Biography; Introduction; Part I Open Macroeconomics and Transmission Mechanisms; Chapter 1 Trilemma Configurations in Asia in an Era of Financial Globalization Joshua Aizenman, Menzie D. Chinn and Hiro Ito; Abstract; 1. Introduction; 2. The "Impossible Trinity" or "Trilemma": Theory and Evidence; 2.1 Brief review of the theory; 2.2 The "trilemma indexes"; 3. Regression Analyses; 3.1 Estimation results of the basic models; 3.1.1 Output growth; 3.1.2 Output volatility; 3.1.3 Inflation volatility; 3.1.4 Medium-run level of inflation; 3.2 Implications for Asia
4. Further Investigation into Output Volatility and Trilemma Choices4.1 Channels to output volatility; 4.1.1 Results on investment volatility and real exchange rate volatility; 4.2 A closer look at the transmission channels and policy implications for Asia; 5. Concluding Remarks; Acknowledgements; References; Chapter 2 Some Market Measures of Capital Account Liberalization in India Michael Hutchison, Gurnain Kaur Pasricha and Nirvikar Singh; Abstract; 1. Introduction; 2. Non-Deliverable Forward Markets; 3. Exploratory Data Analysis; 4. Estimation Methodology; 5. Results and Interpretation
6. ConclusionsAcknowledgments; References; Chapter 3 A Simple Model for "China Factor" in a Small Open Economy Xiao Xiao, Lihua Tang, Shuzhan Zhou and Jie Li; Abstract; 1. Introduction; 2. The Model; 2.1 An extended center-periphery model; 2.2 Solving the model; 2.3 Devalue or not -- welfare comparison approach; 3. Conclusions; Acknowledgements; References; Part II The Renminbi Valuation Debate; Chapter 4 Renminbi Misaligned -- Results from Meta-regressions Iikka Korhonen and Maria Ritola; Abstract; 1. Introduction; 2. Literature Survey; 2.1 Equilibrium exchange rate of the renminbi
2.2 Meta-analysis3. Description of the Data; 4. Meta-regressions; 5. Discussion and Conclusions; Acknowledgements; Appendix; References; Chapter 5 The Equilibrium Real Exchange Rate of China: A Productivity Approach Vikas Kakkar, Isabel Yan and Vincent Yip; Abstract; 1. Introduction; 2. The Model; 2.1 The relative price of nontradables; 2.2 The real exchange rate; 3. Econometric Methodology; 4. Data and Empirical Results; 4.1 Data; 4.2 Results for the relative price of nontradables; 4.3 Results for the real exchange rate; 5. Exploring the Role of Net Foreign Assets; 6. Conclusions
AcknowledgementsAppendix 1: Data Description; 1.1 Measurement of factor inputs; 1.2 Data sources; Appendix 2: Holz's (2006) Capital Stock Series; References; Chapter 6 A Note on the Debate over Renminbi Undervaluation Yin-Wong Cheung, Menzie D. Chinn and Eiji Fujii; Abstract; 1. Introduction; 2. Alternative Approaches to Modeling the Equilibrium Exchange Rate; 2.1 Conceptual differences and some practical issues; 2.2 The real exchange rate-per capita income relationship approach; 3. Misalignment Estimates -- Old and New; 4. Some Econometric Issues: Sampling Uncertainty and Serial Correlation

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Context of Asia and China in the global economy, editors, Yin-Wong Cheung, Guonan Ma

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