Saito, Makoto; Shiratsuka, Shigenori - In: Monetary and Economic Studies 19 (2001) S1, pp. 239-270
This paper attempts to view financial crises as the failure of arbitrage among financial markets, and takes the "Japan premium" phenomenon observed in offshore money markets as an important example in favor of this view. In addition, we reconsider, from this perspective, the open market...