the paper in PDF format
... A series of financial episodes over the last couple of decades has been responsible for the resurgence of interest on the impact of financial market integration on both emerging and developing economies. While there might be some short-run side effects, it has been argued that in the long-run financ ...
... A series of financial episodes over the last couple of decades has been responsible for the resurgence of interest on the impact of financial market integration on both emerging and developing economies. While there might be some short-run side effects, it has been argued that in the long-run financ ...
The Role of Finance in the Economy: Implications for Structural
... each, they would likely all or virtually all have made the same mistakes. They would have over-invested in real estate-related products, taken excessive risks across the board, created opaque and risky securitizations and derivatives products, pushed accounting rules to their limits, etc. The other ...
... each, they would likely all or virtually all have made the same mistakes. They would have over-invested in real estate-related products, taken excessive risks across the board, created opaque and risky securitizations and derivatives products, pushed accounting rules to their limits, etc. The other ...
Central banks with large balance sheets
... its priority goals. These risks must be addressed by macro-prudential policies of a regulatory and administrative nature. The corresponding toolkit given to central banks has to be enlarged. ...
... its priority goals. These risks must be addressed by macro-prudential policies of a regulatory and administrative nature. The corresponding toolkit given to central banks has to be enlarged. ...
THE MAKING OF THE TURKISH FINANCIAL CRISIS
... hard those sectors with high exposure to exchange rate risks which the earlier peg had encouraged. Public finances were squeezed from rising external and domestic debt servicing obligations due to the collapse of the currency and the hike in interest rates. Fiscal austerity and monetary tightening h ...
... hard those sectors with high exposure to exchange rate risks which the earlier peg had encouraged. Public finances were squeezed from rising external and domestic debt servicing obligations due to the collapse of the currency and the hike in interest rates. Fiscal austerity and monetary tightening h ...
Balance Sheets after the EMU - OFCE
... tend to self-insure themselves by matching the currency denomination of their liabilities with the exchange rate sensitivity of their profits. As a consequence, after a devaluation, investment of firms indebted in dollars does not fall more than that of firms indebted in the domestic currency. Some ...
... tend to self-insure themselves by matching the currency denomination of their liabilities with the exchange rate sensitivity of their profits. As a consequence, after a devaluation, investment of firms indebted in dollars does not fall more than that of firms indebted in the domestic currency. Some ...
The lasting impact of the Asian financial crisis
... was, in fact, accomplished through increased exports and reduced imports due to currency depreciation. There was no reason to further shrink demand through monetary and fiscal austerity. In the crucial first few months of the crisis (August to December 1997), the IMF concentrated on structural "refo ...
... was, in fact, accomplished through increased exports and reduced imports due to currency depreciation. There was no reason to further shrink demand through monetary and fiscal austerity. In the crucial first few months of the crisis (August to December 1997), the IMF concentrated on structural "refo ...
The Changing Nature of Financial Intermediation and the Financial
... (and subsequent collapse) of the broker-dealer sector of the economy, the sector that includes the securities firms. Broker-dealers are at the heart of the market-based financial system, as they make markets for tradable assets, they originate new securities, and they produce derivatives. Broker-dea ...
... (and subsequent collapse) of the broker-dealer sector of the economy, the sector that includes the securities firms. Broker-dealers are at the heart of the market-based financial system, as they make markets for tradable assets, they originate new securities, and they produce derivatives. Broker-dea ...
The Overvalued Dollar and the US Slump
... thereby causing manufacturing job losses. Between April 1998 and September 2002 the United States lost 2.2 million manufacturing jobs, of which 1.9 million were lost after July 2000. These losses can be substantially attributed to the overvalued dollar, which has reduced export demand for US manufac ...
... thereby causing manufacturing job losses. Between April 1998 and September 2002 the United States lost 2.2 million manufacturing jobs, of which 1.9 million were lost after July 2000. These losses can be substantially attributed to the overvalued dollar, which has reduced export demand for US manufac ...
M. Singer
... (similarly heterogeneous as USA, maybe even more so) • Consequently, it needs fiscal transfers on similar scale to USA (but has no option of tax federalisation!) • Yet transfers of this magnitude are unacceptable to voters in North • Future of euro area depends on cutting links between banks and pub ...
... (similarly heterogeneous as USA, maybe even more so) • Consequently, it needs fiscal transfers on similar scale to USA (but has no option of tax federalisation!) • Yet transfers of this magnitude are unacceptable to voters in North • Future of euro area depends on cutting links between banks and pub ...
International Accounting Standard 29
... the currencies of hyperinflationary economies. The financial statements of any such subsidiary need to be restated by applying a general price index of the country in whose currency it reports before they are included in the consolidated financial statements issued by its parent. Where such a subsid ...
... the currencies of hyperinflationary economies. The financial statements of any such subsidiary need to be restated by applying a general price index of the country in whose currency it reports before they are included in the consolidated financial statements issued by its parent. Where such a subsid ...
Harold L. Cole Maurice TRADE AND INTERNATIONAL RISK SHARING:
... Findings about the nature and strength of these forces are important for their implications about public policy toward international capital movements. integration ...
... Findings about the nature and strength of these forces are important for their implications about public policy toward international capital movements. integration ...
REGIONAL INTEGRATION IN SOUTH AMERICA/INTEGRACIÓN
... and adjusts to underpin the supply-side determined level of economic activity (which itself corresponds to the NAIRU).5 In terms of policy implications there is an important difference between the NCM, which adopts inflation targeting, and the ECB, which allegedly does not pursue strict inflation ta ...
... and adjusts to underpin the supply-side determined level of economic activity (which itself corresponds to the NAIRU).5 In terms of policy implications there is an important difference between the NCM, which adopts inflation targeting, and the ECB, which allegedly does not pursue strict inflation ta ...
NBER WORKING PAPER SERES UNDERSTAND~G FINANCIAL
... and financial crises occur and why they can have such a devastating particularly ...
... and financial crises occur and why they can have such a devastating particularly ...
Chapter 17
... Financial Crises and Capital Flight (cont.) • What happens if the central bank runs out of official international reserve assets (foreign assets)? • It must devalue the domestic currency so that it takes more domestic currency (assets) to exchange for 1 unit of foreign currency (asset). – This will ...
... Financial Crises and Capital Flight (cont.) • What happens if the central bank runs out of official international reserve assets (foreign assets)? • It must devalue the domestic currency so that it takes more domestic currency (assets) to exchange for 1 unit of foreign currency (asset). – This will ...
Malayan Banking Berhad - Investor Relations: IR Home
... The adoption of FRS 5, 102, 108, 110, 116, 121, 127, 128, 131, 132, 133, 136 and 138 does not have significant financial impact on the Group. The principal effects of the changes in accounting policies resulting from the adoption of the other new/revised FRS’s are discussed below. The allowance for ...
... The adoption of FRS 5, 102, 108, 110, 116, 121, 127, 128, 131, 132, 133, 136 and 138 does not have significant financial impact on the Group. The principal effects of the changes in accounting policies resulting from the adoption of the other new/revised FRS’s are discussed below. The allowance for ...
and the Exchange Rate
... domestic interest rate implies an expected appreciation to maintain uncovered interest parity. If the expected future exchange rate is fixed, an expected appreciation implies a depreciation of the current exchange rate, which is incompatible with a fixed exchange rate regime. To defend the exchange ...
... domestic interest rate implies an expected appreciation to maintain uncovered interest parity. If the expected future exchange rate is fixed, an expected appreciation implies a depreciation of the current exchange rate, which is incompatible with a fixed exchange rate regime. To defend the exchange ...
Richard Baldwin Daria Taglioni 14 November 2009, VOX.EU
... The nature of the demand shock interacted with the composition of trade and GDP to greatly exaggerate the trade drop. The basic point is best illustrated with a small numerical example. Roughly speaking, world trade consists of about 80% manufactures – most of which are related to the ‘postpone-able ...
... The nature of the demand shock interacted with the composition of trade and GDP to greatly exaggerate the trade drop. The basic point is best illustrated with a small numerical example. Roughly speaking, world trade consists of about 80% manufactures – most of which are related to the ‘postpone-able ...
Exchange Rates and the International Financial
... productivity of capital and would therefore borrow from rich countries, while rich countries would have used up their investment opportunities and should therefore lend to poor countries. Indeed, this pattern did hold for most of U.S. history. During the nineteenth century, the United States importe ...
... productivity of capital and would therefore borrow from rich countries, while rich countries would have used up their investment opportunities and should therefore lend to poor countries. Indeed, this pattern did hold for most of U.S. history. During the nineteenth century, the United States importe ...
Capital Mobility and the Thai Crisis*
... independence in spite of its fixed exchange rate (Warr and Nidhiprabha 1996). But these controls were largely dismantled during the early 1990s. In part, it was hoped that Bangkok might replace Hong Kong as a regional financial centre following the restoration of Chinese sovereignty in Hong Kong in ...
... independence in spite of its fixed exchange rate (Warr and Nidhiprabha 1996). But these controls were largely dismantled during the early 1990s. In part, it was hoped that Bangkok might replace Hong Kong as a regional financial centre following the restoration of Chinese sovereignty in Hong Kong in ...
Communications Department 30, Janadhipathi Mawatha, Colombo
... category continued to maintain their competitiveness by supplying high quality and high valued products. Small and medium scale manufacturers were affected by the low demand in both export and domestic markets and the increase in the cost of production. Lower growth in disposable income and subdued ...
... category continued to maintain their competitiveness by supplying high quality and high valued products. Small and medium scale manufacturers were affected by the low demand in both export and domestic markets and the increase in the cost of production. Lower growth in disposable income and subdued ...
banking crises in latin america and the political economy
... system went hand-in-hand with the strengthening of the regulatory framework and monetary stabilization. Yet there is no denying that many countries that have attempted to follow this path have suffered economic disruption of various kinds, and in particular banking crises. Efforts to reform financia ...
... system went hand-in-hand with the strengthening of the regulatory framework and monetary stabilization. Yet there is no denying that many countries that have attempted to follow this path have suffered economic disruption of various kinds, and in particular banking crises. Efforts to reform financia ...
Global financial system
The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.A series of currency devaluations and oil crises in the 1970s led most countries to float their currencies. The world economy became increasingly financially integrated in the 1980s and 1990s due to capital account liberalization and financial deregulation. A series of financial crises in Europe, Asia, and Latin America followed with contagious effects due to greater exposure to volatile capital flows. The global financial crisis, which originated in the United States in 2007, quickly propagated among other nations and is recognized as the catalyst for the worldwide Great Recession. A market adjustment to Greece's noncompliance with its monetary union in 2009 ignited a sovereign debt crisis among European nations known as the Eurozone crisis.A country's decision to operate an open economy and globalize its financial capital carries monetary implications captured by the balance of payments. It also renders exposure to risks in international finance, such as political deterioration, regulatory changes, foreign exchange controls, and legal uncertainties for property rights and investments. Both individuals and groups may participate in the global financial system. Consumers and international businesses undertake consumption, production, and investment. Governments and intergovernmental bodies act as purveyors of international trade, economic development, and crisis management. Regulatory bodies establish financial regulations and legal procedures, while independent bodies facilitate industry supervision. Research institutes and other associations analyze data, publish reports and policy briefs, and host public discourse on global financial affairs.While the global financial system is edging toward greater stability, governments must deal with differing regional or national needs. Some nations are trying to orderly discontinue unconventional monetary policies installed to cultivate recovery, while others are expanding their scope and scale. Emerging market policymakers face a challenge of precision as they must carefully institute sustainable macroeconomic policies during extraordinary market sensitivity without provoking investors to retreat their capital to stronger markets. Nations' inability to align interests and achieve international consensus on matters such as banking regulation has perpetuated the risk of future global financial catastrophes.