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Since at least the Great Financial Crisis, authorities around the
world have increasingly relied on macroprudential policy to help
secure financial stability and complement monetary policy as an
integral element of a broader macro-financial stability framework.
In today's interconnected global financial system, policy actions
taken by the major advanced economies can have spillovers on the
rest of the world through their impact on capital flows and
exchange rates, potentially generating vulnerabilities across
borders. Conversely, in emerging market economies, macroprudential
policy as well as foreign exchange intervention and/or capital flow
management policy can help mitigate the corresponding impact. This
can in turn generate spillbacks on advanced economies - spillbacks
that have become more sizeable as the emerging market economies'
heft in the world has grown. Yet little is known about these
interactions.The contents of this book are based on a conference
held on 26-28 May 2021 and jointly hosted by the Monetary Authority
of Singapore (MAS) and the Bank for International Settlements
(BIS). It aims to contribute to existing literature on
macro-financial policymaking by providing an overall conceptual
framework and documenting the latest global trends and country
experiences. In particular, it highlights the role of international
spillovers and spillbacks, paying particular attention to emerging
market economies. This book is essential reading for academics,
graduate students and economic professionals. It can also serve as
a handbook for policymakers at central banks, regulatory
authorities and other government agencies tasked with designing and
implementing macroprudential or more generally macro-financial
stability policies. The book will also be of interest to
researchers at international organisations.
Increased integration of financial markets has led to many tangible
economic benefits in Asia and around the world; yet, greater
financial globalization has also exposed emerging economies to the
vagaries of international capital flows. Harnessing the benefits of
financial globalization while mitigating the risks posed by
procyclical financial flows is a major preoccupation that has
required central bankers in Asia and around the world to extend
their focus beyond price and exchange rate stability to include the
stability and efficiency of the financial system. This expanded
domain of concern for central bankers has brought new, often
complex, policy challenges. Since 2014, the Monetary Authority of
Singapore, Asian Bureau of Finance and Economic Research,
University of Chicago Booth Business School, and National
University of Singapore Business School have organised the Asian
Monetary Policy Forum (AMPF) annually, bringing together prominent
academics, policymakers and private sector economists to deliberate
pressing monetary policy issues particularly relevant for Asian
countries. The aim is to draw lessons from experience for the
benefit of policymakers in the region and beyond. This volume
includes selected AMPF speeches and commissioned papers from 2014
to 2020. Based on the latest academic research in economics and
finance and written for a more general audience, the chapters cover
a range of topics that have assumed central importance in the
global monetary and financial system over the past twenty years.
These include the efficacy of traditional monetary policy
frameworks against the backdrop of synchronised global financial
flows, the challenges presented by the US dollar dominance in the
international trade and monetary systems, and the optimality of
central banks' use of a wider set of policy instruments within an
integrated policy framework to attain price and financial
stability.
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Being and Time (Paperback)
Martin Heidegger; Translated by John Macquarrie, Edward S. Robinson
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R653
Discovery Miles 6 530
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Ships in 10 - 15 working days
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