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Financial Deregulation and Integration in East Asia

The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows.

In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore.

Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.

Table of Contents

Takatoshi Ito, Anne O. Krueger.
1: Credible Liberalizations and International Capital Flows: The "Overborrowing Syndrome"
Ronald I. McKinnon, Huw Pill.
Comment: Francisco de Asis Nadal De Simone
Comment: Chong-Hyun Nam
2: Japanese and U.S. Exports and Investment as Conduits of Growth
Jonathan Eaton, Akiko Tamura.
Comment: Chong-Hyun Nam
Comment: V. V. Bhanoji Rao
3: Foreign Direct Investment in China: Sources and Consequences
Shang-Jin Wei
Comment: Pakorn Vichyanond
Comment: Wing Thye Woo
4: Interdependence through Capital Flows in Pacific Asia and the Role of Japan
Akira Kohsaka
Comment: Toshihiko Kinoshita
Comment: Ya-Hwei Yang
5: The Structural Determinants of Invoice Currencies in Japan: The Case of Foreign Trade
with East Asian Countries
Shin-ichi Fukuda
Comment: Akira Kohsaka
6: An Evaluation of Japanese Financial Liberalization: A Case Study of Corporate Bond
Akiyoshi Horiuchi
Comment: Won-Am Park
7: The Role of Macroeconomic Policy in Export-Led Growth: The Experience of Taiwan and
South Korea
Kenneth S. Lin, Hsiu-Yun Lee, Bor-Yi Huang.
Comment: Amina Tyabji
8: Money and Prices in Taiwan in the 1980s
Ya-Hwei Yang, Jia-Dong Shea.
Comment: Kenjiro Hirayama
Comment: Muthi Samudram
9: Financial Liberalization: The Korean Experience
Won-Am Park
Comment: Shin-ichi Fukuda
Comment: Huw Pill
10: The Principal Transactions Bank System in Korea and a Search for a New Bank-Business
Sang-Woo Nam
Comment: Akiyoshi Horiuchi
Comment: Shang-Jin Wei
11: Monetary Autonomy in the Presence of Capital Flows: And Never the Twain Shall Meet,
Except in East Asia?
Wing Thye Woo, Kenjiro Hirayama.
Comment: Ronald I. McKinnon
Comment: Basant K. Kapur
12: Interest Parity and Dynamic Capital Mobility: The Experience of Singapore
Tse Yiu Kuen, Tan Kim Song.
Comment: Ngiam Kee Jin
13: Singapore as a Financial Center: New Developments, Challenges, and Prospects
Ngiam Kee Jin
Comment: Sang-Woo Nam
Comment: Pakorn Vichyanond
Author Index
Subject Index

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