Acknowledgments 1
Introduction 1
PartⅠ New Issues in Financial Globalization 3
1.How Taxing in Corruption on International Investors？ The Review of Economics and Statistics，82:1--11，2000 3
2.Currency Hedging and Goods Trade，European Economic Review，43:1371-1394，1999 14
3.Convergence to the Law of One Price without Trade Barriers or Currency Fluctuations(with D.Parsley)，The Quarterly Journal of Economics，447:1211-1236，1996 38
4.Insignificant and Inconsequential Hysteresis:The Case of U.S.Bilateral Trade(With D.Parsley)，The Review of Economics and Statistics，606-613，Novembr1993 64
5.Yen Bloc or Dollar Bloc？Exchange Rate Policies of the East Asian Economies(with J.Frankel)，Macroeconomic Linkages:Savings，Exchange Rates and Capital Flows，Takatoshi Ito and Anne Krueger(ed.)，The University of Chicago Press，295-329， 72
6.Price Volatility without News about Fundamentals，Economics Letters，37:453-458，1991 107
PartⅡ New Issues in Globalization and Regionalization of Trade 115
7.Regional Trading Arrangements:Natural or Supernatural？(with J.Frankel and E.Stein)，American Economic Review，86(2):52-56，1996 115
8.Open Regionalism in a World of Continental Trade Blocs(with J.Frankel)，IMF Staff Papers，45:440-453，1998 120
9.Trading Blocs and the Americas:the Natural，the Unnatural，and the Super-Natural？(with J.Frankel and E.Stein)，Joural of Development Economics，47:61-95，1995 134
10.Can Regional Blocs be a Stepping Stone to Global Free Trade？ A Political Economy Analysis(with J.Frankel)，International Review of Economics and Finance，5:339-347，1996 169
11.Open versus Closed Trade Blocs(with J.Frankel)，Regional versus Multinational Trade Arrangements，Takatoshi Ito and Anne Krueger(ed.)，The University of Chicago Press，119-139，1997 178
12.Regionalization of World Trade and Currencies:Economics and Politics(with J.Frankel)，The Regionalization of the World Economy，J.Frankel(eds)，The University of Chicago Press，189-219，1996 199
PartⅢ Political Economy Issues of Reform Strategies 223
13.Gradualism versus Big Bang:Speed and Sustainability of Reforms，Canadian Journal of Economics，XXX(4b):1234-1247，1997 233
14.To Shock or Not to Shock:Economics and Political Economy of Large-Scale Reforms(with P.Lian)，Economics and Politics，10:161-183，1998 247
15.Corruption and Economic Development in Asia，Integrity in Governance in Asia，UNDP(eds)，39-53，1998 270
PartⅣ China in the World Economy 287
16.Attracting Foreign Direct Investment:Has China Reached Its Potential？China Economic Review，6:187-199，1995 287
17.The Open Door Policy and China s Rapid Growth:Evidence from City-Level Data，Growth Theories in Light of the East Asian Experience，Takatoshi Ito and Anne Krueger(ed.)，The University of Chicago Press，73-98，1995 300
18.Foreign Direct Investment in China:Sources and Consequences，Financial Deregulation and Integration in East Asia，Takatoshi Ito and Anne Krueger(ed.)The University of Chicago Press，77-102，1996 326
19.Noise Trading in the Chinese Stock Market，Financial Market Reform in China:Problems，Progress，and Prospects，B.Chen，J.K.Dietrich and Y.Feng(ed.)，Westview Press，221-241，2000 352
20 The Siamese Twins:Do State-Owned Banks Favor State-Owned Enterprises in China？(with Tao Wang)，China Economic Review，8:19-29，1997 373