Topics: International trade, European Union, World Trade Organization / Pages: 3 (840 words) / Published: Mar 11th, 2015
Jun Yeop Han
CBA 300
Professor Pia Gupta
February 12, 2015
Homework 3
1. What are the characteristics of informal cognitive institutions and why are they of special significance to international business managers.
Guanxi in China and Relationship building in Japan are examples of the informal cognitive institutions. Their characteristics are described as their concept based hence intangibility. It is significantly important to the international mangers, because they are what valued in the countries where the manager will be doing the business. They must be appreciated and understood by manager to succeed its international goal.
2. The UN may be best known for its peacekeeping missions, but it also has many agencies involved in activities that directly impact business. Comment on the UN’s influence on a single trade transaction.
UN has a functional area called UN/CEFACT which impacts on Trade and Data exchange between the nations. UN/CEFACT serves as the focal point for trade facilitation recommendations and electronic business standards, covering both commercial and government business processes that canfoster growth in international trade and related service.
3. Sovereign wealth funds and high reserves are held by many developing nations today, and they were the major market for IMF loans in the past. How might the IMF adjust to a world in which fewer countries need their loans?
International Monetary Fund lends loan to nations who are in need of help. World Bank, on the other hand, has more direct and effective ways of helping the developing country by having IFC. IFC invests in companies or institution directly in developing country, so that its corrupted government cannot interfere and use the funds for any other purpose.
4. In your judgment, do bilateral trade agreements such as NAFTA and Mercosur undercut the WTO?
No. Although World Trade Organization is to promote lower trade barriers and equalities of member countries at the same time, it historically had

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