Suchergebnisse

The European Stability Mechanism (ESM) is a permanent institution with the purpose of providing financial stability to the 19 countries in the eurozone. It was founded in 2012 at the height of the sovereign debt crisis in Europe. Originally, the European Union and the eurozone intended to operate without a regional financial stability mechanism. However, the severity of the crisis forced the abolishment of the principal of complete fiscal self-reliance for each member country. During the course of the crisis, the ESM and other organizations provided financial assistance to the crisis countries - Greece, Ireland, Portugal, Spain, and Cyprus-amounting to €400 billion. This may have helped to contain the crisis, but the regional financial stability arrangement in Europe has suffered from organizational and procedural over-complexity. Reforming the system is proving difficult because of disunity among eurozone members. The regional financial stability mechanism in Asia, the Chiang Mai Initiative, was created after the Asian crisis of 1997/98 and could therefore be developed without immediate pressure. There are signs that it lacks effectiveness, however, because of an insufficient funding base and a lack of capabilities to provide reform programs and surveillance for crisis countries. Here, the experiences in Europe can provide hints for a way ahead in Asia: committed funding should match the needs of a potential crisis. Furthermore, organizational capabilities need to be enhanced, but without creating undue complexities in decision-making and institutional setup.

11. März 2011, 14.46 Uhr. "Nach dem Erdbeben begab ich mich unmittelbar in das Krisenzentrum im Untergeschoss des Premierministeramtes. Inmitten der Mobilisierung aller Kräfte für die Rettungsaktionen erreichte mich die Nachricht: "Im Atomkraftwerk Fukushima Daiichi ist die Kühlung ausgefallen". Anschliessend gab es nur eine Richtung: Der Unfall weitete sich immer weiter aus. Wenn nichts geschah, würde das zum Zusammenbruch des Landes führen. Würden alle Reaktoren ausser Kontrolle geraten, müsste ganz Ost-Japan einschliesslich des Hauptstadtgebietes, müssten 50 Millionen Menschen evakuiert werden ..." Was hat der Premierminister unter einem Rechtssystem, das auf einen Atomnotstand nicht eingerichtet ist, und in einer Situation, wo gleich mehrere strukturelle Schwächen Japans an die Oberfläche traten, wie entschieden? In diesem historischen Rechenschaftsbericht gibt der höchste Verantwortliche selbst Zeugnis über seine Qualen und Entschlüsse. (Verlagstext)

This book explores the opportunities and limits of currency cooperation in East Asia. Currency issues play an important role in the region. The Asian crisis of the late 90s was rooted in deficient currency arrangements. The Chinese RMB is not freely convertible yet, but policymakers in China nevertheless aim for a more international role of the Chinese currency. The recent change of direction in Japanese monetary policy caused a drastic depreciation of the Yen and led to warnings against a possible "currency war", thus demonstrating that currency issues can also easily lead to political frictions. Most trade in and with the East Asian zone on the other hand is still conducted in US $. Against this background different modes of currency cooperation serve the goal of smoothing exchange rate fluctuations and capital flows. They are an important element to promote financial stability and to reduce the transaction cost for foreign trade or investment. The contributions of this book analyze the environment and design of currency cooperation in East Asia and their effects from a macro-and microeconomic viewpoint

This book explores the opportunities and limits of currency cooperation in East Asia. Currency issues play an important role in the region. The Asian crisis of the late 90s was rooted in deficient currency arrangements. The Chinese RMB is not freely convertible yet, but policymakers in China nevertheless aim for a more international role of the Chinese currency. The recent change of direction in Japanese monetary policy caused a drastic depreciation of the Yen and led to warnings against a possible "currency war", thus demonstrating that currency issues can also easily lead to political frictions. Most trade in and with the East Asian zone on the other hand is still conducted in US $. Against this background different modes of currency cooperation serve the goal of smoothing exchange rate fluctuations and capital flows. They are an important element to promote financial stability and to reduce the transaction cost for foreign trade or investment. The contributions of this book analyze the environment and design of currency cooperation in East Asia and their effects from a macro-and microeconomic viewpoint

CHAPTER 1 Monetary Policy in East Asia: Implementation Matters .-PART I:The Framework of Monetary Policy Implementation -- CHAPTER 2China's Monetary Policy Re-visited: Institutional Setting, Main Tools, Challenges -- CHAPTER 3The Operation of Inflation Targeting in Korea -- PART II:Central Banks in Foreign Exchange Markets -- CHAPTER 4Exchange-Rate Management in East -- Asia: Words and Deeds -- CHAPTER 5Taiwan's Foreign Exchange Policy and its Current Challenges -- CHAPTER 6 Monetary Policy Implementation in Singapore -- PART III:Dimensions of Monetary Policy Implementation -- CHAPTER 7The Asset Purchase Programmes of the Eurosystem in the Courts -- CHAPTER 8Bank of Japan Exchange Traded Fund Purchases under Quantitative and Qualitative Monetary Easing with Yield Curve Control -- INDEX .

This book explores financial stability issues in the context of East Asia. In the East Asian region financial stability has been a major concern ever since the Asian crisis of 1997/98, which still looms large in the collective memory of the affected countries. The global crisis, which had its starting point in 2007, only served to exacerbate this concern. Safeguarding financial stability is therefore a major goal of any country in the region. Diverging cultural, political and economic backgrounds may however pose different stability challenges and necessary cooperation may be complicated by this diversity. Against this backdrop the contributions of this book by leading academics from the fields of economics and law as well as by practitioners from central banks shed light on various financial stability issues. The volume explores the legal environment of central banks as lenders of last resort and analyzes challenges to financial stability such as shadow banking and the choice of exchange rate regimes. Case studies from China, Japan and Indonesia are contrasted with experiences from Europe.

Chapter 1. Measuring and Fighting for Price Stability in Turbulent Times: Lessons from East Asia -- Chapter 2. The Mirages of Hedonics: Quantitative Analysis of Technological Innoation Contained in Inflation Rates -- Chapter 3. Unravelling the Mystery of Low Inflation in Korea during the Period of the Accommodation Policy 2012-17 -- Chapter 4. The Effects of Inflation on the Financial Statements of Firms in South Korea -- Chapter 5. Inflation Dynamics and Expectations in Singapore -- Chapter 6. Inflation Dynamics and Monetary Policy in Taiwan -- Chapter 7. Why has there been no Inflation in Japan? -- Chapter 8. Inflation, Price Stability, and Monetary Policy: On the Legality of Inflation Targeting by the Eurosystem -- Chapter 9. The Bank of Japan Act of 1997 and "Quantitative and Qualitative Monetary Easing (QQE)".