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Papers by Michael Dooley

Research paper thumbnail of Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration

CLCqW ucJrIqiJ © UO1CC ! VCU O JJC aOI1LCC uo io cxCccq o bibp umA pc dnocq jqioiu cxbjrcr bCuu!o... more CLCqW ucJrIqiJ © UO1CC ! VCU O JJC aOI1LCC uo io cxCccq o bibp umA pc dnocq jqioiu cxbjrcr bCuu!ou bI.oAqcq W pll © ThÔ pA N!CIJCJ b DOOJCA uq NCIJTC CPPW VII 4JU2 LC2CLACq 2110U 2CC1O2 Oj tCX1 COUOUJIC KC2CLCIJ VuX 0b!U!0U2 CXbI2 W° 0 iP VIUOI2 uq W M91!OI!

Research paper thumbnail of Establishing Incentive Structures and Planning Agencies That Support Market-Oriented Transformations

IMF Working Papers, 1991

ABSTRACT

Research paper thumbnail of Monetary Policy in Japan, Germany and the United States: Does One Size Fit All?

Research paper thumbnail of Rules for intervention without fixed parities

Research paper thumbnail of publications to International Finance Discussion Papers (other than an

Page 1. International Finance Discussion Papers Number 245 July 1984 CAN EXCHANGE RATE PREDICTABI... more Page 1. International Finance Discussion Papers Number 245 July 1984 CAN EXCHANGE RATE PREDICTABILITY BE ACHIEVED WITHOUT MONETARY CONVERGENCE? -- EVIDENCE FROM THE EMS by Kenneth Rogoff ...

Research paper thumbnail of La lucha por la conservación de los bosques

Research paper thumbnail of Fortalecimiento de la Estrategia de la Deuda

Research paper thumbnail of Asia/Pacific capital markets

Research paper thumbnail of National, Regional, and International Capital Markets: Measurement and Implications for Domestic Financial Fragility

Interest rate based tests and savings-investment correlations disagree on the extent of capital m... more Interest rate based tests and savings-investment correlations disagree on the extent of capital mobility in Pacific Rim economies. The apparent success of several East Asian countries in sterilizing capital inflows has also fueled the controversy. This paper argues that previous studies examining money market rates may be misplacing their focus, since most lending is mediated through (sometimes regulated) banking systems. We forward a simple open-economy macro model, incorporating bank credit. Several predictions of the model are tested. Capital inflows are found to affect bank lending, in certain cases. Rapid expansion of bank lending in the previous two years is also associated with increases in the bank lending-interest rate spread, a proxy for risk. Finally, we assess whether bank lending is an important variable in determining changes in economic activity, specifically investment. The data suggest that the link between money and investment is weaker than the corresponding link involving bank credit.

Research paper thumbnail of Dutta, M. Industrial Data Book 1998 (Book

Research paper thumbnail of Private Inflows Hen Crises are Anticipated: A Case Study of Korea

Research paper thumbnail of E52-373 Massachusetts Institute of Technology 50 Memorial Drive Cambridge, MA 02138

... Korea Stijn Claessens Finance Group University of Amsterdam Roetersstraat 11 1018 WB Amsterda... more ... Korea Stijn Claessens Finance Group University of Amsterdam Roetersstraat 11 1018 WB Amsterdam The Netherlands ... 20431 Peter B. Kenen Department of Economics Fisher Hall Princeton University Princeton, NJ 08544 ...

Research paper thumbnail of Analysis of Short-run Exchange Rate Behavior: March, 1973 to Sept., 1975

Research paper thumbnail of Analysis of short-run exchange behavior: March, 1993 to September, 1975

Research paper thumbnail of Capital controls, political risk and interest disparities

Research paper thumbnail of Financial repression and capital mobility

Research paper thumbnail of Why Latin America 1995 and East Asia 1997 Are Alike

Research paper thumbnail of Country Risk, International Lending, and Exchange Ra'I'E Determination

Research paper thumbnail of Reinvigorating the Debt Strategy

Research paper thumbnail of The Portfolio-Balance Model of Exchange Rates and Some Structural Estimates of the Risk Premium (Modele d'equilibre de portefeuilles applique aux taux de change et certaines estimations (structurelles) de la prime de risque) (El modelo de equilibrio de cartera para los tipos de cambio y algunas e...

Staff Papers - International Monetary Fund, 1983

Page 1. The Portfolio-Balance Model of Exchange Rates and Some Structural Estimates of the Risk P... more Page 1. The Portfolio-Balance Model of Exchange Rates and Some Structural Estimates of the Risk Premium MICHAEL P. DOOLEY and PETER ISARD* T HIS PAPER FOCUSES on the portfolio-balance model as a framework ...

Research paper thumbnail of Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration

CLCqW ucJrIqiJ © UO1CC ! VCU O JJC aOI1LCC uo io cxCccq o bibp umA pc dnocq jqioiu cxbjrcr bCuu!o... more CLCqW ucJrIqiJ © UO1CC ! VCU O JJC aOI1LCC uo io cxCccq o bibp umA pc dnocq jqioiu cxbjrcr bCuu!ou bI.oAqcq W pll © ThÔ pA N!CIJCJ b DOOJCA uq NCIJTC CPPW VII 4JU2 LC2CLACq 2110U 2CC1O2 Oj tCX1 COUOUJIC KC2CLCIJ VuX 0b!U!0U2 CXbI2 W° 0 iP VIUOI2 uq W M91!OI!

Research paper thumbnail of Establishing Incentive Structures and Planning Agencies That Support Market-Oriented Transformations

IMF Working Papers, 1991

ABSTRACT

Research paper thumbnail of Monetary Policy in Japan, Germany and the United States: Does One Size Fit All?

Research paper thumbnail of Rules for intervention without fixed parities

Research paper thumbnail of publications to International Finance Discussion Papers (other than an

Page 1. International Finance Discussion Papers Number 245 July 1984 CAN EXCHANGE RATE PREDICTABI... more Page 1. International Finance Discussion Papers Number 245 July 1984 CAN EXCHANGE RATE PREDICTABILITY BE ACHIEVED WITHOUT MONETARY CONVERGENCE? -- EVIDENCE FROM THE EMS by Kenneth Rogoff ...

Research paper thumbnail of La lucha por la conservación de los bosques

Research paper thumbnail of Fortalecimiento de la Estrategia de la Deuda

Research paper thumbnail of Asia/Pacific capital markets

Research paper thumbnail of National, Regional, and International Capital Markets: Measurement and Implications for Domestic Financial Fragility

Interest rate based tests and savings-investment correlations disagree on the extent of capital m... more Interest rate based tests and savings-investment correlations disagree on the extent of capital mobility in Pacific Rim economies. The apparent success of several East Asian countries in sterilizing capital inflows has also fueled the controversy. This paper argues that previous studies examining money market rates may be misplacing their focus, since most lending is mediated through (sometimes regulated) banking systems. We forward a simple open-economy macro model, incorporating bank credit. Several predictions of the model are tested. Capital inflows are found to affect bank lending, in certain cases. Rapid expansion of bank lending in the previous two years is also associated with increases in the bank lending-interest rate spread, a proxy for risk. Finally, we assess whether bank lending is an important variable in determining changes in economic activity, specifically investment. The data suggest that the link between money and investment is weaker than the corresponding link involving bank credit.

Research paper thumbnail of Dutta, M. Industrial Data Book 1998 (Book

Research paper thumbnail of Private Inflows Hen Crises are Anticipated: A Case Study of Korea

Research paper thumbnail of E52-373 Massachusetts Institute of Technology 50 Memorial Drive Cambridge, MA 02138

... Korea Stijn Claessens Finance Group University of Amsterdam Roetersstraat 11 1018 WB Amsterda... more ... Korea Stijn Claessens Finance Group University of Amsterdam Roetersstraat 11 1018 WB Amsterdam The Netherlands ... 20431 Peter B. Kenen Department of Economics Fisher Hall Princeton University Princeton, NJ 08544 ...

Research paper thumbnail of Analysis of Short-run Exchange Rate Behavior: March, 1973 to Sept., 1975

Research paper thumbnail of Analysis of short-run exchange behavior: March, 1993 to September, 1975

Research paper thumbnail of Capital controls, political risk and interest disparities

Research paper thumbnail of Financial repression and capital mobility

Research paper thumbnail of Why Latin America 1995 and East Asia 1997 Are Alike

Research paper thumbnail of Country Risk, International Lending, and Exchange Ra'I'E Determination

Research paper thumbnail of Reinvigorating the Debt Strategy

Research paper thumbnail of The Portfolio-Balance Model of Exchange Rates and Some Structural Estimates of the Risk Premium (Modele d'equilibre de portefeuilles applique aux taux de change et certaines estimations (structurelles) de la prime de risque) (El modelo de equilibrio de cartera para los tipos de cambio y algunas e...

Staff Papers - International Monetary Fund, 1983

Page 1. The Portfolio-Balance Model of Exchange Rates and Some Structural Estimates of the Risk P... more Page 1. The Portfolio-Balance Model of Exchange Rates and Some Structural Estimates of the Risk Premium MICHAEL P. DOOLEY and PETER ISARD* T HIS PAPER FOCUSES on the portfolio-balance model as a framework ...

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