An Article Review on: The Borrower of Last Resort: International Adjustment and Liquidity in Historical Perspective* Ramaa Vasudevan According to the author Ramaa Vasudevan the article was aiming to compare and contrast the actual workings of the international l monetary arrangements in the two periods‚ Britain during the period of the international gold standard and USA after post war period. The pyramiding if official liabilities on a disproportionately small reserve base and the parallel
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rate 3.49% for SDRs Website www.imf.org History The International Monetary Fund was conceived in July 1946 during the United Nations Monetary and Financial Conference. The representatives of 45 governments met in the Mount Washington Hotel in the area of Bretton Woods‚ New Hampshire‚ United States‚ with the delegates to the conference agreeing on a framework for international economic cooperation. The IMF was formally organized on December 27‚ 1945‚ when the first 29 countries signed its Articles
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economy from 1945 to 1973 grew at an astounding rate even though many of the countries had been badly affected after World War II (WII) in 1945. Many factors have resulted in the explosive growth‚ and the role of the Americans is one of them. The Bretton Woods System and multi-national companies (MNCs) have also contributed to the growth. However‚ I do not agree that the American contribution was over-rated because we see that the Americans are involved in all of the factors‚ and have thus played a very
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the conduct of international monetary affairs.Agreement for its creation came at the United Nations Monetary and Financial Conference in Bretton Woods[?]‚ New Hampshire‚ USA‚ in 1944; the organisation came into existence in 1946‚ as part of a post-WWII reconstruction plan‚ and began financial operations on March 1‚ 1947. Accordingly‚ it is sometimes referred to as "a Bretton Woods institution"‚ along with the Bank for International Settlements and the World Bank. Together‚ these three institutions define
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was Europe able to expand its empire and dominate “non-Europe”? Europe: decentralized; non-Europe: centralized Rise of capitalism Different periods of colonization Caribbean/Americas – 1550s > India and rest of Asia – 1750 > Africa – 1884 (Berlin Conference) The emergence of mercantilism (= commercialism - 李嘉誠主義) (“buy cheap‚ sell dear”) Break from mercantilism - rise of industrial capitalism >1760 Defining capitalism… system of social relations that harnesses (吊帶lol from google translate) the creativity
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International Monetary System refers to the institutional arrangements that govern the exchange rates. There are four mechanism of which the exchange rate is governed to: Floating exchange rate * when the foreign exchange market determines the relative value of a currency * Example: four of the world’s major trading currency i.e. the USD‚ Euro‚ Yen and Pound are all free to trade against each other. The exchange rates are determined by market forces and fluctuate against each other on day
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The changes linked to the globalising international economy have had considerable impact on the functions and disposition national states. This changes however‚ did not begin with globalisation but after World War II when during the golden age of capitalism when an economic hegemony – the US – was created and the world experienced political and economic progression up to the 60s (Dorrien 2013). This however‚ changed during the 70s when the western world consisting the US and western Europe experienced
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market segments’ tastes and professed needs‚ eventually leading to a convergence of world markets to global markets sharing common tastes and needs across geographical boundaries. From a more conceptual angle‚ global markets derived from the Bretton Woods system of global free trade and are able to thrive under the policies of a hegemon‚ or
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On 28th August 2013 the Indian Rupee plunged to an all time low of 68.85 to the US Dollar – a depreciation of nearly 25% since January 2013. Let’s examine some of the issues that brought the rupee to such a state. We’ll start by going back in time when after independence in 1947‚ India adhered to socialist policies. Attempts were made to liberalise the economy in 1966 which was reversed a year later in 1967. Another attempt was made in 1985 by the then Prime Minister Rajiv Gandhi which came to
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The Evolution of the International Monetary System In response to the worst financial crisis since the 1930s‚ policy-makers around the globe are providing unprecedented stimulus to support economic recovery and are pursuing a radical set of reforms to build a more resilient financial system. However‚ even this heavy agenda may not ensure strong‚ sustainable‚ and balanced growth over the medium term. We must also consider whether to reform the basic framework that underpins global commerce: the international
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