There is no doubt that the open multilateral trading system after World War II was a key ingredient in the rapid economic development of the entire world. Especially in Hong Kong, Korea, Singapore, and Taiwan, exports increased dramatically both in absolute terms and as a percentage of GNP. In...

The rapid emergence of East Asia as an important geopolitical-economic entity has been one of the most visible and striking changes in the international economy in recent years. With that emergence has come an increased need for understanding the problems of interdependence. As a step toward...

During the first three decades following the Second World War, an increasingly open international trading system led to unprecedented economic growth throughout the world. But in recent years, that openness has been threatened by increased protectionism, regional trading arrangements-Europe 1992...

In recent years the tremendous growth of the service sector-including international trade in services-has outstripped that of manufacturing in many industrialized nations. As the importance of services has grown, economists have begun to focus on policy issues raised by them and have tried to...

With the high-frequency data of firm quotes in the transaction platform of foreign exchanges, arbitrage profit opportunities--in the forms of a negative bid-ask spread of a currency pair and triangular transactions involving three currency pairs--can be detected to emerge and disappear in the...

Financial Policy and Central Banking in Japan -- Contents -- Preface -- Introduction -- The NCC's? Unprecedented Economic and Financial Distress -- The New Financial Supervision and Regulatory Framework -- Inflation Targetingx Liquidity Trapsx and the New Bank of Japan -- Challenges Facing...

The Political Economy of Japanese Monetary Policy -- Contents -- Acknowledgments -- The Political Economy of Japanese Monetary Policy -- Introduction -- The Evolution of Central Banking in Japan, up to the 1950s -- Phases of Japan s Monetary- Policy Experience -- Exchange Rates, Policy...

The practice of trading across international borders has undergone a series of changes with great consequences for the world trading community, the result of new trade agreements, a number of financial crises, the emergence of the World Trade Organization, and countless other less obvious...

The imbalanced, yet mutually beneficial, trading relationship between the United States and Asia has long been one of international finance's most perplexing mysteries. Although the United States continues to post a substantial trade deficit-and China reaps the benefits of a surplus-the dollar...