IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

The Balance Sheet Effects and Macroeconomic Development in the Pacific Region

Listed author(s):
  • Akira Kohsaka

    (Professor of Economics, Osaka School of International, Public Policy Osaka, University, 1-31 Machikaneyama-cho, Toyonaka, Japan 560-0043)

  • Masahiro Enya

    (Associate Professor of Economics, Osaka International University 3-50-1, Sugi, Hirakata, Osaka Japan 573-0192)

This paper focuses on balance sheet adjustments across the recent boom-bust cycles in the Pacific region along with structural changes in sectoral balance sheets and policy environments. Comparing empirical regularities across industrial as well as East Asian countries over the past decades, our analysis shows that asset price busts and concurrent macroeconomic developments in East Asia share some common patterns, identified using event analysis, with industrial economies.Regarding the macroeconomic impact of asset market price busts, we generally observed qualitatively similar features between industrial countries and East Asian emerging markets. Major differences between the two groups appear in the magnitude of swings and the speed of recoveries of the key macroeconomic variables. Negative impacts on investment were stronger in East Asia, but quicker recoveries were their features, whereas private consumption was commonly rather robust to asset market turmoil. (c) 2007 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
File Function: link to full text
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by MIT Press in its journal Asian Economic Papers.

Volume (Year): 6 (2007)
Issue (Month): 1 (February)
Pages: 101-129

in new window

Handle: RePEc:tpr:asiaec:v:6:y:2007:i:1:p:101-129
Contact details of provider: Web page:

Order Information: Web:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:tpr:asiaec:v:6:y:2007:i:1:p:101-129. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kristin Waites)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.