...Annexure-V- Cover Page for Academic Tasks Course Code: Course Title: | Course Instructor: | Academic Task No.: Academic Task Title: | Date of Allotment: Date of submission: | Student’s Roll no: Student’s Reg. no: | Evaluation Parameters: (Parameters on which student is to be evaluated- To be mentioned by students as specified at the time of assigning the task by the instructor) | Learning Outcomes: (Student to write briefly about learnings obtained from the academic tasks) Declaration: I declare that this Assignment is my individual work. I have not copied it from any other student‟s work or from any other source except where due acknowledgement is made explicitly in the text, nor has any part been written for me by any other person. Student Signature: Evaluator’s comments (For Instructor’s use only) General Observations Suggestions for Improvement Best part of assignment S. No | Name of Student | Registration No | Peer Rating (10) | Signature | | | | | | | | | | | | | | | | Evaluator‟s Signature and Date: Marks Obtained: Max. Marks: ………………………… Subject: Rubrics for written report of ECO310 Category | 5 marks Exemplary | 2-4 marks satisfactory | 1 marks unsatisfactory...
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...being done to assist all nations from this organization. There is little attention from the International Monetary Fund (IMF) for developing countries trying to work on their financial situation. The IMF is focusing their attention on developed countries with the expensive plans and rescue operations. There is speculation that short term crisis management has too many negatives including it is too costly, responses are not quick enough decisions that are made are often incorrect, and more. There will be much discussion on the debt crisis and the exchange rate. IMF The International Monetary Fund The is an association of 187 countries, employed to foster global monetary collaboration, secure financial stability, facilitate global trade, encourage high percentages of employment, reach for economic growth between many different nations, and reduce poverty around the world, without discriminating against different countries. Many critics believe this establishment to be positive for the many responsibilities they take care of. For example the International Monetary Fund will provide assistance in areas including giving training and technology to developing countries to help with their own economic structure so they can work on their own eventually. IMF works closely with many different nations and the members included and are involved in the media daily. With all of these positive aspects the IMF seems to do, there is speculation they do not do the best to their ability in helping other...
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...International Monetary Fund | A paper for the course Contemporary Global System | Rexis Jun M. Maamo | Introduction The international monetary system (IMS) had undergone several evolutions ever since international trade relations between states rose to prominence. Realizing the importance of trade relations and interdependence, the international community had established a number of international monetary systems throughout the history, in order to provide formal (rules and decision-making processes) and informal (principles and norms) institutions that acts as venues and sites to offer convenient transactions between states, and to address and prevent the reoccurrence of global financial issues and crises that are concurrently relative to the existing international monetary system. So far, there are about four international monetary systems that have been established and adopted consecutively: the Classical Gold Standard, the Gold Exchange Standard, the Bretton Woods System, and the Floating Exchange Rate System. The current monetary system espoused by the international community is the Floating Exchange Rate system which is accompanied by its formal institution, the IMF or the International Monetary Fund. The International Monetary Fund aims to promote global monetary and exchange stability, facilitate the expansion and balanced growth of international trade, and assist in the establishment of a multilateral system of payments for current transactions (Investopedia...
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...International Monetary Fund The International Monetary Fund was established, along with the World Bank, at a conference in Bretton Woods, New Hampshire, USA, in July 1944, the closing stages of World War II. The participants represented 44 countries including the countries which were soon to win the war against fascism. They were concerned about the rebuilding of Europe and of the global economic system after a devastating war and enhance economic cooperation that would avoid a repetition of the vicious circle of competitive devaluations that had contributed to the Great Depression of the 1930s. Currently with 188 members it gathers funds through a quota system which stood up to USD1.0 trillion from which countries with payment imbalances can borrow funds temporarily. The IMF’s Executive Board which comprises of 24 members control the fund and considers options to enhance multilateral, financial, and bilateral surveillance and efficient allocation of monetary resources across member countries. The Managing Director is the head of the IMF staff and Chairman of the Executive Board, and is assisted by four Deputy Managing Directors. Currently Christine Madeleine Odette Lagarde heads the IMF as managing director. To maintain stability and prevent crises in the international monetary system, the IMF reviews country policies, as well as national, regional, and global economic and financial developments through a formal system known as surveillance. Under the surveillance framework...
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...ECONOMICS FINA3010 – SUPERVISED RESEARCH PROJECT How Has The International Monetary Fund Impacted the Caribbean Business Environment? Student Name: William Franklyn April 1st, 2014 ID#:407002804 Professor: Mr. Wilberne Persuad Contents Introduction: 3 Literature Review: 4 Background: 4 Further look at the IMF: 4 The World Bank: 5 Loans facilities offered by the IMF: 5 Definition of Caribbean Business Environment (The Small Open Economy Model): 6 Characteristics of the Caribbean Business Environment: 6 Definition of a Financial Crisis: 7 What causes a Financial Crisis to occur? 8 Conclusion: 9 Descriptive analysis 10 Methodology 15 Conclusion 16 Social Instability: 16 Further look at the impact of the IMF’s procedures/objectives: 16 Potential Threat 17 Policy Responses: 18 Internally: 18 Externally: 18 Bibliography: 20 Introduction: This research paper aims to analyze the process of The International Monetary Fund in Barbados and how the country was affected by their guidelines. Barbados has been said to be one of the developing countries within the Caribbean Business Environment. However due to external shocks as well as weak domestic policies, Barbados was forced to ask the IMF for their aid as a last option, to stabilize the country’s economy. This research paper intends to highlight that the significance of The IMF as well as the impact as it relates to small open economies...
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...International monetary fund was established in Bretton woods after World War 2 in 1944 after creating the World Bank. IMF was created to return equilibrium to countries that were suffering from economic deficit. Countries that are facing economic and financial problems, and are affected with the economic crisis, should be supported by the IMF, but there are some conditions in order to take that support and help, as well as the IMF have policies that works through. Members of IMF are 188 countries; these countries have the right to get helped from the program. IMF track the situations of the member companies and if they find any economic difficulties they help the country financially to achieve economic stability. IMF is lending some companies that are suffering from financial troubles for many reasons, the main role of IMF lending are handling the countries that are suffering from financial problems, settling their economies as well as helping the sustainable economic growth to retain. Helping countries financially helps those avoiding adverse shocks, which was caused by the global financial crisis, so IMF is needed to prevent countries from financial crisis. IMF also helps the suffered countries that work with short-trade in order to help them avoid some trade shocks by supporting their adjustments and the balance of payments. Examples of adjustments to shocks is disruptive economic adjustment which will have bad economic and financial effects on the country itself and on other...
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...------------------------------------------------- INTERNATIONAL MONATERY FUND ------------------------------------------------- ------------------------------------------------- IMF FUNCTIONS it works to foster global growth and economic stability by providing policy, advice and financing to members, by working with developing nations to help them achieve macroeconomic stability and reduce poverty The rationale for this is that private international capital markets function imperfectly and many countries have limited access to financial markets. Such market imperfections, together with balance-of-payments financing, provide the justification for official financing, without which many countries could only correct large external payment imbalances through measures with adverse economic consequences.The IMF provides alternate sources of financing. Upon the founding of the IMF, its three primary functions were: to oversee the fixed exchange rate arrangements between countries,thus helping national governments manage their exchange rates and allowing these governments to prioritise economic growth, and to provide short-term capital to aid balance of payments. This assistance was meant to prevent the spread of international economic crises. The IMF was also intended to help mend the pieces of the international economy after the Great Depressionand World War II. As well, to provide capital investments for economic growth and projects such as infrastructure. The IMF's role was...
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...America and IMF How LAC could get out of IMF’s control Conclusion Introduction Latin America was a volatile region with a history of exceptionally high inflation rates, substantial macroeconomic instability, and a record of unsuccessful monetary and fiscal stabilizations. However, during the past decade, Latin America’s economy has strengthened their body and benefited from high exports, strong economic growth in its trading partners and good global financial conditions and domestic policies. All of this is related with international financial institutions and one of IFIs, International Monetary Fund had affected in currency perspective in the region. In this paper, I will search the changing relationship between Latin America and one of IFIs, IMF whose role is so involved with Latin America’s economy. The first session will explain the relevance between the region and IMF and in the following part, there will be the reasons that Latin America could escape from IMF’s control. Past relationship between Latin America and IMF The IMF was set up to assist countries that had temporary current account deficits and lacked a sufficient quantity of official reserve assets to support a fixed exchange rate. However, the slow motion collapse of the fixed exchange rate system in the 1970s created an odd situation for the IMF. At about the same time as the attempts to reconstruct the global system of fixed exchange rates was becoming futile, oil prices soared. While the IMF was created...
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...WORLD INTRODUCTION 1. In late March 2013, the member countries of the BRICS (Brazil , Russia , India , China and South Africa) agreed to create a global financial institution which they intended to rival the western-dominated banks ( Like IMF and World Bank) by 2014.A new phenomenon has been injected in the tottering physique of the world financial order. It is the Fortaleza declaration of development banking and trade prospects by setting up Brics Bank. Leaders of Brazil, Russia, India, China and South Africa inked a deal, on 15 July in Fortaleza, Brazil, to launch a development bank with an initial $50 billion paid-up capital and a $100 billion monetary reserve. It is seen as a fruition of a multilateral financial diplomacy with the help of the multilateral mechanism and platform, without being cramped by Western pressure and dollar power. 2. In terms of economic function, this bank will provide long-term development aid to developing countries like Bangladesh. The monetary reserve will provide an economic stability fund to help BRICS countries respond to financial emergencies. BRICS Development Bank will help us to borrow cash for development projects, and to better cope with the risks created by international monetary system. 3. This paper will AIM 4. The aim of this paper is to.... BRICS AT A GLANCE 5. BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The grouping...
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...institutions have grown to a new level of prominence in recent history. Global institutions like the IMF and World Bank have provided countries with public goods like stability and the reduction of uncertainty in international markets. As the influence of institutions like the IMF and World Bank grow a large set of critics have pointed out major flaws in the structure and philosophies of these institutions. These criticisms fall into three categories Sovereignty and transparency, Ideology, and Implementation and Adjustment costs. These criticisms call for major reform to the current international financial institutions and call into question whether they provide any benefit to the global economy at all. The first type of criticism is Sovereignty and transparency. Sovereignty criticisms point to the infringement of these institutions policies on the sovereignty of nations. In particular IMF conditionality is of harsh scrutiny as it requires countries to pursue certain macroeconomic policies as a condition of borrowing money from the International Monetary Fund. Countries and their people may not want to use these policies, but they are required by the institution. Nations are no longer in charge of their own policy and this can anger people who favor localize policies for the specific characteristics of certain nations. Transparency is another major criticism of both the IMF and World Bank. Transparency criticisms state that too many o these important decisions are made behind...
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...Rate System is a monetary management which is the establishment of rules and regulations for financial and commercial relations among the industrial nations. Bretton Woods Exchange Rate System was officially the first fully negotiated monetary order to govern monetary relations among the independent nations worldwide. This system was named by the place which was taken for the 730 delegates from 44 different countries to gather which was at Mount Washington Hotel in Bretton Woods, New Hampshire, United States. This gathering is called the United Nations Monetary and Financial Conference which is also known as the Bretton Woods Conference. The intention of this gathering is to rebuild the international economic system whilst World War II was still going on. The planners at the Bretton Woods System established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) which is now known as World Bank which is to set up a system of rules, regulations, procedures and institutions to regulate the international monetary system. The IBRD is also set up to speed up post-war reconstruction, to aid political stability, and to foster peace. The main reason for the establishment of Bretton Woods Exchange Rate System was to make it an obligation for each country to adopt a monetary policy to maintain the exchange rate by tying their currency together with gold which was one of the reasons why International Monetary Fund(IMF) was established...
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...World Bank History During the world war second the financial expert of allied nations recognized the need of international to deal with monetary anf financial problem.the 44 allied Nations convened the united Nation monetary and financial conference at Bretton Woods,New Hampshir U.S.A.only july 1-22 1994.At this conference the articles of agreement were drawnfor the international monetary fund and international Bank for reconstruction and development. The Bank articles of agreement were submitted for ratification to 44 governments during 1945 and entered into force on december 27,1945when they were signed by28 of nations.the banks start its operations on june25,1946.The head office of the bank is at Washington D.C U.S.A. Function of world bank Function:- i. To assist in reconstruction and development of member countries by facilitating the investment of capital for productives purposes. ii. World bank also used to promote and supplement private foreign investment. iii. It is used to promote the balance growth of international trade through the development of productives resources of members. iv. It give perference to more useful and urgent project. v. To assist in bringing about smooth transaction from wartime to peace time economy. Purpose of world bank The World Bank was established to promote long-term foreign investment loans on reasonable terms. The, purposes of the Bank, as set forth in the 'Articles of Agreement’ are as follows: 1) To assist...
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...INTERNATIONAL FINANCIAL INSTITUTIONS ROLE OF GLOBAL FINANCIAL INSTITUTIONS International financial institutions (IFIs) are financial institutions that have been established by more than one country, and hence are subjects of international laws. Their owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions exist and are technically IFIs. Many of these are multilateral development banks (MDB). WHAT ARE INTERNATIONAL FINANCIAL INSTITUTIONS (IFI’S)? World Bank Group (WBG): * International Bank for Reconstruction and Development (IBRD) * International Development Association (IDA) * International Finance Corporation (IFC) * Multilateral Investment Guarantee Agency (MIGA) * International Centre for Settlement of Investment Disputes (ICSID) International Monetary Fund (IMF) Regional development banks, such as: * African Development Bank (AFDB) * Asian Development Bank (ADB) * Inter-American Development Bank (IADB) * Bank of the South * European Bank for Reconstruction and Development (EBRD) Other regional financial institutions e.g. European Investment Bank (EIB) Export Credit Agencies of individual country governments, such as: 1. US Export Import Bank (EXIM) 2. Japan External Trade Organization Hermes Kreditversicherungs...
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...© 2014 International Monetary Fund IMF POLICY PAPER FY2015 – FY2017 MEDIUM - TERM BUDGET IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following document(s) have been released and are included in this package: The Staff Report on the Medium - Term Budget was prepared by IMF staff and completed on March 31, 2014 for the Executive Board's consideration on April 28, 2014. A Press Release summarizing the views of the Executive Board as expressed during its April 28, 2014 consideration of the staff report. The policy of publication of staff reports and other documents allows for the deletion of market - sensitive information. Electronic copies of IMF Policy Papers are available to the public from http://www.imf.org/external/pp/ppindex.aspx International Monetary Fund Washington, D.C. Mars 31, 2014 FY2015–FY2017 MEDIUM-TERM BUDGET EXECUTIVE SUMMARY The proposed FY 15–17 Medium-Term Budget (M TB) was formulated within the Fund’s strategic planning framework to align allo cation of resources to the delivery of institutional priorities. For the net administrative budget , the FY 15–17 MTB proposal includes: In FY 15, an unchanged budget envelope in real terms, for the third year in a row. New demands are met once again throug h better utilization and reallocation of existing resources, including a sm all reduction...
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...Pamphlet Series No. 53 Governance of the IMF Decision Making, Institutional Oversight, Transparency, and Accountability Leo Van Houtven INTERNATIONAL MONETARY FUND 2002 Pamphlet Series No. 53 Governance of the IMF Decision Making, Institutional Oversight, Transparency, and Accountability Leo Van Houtven INTERNATIONAL MONETARY FUND Washington, D.C. 2002 ISBN 1-58906-130-6 ISSN 0538-8759 August 2002 The views expressed in this pamphlet, including any legal aspects, are those of the author and should not be attributed to Executive Directors of the IMF or their national authorities. Cover design and typesetting: IMF Graphics Section Please send orders to: International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431, USA Tel.: (202) 623-7430 Telefax: (202) 623-7201 E-mail: publications@imf.org Internet: http://www.imf.org Contents Preface ............................................................................................... List of Abbreviations ........................................................................ I. II. Introduction ........................................................................... Quotas and Voting Power in the IMF: A System That Calls for Greater Equity ................................................... Role of Quotas and the Debate on the Quota Formula............ Further Work Toward Correcting Distortions and Enhancing Equity in Voting Power .....................
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