October 29, Wednesday, 7 – 8:30pm, Smith Union 294

Whither Our Economy? A Faculty Panel Discussion on The Financial Crisis

Panel Participants:

Hiro Ito, Associate Professor of Economics, on national and global implications of the crisis
André Rossi de Oliveira, Visiting Associate Professor of Economics, on the mechanism of the subprime crisis
Tom Potiowsky, Professor of Economics and Oregon State Economist, on implications of the crisis on the Oregonian economy
John Walker, Professor of Economics on historical aspects of the crisis

The panel will speak on the international implications, financial regulatory effects, local outcomes as well as the crisis in historical context. The discussion will be moderated by Randall Bluffstone, Chairman of the Economics Department.

Those who are in EC473: Macroeconomic Theory, click here.

Those who are in EC410/510: East Asian Economic Development, click here.

Fields of Interest

International Finance

Open Macroeconomics

Monetary Economics

East Asian Economics

Development Economics

Financial Development

Econometrics

International Trade

CURRENT RESEARCH AND PUBLICATIONS

Published and Forthcoming Papers

“U.S. Current Account Debate, With Japan then, with China now,” (September 2008). Accepted for publication in Journal of Asian Economics.

“Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences” (with Yin-Wong Cheung, University of California, Santa Cruz), mimeo (October 2007). Forthcoming in Rajan, R.S., S. Thangavelu and R.A. Parinduri, Eds., Monetary, Exchange Rate and Financial Issues and Policies in Asia, Singapore: World Scientific Press.

“East Asia and Global Imbalances: Saving, Investment, and Financial Development” (with Menzie Chinn). Forthcoming in Financial Sector Development in the Pacific Rim, edited by Takatoshi Ito and Andrew Rose, National Bureau of Economic Research-East Asian Seminar on Economics (NBER-EASE) Volume 18, and prepared for the 18th Annual NBER East Asian Seminar on Economics, Singapore Management University, on June 22-24, 2007 (This version is as of February 2008).

Book Review on Monetary Policy with Very Low Inflation in the Pacific Rim by Takatoshi Ito and Andy Rose (National Bureau of Economic Research, 2006). August, 2007. Published in International Review of Economics and Finance, Volume 17, Issue 3, 2008, p. 492-494.

“A New Measure of Financial Openness” (with Menzie Chinn). Published in Journal of Comparative Policy Analysis, Volume 10, Issue 3 September 2008 , p. 309 - 322.

The KAOPEN data are avaiable here. The data are now extended to 182 countries for 1970 to 2006. For the data description, refer to this (updated on 4/21/2008).

“Global Current Account Imbalances: American Fiscal Policy versus East Asian Savings” (with Menzie Chinn). Published in Review of International Economics, Volume 16, Issue 3, p. 479 – 498 (August 2008).

“American Fiscal Profligacy or East Asian Saving Glut? Appraisal of the Global Current Account Imbalances.” Published in International Reserves in Middle- and Low-Income Countries: Background of Recent Accumulation, Management, Monetary and Exchange Rate Policy, and Outlook edited by FLAR (Latin American Reserve Fund) (December 2007).

“Price-based Measurement of Financial Globalization: A Cross-Country Study of Interest Rate Parity” (with Menzie Chinn), published in Pacific Economic Review, Vol. 12, Issue 4, (October, 2007).

Current Account Balances, Financial Development and Institutions: Assaying the World “Savings Glut,” (with Menzie Chinn), published in the Journal of International Money and Finance, Volume 26, Issue 4, June 2007, Pages 546-569, also available as NBER Working Paper No. 11761 (November 2005).

“Financial Development in Asia: Thresholds, Institutions, and the Sequence of Liberalization”, published in the North American Journal of Economics and Finance, issue 17(3) (December, 2006).

“What Matters for Financial Development? Capital Controls, Institutions, and Interactions,” (with Menzie Chinn), published in the Journal of Development Economics, Volume 81, Issue 1, Pages 163-192 (October 2006). The longer version is available as NBER Working Paper No. 11370 (May 2005). The previous version is “Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence,” (with Menzie Chinn) NBER Working Paper Series, #8967 (June 2002).

The KAOPEN data are available in Excel format. The data are now extended to 182 countries for 1970 to 2006. For the data description, refer to this (updated on 4/21/2008). You can also get the information about this index from “A New Measure of Financial Openness”.

“Does China Compete with Japan in the US Market? What About Other East Asian Countries? A Triangular Trade Approach” (with Yushi Yoshida), published in the Asian Pacific Business Review, Volume 12, Number 3, p. 285 – 307 (July 2006).

Working Papers

“Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time” (with Joshua Aizenman, University of California, Santa Cruz and Menzie Chinn, University of Wisconsin, Madison), mimeo, November 2008.

“Cross-sectional analysis on the determinants of international reserves accumulation” (with Yin-Wong Cheung, University of California, Santa Cruz), prepared for the APEA annual conference in Seattle, July 29-30 (2006). Revised in April 2007. Under review.

“Is Financial Openness a Bad Thing? An Analysis on the Correlation Between Financial Liberalization and the Output Performance of Crisis-Hit Economies”, UCSC Working Paper series #4-23 (August 2004).

“Was Japan’s Real Interest Rate Really Too High during the 1990’s? The Role of the Zero Interest Rate Bound and Other Factors,” UCSC Working Paper Series (November 2003)

Encyclopedia Contributions

Entries for The Princeton Encyclopedia of the World Economy, Princeton University Press, edited by Kenneth Reinert and Ramkishen Rajan (forthcoming).

“Liquidity Trap”

“Financial Repression”

“Expenditure Switching and Expenditure Changing”

COURSES I HAVE TAUGHT

Undergraduate

Principle of Economics (that includes both intro. micro- and macroeconomics)

Principle of Macroeconomics

Intermediate Macroeconomic Theory

International Finance (open to graduate students)

East Asian Economic Development* (open to graduate students)

Political Economy of Japanese Development*

Introduction to Econometrics