Financial Sector Development in the Pacific Rim
- Contents

Acknowledgments
Introduction
Takatoshi Ito and Andrew K. Rose
I. The Evolving Nature of Regional Stock Markets
1. Hong Kong and Shanghai: Yesterday, Today and Tomorrow
Robert N. McCauley and Eric Chan
Comments: David Cook
Peter Nicholas Kriz
2. Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period
Yasushi Hamao, Takeo Hoshi and Tetsuji Okazaki
Comments: Youngjae Lim
Masaya Sakuragawa
II. Consequences of Financial Development
3. Incentives for Mortgage Lending in Asia
Richard Green, Roberto Mariano, Andrey Pavlov and Susan Wachter
Comments: Michael Davies
Mario B. Lamberte
4. East Asia and Global Imbalances: Saving, Investment, and Financial Development
Hiro Ito and Menzie Chinn
Comments: Edwin Lai
Edward Robinson and Liew Yin Sze
5. Consumer Credit Market in Korea Since the Economic Crisis
Chang-Gyun Park
Comment: Winston T.H. Koh
III. Financial Consolidation
6. The Determinants of Cross-Border Merger and Acquisition Activity in the Financial Sector in Asia: Did the Asian Financial Crisis Change Them?
Chung-Hua Shen and Mei-Rong Lin
Comments: Mario B. Lamberte
Wimboh Santoso
7. Merger Activities and Stock Market Valuation in China
Ho-Mou Wu
Comments: Kaoru Hosono
Julian Wright
8. Consolidation of Banks in Japan: Causes and Consequences
Kaoru Hosono, Koji Sakai and Kotaro Tsuru
Comments: Hiro Ito
Barry Williams
IV. Reform and Dynamism
9. Did the Japanese Stock Market Appropriately Price the Takenaka Financial Reform?
Masaya Sakuragawa and Yoshitsugu Watanabe
Comments: Takatoshi Ito
Randall Morck
10. Big Business Stability and Social Welfare
Kathy Fogel, Randall Morck and Bernard Yeung
Comments: Partha Chatterjee
Pushan DuttEconomics and Business: Economics--International and Comparative
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