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The chapters in this book are based on papers prepared for a conference organized by the Federal Reserve Bank of San Francisco, held at the bank September 23-25, 1987, to review and compare monetary policy experiences of Pacific Basin countries during the past 15 years. The theme of the conference was conceived with two purposes in mind. First, there was (and still is) a great need to enhance knowledge on the workings of economies in the Pacific Basin, which has been the fastest growing region in the world economy during the past 30 years. While much has been written on Pacific Basin trade and economic growth, relatively few studies have been published on the conduct of monetary policy in these economies. Second, as we in the United States and others elsewhere have learned, rapid financial market changes over the last 15 years have led to considerable adjustment in the conduct of monetary policy. A comparative study of various national experiences can yield insights into the inter actions between monetary policy and financial market changes more than is obtainable by examining indi vidual national experiences separately.
Financial sector liberalization can spur economic growth and development, but reforms to liberalize the financial sector can also entail risks if they are not properly designed and implemented. One of the central questions for countries reforming their financial systems is how to sequence the reforms so as to maximize the benefits of liberalization and contain its risks. Edited by R. Barry Johnston and V. Sundararajan of the IMF's Monetary and Exchange Affairs Department, this book attempts to answer this and related questions by drawing lessons from financial sector reforms in selected countries. In particular, the book surveys financial sector reforms in Indonesia, Thailand, and Korea between the mid-1980s and mid-1990s.
In the waning years of the Cold War, the United States and China began to cautiously engage in cultural, educational, and policy exchanges, which in turn strengthened new security and economic ties. These links have helped shape the most important bilateral relationship in the late-twentieth and early twenty-first centuries. This book explores the dynamics of cultural exchange through an in-depth historical investigation of three organizations at the forefront of U.S.-China non-governmental relations: the Hopkins-Nanjing Center for Chinese and American Studies, the National Committee on United States-China Relations, and The 1990 Institute. Norton Wheeler reveals the impact of American non-governmental organizations (NGOs) on education, environment, fiscal policy, and civil society in contemporary China. In turn, this book illuminates the important role that NGOs play in complementing formal diplomacy and presents a model of society-to-society relations that moves beyond old debates over cultural imperialism. Finally, the book highlights the increasingly significant role of Chinese Americans as bridges between the two societies. Based on extensive archival research and interviews with leading American and Chinese figures, this book will be of interest to students and scholars of Chinese politics and history, international relations and transnational NGOs.
This 1998 edition of OECD's periodic economic review of New Zealand examines recent economic developments, policies and prospects and includes a special feature on financial market reform.
The contributions in this book provide a unique view of its emergence and growth in a number of different national settings in an area of the Third World where the industry is most advanced. In The Political Economy of Japanese Monetary Policy, Cargill, Hutchison, and Ito investigate the formulation and execution of monetary and financial policies in Japan within a broad technical, political, and institutional context.Their emphasis is on the period since the collapse of the Bretton Woods system of fixed exchange rates in the early 1970s, and on the effects of policies and institutions in shaping the modern Japanese economy. The authors present basic themes and recent developments, as well as their own research findings.They also review and integrate the large literature in the area. They consider theoretical arguments and empirical evidence for each topic discussed. Topics covered include Japan's low inflation record (despite the central bank's lack of formal independence from the government); politically motivated business cycles and the timing of elections; exchange rate policy and international policy coordination; the historical development of central banking; Japan's "bubble economy" of the 1980s; and the causes, magnitude, and regulatory responses to Japan's banking and financial crisis of the 1990s.
This book sheds new light on the evolutionary role of financial system and the interacting mechanisms between financial development and economic growth in the context of Malaysia.
In this book prominent academics and central bankers explore the framework for securing financial stability in a changing environment. The papers focus in particular on the following crucial issues for central banks and regulatory institutions around the world: (i) the implications of recent changes in the financial system worldwide for financial stability; (ii) an optimal design of prudential policy; and (iii) the relationship between the two ultimate goals of central banks - price stability and financial stability.