जमर्नीमा ‘व्यान्खाउस हरस्ट्याट’ बैंकले अत्यन्तै उच्च जोखिम उठाएर बिदेशी बिनिमय सम्बन्धि कारोवार गरिरहेको थियो । कारोवारको सिलसिलामा आफ्नो पुँजीको तीन गुणाभन्दा बढिको जोखिम उठाइ सकेको थियो ।   बैंक नियमन निकायले यो कुरा थाहा पायो । र, यस्ता क्रियाकलापले बैकिङ क्षेत्रमा ठूलो जोखिम निम्तिने ठानेर २६ जुन १९७४ का दिन त्यो बैंक बन्द गर्ने निर्णय गर्यो ।   बैंक बन्द भएपछि त्यससँग बिदेशी बिनिमय कारोवार गरेका अन्य बैंकले भुक्तानी पाएनन् । जुन जोखिमलाई आज पनि बैंकिङ क्षेत्रमा हरस्ट्याट (सेट्टलमेण्ट रिस्क) जोखिम भन्ने गरिन्छ । ‘ब्रेटन उड्स सिस्टम्’ हटेकाले यो बैंक असफल हुन पुगेको ठानिन्छ ।     के हो ब्रेटन उड्स सिस्टम् ? सन् १९४४ को जुलाईमा ४४ देशका प्रतिनिधि ब्रेटन उड्समा मौद्रिक तथा बित्तीय सम्मेलनमा भाग लिन जम्मा भए, जसलाई ब्रेटन उड्स सम्मेलन नाम दिइएको थियो ।   उक्त सम्मेलनले ‘इन्टरनेश्नल मनेटरी फण्ड’ (आईएमएफ) र  ‘इन्टरनेश्नल बैंक फर रिकन्सट्रक्सन एण्ड डेभ्लपमेण्ट’ को स्थापना गर्ने निर्णय गर्यो ।   त्यस्तैगरी, ती देशमा सुन र अमेरिकी (युएस) डलरमा आधारित...

“A financial service is any service of a financial nature offered buy a financial s ervice supplier of a member. Financial services include all insurance and insurance related services, and a ll banking and other financial services ”.  Opening this section brings both positive and negative impacts on the sector itself and to the whole economy. Hence, opening the FSS, und er WTO provision, brings both opportunities and  challenges. As some economists call FSS is the ‘brain of the economy’ and host of others accept it as ‘engine of growth’. FSS is important for the economy a s a whole since it allows financial transfer and payments. In other words a healthy and stable Financia l Service Sector is essential for sustainable economic growth.  U nhealthy FSS can create the problem in this sector which will harm not only in this sector but as a whole eco nomy and sometimes, even the regi...

The Phillips curve The Phillips curve shows the relationship between unemployment and inflation in an economy. Since its ‘discovery’ by New Zealand economist AW Phillips, it has become an essential tool to analyse macro-economic policy. Background After 1945, fiscal demand management became the general tool for managing the trade cycle. The consensus was that policy makers should stimulate aggregate demand (AD) when faced with recession and  unemployment , and constrain it when experiencing  inflation . It was also generally believed that economies faced either inflation or unemployment, but not together – and whichever existed would dictate which macro-economic policy objective to pursue at any given time. In addition, the accepted wisdom was that it was possible to target one objective, without having a negative effect on the other. However, following publication of Phillips’ research in 1958, both of these assumptions were called into question. Phillips an...