In the context of recent commodity price hikes, a political consensus has emerged on regulatory measures to reduce excessive speculation in commodity derivative markets. This paper gives an overview of current reform proposals of commodity derivate market regulation at the international (G20),...

Given the far-reaching implications of commodity prices for developing countries an understanding of the factors behind recent commodity price developments is crucial. ÖFSE research shows that besides structural changes in fundamental supply and demand conditions, the increasing presence of...

Obwohl das letzte Jahrhundert im Allgemeinen durch eine starke Ausweitung der internationalen Kapitalverflechtung gekennzeichnet war, blieb Japan bis in die 90er Jahre hinein eine relativ geschlossene Volkswirtschaft. Erst mit dem Platzen der so genannten "Bubble" wurde die Öffnung der...

Das Ziel der umfassenden Finanzmarktreform "Financial Big Bang" in Japan war die Bildung eines international wettbewerbsfähigen Finanzsektors unter den drei Prinzipien frei, fair und global bis 2001. Politiker standen dabei zwei Herausforderungen gegenüber: die Wettbewerbsfähigkeit...

We develop a new set of indexes of exchange rate stability, monetary policy independence, and financial market openness as the metrics for the trilemma hypothesis. In our exploration, we take a different and more nuanced approach than the previous indexes developed by Aizenman, Chinn, and Ito...

Financial globalization has gathered attention since the early 1990s because of its macro-financial and crisis implications and its perceived large expansion. But financial globalization has taken different forms over time. This paper examines two important concurrent dimensions of financial...

A key lesson of the 2007 - 2009 global financial crisis (GFC) was the importance of containing systemic financial risk and the need for a "macroprudential" approach to surveillance and regulation that can identify system-wide risks and take appropriate actions to maintain financial stability. By...

Pension assets have seen rapid growth world-wide over the past decades, although they suffered large losses during the global financial crisis of 2007 - 2008. Such growth is notably due to both structural and parametric pension reforms since the 1980s. In the Asian region too, the pension market...

Capital controls and exchange restrictions are used to restrict international capital flows during economic crises. This paper looks at the legal implications of these restrictions and explores the current international regulatory framework applicable to international capital movements and...

This paper analyzes the causes of the 2008 - 2009 global financial crisis together with its manifestations, using a Multiple Indicator Multiple Cause (MIMIC) model. The analysis is conducted on a cross-section of 85 countries. It is found that more financially integrated countries do not seem to...