International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy (Volume 17) (National Bureau ... Research East Asia Seminar on Economics) - Hardcover

9780226386829: International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy (Volume 17) (National Bureau ... Research East Asia Seminar on Economics)

Hardcover

ISBN 10: 0226386821 ISBN 13: 9780226386829

Publisher: University of Chicago Press, 2008

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.

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About the Authors

Takatoshi Ito is professor in the graduate schools of public policy and of economics at the University of Tokyo and a research associate of the NBER.

Andrew K. Rose is the B.T. Rocca Professor of Economic Analysis and Policy at the Haas School of Business, University of California, Berkeley, and a research associate of the NBER.

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