...T H E I N T E R N AT I O N A L M O N E TA R Y S Y S T E M AGENDA • Definition • History • Fixed Vs. Floating • Coalitions • Roadmap • Q&A DEFINITION • Sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally the reallocation of capital between nation states. H I S T O R Y O F T H E M O N E TA R Y S Y S T E M Gold Standard 1870 1944 Nixon Shock 1971 1976 Bretton Woods Jamaica Agreement T H E G O L D S TA N D A R D T H E G O L D S TA N D A R D • When International trade was limited in volume, payment for goods purchased from another country was made in gold or silver. • As the volume of international trade expanded in the wake of the Industrial Revolution, a more convenient means of financing international trade was needed. T H E G O L D S TA N D A R D • The solution adopted was to arrange for payment in paper currency and for governments to agree to convert the paper currency into gold on demand at a fixed rate. = T H E G O L D S TA N D A R D • 1880: Most of the world’s trading nations including Great Britain, Germany, Japan, and USA adopted the Gold Standard. • Given the Gold Standard, the value of any currency in units of any other currency was easy to determine. T H E G O L D S TA N D A R D • The Gold Standard acts as an adjustment mechanism, which achieves the Balance-of-Trade Equilibrium...
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... | SHANGHAI FINANCE UNIVERSITY SCHOOL OF INTERNATIONAL ECONOMICS AND TRADE [pic] DEPARTMENT OF INTERNATIONAL ECONOMICS AND TRADE INTERNATIONAL MONETARY SYSTEM The History of IMS and its Potential Reformulation Introduction to IMS, Evolution of IMS, Beginning of Bretton Woods and Ending, Dirty floats, Current situation and Reformed Monetary system WINNIE PAUL NDOSA (2011178102) 12/24/2013 |The History of IMS and its Potential Reformulation | | | |Introduction to IMS, Evolution of IMS, Beginning of Bretton Woods and Ending, Dirty | |floats, Current situation and Reformed Monetary system | | | |WINNIE PAUL NDOSA (2011178102) | |12/24/2013 | Introduction The year 1252 marked the minting of the very first gold coin in Western Europe since Roman times. Since this landmark, the international monetary system has evolved and transformed itself into the modern system that we use today. The modern system has its roots beginning in the 19th century. In this thesis...
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...devaluations. The Bretton Woods system of fixed exchange rates was established in 1944. The U.S. dollar was the central currency of this system; the value of every other currency was pegged to its value. Significant exchange rate devaluations were allowed only with the permission of the IMF. The role of the IMF was to maintain order in the international monetary system to avoid a repetition of the competitive devaluations of the 1930s and to control price inflation by imposing monetary discipline on countries. The fixed exchange rate system collapsed in 1937, primarily due to speculative pressure on the dollar following a rise in U.S inflation and a growing U.S. balance-of-trade deficit. Since 1973 the world has operated with a floating exchange rate regime, and exchange rates have become more volatile and far less predictable. Volatile exchange rate movements have helped reopen the debate over the merits of fixed and floating systems The case for a floating exchange rate regime claims that such a system gives countries autonomy regarding their monetary policy and that floating exchange rates facilitate smooth adjustment of trade imbalances. The case for a Fixed exchange rate regime claims that the need to maintain a fixed exchange rate imposes monetary discipline on a country; floating exchange rate regimes are vulnerable to speculative pressure, the uncertainty that accompanies floating exchanges rates dampens the growth of international trade and investment, and far from...
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...Analysis of the Denver International Airport baggage system Michael Schloh Dan Stearns, advisor Title Abstract Contents Introduction Reasons For Automation Functionality Of Original BAE Design Problems and Solutions System Complexity Comparative Functionality Opening Delays Financial Hardship Summary Glossary References THE DENVER INTERNATIONAL AIRPORT AUTOMATED BAGGAGE HANDLING SYSTEM by Michael Schloh Computer Science Department School of Engineering California Polytechnic State University 1996 Date Submitted: February 16, 1996 Advisor: Daniel Stearns ABSTRACT This document discusses events at the new Denver International Airport that resulted in opening delays of the airport. The scope is limited to the automated baggage handling system, which was the primary source of failure warranting the airport's several opening delays. Analysis of the failing system is comprehensive. Research is conducted using a variety of sources. The final report is published on the worldwide web. CONTENTS Introduction 1 Reasons For Automation 2 Functionality Of Original BAE Design 3 Problems and Solutions 6 System Complexity 12 Comparative Functionality 14 Opening Delays 15 Financial Hardship 17 Summary 19 Glossary 20 References 21 INTRODUCTION This research concerns the automated baggage handling system which was built by BAE Automated Systems, Incorporated of Carrollton, Texas for the Denver International Airport. The analysis of this system provides an important topic of study. From the baggage...
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...A system is composed of units. The former is a set of interacting and interrelating units while the latter is capable of decision - making and is independent from others. Over the course of history, a new system emerges from the ruins of the old system. The fall of city-states and empires gave rise to the modern states. This can be seen as the cyclical notion of history. The international political system can be divided into sectors – military-political, economic, and sociocultural – that can confine the system into manageable aspects. The 21st century gave way to modernization. The advent of innovation increased the interaction of a unit to another unit. With the developing notion of globalization, an international political system...
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...Feedback: Case Analysis #1 Chapter 10: The International Monetary System Closing Case: China’s Managed Float The closing case describes China’s exchange rate policy. For nearly a decade, China fixed its exchange rate to the dollar and bought or sold dollars to maintain the exchange rate. By early 2005 though, the country was feeling pressure both at home and abroad to let its currency, the Yuan, float freely against the dollar. [1]Why do you think the Chinese government originally pegged the value of the Yuan against the U.S. dollar? What were the benefits of doing this to China? What were the costs? Comments: Most of the Chinese exports are made from dollar-denominated imported materials and energy. By pegging to the dollar, China managed its foreign exchange risk in these areas. It also mitigated the risk for investors coming into China. Also, China’s economy, through its peg to the dollar, has remained stable. It was not drawn into the Asian meltdown in 1997. One of the costs of pegging is that the Chinese government has to manage the peg. Thus, it is active in the foreign exchange markets. Another cost is that the dollar’s movement, up or down, affects the Chinese economy. [2]Over the last decade, many foreign firms have invested in China, and used their Chinese factories to produce goods for export. If the Yuan is allowed to float freely against the U.S. dollar on the foreign exchange markets, and appreciates in value, how might this affect the...
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...Introduction: United Chinese Plastic International Limited (UCP) is a leading manufacturing and trading company in artificial flowers and Christmas decorations industry. UCP serves overseas customers from worldwide and target mainly USA and European markets. UCP has adapted many information technology (IT) systems on product design, packaging design. However, the protection on intellectual property is not safety enough that makes UCP loss much on product design being stolen. Moreover, due to UCP aged system infrastructure, UCP was suffered from high cost on power consumption, slow system response on reporting and low reliability support. This term paper would describe the current business problems related to IT and provide suggestions in order to operate in effectively and efficiency. 2. Background of United Chinese Plastics International Limited 3. Basic Operation Work Flow: I. Customer requests quotation 3D plastic drawings II. Designers prepare their design work out based on requests via CAD software III. After confirmed by customer, UCP would produce prototype as confirmation. IV. Customer confirms prototype as mass production V. Production process planning and material planning VI. Computer-aided manufacturing (CAM) 4. IT systems in UCP There are mainly four major systems for plastic manufacturing plus five people design team works system a.) SCM (Supply Chain Management System) b.) MRP (Material Resource Planning System) c.) ECNs (AutoCAD) d.) OMS...
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...It is of great endeavor but at the same time a challenge to be in the task of setting an interest in the context of the International Political System. Throughout the years this concept had been of great interest to a lot of thinkers and theorists in the international stage. It has been a concern since the International Political System like any other legal system varies between success and failure[ Fitzmaurice, G. (1956). The Foundations of the Authority of International Law and the Problem of Enforcement: Oxford University Press.]. For over the centuries that the world has been a home of chaos, the failures of such system had conquered its successes; failures that even renowned international organizations such as the League of Nations cannot...
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...euro into a global currency status rivaling the U.S. dollar. The United Kingdom on its part will firmly join the process of economic and political unionization of Europe, abandoning its traditional balancing role. Investigate the political, economic and historical situations surrounding the British participation in the European economic and monetary integration and write your own assessment of the prospect of British joining the euro club. In dong so, assess from the British perspective, among other things, 1) potential benefits and costs of adopting the euro, UK is a country characterized by a conservative and stable economy. For them say yes to the Euro zone on one side meant a good opportunity to have a excellent international commerce that gave a lot of flexibility to its market. But also represent a large risk on these same benefits, for example on the mortgages. As we saw in class, the vast majority of the properties are bought in England unlike Europe where renting is customary, changing the currency...
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...Public Procurement and supply law helps our organization in achieving the following: Promotes economy and efficiency in the use of public funds Kenya Meat Commission ensures that the public procurement procedure is conducted and the selection of tenderers made within the time limits and in the manner prescribed by this law, incurring as little costs as possible in the effecting public procurement. It provides for a fair Competition among the tenderers KMC do not limit competition among the tenderers; in particular, it does not prevent any tenderer from participating by unjustified use of the restricted procedure or by using discriminatory criteria. It promotes transparency of the organization in the use of public funds Public funds may be used only for the purposes determined by a contract concluded in the public procurement procedure. Through the Principle of Equality of Tenderers KMC may not impose conditions that would constitute territorial, subject or personal discrimination among tenderers or discrimination arising out of the classification of the business performed by the tenderers. It allows for the confidentiality of the contracts When disseminating technical specifications concerning the awarding of contracts to tenderers, KMC ensures the protection of confidentiality of the information placed at their disposal. It helps in Prevention of corruption Common measures for prevention of corruption may include, procurement officer drafting a plan and providing...
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...PONTIFICIA UNIVERSIDAD JAVERIANA FACULTAD DE CIENCIAS ECONÓMICAS Y ADMINISTRATIVAS DEPARTAMENTO DE ADMINISTRACIÓN ESPECIALIZACIÓN EN GERENCIA FINANCIERA PROGRAMA DE ASIGNATURAAsignatura: Finanzas InternacionalesPeriodo Académico: 2013-03 | Descripción General | Fecha de Actualización de Programa: Septiembre 10 de 2013 | Créditos: 3Horas Presenciales: 3Horas de Estudio Autónomo: 6 | Pre-requisitos: Principios de economía | PROFESOR | Coordinador de Asignatura: DANIEL REY SUÁREZEmail: Daniel.rey@javeriana.edu.coTeléfono: (312) 3503960 | | | JUSTIFICACIÓN | La actuación de los gobiernos y bancos centrales alrededor del mundo tienen un impacto directo en las posibilidades de crecimiento de las empresas locales y multinacionales. Este factor, sumado a las decisiones de los múltiples agentes que participan en el mercado económico mundial, generan un ámbito de incertidumbre que afecta la toma de decisiones del empresario. En un contexto de esta naturaleza, el curso de Finanzas Internacionales pretende brindar al estudiante las herramientas y conceptos necesarios que ofrece la ciencia económica para interpretar adecuadamente la coyuntura económica y facilitar la toma de decisiones en un mundo globalizado. | OBJETIVO GENERAL | Entender los determinantes del movimiento internacional de capitales y sus efectos sobre las economías. | OBJETIVOS ESPECÍFICOS | * Comprender los efectos internacionales de las políticas económicas domésticas...
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...CBP Electronic International Commerce System 1.0 Executive Summary In 2008, “U.S. Customs and Border Protection (CBP) collects over $30 billion annually, the second largest revenue generator for the U.S. Government” ("Overview of revenue:," 2008). Believe it or not, the U.S. government is behind the times in terms of technology when it comes to commercial trade and the potential for revenue has grown exponentially. Many partakers in this industry are greatly affected by this lack of updated technology and would jump at the opportunity to invest into a new program that would allow for more efficiency. The companies participating in commercial international trade need one source that contains all import and customs clearance information for any commodity. The government has agreed to invest, has had the programs/software built, and has made the technology available to the public. This software is the single most important step forward in efficiency for U.S. international commerce. Companies that would subscribe to such a service provided by CBP include self-sufficient importers, air, vessel or vehicle carriers, bonded warehouses, and Customs brokers. These teams work in conjunction to complete all of the regulations of international trade that U.S. Customs requires, while dealing with the apparent out of date technology provided and therefore are the potential customers. After taking the step to invest in technology that would allow their company to interact technologically...
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...—————————————————————————— Bureau International des Poids et Mesures The International System of Units (SI) 8th edition 2006 —————————————————— Organisation Intergouvernementale de la Convention du Mètre 94 Note on the use of the English text To make its work more widely accessible, the International Committee for Weights and Measures has decided to publish an English version of its reports. Readers should note that the official record is always that of the French text. This must be used when an authoritative reference is required or when there is doubt about the interpretation of the text. Translations, complete or partial, of this brochure (or of its earlier editions) have been published in various languages, notably in Bulgarian, Chinese, Czech, English, German, Japanese, Korean, Portuguese, Romanian, and Spanish. The ISO and numerous countries have also published standards and guides to the use of SI units. 95 The BIPM and the Metre Convention The International Bureau of Weights and Measures (BIPM) was set up by the Metre Convention signed in Paris on 20 May 1875 by seventeen States during the final session of the diplomatic Conference of the Metre. This Convention was amended in 1921. The BIPM has its headquarters near Paris, in the grounds (43 520 m2) of the Pavillon de Breteuil (Parc de Saint-Cloud) placed at its disposal by the French Government; its upkeep is financed jointly by the Member States of the Metre Convention. The task of...
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...experimental data Weight The measure of the amount of matter pulled down by gravity Applied Research Research undertaken to solve a specific problem Pure Research Research to gain knowledge for the sake of knowledge Base Unit A defined unit in a system measurements (SI- International system of measurement) Density The physical property of matter and its mass per unit volume Derived Unit A combination of base units Kelvin SI base unit for Temperature Kilogram SI base unit for mass Liter SI base unit for volume Meter SI base unit for length Second SI base unit for Time Scientific Notation Express's any number between 1 and 10 (coefficient) multiplied by ten and raised to a power (exponent) Accuracy How close a measured value is to an accepted value Error Difference between experimental value and an accepted value Percent Error Expresses error as a percentage of an accepted value ( Its what percent of an accepted value an error presents) Precision How close a series measurement are to one another Graph Visual display of data Matter Anything that has mass and takes up space Technology The practical use of scientific information The metric system is based on the power of _________. Ten Name the SI unit and symbol (abbreviation) for the following: Quantity: Unit Symbol Length Mass Time Temperature Volume Amount of a Substance Quantity: Unit Symbol Length meter m Mass kilogram, gram kg,g Time...
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...CHAPTER ONE INTRODUCTION: MATTER AND MEASUREMENT The Study of Chemistry Chemistry: • is the study of properties of materials and changes that they undergo. • can be applied to all aspects of life. The Atomic and Molecular Perspective of Chemistry Chemistry involves the study of the properties and the behavior of matter. Matter: • is the physical material of the universe. • has mass. • occupies space. Examples of matter: ~100 elements constitute all matter. A property is any characteristic that allows us to recognize a particular type of matter and to distinguish it from other types of matter. Elements: • are made up of unique atoms, the building blocks of matter. • approximately 116 elements. • names of the elements are derived from a wide variety of sources. Molecules: • are combinations of atoms held together in specific shapes. • Macroscopic (observable) propertied of matter relate to submicroscopic realms of atoms • Properties relate to composition (types of atoms present) and structure (arrangement of atoms present. [pic] • Combinations of atoms held together in specific shapes CH3CH2OH HOCH2CH2OH Ethyl alcohol ethylene glycol Why study Chemistry? We study chemistry because: • It has a considerable impact on society (health care, food, clothing, conservation of natural resources, environmental issues...
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