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Is the economic reform of Central Europe influenced by or an influence upon capital markets? Where does globalization fit in? Ken Morita's pioneering work investigates the relationship between the systemic transition of Central European economies and capital markets, in particular the commodity futures markets and speculation.

This book provides the analysis on capital markets in China, focusing attention upon (1) the bubble phenomena (whether or not a Chinese bubble really exists and might burst), (2) foreign direct investment and (3) integration, through all of which we could recognize the current situation and the future prospects of Chinese marketization. As regards to the bubble phenomena, particularly'early warning indicator'of the bubble, this book attempts to utilize the Grubbs-Smirnov Test to discover the'abnormal value'in several asset markets. Investigations of this book suggest that the distinctive features of the Chinese market have been significantly different from the markets of capitalist countries such as the United States and Japan. As far as Japan's foreign direct investments in China are concerned, this book tries to reveal the Chinese characteristics on FDI phenomena with FDI-trade ratio. The analysis of this book suggests that Chinese FDI from Japan has undoubtedly revealed the distortions caused by non-economic factors, which also mean that the distinctive features of the Chinese market have been different from the markets of the United States and Japan etc. Regarding integration, this book provides the analysis on the'G2'system between the United States and China (cooperation or conflict between them). The considerations of this book conclude that it might be difficult to have good cooperation between them because of significant differences between the Chinese system and the US system.

Since the end of the Cold War, developing a better framework to correctly recognize which direction globalization and the transition will take us has been necessary. The transition economies of China and Central Europe, in particular, hold significant implications for East Asian integration and EU enlargement, respectively. This book examines the processes of transition, regional development and globalization, focusing on China and Central Europe, and seeks to identify a new and stable international framework with improved outcomes for all.Divided into three parts, the book first analyzes several key economic issues concerning transition in China and Central Europe; it then examines these issues from the viewpoint of international relations; finally, it considers potential future directions for China, Japan, US and EU. It therefore constitutes an important contribution to our understanding of the ongoing process of globalization and ways to improve Sino-Japanese-EU-American-Central European economic relations.