Following the Asian financial crisis of 1997, the Korean economy experienced radical structural reforms, particularly in the financial sector. In this environment, Korea's corporate sector, once characterized by a high degree of leverage, turned to the capital market for financing, while banks...

Japan can meet domestic and international challenges to its aid policies by developing a coherent national strategy for official development assistance, broadly designed to enhance partnership, effectiveness, accountability, and transparency

A coordinated action by East Asian countries to stabilize their currencies against a common basket of major currencies (broadly representative of their average structure of trade and foreign direct investment) would help stabilize both intraregional exchange rates and effective exchange rates,...

This book makes concrete macroeconomic policy recommendations for Asian economies aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas...

This paper analyzes how the recent expansion of secondary bond trading reduced the transactions cost and discusses the imp lication of this reduced transactions cost for the term structure of interest rates in the over-the-counter (OTC) bond market in Japan. It shows that the increased trading...