1. The document discusses financial reforms in emerging Asian economies. It analyzes policies around fiscal consolidation, sustainable growth, and increased economic cooperation within Asia.
2. Key points include the importance of resolving policy uncertainty in advanced economies to support Asian growth, deeper fiscal and financial integration in Europe, and opportunities for greater trade and financial integration within Asia.
3. The paper recommends setting up financial oversight agencies in emerging Asian nations to coordinate regulation and support sustainable development goals in the region.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Dissertation fdi-foreign-direct-investmentTutors India
We write abstract for your master’s dissertation which would approximately contain 250 to 350 words. We complete the abstract after the full dissertation has been written that includes a brief summary of introduction or background, objectives, boundaries, methodology, the results of the dissertation research, main conclusion that you arrive, and recommendations
Domestic demand in some of the key rapid-growth markets (RGMs) has faltered recently and - whilst most rapid growth market economies continue to prosper - their growth trajectory seems more varied. Increasingly investors are reassessing risks.
We currently project RGMs to grow by 4.6% on average in 2013 and more close to 6% in subsequent years.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Dissertation fdi-foreign-direct-investmentTutors India
We write abstract for your master’s dissertation which would approximately contain 250 to 350 words. We complete the abstract after the full dissertation has been written that includes a brief summary of introduction or background, objectives, boundaries, methodology, the results of the dissertation research, main conclusion that you arrive, and recommendations
Domestic demand in some of the key rapid-growth markets (RGMs) has faltered recently and - whilst most rapid growth market economies continue to prosper - their growth trajectory seems more varied. Increasingly investors are reassessing risks.
We currently project RGMs to grow by 4.6% on average in 2013 and more close to 6% in subsequent years.
The Indian Rupee is facing the biggest crisis since independence. Here is a study that attempts to understand what led to this and how the citizens can resurrect themselves from this.
Second Edition - Jan 2017 - China's Challenge to the World Economic Order - Robbie Van Kampen
Now well into the second decade of the 21st century, the world is witnessing the true extent of China’s economic, political, and growing military reach. This reach and integration into the globalized world has been gradual, incremental, and quiet over the past three decades. In the shadows, China has accelerated significantly in the past 10 years. What does this mean for the established global order? This paper is a road map looking to join the dots on that journey.
Role of CFO in Economic Turnaround, Present Macro-Economic Conditions, New Changes in Reforms & Policies, Evolving Role of CFO , Impact of Changes on CFO
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Challenges And Opportunities Of Globalisationloveleenchawla
Globalization: challenges and opportunities
Abstract:
Globalization is a multifaceted phenomenon. The paper identify some of the
Challenges it poses, as well as some of the opportunities it offers. Attention is focused on three major aspects of globalization namely economic, cultural, and political.
During 1990 to 2003, the volume of world trade has increased and the higher and middle-income countries managed to increase their share in world trade mainly due to the opening up of economies because of globalization. The middle-income countries had invited more Foreign Direct Investment during the period and the per capita GDP of the low-income countries was marginally increased. This resulted into the economic inequality, which widened between different income groups. In other words globalization has been confined to developed countries and developing countries were able to participate in the process.
However, globalization should not be accused for loosing share of the low-income countries. These countries suffered from internal problems like rapid rise in population, infrastructure bottlenecks, weak financial markets and so on.
Globalization and its benefits required a conducive environment to ensure higher returns and larger markets for foreign investors. To get a share of global capital, technology and output, developing countries had to upgrade their social and economic institutions through administrative, legislative and legal reforms.
Globalization merely provides opportunities to flourish. Globalization is not a tool to produce equality of outcome but it produces equality of opportunity for those with right mindset. Therefore developing countries require focusing on economic restructuring, developing market-supporting institutions and creating efficient regulatory mechanisms.
The low-income countries cannot survive at their own; they require international assistance and a support mechanism so as to facilitate their participation in the process of globalization. The challenge of the hour is to make globalization work towards global prosperity through disaggregate development. The critically necessity in this context are the collective and cooperative actions which should be realized by all countries of the world and particularly the developed ones.
This article talks about Management strategies for economic and market recovery. It has been co- authored by Dr. Uday Salunkhe, Director of the prestigious Welingkar Institute of Management and Research.
Based on our scuttlebutt and feedback from industry sources and ground views of experts regarding the current state of affairs in India due to Coronavirus lockdown, We shall now present our thoughts on investment strategy for post lock down period.
Interaction of islamic banking sector with indonesian economic growth for 200...An Nisbah
Abstract: This paper aims to analyze the dinamics interaction of islamic banking sector with Indonesian economic growth for 2000-2010. The methode of analyze used in this research is granger causality and Vector Error Correction Model (VECM). Besides that we use stationary test to chek wether the data have unit root or not. We use time series data of total islamic bank fnancing, fxed invesstment, trade and gross
domestic product. We found that in the short run there is evidence of
bidirectional relationship between fnancing of islamic bank, fxed
investment, trade and economi growth. Where as in the long run
there is relationship between islamic banking with economic growth
on Indonesian economy. To improve the role of islamic banking on
Indonesian economy, Bank Indonesia must push islamic banking to
expand their activity on riil sector and rural area.
Keywords: Islamic Banking sector, Financial Intermediary, Economic
Growth, Vector Error Corrrection Model
This report provides an overview of India hospitality industry- its characteristics, performance of industry, various classification of travelers, Porters Five Force Analysis, etc.
The Indian Rupee is facing the biggest crisis since independence. Here is a study that attempts to understand what led to this and how the citizens can resurrect themselves from this.
Second Edition - Jan 2017 - China's Challenge to the World Economic Order - Robbie Van Kampen
Now well into the second decade of the 21st century, the world is witnessing the true extent of China’s economic, political, and growing military reach. This reach and integration into the globalized world has been gradual, incremental, and quiet over the past three decades. In the shadows, China has accelerated significantly in the past 10 years. What does this mean for the established global order? This paper is a road map looking to join the dots on that journey.
Role of CFO in Economic Turnaround, Present Macro-Economic Conditions, New Changes in Reforms & Policies, Evolving Role of CFO , Impact of Changes on CFO
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Challenges And Opportunities Of Globalisationloveleenchawla
Globalization: challenges and opportunities
Abstract:
Globalization is a multifaceted phenomenon. The paper identify some of the
Challenges it poses, as well as some of the opportunities it offers. Attention is focused on three major aspects of globalization namely economic, cultural, and political.
During 1990 to 2003, the volume of world trade has increased and the higher and middle-income countries managed to increase their share in world trade mainly due to the opening up of economies because of globalization. The middle-income countries had invited more Foreign Direct Investment during the period and the per capita GDP of the low-income countries was marginally increased. This resulted into the economic inequality, which widened between different income groups. In other words globalization has been confined to developed countries and developing countries were able to participate in the process.
However, globalization should not be accused for loosing share of the low-income countries. These countries suffered from internal problems like rapid rise in population, infrastructure bottlenecks, weak financial markets and so on.
Globalization and its benefits required a conducive environment to ensure higher returns and larger markets for foreign investors. To get a share of global capital, technology and output, developing countries had to upgrade their social and economic institutions through administrative, legislative and legal reforms.
Globalization merely provides opportunities to flourish. Globalization is not a tool to produce equality of outcome but it produces equality of opportunity for those with right mindset. Therefore developing countries require focusing on economic restructuring, developing market-supporting institutions and creating efficient regulatory mechanisms.
The low-income countries cannot survive at their own; they require international assistance and a support mechanism so as to facilitate their participation in the process of globalization. The challenge of the hour is to make globalization work towards global prosperity through disaggregate development. The critically necessity in this context are the collective and cooperative actions which should be realized by all countries of the world and particularly the developed ones.
This article talks about Management strategies for economic and market recovery. It has been co- authored by Dr. Uday Salunkhe, Director of the prestigious Welingkar Institute of Management and Research.
Based on our scuttlebutt and feedback from industry sources and ground views of experts regarding the current state of affairs in India due to Coronavirus lockdown, We shall now present our thoughts on investment strategy for post lock down period.
Interaction of islamic banking sector with indonesian economic growth for 200...An Nisbah
Abstract: This paper aims to analyze the dinamics interaction of islamic banking sector with Indonesian economic growth for 2000-2010. The methode of analyze used in this research is granger causality and Vector Error Correction Model (VECM). Besides that we use stationary test to chek wether the data have unit root or not. We use time series data of total islamic bank fnancing, fxed invesstment, trade and gross
domestic product. We found that in the short run there is evidence of
bidirectional relationship between fnancing of islamic bank, fxed
investment, trade and economi growth. Where as in the long run
there is relationship between islamic banking with economic growth
on Indonesian economy. To improve the role of islamic banking on
Indonesian economy, Bank Indonesia must push islamic banking to
expand their activity on riil sector and rural area.
Keywords: Islamic Banking sector, Financial Intermediary, Economic
Growth, Vector Error Corrrection Model
This report provides an overview of India hospitality industry- its characteristics, performance of industry, various classification of travelers, Porters Five Force Analysis, etc.
Each technological age has been marked by a shift in how the industrial platform enables companies to rethink their business processes and create wealth. In the talk I argue that we are limiting our view of what this next industrial/digital age can offer because of how we read, measure and through that perceive the world (how we cherry pick data). Companies are locked in metrics and quantitative measures, data that can fit into a spreadsheet. And by that they see the digital transformation merely as an efficiency tool to the fossil fuel age. But we need to stretch further…
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
Signature content of MTBiz is its Article of the Month (AoM), as depicted on Cover Page of each issue, with featured focus on different issues that fall into the wide definition of Market, Business, Organization and Leadership. The AoM also covers areas on Innovation, Central Banking, Monetary Policy, National Budget, Economic Depression or Growth and Capital Market. Scale of coverage of the AoM both, global and local subject to each issue.
MTBiz is a monthly Market Review produced and distributed by Group R&D, MTB since 2009.
The global economic landscape is changing fast because of new technologies and government policies.
Each government and business concern should define their future desirable position and determine actions they should take individually and jointly with potential partners to attain the target.
There are many niches for partnership between medium size group in the two continents like ASEAN and Pacific Alliance (PA).
Publication: RITES Journal July 2014
Organization: Rail India Technical and Economic Service (RITES)
Source: www.rites.com
Date: July 2014
Summary: RITES Ltd., Government of India Enterprise was established in 1974, under the aegis of Indian Railways. It publishes an annual journal and discusses topics of contemporary significance.
Note: Please visit www.compad.in for more information
A report from PD Consulting Asia on doing business in Indonesia and the ASEAN or Southeast Asia region.
The report gives insights on the key 'need to knows' as well as an overview of the region, culture and history.
Globalization has accelerated global growth and global poverty reduction. But it has also raised concerns. The current global crisis may change globalization itself, as both developed and developing countries adjust to global imbalances that contributed to the crisis.
Presented by: Dostan Baigal
Department: Peace and Conflict Studies (PCS).
National University of Modern Languages, Islamabad,
Similar to Paper on Emerging Economies by Abhishek Pande (20)
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
1. FINANCIAL REFORMS IN EMERGING ECONOMIES
WITH REFERENCE TO ASIAN COUNTRIES
Author : Abhishek Pande
Institute : Orange School of business,Nagpur
ABSTRACT
Developing countries also known as the emerging markets are fast becoming
the driver of global growth.To cash in where the growth is today, and for the
foreseeable future,emerging economies are expected to grow two to three
times faster than developed nations like the United States of America.
1
International Monetary Fund estimates emerging markets or emerging
economies are nations with social or business activity looking for the
continuous process of rapid growth and industrialization.The diversification
that emerging markets provide is they tend to perform differently than
developed markets and have been successful at decoupling from the greater
longer term woes of the mature economies.
KEYWORDS – emerging economies,fiscal consolidation,sustainable
growth.
1
International Monetary Fund is an organization of 188 countries, working to
foster global monetary cooperation and secure financial stability.
2. INTRODUCTION
After a subdued economic performance in emerging Asia in 2012, growth in
the region is set to pick up gradually in 2013 helped by external demand and
accommodative monetary policy.At about 5½ percent, Asia’s growth in 2012
is estimated to have been about ½ percentage point below 2011, although the
region still expanded about 2 percentage points faster than the global average.
Weaker external demand was the main factor, but China’s efforts to engineer a
soft landing and supply constraints in India also weighed on Asian economies.
However, recent activity indicators suggest economic momentum is
stabilizing. A modest growth pickup to about 6 percent in 2013 would result
mostly from strengthening external demand, with accommodative monetary
stances across the region also playing a role. In fact, many economies in
emerging Asia have now reached a development stage that in principle
exposes them to the risk of falling into a ―middle-income trap.‖ Historically,
the odds of a sustained growth slowdown have been 1/7 for a fast-growing
middle-income country versus 1/11 for frontier, that is low-income, economies
in the region.
SAMPLE DESIGN
Morgan stanley's Emerging Markets Index consists of
China,India,Indonesia,Lebanon,Malaysia,Pakistan,Philippines,Thailand,Vietna
m.The ASEAN2–China Free Trade Area, launched on January 1, 2010, is the
largest regional emerging market in the world.
2 The Association of Southeast Asian Nations is a geo-political and economic
organization of ten countries located in Southeast Asia.
3. RESEARCH OBJECTIVES
To sustain economic growth over the medium term and make growth more
inclusive, a diverse policy agenda will be required in different parts of Asia,
ranging from economic rebalancing to strengthening the sources of private
sector–led investment to reforms in goods,labor markets.The existing
opportunities and challenges from rapid demographic change have also
contributed to the growth factor of Asian economies.
Following are some important objectives of this research paper :
1. The policy agenda for advanced economies—and the implications for
Asian economies.
2. The virtues and benefits of further economic cooperation within Asian
economies.
3.Importance of fiscal consolidation and sustaining growth in Asian
economies.
CONTINENT COUNTRIES
China
India
Indonesia
Lebanon
ASIA Malaysia
Pakistan
Philippines
Thailand
Vietnam
4. 1.POLICY AGENDA IN ADVANCED ECONOMIES AND
IMPLICATIONS FOR ASIAN COUNTRIES
In the the global economy, where momentum continues to slow,the expected
global growth of 3.3 percent in 2012 and 3.6 percent in 2013 is expected to
slowdown,it is also spreading to regions that have previously performed well.
This year, growth in emerging Asia fell to its lowest level since 2008—partly
from domestic slowdowns in China and India, but also because of strong
gusts from storms in the west.
These financial links are very strong,demand from Europe and the United
States each account for about a third of emerging Asia’s net exports. Foreign
participation in local sovereign debt markets has nearly doubled over the past
five years. So from all sides, Asia is exposed to sudden shifts in
sentiments.Going forward, we believe that growth will pick up again, and that
Asia will retain its position as a growth leader—expanding 2 percentage
points faster than the world average next year.But none of this can be taken
for granted,it depends on the actions of global policymakers, especially in the
United States and Europe.
In short, Asia’s economic foundations became safer, sounder, and more
resilient—but still open to the world and open for business. This has
important lessons for the advanced economies currently facing severe
challenges.
The main concern is the policymakers must avoid the so-called ―fiscal cliff‖
at all costs. If expiring tax provisions and spending cuts were indeed to come
into play, growth in the developed nations would fall to zero or below—and
the rest of the world will not be immune. This policy uncertainty must be
5. resolved.The Eurozone, which is still facing crisis, must also deliver on its
policy commitments at the national and regional level—fiscal, financial,
structural. And again, all players must play their part.
Europe must forge ahead with greater economic cooperation—especially
through deeper fiscal and financial integration. A major priority for the
Eurozone is a true banking union to complement its monetary union. As a
first step, this means a single supervisory framework and ultimately there also
needs to be a pan-European deposit guarantee scheme 3and a bank resolution
mechanism with common backstops.
2. INCREASED ECONOMIC COOPERATION WITHIN
ASIAN COUNTRIES
The virtues of further economic cooperation within Asian countries can be
improved by economic cooperation in two areas in particular—trade and
finance.
Trade integration
In terms of trade integration, Asia has already made great strides. Over the
past decade, trade within Asia tripled, and regional trade among emerging
Asia grew even faster.With Asian trade, many tributaries flow together as a
single great river. A typical pattern is that Asian economies send intermediate
goods to China, which assembles them into final goods for exports. In fact,
intermediate goods now account for over 70 percent of all Asian exports.
3 Pan European Deposit Guarantee Schemes reimburse a limited amount of
deposits to depositors whose bank has failed.
6. Malaysia is part of this flow—especially through exporting valuable
electronic goods up the chain. Malaysia’s intermediate exports to China have
increased fourfolds.
ASEAN countries themselves, of course, will also need to support domestic
consumption. After all, the shift toward high-income status can only come
through a strong middle class. And again, further regional integration can help
with this, by offering new avenues for mutual gain.
Looking ahead, the formation of the ASEAN Economic Community in 2015
offers the vast possibilities of a common market. The Trans-Pacific
Partnership 4can also deliver great benefits, especially by emphasizing service
markets—a sector that has been too protected for too long.
Financial integration
More than 90 percent of ASEAN cross-border portfolio investment flows are
with advanced economies outside Asia.Certainly, we do see FDI flows within
the region. Malaysia, for instance, is a big direct investor in Cambodia,
Indonesia, Thailand, and Vietnam.
Greater regional financial integration could open up a host of new benefits. It
can boost domestic demand—partly by making it easier for small businesses
in countries to gain access to credit. It can make economies safer, by allowing
more insurance against volatility and adverse developments. And one other
important benefit is greater access to financial services by the poor can reduce
4 The Trans-Pacific Partnership Agreement (TPP) is a viable pathway for
realising the vision of a free trade area of the Asia-Pacific.
7. inequality.On a practical level, financial integration is eased by making local
banking systems more open and competitive. The integration of ASEAN
stock markets would help, as would a larger regional bond market, as
envisaged by the Asian Bond Market Initiative.
With Economic Transformation Program, emerging asian countries can lead
the way in boosting productivity and growth to become a vibrant, high-per
capita income generating nations by 2020.
Malaysia already has a history of innovative finance. It has become a world
leader in sukuk, or shari’ah-compliant bonds—accounting for two-thirds of
the sukuk market.Further economic cooperation—despite the very different
span of countries, cultures, and systems across Asia.
Making integration work
More financially-integrated economies are more exposed to storms. In
particular, while capital flows can bring great benefits, they can also
overwhelm countries with damaging cycles of crescendos and crashes.At the
same time, deeper financial market development allows an economy to put
down strong roots and weather storms well.
Economic management is the key for success. If the flows are coming through
the banking system, then macroprudential tools make sense—such as
tightening conditions for housing loans or having banks hold more capital. In
other circumstances, temporary capital controls might prove useful making
the most of financial integration.Despite the tremendous fall in poverty over
the past few decades, income inequality is on the rise.Even emerging markets
which made great strides in reducing inequality in the 1970s and 1980s, has
not seen further reductions.
8. 3.IMPORTANCE OF FISCAL CONSOLIDATION AND
SUSTAINING GROWTH IN ASIAN ECONOMIES
Country circumstances will also determine the appropriate pace of fiscal
consolidation. Higher structural deficits imply the need to rebuild fiscal space
in many asian economies.Strengthening fiscal policy frameworks can also play
an important role in reprioritizing spending and mobilizing adequate revenue
in support of new sources and more inclusive growth.Coordinated and
collective action by asian policymakers will also help in particular, by
pursuing ongoing initiatives to maintain and deeper strong regional trade
integration.
Automatic stabilizers––that is, automatic tax revenue declines and spending
increases that dampen the impact of the shock––should be the first line of
defense. However, in reflecting a narrow tax base and lack of social safety
nets, automatic stabilizers are small in many regional economies, which would
prevent them from cushioning the blow of a sharp downturn. This calls for
contingency plans for discretionary spending, especially in countries with
more fiscal space.Calibrating the appropriate near-term support for growth
without fanning inflationary and financial stability risks is the key near-term
challenge for policymakers.But the need and scope for monetary policy action
differs substantially across economies, mainly reflecting different exposures to
growth and inflation risks, and risks to financial stability from past stimulus.In
addition, macroprudential measures will have to play an important role where
credit growth remains too rapid and could pose problems for financial
stability, especially if accompanied by persistently strong capital inflows.
9. DIRECTIONS FOR POLICY FRAMING
Making growth more inclusive means moving on many fronts:
There is room to spend more on healthcare and education, which are at
relatively low levels in Asia.
There is room to cover more people under pension and unemployment
insurance schemes—only 20 percent of the working-age population is
covered in emerging Asia, as opposed to 60 percent in the OECD5.
There is room to raise minimum wages for the poor, which are relatively
low in Asia.Introduction of minimum wage policy should be made
compulsory for all emerging nations in Asia.
And there is room to improve access to financial markets—right now,
nearly 60 percent of the people in East Asia are excluded from the
formal financial system.
CONCLUSION
The financial stability makes it imperative to refine rather than retreat from the
objectives and avenues of financial development. Mobilizing savings and
effectively channeling them into productive investment remains a key
challenge for financial systems in emerging markets. In economies like China
and India that have high private saving rates, effective financial intermediation
is a key not just for promoting growth but also for improving the welfare
5 Organisation for Economic Cooperation and Development International
organisation helping governments tackle the economic, social and governance
challenges of a globalised economy.
10. impact of that growth.The financial reforms is likely to shift the emphasis of
the financial development agenda toward the basics of strengthening systems,
developing financial markets and working towards sustainable growth in the
region. There is an increasing impetus in different economies to establish an
institutional framework to coordinate the work of different regulatory agencies and to
provide oversight of the future.
This papers attempts to recommends setting up a financial sector oversight
agency in emerging asian economies to redefine the objectives and avenues of
financial development in light of recent events in major Asian emerging
economies.
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