Macroeconomic linkage : savings, exchange rates, and capital flows / edited by Takatoshi Ito and Anne O. Krueger.

"Contains the papers presented at the third annual East Asia Seminar, held in Sapporo from June 17 to June 19, 1992"--Introduction.

Includes bibliographies and index.

International growth linkages : evidence from Asia and the OECD / John F. Helliwell. Comment / Shin-ichi Fukuda -- On recent movements of Japanese current accounts and capital flows / Takatoshi Ito. Comment / Naohiro Yashiro. Comment / Maira S. Gochoco -- Perspectives on Korea's external adjustment : comparison with Japan and Taiwan / Bon Ho Koo and Won-Am Park. Comment / Bih Jane Liu. Comment / Hiroo Taguchi -- The effects of NT dollar variations on Taiwan's trade flows / San Gee. Comment / Hideki Funatsu. Comment / Chong-Hyun Nam -- Capital mobility in Korea since the early 1980s : comparison with Japan and Taiwan / Sung Hee Jwa. Comment / Kazuo Ueda. Comment / Pochih Chen -- An Asian capital crunch? : implications for East Asia of a global capital shortage / Rachel McCulloch. Comment / Chong-Hyun Nam. Comment / Kazumi Asako.

Money, output, exchange rate, and price : the case of Taiwan / Chung-Shu Wu and Jin-Lung Lin. Comment / Maria S. Gochoco -- Endogenous exchange rate fluctuations under the flexible exchange rate regime / Shin-ichi Fukuda. Comment / Michihiro Ohyama. Comment / Shang-Jin Wei -- Export structure and exchange rate variation in Taiwan : a comparison with Japan and the United States / Pochih Chen, Chi Schive, and Cheng Chung Chu. Comment / Rachel McCulloch. Comment / Shin-ichi Fukuda -- Cost externality and exchange rate pass-through : some evidence from Taiwan / Bih Jane Liu. Comment / Won-Am Park. Comment / Serguey Braguinsky -- Tariffs, quotas, and inventory adjustment / Kazumi Asako and Yoshiyasu Ono. Comment / Kazuo Nishimura. Comment / John F. Helliwell -- Yen bloc or dollar bloc? : exchange rate policies of the East Asian economies / Jeffrey A. Frankel and Shang-Jin Wei. Comment / Koichi Hamada. Comment / Sung Hee Jwa.

On the internationalization of the Japanese yen / Hiroo Taguchi. Comment / Kazuo Ueda. Comment / Anne O. Krueger -- Economic preconditions for Asian regional integration / Junichi Goto and Koichi Hamada. Comment / Masao Satake. Comment / Toshiaki Tachibanaki.

This volume explores the macroeconomic experience of East Asia in the 1980s and the impact of the region's growth on the rest of the world. The authors examine variables such as current account surpluses and deficits, as well as the ways in which exchange rate fluctuations in today's global economy affect the economies of countries not only in the same region but across the globe.

These fourteen papers are organized around four themes: the overall determinants of growth and trading relations in the region; monetary policies in relation to capital controls and capital accounts; the impact of exchange rates on industrial structure; and the potential for greater regional integration.

The contributors cover topics such as interactions among exchange rate movements, trade balances, and capital flows in Japan, Korea, and Taiwan, and the impact of exchange rates on industrial structure, inventories, and prices of both domestic and exported goods.

One set of papers, examining the role of government monetary policy, reveals that when oil prices declined in Taiwan and the government loosened its monetary policy, growth increased without inflation. Another set of papers, focusing on the extent of regional integration in East Asia, finds that most of these nations' currencies are more closely tied to the dollar than to the yen.

Macroeconomic Linkage offers a careful study of economic developments in East Asia that will be especially valuable to economists interested in international trade and exchange rates and to regional experts who focus on East Asia.

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