Frankel J, Dominguez K.
Does Foreign Exchange Intervention Work?. Institute for International Economics. 1993.
Frankel J, Wei S-J.
Emerging Currency Blocs. International Center for Monetary and Banking Studies. 1993.
Publisher's Version Frankel J.
Is Japan Creating a Yen Bloc in East Asia and the Pacific?. In: Regionalism and Rivalry: Japan and the US in Pacific Asia . ; 1993.
Publisher's Version Frankel J.
On Exchange Rates. Cambridge: MIT Press; 1993.
Publisher's Version Frankel J, Wei S-J.
Is there a Currency Bloc in the Pacific?. Exchange Rates, International Trade and the Balance of Payments. 1993 :275-308.
Publisher's Version Frankel J.
The Evolving Japanese Financial System, and the Cost of Capital. In:
Walter I, Hiraki T Restructuring Japan's Financial Markets. New York, NY: (New York University and Irwin Press) ; 1993. pp. 235-285.
Publisher's VersionAbstractThe paper surveys the extensive literature on whether Japanese corporations in the 1980s were able to finance investment more easily than Americans. Along the way, it considers: the leverage of Japanese firms, dividend payout, equity price/earnings ratios, corporate taxation, crossownership, speculative bubbles, international capital mobility, the lower cost of financing investment internally and through "main bank" relationships, and the move to a more market-oriented system as these relationships appeared to break down in the 1980s. The conclusion that emerges from the literature is that the cost of finance in the 1980s was indeed lower in Japan than in the United States, by a variety of measures. But trends of domestic and international liberalization, followed by the events of 1990-92, have now raised the cost of capital in Japan to the U.S. market level. Some unanswered questions remain, regarding the reported shifts in reliance by firms between banking relationships versus securities markets.
Frankel J.
The Japanese Financial System and the Cost of Capital. In:
Takagi S Japanese Capital Markets. Cambridge, MA: Basil Blackwell Inc. ; 1993. pp. 21-77.
Publisher's VersionAbstractThe paper surveys the extensive literature on whether the cost of capital is low in Japan, and related topics. Along the way, it considers: the leverage of Japanese firms, dividend payout, equity price/earnings ratios, corporate taxation, cross-ownership, land price/rental ratios, speculative bubbles, the household saving rate, international capital mobility, the lower cost of financing investment internally and through "main bank" relationships, and the move to a more market-oriented system as these relationships break down. The conclusion that emerges from the literature is that the cost of finance in the 1980s was indeed lower in Japan than in the United States, by a variety of measures. But trends of domestic and international liberalization, followed by the events of 1990, have now raised the cost of capital in Japan to the U.S. market level.
Frankel J.
Liberalization of Korea's Foreign Exchange Markets, and the Role of Trade Relations in the United States. Shaping a New Economic Relationship: The Republic of Korea and the United States. 1993 :120-142.
Frankel J.
Recent Changes in the Financial Systems of Asian and Pacific Countries. Sixth International Conference of the Institute for Monetary and Economic Studies. 1993;Financial Stability in a Changing Environment.
Publisher's Version