The article assesses Association of Southeast Asian Nations (ASEAN)'s financial landscape and considers issues related to regional financial cooperation. Although the ASEAN Economic Community is expected to come into force by the end of 2015, given the large disparity between the more and the...

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...

The paper examines the recent European crisis management programs of the International Monetary Fund (IMF) to see how the lessons of Asia were applied. Compared to the Asian programs of 1997, the European programs of 2008 were better funded and their structural conditionality more focused. Other...

Japan was hit hard by the global financial crisis even though its relatively resilient financial system initially limited the direct impact. The severe collapse of industrial production that followed was no doubt attributable to a confluence of factors, but the paper highlights the impact that...

After discussing major conceptual, and empirical issues relevant to the exchange rate policies of East Asian countries, the authors propose a regional exchange rate arrangement designed to promote intra-regional exchange rate stability, and regional economic growth. They argue that: 1) For...

The paper reviews Japan's exchange rate policy from the end of the Bretton Woods era to the present. The Japanese authorities used various tools to manage the yen–dollar exchange rate over much of this period. The most dominant was official foreign exchange intervention, which in most...