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The Chiang Mai Initiative Multilateralisation : origin, development and outlook
Chalongphob Sussangkarn - 2010
This paper discusses the Chiang Mai Initiative Multilateralization (CMIM); its origin, development and future outlook. It puts forward a number of proposals to make the liquidity support role of the CMIM more effective. It is further argued that the CMIM can bring about major changes to the...
Persistent link: https://www.econbiz.de/10003983484
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Paths to a reserve currency : internationalization of the renminbi and Its implications
Huang, Yiping; Wang, Daili; Fan, Gang - 2014
In this paper we try to address the question of what could help make the renminbi a reserve currency. In recent years …-track strategy: promotion of the use of the renminbi in the settlement of cross-border trade and investment, and liberalization of … renminbi in global reserves could reach 12%. However, if institutional and market variables are included, the predicted share …
Persistent link: https://www.econbiz.de/10010355692
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Regional settlement infrastructure and currency internationalization : the case of Asia and the renminbi
Rhee, Changyong; Sumulong, Lea - 2014
vulnerability. As demonstrated by the renminbi trade settlement scheme piloted between the People's Republic of China; Hong Kong …
Persistent link: https://www.econbiz.de/10010237745
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International monetary reform : a critical appraisal of some proposals
Pak, Yŏng-chŏl; Wyplosz, Charles - 2012
This paper reviews some of the current debates on the reform of the international monetary system. Despite its deficiencies, the United States (US) dollar will remain the dominant currency and Special Drawing Rights (SDR) cannot serve as either an international medium of exchange or a reserve...
Persistent link: https://www.econbiz.de/10009551416
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Reform of the international financial architecture : an Asian perspective
Kawai, Masahiro - 2009
It has taken two crises - the Asian financial crisis of 1997-1998 and the global financial crisis of 2007-2009 - for the international community to seriously focus on the reform of the international financial architecture for crisis prevention, management and resolution. Facing the global...
Persistent link: https://www.econbiz.de/10003901587
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Dynamic transition of the exchange rate regime in the People's Republic of China
Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon - 2014
This paper analyzes the optimal transition of the exchange rate regime in the People's Republic of China (PRC). How the PRC can successfully reach the desired regime - whether a basket peg or floating regime - from the current dollar-peg regime remains a major question. To answer it, we develop...
Persistent link: https://www.econbiz.de/10010345244
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Regional financial regulation in Asia
Kawai, Masahiro; Morgan, Peter J. - 2014
The Asian financial crisis (1997 - 1998) and the global financial crisis (2007 - 2009) highlighted the potential value of financial regionalism, i.e., regional-level cooperation in financial policy. This paper argues that there is a mediating role for regional-level institutions of financial...
Persistent link: https://www.econbiz.de/10010240660
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The role of offshore financial centers in the process of renminbi internationalization
Cheung, Yin-Wong - 2014
currency, the renminbi. Historical experience suggests that an active offshore market is essential for a global currency …. Indeed, anecdotal evidence affirms the role of offshore markets in pushing the renminbi currency to the world. One should not … global use of the currency, the overseas acceptance of the renminbi is ultimately determined by both internal and external …
Persistent link: https://www.econbiz.de/10010337641
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Market failures and regulatory failures : lessons from past and present financial crises
Acharya, Viral V.; Cooley, Thomas F.; Richardson, Matthew; … - 2011
The paper analyzes the financial crisis of through the lens of market failures and regulatory failures. We present a case that there were four primary failures contributing to the crisis: excessive risk-taking in the financial sector due to mispriced government guarantees; regulatory focus on...
Persistent link: https://www.econbiz.de/10008907804
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The role of macroprudential policy for financial stability in East Asia's emerging economies
Pak, Yŏng-chŏl - 2011
This paper analyzes the role and scope of macroprudential policy in preventing financial instability in the context of East Asian economies. It analyzes the behavior of the housing market in a dynamic setting to identify some of the factors responsible for the volatility of housing markets and...
Persistent link: https://www.econbiz.de/10009130481