scholarly journals Beyond capital controls: Regulation of foreign currency derivatives markets in the Republic of Korea and Brazil after the global financial crisis

CEPAL Review ◽  
2016 ◽  
Vol 2016 (118) ◽  
pp. 183-201 ◽  
Author(s):  
Daniela Magalhães Prates ◽  
Barbara Fritz
Keyword(s):  
Financial Crisis ◽  
Foreign Currency ◽  
Global Financial Crisis ◽  
Capital Controls ◽  
Republic Of Korea ◽  
Currency Derivatives ◽  
The Republic ◽  
The Global Financial Crisis ◽  
Derivatives Markets

scholarly journals Inquiring for truth and the re-engineering of the corporate contract

2020 ◽  
Vol 61 (1) ◽  
pp. 17-32
Author(s):  
Justin O'Brien
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
External Validation ◽  
National Level ◽  
The United States ◽  
Unintended Consequences ◽  
Securities Law ◽  
The Republic ◽  
The Global Financial Crisis

The British Prime Minister, Gordon Brown, has called for a global re-negotiation of a social contract between investment banking and wider society. Given the scale of the losses now borne by the taxpayer as a consequence of the global financial crisis in jurisdictions as diverse as Iceland, the United Kingdom, Ireland and the United States, the proposal has undoubted rhetorical strength. It is also exceptionally difficult to render operational, not least because of (purposive) ambiguity over what constitutes and who should decide terms of reference. Moreover, piecemeal change may not only not secure legitimacy but may also have enormous if unintended consequences for the conceptual underpinning of corporate and securities law and the resulting regulatory framework. At a national level, one mechanism proposed to address this issue is through the establishment of a 'truth commission' an option chosen by Iceland. A second option is to convene an independent commission, a mechanism used throughout the Commonwealth, or an independent tribunal of inquiry, as used with increased frequency in the Republic of Ireland throughout the 1990s but rejected in relation to the global financial crisis. A third option is to convene a bi-partisan political commission, as deployed in the United States. Each option is exceptionally problematic within the domestic context, not least because of contention over remit and degree to which the findings translate into policy changes. The difficulties are compounded when applied to multi-faceted multi-jurisdictional problems such as the global financial crisis. This article examines whether – and if so how – independent commissions can provide a mechanism to re-negotiate a social and corporate contract capable of external validation and replication, critical factors for the maintenance of legitimacy, or whether official discourse simply reinforces the politics of illusion, privileging symbolic posturing over substantive change.

scholarly journals Gold Reserve Policies of Selected Central Banks After the Global Financial Crisis: A Comparative Analysis

2018 ◽  
Author(s):  
Zehra Vildan Serin ◽  
Erişah Arıcan ◽  
Başak Tanınmış Yücememiş
Keyword(s):  
Financial Crisis ◽  
Central Bank ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Central Banks ◽  
Gold Reserve ◽  
Bank Reserves ◽  
The Republic ◽  
The Global Financial Crisis ◽  
Republic Of Turkey

After the global financial crisis, central banks have changed attitudes towards gold and have unconventional policy measures, in addition to conventional interest rate cuts. With these measures central banks aimed to support financial stability, and to reduce to potential adverse effects from international capital flows. From the perspective of investors and central banks gold positions and gold reserves are still significant and debatable issues. The purpose of this study is to investigate the composition of central bank reserves the period of 2008 and 2018. In this paper, generally we compared gold reserve holdings of major central banks with Turkey. The Central Bank of the Republic of Turkey (CBRT) has increased gold reserves especially since 2002. With implementing effective policies, CBRT has increased gold holdings in international reserves. CBRT is one of the countries with the highest share of gold reserves in the world.

scholarly journals The Macroprudential Role of International Reserves

2016 ◽  
Vol 106 (5) ◽  
pp. 570-573 ◽  
Author(s):  
Olivier Jeanne
Keyword(s):  
Financial Crisis ◽  
Capital Flows ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Capital Controls ◽  
International Reserves ◽  
International Banking ◽  
Flow Management ◽  
The Global Financial Crisis

There has been a lot of interest since the global financial crisis in policies allowing emerging market economies to smooth the effects of the global financial cycle. Although the literature has focused mostly on capital controls emerging market governments have relied mostly on international reserves management. This paper discusses the role of reserves in capital flow management based on a simple welfare-based model of capital flows with international banking frictions.

scholarly journals The Effectiveness of Credit Policy: Evidence from the Republic of Korea

2019 ◽  
Vol 36 (1) ◽  
pp. 206-224
Author(s):  
Jiho Lee
Keyword(s):  
Great Recession ◽  
Global Financial Crisis ◽  
Central Banks ◽  
Republic Of Korea ◽  
Real Economy ◽  
Credit Policy ◽  
Policy Makers ◽  
Advanced Economies ◽  
The Republic ◽  
The Global Financial Crisis

In response to the global financial crisis and subsequent Great Recession, central banks embarked on a variety of unconventional measures. Among others, credit policy has been widely employed in many advanced economies. However, credit policy is far less understood than unconventional monetary policy by both policy makers and academic scholars. This paper sheds new light on what credit policy is, how it differs from other central bank policies, and what its risks and limitations might be. In particular, I examine whether credit policy has been effective in stimulating the real economy in the Republic of Korea.

Sign in / Sign up

Export Citation Format

Share Document