Industrial Relations Section (2008)
Maureen Cromr, Catherine Eckel, Hali Edison, Henry Farber, Firestone Library, ...
Reinhart, Carmen, Edison, Hali
While high interest rates and foreign exchange sales are the most common way of dealing with a speculative attack in the foreign exchange market, several countries resorted to capital controls during...
Capital controls during financial crises: The case of Malaysia and Thailand (2001)
Reinhart, Carmen, Edison, Hali
This study examines the impact capital controls had in Malaysia (1998-1999) and Thailand (1997). We aim to assess the extent to which the capital controls were effective in delivering the outcomes...
Was China the First Domino? Assessing Links between China and the Rest of Emerging Asia (1998)
John Fernald, John Fernald, Hali Edison, Hali Edison, Prakash Loungani, Prakash Loungani
: We assess links between China and the rest of emerging Asia. Some commentators have argued that China's apparent devaluation in 1994 may have contributed to the Asian financial crisis. We...
Hali Edison, Hali J. Edison, Jaime Marquez, Jaime Marquez, Karen Johnson, David Lindsey, ...
: This paper uses the transcripts from the FOMC meetings to characterize the interactions between policymakers and macro models in the formulation of U.S. monetary policy. We develop a taxonomy of...
Asset Bubbles, Domino Effects and 'Lifeboats': Elements of the East Asian Crisis
Hali Edison, Pongsak Luangaram, Marcus Miller
Credit market imperfections have been blamed for the depth and persistence of the Great Depression in the USA. Could similar mechanisms have played a role in ending the East Asian miracle? After a...
Foreign exchange intervention and the Australian dollar: has it mattered?
Hali Edison, Paul Cashin, Hong Liang
Since the Australian dollar was floated in December 1983, the Australian central bank (Reserve Bank of Australia) has actively intervened in the foreign exchange market. Using daily exchange rate and...
Credibility and Interest Rate Discretion in the ERM
Recent proposals for reforming the international monetary system often focus on a target zone arrangement for the dollar, euro and yen. Theoretical research suggests that a credible target zone...
Stock Market Wealth Effects and the New Economy: A Cross-Country Study.
This paper investigates the impact from changes in "new" and "old" economy stock valuations on private consumption. The results from estimating a reduced form VAR for seven OECD countries for the...
Is Wealth Increasingly Driving Consuption?
This paper estimates the wealth effect on consumption of both equity and housing wealth, Using data across 16 industrial countries differentiated by type of financial system and examining trends in...
Was China the first domino? assessing links between China and the rest of emerging Asia.
John Fernald, Hali Edison, Prakash Loungani
We assess links between China and the rest of emerging Asia. Some commentators have argued that China’s apparent devaluation in 1994 may have contributed to the Asian financial crisis. We argue...
The impact from changes in stock market valuations on investment: new economy versus old economy
This paper investigates whether there is a different impact from changes in 'new' and 'old' economy stock valuations on private investment for seven OECD economies. A vector autoregressive model is...
Strategies for fiscal consolidation in Japan
Botman, Dennis, Edison, Hali, N'Diaye, Papa
Japan's key fiscal challenge is to put public finances on a more sustainable footing. This paper investigates the macroeconomic implications of alternative fiscal strategies for Japan using the IMF's...
Exchange Rates and Capital Flows
Robin Brooks, Hali Edison, Manmohan S. Kumar, Torsten Sløk
"This paper explores the ability of portfolio and foreign direct investment flows to track movements in the euro and the yen against the dollar. Net portfolio flows from the euro area into US stocks...
Reinhart, Carmen, Edison, Hali
While high interest rates and foreign exchange sales are the most common way of dealing with a speculative attack in the foreign exchange market, several countries resorted to capital controls during...
Capital controls during financial crises: The case of Malaysia and Thailand
Reinhart, Carmen, Edison, Hali
This study examines the impact capital controls had in Malaysia (1998-1999) and Thailand (1997). We aim to assess the extent to which the capital controls were effective in delivering the outcomes...