Vol. 84, No. 2
Second Quarter 1999
Understanding Recent Crises in Emerging Markets
The world economy is going through a difficult and dangerous period. The recent Brazilian currency meltdown is one more in a series of events that includes the Asian crises of 1997–98 and the Mexican crash in 1994, and there is uncertainty about whether other emerging economies will be infected with the Brazilian virus.
The Role of External Shocks in the Asian Financial Crisis
Within a few months in late 1997, a number of East Asian countries were hit by financial and exchange rate crises. Much analysis of this episode has emphasized either internal financial weaknesses or a process of contagion that converted a financial problem in one country into a regionwide crisis.
Are Money Growth and Inflation Still Related?
Gerald P. Dwyer Jr. and R.W. Hafer
Despite the long history and the substantial evidence supporting the conclusion that persistent changes in the price level are associated with changes in the money supply, the predicted association remains disputed.
Unions and the Wage-Productivity Gap
A substantial decline in the unionization rate since the 1960s has been cited as underlying the wage-productivity gap. This article explores the trends in productivity, pay, and the unionization rate, analyzing data over the 1974–94 period.