STEFAN GERLACH is the former Executive Director of the Research Department at the Hong Kong Monetary Authority and Director of the Hong Kong Institute for Monetary Research. He has published extensively in the areas of Macroeconomics and money and finance, and holds a PhD from the University of Geneva. PAUL GRUENWALD is the International Monetary Fund's Resident Representative in Hong Kong SAR. He joined the IMF in 1992, and has extensive experience in Northeast Asia and Latin America, particularly in capital and financial markets issues. He holds a PhD in Economics from Columbia Univer

• Foreword Introduction; S.Gerlach & P.Gruenwald Procyclicality and Volatility in the Financial System: The Implementation of Basel II and IAS 39; A.Taylor & C.Goodhart Comments on 'Procyclicality and Volatility in the Financial System: The Implementation of Basel II and IAS 39'; D.Burton, W.A.Ryback & J.Viñals Sources of Procyclicality in East Asia Financial Systems; R.S.Craig, E.P.Davis & A.G.Pascual Comments on "Sources of Procyclicality in East Asia Financial Systems"; H.Mingzhi & T.Wantanagase Procyclical Financial Behaviour: What Can be Done?; P.Lowe & G.Stevens Comments on "Procyclical Financial Behaviour: What Can be Done?"; M.Gudmundsson, E.Hirano & A.Sheng