Living with Macro-financial Linkages: Policy Perspectives and Challenges for SEACEN Countries

The deepening financial liberalisation and the tightening of financial integration globally have made it more challenging to manage macroeconomic policies in general, and to contain the spread of financial turbulence in particular. The financial sector has been shown to be inherently pro-cyclical and capable of amplifying macroeconomic volatilities, making management of monetary policy increasingly complex. In these ever changing financial landscapes, the success of monetary policy and macroeconomic policies, in general, hinges on the ability of policy makers to design policies that explicitly take into account macro-financial channels, and to interpret more cautiously the potential risk in financial system disruptions that can rapidly destabilise macroeconomic stability. The objective of this study is to take stock and examine the impact of linkages between macroeconomic development and financial market condition with a special focus on the SEACEN economies.Macro-financial linkages, Macro-prudential, Stress-testing, Cross-border supervision, Basel III

Living with Macro-financial Linkages: Policy Perspectives and Challenges for SEACEN Countries

The deepening financial liberalisation and the tightening of financial integration globally have made it more challenging to manage macroeconomic policies in general, and to contain the spread of financial turbulence in particular. The financial sector has been shown to be inherently pro-cyclical and capable of amplifying macroeconomic volatilities, making management of monetary policy increasingly complex. In these ever changing financial landscapes, the success of monetary policy and macroeconomic policies, in general, hinges on the ability of policy makers to design policies that explicitly take into account macro-financial channels, and to interpret more cautiously the potential risk in financial system disruptions that can rapidly destabilise macroeconomic stability. The objective of this study is to take stock and examine the impact of linkages between macroeconomic development and financial market condition with a special focus on the SEACEN economies.

The Role of Central Banks in Sustaining Economic Recovery and in Achieving Financial Stability

Whenever a financial crisis occurs, threatening a possible financial meltdown, central banks have to be at the forefront in combating, neutralizing the crisis and restoring financial stability and economic growth. In this regard, the present sub-prime crisis which originated from the US highlights a few key issues for SEACEN central banks. This paper reviews the policy responses to the crisis which include exit policy strategies from stimulus monetary packages. To strengthen the soundness of the financial system going forward, the paper also highlights counter-cyclical and macro-prudential regulations that central banks may want to actively look into. These include cross-border policy cooperation and coordination, particularly in the form of the college of supervisors. (This paper has also been published in the Journal of Advanced Studies in Finance, Vol.1, Issue1(1), Summer 2010, http://www.asers.eu/journals/jasf/)

Criteria of project success: An exploratory re-examination.

Doubts often arise about what and who actually determine project success. The purpose of this article is to explore the issues from different perspectives of people looking at the project. The difference between criterion and factor is first discussed. Criteria are the set of principles or standards by which judgement is made; whereas factors are the set of circumstances, facts, or influences which contribute to the result. This article then proposes to classify project success into two categories: the macro and micro viewpoints. Some pictorial representations and models are presented to assist in the understanding of the concepts. It is suggested that two criteria are sufficient to determine the macro viewpoint of project success: completion and satisfaction. Whereas the completion criterion alone is enough to determine the micro viewpoint of project success

Authentication of traditional Chinese medicine using infrared spectroscopy: Distinguishing between ginseng and its morphological fakes

10.1007/s11373-006-9133-3Journal of Biomedical Science142265-273JBCI

Capital Flows Management During the Post-2007 Global Financial Crisis: The Experiences of SEACEN Economies

Although global financial stability in late 2010 and early 2011 has, in general, improved when compared to the 2008-2009 period of the sub-prime global financial crisis, vulnerabilities remain high. The recent World Economic Outlook of the IMF (WEO, September 2011) underlines the two speed recovery processes taking place in the world economies. In advanced economies, especially those hit hardest by the crisis, firms, government and household sectors continue to be heavily indebted and are likely to spur relatively weak demand. Although the financial markets of these economies have, in most parts, returned to profitability, the overall frail balance sheets reflect the general subdued state of the local economy. In sharp contrast, the emerging economies, including those of the SEACEN region, are posting robust growth rates until the second half of 2011, meeting new challenges associated with strong demand, rapid credit and excess liquidity. Price pressures, including potential asset price bubbles, have been the common themes of policy challenges for the SEACEN economies. Managing macro-financial risks, namely balancing growth, balance sheet soundness of the financial institutions, particularly the banking sector, and keeping a lid on inflationary pressures, have been and will likely be the primary policy challenges for these emerging markets in 2011 and 2012. This paper takes stock of recent trends and developments with regard to capital flows in the SEACEN economies. It elaborates in detail, the breakdowns and compositions of the flows. In particular, the focus of the analyses is on key flows such as the international bank lending activities to the region. The paper also summarises and analyses some of the basic push and pull factors of these flows to understand some of the domestic and external drivers of these flows. Some of the economic consequences of these capital flows and policy dilemma facing the SEACEN economies are also looked at. The paper also examines the policy responses of the central banks/monetary authorities, in particular, to mitigate the negative consequences and maximise the benefits of capital flows.

Prevalence of hearing loss and hearing impairment among small and medium enterprise workers in Selangor, Malaysia

Factories and Machinery (Noise Exposure) Regulation 1989 has always demanded employer to protect workers from noise exposure ≥85 dB. However, noise induced hearing loss (NIHL) has been the highest notifiable occupational health issue among Malaysian workers in 2014. A cross-sectional study aimed to investigate the prevalence of hearing loss (HL) among 146 adult manufacturing workers with noise exposure ≥85 dB was carried out in Selangor. Pure tone audiometry and a validated questionnaire were used to determine the hearing status and information of the respondents. The results showed that the prevalence of HL was 73.3% and the prevalence of hearing impairment was 23.3%. Male workers (63.0%) had higher prevalence of HL than female workers (36.4%). Mean hearing threshold levels of HL respondents were significantly higher than respondents with normal hearing. It was discovered that among workers with employment of more than 10 years, > 80% of them suffered from HL. Association between employment years and hearing condition (normal, non-bilateral and bilateral HL) was statistically significant, χ(4)= 10.51, p=0.033, with Kendall tau-c correlation showing positive and weak (p=0.18) association. Highest HL cases were found at 4 and 6 kHz. World Health Organisation and Factories and Machinery (Noise Exposure) Regulation 1989 classification on degree of hearing impairment showed slight to moderate hearing impairment among the respondents and both standards did not differ much (8.9% vs 6.9%, respectively). As a conclusion, prevalence of hearing loss and hearing impairment among manufacturing workers were high. Age, male sex, monthly salary and employment years were possible influencing factors

Living with Macro-financial Linkages: Policy Perspectives and Challenges for SEACEN Countries

The deepening financial liberalisation and the tightening of financial integration globally have made it more challenging to manage macroeconomic policies in general, and to contain the spread of financial turbulence in particular. The financial sector has been shown to be inherently pro-cyclical and capable of amplifying macroeconomic volatilities, making management of monetary policy increasingly complex. In these ever changing financial landscapes, the success of monetary policy and macroeconomic policies, in general, hinges on the ability of policy makers to design policies that explicitly take into account macro-financial channels, and to interpret more cautiously the potential risk in financial system disruptions that can rapidly destabilise macroeconomic stability. The objective of this study is to take stock and examine the impact of linkages between macroeconomic development and financial market condition with a special focus on the SEACEN economies

Living with Macro-financial Linkages: Policy Perspectives and Challenges for SEACEN Countries

The deepening financial liberalisation and the tightening of financial integration globally have made it more challenging to manage macroeconomic policies in general, and to contain the spread of financial turbulence in particular. The financial sector has been shown to be inherently pro-cyclical and capable of amplifying macroeconomic volatilities, making management of monetary policy increasingly complex. In these ever changing financial landscapes, the success of monetary policy and macroeconomic policies, in general, hinges on the ability of policy makers to design policies that explicitly take into account macro-financial channels, and to interpret more cautiously the potential risk in financial system disruptions that can rapidly destabilise macroeconomic stability. The objective of this study is to take stock and examine the impact of linkages between macroeconomic development and financial market condition with a special focus on the SEACEN economies

Kesan teknik pengaktifan bermangkin berbeza terhadap prestasi terma penyebar haba cip balikan(Effects of different catalytic activation techniques on the thermal performance of flip chip heat spreader)

Kertas ini membentangkan kesan dua teknik pengaktifan bermangkin yang berbeza terhadap prestasi terma bagi penyebar haba cip balikan. Penyaduran nikel tanpa elektrik digunakan sebagai salah satu teknik saduran kerana ia boleh membentuk satu lapisan nikel yang ketebalannya seragam ke atas substrat kuprum. Proses pengaktifan bermangkin perlu dilakukan dahulu untuk mengenapkan sesetengah atom nikel ke atas substrat kuprum, supaya enapan nikel mampu untuk memangkinkan proses penurunan yang seterusnya. Dua jenis teknik pengakitfan telah dikaji, iaitu pemulaan galvani dan penyaduran nipis nikel-kuprum. Ujian simpanan suhu tinggi telah dijalankan untuk mengkaji takat resapan antara logam bagi lapisan nikel and kuprum. Kemeresapan terma bagi penyebar haba telah dikaji dengan menggunakan peralatan Nano-flash. Keputusan yang diperolehi menunjukkan bahawa penyebar haba yang diproses dengan penyaduran nipis nikel-kuprum mempunyai nilai kemeresapan terma (35-65 mm2 s-1) yang lebih rendah berbanding dengan penyebar haba yang diproses dengan teknik pemulaan galvani (60-85 mm2 s-1). Selain daripada itu, kajian ini juga menemui ketebalan lapisan antara logam nikel-kuprum dalam penyebar haba ini bertambah daripada 0.2 μm pada keadaan asal kepada 0.55 μm selepas 168 jam simpanan suhu tinggi. Lapisan antara logam nikel-kuprum mempunyai kekonduksian terma yang lebih rendah berbanding dengan kuprum tulen, ini telah merendahkan kemeresapan terma bagi penyebar haba. Kesimpulannya, teknik pemulaan galvani meyediakan prestasi terma yang lebih baik untuk penyebar haba yang digunakan dalam pembungkusan semikonduktor