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Working Paper
Inflation and government budget constraint in Korea
Seo, Byung Han (1996)
The new classical theory of inflation implies that the choice between financing a given path of public spending through debt or tax (seigniorage) finance has no substantial effect on inflation. This paper tests this hypothesis for Korea by estimating a reduced-form relation between inflation, the monetary base, and central bank debt. The empirical evidence suggests that central bank debt carrying information on the expected future path of monetary policy has additional explanatory power for inflation, even after accounting for the effects of the monetary base. It also confirms the ...
Pacific Basin Working Paper Series , Paper 96-03

Working Paper
Monetary policy, intervention, and exchange rates in Japan
Glick, Reuven; Hutchison, Michael M. (1993)
Pacific Basin Working Paper Series , Paper 93-07

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
An examination of the market valuation effects of financial reform in Korea
Chung, Eek-June (1995)
This paper uses an event-study methodology to examine the wealth effects of Korea's recent move toward financial market liberalization. A government plan finalized in 1993 calls for further interest rate deregulation, greater autonomy for managers of financial institutions, and a blurring of the distinction between commercial banks, investment banks, and insurance companies. These changes will have complex and offsetting effects on the profitability of financial institutions, as they represent a combination of increased opportunity, which should enhance profitability, and increased ...
Pacific Basin Working Paper Series , Paper 95-07

Working Paper
Crisis resolution: next steps
Kletzer, Kenneth M.; Eichengreen, Barry; Mody, Ashoka (2003)
At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoothing the process of sovereign debt restructuring by encouraging the more widespread use of collective action clauses (CACs) in international bonds. This decision was shaped partly by Mexico's successful launch of a bond subject to New York law but featuring CACs, and by subsequent issues with similar provisions from other emerging market countries. This paper reviews the developments leading up to that event, its implications, and prospects ...
Pacific Basin Working Paper Series , Paper 03-05

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
How big is the permanent component in GNP? the evidence from Japan and Australia
Moreno, Ramon (1992)
Pacific Basin Working Paper Series , Paper 92-02

Working Paper
Oil, productivity, government spending and the real yen-dollar exchange rate
Rogoff, Kenneth S. (1991)
Pacific Basin Working Paper Series , Paper 91-06

Working Paper
Sudden stops and the Mexican wave: currency crises, capital flow reversals and output loss in emerging markets
Hutchison, Michael M.; Noy, Ilan (2002)
Sudden Stops are the simultaneous occurrence of a currency/balance of payments crisis with a reversal in capital flows (Calvo, 1998). We investigate the output effects of financial crises in emerging markets, focusing on whether sudden-stop crises are a unique phenomenon and whether they entail an especially large and abrupt pattern of output collapse (a Mexican wave). Despite an emerging theoretical literature on Sudden Stops, empirical work to date has not precisely identified their occurrences nor measured their subsequent output effects in broad samples. Analysis of Sudden Stops may ...
Pacific Basin Working Paper Series , Paper 2002-03

Working Paper
Globalization, locational innovation and East Asian development
Kasper, Wolfgang (1991)
Pacific Basin Working Paper Series , Paper 91-02

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