Search Results
Journal Article
China: awakening giant
Journal Article
Rolling recessions
Monograph
China: awakening giant
Journal Article
Japan's economic policy conundrums
Working Paper
An economic interpretation of suicide cycles in Japan
Suicide rates in Japan have increased dramatically in recent years, making. Japan?s male rate the highest among developed economies. This study revises the standard economic model of suicide to accommodate Japan?s experience, focusing on the change in human capital for the unemployed. We then use the new model and de-trended data to empirically investigate the relationship between the suicide cycle and the unemployment cycle. Unlike previous aggregate time series studies, we find that the relationship between the suicide rate and the unemployment rate is significantly and robustly positive ...
Working Paper
Financial liberalization, market discipline and bank risk
In the literature on systemic banking crises, two common themes are: (1) Risky lending often follows bank liberalization. (2) Lack of market discipline encourages risky lending. That not all liberalizations are followed by financial crisis and that financial systems without market discipline sometimes operate without incident invites examination of these themes. In a test of six countries, we find that our measure of bank risk increases significantly in the wake of financial liberalizations, but only where depositors fail to discipline banks. Our measures of market discipline and bank risk, ...
Journal Article
Miracle to malaise: what's next for Japan?
Working Paper
When does financial liberalization make banks risky? an empirical examination of Argentina, Canada and Mexico
In the literature on systemic banking crises, two common themes are: (1) lack of market discipline encourages risky lending and (2) financial liberalization or privatization lead to risky lending. However, there is evidence to suggest that neither financial liberalization nor weak market discipline always precedes risky lending. We test for depositor discipline and, separately for post-liberalization or post-privatization risky lending in Argentina, Canada, and Mexico. In the countries without market discipline, lending risk increases significantly in the wake of liberalization. Where ...