Acknowledgments -- Introduction -- Takatoshi Ito and Andrew K. Rose -- I. Global Imbalances -- 1. Life on the Tri-Polar Sphere: How Should Interest and Exchange Rates Realign Next? -- Michael P. Dooley, David Folkerts-Landau, and Peter Garber -- Comment: John Simon -- 2. Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia -- Shin-ichi Fukuda and Yoshifumi Kon -- Comments: Linda S. Goldberg -- Andrew K. Rose -- 3. Are Currency Appreciations Contractionary in China? -- Jianhuai Shi -- Comments: Ashvin Ahuja -- Dante B. Canlas -- II. Monetary Policy and Exchange Rates -- 4. The Relationship between Openness and Inflation in NIEs and the G7 -- Chung-Shu Wu and Jin-Lung Lin -- Comments: Peter Blair Henry -- John Simon -- 5. Pass-Through of Exchange Rates to Consumption Prices: What Has Changed and Why? -- Jose; Manuel Campa and Linda S. Goldberg -- Comments: M. Chatib Basri -- Kiyotaka Sato. 6. Price Impacts of Deals and Predictability of the Exchange Rate Movements -- Takatoshi Ito and Yuko Hashimoto -- Comment: Eli Remolona -- 7. Adopting a Common Currency Basket Arrangement into the ASEAN Plus Three -- Eiji Ogawa and Kentaro Kawasaki -- Comments: Michael P. Dooley -- Kiyotaka Sato -- III. Liberalization, Market Access, and the Cost of Capital -- 8. Growth and Returns in Emerging Markets -- Peter Blair Henry and Prakash Kannan -- Comments: Takatoshi Ito -- Etsuro Shioji -- 9. Bond Markets as Conduits for Capital Flows: How Does Asia Compare? -- Barry Eichengreen and Pipat Luengnaruemitchai -- Comment: Eiji Ogawa -- 10. Financial Liberalization under the WTO and Its Relationship with the Macro Economy -- Lee-Rong Wang, Chung-Hua Shen, and Ching-Yang Liang -- Comments: Shin-ichi Fukuda -- Roberto S. Mariano -- 11. Cross-Border Acquisitions and Target Firms" Performance: Evidence from Japanese Firm-Level Data -- Kyoji Fukao, Keiko Ito, Hyeog Ug Kwon, and Miho Takizawa -- Comments: M. Chatib Basri -- Roberto S. Mariano -- 12. Stock Market Opening and the Cost of Capital: The Case of Korea -- Inseok Shin and Chang-Gyun Park -- Comments: Yuko Hashimoto -- Chulsoo Kim.