The changing capital markets of East Asia /

This interesting but limited economic survey of a critical region likely to grow in strategic importance in the next century analyzes a variety of economic issues that impact the development of East Asian capital markets. The volume begins with a useful perspective on the growth of East Asian financial markets in the context of political/economic liberalization. It also provides a good historical review of the emergence of Asian equity exchanges. The chapter with perhaps the most long-term significance discusses China's evolving capital market and its relation to the central government. Other topics examined in this work include the roles of Taiwan and Korea in regional direct investment, comparative tax structures, and East Asian accounting regulation. The major weakness of this book, however, is its narrow definition of East Asia, which is defined to exclude Japan and Australia, two of the region's most dynamic economies. This editorial choice limits the book's usefulness for academics and business decision makers. Nevertheless, it contains highly insightful observations on an important component of the integrated global capital market. Upper-division undergraduate through professional. S. P. Ferris University of Missouri--Columbia