Front matter, acknowledgments: Takatoshi Ito, Andrew K. Rose

Introduction to "Financial Sector Development in the Pacific Rim, East Asia Seminar on Economics Volume 18": Takatoshi Ito, Andrew K. Rose

1. Hong Kong and Shanghai: Yesterday, Today and Tomorrow: Robert N. McCauley, Eric Chan
       Comment: David Cook
       Comment: Peter Nicholas Kriz

2. Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period: Yasushi Hamao, Takeo Hoshi, Tetsuji Okazaki
       Comment: Youngjae Lim
       Comment: Masaya Sakuragawa

3. Misaligned Incentives and Mortgage Lending in Asia: Richard Green, Roberto Mariano, Andrey Pavlov, Susan Wachter
       Comment: Michael Davies
       Comment: Mario Lamberte

4. East Asia and Global Imbalances: Saving, Investment, and Financial Development: Hiro Ito, Menzie Chinn
       Comment: Edwin Lai
       Comment: Edward Robinson, Liew Yin Sze

5. Consumer Credit Market in Korea since the Economic Crisis: Chang-Gyun Park
       Comment: Winston T. H. Koh

6. The Determinants of Cross-Border Merger and Acquisition Activity in the Financial Sector in Asia: Did the Asian Financial Crisis Change Them?: Chung-Hua Shen, Mei-Rong Lin
       Comment: Mario B. Lamberte
       Comment: Wimboh Santoso

7. Merger Activities and Stock Market Valuation in China: Ho-Mou Wu
       Comment: Kaoru Hosono
       Comment: Julian Wright

8. Consolidation of Banks in Japan: Causes and Consequences: Kaoru Hosono, Koji Sakai, Kotaro Tsuru
       Comment: Hiro Ito
       Comment: Barry Williams

9. Did the Japanese Stock Market Appropriately Price the Takenaka Financial Reform?: Masaya Sakuragawa, Yoshitsugu Watanabe
       Comment: Takatoshi Ito
       Comment: Randall Morck

10. Big Business Stability and Social Welfare: Kathy Fogel, Randall Morck, Bernard Yeung
       Comment: Partha Chatterjee
       Comment: Pushan Dutt