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Hutchison, Michael M.

Overview
Works: 204 works in 554 publications in 1 language and 8,309 library holdings
Genres: Conference proceedings  History 
Roles: Redactor, Editor, ard
Classifications: HG1275, 332.4952
Publication Timeline
Key
Publications about 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( file )
12 editions published between 1997 and 2003 in English and held by 1,864 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 ( file )
10 editions published in 2006 in English and held by 1,477 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( file )
13 editions published between 2000 and 2001 in English and held by 1,159 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
Megabrain : new tools and techniques for brain growth and mind expansion by Michael M Hutchison( Book )
12 editions published between 1986 and 1996 in English and held by 548 libraries worldwide
Japanese financial policies and the U.S. trade deficit by Stephen E Haynes( Book )
5 editions published in 1986 in English and held by 400 libraries worldwide
The anatomy of sex and power : an investigation of mind-body politics by Michael M Hutchison( Book )
4 editions published in 1990 in English and held by 325 libraries worldwide
Exchange rate policy and interdependence : perspectives from the Pacific basin by Reuven Glick( Book )
8 editions published between 1994 and 2007 in English and held by 296 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 295 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( file )
12 editions published between 2006 and 2009 in English and held by 236 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
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 100 libraries worldwide
Abstract: 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 )
21 editions published in 2001 in English and held by 99 libraries worldwide
Abstract: 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)
Budget policy and the decline of national saving revisited by Michael M Hutchison( Book )
8 editions published in 1992 in English and held by 98 libraries worldwide
Mega brain power : transform your life with mind machines and brain nutrients by Michael M Hutchison( Book )
2 editions published in 1994 in English and held by 92 libraries worldwide
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 73 libraries worldwide
Effectiveness of official daily foreign exchange market intervention operations in Japan by Rasmus Fatum( Book )
10 editions published between 2002 and 2003 in English and held by 71 libraries worldwide
Abstract: 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( file )
2 editions published in 2011 in English and held by 51 libraries worldwide
Transmission of the U.S. subprime crisis to emerging markets evidence on the decoupling-recoupling hypothesis by Michael P Dooley( file )
7 editions published in 2009 in English and held by 39 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
East Asian capital flow and world financial stability will there be a free-fall of the U.S. dollar? by Michael M Hutchison( file )
2 editions published between 2004 and 2005 in English and held by 39 libraries worldwide
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 libraries worldwide
Inflation targeting and real exchange rates in emerging markets by Joshua Aizenman( file )
9 editions published in 2008 in English and held by 37 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
 
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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
Languages
English (179)
Covers
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