The Korea Institute for International Economic Policy (KIEP) organized and sponsored an international workshop entitled 'Capital Flows, Macroeconomic Management and Regional Cooperation in Asia' on November 30, 2007 in Washington, DC. The rationale behind the theme of the workshop is self-evident. While the Asian economies have recovered well from the financial and economic crisis of 1997-98 and have seen a resurgence in international capital flows, they continue to face enormous challenges in macroeconomic management. The regional economies have also taken a number of modest steps to enhance regional economic cooperation as a means of fortifying themselves against future financial crises as well as reducing prisoners' dilemmas that might exist in their exchange rate and monetary policies (Cavoli and Rajan 2008). (The rest is omitted.)

Introduction
Kyung Tae Lee (KIEP)
Ramkishen S. Rajan (George Mason University)

Chapter 1. Capital Account Liberalization and Capital Flows in Asia
1. Liberalizing China's Capital Account
Eswar S. Prasad (Cornell University)
2.What Tools are Available to Policymakers in Emerging Market Economies to Deal with Capital Inflows?
Carmen M. Reinhart (University of Maryland and the National Bureau of Economic Research)
Vincent R. Reinhart (American Enterprise Institute)

Chapter 2. Monetary Sterilization in Asia: Magnitude and Effectiveness
3.Sterilized Intervention in Emerging Asia: Is It Effective?
Hali Edison (International Monetary Fund)
Roberto Guimarães-Filho (International Monetary Fund)
Charles Kramer (International Monetary Fund)
Jacques Miniane (International Monetary Fund)
4.China as a Reserve Sink: The Evidence from Offset and Sterilization Coefficients
Alice Y. Ouyang (The Central University of Finance and Economics, Beijing)
Ramkishen S. Rajan (George Mason University)
Thomas D. Willett (Claremont Graduate University and Claremont McKenna College)

Chapter 3. Policy Coordination Issues in East Asia
5.Exchange Rate Regime and Macroeconomic Stability in East Asia
Deok Ryong Yoon (KIEP)
Jung Sik Kim (Yonsei University)
6.Price Convergence in East Asia and its Implication for Regional Monetary Integration
Woosik Moon (Seoul National University)
Yeongseop Rhee (Sookmyung University)

Chapter 4. Regional Cooperation in Asia
7.Selected Issues on Asian Monetary Cooperation
Thomas D. Willett (Claremont McKenna College and Claremont Graduate University)

Program
List of Participants