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Essays on the world economy and its financial system

Author: Granville, Brigitte Publisher: Royal Institute of International Affairs, 2000.Language: EnglishDescription: 270 p. : Graphs ; 24 cm.ISBN: 1862031045Type of document: BookBibliography/Index: Includes bibliographical references
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HC500.1 .E77 2000
(Browse shelf)
Available 001265422
Total holds: 0

Includes bibliographical references


Essays on the World Economy and its Financial System Contents Foreword Contributors Introduction PART I: REFLECTIONS ON THE ECONOMIES OF THREE MAJOR WESTERN PLAYERS 1 The European Economy: A Review John Forsyth 1.1 Introduction 1.2 Macroeconomic performance 1.3 The impact of the euro 1.4 European developments and the global system 2 The US Economy in the 1990s: Good Luck or Good Policies? Barry Bosworth 2.1 Introduction 2.2 Source of growth 2.3 Inflation 2.4 Fiscal policy 2.5 Current account deficits References 3 A Medium-Term Outlook for the Japanese Economy: Reform in the Context of an Ageing Population Hidehiro Iwaki 3.1 Introduction 3.2 The need for reform 3.3 Macroeconomic effects of an ageing population 3.4 Reforming the Japanese public pension system 3.5 Conclusion 15 15 16 20 21 23 23 24 28 31 33 35 xi 1 36 36 37 42 43 45 PART II: ASSESSMENT OF AND RESPONSES TO FINANCIAL TURMOIL 4 The Asian Financial Crisis of 1997-8: A Case of Market Failure, Government Failure or International Failure? Edward K Y Chen 4.1 An eclectic model of the Asian financial crisis Market failure or government failure International failure 4.2 Financial systems and financial reforms 4.3 Building a new international financial architecture A 'new' IMF Control over short-term capital flows Exchange rate regime 4.4 Summary References 5 Capital Controls: A View from Malaysia Zainal Aznam Yusof, Denis Hew and Gomathy Nambiar 5.1 Introduction 5.2 The Malaysian economic situation 5.3 Responding to the challenges: policies for recovery and growth 5.4 Capital controls: the solution 5.5 Learning from other capital controls experiences The Chilean model The South Korean model The Taiwanese model 5.6 The Tobin tax 5.7 Conclusion Appendix References PART III: IN SEARCH OF AN EXCHANGE RATE REGIME 6 Practising Exchange Rate Flexibility Olivier Davanne and Pierre Jacquet 6.1 Introduction 6.2 The consensus revisited The end of fixed rates The challenges of flexibility Is monetary sovereignty still relevant? Beyond the consensus 6.3 The fourth option Elastic flexibility as an antidote against speculation A new class of fixed-but-adjustable rates: adjustable reference parities An attractive option for emerging countries 95 95 96 96 98 100 102 103 103 105 107 49 49 50 53 54 59 59 61 62 63 64 66 66 67 70 75 79 79 82 83 84 85 89 90 6.4 Learning how to manage floating rates Economic fundamentals in the FX market Monitoring the FX market The public sphere as an expectations coordinator 6.5 The institutional setting: the role of the IMF and G-7 Multilateral surveillance of emerging markets' exchange rate policies G-7 exchange rate monitoring Beyond monitoring 6.6 Concluding remarks References 107 109 113 116 116 117 120 122 123 124 7 Asia in Search of a New Exchange Rate Regime 127 C. H. Kwan 7.1 Introduction 127 7.2 The vulnerability of the dollar-peg system 128 A widely fluctuating yen-dollar rate and macroeconomic instability 129 Asymmetric shocks and loss of monetary independence 131 Destabilizing capital flows and speculative attacks 135 7.3 Exchange rate regime alternatives 136 Pegging to a basket of currencies 137 Floating exchange rates 139 Strengthening the dollar peg 142 7.4 Polar versus intermediate regimes 143 Polar regimes 143 Intermediate regimes 145 Strengthening the institutional prerequisites to support intermediate regimes 147 References 150 8 Exchange Rate Options for EU Applicant Countries in Central and Eastern Europe Rolf H.Dumke and Heidemarie C. Sherman 8.1 Introduction 8.2 The case for participation in EMU 8.3 Institutional implications of EMU for EU candidate countries Meeting the convergence criteria 8.4 Meeting the institutional and legal requirements of EMU 8.5 Exchange rate regimes and the process of transition Different exchange rate regimes Equilibrium real exchange rates Competitiveness and the real exchange rate 8.6 Vulnerability to external events The strength of the banking system Capital flow reversals and banking stability Current account sustainability Measuring external vulnerability 153 153 155 159 159 161 166 166 170 172 176 177 182 183 184 Determinants of current account sustainability: some general empirical results Evaluating the sustainability of the current account in the accession countries: conclusions from country case studies 8.7 Summary and conclusions References PART IV: MANAGING RISKS IN AN INTEGRATING WORLD FINANCIAL SYSTEM 9 The End of Moral Hazard? The 1998 Russian Debâcle Brigitte Granville 9.1 Introduction 9.2 Why was the Russian debt default such a turning point? The Russian crisis Why the central bank chose to defend the exchange rate peg The Russian financial crisis in the global capital market 9.3 Moral hazard and burden-sharing 9.4 Conclusion Appendix References 10 Standards and Prudential Oversight for an Integrating World Financial System Ralph C. Bryant 10.1 Introductory remarks on reforming international financial architecture 10.2 Accounting, audit, data and legal systems: the main issues 10.3 Rationales for the prudential oversight of financial institutions 10.4 Prudential oversight: the main issues 10.5 General principles for standards and prudential oversight at the global level 10.6 The current status of international cooperation on standards and prudential oversight Accounting and auditing standards Standards for data collection and dissemination Standards for insolvency and bankruptcy The supervision and regulation of banks The supervision and regulation of securities markets The supervision and regulation of insurance Standards and supervision for payments systems The Joint Forum on Financial Conglomerates The Financial Stability Forum 185 186 18E 193 196 196 198 198 201 205 209 214 215 216 218 218 222 227 229 236 244 244 245 247 248 250 251 251 252 252 The BIS committee on the global financial system Corporate governance standards Core principles for fiscal policies and monetary financial policies 10.7 The allocation of responsibilities among international institutions 10.8 Some further controversial issues Adoption by individual nations of international accounting standards Collective-action clauses in bond contracts The evolution of capital adequacy requirements for banks 10.9 Conclusion References 254 254 255 256 260 260 262 263 265 267

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