Financial globalisation: Is it a threat to key central bank functions? The case of Mauritius

Emerald - Tập 10 Số 1 - Trang 55-67 - 2002
JohnAdams1
1School of Accounting and Economics, Napier University, Edinburgh, EH11 4BN, UK; tel: +44 (0)131 455 3439; fax: +44 (0)131 455 3475; e‐mail: [email protected]

Tóm tắt

There has been much discussion over recent years of the likely impact of ‘financial globalisation’ on the financial services sector specifically and on the stability of national economies. This paper examines how and to what extent the ‘threats’ from financial globalisation manifest themselves in relation to the functions of regulation and supervision carried out by central banks. A theoretical perspective on these issues is put forward followed by an analysis of the specific case of a small island economy which is embracing financial liberalisation and competition, Mauritius.

Từ khóa


Tài liệu tham khảo

Obstfeld M., 1997, No. 5960.

Steinherr A., 2000, `Derivatives: The wild beast of finance

10.1016/S1573-4404(05)80017-6

Shirakawa M., et al. (1997) `Financial market globalisation: Present and future.' Bank of Japan Discussion Paper

McKinnon R. I., 1973, `Money and capital in economic development

The, 1998, M. and Spinelli, F. (1994) `Central banks' independence: Institutional determinants, rankings and central bankers' views', Scottish Journal of Political Economy, 41, 434

10.2307/2077833

Hilbers P., et al. (2000) `New tools for assessing financial system soundness.' Finance and Development, 37

10.1257/jep.2.2.3

Hardy D., 1999, IMF StaffPapers, 6

IMF, 1999, StaffCountry Report No. 99/125

10.2307/2235461

Real, 1996, This is not, however, surprising given the much higher real growth rates experienced prior to

Thông tin
Thông tin xuất bản

Emerald

Tập 10 Số 1

55-67

Thông tin tác giả