank finance model used in many Asian countries is its minimization of bankruptcy risks. A three-sector development model (agriculture, manufacturing, and financial sector) is developed and simulated to compare the outcomes of the two approaches separately and then to evaluate the transition costs of ...
Journal Article
A tale of two monetary policies: Korea and Japan
In most countries' experience, the course of financial liberalization?much like the course of true love in Shakespeare?"never did run smooth." The process of reforming an economy from one where the government takes the lead in allocating financial and real resources to one where market forces determine economic outcomes can involve choices and consequences that are painful and costly. ; This Economic Letter focuses on recent developments in two major economies in Asia?South Korea and Japan?to highlight some of the differences in their progress and to suggest that the differences might be due ...