The revival of strong capital flows to emerging economies in the aftermath of the 2008-9 Global Financial Crisis has rekindled the debate on the adverse effects of excessive capital inflows. In this study, we study effects of official and illicit capital flows on Hong Kong, which is a small and...

We study China's illicit capital flow and document a change in its pattern. Specifically, we observe that China's capital flight, especially the one measured by trade misinvoicing, exhibits a weakened response in the post-2007 period to the covered interest disparity, which is a theoretical...

We study the determinants of China's bilateral local currency swap lines that were established since the recent global finance crisis. It is found that economic factors, political considerations, and institutional characteristics including trade intensity, economic size, strategic partnership,...

This paper explores whether the exchange rate effects of macro news are time- and state-dependent by analyzing and comparing the relative influence of US and Japanese macro news on the JPY/USD rate before, during, and after the Global Financial Crisis. A comprehensive set totaling 40...

This study evaluates the individual roles of monetary and productivity shocks in real exchange rate fluctuations under the current float. Using a cointegration model of exchange rates and relative prices, the innovations are decomposed into transitory and common-trend parts. Both transitory and...

Aggregate Output is a focal point of macroeconomics. In the empirical literature, a number of variables are used as a proxy for aggregate output. In this paper, we compare the temporal behavior of four monthly measures of aggregate output: namely GDP, ICI, IP, and XCI. These four measures of...