Managing Financial Instability in Emerging Markets: A Keynesian Perspective

The Keynesian analysis of financial stability as developed by Hyman Minsky, provides considerable insights into understanding the nature and dynamics of boom-bust cycles driven by international capital flows in emerging markets. Its main policy conclusion that financial control rather than macroeconomic policy holds the key to financial stability is equally valid. There is however, need to develop a new approach to financial control and place greater emphasis on managing capital inflows than has hitherto been the caseFinancial instability, countercyclical policy, financial regulation

The Management of Capital Flows and Financial Vulnerability in Asia

It has been more than a decade since a virulent financial crisis has devastated several East and South East Asian economies with excellent track records in economic development and macroeconomic stability. The crisis was generally considered the outcome of a combination of misguided capital account and exchange rate policies coupled with overreaction of foreign lenders and investors to temporary shortfalls in international liquidity, rather than vulnerabilities emanating from structural payment imbalances and excessive external indebtedness. There is now almost a collective determination across the region never to allow a repeat of the crisis. There is also an increased awareness that vulnerability to financial contagion and shocks depends in large part on how capital inflows are managed, and that governments may have limited options in addressing the sudden stops and reversals that often mark short term capital flows

Managing Financial Instability and Shocks in a Globalizing World

Tun Ismail Ali chair in monetary and financial economics University of Malaya public lecture, 6 February 2004

THE ACTIVITIES OF TURKISH ACCOUNTING STANDARDS BOARD (TASB) FOR IMPROVING THE QUALITY OF THE FINANCIAL KNOWLEDGE AND GENERAL VIEW ON TURKISH FINANCIAL REPORTING STANDARDS (TFRS)

Nowadays, an extremely fast developments are faced, in every field. The increase on international business activities, investment decisions, and pace of transformation in capital markets which are affected by the technological development, requires financial data to be presented in one common language. Therefore, there has been a vast increase in the effort to adopt financial accounting and reporting standarts, in all over the world. In establishing standarts for accounting and financial reporting, besides the aim for adoptation in world scale, a concern for higher quality has taken part. Setting standards increases the quality of the financial information which is the content of financial reporting. There is a worldwide tendency towards a single global set in accounting. With this objective, International Accounting Standards (IAS) and International Financial Reporting Standarts (IFRS) has been published by International Accounting Standards Board (IASB). In order to adopt to these set of standards, Turkish Accounting Standards Board (TASB) has been formed, on 18 December 1999. The Board effective from 07 March 2002, has taken the responsibility to comply with international accounting standards. With this intention, Turkish Accounting Standards (TAS) and Turkish Financial Reporting Standards (TFRS) has started to be publishe

Sneddon's syndrome: clinical and laboratory analysis of 10 cases.

Sneddon's syndrome is characterized by livedo reticularis and cerebrovascular lesions. We report the cases of women (mean age, 36.2 +/- 8.1 years) diagnosed with Sneddon's syndrome based on the presence of livedo reticularis and characteristic cerebrovascular findings. Seven of these patients had cerebral infarcts on cranial computed tomography scan. Antiphospholipid antibodies were positive in 6 of these cases. Three cases had abnormal levels of antithrombin III. Analyses of chromosome 6 revealed no abnormalities. In 3 of the cases, investigation of the pedigrees revealed autosomal dominant traits. Two cases had epilepsy, and 3 had migraine. One case with migraine also had myasthenia gravis. In addition, we detected inferior altudinal hemianopia in 2 cases, cognitive functional disorder in 3 and depression in 2. Based on these findings, the entire vascular, haematologic, neurologic, and dermatologic systems should be evaluated in patients diagnosed with Sneddon's syndrome.</p