scholarly journals Measuring Currency Power from 2005 to 2018

2020 ◽  
Vol 56 (3-4) ◽  
pp. 241-268
Author(s):  
Kristijan Kotarski ◽  
Alexander C. Tan
Keyword(s):  
Global Financial Crisis ◽  
Main Research ◽  
Material Resources ◽  
Composite Indices ◽  
The Us ◽  
Research Goal ◽  
Quality Of Governance ◽  
The Global Financial Crisis ◽  
Currency Internationalization

The main research goal of this paper is to empirically assess the state of US currency power relative to its main rivals in the period between 2005 and 2018. The most novel aspect of our inquiry is the design of three new composite indices called: Monetary Capability Index (MCI), Quality of Governance Index (QGI) and Currency Internationalization Index (CII). We argue that those indices are indispensable in an attempt to empirically measure the concept of currency power, both its underlying material and non-material resources, as well as the degree of their effective exploatation. Based on the conducted analysis it is visible that material resources are a necessary but not sufficient condition to wield and exert currency power which we proxy by currency internationalization. In that regard quality of governance remains indispensable to this effort. Our measurement shows that US currency power remains unshattered by the global financial crisis (GFC) and US dollar is still placed firmly at the top of international monetary and credit hierarchy. In spite of dangers emanating from Trump’s erratic policy, US rivals either face weakening of their currency power in terms of their monetary capability or still lag far behind the US in terms of their quality of governance.

scholarly journals Impact of Privatisation on Employment and Output in Pakistan

2003 ◽  
Vol 42 (4II) ◽  
pp. 513-536 ◽  
Author(s):  
Iram A. Khan
Keyword(s):  
Economic Crisis ◽  
Global Financial Crisis ◽  
Edible Oil ◽  
Short Term ◽  
Policy Makers ◽  
Quality Of Governance ◽  
The Global Financial Crisis ◽  
The Impact

The paper aims to assess the impact of privatisation on employment and output in Pakistan. It uses edible oil and cement sectors as a case study in a pre- and post-privatisation comparative framework. Assessing the impact of privatisation in Pakistan is important at this juncture for two reasons. Firstly, the country is facing a severe economic crisis and privatisation forms an integral part of an array of reform measures recommended by multi-lateral donors as well as policy-makers within and without the country. Burki [(2000), p. 152] observes, “The economy and state of Pakistan are in crisis…. Pakistan has not faced a crisis of this magnitude in its entire 50-year history”. He refers to the five different crises that have combined to create this situation. These are: the global financial crisis, Pakistan’s short-term liquidity problem, economy’s structural weaknesses, severe social backwardness, and, finally, the crisis of governance. Burki (2000) suggests several solutions to the problems, and privatisation is one of the ways to restructure the economy and improve the quality of governance.

scholarly journals Empty talk? University voices on the Global Financial Crisis

2010 ◽  
Vol 6 (4) ◽  
Author(s):  
Todd Bridgman
Keyword(s):  
Financial Crisis ◽  
News Media ◽  
Global Financial Crisis ◽  
Housing Prices ◽  
Banking System ◽  
Policy Makers ◽  
The Us ◽  
Complex Events ◽  
The Global Financial Crisis ◽  
Company Sector

The global financial crisis (GFC) which began in 2007 with a liquidity squeeze in the US banking system and which continues to play out today has affected us all, whether through the collapse of the finance company sector, rising unemployment, falling housing prices or the recession which followed the initial market crash. The speed and scope of the crisis surprised most experts – policy makers included. Specialists from a myriad of disciplines, from economics and finance to risk management, corporate governance and property, are trying to make sense of what happened, why it happened and what it means for us now and into the future. Members of the public rely on the news media to keep them informed of the crisis as it unfolds and they rely on experts to translate these complex events into a language which they can understand. The GFC is educating us all, and it is important that we all learn from it to avoid making the same mistakes again. 

scholarly journals Cointegration of Stock Market and Exchange Rate in Indonesia

2019 ◽  
Vol 2 (2) ◽  
pp. 125 ◽  
Author(s):  
Pribawa E Pantas ◽  
Muhamad Nafik Hadi Ryandono ◽  
Misbahul Munir ◽  
Rofiul Wahyudi
Keyword(s):  
Exchange Rate ◽  
Stock Market ◽  
Capital Market ◽  
Global Financial Crisis ◽  
The Us ◽  
Us Dollar ◽  
The Exchange Rate ◽  
Johansen Cointegration Test ◽  
The Global Financial Crisis

This study aims to determine the long-term relationship between stock market and exchange rate in Indonesia. The research method used is Johansen cointegration test. The results of this study found no cointegration between the variables tested. Thus the exchange rate, JII, and IHSG have no relationship in the long term. The fluctuation of the rupiah exchange rate in recent years did not generally affect the performance of stock indices especially after the global financial crisis of 2008. This shows the capital market in Indonesia has a good performance so that it is not so sensitive to the sentiment of the decline in the rupiah against the US dollar. This finding is in line with the findings of Syahrer (2010) which states the exchange rate has no effect on the stock market.

scholarly journals ECONOMIC CRISIS THEORY OR ECONOMIC THEORY CRISIS?

2018 ◽  
pp. 28-35
Author(s):  
ELGUJA MEKVABISHVILI
Keyword(s):  
Economic Theory ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
Stationary Regime ◽  
High Quality ◽  
Crisis Theory ◽  
Neoclassical Economic Theory ◽  
The Global Financial Crisis ◽  
Problematic Aspect

The global financial crisis has brought a new impulse to the discussion of the problem of economic crisis. Economists have divided into two groups - one group believes the main reason for the crisis is the failure of economic theory. The second group thinks that economists have not been charged in the formation of economic crisis. The most problematic aspect of the economic crisis is their prediction. Mainstream neoclassical economic theory completely excludes the possibility of predicting crises. In the analysis of this issue, we use the concepts: “point prediction”, “prediction corridor”, “stationary regime” of economy functioning, and N. Kondratiev’s Great Cycles Conjunction Theory. There is possible to define the “prediction’s corridors” within the stationary regimes of economy functioning. In these periods the economy is characterized with high quality of volatility. By observing the main economic indicators in these periods, we think, it is possible to predict the approximate date of the economic crisis.

The Greek Economy before and during the Crisis—and Policy Options Going Forward

2017 ◽  
Author(s):  
Costas Meghir ◽  
Christopher A. Pissarides ◽  
Dimitri Vayanos ◽  
Nikolaos Vettas
Keyword(s):  
Social Protection ◽  
Global Financial Crisis ◽  
Business Environment ◽  
Market Regulation ◽  
Policy Options ◽  
Greek Economy ◽  
Good Provision ◽  
The Global Financial Crisis ◽  
System Access

This chapter reviews the performance of the Greek economy before and during the global financial crisis. It also presents policy options for Greece going forward, drawing to a significant extent on the conclusions of subsequent chapters. The chapter first studies Greece's economic performance in the decades before the crisis. It discusses the evolution of gross domestic product (GDP) per capita and productivity, debt, consumption, investment, wages and prices. The chapter then turns to the quality of the institutions pertaining to the business environment (product market regulation, justice system, access to finance, and labor market regulation), and to social protection and public good provision (pensions, welfare system, health care, and education). It also identifies interconnections between institutional quality and macroeconomic outcomes.

Interoperability of XBRL Financial Statements in the U.S.

2012 ◽  
pp. 129-144
Author(s):  
Hongwei Zhu ◽  
Harris Wu
Keyword(s):  
Global Financial Crisis ◽  
Financial Statements ◽  
Securities And Exchange Commission ◽  
Public Companies ◽  
Generally Accepted Accounting Principles ◽  
Data Elements ◽  
The Global Financial Crisis ◽  
Practical Implications ◽  
The U.S

In the wake of the global financial crisis, a pressing need exists for improving investor friendliness, especially the transparency and interoperability of the financial statements of public companies. eXtensible Business Reporting Language (XBRL) and XBRL taxonomies can accomplish this objective. In the U.S., the Securities and Exchange Commission (SEC) has mandated that all public companies must file their financial statements using XBRL and the U.S. Generally Accepted Accounting Principles (GAAP) taxonomy according to a phased-in schedule. Are the XBRL-based financial statements interoperable? This question is addressed by analyzing all of the annual XBRL financial statements filed to the SEC as of February 26, 2010. On average, 63% of data elements are not comparable between a pair of statements. The incomparability is partly caused by issues related to the GAAP taxonomy and misuse of the taxonomy by companies. The results have practical implications that will help improve the quality of financial data.

Financial Reform Efforts since the Global Financial Crisis—An Overview

2016 ◽  
Author(s):  
Michael Schillig
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Banking Regulation ◽  
Shadow Banking ◽  
Reform Agenda ◽  
Current State ◽  
The Us ◽  
The Global Financial Crisis ◽  
Institutional Architecture ◽  
Market Infrastructure

The chapter provides an overview of the current state of the reform efforts in the jurisdictions under consideration with a focus on the institutional architecture, banking regulation, shadow banking, and financial market infrastructure. It briefly reviews the generally accepted causes of the global financial crisis and the eurozone crisis, as well as the reform agenda at global/international level. It summarizes the reform efforts in the EU and the US that are of particular relevance for the recovery and resolution of credit institutions and investment firms. These reform efforts form the context in which the new recovery and resolution regime must be viewed.

scholarly journals Would Macroprudential Regulation Have Prevented the Last Crisis?

2019 ◽  
Vol 33 (1) ◽  
pp. 107-130 ◽  
Author(s):  
David Aikman ◽  
Jonathan Bridges ◽  
Anil Kashyap ◽  
Caspar Siegert
Keyword(s):  
Financial Crisis ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Financial System ◽  
Mortgage Lending ◽  
Financial Policy ◽  
Policy Interventions ◽  
The Us ◽  
Set Up ◽  
The Global Financial Crisis

How well equipped are today’s macroprudential regimes to deal with a rerun of the factors that led to the global financial crisis? To address the factors that made the last crisis so severe, a macroprudential regulator would need to implement policies to tackle vulnerabilities from financial system leverage, fragile funding structures, and the build-up in household indebtedness. We specify and calibrate a package of policy interventions to address these vulnerabilities—policies that include implementing the countercyclical capital buffer, requiring that banks extend the maturity of their funding, and restricting mortgage lending at high loan-to-income multiples. We then assess how well placed are two prominent macroprudential regulators, set up since the crisis, to implement such a package. The US Financial Stability Oversight Council has not been designed to implement such measures and would therefore make little difference were we to experience a rerun of the factors that preceded the last crisis. A macroprudential regulator modeled on the UK’s Financial Policy Committee stands a better chance because it has many of the necessary powers. But it too would face challenges associated with spotting build-ups in risk with sufficient prescience, acting sufficiently aggressively, and maintaining political backing for its actions.

Sign in / Sign up

Export Citation Format

Share Document