scholarly journals Financial centers of new industrial countries in the world financial architecture

2021 ◽  
Vol 70 (3) ◽  
pp. 188-199
Author(s):  
M. Savchenko ◽  
L. Tsybrii
Keyword(s):  
Hong Kong ◽  
Exchange Rate ◽  
Stock Market ◽  
Open Economy ◽  
Social Progress ◽  
Financial Architecture ◽  
The World ◽  
Financial Center ◽  
Definition Of ◽  
International Financial Center

The views of scholars concerning the definition of «international financial center», which makes it possible to formulate the definition of international financial center essence are summarized in this paper. The factors influencing the formation of international financial center incluing: stable financial system, stable currency, exchange rate stability, political and social stability in the country, favorable geographical location, developed financial infrastructure, open economy for free movement of capital, etc. are identified. The role of international financial centers in increasing their global competitiveness, achieving higher levels of economic growth, prosperity and social progress is substantiated. The classification of international financial centers is investigated. The place of the Hong Kong Financial Center in the financial architecture of the world is determined. The main parameters of the current state of the Hong Kong Financial Center: the USD / HKD exchange rate, the effective exchange rate index weighted by trade, the Hang Seng index, market capitalization, etc. are diagnosed. SWOT-analysis of the Hong Kong Financia Cente is carried out in order to identify its strengths, weaknesses, opportunities and threats. Based on the results of the problem of its functioning, a set of measures to improve competitiveness is also proposed. Hong Kong has favorable macroeconomic and institutional environment, qualified personnel, and is the fifth most competitive international financial center in the world. However, there is a low degree of international element in the domestic stock market, there is also risk of losing the status of «international financial center», other regional economies that have greater access to international investment opportunities in the stock market, such as Singapore, may be a threat. The financial center should focus on overcoming the effects of the coronavirus, promote the share of foreign investment in the economy, take a set of measures to overcome the country's recession, review legal, regulatory and tax requirements to promote development, improve quality of life and attractiveness, and become Asia's leading currency hub.

Global financial architecture: possible directions of structural transformation

2021 ◽  
pp. 4
Author(s):  
Vladimir Andrianov
Keyword(s):  
Stock Market ◽  
Structural Transformation ◽  
Financial Institutions ◽  
Capital Market ◽  
Shadow Banking ◽  
International Financial Institutions ◽  
Financial Architecture ◽  
The World ◽  
Financial Infrastructure

The article examines the main trends in the transformation of the global financial infrastructure. The influence of shadow banking and the bubble of derivatives on the development of the world capital market and the stock market is investigated. Possible options for reforming international financial institutions and financial regulators are proposed.

scholarly journals PERANAN KEBIJAKAN MONETER DALAM MENJAGA STABILITAS PEREKONOMIAN INDONESIA SEBAGAI RESPON TERHADAP FLUKTUASI PEREKONOMIAN DUNIA

2007 ◽  
Vol 9 (2) ◽  
pp. 145-177
Author(s):  
M. Maulana Al Arif ◽  
Achmad Tohari
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rate ◽  
Open Economy ◽  
Small Open Economy ◽  
Monthly Data ◽  
Vector Autoregressive ◽  
The World ◽  
The Exchange Rate ◽  
The Impact

This paper analyzes the impact of the inflation and the world interest rate on the Indonesian economy and the effectiveness of the Indonesian central bank policy to adopt the domestic macroeconomic fluctuation.Assuming Indonesia as a small-open economy, the Stuctural Vector Autoregressive Model is utilized on the monthly data during the periode of 1999: 1 – 2004: 12 covering the main domestic macroeconomic indicator (output, price, money supply, interest rate and the exchange rate) and the world oil price and world interest rate as the disturbance source.The analysis provides 2 main results, first, the international variables do have impacts on the domestic variables fluctuation, implying the fragility of the domestic economy due to the external shock, second, the monetary policy is effective on supporting the economic growth and stabilizing the price level. However, the Bank Indonesia policy to stabilize the international shock via the exchange rate channel, contributes to a higher impact of the international shock on domestic interest rate.Keywords: monetary policy, business cycle, SVARJEL Classification: E52, E32, C32, F41

A COMPARATIVE STUDY OF EXCHANGE RATE REGIMES AND MACRO-INSTABILITIES IN THE TWIN ECONOMIES OF SINGAPORE AND HONG KONG

2007 ◽  
Vol 52 (01) ◽  
pp. 93-116 ◽  
Author(s):  
YUE MA ◽  
Y. Y. KUEH ◽  
RAYMOND C. W. NG
Keyword(s):  
Hong Kong ◽  
Exchange Rate ◽  
Open Economy ◽  
Exchange Rate Regime ◽  
Small Open Economy ◽  
Prototype Model ◽  
Internal Factors ◽  
Monetary Authorities ◽  
The Stability ◽  
The One

Based on a small, open-economy IS-LM prototype model, this paper examines the sources of macroeconomic instabilities in Hong Kong and Singapore operating under two different currency board arrangements. The empirical findings suggest that in general, both external and internal factors contribute to the macroeconomic volatilities observed in the two economies. There is evidence of a tradeoff between exchange rate and interest rate targeting for the stability of money supply in Singapore. Our findings have important implications for Mainland China's monetary authorities in the transition from a hard-peg exchange rate regime like Hong Kong to a basket-link system like the one in Singapore.

scholarly journals A Study on Effectiveness of FDI on Unorganised Retail Sector of India

2020 ◽  
Vol 8 (3) ◽  
pp. 45-49
Author(s):  
N Kannan ◽  
A Kumar ◽  
P Lakshmi
Keyword(s):  
Open Economy ◽  
Vital Role ◽  
Retail Sector ◽  
Market Place ◽  
The World ◽  
Major Reform ◽  
The Government ◽  
Definition Of ◽  
The Impact ◽  
Tremendous Challenge

Foreign Direct Investment (FDI) plays a very vital role in economic development for any developing and under-developing nation, the largest democracy, and the second-largest populated country in the world is facing a tremendous challenge to fight against inflation and unemployment. FDI can provide the life-blood to the Indian economy. Though late the UPA-II Government, headed by Dr. Manmohan Singh, has decided the d on November-2012, in respect of proposals involving FDI beyond 52 percent, it is mandatory to source 30 percent of the value of the goods purchased from India, preferably MSMEs. Making India is the most open economy in the world, Modi Government announced its second major reform in FDI soon after its deep-seated changes. The Government, since the beginning, has been taken steps to boost FDI in the country to create a different climate so that foreign investors feel confident in investing. Putting an end to the long-standing discussion on the Processing of e-commerce in India, Government permitted 100 percent FDI in the market place format e-commerce retailing and also come up with the definition of a marketplace and inventoryled models of e-commerce. All these factors are dwindling purchasing from unorganized retail shops. This research paper will try to find out the impact of FDI on the unorganized retail sector in India as well as the effectiveness of FDI on Agro Products.

scholarly journals ON THE TESTING MULTI-VALUED MARTINGALE DIFFERENCE HYPOTHESIS

2018 ◽  
Vol 34 (3) ◽  
pp. 233-248
Author(s):  
Lục Trí Tuyên
Keyword(s):  
Spectral Analysis ◽  
Exchange Rate ◽  
Stock Market ◽  
Financial Data ◽  
Nonlinear Dependence ◽  
Martingale Difference ◽  
Rate Data ◽  
Statistical Tools ◽  
Definition Of ◽  
Castaing Representation

This paper presents a definition of Multi-Valued Martingale Difference (MVMD) based on Castaing representation of a multi-valued martingale that consists of martingale difference selections. Testing the Multi-Valued Martingale Difference Hypothesis (MVMDH) then examined. Testing the Martingale Difference Hypothesis (MDH) earlier was based on linear measures then later developed  two directions in order to account for the existing nonlinearity in economic and financial data. First, the classical approaches have been modified by take into account the possible nonlinear dependence. Second, the use of more sophisticated statistical tools such as those based generalized spectral analysis. According to this article, both these developments in MDH are modified for MVMDH and applies them to exchange rate data and returns of stock market data.

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