The reform in Asian financial sectors—especially in banking and stock markets—has been remarkable since the currency crisis of 1997–98. East Asia is now a major player in international finance, providing serious competition to the more traditional financial centers of London and New York. Financial Sector Development in the Pacific Rim provides a rich collection of theoretical and empirical analyses of the growing capital markets in the region. Bringing together authors from various East Asian and Pacific nations, this volume examines the institutional factors influencing financial innovation, the consequences of financial development, widespread consolidation occurring through mergers and acquisitions, and the implementation of policy reform. Financial Sector Development in the Pacific Rim offers the comparative analysis necessary to answer broad questions about economic development and the future of Asia.

The reform in Asian financial sectors-especially in banking and stock markets-has been remarkable since the currency crisis of 1997-98. East Asia is now a major player in international finance, providing serious competition to the more traditional financi.

As the importance of the Pacific Rim as a global centre of large-scale investment, development, and trade continues to increase, so do the potential benefits that Canada and other countries could reap as a result of an increased presence in this diverse region. This book, a revised, and to a large extent new, version of The Pacific Rim: Investment, Development, and Trade (1987), integrates a broad range of current economic data concerning the Pacific Rim with some of the more important theoretical issues in the area of economic development and trade. It demonstrates the paradoxical combination of strength and fragility that characterizes the emerging integrated Pacific Rim economy and attempts to clarify the nature of the framework and constraints that face foreign investors and trading partners.

Analyzing the long-term, historical development of the major economies around the Pacific Rim in language aimed at the general reader, Coming Full Circle throws light on the most important relationships in the region today as well as on the prospects for future economic development and political cooperation. The authors begin with a critique of the popular notion of an integrated "Pacific region," paying particular attention to the influence of geography and environment on population distribution and patterns of regional economic activity. Their study covers the diverse indigenous development of pre-European times, later periods of direct European influence, and the evolution of modern-day urban societies in the region. Finally, they track the rise of the United States and Japan as the dominant regional economic powers and forecast changes we can expect to see in the years ahead, noting in particular the increasing importance of China.

US aid interventions have greatly advantaged some countries in their quest for development, but not others. The extensive development assistance, technology transfers and market access that the United States government granted Taiwan and South Korea in their development and the aid recently given Costa Rica were important factors in their development successes. On the other hand, the inappropriate policies of the US in Vietnam in the fifties, El Salvador in the eighties and Nicaragua in the nineties, programmed these interventions to economic as well as political failure.

Trade across the Pacific will be one of the dominant forces in the economy of the next century. This collection reflects the birth of Pacific Rim history, until recently largely neglected. It addresses the development of the Pacific Rim over four centuries, combining broad historical syntheses with a range of essays on specific topics, from trade with Hong Kong to British overseas banking. It will form a major contribution to this rapidly expanding new field.

The imbalanced, yet mutually beneficial, trading relationship between the United States and Asia has long been one of international finance’s most perplexing mysteries. Although the United States continues to post a substantial trade deficit—and China reaps the benefits of a surplus—the dollar has yet to sink in the face of ever-increasing account disparities. International Financial Issues in the Pacific Rim explains why the United States enjoys a seemingly symbiotic relationship with its trading partners despite stark inequities in the trade balance, especially with Asia. This timely and well-informed study also debunks the assumed link between economic openness and low inflation in the region, identifies the serious gap between academic and private-sector researchers’ understanding of exchange rate volatility, and analyzes the liberalization of Asian capital accounts. International Financial Issues in the Pacific Rim will have broad implications for global trade and economic policy issues in Asia and beyond.

"A survey of the economy of the Pacific Rim region"--