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Keywords:Japan 

Working Paper
Realignment of the yen-dollar exchange rate: aspects of the adjustment process in Japan

The paper first surveys recent estimates of the appropriate yen dollar exchange rate that have been proposed in the literature. Most of the more careful estimates suggest that the yen was substantially undervalued against the dollar in early 1985 when it began its steep ascent and some of the estimates suggest that further appreciation from today's strong level is warranted. ; We then turn to the adjustment process. First, we present evidence that a narrowing of Japan's record trade surplus has already started to occur, particularly in real terms. Next, we show that external adjustment has ...
International Finance Discussion Papers , Paper 311

Working Paper
A comparison of discount rate models using international stock market data

This paper compares the ability of four discount rate models to explain the cross-sectional and time-series variation of stock returns in the U.S., Japan, England, Germany, and Canada. The data consist of quarterly returns (in dollars) on Morgan Stanley's Capital International indices for the period 1972 through 1991. The following four models are considered: (1) A consumption CAPM model, linking the discount rate to the intertemporal marginal rate of substitution in consumption, (2) A production CAPM model, linking the discount rate to the intertemporal marginal rate of transformation in ...
Working Papers in Applied Economic Theory , Paper 94-15

Journal Article
Assessing the condition of Japanese banks: how informative are accounting earnings?

This article examines the accounting and stock market performance of banks from 1991 to 1997. Overall, the results indicate that the accounting, disclosure, and regulatory practices of Japanese banks have drive a wedge between their accounting and stock market returns in recent years and, furthermore, that regulatory forbearance might have become a more important source of value to shareholders than the value of assets in place.
Economic Perspectives , Volume 22 , Issue Q IV , Pages 12-34

Journal Article
The activities of Japanese banks in the United Kingdom and in the United States 1980-88

Federal Reserve Bulletin , Issue Feb , Pages 39-50

Journal Article
The Japanese postal savings system:A state-run financial monster?

An examination of the characteristics and problems of Japan's postal savings system, including its effect on the Japanese economy and monetary policy.
Economic Commentary , Issue Sep

Journal Article
American automobile manufacturing: it's turning Japanese

A discussion of the movement of Japanese auto production facilities to the United States, with emphasis on conditions in the Fourth Federal Reserve District and on growth of the just-in-time inventory supply process.
Economic Commentary , Issue Mar

Conference Paper
A new interpretation of the coordination problem and its empirical significance

Proceedings

Journal Article
The U.S. trade deficit with Japan

Southwest Economy , Issue May , Pages 4

Working Paper
Saving-investment associations and capital mobility on the evidence from Japanese regional data

We will examine the size of the Feldstein and Horioka (1980) "saving-retention coefficient" in a setting of near perfect capital mobility, Japanese regions. We first find that on total regional saving and investment rate data, inclusive of regional government saving and investment, the estimate of the coefficient is negative. This negative relationship in the total rates across Japanese regions appears to arise from the strong negative association in the government saving and investment rates.
International Finance Discussion Papers , Paper 496

Working Paper
Monetary policy, intervention, and exchange rates in Japan

Pacific Basin Working Paper Series , Paper 93-07

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Hutchison, Michael M. 20 items

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