In this overview of the Symposium papers, we note that the bubble that occurred in Japan's asset markets in the late 1980s came at a time when the conventional indicators of Japan's economic performance were relatively stable. Following the collapse of the bubble, neither the Bank of Japan (BOJ)...

This paper completes Krugman's unfinished work: the model of currency crises. A crisis occurs when there are two different prices for the same product, and people on the street will take advantage of the situation to arbitrage for profit. The reason for the dual-price situation is that some...