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The 1997 Asian Currency Crisis, Financial Linkages,and the Monetary Policy of Japan

机译:1997年亚洲货币危机,金融联系和日本的货币政策

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摘要

The evidence is examined that excessively liberal monetary policy by the Bank of Japan, before and after the financial collapse of Japan in 1992, may have led other East Asian economies into "over-borrowing" and speculative investments, prior to the currency crisis in 1997-98. The authors test for cointegration and Granger causality between Japanese money supply Ml and the domestic investment of eight East Asian economies and Australia. US and German money supplies are also used as a benchmark. There is strong evidence that there are long- and short-run causal reiationships between the Japanese money supply and the domestic investment of the Asian crisis-inflicted economies prior to 1997.
机译:研究证据表明,在1992年日本金融崩溃前后,日本银行过度宽松的货币政策可能导致其他东亚经济体在1997年货币危机之前进入“过度借贷”和投机性投资。 -98。作者测试了日本货币供应量Ml与八个东亚经济体和澳大利亚的国内投资之间的协整关系和格兰杰因果关系。美国和德国的货币供应量也被用作基准。有充分的证据表明,在1997年之前,日本的货币供应量与受亚洲危机影响的经济体的国内投资之间存在长期和短期因果关系。

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  • 来源
    《Review of international economics》 |2012年第1期|p.1-17|共17页
  • 作者单位

    Department of Economics and Finance, City University of Hong Kong, Kowloon, Hong Kong and Lingnan College, Sun Yat-Sen University, China;

    University of Macau;

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