Federal Reserve Bank of St. Louis Review
A quarterly research journal intended for an economically informed but broad readershipfrom the undergraduate student to the PhD. In print and online.
MARCH/APRIL 2011 Vol. 93, No. 2
Can Rising Housing Prices Explain China’s High Household Saving Rate?
China’s average household saving rate is one of the highest in the world. One popular view attributes
the high saving rate to fast-rising housing prices and other living costs in China. This article
uses simple economic logic to show that rising housing prices and living costs per se cannot explain
China’s persistently high household saving rate.
Political Economy Determinants of Non-agricultural Trade Policy
The authors investigate several existing political economy hypotheses on trade policy using crosscountry
trade-protection data for non-agricultural goods. The authors find that a left-leaning political
regime leads to pro-labor trade policies only for a subset of trade policy measures.
TARP Beneficiaries and Their Lending Patterns During the Financial Crisis
This paper provides a systematic analysis of the lending performance of U.S. commercial banks
and savings institutions that received financial support through the Capital Purchase Program
(CPP) established in October 2008. The authors combine U.S. Treasury data on recipients of the
CPP with quarterly financial data for the entire population of depository institutions to reconstruct
aggregate lending and gross credit flows (expansion and contraction).
Corporate Response to Distress: Evidence from the Asian Financial Crisis
This paper provides a comprehensive examination of corporate responses to financial distress
during an economy-wide crisis, specifically through the restructuring of assets (through asset sales,
mergers, or liquidations) and/or liabilities. Using firm-level data from five countries hardest hit
by the East Asian financial crisis of 1997-98, this study contrasts the effects that financial and
corporate governance variables have on restructuring choices.
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