Information about Asia and the Pacific Asia y el Pacífico
Journal Issue

Book notes

International Monetary Fund. External Relations Dept.
Published Date:
January 2001
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Information about Asia and the Pacific Asia y el Pacífico
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Henk van Gemert (editor)

Financial Reform in China

Bridging the Gap between Plan and Market

Shaker Publishing, Maastricht, Netherlands, 2001, 247 pp., 79 Dutch guilders/36 euros (cloth).

After more than 20 years of gradual reform, China should now accelerate its reforms to prepare for the new global, competitive environment. This volume, a joint project of 10 Chinese experts brought together by an experienced China hand, addresses the key issues facing this country’s financial system on the eve of its entry into the World Trade Organization.

Subramanian Sivaraman Sriram

The Demand for Money in Malaysia

A Study of M2

Southern Economist, Bangalore, India, 2000, xxiv + 471 pp., Rs750/$40 (cloth).

The demand for money plays a major role in macroeconomic analysis. In this book, the author, an economist at the IMF, reviews the theoretical and empirical literature as well as the issues of modeling and estimating money demand. He then systematically builds models to estimate the demand for broad money (M2) in Malaysia during August 1973-December 1995 under a cointegration and error-correction modeling framework. The book will be a useful reference source for researchers, policymakers, and graduate students.

Jeffrey C. Hooke

Emerging Markets

A Practical Guide for Corporations, Lenders, and Investors

John Wiley and Sons, New York, 2001, xv + 283 pp., $79.95 (cloth). The turbulence of the late 1990s in emerging markets has tempered the enthusiasm of many Western investors. In this new climate, it is more important than ever for developing countries to attract foreign investment to achieve economic advancement and poverty reduction.

In this book, Jeffrey Hooke, a former investment officer with the International Finance Corporation who now heads his own investment banking firm, provides both Western investors and development professionals with a comprehensive guide to the various opportunities and pitfalls associated with that they can encounter in dealing with emerging markets. He defines what emerging markets are (and what they are not) and discusses why multinational firms should invest in them, reviewing some of the obstacles to investment, including hidden barriers to entry, capricious government actions, sudden setbacks in a country’s economic performance, devaluations, and the lack of information. His account is illustrated by descriptions from his own experiences and those of other investors in Africa, Asia, Eastern Europe, and Latin America.

Edward Nĕmecček

The International Monetary System

An Issue of Convertibility, Stability, and Liquidity

Karolinum Press, Charles University, Prague, 2000, 240 pp., $50.00 (cloth).

Published to coincide with the Annual Meetings of the IMF and the World Bank, held in Prague in September 2000, this book, written by the head of the Public Finance and Banking Department of Charles University, is a historical study of the development of the international monetary system. In his analysis, Nĕmeček studies three issues every economic system faces in framing monetary policy: currency convertibility, purchasing power stability, and liquidity. The book is illustrated by numerous charts and tables.

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