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The volume represents a collection of papers that examine important topical themes related to the rise of China and Asia in the global economy. It offers many useful insights on several issues that are hotly debated in the international community, especially in the aftermath of the recent global financial crisis. The contributors are renowned experts from academic institutions, central banks, and international organizations. Their analyses and points of view offer valuable insights for researchers and policymakers who are interested in the recent developments in China, Asia, and the global economy. Specifically, the thirteen chapters contained in the volume address four broad themes. The first theme covers the contentious issue of renminbi valuation, which has significant implications for the debate on global imbalances. The second theme is on open macroeconomics that highlights the interactions between countries in the globalization era. The third theme covers currency internationalization and financial markets in Asia. In particular, two chapters discuss renminbi internationalization and yen internationalization, while the other two papers examine yen carry trade and the Asian credit card market. The fourth theme is on fiscal and monetary policies in Asian countries.
List of contents
Renminbi Valuation: Renminbi misaligned - Results from meta-regressions (I Korhonen & M Ritola); The Equilibrium Real Exchange Rate of China: A Productivity Approach (V Kakkar & I Yan); A Note on the Debate over Renminbi Undervaluation (Y-W Cheung et al.); Open Macroeconomics: Trilemma Configurations in Asia in an Era of Financial Globalization (J Aizenman et al.); How much do Exports Matter for China's Growth? (L Cui et al.); A Simple Model for China FactorA" in a Small Open Economy (J Li); Currency Internationalization and Financial Markets: On Renminbi Internationalization (H-H Gao & Y-D Yu); Internationalizing the Yen, 1984-2003: Unfinished Agenda or Mission Impossible? (S Takagi); Bond Currency Denomination and the Yen Carry Trade (M Spiegel & J Lopez ); Growing Asian Credit Card Markets Amid the Global Financial Crisis (T S Kang & G-N Ma); Fiscal and Monetary Policy: Macroeconomic Effects of Emerging Asia's Fiscal Stimulus (P Cova & A Rebucci); Double Drain, Risk of Recession and Monetary Policy in Small Open Economies (G-Y Kim); The Effect of Government Size on Economic Growth in Japan (F Guerrero & E Parker).
