Insurer of Last Resort: Singapore’s Government Investment Corporation

2013 ◽  
Author(s):  
Gordon L. Clark ◽  
Adam D. Dixon ◽  
Ashby H. B. Monk
Keyword(s):  
Financial Crisis ◽  
Financial Stability ◽  
Best Practice ◽  
East Asian ◽  
Political Elite ◽  
Government Investment ◽  
Sovereign Wealth Funds ◽  
Nation States ◽  
The Government ◽  
Fund Governance

During the financial crisis, a number of East Asian sovereign wealth funds (SWFs) acted as insurers of last resort for their nation-states, underwriting financial stability and social welfare. This chapter explains how and why this role came to pass, arguing that it serves to sustain the legitimacy of the nation-state as well as justify the separation of SWF assets from the public interest in current consumption and spending. Focusing on the Government of Singapore Investment Corporation (GIC), it suggests that the prospect of recurrent financial crises was an important prompt for its establishment in 1981, reinforced by the experience of many East Asian countries in the 1997 Asian financial crisis. The chapter explains the formal constitution of the GIC, the mechanisms by which its reserves are returned to the government in crisis, and the role of different sections of the political elite in managing those assets. Referencing the principles of best-practice fund governance and the Santiago Principles underwriting the legitimacy of SWFs, it also considers the governance of the GIC, especially in regard to its investment processes.

scholarly journals The Theory and Empirics of Financial Development in the East Asian Bond Markets

2014 ◽  
Vol 5 (1) ◽  
pp. 45-76
Author(s):  
Thomas Kemetmüller
Keyword(s):  
Financial Crisis ◽  
Financial Development ◽  
Global Financial Crisis ◽  
East Asian ◽  
Bond Market ◽  
Corporate Bond ◽  
Bond Markets ◽  
Government Bond ◽  
Corporate Bond Market ◽  
The Government

Abstract The Asian financial crisis marked a turning point in financial development in East Asia that brought the development of bond markets within the focus of policy-makers. This paper tracks the benefits of an advanced bond market, the current state of the East Asian corporate and government bond markets and their rapid evolution since the Asian crisis. Subsequently, a multivariate model is used to determine the endogenous economic and institutional factors that drove growth in the region’s bond markets. The following findings may be noted: (1) growth in the government bond market was driven by the monetary sterilisation efforts of East Asian central banks in order to cope with excessive liquidity, (2) the government bond market may crowd out the corporate bond market, and (3) the corporate bond market grew particularly strongly during the global financial crisis.

scholarly journals Global Financial Crisis – Policy Response

2014 ◽  
Vol 3 (1) ◽  
pp. 9-26 ◽  
Author(s):  
Milojica Dakić
Keyword(s):  
Financial Crisis ◽  
Financial Stability ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Strong Support ◽  
Theoretical Concept ◽  
The European Union ◽  
Eu Member States ◽  
The Usa ◽  
The Government

Abstract Six years after the outbreak of the financial crisis that had shaken the global financial system, experts and analysts all over the world continue discussing the effectiveness, scope and adequacy of mechanisms and measures implemented in the meantime, as well as the adequacy of the underlying theoretical concept. A global consent has been reached on ensuring financial stability through the interaction of monetary, fiscal and prudential policy to ensure the necessary macroprudential dimension of regulatory and supervisory frameworks. The USA crisis spilled over to Europe. Strong support of governments to bail out banks quickly resulted in sovereign debt crises in some peripheral EU Member States. Fiscal insolvency of these countries strongly shook the EU and increased doubts in the monetary union survival. The European Union stood united to defend the euro and responded strongly with a new complex and comprehensive financial stability framework. This supranational framework is a counterpart to the global financial stability framework created by the G20 member countries. Starting from the specific features of the monetary policy whose capacities are determined by euroisation, available instruments and resources for preventive supervisory activities, as well as the role of the government in crisis management, Montenegro created a framework for maintaining financial stability and prescribed fostering and maintaining financial stability as the main objective of the Central Bank of Montenegro.

KEBIJAKAN POLITIK KERUKUNAN ANTARAGAMA DI INDONESIA ERA REFORMASI

2017 ◽  
Vol 9 (2) ◽  
pp. 407-424
Author(s):  
Jamaluddin Jamaluddin
Keyword(s):  
Transition Period ◽  
Religious Life ◽  
New Order ◽  
Reform Era ◽  
Policy Makers ◽  
Accommodation Space ◽  
Nation States ◽  
The Government ◽  
Definition Of ◽  
Cultural Reality

Indonesian reformation era begins with the fall of President Suharto. Political transition and democratic transition impact in the religious life. Therefore, understandably, when the politic transition is not yet fully reflects the idealized conditions. In addition to the old paradigm that is still attached to the brain of policy makers, various policies to mirror the complexity of stuttering ruler to answer the challenges of religious life. This challenge cannot be separated from the hegemonic legacy of the past, including the politicization of SARA. Hegemony that took place during the New Order period, adversely affected the subsequent transition period. It seems among other things, with airings various conflicts nuances SARA previously muted, forced repressive. SARA issues arise as a result of the narrowing of the accommodation space of the nation state during the New Order regime. The New Order regime has reduced the definition of nation-states is only part of a group of people loyal to the government to deny the diversity of socio-cultural reality in it. To handle the inheritance, every regime in the reform era responds with a pattern and a different approach. It must be realized, that the post-reform era, Indonesia has had four changes of government. The leaders of every regime in the reform era have a different background and thus also have a vision that is different in treating the problem of racial intolerance, particularly against religious aspect. This treatment causes the accomplishment difference each different regimes of dealing with the diversity of race, religion and class that has become the hallmark of Indonesian society.

Crisis Reactions and Their Consequences for the Real Sector of the Russian Economy

2011 ◽  
pp. 39-50
Author(s):  
V. Lushin
Keyword(s):  
Financial Crisis ◽  
Acute Phase ◽  
Dutch Disease ◽  
Added Value ◽  
Real Sector ◽  
The Real ◽  
Balanced Development ◽  
Russian Economy ◽  
The Government ◽  
State Modernization

The author analyzes factors that led to a deeper fall in output and profitability in the real sector of the Russian economy in comparison with other segments during the acute phase of the financial crisis. It is argued that some contradictions in the government anti-recession policy, activities of the financial sector and natural monopolies lead to pumping out added value created in manufacturing and agriculture, increase symptoms of the «Dutch disease», etc. It is shown that it may threaten the balanced development of the Russian economy, and a set of measures is suggested to minimize these tendencies and create a basis for the state modernization policy.

Overcoming Stereotypes

2008 ◽  
pp. 110-120 ◽  
Author(s):  
A. Yakovlev
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Pragmatic Approach ◽  
Economic Problems ◽  
Conventional View ◽  
The Government ◽  
High Uncertainty

Using the data of SU-HSU enterprises surveys and internal statistics of KPMG company the paper provides a non-conventional view on three economic problems which have recently been in the center of expert discussions in Russia: competitiveness of firms, corruption in the government and level of taxation. The paper argues the necessity of pragmatic approach to economic phenomena, especially under conditions of high uncertainty caused by the increasing global financial crisis.

The national question, identity and the crisis in South Sudan

2018 ◽  
Vol 15 (1) ◽  
Author(s):  
Dylan Yanano Mangani ◽  
Richard Rachidi Molapo
Keyword(s):  
Political Identity ◽  
South Sudan ◽  
Nation Building ◽  
Political Control ◽  
Social Patterns ◽  
Political Landscape ◽  
Liberation Movement ◽  
Nation States ◽  
National Question ◽  
The Government

The crisis in South Sudan that broke out on the 15th of December 2013 has been the gravest political debacle in the five years of the country’s independence. This crisis typifies the general political and social patterns of post-independence politics of nation-states that are borne out of armed struggles in Africa. Not only does the crisis expose a reluctance by the nationalist leaders to continue with nation-building initiatives, the situation suggests the struggle for political control at the echelons of power within the Sudanese Peoples Liberation Movement.  This struggle has been marred by the manufacturing of political identity and political demonization that seem to illuminate the current political landscape in South Sudan. Be that as it may, the Inter-Governmental Authority on Development (IGAD) hurriedly intervened to find a lasting solution however supportive of the government of President Salva Kirr and this has suggested interest based motives on the part of the regional body and has since exacerbated an already fragile situation. As such, this article uses the Fanonian discourse of post-independence politics in Africa to expose the fact that the SPLM has degenerated into lethargy and this is at the heart of the crisis.

KAJIAN LITERATUR MODEL KONSEPTUAL KEBERHASILAN E-GOVERNMENT

2018 ◽  
Vol 2 (1) ◽  
Author(s):  
Bernadus Gunawan Sudarsono ◽  
Sri Poedji Lestari
Keyword(s):  
Information Technology ◽  
Best Practice ◽  
Public Services ◽  
Developed Countries ◽  
Internet Technology ◽  
Electronic Government ◽  
Digital Government ◽  
Management Ethics ◽  
The Government

The use of internet technology in the government environment is known as electronic government or e-government. In simple terms, e-government or digital government is an activity carried out by the government by using information technology support in providing services to the community. In line with the spirit of bureaucratic reform in Indonesia, e-government has a role in improving the quality of public services and helping the process of delivering information more effectively to the public. Over time, the application of e-Government has turned out to have mixed results. In developed countries, the application of e-Government systems in the scope of government has produced various benefits ranging from the efficiency of administrative processes and various innovations in the field of public services. But on the contrary in the case of developing countries including Indonesia, the results are more alarming where many government institutions face obstacles and even fail to achieve significant improvements in the quality of public services despite having adequate information and communication technology. The paradigm of bureaucrats who wrongly considers that the success of e-Government is mainly determined by technology. Even though there are many factors outside of technology that are more dominant as causes of failure such as organizational management, ethics and work culture. This study aims to develop a model of success in the application of e-Government from several best practice models in the field of information technology that have been widely used so far using literature studies as research methods. The results of the study show that the conceptual model of the success of the implementation of e-Government developed consists of 17 determinants of success..Keywords: Model, Factor, Success, System, e-Government

KETIDAKEFEKTIFAN KEBIJAKAN ANTI-DUMPING PRODUK IMPOR BAJA INDONESIA: SEBUAH ANALISIS AWAL

2017 ◽  
Vol 11 (2) ◽  
pp. 143-168
Author(s):  
Aditya Paramita Alhayat
Keyword(s):  
Government Regulation ◽  
Best Practice ◽  
Secondary Data ◽  
Information Services ◽  
Global Trade ◽  
Trade Patterns ◽  
Safeguard Measures ◽  
The Us ◽  
Before And After ◽  
The Government

Meskipun Indonesia telah mengenakan tindakan anti-dumping terhadap beberapa jenis produk baja, namun impor produk tersebut masih meningkat. Salah satu kemungkinan penyebabnya adalah importasi melalui produk yang dimodifikasi secara tidak substansial atau melalui negara ketiga yang tidak dikenakan tindakan anti-dumping, yang dalam perdagangan internasional umum disebut sebagai praktik circumvention. Studi ini ditujukan untuk membuktikan bahwa circumvention mengakibatkan tindakan anti-dumping atas impor produk baja Indonesia tidak efektif dan untuk memberikan masukan berdasarkan praktik di negara lain supaya kebijakan anti-dumping Indonesia lebih efektif. Circumvention dianalisis dengan membandingkan pola perdagangan antara sebelum dan setelah pengenaan bea masuk anti-dumping (BMAD) menggunakan data sekunder dari Badan Pusat Statistik (BPS) maupun Global Trade Information Services (GTIS). Hasil analisis menunjukkan adanya indikasi kuat bahwa circumvention mengkibatkan pengenaan tindakan anti-dumping impor produk baja di Indonesia menjadi tidak efektif. Oleh karena itu, sangat penting bagi Pemerintah Indonesia untuk segera melakukan penyempurnaan terhadap Peraturan Pemerintah No. 34/2011 tentang Tindakan Antidumping, Tindakan Imbalan, dan Tindakan Pengamanan Perdagangan dengan memasukkan klausul tindakan anti-circumvention yang setidaknya mencakup bentuk-bentuk dan prosedur tindakan, sebagaimana yang telah dilakukan beberapa negara seperti: AS, EU, Australia, dan India. Although Indonesia has imposed anti-dumping measures on several types of steel products, the import of steel products is still increasing. One possible cause is that imports are made by non-substantial modification of product or through a third country which is not subject to anti-dumping measures, which is generally referred as circumvention practice. This study is aimed to prove that circumvention made Indonesian anti-dumping actions on the steel products ineffective. This also study provides recommendation for a best practice for other countries so that Indonesia's anti-dumping policy can be more effective. Circumvention was analyzed by comparing trade patterns between before and after the imposition of anti-dumping duty using secondary data from the Central Bureau of Statistics (BPS) and the Global Trade Information Services (GTIS). The results of the analysis indicate that circumvention became the reason why Indonesian anti-dumping measures on imported steel products are ineffective. Therefore, it is very important for the Government of Indonesia to immediately make amendments to the Government Regulation No. 34/2011 on Antidumping, Countervailing, and Safeguard Measures by adopting clauses of anti-circumvention. This can be done bycovering the forms/types and procedures of action, as has been implemented by several countries such as the US, EU, Australia, and India.

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