<DIV>The practice of trading across international borders has undergone a series of changes with great consequences for the world trading community, the result of new trade agreements, a number of financial crises, the emergence of the World Trade Organization, and countless other less obvious...</div>

<DIV>There is no doubt that the open multilateral trading system after World War II was a key ingredient in the rapid economic development of the entire world. Especially in Hong Kong, Korea, Singapore, and Taiwan, exports increased dramatically both in absolute terms and as a percentage of GNP. In...</div>

<DIV>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...</div>

<DIV>The volume of capital flows between industrial and developing countries has grown dramatically in the past decade and has become a major issue in a world that is increasingly "globalized." Here Takatoshi Ito and Anne O. Krueger, two leading experts on this topic, have assembled a group of...</div>

<DIV>Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries—most prominently Japan, but also Taiwan and China—have actually experienced deflation over the last fifteen years. <I>Monetary Policy with Very Low Inflation in the Pacific...</i></div>

<DIV>The contributors to this volume analyze the growth experiences of Japan, Korea, China, Hong Kong, Singapore, and Taiwan in light of the recently developed endogenous growth theory to provide an understanding of the economic boom in East Asia.<BR><BR>The theory explored in this volume attributes the...</div>

<DIV><DIV><P>The reform in Asian financial sectors—especially in banking and stock markets—has been remarkable since the currency crisis of 1997–98. East Asia is now a major player in international finance, providing serious competition to the more traditional financial centers of London and New York....</i></p></div></div>

<DIV>The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth. <BR><BR>Historically, most developing nations...</div>

<DIV>During the first three decades following the Second World War, an increasingly open international trading system led to unprecedented economic growth throughout the world. But in recent years, that openness has been threatened by increased protectionism, regional trading arrangements—Europe...</div>

<DIV>In recent years the tremendous growth of the service sector—including international trade in services—has outstripped that of manufacturing in many industrialized nations. As the importance of services has grown, economists have begun to focus on policy issues raised by them and have tried...</div>