On average between 1981 and 2007, output per capita in Hong Kong grew at an annual rate of 3.2 percent. But economic performance over the period was far from even. Between 1987 and 1997, output per capita averaged 9.7 percent above its long run growth path. In 1997, the feast ended and the...

This paper examines the relationship between cash holdings and business cycles between 1976 and 2012, with a primary emphasis on how cash holdings vary during the business cycle and specifically during recessions. Using several different quarterly data sets, findings confirm that cash holdings...