Michael M. Hutchison

University of California, Santa Cruz - Department of Economics

Social Sciences I

Santa Cruz, CA 95064

United States

  • University of California, Santa Cruz - Department of Economics

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SCHOLARLY PAPERS

42

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Scholarly Papers (42)

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1.

Banking and Currency Crises: How Common are Twins?

UCSC Dept. of Economics Working Paper No. 488
Number of pages: 43 Posted: 28 Oct 2001
Michael M. Hutchison and Reuven Glick
University of California, Santa Cruz - Department of Economics and Federal Reserve Bank of San Francisco - Center for Pacific Basin Monetary & Economic Studies
Downloads 740 (48,591)
Citation 26

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Banking crisis, currency crisis, financial crisis

2.

European Banking Distress and Emu: Institutional and Macroeconomic Risks

Downloads 584 ( 66,004)
Citation 1

European Banking Distress and Emu: Institutional and Macroeconomic Risks

UC Santa Cruz Economics Working Paper No. 452
Number of pages: 28 Posted: 14 Dec 1999
Michael M. Hutchison
University of California, Santa Cruz - Department of Economics
Downloads 552 (70,055)
Citation 1

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European Banking Distress and Emu: Institutional and Macroeconomic Risks

Number of pages: 25 Posted: 04 Jan 2003
Michael M. Hutchison
University of California, Santa Cruz - Department of Economics
Downloads 32 (631,976)

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3.

Is Sterilized Foreign Exchange Intervention Effective after All? An Event Study Approach

The Economic Journal, 113 (April), 390-411, University of Alberta School of Business Research Paper No. 2013-357, UC Santa Cruz Center for International Economics Working Paper No. 02-2
Number of pages: 37 Posted: 26 Mar 2002 Last Revised: 07 Jun 2013
Rasmus Fatum and Michael M. Hutchison
University of Alberta - Department of Marketing, Business Economics & Law and University of California, Santa Cruz - Department of Economics
Downloads 342 (124,060)
Citation 19

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4.

Determinants, Costs, and Duration of Banking Sector Distress: The Japanese Experience in International Comparison

UCSC Department of Economics Working Paper No. 421
Number of pages: 29 Posted: 12 Dec 1998
Michael M. Hutchison and Kathleen McDill
University of California, Santa Cruz - Department of Economics and Federal Deposit Insurance Corporation (FDIC)
Downloads 315 (135,263)
Citation 3

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5.

A Cure Worse than the Disease? Currency Crises and the Output Costs of IMF Supported Stabilization Programs

Downloads 311 (137,111)
Citation 9

A Cure Worse than the Disease? Currency Crises and the Output Costs of IMF Supported Stabilization Programs

UCSC Dept. of Economics Working Paper No. 485
Number of pages: 53 Posted: 28 Oct 2001
Michael M. Hutchison
University of California, Santa Cruz - Department of Economics
Downloads 259 (164,788)
Citation 7

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A Cure Worse than the Disease? Currency Crises and the Output Costs of Imf-Supported Stabilization Programs

NBER Working Paper No. w8305
Number of pages: 53 Posted: 17 May 2001 Last Revised: 13 Mar 2022
Michael M. Hutchison
University of California, Santa Cruz - Department of Economics
Downloads 52 (523,939)
Citation 1

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6.

ECB Foreign Exchange Intervention and the Euro: Institutional Framework, News and Intervention

UCSC International Economics Working Paper No. 02-3
Number of pages: 23 Posted: 26 Mar 2002
Rasmus Fatum and Michael M. Hutchison
University of Alberta - Department of Marketing, Business Economics & Law and University of California, Santa Cruz - Department of Economics
Downloads 279 (153,387)
Citation 21

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foreign exchange market intervention, the euro, central bank intervention

7.

Navigating the Trilemma: Capital Flows and Monetary Policy in China

HKIMR Working Paper No. 25/2008
Number of pages: 36 Posted: 04 Jan 2009
Reuven Glick and Michael M. Hutchison
Federal Reserve Bank of San Francisco - Center for Pacific Basin Monetary & Economic Studies and University of California, Santa Cruz - Department of Economics
Downloads 278 (153,953)
Citation 4

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8.

Capital Controls and Exchange Rate Instability in Developing Economies

UCSC Dept. of Economics Working Paper No. 489
Number of pages: 37 Posted: 08 Nov 2001
Michael M. Hutchison and Reuven Glick
University of California, Santa Cruz - Department of Economics and Federal Reserve Bank of San Francisco - Center for Pacific Basin Monetary & Economic Studies
Downloads 265 (161,627)
Citation 21

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Currency Crises, Balance of Payments Crises, Capital Controls

9.

How Bad are Twins? Output Costs of Currency and Banking Crises

UCSC International Economics Working Paper No. 02-1
Number of pages: 36 Posted: 26 Mar 2002
Michael M. Hutchison and Ilan Noy
University of California, Santa Cruz - Department of Economics and Victoria University of Wellington - Te Herenga Waka - School of Economics and Finance
Downloads 254 (168,566)
Citation 48

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10.

Sudden Stops and the Mexican Wave: Currency Crises, Capital Flow Reversals and Output Loss in Emerging Markets

UCSC Center for International Economics Working Paper No. 02-6
Number of pages: 41 Posted: 25 Jun 2002
Michael M. Hutchison and Ilan Noy
University of California, Santa Cruz - Department of Economics and Victoria University of Wellington - Te Herenga Waka - School of Economics and Finance
Downloads 252 (169,898)
Citation 24

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11.

Should Nordic Countries Join Emu?: An Empirical Analysis

UCSC Dept. of Economics Working Paper No. 389
Number of pages: 31 Posted: 06 Apr 1998
U. Michael Bergman, Michael M. Hutchison and Yin-Wong Cheung
University of Copenhagen - Department of Economics, University of California, Santa Cruz - Department of Economics and University of California, Santa Cruz - Department of Economics
Downloads 242 (176,581)

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12.

Is Foreign Exchange Market Intervention an Alternative to Monetary Policy? Evidence from Japan

UCSC International Economics Working Paper No. 02-05
Number of pages: 30 Posted: 21 Apr 2002
Rasmus Fatum and Michael M. Hutchison
University of Alberta - Department of Marketing, Business Economics & Law and University of California, Santa Cruz - Department of Economics
Downloads 224 (190,068)
Citation 8

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13.

Currency Crises, Capital Account Liberalization, and Selection Bias

UC Santa Cruz International Economics Working Paper No. 04-14
Number of pages: 31 Posted: 02 Jul 2004
Reuven Glick, Xueyan Guo and Michael M. Hutchison
Federal Reserve Bank of San Francisco - Center for Pacific Basin Monetary & Economic Studies, University of California, Santa Cruz and University of California, Santa Cruz - Department of Economics
Downloads 218 (195,182)
Citation 24

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14.

Northern Light: Does Optimal Currency Area Criteria Explain Nordic Reluctance to Join Emu?

UCSC Dept. of Economics Working Paper No. 487
Number of pages: 24 Posted: 30 Nov 2001
Michael M. Hutchison and U. Michael Bergman
University of California, Santa Cruz - Department of Economics and University of Copenhagen - Department of Economics
Downloads 217 (195,971)

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European Monetary Union, Macroeconomic policy, Scandinavia

15.

Impact of Macroeconomic Surprises on Carry Trade Activity

Number of pages: 35 Posted: 07 Oct 2010 Last Revised: 21 Dec 2011
Michael M. Hutchison and Vladyslav Sushko
University of California, Santa Cruz - Department of Economics and Bank for International Settlements (BIS)
Downloads 211 (201,100)
Citation 3

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Macroeconomic News, Risk Reversals, Foreign Exchange Futures, Carry Trade

16.

Foreign Exchange Intervention and Monetary Policy in Japan, 2003-04

International Economics and Economic Policy, Vol. 2, No. 2-3, pp. 241-260, November 2005, University of Alberta School of Business Research Paper No. 2013-356
Number of pages: 39 Posted: 05 Jan 2005 Last Revised: 07 Jun 2013
Rasmus Fatum and Michael M. Hutchison
University of Alberta - Department of Marketing, Business Economics & Law and University of California, Santa Cruz - Department of Economics
Downloads 199 (212,233)
Citation 7

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Foreign Exchange Intervention, Japanese Monetary Policy

17.

Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan

Downloads 167 (246,835)
Citation 38

Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan

Journal of International Money and Finance, Vol. 25, No. 2, 2006, UC Santa Cruz International Economics Working Paper No. 03-22, University of Alberta School of Business Research Paper No. 2013-355
Number of pages: 35 Posted: 04 Jul 2004 Last Revised: 07 Jun 2013
Rasmus Fatum and Michael M. Hutchison
University of Alberta - Department of Marketing, Business Economics & Law and University of California, Santa Cruz - Department of Economics
Downloads 119 (323,241)
Citation 1

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Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan

NBER Working Paper No. w9648
Number of pages: 33 Posted: 04 May 2003 Last Revised: 14 May 2022
Rasmus Fatum and Michael M. Hutchison
University of Alberta - Department of Marketing, Business Economics & Law and University of California, Santa Cruz - Department of Economics
Downloads 48 (542,714)
Citation 5

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18.

Are Credit Rating Agencies Discredited? Measuring Market Price Effects from Agency Sovereign Debt Announcements

BIS Working Paper No. 704
Number of pages: 51 Posted: 19 Feb 2018
Mahir Binici, Michael M. Hutchison and Evan Weicheng Miao
University of California, Santa Cruz, University of California, Santa Cruz - Department of Economics and Central Bank of the Republic of China (Taiwan) - Department of Economic Research
Downloads 166 (248,098)
Citation 1

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CDS spreads, credit ratings, sovereign debt

19.

Output Costs of Currency and Balance of Payments Crises in Emerging Markets

UCSC Dept. of Econ. Working Paper No. 486
Number of pages: 28 Posted: 28 Oct 2001
Michael M. Hutchison
University of California, Santa Cruz - Department of Economics
Downloads 163 (251,938)
Citation 11

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20.

The Global Pandemic, Policy Space and Fiscal Rules to Achieve Stronger Stabilization Policies

Seoul Journal of Economics, Vol. 33, No. 3, 2020
Number of pages: 26 Posted: 03 Sep 2020
Michael M. Hutchison
University of California, Santa Cruz - Department of Economics
Downloads 138 (288,033)

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Pandemic, Fiscal rules, Stabilization policy

21.

Evaluating Foreign Exchange Market Intervention: Self-Selection, Counterfactuals and Average Treatment Effects

Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 02/2008, SCCIE Working Paper No. 06-04
Number of pages: 31 Posted: 07 Jun 2006
Rasmus Fatum and Michael M. Hutchison
University of Alberta - Department of Marketing, Business Economics & Law and University of California, Santa Cruz - Department of Economics
Downloads 116 (327,397)
Citation 3

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Foreign Exchange Intervention, Bank of Japan, Self-Selection, Matching Methods

22.

Indian Capital Control Liberalization: Evidence from NDF Markets

Number of pages: 20 Posted: 13 Feb 2014
Michael M. Hutchison, Jake Kendall, Gurnain Kaur Pasricha and Nirvikar Singh
University of California, Santa Cruz - Department of Economics, University of Washington, CSE, International Monetary Fund and University of California, Santa Cruz
Downloads 105 (350,629)
Citation 9

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23.

Manufacturing Sector Resiliency to Energy Booms: Empirical Evidence from Norway, the Netherlands and the United Kingdom

BIS Working Paper No. 13
Number of pages: 68 Posted: 13 Dec 2005
Michael M. Hutchison
University of California, Santa Cruz - Department of Economics
Downloads 103 (355,065)
Citation 2

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24.

Are All Banking Crises Alike? the Japanese Experience in International Comparison

NBER Working Paper No. w7253
Number of pages: 37 Posted: 11 Feb 2000 Last Revised: 28 Apr 2022
Michael M. Hutchison and Kathleen McDill
University of California, Santa Cruz - Department of Economics and Federal Deposit Insurance Corporation (FDIC)
Downloads 95 (373,887)

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25.

Controlling Capital? Legal Restrictions and the Asset Composition of International Financial Flows

IMF Working Paper No. 09/208
Number of pages: 33 Posted: 13 Oct 2009
Martin Schindler, Mahir Binici and Michael M. Hutchison
International Monetary Fund (IMF), University of California, Santa Cruz and University of California, Santa Cruz - Department of Economics
Downloads 92 (381,521)
Citation 7

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Asset management, Capital account, Capital controls, Capital flows, Cross country analysis, Economic integration, Globalization, Time series

26.

The Transmission of Federal Reserve Tapering News to Emerging Financial Markets

Downloads 65 (463,922)
Citation 12

The Transmission of Federal Reserve Tapering News to Emerging Financial Markets

Number of pages: 27 Posted: 07 Jun 2014
Joshua Aizenman, Mahir Binici and Michael M. Hutchison
University of Southern California - Department of Economics, University of California, Santa Cruz and University of California, Santa Cruz - Department of Economics
Downloads 44 (562,726)
Citation 1

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The Transmission of Federal Reserve Tapering News to Emerging Financial Markets

NBER Working Paper No. w19980
Number of pages: 38 Posted: 19 Mar 2014 Last Revised: 06 Aug 2022
Joshua Aizenman, Mahir Binici and Michael M. Hutchison
University of Southern California - Department of Economics, Central Bank of Turkey and University of California, Santa Cruz - Department of Economics
Downloads 21 (715,049)
Citation 8

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27.

Inflation Targeting and Real Exchange Rates in Emerging Markets

NBER Working Paper No. w14561
Number of pages: 47 Posted: 15 Jan 2009 Last Revised: 16 Apr 2022
Joshua Aizenman, Michael M. Hutchison and Ilan Noy
University of Southern California - Department of Economics, University of California, Santa Cruz - Department of Economics and Victoria University of Wellington - Te Herenga Waka - School of Economics and Finance
Downloads 61 (478,879)
Citation 6

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28.

ADB Forum on the Use of Capital Controls

Asian Development Review, Vol. 29, No. 1, pp. 82-88, 2012
Number of pages: 47 Posted: 12 Jul 2012
Jonathan D. Ostry, Maria Socorro Gochoco‐Bautista, Changyong Rhee, Michael M. Hutchison, Chalongphob Sussangkarn, Eli M. Remolona and Masahiro Kawai
Georgetown University, University of the Philippines, School of Economics, Asian Development Bank, University of California, Santa Cruz - Department of Economics, Thailand Development Research Institute, Bank for International Settlements (BIS) - Monetary and Economic Department and Asian Development Bank Institute
Downloads 60 (482,695)
Citation 3

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agriculture, wages, migrants, income, urban migrants, rural–urban migration, rural households, urban–rural divide, employment quality, education quality, urbanization, industrialization, effect of migration, special economic zones, foreign direct investment, productivity growth, nonfarm employment

29.

What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk

NBER Working Paper No. w17407
Number of pages: 44 Posted: 21 Sep 2011 Last Revised: 25 Jul 2022
Joshua Aizenman, Michael M. Hutchison and Yothin Jinjarak
University of Southern California - Department of Economics, University of California, Santa Cruz - Department of Economics and Victoria University of Wellington - Te Herenga Waka - School of Economics & Finance
Downloads 53 (510,749)
Citation 12

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30.

Transmission of the U.S. Subprime Crisis to Emerging Markets: Evidence on the Decoupling-Recoupling Hypothesis

NBER Working Paper No. w15120
Number of pages: 34 Posted: 30 Jun 2009 Last Revised: 25 Apr 2022
Michael P. Dooley and Michael M. Hutchison
University of California at Santa Cruz and University of California, Santa Cruz - Department of Economics
Downloads 52 (515,029)
Citation 10

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31.

Do Both U.S. and Foreign Macro Surprises Matter for the Intraday Exchange Rate? Evidence from Japan

Number of pages: 31 Posted: 13 Mar 2009 Last Revised: 25 Jan 2013
Rasmus Fatum, Michael M. Hutchison and Thomas Wu
University of Alberta - Department of Marketing, Business Economics & Law, University of California, Santa Cruz - Department of Economics and University of California, Santa Cruz - Department of Economics
Downloads 50 (523,898)
Citation 1

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Foreign Exchange Rates, Intraday Data, Macroeconomic News Effects

32.

Dove or Hawk? Characterizing Monetary Policy Regime Switches in India

Number of pages: 30 Posted: 20 Feb 2013
Michael M. Hutchison, Rajeswari Sengupta and Nirvikar Singh
University of California, Santa Cruz - Department of Economics, Institute for Financial Management and Research and University of California, Santa Cruz
Downloads 25 (662,856)
Citation 2

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monetary policy, Taylor rule, Markov regime switching, inflation targeting, RBI’s discretionary policy

33.

Credit Ratings and the Pricing of Sovereign Debt During the Euro Crisis

NBER Working Paper No. w19125
Number of pages: 38 Posted: 18 Jun 2013 Last Revised: 04 Apr 2022
Joshua Aizenman, Mahir Binici and Michael M. Hutchison
University of Southern California - Department of Economics, Central Bank of Turkey and University of California, Santa Cruz - Department of Economics
Downloads 20 (700,856)
Citation 2

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34.

Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis

NBER Working Paper No. w16260
Number of pages: 22 Posted: 08 Sep 2010 Last Revised: 06 Jun 2022
Joshua Aizenman and Michael M. Hutchison
University of Southern California - Department of Economics and University of California, Santa Cruz - Department of Economics
Downloads 19 (708,758)
Citation 6

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35.

India’s Trilemma: Financial Liberalisation, Exchange Rates and Monetary Policy

The World Economy, Vol. 35, Issue 1, pp. 3-18, 2012
Number of pages: 16 Posted: 19 Jan 2012
Michael M. Hutchison, Rajeswari Sengupta and Nirvikar Singh
University of California, Santa Cruz - Department of Economics, Indira Gandhi Institute of Development Research (IGIDR) and University of California, Santa Cruz
Downloads 7 (818,343)
Citation 1

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36.

Disinflation in New Zealand

UCSC Dept. of Economics Working Paper No. 404
Posted: 03 Sep 1998
Michael M. Hutchison and Carl E. Walsh
University of California, Santa Cruz - Department of Economics and University of California at Santa Cruz

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37.

Property Prices, Macroeconomic Policy and Finance in the United States

1994:11
Posted: 26 May 1998
Michael M. Hutchison and Clas Wihlborg
University of California, Santa Cruz - Department of Economics and Chapman University

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38.

The Costs and Benefits of Joining Emu: Should the Outsiders Stay on the Periphery?

UCSC Dept. of Economics Working Paper No. 392
Posted: 11 May 1998
U. Michael Bergman and Michael M. Hutchison
University of Copenhagen - Department of Economics and University of California, Santa Cruz - Department of Economics

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39.

Economic Expansions and Fiscal Contractions: International Evidence and the 1982 Danish Stabilization

UCSC Dept. of Economics WP 386
Posted: 23 Apr 1998
U. Michael Bergman and Michael M. Hutchison
University of Copenhagen - Department of Economics and University of California, Santa Cruz - Department of Economics

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40.

Is Intervention a Signal of Future Monetary Policy? Evidence from the Federal Funds Futures Market

Downloads 0 (905,643)

Is Intervention a Signal of Future Monetary Policy? Evidence from the Federal Funds Futures Market

Journal of Money, Credit, and Banking, Vol. 31, No. 1, February 1999
Posted: 03 Sep 1998
Rasmus Fatum and Michael M. Hutchison
University of Alberta - Department of Marketing, Business Economics & Law and University of California, Santa Cruz - Department of Economics

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Is Intervention a Signal of Future Monetary Policy?: Evidence from the Federal Funds Futures Market

UCSC Economics Dept. #364
Posted: 27 Feb 1997
Rasmus Fatum and Michael M. Hutchison
University of Alberta - Department of Marketing, Business Economics & Law and University of California, Santa Cruz - Department of Economics

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41.

Central Bank Institutional Design and the Output Cost of Disinflation: Did the 1989 New Zealand Reserve Bank Act Affect the Inflation-Output Tradeoff?

UCSC Economics Dept. No. 366
Posted: 24 Feb 1997
Michael M. Hutchison and Carl E. Walsh
University of California, Santa Cruz - Department of Economics and University of California at Santa Cruz

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42.

The 'German View,' Fiscal Consolidation and Consumption Booms: Empirical Evidence from Denmark

UCSC Economics Dept No. 367
Posted: 20 Jan 1997
U. Michael Bergman and Michael M. Hutchison
University of Copenhagen - Department of Economics and University of California, Santa Cruz - Department of Economics

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