Takuji KINKYO is a Professor of Economics at Kobe University in Japan. He received his PhD from University of London. He previously worked as Director, International Department at Ministry of Finance Japan, and was Visiting Lecturer at School of Oriental and African Studies, University of London. His research interests include emerging market financial crises, finance and development, and Asian economic integration. His work has been published in leading academic journals, including Cambridge Journal of Economics and World Development. He is also the co-editor of Global Linkages and Economic Rebalancing in East Asia (World Scientific, 2013).Yoichi MATSUBAYASHI is a Professor of Economics at Kobe University in Japan. He received his PhD from Kobe University. His main concern is international macroeconomics, especially external imbalances in the recent world economy. He has published many papers in refereed journals, such as Japanese Economic Review, Japan and the World Economy. He is also the co-editor of Global Linkages and Economic Rebalancing in East Asia (World Scientific, 2013).Shigeyuki HAMORI is a Professor of Economics at Kobe University in Japan. He received his PhD from Duke University and has published many papers in refereed journals. He is the author or co-author of An Empirical Investigation of Stock Markets: the CCF Approach (Kluwer Academic Publishers, 2003), Hidden Markov Models: Applications to Financial Economics (Springer, 2004), Empirical Techniques in Finance (Springer, 2005), and Introduction of the Euro and the Monetary Policy of the European Central Bank (World Scientific, 2009). He is also the co-editor of Global Linkages and Economic Rebalancing in East Asia (World Scientific, 2013).

• Introduction, by Takuji Kinkyo, Yoichi Matsubayashi and Shigeyuki Hamori 1. Financial Liberalization and Income Inequality in Asia, by Fengbao Yin and Shigeyuki Hamori 2. Financial Integration, Capital Flows and Macro-Prudential Policy in East Asia, by Shigeto Kitano and Yoichi Matsubayashi 3. Sources of Economic Fluctuations in Asia: Evidence from a Panel VAR, by Yuki Toyoshima and Shigeyuki Hamori 4. Chiang Mai Initiative: Progress and Lessons from the Euro Crisis, by Takuji Kinkyo 5. Asian Bond Markets Initiative: The Way Forward, by Satoshi Shimizu 6. ASEAN Capital Market Integration: Progress and Challenges, by Atsushi Kamio 7. Opportunities and Challenges Facing Japanese Banks in Expanding Overseas, by Tetsuo Fujita 8. Financial Reform and Economic Rebalancing in China, by Eiichi Sekine 9. Financial Development: The Case of Indonesia, by Miki Hamada

Takuji KINKYO is a Professor of Economics at Kobe University in Japan. He received his PhD from University of London. He previously worked as Director, International Department at Ministry of Finance Japan, and was Visiting Lecturer at School of Oriental and African Studies, University of London. His research interests include emerging market financial crises, finance and development, and Asian economic integration. His work has been published in leading academic journals, including Cambridge Journal of Economics and World Development. He is also the co-editor of Global Linkages and Economic Rebalancing in East Asia (World Scientific, 2013).Yoichi MATSUBAYASHI is a Professor of Economics at Kobe University in Japan. He received his PhD from Kobe University. His main concern is international macroeconomics, especially external imbalances in the recent world economy. He has published many papers in refereed journals, such as Japanese Economic Review, Japan and the World Economy. He is also the co-editor of Global Linkages and Economic Rebalancing in East Asia (World Scientific, 2013).Shigeyuki HAMORI is a Professor of Economics at Kobe University in Japan. He received his PhD from Duke University and has published many papers in refereed journals. He is the author or co-author of An Empirical Investigation of Stock Markets: the CCF Approach (Kluwer Academic Publishers, 2003), Hidden Markov Models: Applications to Financial Economics (Springer, 2004), Empirical Techniques in Finance (Springer, 2005), and Introduction of the Euro and the Monetary Policy of the European Central Bank (World Scientific, 2009). He is also the co-editor of Global Linkages and Economic Rebalancing in East Asia (World Scientific, 2013).

• Introduction, by Takuji Kinkyo, Yoichi Matsubayashi and Shigeyuki Hamori 1. Financial Liberalization and Income Inequality in Asia, by Fengbao Yin and Shigeyuki Hamori 2. Financial Integration, Capital Flows and Macro-Prudential Policy in East Asia, by Shigeto Kitano and Yoichi Matsubayashi 3. Sources of Economic Fluctuations in Asia: Evidence from a Panel VAR, by Yuki Toyoshima and Shigeyuki Hamori 4. Chiang Mai Initiative: Progress and Lessons from the Euro Crisis, by Takuji Kinkyo 5. Asian Bond Markets Initiative: The Way Forward, by Satoshi Shimizu 6. ASEAN Capital Market Integration: Progress and Challenges, by Atsushi Kamio 7. Opportunities and Challenges Facing Japanese Banks in Expanding Overseas, by Tetsuo Fujita 8. Financial Reform and Economic Rebalancing in China, by Eiichi Sekine 9. Financial Development: The Case of Indonesia, by Miki Hamada