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Author: Richard M. Levich Publisher: ISBN: Category : Languages : en Pages : 58
Book Description
Global foreign exchange (FX) trading volume in traditional FX products and derivatives in Asia and the Pacific has expanded rapidly over the last 15 years, more so than in other regions. Asian currencies also have experienced exceptional growth in offshore turnover, including that of non-deliverable forwards (NDFs). Trading activity on this scale, spread across many countries and currencies, underscores the need for a smoothly functioning infrastructure and exceptional risk management processes. While settlement risks are mitigated for the vast majority of turnover through systems such as CLS Bank, the Asia-Pacific region would benefit by having more countries and currencies become CLS-enabled or tradable under other payment-versus-payment (PVP) systems. Although their volatility was less pronounced than during the global financial crisis, FX markets in the region experienced added turbulence during the “taper tantrum” of 2013. High-turnover currencies tended to depreciate more after the taper announcements, although volatility rose more sharply in currencies with low turnover. The FX market is a prominent venue for carry trades that are subject to crash risk. While there is some evidence of herding behaviour exacerbating this risk over the past decade, the measures calibrated more recently do not suggest exceptional crowding into carry trades ahead of the “taper tantrum” in 2013. At the same time, our measures of crowdedness for the carry trade show considerable variation over time. It might be useful to make crowdedness measures publicly available.Full publication: 'http://ssrn.com/abstract=2668657' Cross-Border Financial Linkages: Challenges for Monetary Policy and Financial Stability.
Author: Richard M. Levich Publisher: ISBN: Category : Languages : en Pages : 58
Book Description
Global foreign exchange (FX) trading volume in traditional FX products and derivatives in Asia and the Pacific has expanded rapidly over the last 15 years, more so than in other regions. Asian currencies also have experienced exceptional growth in offshore turnover, including that of non-deliverable forwards (NDFs). Trading activity on this scale, spread across many countries and currencies, underscores the need for a smoothly functioning infrastructure and exceptional risk management processes. While settlement risks are mitigated for the vast majority of turnover through systems such as CLS Bank, the Asia-Pacific region would benefit by having more countries and currencies become CLS-enabled or tradable under other payment-versus-payment (PVP) systems. Although their volatility was less pronounced than during the global financial crisis, FX markets in the region experienced added turbulence during the “taper tantrum” of 2013. High-turnover currencies tended to depreciate more after the taper announcements, although volatility rose more sharply in currencies with low turnover. The FX market is a prominent venue for carry trades that are subject to crash risk. While there is some evidence of herding behaviour exacerbating this risk over the past decade, the measures calibrated more recently do not suggest exceptional crowding into carry trades ahead of the “taper tantrum” in 2013. At the same time, our measures of crowdedness for the carry trade show considerable variation over time. It might be useful to make crowdedness measures publicly available.Full publication: 'http://ssrn.com/abstract=2668657' Cross-Border Financial Linkages: Challenges for Monetary Policy and Financial Stability.
Author: Bank for International Settlements Publisher: ISBN: Category : Languages : en Pages : 212
Book Description
Ever more extensive global financial linkages are changing in ways that have significant implications for policy. Asia-Pacific countries have experienced a particularly rapid growth in financial flows since the crisis. Against this background, the BIS's Representative Office for Asia and the Pacific and the Reserve Bank of New Zealand (RBNZ) co-hosted a conference on cross-border financial linkages with a view to fostering research on implications of these important developments. The conference marked the completion of the BIS Asian Office's research programme in this area.The event brought together senior officials and researchers from central banks, international organisations and academia. Governor Graeme Wheeler of the Reserve Bank of New Zealand made the opening remarks. Papers presented at the conference covered patterns of cross-border linkages, foreign exchange markets and exchange rate risks, financial market spillovers in Asia-Pacific, and policies to deal with capital flows and their effectiveness. The volume comprises the opening speech and papers presented at the conference.While the full publication can be downloaded using the above link, individual contributions are available separately:'http://ssrn.com/abstract=2668678' Cross-border Portfolios: Assets, Liabilities, and Non-flow Adjustments'http://ssrn.com/abstract=2668667' Channels and Determinants of Foreign Bank Lending'http://ssrn.com/abstract=2668686' Development and Functioning of FX Markets in Asia and the Pacific'http://ssrn.com/abstract=2668709' Exchange Rates, Expected Returns and Risk: What Can We Learn from Asia-Pacific Currencies?'http://ssrn.com/abstract=2668692' The Influence of Chinese and US Financial Markets on Asia-Pacific'http://ssrn.com/abstract=2668717' Effectiveness of Macroprudential and Capital Flow Measures in Asia and the Pacific.
Author: Gordon De Brouwer Publisher: Taylor & Francis US ISBN: 9780415208437 Category : Business & Economics Languages : en Pages : 358
Book Description
Financial liberalisation and structural reform in Asia Pacific are examined generally and with specific reference to individual countries, as the contributors discuss the build-up of vulnerability which resulted in financial crisis in East Asia.
Author: Gustavo Adler Publisher: International Monetary Fund ISBN: 1513566679 Category : Business & Economics Languages : en Pages : 67
Book Description
Foreign exchange intervention (FXI) is a highly debated topic. Yet, comprehensive and comparable data on FXI is hard to find. This paper provides a new dataset of FXI covering a large number of countries over the period 2000-20 at monthly and quarterly frequencies. It includes publicly available data for about 40 countries and carefully constructed proxies for 122 countries. Proxies are focused on both spot and derivative transactions that alter the central bank’s foreign currency position and account for a wide range of central bank operations, including vis-à-vis residents, the first proxy to do so to our knowledge. The paper discusses the merits of the new proxy relative to coarser measures traditionally used like the change in reserves, and potential definitional differences with published data. The paper also presents stylized facts using our newly constructed FXI proxies.
Author: Suiwah Leung Publisher: ISBN: Category : Asia Languages : en Pages : 40
Book Description
One of a series of working papers put out by the Research School of Pacific and Asian Studies at the ANU. Reviews the evidence linking exchange rate volatility to trade and presents arguments for not reforming the international monetary system to stabilise exchange rates. Suggests instead that other ways to curb the growth of non-tariff barriers to trade be examined. Includes a list of references.
Author: Masahiro Kawai Publisher: Edward Elgar Publishing ISBN: 0857933353 Category : Business & Economics Languages : en Pages : 321
Book Description
Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.
Author: Momtchil Pojarliev Publisher: ISBN: Category : Languages : en Pages : 4
Book Description
Managing risk is at the core of managing any financial organization. Risk measurement and quantitative tools are critical aids for supporting risk management, but quantitative tools alone are no substitute for judgment, wisdom, and knowledge. Managers within a financial organization must be, before anything else, risk managers in the true sense of managing the risks that the firm faces.
Author: James Chen Publisher: John Wiley & Sons ISBN: 0470464003 Category : Business & Economics Languages : en Pages : 202
Book Description
This currency trading book provides readers with real, practical information on how to trade the foreign exchange market effectively. It begins by covering introductory information on the forex market, including basic trading mechanics and the benefits of forex trading, and then goes on to describe specific currency trading methods and skills in step-by-step detail. This includes highly practical information on technical and fundamental analysis, risk and money management, and powerful forex trading strategies. These strategies have proven extremely effective in helping traders play the forex game to win. JAMES CHEN, CTA, CMT (Montville, NJ) is Chief Technical Strategist at FX Solutions, a leading foreign exchange broker. An expert on forex trading and technical analysis, he is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT). Mr. Chen writes daily currency analysis, leads forex trading seminars, and has authored numerous articles on currency trading strategy and technical analysis for major financial publications. These include Forbes.com, Futures Magazine, Technical Analysis of Stocks and Commodities Magazine, and Stocks, Futures and Options (SFO) Magazine.
Author: Mr.Sonali Das Publisher: International Monetary Fund ISBN: 1498302025 Category : Business & Economics Languages : en Pages : 31
Book Description
China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.
Author: Richard M. Levich
Author: Richard M. Levich
Author: Bank for International Settlements
Author: Gordon De Brouwer
Author: Gustavo Adler
Author: Suiwah Leung
Author: Manoranjan Dutta
Author: Masahiro Kawai
Author: Momtchil Pojarliev
Author: James Chen
Author: Mr.Sonali Das