More than three years have passed since the inception of the Chiang Mai Initiative (CMI) in May 2000. Although much progress has been made, the present structure of the CMI is still incomplete. The purpose of this paper is to provide a view on the current process and future prospects for...

The macroeconomic effects of capital account liberalization in Korea are examined. Simple data analysis suggests that capital account liberalization substantially changed the nature and composition of capital flows. Based on the VAR model, the authors find the following stylized facts. First,...

China's Economic Growth and the ASEAN; Ellen H. Palanca (ed.) East Asia in Transition: Economic and Security Challenges; A.E. Safarian and Wendy Dobson (eds) Southeast Asia: The Long Road Ahead; Lim Chong Yah The Microfinance Revolution: Sustainable Finance For The Poor; Marguerite S. Robinson...

Japan and Korea are close countries in terms of economic interaction as well as geography. To quantify the impact of changes in the yen-dollar exchange rate on the Korean economy before and after the crisis in 1997, the sample period has been divided into two sub-periods and the causal...

Despite the fact that China and the United States represent the G2 in terms of economic size, the RMB’s international significance in the existing international financial system is limited. China has made significant progress in encouraging RMB internationalization. It has the ability to...

Books reviewed: Joseph E. Stiglitz and Shahid Yusuf (eds) Rethinking the East Asian Miracle Hal Hill and Jo-o M. Saldanha, East Timor: Development Challenges for the World's Newest Nation Nat J. Colletta, Teck Ghee Lim and Anita Kelles-Viitanen (eds), Social Cohesion and Conflict Prevention in...

Korean Abstract: 본 보고서는 미중 무역전쟁, 기술전쟁이 벌어지는 가운데 ‘중국의 기술력이 과연 미국의 우려를 야기할 만큼 위협적인가?’라는 질문에 대답하기 위해 중국 의 기술 추격에 대한 실상을 좀 더 객관적인 통계와...

Regionalism is taking two forms. It is occurring firstly through free trade arrangements and secondly through monetary arrangements. In this paper, we highlight the issues related to the reversal of sequence between trade integration (free trade agreement) and monetary integration (a monetary...