This LLM research project analyses four topics from the work of derivatives and structured products lawyers. The first topic is the interpretation of standard industry documentation, taking the example of Market Quotation and Loss definitions in 1992 ISDA Master Agreement. The second topic is...

We examine the price behavior of firms when monetary authority announces measures that can be considered as capital account liberalization. In particular, we investigate the reaction of stock market to the announcement of the relaxation revocation of capital control in Thailand on January 29,...

China Investment Corporation, established in September 2007 using capital from China's foreign exchange reserves, has been reported to be considering raising more capital. China's State Administration of Foreign Exchange has been diversifying how it manages China's foreign exchange reserves...

This mimeo discusses the importance of non-tradable goods prices in explaining real exchange rate movements. We try to reconcile the findings of Engel (1999) and Burstein et al (2006) that seem to provide very different conclusions regarding the decomposition of real exchange rate movements. The...

We analyze the returns to targeting the Australian, New Zealand and South African currencies, through Japanese yen-funded forward market speculation – with a particular focus on the South African rand. Targeting the rand through forward currency speculation generates returns which are as...

Literature in economics has identified many channels through which the financial liberalization may affect demand for money. There are evidences of stability as well as instability of demand for money due to financial development for developing economies. The objective of the current study is to...

We propose a macroprudential theory of foreign reserve accumulation that can rationalize the secular trends in public and private international capital flows. In middle-income countries, the increase in international reserves has been associated with elevated private capital inflows, both in the...

For the academic audience, this paper presents the outcome of a well-identifted, large change in the monetary policy rule from the lens of a standard New Keynesian model and asks whether the model properly captures the effects. For policymakers, it presents a cautionary tale of the dismal...

For the academic audience, this paper presents the outcome of a well-identified, large change in the monetary policy rule from the lens of a standard New Keynesian model and asks whether the model properly captures the effects. For policymakers, it presents a cautionary tale of the dismal...

The emergence of so-called "decentralised finance" (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the same rules. This paper makes the case for...