As was the case in the Mexican crisis of 1994-95, the G-7 and international financial institutions appear to have lost their zeal to garner the support they need for reform. The ongoing debate on the future direction of international financial reform suggests that most of the problems are likely...

Book Cover -- Half-Title -- Title -- Copyright -- Contents -- Figures -- Tables and boxes -- Contributors -- Preface -- Abbreviations -- 1 Policy dialogue, surveillance and financial cooperation in East Asia -- POLICY DIALOGUE AND SURVEILLANCE IN EAST ASIA -- INSIGHTS FROM OTHERS' EXPERIENCE...

This paper studies dynamic relation, namely, two currencies of Korean won and Japanese yen, before and after the East Asian financial crisis of the late 1990s. We conjecture that there exists a long-run relation between won and yen, which is characterized by a band-reverting-type dynamic...