Macroeconomic Linkage

Savings, Exchange Rates, and Capital Flows

Edited by Takatoshi Ito and Anne O. Krueger

Macroeconomic Linkage
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Edited by Takatoshi Ito and Anne O. Krueger

416 pages | 45 line drawings, 65 tables | 6 x 9 | © 1994
Cloth $105.00 ISBN: 9780226386690 Published March 1994
E-book $45.00 ISBN: 9780226386997 Published February 2009
This volume explores East Asia's macroeconomic experience in the 1980s and the economic impact of East Asia's growth on the rest of the world. The authors explore the causes of capital flows, changes in trade balances, and exchange rate fluctuations in East Asia and their effects on other countries.

These fourteen papers are organized around four themes: the overall determinants of growth and trading relations in the East Asian region; monetary policies in relation to capital controls and capital accounts; the impact of exchange rate behavior on industrial structure; and the potential for greater regional integration. The contributors examine interactions among exchange rate movements, trade balances, and capital flows; how government monetary policy affects capital flows; the effect of exchange rates on industrial structure, inventories, and prices; and the extent of regional integration in East Asia.
Contents
Introduction
Takatoshi Ito and Anne O. Krueger

1 International Growth Linkages: Evidence from Asia and the OECD
John F. Helliwell

Comment:
Shin-ichi Fukuda

2 On Recent Movements of Japanese Current Accounts and Capital Flows
Takatoshi Ito

Comment:
Naohiro Yashiro

Comment:
Maria S. Gochoco

3 Perspectives on Korea's External Adjustment: Comparison with Japan and Taiwan
Bon Ho Koo and Won-Am Park

Comment:
Bih Jane Liu

Comment:
Hiroo Taguchi

4 The Effects of NT Dollar Variations on Taiwan's Trade Flows
San Gee

Comment: Hideki Funatsu and Chong-Hyun Nam

5 Capital Mobility in Korea since the Early 1980s: Comparison with Japan and Taiwan
Sung Hee Jwa

Comment:
Kazuo Ueda and Pochih Chen

6 An Asian Capital Crunch? Implications for East Asia of a Global Capital Shortage
Rachel McCulloch

Comment:
Chong-Hyun Nam and Kazumi Asako

7 Money, Output, Exhange Rate, and Price: The Case of Taiwan

Chung-Shu Wu and Jin-Lung Lin

Comment:
Maria S. Gochoco

8 Endogenous Exchange Rate Fluctuations under the Flexible
Exchange Rate Regime Shin-ichi Fukuda

Comment:
Michihiro Ohyama and Shang-Jin Wei

9 Export Structure and Exchange Rate Variation in Taiwan: A Comparison with Japan and the United States
Pochih Chen, Chi Schive, and Cheng Chung Chu

Comment:
Rachel McCulloch and Shin-ichi Fukuda

10 Cost Externality and Exhange Rate Pass-Through: Some Evidence from Taiwan
Bih Jane Liu

Comment:
Won-Am Park and Serguey Braguinsky

11 Tariffs, Quotas, and Inventory Adjustment
Kazumi Asako and Yoshiyasu Ono

Comment:
Kazuo Nishimura

Comment:
John F. Helliwell

12 Yen Bloc or Dollar Bloc? Exchange Rate Policies of the East Asian Economies
Jeffrey A. Frankel and Shang-Jin Wei

Comment:
Koichi Hamada

Comment:
Sung Hee-Jwa

13 On the Internationalization of the Japanese Yen
Hiroo Taguchi

Comment:
Kazuo Uedo

Comment:
Anne O. Krueger

14 Economic Preconditions for Asian Regional Integration

Junichi Goto and Koichi Hamada

Comment:
Masao Satake

Comment:
Toshiaki Tachibanaki
For more information, or to order this book, please visit http://www.press.uchicago.edu
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