<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>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>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>

China's trade has three features: high incidence of re-exports through Hong Kong, high degree of trade related to foreign investment, and large amount of `illegal' trade. Re-exports occur when imports to Hong Kong are consigned to a buyer in Hong Kong, who adds a markup, and exports the goods...

In this paper, we examine empirically whether hard infrastructure, in the form of more highways and railroads, or soft infrastructure, in the form of more market-oriented institutions through deeper reform, lead to more foreign direct investment (FDI) in China. We use data of outward FDI from...

China has emerged as one of the world's leading recipients of foreign direct investment (FDI). Meanwhile, the successful transition experience of many Central and Eastern Euro-pean countries (CEECs) also enables them to attract an increasing share of global foreign investment, particularly from...

Two recent phenomena have transformed the nature of world trade: the explosive growth of Chinese trade, and the growth of vertically specialized trade due to international production fragmentation. While vertical specialization may explain much of the growth and unique features of Chinese trade,...

This paper provides an analysis of the two channels of regional integration: integration via markets and integration via agreements. Given that East Asia and Latin America are two fertile regions where both forms of integrations have taken place, the authors examine the experiences of these two...