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International Financial Issues in the Pacific Rim
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International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy

Takatoshi Ito and Andrew K. Rose

Abstract

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 has yet to sink in the face of ever-increasing account disparities. This book explains why the United States enjoys a seemingly symbiotic relationship with its trading partners despite stark inequities in the trade balance, especially with Asia. This study also debunks the assumed link between economic o ... More

Keywords: global trade, international finance, trade deficit, United States, Asia, trading partners, economic policy, trade balance, inflation, Asian capital accounts

Bibliographic Information

Print publication date: 2008 Print ISBN-13: 9780226386829
Published to Chicago Scholarship Online: February 2013 DOI:10.7208/chicago/9780226387086.001.0001

Authors

Affiliations are at time of print publication.

Takatoshi Ito, editor

Andrew K. Rose, editor

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Contents

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Introduction

Takatoshi Ito and Andrew K. Rose

I Global Imbalances

1 Life on the Tri-Polar Sphere

Michael P. Dooley, David Folkerts-Landau, and Peter Garber

II Monetary Policy and Exchange Rates

5 Pass-Through of Exchange Rates to Consumption Prices

José Manuel Campa and Linda S. Goldberg

III Liberalization, Market Access, and the Cost of Capital

8 Growth and Returns in Emerging Markets

Peter Blair Henry and Prakash Kannan

9 Bond Markets as Conduits for Capital Flows

Barry Eichengreen and Pipat Luengnaruemitchai

11 Cross-Border Acquisitions and Target Firms' Performance

Kyoji Fukao, Keiko Ito, Hyeog Ug Kwon and Miho Takizawa

12 Stock Market Opening and the Cost of Capital

Inseok Shin and Chang-gyun Park