Korean Abstract: 글로벌 금융위기가 발생한 지 5년이 지났음에도 세계경제는 아직 정상적인 상태를 회복하지 못하고 있다. 각국은 위기극복을 위해 양적완화정책을 비롯한 자국 위주의 정책을 시행하고 있으며, 이러한 흐름을 고려할 때 환율전쟁의 가능성을 배제할 수 없는 상황이다. 실제로 세계 각국이 환율전쟁과 같은 갈등 상황에 빠지게 될 경우 소규모 개방국가인 우리나라에 미치는 영향은 매우 크다. 무역의존도 100%를 넘는 우리나라는 원화절상 속도의 가속화에 따른 경상수지 악화를 겪을 것이며, 물가 변동성 역시 확대될 뿐 아니라 거시경제변수 전반이 불안정해지는 어려움을 겪게 될 것이기 때문이다. 뿐만 아니라 지속적인 금융개방 확대와 더불어 금융환경 변화에 취약한 현실을 고려할 때 거시경제 환경이 악화될 경우 국내시장에 유입된 해외자본들이 급격히 유출되는 서든스톱(sudden stop)이 발생할 가능성도 있다. 이러한 점들을 고려할 때 1997년 외환위기 이후 금융개방과 더불어 환율제도 및 정책의 변화와 외환거래에 대한 규제 완화 혹은 폐지 과정을 되돌아볼 필요가 있다. 또한 대내외 금융환경의 변화를 반영하여 외환 수급구조의 변화를 살펴보고, 환율의 주요 경제지표에 미치는 영향에 어떠한 변화가 있는지 점검해 보는 연구를 수행할 필요가 제기되고 있다. 이러한 필요성에 근거하여 본 연구를 추진하였다.English Abstract: Five years have passed since the onset of the global financial crisis, and yet the world economy has not regained its normal state. Each country has been implementing the policies for its own domestic economy, such as the quantitative easing. Considering these circumstances, we cannot rule out the possibility of the currency war. In fact, if the world economy turns into such situations, the impact on South Korea, an open and small scale economy, would be significant. South Korea, whose degree of dependence upon foreign trade reaches over 100%, will face the current account deficit resulting from the acceleration of appreciation of the Korean Won. Also, the price fluctuation will be worsened and overall macroeconomic variations will become unstable. Besides, judging from the current state of Korea’s economy, which is experiencing continuous expansion of financial opening and is prone to changes in the financial environment, if the macroeconomic environment were to deteriorate, it is possible that South Korea will experience a sudden stop in foreign capital inflows. If we take those points into account, it is necessary to take a close look at changes in the system and policies regarding the exchange rates and the deregulation process of foreign exchange dealings, along with the financial opening that has occurred since the currency crisis in 1997. Also, the necessity to conduct studies which examine the changes in the effects of exchange rates on main economic indicators is being brought up. This study was conducted based on these demands, and its main contents are explained as follows.In chapter 2, it examines the exchange rate system and policies that were implemented in South Korea, and then it introduces and analyzes the characteristics of the regulatory scheme that was carried out after the 2000s to minimize the side effects of rapid financial opening and analyzes its characteristics. It can be said that South Korea’s foreign exchange system has been developed in a way that it adapts to changes in both the domestic and overseas financial environment and to policy issues of the time. In addition, advanced economies’ policies concerning the QE since the global financial crisis are significantly affecting not only the South Korea’s foreign currencies market but
Korean Abstract:全球金融危机已经发生5年了，但是世界经济还没有恢复正常状态。各国为克服危机，正在实行量化宽松政策等以本国为主的政策，考虑到这一趋势，不能排除汇率战争的可能性。实际上，如果世界各国陷入汇率战争等矛盾状况，对小规模开放国家韩国的影响非常大。因为，对贸易的依赖度超过100%的韩国将经历韩元升值速度加快导致的经常收支恶化，物价变动性也将扩大，宏观经济变数也将面临不稳定的困难。不仅如此，考虑到随着金融开放的持续扩大，对金融环境变化脆弱的现实，如果宏观经济环境恶化，有可能会发生流入国内市场的海外资本急剧外流的“突然停止(sudden stop)”现象。考虑到这一点，有必要回顾1997年金融危机以后随着金融开放，汇率制度及政策的变化和放宽或废除外汇交易限制的过程。另外，也有人提出，有必要进行反映对内外金融环境的变化，观察外汇供求结构的变化，并检验汇率对主要经济指标产生的影响有何变化的研究。根据这一必要性，推进了本研究。英语:Five years have passed since the onset of the global financial crisis, and yet the world economy has not regained its normal state。Each country has been implementing the policies for its own domestic economy, such as the quantitative easing。Considering these circumstances, we cannot rule out the possibility of the currency war。In fact, if the world economy turns into such situations, the impact on South Korea, an open and small scale economy, would be significant。South Korea, whose degree of dependence upon foreign trade reaches over 100%， will face the current account deficit resulting from the acceleration of appreciation of the Korean Won。Also, the price fluctuation will be worsened and overall macroeconomic variations will become unstable。Besides, judging from the current state of Korea ' s economy, which is experiencing continuous expansion of financial opening and is prone to changes in the financial environment如果macroeconomic environment were to deteriorate, it is possible that South Korea will experience a sudden stop in foreign capital inflows。如果我们放下手中的剑it is necessary to take a close look at changes in the system and policies regarding the exchange rates and the deregulation process of foreign exchange dealings，along with the financial opening that has occurred since the currency crisis in 1997。Also, the necessity to conduct studies which examine the changes in the effects of exchange rates on main economic indicators is being brought up。This study was conducted based on these demands, and its main contents are explained as follows。2、it examines the exchange rate system and policies that were implemented In South Korea;and then it introduces and analyzes the characteristics of the regulatory scheme that was carried out after the 2000s to minimize the side effects of rapid financial opening and analyzescharacteristics。It can be said that South Korea ' s foreign exchange system has been developed ina way that It adapts to changes in both the domestic and overseas financial environment and to policy issues of thetime。in addition,advanced economies ' policies concerning the QE since the global financial crisis are significantly affecting not only the South Korea ' s foreign currencies market but the increasing volatility incapital flows。This paper argues that long-term plans and concrete actions are required to reduce the volatility in capital flows resulting from the changes in the QE policies。In the third chapter it examines whether there were any changes In the relationship between the financial accounts and reserve as
{"title":"금융개방의 확대와 환율의 영향 변화 분석 (Analysis on the Expansion of Financial Opening and Changes in the Effects of Exchange Rates)","authors":"D. Yoon, Su Bin Kim, Sammo Kang","doi":"10.2139/SSRN.2436279","DOIUrl":"https://doi.org/10.2139/SSRN.2436279","url":null,"abstract":"Korean Abstract: 글로벌 금융위기가 발생한 지 5년이 지났음에도 세계경제는 아직 정상적인 상태를 회복하지 못하고 있다. 각국은 위기극복을 위해 양적완화정책을 비롯한 자국 위주의 정책을 시행하고 있으며, 이러한 흐름을 고려할 때 환율전쟁의 가능성을 배제할 수 없는 상황이다. 실제로 세계 각국이 환율전쟁과 같은 갈등 상황에 빠지게 될 경우 소규모 개방국가인 우리나라에 미치는 영향은 매우 크다. 무역의존도 100%를 넘는 우리나라는 원화절상 속도의 가속화에 따른 경상수지 악화를 겪을 것이며, 물가 변동성 역시 확대될 뿐 아니라 거시경제변수 전반이 불안정해지는 어려움을 겪게 될 것이기 때문이다. 뿐만 아니라 지속적인 금융개방 확대와 더불어 금융환경 변화에 취약한 현실을 고려할 때 거시경제 환경이 악화될 경우 국내시장에 유입된 해외자본들이 급격히 유출되는 서든스톱(sudden stop)이 발생할 가능성도 있다. 이러한 점들을 고려할 때 1997년 외환위기 이후 금융개방과 더불어 환율제도 및 정책의 변화와 외환거래에 대한 규제 완화 혹은 폐지 과정을 되돌아볼 필요가 있다. 또한 대내외 금융환경의 변화를 반영하여 외환 수급구조의 변화를 살펴보고, 환율의 주요 경제지표에 미치는 영향에 어떠한 변화가 있는지 점검해 보는 연구를 수행할 필요가 제기되고 있다. 이러한 필요성에 근거하여 본 연구를 추진하였다.English Abstract: Five years have passed since the onset of the global financial crisis, and yet the world economy has not regained its normal state. Each country has been implementing the policies for its own domestic economy, such as the quantitative easing. Considering these circumstances, we cannot rule out the possibility of the currency war. In fact, if the world economy turns into such situations, the impact on South Korea, an open and small scale economy, would be significant. South Korea, whose degree of dependence upon foreign trade reaches over 100%, will face the current account deficit resulting from the acceleration of appreciation of the Korean Won. Also, the price fluctuation will be worsened and overall macroeconomic variations will become unstable. Besides, judging from the current state of Korea’s economy, which is experiencing continuous expansion of financial opening and is prone to changes in the financial environment, if the macroeconomic environment were to deteriorate, it is possible that South Korea will experience a sudden stop in foreign capital inflows. If we take those points into account, it is necessary to take a close look at changes in the system and policies regarding the exchange rates and the deregulation process of foreign exchange dealings, along with the financial opening that has occurred since the currency crisis in 1997. Also, the necessity to conduct studies which examine the changes in the effects of exchange rates on main economic indicators is being brought up. This study was conducted based on these demands, and its main contents are explained as follows.In chapter 2, it examines the exchange rate system and policies that were implemented in South Korea, and then it introduces and analyzes the characteristics of the regulatory scheme that was carried out after the 2000s to minimize the side effects of rapid financial opening and analyzes its characteristics. It can be said that South Korea’s foreign exchange system has been developed in a way that it adapts to changes in both the domestic and overseas financial environment and to policy issues of the time. In addition, advanced economies’ policies concerning the QE since the global financial crisis are significantly affecting not only the South Korea’s foreign currencies market but","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"40 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121277526","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We challenge the widely held belief that New Keynesian models cannot predict optimal positive inflation rates. In fact, interest rates are justified by the Phelps argument that monetary financing can alleviate the burden of distortionary taxation. We obtain this result because, in contrast with previous contributions, our model accounts for public transfers as a component of fiscal outlays. We also contradict the view that the Ramsey policy should minimize inflation volatility and induce near-random-walk dynamics of public debt in the long run. In our model it should instead stabilize debt-to-GDP ratios in order to mitigate steady-state distortions. Our results thus provide theoretical support to policy-oriented analyses which call for a reversal of debt accumulated in the aftermath of the 2008 financial crisis.
{"title":"The Comeback of Inflation as an Optimal Public Finance Tool","authors":"Giovanni Di Bartolomeo, P. Tirelli, N. Acocella","doi":"10.2139/ssrn.2369183","DOIUrl":"https://doi.org/10.2139/ssrn.2369183","url":null,"abstract":"We challenge the widely held belief that New Keynesian models cannot predict optimal positive inflation rates. In fact, interest rates are justified by the Phelps argument that monetary financing can alleviate the burden of distortionary taxation. We obtain this result because, in contrast with previous contributions, our model accounts for public transfers as a component of fiscal outlays. We also contradict the view that the Ramsey policy should minimize inflation volatility and induce near-random-walk dynamics of public debt in the long run. In our model it should instead stabilize debt-to-GDP ratios in order to mitigate steady-state distortions. Our results thus provide theoretical support to policy-oriented analyses which call for a reversal of debt accumulated in the aftermath of the 2008 financial crisis.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114897284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Accounting is not simply a metric; rather it is a calculative practice which shapes the socio-economic environment. Therefore, looking only at the substance of accounting standards is sometimes inadequate. From a European Union perspective, this paper provides a general framework that deals with the potential changes in society produced by financial reporting. More specifically, it discusses fair value reporting from two points of view, which are strictly linked. The first relates to the politics of fair value accounting and its potential impact on the economic and social system, while the second relates to the governance of the standards - setting process. Financial regulation is one of the competencies of the European Union. Therefore, this paper claims that controversial issues in financial reporting should be examined in the framework of the Lisbon Treaty, which sets out the fundamental principles on which the European Union has decided to build and shape its future.
{"title":"The Politics of Fair Value Reporting and the Governance of the Standards-Setting Process: Critical Issues and Pitfalls from a European Perspective","authors":"V. Palea","doi":"10.2139/ssrn.2365695","DOIUrl":"https://doi.org/10.2139/ssrn.2365695","url":null,"abstract":"Accounting is not simply a metric; rather it is a calculative practice which shapes the socio-economic environment. Therefore, looking only at the substance of accounting standards is sometimes inadequate. From a European Union perspective, this paper provides a general framework that deals with the potential changes in society produced by financial reporting. More specifically, it discusses fair value reporting from two points of view, which are strictly linked. The first relates to the politics of fair value accounting and its potential impact on the economic and social system, while the second relates to the governance of the standards - setting process. Financial regulation is one of the competencies of the European Union. Therefore, this paper claims that controversial issues in financial reporting should be examined in the framework of the Lisbon Treaty, which sets out the fundamental principles on which the European Union has decided to build and shape its future.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"642 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115109749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-11-26DOI: 10.18500/1994-2540-2013-13-3-1-294-299
V. Korotina, Maria Zhverantseva, Elvira Karimova
Результатом проведенного в статье анализа стало выявление наиболее актуальных направлений развития процессов евразийской интеграции под воздействием налоговых механизмов, включающих гармонизацию косвенного налогообложения стран-участниц ЕврАзЭС; установление общих принципов налогообложения доходов и имущества в государствах-членах ЕврАзЭС; укрепление информационного обмена между налоговыми службами стран-участниц ЕврАзЭС.The developed by the authors analysis results in the detection of the most important areas of the Eurasian integration processes under the influence of tax arrangements, including the harmonization of indirect taxation in Eurasian countries, the establishment of general principles of taxation of income and property in Eurasian EC, intensification the information interchange between the tax services of Eurasian countries.
{"title":"Развитие Процессов Евразийской Интеграции Под Воздействием Налоговых Механизмов (Evolution of the Process of Eurasian Integration Under the Influence of Tax Arrangements)","authors":"V. Korotina, Maria Zhverantseva, Elvira Karimova","doi":"10.18500/1994-2540-2013-13-3-1-294-299","DOIUrl":"https://doi.org/10.18500/1994-2540-2013-13-3-1-294-299","url":null,"abstract":"Результатом проведенного в статье анализа стало выявление наиболее актуальных направлений развития процессов евразийской интеграции под воздействием налоговых механизмов, включающих гармонизацию косвенного налогообложения стран-участниц ЕврАзЭС; установление общих принципов налогообложения доходов и имущества в государствах-членах ЕврАзЭС; укрепление информационного обмена между налоговыми службами стран-участниц ЕврАзЭС.The developed by the authors analysis results in the detection of the most important areas of the Eurasian integration processes under the influence of tax arrangements, including the harmonization of indirect taxation in Eurasian countries, the establishment of general principles of taxation of income and property in Eurasian EC, intensification the information interchange between the tax services of Eurasian countries.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"149 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120897050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Following Foucault's analysis of German Neoliberalism (Ordoliberalism) and his thesis of ambiguity, this paper introduces a two-level distinction between individual and regulatory ethics. In particular, its aim is to reassess the importance of individual ethics in the conceptual framework of Ordoliberalism. The individual ethics of Ordoliberalism is based on the heritage of Judeo-Christian values and the Kantian individual liberty and responsibility. The regulatory or formal-institutional ethics of Ordoliberalism which has so far received most attention on the contrary refers to the institutional and legal framework of a socio-economic order. By distinguishing these two dimensions of ethics incorporated in German Neoliberalism, it is feasible to distinguish different varieties of neoliberalism and to link Ordoliberalism to modern economic ethics.
{"title":"Individual versus Regulatory Ethics: An Economic-Ethical and Theoretical-Historical Analysis of German Neoliberalism","authors":"Manuel Wörsdörfer","doi":"10.4000/OECONOMIA.690","DOIUrl":"https://doi.org/10.4000/OECONOMIA.690","url":null,"abstract":"Following Foucault's analysis of German Neoliberalism (Ordoliberalism) and his thesis of ambiguity, this paper introduces a two-level distinction between individual and regulatory ethics. In particular, its aim is to reassess the importance of individual ethics in the conceptual framework of Ordoliberalism. The individual ethics of Ordoliberalism is based on the heritage of Judeo-Christian values and the Kantian individual liberty and responsibility. The regulatory or formal-institutional ethics of Ordoliberalism which has so far received most attention on the contrary refers to the institutional and legal framework of a socio-economic order. By distinguishing these two dimensions of ethics incorporated in German Neoliberalism, it is feasible to distinguish different varieties of neoliberalism and to link Ordoliberalism to modern economic ethics.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123757692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The results of federal budget implementation in H1 2013 show that federal budget revenues dropped 2.1 p.p. of GDP year-on-year, while consolidated budget revenues of the constituent territories of the Russian Federation declined 1.7 p.p. of GDP in January-May 2013 against the first five months of 2012. The reduction of the foregoing budget revenues was basically governed by economic contraction. Furthermore, according to "The Budget Policy Guidelines for 2014 and the 2015-2016 Planning Period" which was posted on the Ministry of Finance’s official website on July 18, 2013, economic growth may slow down for a long period. To date, adverse trends in the Russian economy have had no serious effect on sustainability of the Russia’s budget system. The results of H1 2013 show that the federal budget ran a surplus of 0.9% of GDP, while consolidated budget of the constituent territories of the Russian Federation ran a surplus of 1.0% of GDP in the first five months of 2013.
{"title":"Russia’s National Budget in H1 2013","authors":"T. Tischenko","doi":"10.2139/SSRN.2330874","DOIUrl":"https://doi.org/10.2139/SSRN.2330874","url":null,"abstract":"The results of federal budget implementation in H1 2013 show that federal budget revenues dropped 2.1 p.p. of GDP year-on-year, while consolidated budget revenues of the constituent territories of the Russian Federation declined 1.7 p.p. of GDP in January-May 2013 against the first five months of 2012. The reduction of the foregoing budget revenues was basically governed by economic contraction. Furthermore, according to \"The Budget Policy Guidelines for 2014 and the 2015-2016 Planning Period\" which was posted on the Ministry of Finance’s official website on July 18, 2013, economic growth may slow down for a long period. To date, adverse trends in the Russian economy have had no serious effect on sustainability of the Russia’s budget system. The results of H1 2013 show that the federal budget ran a surplus of 0.9% of GDP, while consolidated budget of the constituent territories of the Russian Federation ran a surplus of 1.0% of GDP in the first five months of 2013.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133498662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
For nearly a century the US dollar has been unchallenged as the sole and later the most important reserve and intervention currency in the world. The dollar became such an important currency after the shift from the British pound which, during the gold standard, was the world's reserve currency until the first decades of the XX century. The dollar detained its primary importance even after the breakdown of the Bretton Woods system despite several different currencies like the German mark, Japanese yen, Swiss franc, French franc etc., have been occasionally serving as reserve currencies. The situation considerably changed after introducing of the euro which in the first decade of the XXI century exceeded 20% share in reserves of central banks and became the second after the US dollar reserve and intervention currency. This was the main factor increasing the demand for the euro and increasing the pressure on appreciation of the euro exchange rate unless the authority responsible for the supply of that currency is able to increase it. Many circumstances indicate that the pressure on appreciation of the euro may increase and this becomes a great challenge for the authority issuing the already second significant reserve currency in the world. Until now the Eurosystem remains somewhat powerless to manage successfully the above mentioned challenge so an important question arises how this situation might be improved. Nevertheless the room for the euro exists but the possibility to increase its reserve holdings and share depends on some necessary adjustments mainly in the treaty framework of the European central banking. This essay is a part of the wider project concerning the future of the euro of the euro area and their significance in the international financial system.
{"title":"The Role of the American Dollar and the Prospective Room for the Euro as an Important Intervention and Reserve Currency","authors":"Witold Rutkowski","doi":"10.2139/ssrn.2365722","DOIUrl":"https://doi.org/10.2139/ssrn.2365722","url":null,"abstract":"For nearly a century the US dollar has been unchallenged as the sole and later the most important reserve and intervention currency in the world. The dollar became such an important currency after the shift from the British pound which, during the gold standard, was the world's reserve currency until the first decades of the XX century. The dollar detained its primary importance even after the breakdown of the Bretton Woods system despite several different currencies like the German mark, Japanese yen, Swiss franc, French franc etc., have been occasionally serving as reserve currencies. The situation considerably changed after introducing of the euro which in the first decade of the XXI century exceeded 20% share in reserves of central banks and became the second after the US dollar reserve and intervention currency. This was the main factor increasing the demand for the euro and increasing the pressure on appreciation of the euro exchange rate unless the authority responsible for the supply of that currency is able to increase it. Many circumstances indicate that the pressure on appreciation of the euro may increase and this becomes a great challenge for the authority issuing the already second significant reserve currency in the world. Until now the Eurosystem remains somewhat powerless to manage successfully the above mentioned challenge so an important question arises how this situation might be improved. Nevertheless the room for the euro exists but the possibility to increase its reserve holdings and share depends on some necessary adjustments mainly in the treaty framework of the European central banking. This essay is a part of the wider project concerning the future of the euro of the euro area and their significance in the international financial system.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125272303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Government of Sri Lanka (GoSL) has embarked on a development agenda based on the Mahinda Chintanaya with the objective of converting the country to a Naval, Aviation, Commercial, Energy and Knowledge hub in Asia. In keeping with this objective, in the recent years, the GoSL has invested heavily in developing the required infrastructure and the improvement of information and communication technology. Available information illustrate that Sri Lanka has made steady progress in the three areas. Indices that are used to compare performance of countries show that Sri Lanka has shows steady performance in the Global Competitiveness Index (GCI) with a GCI of 68 out of 144 and a score of 4.2 out of 7 in 2012-2013. Sri Lanka has posted positive indicators in doing business across borders. In 2007, Sri Lanka was ranked 99 out of 185 countries and by 2013 the country has improved in its rank to 56. In the Logistics Performance Index (LPI) published by the World Bank in 2010, Sri Lanka was ranked a dismal 137 out 155 countries. By 2012 the rank has improved to 81. Also the United Nations Development Program (UNDP) has identified Sri Lanka as an early achiever on 10 of the 21 indicators of the Millennium Development Goals. However, it is apparent that this progress can be further accelerated through reforms in the regulations & legal framework concerning the three areas, systems and procedures and the improvement of infrastructure, ICT functionalities and HR competencies. This case study is a result of a desk research carried out into literature relating to the subject matter available in the public domain.
{"title":"Converting Sri Lanka into a Commercial Hub in Asia an Assessment of Postwar Progress with Insights to the Way Forward - A Case Study","authors":"Stephen Muller, Prof(Dr) Lalith Edirisinghe","doi":"10.2139/ssrn.2965926","DOIUrl":"https://doi.org/10.2139/ssrn.2965926","url":null,"abstract":"The Government of Sri Lanka (GoSL) has embarked on a development agenda based on the Mahinda Chintanaya with the objective of converting the country to a Naval, Aviation, Commercial, Energy and Knowledge hub in Asia. In keeping with this objective, in the recent years, the GoSL has invested heavily in developing the required infrastructure and the improvement of information and communication technology. Available information illustrate that Sri Lanka has made steady progress in the three areas. \u0000 \u0000Indices that are used to compare performance of countries show that Sri Lanka has shows steady performance in the Global Competitiveness Index (GCI) with a GCI of 68 out of 144 and a score of 4.2 out of 7 in 2012-2013. Sri Lanka has posted positive indicators in doing business across borders. In 2007, Sri Lanka was ranked 99 out of 185 countries and by 2013 the country has improved in its rank to 56. In the Logistics Performance Index (LPI) published by the World Bank in 2010, Sri Lanka was ranked a dismal 137 out 155 countries. By 2012 the rank has improved to 81. Also the United Nations Development Program (UNDP) has identified Sri Lanka as an early achiever on 10 of the 21 indicators of the Millennium Development Goals. \u0000 \u0000However, it is apparent that this progress can be further accelerated through reforms in the regulations & legal framework concerning the three areas, systems and procedures and the improvement of infrastructure, ICT functionalities and HR competencies. \u0000 \u0000This case study is a result of a desk research carried out into literature relating to the subject matter available in the public domain.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129953564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The dependence of stock prices on time is analyzed during major stock market crashes from the beginning of the 1929 Wall Street Crash to recent financial crises. A model of stock price dynamics is presented to describe the stock price decline during stock market crashes. It is shown from daily stock price data that stock price dynamics can be described by two processes. In the fist process, the selling-off decision by investors is driven by the negative available information and not from the negative stock performance information. During the first process, the daily stock price is inversely proportional to the length of the period of the stock price decline. For the second process, the sharp price decline is explained by the panic chain process of the crowd, whereby new information about the stock price decline causes an initiation of the new selling-off of the shares, resulting in an exponential stock price decay. The model explains stock market crashes and sharp stock price declines for Dow Jones (1929), Enron (2001), Lehman Brothers Inc. (2008), Wachovia (2008), Washington Mutual (2008), Citigroup Inc. (2008), AIG (2008).
{"title":"Stock Price Dynamics During Market Crashes","authors":"R. Remorov","doi":"10.2139/ssrn.2308687","DOIUrl":"https://doi.org/10.2139/ssrn.2308687","url":null,"abstract":"The dependence of stock prices on time is analyzed during major stock market crashes from the beginning of the 1929 Wall Street Crash to recent financial crises. A model of stock price dynamics is presented to describe the stock price decline during stock market crashes. It is shown from daily stock price data that stock price dynamics can be described by two processes. In the fist process, the selling-off decision by investors is driven by the negative available information and not from the negative stock performance information. During the first process, the daily stock price is inversely proportional to the length of the period of the stock price decline. For the second process, the sharp price decline is explained by the panic chain process of the crowd, whereby new information about the stock price decline causes an initiation of the new selling-off of the shares, resulting in an exponential stock price decay. The model explains stock market crashes and sharp stock price declines for Dow Jones (1929), Enron (2001), Lehman Brothers Inc. (2008), Wachovia (2008), Washington Mutual (2008), Citigroup Inc. (2008), AIG (2008).","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129021076","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ten years of financial stability in Brazilian economy have gone. In this period, the regional transportation of passengers suffered exogenous impacts: economical crises, airport crises and great proportions' accidents, as well as impacts which were intern to the system: institutional changes (liberation of tariff promotions, many companies establishing themselves and also coming to bankruptcy), creation of regulating institutions in the air transportation as well as the land transportation. Theoretically, it is expected that these changes have generated impacts in the demand for trips, since an environment regulated with more flexible prices and higher amounts of companies would generate a competitive environment in which the companies could struggle to attract their demand. On the other hand, the impacts which are exogenous to the system can generate responses in the sense of restoring the balance of demand. Thus, based on the theoretical experience, this article aims at analyzing empirically, through categorical variables, if there were impacts on the demand for regional trips in Brazil due to the internal or external changes. In order to perform this, monthly data from January, 1999 to December, 2009 are utilized and estimates are calculated making use of Seemingly Unrelated Regressions (SUR). As a result we have the meaning of the internal and external impacts related to air and land transports, identifying that the worldwide economic crisis generated an impact at the level of the demand for transportation and also that the flexibility of tariffs allowed by ANTT had an equal impact on the demand for land transportation.
{"title":"A Decade of Changes in the Transportation of Passengers: What are the Factors that Affected the Demand?","authors":"Francisco Gildemir Ferreira da Silva, S. Desouza","doi":"10.2139/ssrn.2535787","DOIUrl":"https://doi.org/10.2139/ssrn.2535787","url":null,"abstract":"Ten years of financial stability in Brazilian economy have gone. In this period, the regional transportation of passengers suffered exogenous impacts: economical crises, airport crises and great proportions' accidents, as well as impacts which were intern to the system: institutional changes (liberation of tariff promotions, many companies establishing themselves and also coming to bankruptcy), creation of regulating institutions in the air transportation as well as the land transportation. Theoretically, it is expected that these changes have generated impacts in the demand for trips, since an environment regulated with more flexible prices and higher amounts of companies would generate a competitive environment in which the companies could struggle to attract their demand. On the other hand, the impacts which are exogenous to the system can generate responses in the sense of restoring the balance of demand. Thus, based on the theoretical experience, this article aims at analyzing empirically, through categorical variables, if there were impacts on the demand for regional trips in Brazil due to the internal or external changes. In order to perform this, monthly data from January, 1999 to December, 2009 are utilized and estimates are calculated making use of Seemingly Unrelated Regressions (SUR). As a result we have the meaning of the internal and external impacts related to air and land transports, identifying that the worldwide economic crisis generated an impact at the level of the demand for transportation and also that the flexibility of tariffs allowed by ANTT had an equal impact on the demand for land transportation.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128020046","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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