Arab Today, arab today bok heads calls for building global financial safety nets
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

BOK heads calls for building global financial safety nets

Arab Today, arab today

Arab Today, arab today BOK heads calls for building global financial safety nets

New York - Yonhap

South Korea\'s top central banker on Tuesday stressed the need to build up global financial safety nets to promote financial stability as an absence of such scheme would deepen global imbalances. Bank of Korea (BOK) Gov. Kim Choong-soo said in a forum hosted by Economic Club of New York that the global financial system \"needs an effective backstop for global liquidity shortage,\" expressing hopes that advanced economies should be more active in creating global financial safety nets. \"Without effective global safety nets, emerging market economies will have even greater incentive to pile up foreign reserves for self-insurance, which may also be prone to moral hazard,\" the governor said. \"Self-insurance will also contribute to global imbalances rather than global rebalancing. I do hope advanced economies give more consideration to the global financial safety nets for the benefit of us all.\" The establishment of a global financial safety net has been widely viewed as a preventive measure for a financial meltdown like the one sparked by the collapse of the Lehman Brothers in 2008. But central banks in major economies and international financial institutions are seen as taking a passive approach toward creating such systems, claiming that global safety nets could nurture moral hazard or complacency among emerging countries. Governor Kim also said that there are \"broadly symmetric two-way growth spillovers\" between advanced economies and emerging markets, citing a study undertaken by the BOK. A 1 percent increase in GDP in either group of economies stimulates economic growth of the other group by 0.3 to 0.4 percentage point in the intermediate run, according to the governor. He said that structural reforms, trade and financial openness, as well as fiscal prudence, are seen as having growth-enhancing effects in the long term.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bok heads calls for building global financial safety nets Arab Today, arab today bok heads calls for building global financial safety nets

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bok heads calls for building global financial safety nets Arab Today, arab today bok heads calls for building global financial safety nets

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday