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Exploring the Dynamics of Global Liquidity
This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series. Using price and quantity indicators simultaneously, it is possible to distinguish between shocks to the supply and demand for global liquidity, and isolate their impact on the economy. Our results confirm that global liquidity conditions matter for economic and financial stability, and points to indicators whose regular monitoring could be valuable to policymakers.
Real-time Forecasts of Economic Activity for Latin American Economies
Macroeconomic policy decisions in real-time are based the assessment of current and future economic conditions. These assessments are made difficult by the presence of incomplete and noisy data. The problem is more acute for emerging market economies, where most economic data are released infrequently with a (sometimes substantial) lag. This paper evaluates "nowcasts" and forecasts of real GDP growth using five alternative models for ten Latin American countries. The results indicate that the flow of monthly data helps to improve forecast accuracy, and the dynamic factor model consistently produces more accurate nowcasts and forecasts relative to other model specifications, across most of the countries we consider.
Ming Yellow
This thrilling work explores the story of Rodney Johnson, a journalist living in and reporting from China during the time when China was a vast country ruled by warlords and bandits. A rich Wall Street financier, his daughter, and her boyfriend, along with the reporter, go on an adventure to acquire rare pieces of Yellow Ming porcelain. On the way, they meet bandits, warlords, deceitful merchants, and a young American-educated Chinese mastermind.
Asian Americans and Christian Ministry
Asian American Christian churches have been serving Asian immigrants not only as their "spiritual home" providing nurture, comfort and uplifting of spirituality during their times of adjustment but also as a generative womb leading the alienated immigrants toward a meaningful integration into the larger society. The articles included here attempt to provide theoretical and theological foundations for understanding the Asian American predicament, and explore psychosocial experiences individually and collectively. Also included are articles, which relate theological and biblical insights to the unique experiences of the Asian American faith communities with the hope to reconstruct a better future.
Miscellaneous Paper
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The CERCular
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