WorldCat Identities

Hutchison, Michael M.

Works: 119 works in 387 publications in 1 language and 6,563 library holdings
Genres: Conference proceedings  History 
Roles: Redactor, Editor
Classifications: HG1275, 332.4952
Publication Timeline
Publications about  Michael M Hutchison Publications about Michael M Hutchison
Publications by  Michael M Hutchison Publications by Michael M Hutchison
Most widely held works by Michael M Hutchison
The political economy of Japanese monetary policy by Thomas F Cargill ( )
11 editions published in 1997 in English and held by 1,764 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
Japan's great stagnation financial and monetary policy lessons for advanced economies ( )
11 editions published in 2006 in English and held by 1,336 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
Financial policy and central banking in Japan by Thomas F Cargill ( )
10 editions published between 2000 and 2001 in English and held by 1,037 WorldCat member libraries worldwide
Japanese financial policies and the U.S. trade deficit by Stephen E Haynes ( Book )
7 editions published in 1986 in English and held by 403 WorldCat member libraries worldwide
Exchange rate policy and interdependence : perspectives from the Pacific basin by Reuven Glick ( Book )
7 editions published in 1994 in English and held by 294 WorldCat member libraries worldwide
Fiscal aspects of European monetary integration by Andrew Hughes Hallett ( Book )
11 editions published between 1999 and 2011 in English and held by 293 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."--BOOK JACKET
Controlling capital? legal restrictions and the asset composition of international financial flows by Mahir Binici ( )
8 editions published in 2009 in English and held by 190 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 deb
Budget policy and the decline of national saving revisited by Michael M Hutchison ( Book )
8 editions published in 1992 in English and held by 101 WorldCat member libraries worldwide
Are all banking crises alike? : the Japanese experience in international comparison by Michael M Hutchison ( Book )
15 editions published in 1999 in English and held by 98 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 )
18 editions published in 2001 in English and held by 96 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 that growth generally slows prior to implementation of the program. Moreover, programs 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)
Aggregate demand, uncertainty, and oil prices : the 1990 oil stock in comparative perspective by Michael M Hutchison ( Book )
2 editions published in 1991 in English and held by 74 WorldCat member libraries worldwide
Effectiveness of official daily foreign exchange market intervention operations in Japan by Rasmus Fatum ( Book )
8 editions published between 2002 and 2003 in English and held by 71 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
Effectiveness of capital controls in India evidence from the offshore NDF market by Michael M Hutchison ( )
1 edition published in 2011 in English and held by 43 WorldCat member libraries worldwide
Transmission of the U.S. subprime crisis to emerging markets evidence on the decoupling-recoupling hypothesis by Michael P Dooley ( )
6 editions published in 2009 in English and held by 39 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
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 )
12 editions published in 1996 in English and held by 39 WorldCat member libraries worldwide
Inflation targeting and real exchange rates in emerging markets by Joshua Aizenman ( )
9 editions published in 2008 in English and held by 38 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
East Asian capital flow and world financial stability will there be a free-fall of the U.S. dollar? by Michael M Hutchison ( )
2 editions published between 2004 and 2005 in English and held by 38 WorldCat member libraries worldwide
Exchange market pressure and absorption by international reserves emerging markets and fear of reserve loss during the 2008-09 crisis by Joshua Aizenman ( )
6 editions published in 2010 in English and held by 35 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
Exchange rates, non-traded goods and the terms-of-trades : an empirical application for New Zealand by Eric Hansen ( Book )
10 editions published between 1995 and 1997 in English and held by 34 WorldCat member libraries worldwide
What is the risk of European sovereign debt defaults? fiscal space, CDS spreads and market pricing of risk by Joshua Aizenman ( )
5 editions published in 2011 in English and held by 33 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 countries because of exchange rate and monetary constraints
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Alternative Names
Hutchison, M. 1953-
Hutchison, M. M. 1953-
Hutchison, Michael
Hutchison, Michael 1953-
Hutchison, Michael Mercier 1953-
Mercier Hutchison, Michael 1953-
ハッチソン, マイケル
English (167)