The CMI (Chiang Mai Initiative) is designed to provide regional liquidity facility after Asian financial crisis of 1997. The current setting of the CMI is centered on four areas: swap network, regional surveillance, monitoring capital flows, and training personnel. However, since the size of...

We examine the labor market’s bias against small and medium-sized enterprises focusing on the Seoul Digital Industrial Complex case. We adopt Heckman’s approach to control selection bias, and use primary data from questionnaire surveys conducted at both firm and employee levels. We find that...

This paper proposes a market microstructure model of FX intervention to analyze the relationship between central bank intervention and the characteristics of the foreign exchange market. The implication of our model is that the characteristic of the exchange rate movements around central bank...