WorldCat Identities

Hutchison, Michael M.

Works: 202 works in 627 publications in 1 language and 9,413 library holdings
Genres: Conference papers and proceedings  History 
Roles: Author, Editor, Redactor, ard, Other, Creator, Honoree
Classifications: HG136, 332.4952
Publication Timeline
Most widely held works by Michael M Hutchison
Japanese financial policies and the U.S. trade deficit by Stephen E Haynes( Book )

14 editions published in 1986 in English and held by 402 WorldCat member libraries worldwide

The political economy of Japanese monetary policy by Thomas F Cargill( Book )

15 editions published between 1997 and 2015 in English and held by 370 WorldCat member libraries worldwide

In The Political Economy of Japanese Monetary Policy, Cargill, Hutchison, and Ito investigate the formulation and execution of monetary and financial policies in Japan within a broad technical, political, and institutional context. Their emphasis is on the period since the early 1970s, when the Bretton Woods system of fixed exchange rates collapsed, and on how policies and institutions have shaped the modern Japanese economy. In addition to presenting basic themes, recent developments, and their own research findings, they review and integrate the large literature, considering theoretical arguments and empirical evidence
Financial policy and central banking in Japan by Thomas F Cargill( Book )

14 editions published between 2000 and 2014 in English and held by 363 WorldCat member libraries worldwide

Annotation Japan's financial institutions and policy underwent remarkable change in the past decade. The country began the 1990s with a heavily regulated financial system managed by an unchallenged Ministry of Finance and ended the decade with a Big Bang financial market reform, a complete restructuring of its regulatory financial institutions, and an independent central bank. These reforms have taken place amid recession and rising unemployment, collapsing asset prices, a looming banking crisis, and the lowest interest rates in the industrial world. This book analyzes how the bank-dominated financial system--a key element of the oft-heralded "Japanese economic model"--Broke down in the 1990s and spawned sweeping reforms. It documents the sources of the Japanese economic stagnation of the 1990s, the causes of the financial crisis, the slow and initially limited policy response to banking problems, and the reform program that followed. It also evaluates the new financial structure and reforms at the Bank of Japan in light of the challenges facing the Japanese economy. These challenges range from conducting monetary policy in a zero-interest rate environment characterized by a "liquidity trap" to managing consolidation in the Japanese banking sector against the backdrop of increasing international competition
Japan's great stagnation : financial and monetary policy lessons for advanced economies by Michael M Hutchison( Book )

16 editions published in 2006 in English and held by 320 WorldCat member libraries worldwide

Experts on the Japanese economy examine Japan's prolonged period of economic underperformance, analyzing the ways in which the financial system, monetary policy, and international financial factors contributed to its onset and duration
Exchange rate policy and interdependence : perspectives from the Pacific basin by Reuven Glick( Book )

12 editions published between 1994 and 2007 in English and held by 306 WorldCat member libraries worldwide

Why countries choose different exchange rate arrangements and how these arrangements affect domestic monetary policy control and macroeconomic stability are questions of substantial interest to policy makers and researchers alike. The countries of the Pacific Basin region offer a wide variety of examples for the comparative study of the implications of different exchange rate arrangements. The essays in this volume examine the degree of financial interdependence and the conduct of exchange rate and monetary policy among Pacific Basin countries. The essays address four broad issues: one, the degree of regional financial market integration in the Pacific Basin, two, the implications of choosing different exchange rate regimes for domestic macroeconomic stability, three, the effect of exchange rate intervention policy on the conduct of domestic monetary policy, and four, the prospects for a yen currency bloc. Some of the essays focus on the national experience of specific countries in the Pacific Basin; others adopt a cross-country comparison approach
Fiscal aspects of European monetary integration by Andrew Hughes Hallett( Book )

14 editions published between 1999 and 2011 in English and held by 304 WorldCat member libraries worldwide

"Monetary Union in Europe started in 1999. The fiscal policy implications are, in many ways, more complex than the monetary issues, yet very little has been written on them. This book contains eleven papers and three review essays, which analyse a spectrum of empirical, theoretical, institutional and political aspects of the design and impact of fiscal policy in EMU. The contributors are some of the most experienced analysts in the field."--Jacket
Aggregate demand, uncertainty, and oil prices : the 1990 oil stock in comparative perspective by Michael M Hutchison( Book )

9 editions published between 1990 and 1991 in English and held by 109 WorldCat member libraries worldwide

Budget policy and the decline of national saving revisited by Michael M Hutchison( Book )

9 editions published in 1992 in English and held by 108 WorldCat member libraries worldwide

Are all banking crises alike? : the Japanese experience in international comparison by Michael M Hutchison( Book )

17 editions published in 1999 in English and held by 78 WorldCat member libraries worldwide

This paper examines episodes of banking sector distress for a large sample of developed and developing countries, highlighting the experience of Japan. By a host of criteria, Japan appeared to be in a stronger position than most countries at the onset of banking problems low inflation, appreciating currency, balanced government budget, and large external surpluses. However, Japan followed a clear international boom-and-bust pattern in terms of real output growth, credit growth and stock price movements. We estimate a multivariate probit model that links the likelihood of banking problems to a set of macroeconomic variables and institutional characteristics. The model predicts a high probability of banking sector distress in Japan in the early 1990s. In particular, the likelihood of an episode of banking distress rose in line with the sharp drop in asset prices, deepening recession and 'moral hazard' problem (financial liberalization combined with explicit deposit insurance). The Japanese case is also noteworthy by the long duration of the banking crisis, the length of the coincident recession and general malaise over the economy, the slow regulatory response, and the long delay in the commitment of public funds to re-capitalize the banking sector
A cure worse than the disease? : currency crises and the output costs of IMF-supported stabilization programs by Michael M Hutchison( Book )

23 editions published in 2001 in English and held by 76 WorldCat member libraries worldwide

This paper investigates the output effects of IMF-supported stabilization programs, especially those introduced at the time of a severe balance of payments/currency crisis. Using a panel data set over the 1975-97 period and covering 67 developing and emerging-market economies (with 461 IMF stabilization programs and 160 currency crises), we find that currency crises - even after controlling for macroeconomic developments, political and regional factors - significantly reduce output growth for 1-2 years. Output growth is also lower (0.7 percentage points annually) during IMF-stabilization programs, but it appears coinciding with recent balance of payments or currency crises do not appear to further damage short-run growth prospects. Countries participating in IMF programs significantly reduce domestic credit growth, but no effect is found on budget policy. Applying this model to the collapse of output in East Asia following the 1997 crisis, we find that the unexpected (forecast error) collapse of output in Malaysia - where an IMF-program was not followed - was similar in magnitude to those countries adopting IMF programs (Indonesia, Korea, Philippines and Thailand)
Effectiveness of official daily foreign exchange market intervention operations in Japan by Rasmus Fatum( Book )

12 editions published between 2002 and 2003 in English and held by 51 WorldCat member libraries worldwide

Japanese official intervention in the foreign exchange market is of by far the largest magnitude in the world, despite little or no evidence that it is effective in moving exchange rates. This paper investigates the effectiveness of intervention using recently published Japanese official daily data and an event study methodology. Focusing on daily Japanese and US official intervention operations, we identify separate intervention episodes' and analyze the subsequent effect on the exchange rate. Using the non-parametric sign test and matched-sample test, we find strong evidence that sterilized intervention systemically affects the exchange rate in the short-run (less than one month). This result holds even when intervention is not associated with (simultaneous) interest rate changes, whether or not intervention is secret' (in the sense of no official reports or rumors of intervention reported over the newswires), and against other robustness checks. Large-scale (amounts over $1 billion) intervention, coordinated with the Bank of Japan and the Federal Reserve working in unison, give the highest success rate
Central bank institutional design and the output cost of disinflation : did the 1989 New Zealand Reserve Bank Act affect the inflation-output tradeoff? by Michael M Hutchison( Book )

18 editions published between 1996 and 1997 in English and held by 43 WorldCat member libraries worldwide

Inflation targeting and real exchange rates in emerging markets by Joshua Aizenman( Book )

12 editions published in 2008 in English and held by 18 WorldCat member libraries worldwide

We examine the inflation targeting (IT) experiences of emerging market economies, focusing especially on the roles of the real exchange rate and the distinction between commodity and non-commodity exporting nations. In the context of a simple empirical model, estimated with panel data for 17 emerging markets using both IT and non-IT observations, we find a significant and stable response running from inflation to policy interest rates in emerging markets that are following publically announced IT policies. By contrast, central banks respond much less to inflation in non-IT regimes. IT emerging markets follow a mixed IT strategy whereby both inflation and real exchange rates are important determinants of policy interest rates. The response to real exchange rates is much stronger in non-IT countries, however, suggesting that policymakers are more constrained in the IT regime--they are attempting to simultaneously target both inflation and real exchange rates and these objectives are not always consistent. We also find that the response to real exchange rates is strongest in those countries following IT policies that are relatively intensive in exporting basic commodities. We present a simple model that explains this empirical result
Exchange market pressure and absorption by international reserves : emerging markets and fear of reserve loss during the 2008-09 crisis by Joshua Aizenman( Book )

9 editions published in 2010 in English and held by 14 WorldCat member libraries worldwide

This paper evaluates how the global financial crisis emanating from the U.S. was transmitted to emerging markets. Our focus is on the extent that the crisis caused external market pressures (EMP), and whether the absorption of the shock was mainly through exchange rate depreciation or the loss of international reserves. Controlling for variety of factors associated with EMP, we find clear evidence that emerging markets with higher total foreign liabilities, including short- and long-term debt, equities, FDI and derivative products--had greater exposure and were much more vulnerable to the financial crisis. Countries with large balance sheet exposure -- high external portfolio liabilities exceeding international reserves--absorbed the global shock by allowing greater exchange rate depreciation and comparatively less reserve loss. Despite the remarkable buildup of international reserves by emerging markets during the period prior to the financial crisis, countries relied primarily on exchange rate depreciation rather than reserve loss to absorb most of the exchange market pressure shock. This could reflect a deliberate choice ("fear of reserve loss" or competitive depreciations) or market actions that caused very rapid exchange rate adjustment, especially in emerging markets with open capital markets, overwhelming policy actions
Transmission of the U.S. subprime crisis to emerging markets : evidence on the decoupling-recoupling hypothesis by Michael P Dooley( Book )

8 editions published in 2009 in English and held by 14 WorldCat member libraries worldwide

We find that emerging markets appeared to be somewhat insulated from developments in U.S. financial markets from early 2007 to summer 2008. From that point on, however, emerging markets responded very strongly to the deteriorating situation in the U.S. financial system and real economy. Policy measures taken in emerging markets to insulate themselves from global financial developments proved inadequate in the face of the credit crunch and decline in international trade that followed the Lehman bankruptcy in September 2008
Controlling capital? : legal restrictions and the asset composition of international financial flows by Mahir Binici( Book )

14 editions published between 2006 and 2009 in English and Undetermined and held by 14 WorldCat member libraries worldwide

How effective are capital account restrictions? We provide new answers based on a novel panel data set of capital controls, disaggregated by asset class and by inflows/outflows, covering 74 countries during 1995-2005. We find the estimated effects of capital controls to vary markedly across the types of capital controls, both by asset categories, by the direction of flows, and across countries' income levels. In particular, both debt and equity controls can substantially reduce outflows, with little effect on capital inflows, but only high-income countries appear able to effectively impose debt (outflow) controls. The results imply that capital controls can affect both the volume and the composition of capital flows
What is the risk of European sovereign debt defaults? : fiscal space, CDS spreads and market pricing of risk by Joshua Aizenman( Book )

8 editions published in 2011 in English and held by 13 WorldCat member libraries worldwide

We estimate the pricing of sovereign risk for sixty countries based on fiscal space (debt/tax; deficits/tax) and other economic fundamentals over 2005-10. We measure how accurately the model predicts sovereign credit default swap (CDS) spreads, focusing in particular on the five countries in the South-West Eurozone Periphery (Greece, Ireland, Italy, Portugal, and Spain). Dynamic panel estimates of the model suggest that fiscal space and other macroeconomic factors are statistically significant and economically important determinants of market-based sovereign risk. Although the explanatory power of fiscal space measures drop during the crisis, the TED spread, trade openness, external debt and inflation play a larger role. As expectations of market volatility jumped during the crisis, the weakly concavity of creditors' payoff probably accounts for the emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not predicted accurately by the model either in-sample or out-of-sample: unpredicted high spreads are evident during global crisis period, especially in 2010 when the sovereign debt crisis swept over the periphery area. We "match" the periphery group with five middle income countries outside Europe that were closest in terms of fiscal space during the European fiscal crisis. We find that Eurozone periphery default risk is priced much higher than the "matched" countries in 2010, even allowing for differences in fundamentals. One interpretation is that the market has mispriced risk in the Eurozone periphery. An alternative interpretation is that the market is pricing not on current fundamentals but future fundamentals, expecting the periphery fiscal space to deteriorate markedly and posing a high risk of debt restructuring. Adjustment challenges of the Eurozone periphery may be perceived as economically and politically more difficult than the matched group of middle income countrie
Credit ratings and the pricing of sovereign debt during the euro crisis by Joshua Aizenman( Book )

5 editions published in 2013 in English and held by 10 WorldCat member libraries worldwide

This paper investigates the impact of credit rating changes on the sovereign spreads in the European Union and investigates the macro and financial factors that account for the time varying effects of a given credit rating change. We find that changes of ratings are informative, economically important and highly statistically significant in panel models even after controlling for a host of domestic and global fundamental factors and investigating various functional forms, time and country groupings and dynamic structures. Dynamic panel model estimates indicate that a credit rating upgrade decreases CDS spreads by about 45 basis points, on average, for EU countries. However, the association between credit rating changes and spreads shifted markedly between the pre-crisis and crisis periods. European countries had quite similar CDS responses to credit rating changes during the pre-crisis period, but that large differences emerged during the crisis period between the now highly-sensitive GIIPS group and other European country groupings (EU and Euro Area excluding GIIPS, and the non-EU area). We also find a complicated non-linear pattern dependent on the level of the credit rating. The results are robust to the including credit ?outlook? or ?watch? signals by credit rating agencies. In addition, contagion from rating downgrades in GIIPS to other euro countries is not evident once own-country credit rating changes are taken into account -- National Bureau of Economic Research web site
East Asian capital flow and world financial stability : will there be a free-fall of the U.S. dollar? by Michael M Hutchison( Book )

6 editions published between 2004 and 2005 in English and held by 8 WorldCat member libraries worldwide

Effectiveness of capital controls in India evidence from the offshore NDF market by Michael M Hutchison( )

3 editions published in 2011 in English and held by 0 WorldCat member libraries worldwide

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The political economy of Japanese monetary policy
Alternative Names
Hutchison, M. 1953-

Hutchison, M. M. 1953-

Hutchison, Michael

Hutchison, Michael 1953-

Hutchison, Michael Mercier 1953-

Mercier Hutchison, Michael 1953-

Michael M. Hutchison economist (University of California-Santa Cruz (UCSC))

Michael M. Hutchison Wirtschaftswissenschaftler (Wirtschaftswissenschaftler / Tätig bei der Federal Reserve Bank of San Francisco, Calif. ; Center for Pacific Basin Monetary and Economic Studies / Tätig am Inst. of Internat. Economics and Management, Copenhagen Busin...)

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English (237)

Financial policy and central banking in JapanJapan's great stagnation : financial and monetary policy lessons for advanced economiesExchange rate policy and interdependence : perspectives from the Pacific basinFiscal aspects of European monetary integration