Acknowledgments
Introduction
Takatoshi Ito and Andrew K. Rose
I. Global Imbalances
1. Life on the Tri-Polar Sphere: How Should Interest and Exchange Rates Realign Next?
Michael P. Dooley, David Folkerts-Landau, and Peter Garber
Comment: John Simon
2. Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia
Shin-ichi Fukuda and Yoshifumi Kon
Comments: Linda S. Goldberg
Andrew K. Rose
3. Are Currency Appreciations Contractionary in China?
Jianhuai Shi
Comments: Ashvin Ahuja
Dante B. Canlas
II. Monetary Policy and Exchange Rates
4. The Relationship between Openness and Inflation in NIEs and the G7
Chung-Shu Wu and Jin-Lung Lin
Comments: Peter Blair Henry
John Simon
5. Pass-Through of Exchange Rates to Consumption Prices: What Has Changed and Why?
José Manuel Campa and Linda S. Goldberg
Comments: M. Chatib Basri
Kiyotaka Sato
6. Price Impacts of Deals and Predictability of the Exchange Rate Movements
Takatoshi Ito and Yuko Hashimoto
Comment: Eli Remolona
7. Adopting a Common Currency Basket Arrangement into the ASEAN Plus Three
Eiji Ogawa and Kentaro Kawasaki
Comments: Michael P. Dooley
Kiyotaka Sato
III. Liberalization, Market Access, and the Cost of Capital
8. Growth and Returns in Emerging Markets
Peter Blair Henry and Prakash Kannan
Comments: Takatoshi Ito
Etsuro Shioji
9. Bond Markets as Conduits for Capital Flows: How Does Asia Compare?
Barry Eichengreen and Pipat Luengnaruemitchai
Comment: Eiji Ogawa
10. Financial Liberalization under the WTO and Its Relationship with the Macro Economy
Lee-Rong Wang, Chung-Hua Shen, and Ching-Yang Liang
Comments: Shin-ichi Fukuda
Roberto S. Mariano
11. Cross-Border Acquisitions and Target Firms’ Performance: Evidence from Japanese Firm-Level Data
Kyoji Fukao, Keiko Ito, Hyeog Ug Kwon, and Miho Takizawa
Comments: M. Chatib Basri
Roberto S. Mariano
12. Stock Market Opening and the Cost of Capital: The Case of Korea
Inseok Shin and Chang-Gyun Park
Comments: Yuko Hashimoto
Chulsoo Kim