Publications by Date

1993
Frankel J, Dominguez K. Does Foreign Exchange Intervention Matter? The Portfolio Effect. American Economic Review. 1993;83 (5) :1356-1369. Publisher's Version
Frankel J, Dominguez K. Does Foreign Exchange Intervention Work?. Institute for International Economics. 1993.
Frankel J, Dominguez K. Does Foreign Exchange Intervention Matter? Disentangling the Portfolio and Expectation Effects for the Mark. NBER Working Paper Series. 1993;3299. Publisher's Version
Frankel J, Chinn M. Exchange Rate Expectations and the Risk Premium: Tests for a Cross-Section of 17 Currencies. Review of International Economics. 1993;1 (2) :136-144. Publisher's Version
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. Excessive Deficits: Sense and Nonsense in the Treaty of Maastricht; Comments on Buiter, Corsetti and Roubini. Centre for Economic Policy Reserach. 1993;16 :92-97. Publisher's Version
Frankel J. Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?. Latin American Macroeconomic Network. 1993;24 (2) :263-285. sterilization-of-money-inflows-difficult-calvo-or-easy-reisen-327.pdf
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 VersionAbstract

The 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 VersionAbstract

The 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. Foreign Exchange Policy, Monetary Policy and Capital Market Liberalization in Koera. Korean-US Financial Issues. 1993;3 :91-107. Publisher's Version
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
Frankel J. Program Report NBER IFM 1992-1993. NBER Reporter. 1993. Publisher's Version
1992
Frankel J. On the Dollar. In: New Palgrave Dictionary of Money and Finance. London: MacMillan Press Reference Books ; 1992. Link
Frankel J, Phillips S. The European Monetary System: Credible at Last?. Oxford Economic Papers. 1992;44 :791-816. Publisher's Version
Frankel J. The Recent Liberalization of Korea's Foreign Exchange Markets and Tests of US versus Japanese Influence. Seoul Journal of Economics. 1992;5 (1) :1-29. 5-1-1.pdf
1991
Frankel J. Is a Yen Bloc forming in Pacific Asia?. Finance and the International Economy. 1991 :4-20. Publisher's Version

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