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Full-Text Articles in Economic Policy
Introduction To The Symposium On 'Financial Risks And Economic Stability In Emerging Market Economies', Lucjan Orlowski
Introduction To The Symposium On 'Financial Risks And Economic Stability In Emerging Market Economies', Lucjan Orlowski
WCBT Faculty Publications
Developing resilience to contagion effects from global financial crises and economic recessions has been an ongoing crucial task for policymakers in emerging market economies. The recent global financial crisis of 2007-2009 has underscored the importance of pursuing disciplined macroeconomic policies and of devising sound macroprudential regulations that would strengthen the immunity of emerging markets and their institutions to various types of risks, including credit, default, sovereign, liquidity and market risks. The studies included in this symposium are not intended to provide a comprehensive overview of financial vulnerabilities in a broad spectrum of emerging markets. Rather, they share a common aim …
The Wider Context: The Future Of Capital Markets Regulation In Developed Markets, Cally Jordan
The Wider Context: The Future Of Capital Markets Regulation In Developed Markets, Cally Jordan
Faculty Papers & Publications
At a time of such great turbulence, looking to the future directions of capital markets and their regulation in developed economies is a particularly risky business. We are in the midst of a great sea change. Nevertheless, there are several current, and readily observable, phenomena which are likely to shape capital markets regulation in the near future. First of all, the blurring of the distinctions between developed and developing markets themselves, as well as that between domestic and international markets, has put into question the adequacy of existing regulatory frameworks. Also, the transatlantic dialogue, London – New York, has given …
Monetary Policy In Singapore And The Global Financial Crisis, Hwee Kwan Chow, Peter Wilson
Monetary Policy In Singapore And The Global Financial Crisis, Hwee Kwan Chow, Peter Wilson
Research Collection School Of Economics
Prior to the crisis the consensus amongst central bankers in advanced economies was that price stability, in the form of low and stable price inflation, was a top priority for monetary policy and could best be achieved by targeting interest rates (usually overnight) or monetary aggregates, such as Narrow Money (M1) and Broad Money (M2). Liquidity in the banking system could be flexibly adjusted on a daily basis through open market operations to increase or decrease the monetary base which would be transmitted to the rest of the economy through financial intermediation. Financial markets would then adjust longer-term interest rates …