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Australia-China relations, and especially Chinese influence in Australia, have been the subject of heated debate in Australia since 2016. The central issue is, how to balance concerns over Chinese influence in Australia with the economic benefits of Chinese trade and investment? This study-arguably the first of its kind-answers this question using rigorous empirical modelling. First, it uses Google Trends search results to measure Chinese influence in Australia. Second, it connects Chinese influence, as reflected in Google Trends search results, to financial markets, including stock markets, government bond markets and foreign exchange markets. Weekly data for January 2016-December 2019 are entered into an exponential generalised autoregressive conditional heteroskedastic model. The study finds that the effects of concerns over Chinese influence relate mainly to increased volatility of stock market indices and government bond yields, and downward pressure on the share prices of individual firms that are heavily exposed to Chinese markets. However, the overall effects appear to be minor or insignificant. The implications of these results are that China's economic coercion (if any) may not be effective, and Australia's responses to Chinese influence and interference (if any) may generate insignificant costs. Finally, this study makes original and significant academic contributions to academia by providing a novel framework for exploring international relations., Author(s): Kerry Liu [sup.1] Author Affiliations: (1) grid.1013.3, 0000 0004 1936 834X, China Studies Centre, University of Sydney, , Sydney, Australia Introduction Australia-China relations began to sour in early 2020. [...]

In the early 1970s, an enduring economic crisis led to the breakdown of the institutional arrangements of the Bretton Woods system. These arrangements came to be replaced by the 'Dollar-Wall Street Regime'. This international monetary system, based around a US dollar standard and the centrality of international private financial markets, affords the US virtual monocratic power in international monetary affairs. New Zealand was integrated into the Dollar-Wall Street Regime through the radical programme of financial liberalisation implemented by the Fourth Labour Government from 1984 onwards. This article investigates the political implications of New Zealand's continued integration into the Dollar-Wall Street Regime during the period from 1999 to 2008. It does so by developing a sophisticated neo-pluralist analysis of the influence of international private financial markets over the formulation of macroeconomic policy in New Zealand.

The current account deficit of the US is a result of increasing globalization of financial markets and demographic changes. Efforts to reduce this deficit could result in a financial crisis and an economic downturn.

The results of the introduction of the Euro as the currency of Europe are discussed, along with the impact of monetary policy of the European Central Bank on the global financial markets.

Standard theoretical arguments tell us that countries with relatively little capital benefit from financial integration as foreign capital flows in and speeds up the process of convergence. We show in a calibrated neoclassical model that conventionally measured welfare gains from this type of convergence appear relatively limited for the typical emerging market country. The welfare gain from switching from financial autarky to perfect capital mobility is roughly equivalent to a 1% permanent increase in domestic consumption for the typical non-OECD country. This is negligible relative to the welfare gain from a take-off in domestic productivity of the magnitude observed in some of these countries.

A model, in which financial globalization occurs endogenously in response to less correlated real shocks is presented. The findings reveal that both less correlated shocks and the endogenous change in international financial markets are needed to quantitatively account for the observed changes in the international business cycle.

Social theorists' recent interest in global capitalism is partially driven by their sense of 'being behind' in a changed and changing world. It is also part of their larger efforts to critique the present. In this article, I seek to find analogues of this sense of temporal incongruity between knowledge and its objects in the Tokyo financial markets. My focus is on the anxieties and hopes animating some Japanese securities traders' life choices. I argue that these traders' differing anxieties and hopes resulted from their divergent senses of the temporal incongruity among trading strategies, workplaces, and Japan's national location vis-a-vis the United States. Drawing on a parallel between social theorists' and traders' efforts to generate prospective momentum in their work, I propose that anthropologists investigate the work of temporal incongruity in knowledge formation more generally. [Keywords: time, utopian vision, knowledge formation, financial markets, Japan]

The current structure and integration of the euro-area financial systems and related policy initiatives are studied in comparison with United States and Japan. The recent policy initiatives aims towards integration of the major euro-area financial segment, namely money markets, bond markets, equity markets and banking for improving European financial integration.

The issue concerning volatility of GDP, being a worldwide problem is highlighted, for which outcomes of the promotion of international risk sharing markets is evaluated, to share the risk in GDP among nations, through the trading of GDP growth rate-related bonds. It is found that the widely used risk assessment technique, Value at Risk (VaR) is a measure of GDP risk, to obtain a mutually preferable allocation of aggregate income.

The hypothesis that high volatility of real and nominal exchange rates might be because local currency pricing eliminated the pass-through from changes in exchange rates to consumer prices is explored. The study showed that a combination of local currency pricing, heterogeneity in international price-setting and good distribution, and expectational biases in international markets might produce high exchange rate volatility without any effect for the volatility of other macroeconomic aggregates.

The neoliberal Washington Consensus dominated global policy making over the 1980s. Fundamental to this consensus were three theoretical and ideological tenets: that privatization and markets are a natural order and that this order is best achieved if the state economic role is limited. I argue that private property and markets simply cannot be established as neoliberals propose, nor can the state be so easily curtailed. To support this argument, I will draw briefly on examples from the 'transition economies.' I argue that a more historical understanding of the nature of markets, property, and diverse forms of social organization will allow policy makers to more accurately use these institutions to achieve desired ends. This does not resolve the question of how to define those ends.

Renewed reliance on markets has made it more difficult for democratic institutions of production to survive. The impact of diminished market mediation is illustrated by the cases of the plywood cooperatives in the United States and the Mondragon cooperatives in Spain. New property relations and institutions that are more supportive of economic democracy are essential if market transmission of the norms of capitalism are to be overcome.

The tax proposed by James Tobin in the 1970s for currency transactions would permit greater autonomy in economic policy. By taxing global financial markets, globalization will need to include issues of social responsibility, justice, authority and democracy.

Recommendations are presented for the development of guidelines to prevent market failures in international financial management. Suggestions are that the guidelines be consistent and interrelated, support a credit culture, involve the input of representative groups of nations, establish a capital cushion or safety net, and are flexible enough to respond to different crises.

The paper studies how global financial markets can be restructured so as to be more stable while also providing some national economic autonomy. An impossibility theorem sets the stage for the analysis of reform alternatives. Then, the relative merits of alternative exchange rate regimes and of different degrees of capital-market-flow regulation are considered. The paper concludes by opting for a combination of: floating exchange rates; slowing down and taxing foreign capital inflows; and greater national economic sovereignty.

The international economy in the late 1990s is governed by private finance, which has grown considerably since mid-century, and differs sharply from the mid-century economy marked by Keynesian theories. Full employment is not a goal of the private financiers and labor has lost power because companies can threaten to leave a region or country for better employment terms. Private financiers favor independent central banks instead of government-controlled banks. A global regulatory institution is needed, and a tax on short-term securities exchanges would be welcome.

The turbulence in international markets is forcing many to call on the US, the United Kingdom, and other nations to convene a conference and create a framework for international financial cooperation. They are hoping for a framework such as the Bretton Woods Agreement which enjoyed much success during a time of rapid economic growth and expansion.

The author explores the impact of financial internationalization on prospects for sustainable democratic developing in non-OECD countries. Existing arguments rest on changes in relative factor scarcity drawing from neoliberal trade theory, on governments' decreasing ability to tax increasingly mobile capital, on volatility of flows and on the rising intensity of the 'market as prison' phenomenon first identified by Lindblom in a domestic context. The causal logic implied in these different arguments is not consistent with evidence on the determinants of North to South financial flows. A survey of empirical literature on capital flows, organized by a simplified capital asset pricing model, suggests that to the extent international investors in developing countries act rationally, they respond to international liquidity and global interest rates more than the specific actions of host country policy makers. Investor herding and poor information also weaken the chains that supposedly bind Third World governments in an increasingly internationalized world. Financial internationalization does constrain capital-poor countries, but not in the ways alluded to in existing literature. The author concludes by stipulating several hypotheses about the causal link between financial internationalization and social democracy in emerging market countries that are consistent with empirical evidence on the determinants of North to South capital flows.

I am delighted to be here this afternoon to speak to you about strengthening financial systems in Asia. You have been discussing various aspects of this issue for the last [...]

Global financial markets have become unmanageable and unpredictable which makes it difficult to implement stabilization policies. Financial markets and institutions are in a state of transformation that alters the nature of risk taking, helps much higher leverage in the system and enhances the flippancy of asset values. Chile's strategy of limiting capital inflows is excellent because markets are sometimes wrong, sometimes right. The international relation among financial markets and the progress in trading technology have enhanced the growth of financial markets globally.

Increasing economic globalization particularly in the financial sector has forced countries to rely upon domestic regulation to retain the national identity of their central banks while keeping up with the demands of a global market. International banking and finance would not readily recognize national policies as part of their own corporate goals, however, these financial systems are made according to regulations that control their actions based on internationally defined agreements., EVERY AGE HAS its defining phrases, and globalization is surely one of ours. Increasingly, we are told, industries of all kinds are losing their national identity as they roam the [...]

Portfolio theory has evolved as a major variable in the development of macroeconomic models on open economy. These models have shown the need for asset specification on the local as well as international market level. The development of financial markets on the foreign level was boosted by the floating exchange rate in 1973. American investments in the foreign market have risen sharply for the 1983-89 period. However, UK leads the way in terms of international market development.

An analysis of the risk premium on US securities and related foreign influence is presented. A bivariate GARCH-in-mean process is applied for the analysis. It isshown that a functional relationship exists between conditional expected returnon US stocks, conditional covariance of stock return and foreign index return. In addition, the capital assets pricing model is validated by the analysis.

Institutional determinants have largely been neglected in explaining international differences in the size distribution of manufacturing establishments. This paper draws on recent developments in institutional analysis to derive certain hypotheses concerning the way in which the size distribution within manufacturing is affected by the degree of development of the markets for debt and equity. These hypotheses are tested on the basis of an international cross-section of 54 countries. The results are generally supportive of the hypotheses, especially in the case of developing countries.

United States economic conditions such as the subprime mortgage crisis resulted in the weakening of the dollar, which in turn has influenced Arab nations and Asian countries to exchange their dollars with euro. It is also expected that in 2050, three of the biggest economies in the world will come from Asia. Forecasts and trends in international financial markets are also presented.

A study presents the complexities of global financial markets and how the risk involved can be managed in a complicated world.

The effect of the interest-targeted monetary policy of the Federal Reserve Board, on the Euro dollar exchange rate in the targeted financial markets is described.

Byline: Dilip K. Das Financial globalisation is not a novel phenomenon. In the contemporary period, what is unprecedented about it is its breadth and depth. Several potential benefits emanate from financial globalisation. However, there is a downside of it. In the recent past, it has been observed that several globalising economies suffered from volatility of different kinds, which included volatility in financial markets and exchange rates. This, indeed, had high economic and social costs. Therefore, the author devotes a large part of this research to the vexing issue of volatility that follows financial globalization. A large part of this research is devoted to strategies of managing volatility in the backdrop of financial globalisation.

Byline: Jeffrey Sheen The East Asian financial crisis in the late 1990s has challenged the widely-held belief that international financial markets should be deregulated. The common arguments both for and against free international capital flows are analysed and contrasted. Given the existence of various distortions and market failures in the global economy, there is a case for some degree of control. The extension and sharpening of market-based prudential instruments appears to be the appropriate way of improving control to avoid the type of crisis that occurred in East Asia.

This paper investigates the effects of financial market globalization on the inequality of nations. The world economy consists of inherently identical countries, which differ only in their levels of capital stock. Each country is represented by the standard overlapping generations model, modified only to incorporate credit market imperfection. An integration of financial markets affects the set of stable steady states, as it changes the balance between the equalizing force of the diminishing returns technology and the unequalizing force of the wealth-dependent borrowing constraint. The model is tractable enough to allow for a complete characterization of the stable steady states. In the absence of the international financial market, the world economy has a unique steady state, which is symmetric and stable. In the presence of the international financial market, symmetry-breaking occurs under some conditions. That is, the symmetric steady state loses its stability and stable asymmetric steady states come to exist. In the stable asymmetric steady states, the world economy is endogenously divided into the rich and poor countries; the borrowing constraints are binding in the poor but not in the rich; the world output is smaller, the rich are richer and the poor are poorer in any of the stable asymmetric steady states than in the (unstable) symmetric steady state.

The disclosure practices of companies were analyzed as a function of their interaction with U.S. markets for a group of 794 firms from 24 countries in the Asia-Pacific and Europe, using the Transparency and Disclosure scores developed by Standard & Poor's. A positive association is found between the disclosure scores and the various market interaction measures, including U.S. listing, U.S. investment flows, exports, and operations in the United States.

A study examining the private benefits of control using 393 block sales and in 39 countries is presented. It is assumed that higher private benefits control is associated with less developed control markets, more concentrated ownerships and more privately negotiated privatizations.

The participation in the single currency is deemed to be central to economic development and to the political commitment. While the currency rate of the United States fell sharply, the introduction of the euro has offered an alternative global currency to the dollar.