Research Discussion Paper – RDP 9506 The Liberalisation and Integration of Domestic Financial Markets in Western Pacific Economies


I am grateful to Palle Andersen, Peter Drysdale, Jenny Gordon, Philip Lowe, Warwick McKibbin, Kunio Okina, Adrian Pagan, Chris Ryan, Graeme Wells and the participants at seminars at Hitotsubashi University, The Bank of Japan, the ANU and the Reserve Bank for helpful comments. Research for this paper was undertaken while I was a visiting researcher at the Institute of Monetary and Economic Studies at the Bank of Japan and I am indebted to the Bank of Japan for providing this facility and to the Japan Foundation for generous financing of the project. I am responsible for errors in this paper, and the views expressed here are mine and not necessarily those of the institutions mentioned above.