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Working Paper
Is New Zealand's Reserve Bank Act of 1989 an optimal central bank contract?
Walsh, Carl E. (1994)
Pacific Basin Working Paper Series , Paper 94-01

Working Paper
Liberalization of Korea's foreign exchange markets
Frankel, Jeffrey A. (1992)
Pacific Basin Working Paper Series , Paper 92-08

Working Paper
Borrowing constraints and asset market dynamics: evidence from the Pacific Basin
Kasa, Kenneth (1998)
This paper estimates a linearized, stochastic version of Kiyotaki and Moore's (1997) credit cycle model, using land price data from Hong Kong, Japan, and Korea. It is shown that the welfare costs of borrowing constraints are positively related to the persistence of (de-trended) land price fluctuations. When the residual demand curve for land is inelastic and the steady state share of land held by the constrained sector is less than 30 percent, welfare costs are less than 1 percent of GDP in all countries. However, the costs of borrowing constraints rise quickly as the constrained sector ...
Pacific Basin Working Paper Series , Paper 98-04

Working Paper
Yen bloc or dollar bloc: exchange rate policies of the East Asian economies
Frankel, Jeffrey A.; Wei, Shang-Jin (1992)
Pacific Basin Working Paper Series , Paper 93-01

Working Paper
Sterilization costs and exchange rate targeting
Kletzer, Kenneth M.; Spiegel, Mark M. (1999)
This paper examines the movements of exchange rates and capital flows in an environment where an optimizing central bank pursuing the joint goals of inflation and output targeting engages in costly sterilization activities. Our results predict that when faced with increased sterilization costs, the central bank will choose to limit its sterilization activities allowing target variables, such as the nominal exchange rate, to adjust. ; We then test the predictions of a linearized version of the saddle-path solution to the model for a cross-country panel of developing countries. We use IV, GMM ...
Pacific Basin Working Paper Series , Paper 99-03

Working Paper
Exchange rate policy and insulation from external shocks: the experiences of Taiwan and Korea, 1970-1990
Moreno, Ramon (1993)
Pacific Basin Working Paper Series , Paper 93-05

Working Paper
Money and credit, competitiveness, and currency crises in Asia and Latin America
Glick, Reuven; Moreno, Ramon (1999)
This paper analyzes the role of money, credit, trade and competitiveness variables in signaling currency crises in a sample of East Asian and Latin American countries over the period 1972:01 - 1997:10. Bivariate tests suggest that money and credit, as well as trade and competitiveness variables, appear to behave differently around crisis episodes than they do during periods of tranquility, suggesting that they may help signal currency crises. In multivariate probit regressions, which allow for the identification of marginal contributions of individual variables, reductions in real domestic ...
Pacific Basin Working Paper Series , Paper 99-01

Working Paper
Is money still useful for policy in East Asia?
Glick, Reuven; Moreno, Ramon (2001)
Since the East Asian crises of 1997, a number of East Asian economies have allowed greater exchange rate flexibility and abandoned monetary targets in favor of inflation targeting, apparently because the perceived usefulness of money as a predictor of inflation, i.e. the information content of money, has fallen. In this paper, we discuss factors that are likely to have influenced the stability of the relationship between money and inflation, particularly in the 1990s, and then assess this relationship in a set of East Asian economies. We focus on (1) the stability of the behavior of the ...
Pacific Basin Working Paper Series , Paper 2001-12

Working Paper
The new regionalism and Asia: impact and options
Frankel, Jeffrey A.; Wei, Shang-Jin (1995)
New regional initiatives abound, both outside Asia and within. Free Trade Areas in the West - notably NAFTA, its possible enlargement into an FTA of the Americas, and the European Union - have implications for Asia. Asian manufacturers will experience trade diversion, especially in textiles and apparel. Balancing such losses is the likelihood of gains from higher import demand caused by stronger economic growth in the Americas and Europe. ; New estimates of the gravity model of bilateral trade confirm the presence of implicit or de facto trade blocs in Asia and the Pacific, as in Europe ...
Pacific Basin Working Paper Series , Paper 95-10

Working Paper
APEC and other regional economic arrangements in the Pacific
Frankel, Jeffrey A.; Stein, Ernesto; Wei, Shang-Jin (1994)
Pacific Basin Working Paper Series , Paper 94-04

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