Suchergebnisse

This report concludes that the failure of developing country governments and international financial institutions to adapt to changing markets helped trigger some of the world's financial crises. Arguing that global finance is "more susceptible to crisis than it need be," the report targets both developing and developed countries and the IMF as being in serious need of reform to prevent future breakdowns. The report endorses international standards to be adopted by developing countries, and hails private-sector participation and resources as vital to building an accepted set of best practices.

The current economic crisis has revealed the shortcomings of the current global financial system, and it is clear that there must be a fundamental shift in the approaches to global financial governance. The seeds for a more comprehensive global system have been sown, as evidenced by the increasing amount of international dialogue, not only amongst the global economic giants but also amongst emerging economies. However, there is a need to develop mechanisms for high-quality regulation rather than falling into the trap of reacting to the current crisis.

On regulating financial innovations / Eduardo Pol -- Important structural trends and developments in the foreign exchange and OTC derivative markets / Harvey Arbel(c)Øaez, E.K. Gatzonas -- The subprime market crisis, structured products in the securities credit markets, and hedge funds / Rosaria Troia -- Interaction between stock and exchange crises in emerging markets / Nefzi Nabiha, Ben Arab Mounira -- Exchange rate changes and price dynamics in Poland : an empirical investigation / Piotr Misztal -- Russian banking in transition : survey and synthesis / Mikhail A. Sherstnev -- Assessing sovereign bond portfolios : some risk measures / Michael G. Papaioannou -- Currency swaps and Australian debt management practice / Alham Yusuf, Jonathan A. Batten -- The US versus Asian financial crisis / Jongmoo Jay Choi, Michael G. Papaioannou -- Evaluating the implicit guarantee to Fannie Mae and Freddie Mac using contingent claims / Michael T. Gapen -- Effectiveness of monetary policy : market reactions and volatility interactions / Thomas K. Lee, John Zyren -- Are microfinance institutions in developing countries a safe harbour against the contagion of global recession? / Roberto Moro Visconti -- Trade credit during financial crises : do negotiated agreements work? / Alexander Agronovsky, Christoph Trebesch -- Blame the bankers? An empirical study of cyclical credit quality / Risto Herrala -- From Wall Street to Main Street : a European perspective / Andreas Mattig, Stefan Morkoetter -- Risk management lessons from Madoff fraud / Pierre Clauss, Thierry Roncalli, Guillaume Weisang -- Returning agency back to finance : the critical role of politics and governance in financialization / Loong Wong -- Regulatory use of credit ratings : how it impacts the behavior of market constituents / Viktoria Baklanova

Political and social forces exert pressure on our globalized economy in many forms, from formal and informal policies to financial theories and technical models. Our efforts to shape and direct these forces to preserve financial stability reveal much about the ways we perceive the financial economy. The Handbook of Safeguarding Global Financial Stability examines our political economy, particularly the ways in which these forces inhabit our institutions, strategies, and tactics. As economies expand and contract, these forces also determine the ways we supervise and regulate. This high-level examination of the global political economy includes articles about specific countries, crises, and international systems as well as broad articles about major concepts and trends. Substantial articles by top scholars sets this volume apart from other information sources. Diverse international perspectives result in new opportunities for analysis and research. Rapidly developing subjects will interest readers well into the future

It is a truism that the European Union's self-proclaimed autonomy may be a helpful concept in legal terms–primary to preserve the monopoly of the European Court of Justice to interpret European Union (EU) law–but it is equally clear that the EU is to a large extent influenced by the decisions and policies of other international institutions. The present chapter aims to assess this external influence in relation to a specific, but core dimension of the EU, the Economic and Monetary Union (EMU). More specifically, we will assess the influence of what these days is known as the Global Financial Stability Architecture (GFSA), on the EMU. As will be further explained below, the GFSA is a network of the key global financial institutions that collect data, conduct research, provide insight and propose rules of conduct for the financial sector. Its mission is to rethink (global) macroeconomic policy to make economies more resilient–how to steer the economy clear of risks that could lead it to collapse; how to deal with real-time crises; and how to initiate recovery. Its primary method is to find out how differing components of financial markets act and react to one another, and to propose prudential regulation that shapes the behaviour of private financial service providers, of governments and of central banks.