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Beyond capital controls : The regulation of foreign currency derivatives markets in South Korea and Brazil after the global financial crisis

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  • Beyond capital controls
  • Prates, Daniela; Fritz, Barbara
  • Hochschule für Technik und Wirtschaft Berlin


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Title Beyond capital controls
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Sub Title

The regulation of foreign currency derivatives markets in South Korea and Brazil after the global financial crisis

Material Type Articles
Author(English)

Prates, Daniela; Fritz, Barbara

Publisher

[Berlin] : Hochschule für Technik und Wirtschaft Berlin

Date 2013-10
Series Title; No Berlin Working Papers on Money, Finance, Trade and Development / 07/2013
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic System
Government and Law < Laws and Legislation
Holding HTW Berlin
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Abstract

Besides the management of capital flows, some emerging economies have been facing policy dilemmas related to foreign (nonresident) and domestic (residents) operations of Foreign Currency (FX) derivatives in the post-global crisis setting. In a context of abundant liquidity and historical low interest rates in the advanced economies, searching for yield foreign investors as well as domestic agents generally obtain huge profits, through these markets, from the interest rate differentials between advanced and emerging economies. Yet, the regulation of FX derivatives in the emerging economies has not received due attention both in the academic literature and in the international financial institutions, even though these could be crucial for the emerging economies with high degree of financial openness and liquid as well as deep FX derivatives markets, such as Brazil and South Korea. (The rest omitted)