Singapore Exchange

centuries ago to predict its future. Nevertheless, analyzing it would have let predict, until 50 years ago, that China could have turned to be again the regional closed empire as it had always been, with vassals in its closest vicinity, but few exchanges with the rest of the world, thanks to agricultural surplus and commodities self-sufficiency. The facts have thus proved the contrary. A paradoxical situation appeared thus as soon as the consequences of Deng Xiaoping’s reforms made China disobey

: ›  udan University - School of Management F ›  eio University K ›  he University of Tokyo (Todai) – Faculty/ T Graduate School of Economics T ›  singhua University - School of Economics and Management N ›  ational University of Singapore T ›  he University of Sydney N ›  ational Taiwan University (NTU) ›  ong Kong University of Science & Technology H (HKUST) ›  ndian Institute of Management, Ahmedabad I (IIM-A) ›  ndian Institute of Management, Bangalore (IIM-B)

popular import substitution strategies. This change has been parallel to the development of Export Processing Zones (EPZs). Though initially found in a small number of countries, mainly ASEAN ones, such as Hong Kong (China), Republic of Korea, and Singapore, EPZs are now found in more than 90 countries. EPZs role is typically seen as an instrument for expanding and modernizing the host economy through additional investment/capital formation, technology transfer and employment generation. In addition

plagued Swiss neighbors. “Out of fear of currency devaluation, political insecurities, foreign exchange controls, dispossession or war, many Europeans transferred some of their liquid assets to Switzerland during the 1920s and early 1930s. Switzerland’s traditional neutrality, the Swiss financial center’s international reputation, its easy accessibility in the center of Europe, the lack of foreign exchange controls and the strong Swiss franc made Switzerland a popular haven” (Vogler, 2006). Vogler

revenue and export bases (Hausmann and Rigobon, 2003; Devlin and Lewin, 2004). Third, in spite of their resource wealth, a large number of them are classified as severely indebted countries with high levels of external debt, making them vulnerable to exchange rate fluctuations induced by volatile resource prices (Manzano and Rigobon, 2007). This paper discusses some of the challenges that confront oil-rich developing countries in their development path. These challenges include Dutch disease-related

connexes, structurés autour de cette référence. Se sont ainsi développés parallèlement au marché spot du Brent, un marché forward (Brent-15 jours), des contrats à terme échangés sur la bourse IPE de Londres (Brent IPE) et un marché d’outils d’arbitrage (Exchange Futures for Physicals – Contract For Differences) assurant le lien entre ces différents outils. Outre ces pétroles de référence, de nombreux autres sont également vendus, comme l’Ékofisk ou le Forties en Mer du Nord, l’Oural en Russie et le Bonny

2010. ISSN 1725-6593 (online) CONTENTS ABBREVIATIONS FOREWORD 1 INTRODUCTION 2 MAIN FINDINGS 3 THE EURO IN GLOBAL MARKETS 3.1 The euro in international debt markets 3.2 The euro in international loan and deposit markets 3.3 The euro in foreign exchange and derivatives markets 3.4 The euro in international trade in goods and services 4 THE USE OF THE EURO IN COUNTRIES OUTSIDE THE EURO AREA 4.1 Official use: the euro as anchor and reserve currency 4.2 Private use: the euro as a parallel currency 5

industries relate to FDI flows?1 As it is well known, recession and slower growth of demand, coupled with trade and financial liberalization, have intensified competitive pressures in Brazil since the early 1990s. Later on, a relatively overvalued exchange rate2 after the implementation of the stabilization plan (Real Plan; July 1st. 1994) further intensified such pressures. One result of these developments has been an increased concern with competitiveness at plant level, as firms have been forced

(produced by the Directorate General of Customs and Excise) are substantially different from the balance of payments data on trade in goods (produced by the Banque de France).The balance of payments data include the revised customs data, as well as exchanges that do not result in a change in ownership or payment, goods for processing, repairs on goods and goods procured in ports by carriers. Furthermore, the balance of payments data presented here do not incorporate the methodological change introduced

one of New York’s leading private banking firms tells the following story: I traveled nine thousand miles to meet a client and arrived with my foot in my mouth. Determined to do things right, I’d memorized the names of the key men I was to see in Singapore. No easy job, inasmuch as the names all came in threes. So, of course, I couldn’t resist showing off that I’d done my homework. I began by addressing top man Lo Win Hao with plenty of well-placed Mr. Hao’s—sprinkled the rest of my remarks with a