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Don Slater

-evident for all practical purposes. At that level, markets are also held stable by broad structures which are resistant to the interventions of single-market actors, and are therefore treated as given environments: for example, distribution and retail infrastructures, or the market categories of finance capital. We could in fact isolate a series of market levels – from corporate planning through brand management (dealing with broad markets) to product management (dealing with market segments), each of which treats the lower levels as givens. And yet the black box may be

in Market relations and the competitive process
Open Access (free)
Stan Metcalfe and Alan Warde

emphasised the importance of rational calculation as a defining characteristic of capitalism and made clear that rational capital accounting required free markets for labour and commodities, as well as private property and a stable legal and administrative framework, including the rule of law, private property rights and enforcement of contracts (commercial law). The market also presupposes sets of politically generated regulations governing market exchange, which vary from time to time and from country 6 Stan Metcalfe and Alan Warde to country. Interventions

in Market relations and the competitive process
Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

. Between 1989 and July 1997, Taiwan had pursued a de facto pegging of the New Taiwan Dollar to the American dollar, with the exchange rate being held within a narrow range of NT$26–27 to US$1. After the crisis broke, Taiwan’s central bank initially widened the band to about 28.7, with occasional interventions in the foreign exchange market to keep the rate steady. Yet, in the face of unrelenting battering, the Taiwanese central bank was forced to intervene extensively in the currency markets – spending some US$5 billion defending the value of the currency. However, the

in The Asian financial crisis
Open Access (free)
The evolving international financial architecture
Shalendra D. Sharma

proposed alternatives to the IMF. Among those calling for the IMF’s immediate shutdown is the former US Secretary of State, George Schultz, former Treasury Secretary, William Simon, and the former chairman and CEO of Citicorp/Citibank, Walter Wriston. This trio argue that “the IMF’s promise of massive intervention has spurred global meltdown of financial markets . . . the IMF is ineffective, unnecessary and obsolete and should be abolished” (Schultz et al. 1998, 7; also see Calomiris and Meltzer 1999). Similarly, Robert Barro (1999, 3), argues that “the IMF can best help

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

in Indonesia’s fall from grace. Long hailed as a model of successful economic development, it was widely expected to escape the fate of Thailand.1 Between June and August 1997, as Thailand’s economy unraveled and the virulent Asian flu sent shock waves through the region, the Indonesian economy remained relatively stable – seemingly a veritable rock in the stormy sea. Even the World Bank (1997) remained upbeat about the short-term outlook, believing that a modest widening of the intervention band (from 8 per cent to 12 per cent) within which the rupiah was allowed

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

practice, however, such operations can be self-defeating, as they may raise domestic interest rates and stimulate even greater capital inflows. In Thailand (and other crisis-hit Asian countries), the monetary authorities made some attempt to sterilize capital inflows as a means of limiting the growth of domestic credit. In particular, the monetary measures included the conventional form of sterilized intervention (designed to offset the effect of reserve inflows on the monetary base by open market sales of domestic securities), increases in reserve requirements (designed to

in The Asian financial crisis
Jonathan Michie

more recently the Premier League. In recent years the economic problems facing Industrial policy in football 131 sports leagues have increased as the growth of pay-TV has opened up a new market for viewing sport that has significantly increased the revenue streams flowing into the game. As the commercialisation of professional sports leagues has increased, government has intervened with the Football Task Force, and there have been regulatory interventions from the Restrictive Practices Court and the Monopolies and Mergers Commission. At the same time, many

in Market relations and the competitive process
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

developmental state, and (2) elimination of corruption in the political and economic systems” (E-M. Kim 1997, 100). After ruling the country for two and a half years as coup leader, Park was elected president. This served to increase further the institutional coherence and capacity of the state. Park “quickly converted the ‘corrupt soft’ state he had 187 The Asian financial crisis inherited into a ‘developmental hard’ state . . . He then proceeded to execute an industrial policy, using a large battery of targeted and un-targeted interventions to implement his detailed vision

in The Asian financial crisis
Open Access (free)
Post-crisis Asia – economic recovery, September 11, 2001 and the challenges ahead
Shalendra D. Sharma

future financial crises. Top-level discussion has also taken place regarding common currency baskets and joint intervention arrangements – to replace both the discredited dollar pegs of the past and the costly free floats imposed by the crisis.12 Most dramatically, at the thirty-third annual meeting of the Board of Governors of the Asian Development Bank meeting in Chiang Mai, Thailand in June 2000, the finance ministers of ASEAN+3 committed their countries to even greater regional cooperation under the new “Chiang Mai Initiative.” Specifically, they announced their

in The Asian financial crisis
Open Access (free)
Oonagh McDonald

credit derivative unless the transfer has been agreed with the remaining party, who must receive full details of the transaction, all using the Depository Trust and Clearing Corporation. Presumably, all were relieved that they had agreed to this Protocol in September 2008. Risks remained in the market, such as counterparty concentration risk. That risk had to be tackled by government intervention with the failure of a major counterparty, AIG, which would have left many market participants un-hedged and exposed to losses, as well as worsening the loss of liquidity

in Lehman Brothers