Financial Sector Development in the Pacific Rim

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