Author : S. Gerlach
Publisher : Springer
Page : 197 pages
File Size : 10,44 MB
Release : 2006-06-28
Category : Business & Economics
ISBN : 1137001534
Procyclicality of the financial system is a feature of any normally functioning economy. However, procyclicality can sometimes become 'excessive' leading to undesired effects on the real economy. The challenge that this volume addresses is to define 'excessive' and to identify policy actions that could produce superior outcomes.
Author : Masahiro Kawai
Publisher : Edward Elgar Publishing
Page : 321 pages
File Size : 47,82 MB
Release : 2012-01-01
Category : Business & Economics
ISBN : 0857933353
Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.
Author : Steven J Davis
Publisher : World Scientific
Page : 377 pages
File Size : 15,99 MB
Release : 2021-06-03
Category : Business & Economics
ISBN : 9811238634
The Monetary Authority of Singapore, Asian Bureau of Finance and Economic Research, University of Chicago Booth Business School, and National University of Singapore Business School have organised the Asian Monetary Policy Forum (AMPF) annually since 2014. The Forum brings together eminent academics, policymakers and private sector economists to deliberate pressing monetary policy issues particularly relevant for Asian countries.This volume collects the inaugural speech and commissioned papers from the past Forums from 2014 to 2020. The chapters cover a range of topics that have assumed importance in the global monetary and financial system over the past twenty years. These include the efficacy of traditional monetary policy frameworks amid synchronised global financial flows, the challenges presented by the US dollar dominance, and the optimality of central banks' use of a broader set of policy instruments within an integrated policy framework. Policymakers, practitioners, students and academicians will be able to draw from this volume useful insights to understand these complex policy challenges.
Author : Ulrich Volz
Publisher : Routledge
Page : 534 pages
File Size : 27,42 MB
Release : 2018-10-26
Category : Business & Economics
ISBN : 1134862075
The Routledge Handbook of Banking and Finance in Asia brings together leading scholars, policymakers, and practitioners to provide a comprehensive and cutting-edge guide to Asia’s financial institutions, markets, and systems. Part I provides a country-by-country overview of banking and finance in East, Southeast, and South Asia, including examples from China, Japan, Hong Kong, India, and Singapore. Part II contains thematic chapters, covering topics such as commercial banking, development banking, infrastructure finance, stock markets, insurance, and sovereign wealth funds. It also includes examinations of banking regulation and supervision, and analyses of macroprudential regulation, capital flow management measures, and monetary policy. Finally, it provides new insights into topical issues such as SME, green, and Islamic finance. This handbook is an essential resource for scholars and students of Asian economics and finance and for professionals working in financial markets in Asia.
Author : El Bachir Boukherouaa
Publisher : International Monetary Fund
Page : 35 pages
File Size : 18,87 MB
Release : 2021-10-22
Category : Business & Economics
ISBN : 1589063953
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Author : Masahiro Kawai
Publisher : Brookings Institution Press
Page : 338 pages
File Size : 42,97 MB
Release : 2011
Category : Business & Economics
ISBN : 0815722109
"Examines Asia's emerging markets, which survived the financial debacle of 2008-09 with only modest declines in growth; discusses activities that could dampen continuing development in these markets including inflation, surging capital inflows, asset and credit bubbles, and rapid currency appreciation; and offers strategies to promote financial stability"--Provided by publisher.
Author : Mr.Michael G Papaioannou
Publisher : International Monetary Fund
Page : 53 pages
File Size : 36,67 MB
Release : 2013-09-11
Category : Business & Economics
ISBN : 1484375556
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective. However, our main conclusion is that behaving in a manner consistent with longterm investing would lead to better long-term, risk-adjusted returns and, importantly, could lessen the potential adverse effects of the procyclical investment behavior of institutional investors on global financial stability.
Author : Iwan J. Azis
Publisher : Edward Elgar Publishing
Page : 750 pages
File Size : 25,49 MB
Release : 2014-12-31
Category : Business & Economics
ISBN : 1783477946
The growth of financial markets has clearly outpaced the development of financial market regulations. With growing complexity in the world of finance, and the resultant higher frequency of financial crises, all eyes have shifted toward the current inad
Author : Stefan Gerlach
Publisher :
Page : 182 pages
File Size : 34,19 MB
Release : 2006
Category :
ISBN :
The procyclicality of financial systems has received an increasing amount of attention from policymakers, academics, and international organizations in recent years. This heightened interest stems from a combination of the ongoing globalization of finance, the role of the financial sector in various emerging market crises in the late 1990s, and the potential impact on financial sectors of the upcoming implementation of the Basel II accord. Some degree of financial sector procyclicality is a characteristic of any normally functioning economy. At issue is whether the observed procyclicality is excessive. The challenge is to define ""excessive"" and to identify policy measures that could produce superior economic outcomes. This volume attempts to do so by collecting recent work on procyclicality in Asian financial systems. For more information on how to purchase a copy of this title, please visit http://www.palgrave.com/economics/imf/index.asp.
Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
Page : 66 pages
File Size : 50,72 MB
Release : 2013-01-30
Category : Business & Economics
ISBN : 1475561008
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
