This book contends that the East Asian financial constitution lacks an appropriate infrastructure, resulting in inefficient allocation of high savings and an over-inflated short-term debt market. It goes on to point out that despite high savings, East Asia’s dependency on financial...

This paper estimates the degree of risk sharing for each of 10 East Asian countries with countries in the region and with OECD countries by using cross-country consumption correlations and formal regression analysis. Risk sharing is found to be far from complete and quite low for most of the...

We examine the de facto exchange rate arrangements in eight East Asian countries during the post-Asian crisis period. The empirical results suggest that three countries adopted a hard peg or a peg with capital account restrictions, whereas five countries moved toward a more flexible exchange...

This paper investigates the extent to which domestic investment in East Asian countries is financed by domestic, (East Asian) regional and global savings in order to infer the relative importance of regional vs. global capital markets in East Asia. Panel regression results show that regional...