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November 07, 2008

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With all due respect to the Governor of the Taiwanese CB, I suspect that before the crisis hit the US Bernanke would have strenuously defended his policies too...

(and similarly for Iceland or Korea, or wherever)


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Henri Tournyol du Clos

Er? May I remind you that the continuous failure of Asian countries so far to build an even remotely efficient financial system and their constant need to export their excess liquidity to the US and Europe is at the very root of the present capital market crisis?

I frankly cannot see anything to rejoice about in what is a major source of international imbalances and has led to so much grief over the years, starting with Japan in the late eighties.

Rachit

Dear Sir,

Aren't capital controls (or FX intervention) flexible and important policy tools to manage emerging market economies? Agreed that smaller economies highly reliant on trade or foreign capital lack the credibility or the scale to effectively intervene in markets. But the same may not hold true for India and China.

Also, what is the problem with countries taking strategic long term views to build their local banking system before opening up completely? From an India perspective, it seems to have worked out well.(even ignoring this crisis)

I believe many blogs/readers have a heavy ideological bent and refuse to acknowledge the good things that have come out of non-market solutions that Governments have taken to promote long term interests. When markets are nascent, and domestic firms lack ability, has it been proven wrong in literature, that long term strategic moves by Govts are bad (examples abound)? I would welcome your reply Sir.

Thanks,
Rachit

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Very true - here in India Reserve Bank (central bank) and SEBI (~SEC) are wary of large money movements - Indian bank has been promoting FX deposits -but avoiding P-notes (mechanism for big money - FII to come into India)

It was initiated because the impact was very high in terms of local currency.

But its worked only partly. There are ways and means how big-money tends to move into these countries. The regulations slow things a bit but dont fully eliminate it.

Rahul

rob hart

Will the papers be 'released' to the public or only conference goers get to see it? The pdf links all have a prompt for a password.

JM

Yes, I want to read the papers too but the pdfs are password protected...

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