List of figures ............................................... xii
List of tables ................................................. xv
List of contributors ......................................... xvii
Introduction .................................................... 1
YIN-WONG CHEUNG AND KAR-YIU WONG
Part I
China ........................................................... 5
1 Flying geese or sitting ducks: China's impact on
the trading fortunes of other Asian countries ................ 7
ALAN G. AHEARNE, JOHN G. FERNALD, PRAKASH LOUNGANI AND
JOHN W. SCHINDLER
2 A decade of flow of funds in China (1995-2006) .............. 26
GUIJUN LIN AND RONALD M. SCHRAMM
3 China's approach to capital flows since 1978:
a brief overview ............................................ 44
JUANN H. HUNG
4 The estimation of domestic value-added and employment
induced by exports: an application to Chinese exports to
the United States ........................................... 64
XIKANG CHEN, LEONARD K. CHENG, K.C. FUNG AND
LAWRENCE J. LAU
Part II
Economic interactions .......................................... 83
5 External shocks, transmission mechanisms and inflation in
Asia ........................................................ 85
HANS GENBERG
6 External balances in five Asian countries ................... 99
JAEWOO LEE
7 What drives business cycle correlation in the Pacific
Rim? ....................................................... 113
JAKOB DE HAAN, RICHARD JONG-A-PIN AND MARK MINK
Part III
Foreign exchange rates ........................................ 133
8 Have exchange rate regimes in Asia become more flexible
post crisis? Re-visiting the evidence ...................... 135
TONY CAVOLI AND RAMKISHEN S. RAJAN
9 The evolution of the East Asian currency baskets - still
undisclosed and changing ................................... 156
GUNTHER SCHNABL
10 Implications of refined renminbi effective exchange rates
with Asian entrepôt and intra-regional trade ............... 178
SAN SAU FUNG, MARC KLAU, GUONAN MA AND ROBERT McCAULEY
Part IV
Financial markets ............................................. 195
11 Foreign bank lending and bond underwriting in Japan
during the lost decade ..................................... 197
JOSE A. LOPEZ AND MARK M. SPIEGEL
12 The core-AMU denominated Asian bonds for local investors
in East Asia ............................................... 215
EIJI OGAWA AND JUNKO SHIMIZU
13 A new framework for analyzing adequate and excessive
reserve levels under high capital mobility ................. 230
JIE LI, OZAN SULA AND THOMAS D. WILLETT
14 Financial liberalization and corporate debt maturity in
Thailand, 1993-97 .......................................... 246
FEDERICO GUERRERO AND ELLIOTT PARKER
15 Foreign lending under limited enforcement .................. 257
NEDIM M. ALEMDAR, SIBEL SIRAKAYA AND STEPHEN J.
TURNOVSKY
Notes ......................................................... 274
Index ......................................................... 287
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