Mr. Tamim Bayoumi, Mr. Guy M Meredith, and Bijan B. Aghevli
This conference volume is based on a one-day seminar on Japan held at the IMF in early 1997 that I chaired, in which the staff presented their views on various sectors of the Japanese economy and the results from current research on new topics. In addition to other members of the IMF, we were lucky to be able to invite an impressive list of outside experts on the Japanese economy, who contributed immensely to the quality of the discussion. From the local area, we had Drs. Ralph Bryant and Edward Lincoln from The Brookings Institution, Dr. Joseph Gagnon from the U.S. Federal Reserve, and Professor Junichi Goto, at that time at the World Bank on leave from the University of Kobe. We were also pleased to have three invitees from other parts of the United States, Professors Koichi Hamada from Yale University, Fumio Hayashi from Columbia University, and Gary Saxonhouse from the University of Michigan, as well as Dr. Jean-Claude Chouraqui from the Organization for Economic Cooperation and Development (OECD). And we were particularly honored to have a number of senior officials and academicians from Japan, including Dr. Haruhiko Kuroda from the Ministry of Finance, Dr. Masaru Yoshitomi from the Long-Term Credit Bank of Japan, Dr. Masahiko Takeda from the Bank of Japan, and Professors Kazuo Ueda and Masahiro Kawai, both from the University of Tokyo, whose presence helped make the event a success. Having so many learned experts on Japan together at one time to share their knowledge and insights with us was exciting indeed.
This volume, edited by David Folkerts-Landau and Marcel Cassard, consists of papers presented at a conference held in Hong Kong SAR that was hosted by the IMF and the Hong Kong Monetary Authority. It focuses on a wide range of issues confronting policymakers in managing their sovereign assets and liabilities in a world of mobile capital and integrated capital markets. Topics include public debt management strategy, central bank reserves management, technical and quantitive aspects of risk management, and credit costs and borrowing capacity in optimizing debt management. The papers draw on experiences of policymakers and private sector participants actively involved in formulating and implementing debt and reserves policy.