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Volume Title: Deregulation and Interdependence in the Asia-Pacific Region,NBER-EASE Volume 8

Volume Author/Editor: Takatoshi Ito and Anne O. Krueger, editors

Volume Publisher: University of Chicago Press

Volume ISBN: 0-226-38674-0

Volume URL: http://www.nber.org/books/ito_00-1

Conference Date: June 19-21, 1997

Publication Date: January 2000

Chapter Title: Front matter, acknowledgments, table of contents

Chapter Author: Takatoshi Ito, Anne O. Krueger

Chapter URL: http://www.nber.org/chapters/c8474

Chapter pages in book: (p. -13 - 0)

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Deregulation and Interdependence in the Asia-Pacific Region

NBER-East Asia Seminar on Economics

Volume 8

National Bureau of Economic Research

Tokyo Center for Economic Research

Korea Development Institute

Chung-Hua Institution for Economic Research

Hong Kong University of Science and Technology

National University of Singapore

Deregulation and Interdependence in the Asia-Pacific Region

Edited by Takatoshi Ito and Anne 0. Krueger

The University of Chicago Press

Chicago and London

TAKATOSHI ITO is professor in the Institute of Economic Research at Hitotsubashi University, Tokyo, and a research associate of the National Bureau of Economic Research. ANNE 0. KRUEGER is the Herald L. and Caroline L. Ritch Professor of Economics, senior fellow of the Hoover Institution, and director of the Center for Research on Economic Development and Policy Reform at Stanford University, and a research associate of the National Bureau of Economic Research.

The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London 0 2000 by the National Bureau of Economic Research All rights reserved. Published 2000 Printed in the United States of America 09 08 07 06 05 04 03 02 01 00 1 2 3 4 5 ISBN: 0-226-38674-0 (cloth)

Library of Congress Cataloging-in-Publication Data

Deregulation and interdependence in the Asia-Pacific region / edited by Takatoshi Ito and Anne 0. Krueger.

p. cm. - (NBER-East Asia seminar on economics ; v. 8) Papers presented at the eighth annual National Bureau of

Economic Research East Asia Seminar on Economics (EASE8) held in Taipei in June 1997.

Includes bibliographical references and index. ISBN 0-226-38674-0 (alk. paper) 1. Industrial policy-East Asia-Congresses.

2. Deregulation-East Asia-Congresses. 3. Free trade-East Asia-Congresses. 4. Service industries-Government policy- East Asia-Case studies-Congresses. 5. Competition, International-Congresses. Anne 0. Taipei, Taiwan) IV. NBER-East Asia seminar on economics (Series) ; v. 8.

I. Ito, Takatoshi, 1950- 11. Krueger, 111. NBER-East Asia Seminar on Economics (8th : 1997

HD3616.El83 D47 2000 338.95-dc21

99-045 132

@ The paper used in this publication meets the minimum requirements of the American National Standard for Information Sciences-Permanence of Paper for Printed Library Materials, ANSI 239.48-1992.

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Robert S. Hamada, American Finance Association

Association

Robert Mednick, American Institute of

John J. Siegfried, Americari Economic

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Gavin Wright, Economic History

Directors Emeriti

Moses Abramovitz Franklin A. Lindsay James J. O’Leary George T. Conklin, Jr. Paul W. McCracken Bert Seidman Thomas D. Flynn Geoffrey H. Moore Eli Shapiro Lawrence R. Klein

Since this volume is a record of conference proceedings, it has been exempted from the rules governing critical review of manuscripts by the Board of Directors of the National Bureau (resolution adopted 8 June 1948, as revised 21 November 1949 and 20 April 1968).

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Contents

1.

2.

3.

4.

Acknowledgments

Introduction Takatoshi Ito and Anne 0. Krueger

Regulatory Reform and International Trade Policy Roger G. No11 Comment: Anne 0. Krueger Comment: Sadao Nagaoka

International Trade Aspects of Competition Policy Sadao Nagaoka Comment: Anne 0. Krueger Comment: Chong-Hyun Nam

Market Design and Price Behavior in Restructured Electricity Markets: An International Comparison Frank A. Wolak Comment: Takatoshi Ito Comment: Francis T. Lui

Competition in the Japanese Distribution Market and Market Access from Abroad Motoshige Itoh Comment: Thomas Gale Moore Comment: Ching-hsi Chang

xi

1

13

55

79

139

V i i

viii Contents

5.

6.

7.

8.

9.

10.

11.

12.

13.

Hong Kong’s Business Regulation in Transition Changqi Wu and Leonard K. Cheng Comment: Thomas Gale Moore Comment: Roger G. No11

Toward a More Liberal Sky in Japan: An Evaluation of Policy Change Hirotaka Yamauchi Comment: Takatoshi Ito Comment: Changqi Wu

The Reform of the Business Service Sector: The Case of Taiwan’s Financial System Ching-hsi Chang Comment: Motoshige Itoh Comment: Hirotaka Yamauchi

Interest Rates, Credit Rationing, and Banking Deregulation in Taiwan Chung-Shu Wu and Sheng-Cheng Hu Comment: Shinji Takagi

Financial Deregulation and Competition in Korea Moon-Soo Kang Comment: Shinji Takagi Comment: Sang-Woo Nam

Deregulation, Profit, and Cost in Commercial Banking: The Case of Hong Kong Yum K. Kwan and Francis T. Lui Comment: Moon-Soo Kang

Telecommunications Liberalization: A Taiwanese Perspective Shin-Horng Chen Comment: Ramonette B. Serafica

Competition Policies for the Telecommunications Industry in Korea I1 Chong Nam Comment: Ramonette B. Serafica

China’s Telecommunications Infrastructure Buildup: On Its Own Way Ding Lu Comment: Shang-Jin Wei Comment: Tsuruhiko Nambu

157

195

227

255

277

305

327

351

37 1

Contents ix

14. Telecommunications Liberalization: The U.S. Model Robert W. Crandall Comment: Shin-Horng Chen Comment: Tsuruhiko Nambu

Contributors Author Index Subject Index

415

431 439 443

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Acknowledgments

This volume contains edited versions of papers presented at the NBER- East Asia Seminar on Economics’ eighth annual conference, held in Tai- pei, Taiwan, on 19-21 June 1997.

We are indebted to members of the program committee who organized the conference, and to Chung-Hua Institution, Taipei; the Hong Kong University of Science and Technology; Korea Development Institute, Seoul; the National University of Singapore; and the Tokyo Center for Economic Research.

President Chao-Cheng Mai and Vice President Hong Hwang of the Chung-Hua Institution were the local hosts. All conference participants are grateful for the excellent organization and hospitality supporting the conference.

The National Bureau of Economic Research provided logistical sup- port, as well as support for the North American-based conference partici- pants and some of the Asian participants. We are greatly indebted to the NBER, as well as to the Asian institutions that support the research and this series of conferences.

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