Post-crisis Exchange Rate Regimes in ASEAN

The analysis of implications of alternative exchange rate regime has been one of the most important questions in international economics. In particular, an appropriate exchange rate regime for Asian countries has been a popular topic since the Asian currency crisis of 1997-98. Most of the empirical discussion on exchange rate regimes has used the de […]

Impaired Bank Health and Default Risk

Empirical studies in corporate finance have long been interested in the role of bank in reducing the costs of financial distress. In my recent paper, I investigated how various measures of bank health as well as defaults of major trading partners affected probability of bankruptcy of medium size firms in Japan. Using probit models, we […]

The Rise of China and Sustained Recovery of Japanese Economy

After prolonged recessions, the Japanese economy had recovered from the crisis in the first half of the 2000s and had recorded sustained growth in the last several years. Tremendous structural changes during and after the financial crisis were one of the main driving forces for the recovery. However, dramatic increases in exports were another. In […]