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Floating vs. Fixed Exchange Rates- Macroeconomics 5.4
 
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Float it or fix it? Mr. Clifford expalins the difference between floating and fixed exchange rates and how countries peg the value of their currency to another currency. Make sure to watch this video first: https://www.youtube.com/watch?v=9DVYVfI81R8
Views: 292277 Jacob Clifford
L3/P5: IMF, SDR, Quota reform & Gold standard Exchange rate
 
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Language: Hindi, Topics Covered: 1. Bretton Woods conference and the origin of International monetary fund 2. IMF: structure and functions 3. What is gold standard exchange rate regime? Why did it fail? 4. What are special drawing rights (SDRs)? 5. Value of individual SDR and its utility 6. Criticism against IMF and the need for need for reforms in it? 7. IMF Reforms: (1) Quota reforms (2) governance structure reforms 8. BRICS Bank vs AIIB (Self study) Powerpoint available at http://Mrunal.org/download Exam-Utility: UPSC CSAT, CDS, CAPF, Bank, RBI, IBPS, SSC and other competitive exams, IIM, XLRI, MBA interviews and GDPI Venue: Sardar Patel Institute of Public Administration (SPIPA), Satellite, Ahmedabad, Gujarat,India
Views: 200767 Mrunal Patel
#72, Foreign exchange rate (Class 12 macroeconomics)
 
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Class 12 macroeconomics ..... Foreign exchange rate.... Foreign exchange.... Types of foreign exchange rate ..... Depreciation and appreciation of currency.... Contact for my book 7690041256 Economics on your tips video 72 Our books are now available on Amazon Special Combo - Economics on your tips Micro + Macro http://amzn.in/d/eSxj5Ui Economics on your tips Macroeconomics http://amzn.in/d/2AMX85O Economics on your tips Microeconomics http://amzn.in/d/cZykZVK Official series of playlists UG courses ( bcom, bba, bca, ba, honours) – https://www.youtube.com/playlist?list=PLgC10_Xv-BGirAqOr-hU8e-N_Nz0UpgJ- Micro economics complete course – https://www.youtube.com/playlist?list=PLgC10_Xv-BGg5n3YU6oEV7_HIzBuEbbOz Macro economics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGg2ORORpILqiDR1gyH3MkXw Statistics complete course- https://www.youtube.com/playlist?list=PLgC10_Xv-BGjrAkDyeMioJ7DEexAEeVdt National income – https://www.youtube.com/playlist?list=PLgC10_Xv-BGjpE-1V4uz_0wvvbZQnSsj_ In order to promote us and help us grow Paytm on - 7690041256
Views: 419127 Economics on your tips
Bretton Wood system (HINDI)
 
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International monetary system prevailed during 1945 - 1976 is also known as the Bretton Wood system. As the United Nation's Monetary and Financial Conference was held in Bretton Wood, New Hampshire, USA, the agreement that came out of this conference is called Bretton Wood Agreement. Conference was held to take stock of situation resulted from the devastation of World War II and complete collapse of gold standard as the international monetary system. Classical gold standard was collapse with beginning of World War I but during inter-war period efforts were made to revive it but the classical gold standard could not be restored. So at this point of time there was almost a total absence of the monetary system that would facilitate international trade. Two institutions were created by the BW agreement - International Bank for Reconstruction and Development (IRBD) and International Monetary Fund 9IMF). The latter was to put in place an international monetary system. Member countries were to contribute to the IMF their agreed quota. Each member country would be represented in the Board and the voting power would be according the amount their respective quota. .system put in place was following: US$ was accepted as the payment currency for international transactions as US has agreed to exchange the $ with gold at a fixed rate (1 ounce of gold = $1). all the member countries were required to declare the exchange rate of their currencies in terms of $. This exchange rate was supposed to remain fixed. Countries would not devalue their currencies without the approval from the board which could be accorded in very restrictive conditions. Virtually it initiated an era of fixed exchange rate. As $ became acceptable currency US has very liberally imported the goods resulting in the accumulation of its short term liabilities abroad. Us had issued $ in excess of what its gold reserves would allowed it to issue. Its domestic expenditure too have increased substantially. It was engaged in Vietnam War that made it spend more. In view of these developments US in 1971 has announced that it would no longer abide by its pledge of $ convertibility. The decision is termed as Nixon (the US President) shock. Latter in 1976 in Jamaica conference floating exchange rates were formally accepted, thus bringing the BW system to an end. #YOUCANLEARNECONOMICS #ECONOMICS Subscribe me @ http://youtube.com/c/EZClassesfaghsa Like me on Facebook @ https://www.facebook.com/faghsa/ Follow me on Twitter @ https://twitter.com/?lang=en
Views: 972 E.Z. Classes
Fixed Exchange Rate and Flexible Exchange Rate | International Trade & Balance of Payment Economics
 
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To watch all videos on International Trade & Balance of Payment, visit playlist: https://www.youtube.com/playlist?list=PLU2YP04_LRDukL62h5xlImJ_RNOarY745 Fixed Exchange Rate and Flexible Exchange Rate | International Trade & Balance of Payment | Economics Videos | Mathur Sir Classes #InternationalTrade #BalanceofPayment #Economics #bcom #CA #CS #bba #MathurSirClasses If you like this video and wish to support this EDUCATION channel, please contribute via, * Paytm a/c : 9830489610 * Paypal a/c : www.paypal.me/mathursirclasses [Every contribution is helpful] Thanks & All the Best WE NEED YOUR SUPPORT TO GROW UP..SO HELP US!! Hope you guys like this one. If you do, please hit Like!!! Please Share it with your friends! Thank You! Please SUBSCRIBE for more videos. Video Recording and Editing by - Gyankaksh Educational Institute (9051378712) https://www.youtube.com/channel/UCFzUEzxnRDsbWIA5rnappwQ
Views: 2476 Mathur Sir Classes
Foreign Exchange (FOREX)- Macro 5.2
 
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Mr. Clifford explains the market for foreign exchange and national currencies. If you want more practice watch this video: https://www.youtube.com/watch?v=9DVYVfI81R8
Views: 450183 Jacob Clifford
Speculative attack on a currency | Foreign exchange and trade | Macroeconomics | Khan Academy
 
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Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/macroeconomics/forex-trade-topic/currency-reserves/v/financial-crisis-in-thailand-caused-by-speculative-attack?utm_source=YT&utm_medium=Desc&utm_campaign=macroeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/macroeconomics/forex-trade-topic/currency-reserves/v/using-reserves-to-stablize-currency?utm_source=YT&utm_medium=Desc&utm_campaign=macroeconomics Macroeconomics on Khan Academy: Topics covered in a traditional college level introductory macroeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Macroeconomics channel: https://www.youtube.com/channel/UCBytY7pnP0GAHB3C8vDeXvg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 122497 Khan Academy
Foreign Exchange Practice- Macro Practice- Macro 5.3
 
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In this video I explain foreign exchange and how the value of currencies change. Remember that the trick is to remember that you supply your currency and the people in other countries demand your currency. Thanks for watching.
Views: 222898 Jacob Clifford
How Does China Manipulate Its Currency?
 
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» Subscribe to NowThis World: http://go.nowth.is/World_Subscribe With about $400 billion in debt and a broken economy, Greece is in trouble. But, how did Greece end up with such a high debt, and who do they owe money to? Learn More: Greece's Debt Due: What Greece Owes When http://graphics.wsj.com/greece-debt-timeline/ "Greece is negotiating with its eurozone creditors to get more aid before the indebted government runs out of cash." Explaining the Greek Debt Crisis http://www.nytimes.com/2015/04/09/business/international/explaining-the-greek-debt-crisis.html "Greece, the weak link in the eurozone, is struggling to pay its debt as its people and its creditors grow more restive." Greek debts: what does it owe? When will the money run out? http://www.theguardian.com/business/2015/apr/24/greek-debts-what-does-it-owe-when-will-the-money-run-out "Crunch talks between Greece and its eurozone creditors are under way, but investors are growing increasingly sceptical that the country can reach an agreement on reforms and unlock the aid it needs from international lenders to avoid a debt default." Greek debt crisis: Who has most to lose? http://money.cnn.com/2015/01/28/investing/greek-debt-who-has-most-to-lose/ "Greece and its international lenders have embarked on a battle over the country's staggering debt." Watch More: What Happens If A Country Goes Bankrupt? https://www.youtube.com/watch?v=3PZDLG-rtGs&list=UUgRvm1yLFoaQKhmaTqXk9SA _________________________ NowThis World is dedicated to bringing you topical explainers about the world around you. Each week we’ll be exploring current stories in international news, by examining the facts, providing historical context, and outlining the key players involved. We’ll also highlight powerful countries, ideologies, influential leaders, and ongoing global conflicts that are shaping the current landscape of the international community across the globe today. More from NowThis: » Subscribe to NowThis News: http://go.nowth.is/News_Subscribe » Like NowThis World on Facebook: https://go.nowth.is/World_Facebook » Connect with Judah: Follow @judah_robinson on Twitter – Facebook: http://go.nowth.is/LikeJudah » Connect with Versha: Follow @versharma on Twitter – Facebook: http://go.nowth.is/LikeVersha http://www.youtube.com/nowthisworld Special thanks to Lissette Padilla for hosting TestTube! Check Lissette out on Twitter:https://twitter.com/lizzette
Views: 288678 NowThis World
The Gold Standard Explained in One Minute
 
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A one minute video about the monetary role of gold. As of 1971, the precious metal stopped having such a role altogether and it's interesting to analyze how and why that happened. Through this video, I did just that. Please like, comment and subscribe if you've enjoyed the video. And, of course, a share on Facebook and/or Twitter would be highly appreciated. This channel is still in its infancy, so every bit of help counts. To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message. Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated! Oh and I've also started playing around with Patreon, my link is: https://www.patreon.com/oneminuteeconomics Interested in reading a good book? My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below: Amazon - https://www.amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK Barnes & Noble - http://www.barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942 iBooks (Apple) - https://itun.es/us/wYSveb.l Kobo - https://store.kobobooks.com/en-us/ebook/wealth-management-2-0 My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below. Amazon - https://www.amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS Barnes & Noble - https://www.barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970 iBooks (Apple) - https://itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265 Kobo - https://www.kobo.com/ww/en/ebook/the-age-of-anomaly-spotting-financial-storms-in-a-sea-of-uncertainty Last but not least, if you'd like to follow me on social media, use one of the links below: https://www.facebook.com/oneminuteeconomics https://twitter.com/andreipolgar https://ro.linkedin.com/in/andrei-polgar-9a11a561
Views: 120377 One Minute Economics
1944 Bretton Woods International Monetary Conference
 
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This newsreel excerpt briefly describes the international monetary conference of 1944 (before WW2 ended), held at the Mount Washington Hotel in Bretton Woods, New Hampshire. The conference founded the International Monetary Fund and the World Bank. The fixed exchange rate system created at the conference came under increasing strain in the 1960s and was ended unilaterally by President Nixon in 1971.
Views: 137124 danieljbmitchell
How Bretton-Woods Fell Apart
 
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Professor Perry Mehrling discussing the structure and fall of the Bretton-Woods international monetary system. In this system, the dollar was pegged to gold at $35 per ounce, then all other national currencies were pegged to the dollar at fixed exchanges rates. Then SDRs (Special Drawing Rights) could also be used to settle international payments. This system was put into place in 1946 until it fell apart in 1971. The reason it fell apart was because the supply of international dollars was growing faster than the supply of gold. This happened because of US trade deficits, but also because they lent dollars into existence to foreign nations to finance development. But as the supply of dollars started to get much larger than the stock of gold that the US held, it started to put pressure on the dollar exchange rate with gold. We could have revalued gold, but we didn't until it was too late. When countries started demanding payments in gold instead of dollars, Nixon chose to end convertibility into gold. This ended the Bretton-Woods system, and began the era of floating exchange rates, which we still are in today. This was a monumental moment for the world, because on a floating exchange rate, a government is capable of pursuing full employment through a Job Guarantee policy (more on that here: https://www.youtube.com/watch?v=KSw0ROvM6QM&t=344s&index=1&list=PLZJAgo9FgHWZHiVWJyW2KzOWsIresj_N2). Watch the whole lecture here: https://www.coursera.org/learn/money-banking/lecture/iMZY8/the-dollar-system Take the whole course here: https://www.coursera.org/learn/money-banking/home/welcome Follow Deficit Owls on Facebook and Twitter: https://www.facebook.com/DeficitOwls/ https://twitter.com/DeficitOwls
Views: 21679 Deficit Owls
Currency Exchange Introduction
 
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Introduction to how exchange rates can fluctuate More free lessons at: http://www.khanacademy.org/video?v=itoNb1lb5hY
Views: 566659 Khan Academy
Difference between international monetary fund and world Bank in Hindi
 
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Hello friends In this video I' ll tell you about difference between international monetary fund and world Bank . # internationalmonetaryfund # worldbank Contact :- [email protected]
Views: 167 Education Orbit
Explaining SDRs (Special Drawing Rights)
 
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The Special Drawing Right or SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries and can be exchanged for freely usable currencies. For more from the IMF visit: http://fora.tv/imf
Views: 35035 FORA.tv
IMF urges Nigeria to adopt flexible exchange rates
 
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The Executive Board of the International Monetary Fund is urging Nigeria to introduce greater exchange rate flexibility and to begin unwinding currency restrictions. President Buhari and several ministers were in Washington as part of the Nuclear Security Summit and the Spring Meetings of the IMF and World Bank. The IMF is advising Nigeria on a whole range of economic measures, while predicting growth to decline further, to 2.3% in 2016. The Fund's Chief of Mission in Nigeria, Gene Leon has been speaking to our Washington Correspondent Daniel Ryntjes
Views: 274 CGTN Africa
Exchange Rates and The Balance of Payments - Macroeconomics Lecture # 13
 
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Exchange Rates and The Balance of Payments - Macroeconomics Lecture # 13. Subscribe this channel to get more knowledge,Lectures,Presentations etc. Youtube: https://www.youtube.com/channel/UCuBvNmo-Q42RPTisa-b1_-w?sub_confirmation=1 Facebook: https://www.facebook.com/g8knowledge Twitter: https://www.twitter.com/g8knowledge Instragram: https://www.instagram.com/knowledgeget Course Description: The course introduces the students to the fundamentals of economics and how economy operates. The topics included are introduction to macroeconomics, law of demand and supply, fiscal and monetary policy and financial institutions, and use of economic indicators to forecast an economic growth. Course Objective: The objective of this course is that the students will have the basic knowledge of the economic concepts and phenomena be able to understand the working of an economy in an international context and will have an understanding about major economic issues and problems of the day. Macroeconomic factors and policies that affect the business activities in an open economy. The students will also have an insight into the functioning of macroeconomic activities and also macroeconomic indicators. They will be able to view the economy in global perspective. After completing the course the students will be able to apply the principles of macroeconomics to solve economic problems being faced by both public and private sectors of Pakistan. Learning Outcome: At the end of this course it is expected that the student should be able to: 1. Identify the circular flow of output, expenditure and incomes in an economy. 2. Make a distinction between injections and withdrawals from the circular flow of income. 3. The overall functioning of the economy. 4. The key role of macroeconomic indicators in understanding the economy. 5. Understand the concept of macroeconomic equilibrium and implications for the management of the business cycle. 6. To understand the fluctuations of business cycles about trend in real GDP. 7. The revolution that came in the area of economics through the efforts of Keynes. 8. Discuss and compare the Keynesian theory with the classical theory. 9. The role of fiscal and monetary policy in stabilizing the economy. 10. Describe the tools used by the central bank to conduct its monetary policy. 11. Describe the recent history of federal expenditures, tax revenues, and budget deficit. 12. Analyze the importance of international trade to the Pakistan economy and evaluate the effects of government policy measures on the exchange rate and trade. Course Contents: Topics to be covered The Balance of Payments and International Capital Movements. Determining Foreign Exchange Rates. The Gold Standard and the International Monetary Fund. Fixed versus Floating Exchange Rates.
Views: 853 Get Knowledge
International Monetary System (ECO)
 
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Subject:Economics Paper:Money and banking
Views: 2698 Vidya-mitra
Balance of Payments _ Part1 _ Foreign Exchange Rate _ Mauli Gupta
 
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Excited to share video lectures from the brightest students at IIT & Delhi University. Learner (www.learner.in) is India's largest platform where Students TEACH Students. Download App at http://bit.ly/2l3zRzq and call us at 011-41082172 to get access code. Prepare for Boards for CBSE syllabus, NCERT Pattern, Class 12th. Download app from http://app.learner.in or visit website at http://www.learner.in to get more videos, notes & questions.
Views: 63025 learner.in
OBJECTIVES OF INTERNATIONAL MONETARY FUND
 
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Thanks For Watching Subscribe to become a part of #Gyanpost Like, Comment, Share and Enjoy the videos. We are on a mission of providing a Free, World-class Education for anyone, anywhere and offer quizzes, questions, instructional videos, and articles on all academic subjects. SUBSCRIBE for awesome videos every day!:
Views: 26 Gyan Post
US urges IMF to step up its monitoring of currency exchange rates, Wolfowitz
 
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1. Exterior of International Monetary Fund (IMF) building 2. Close-up of IMF logo 3. Security guard opening door to IMF building 4. Interior of IMF meeting room, pan right 5. World Bank president Paul Wolfowitz talking to delegate 6. International Monetary and Financial Committee (IMFC) Chairman and British Treasury chief Gordon Brown sitting at table 7. Various of delegates 8. IMF Managing Director Rodrigo de Rato taking his seat, zoom in 9. Various of meeting table 10. Police vehicle outside meeting venue 11. Street blocked off by city vehicles 12. Wide of trucks blocking road 13. Street barricades 14. Police officer re-directing woman 15. Women walking through IMF entrance 16. Exterior of IMF building STORYLINE: The International Monetary Fund's policy-steering committee met in Washington on Saturday, with the controversy surrounding World Bank President Paul Wolfowitz still looming over the proceedings. Treasury Secretary Henry Paulson said that the IMF must do a better job monitoring currency exchange rate policies around the world, a demand reflecting U.S. frustration with China's slow pace of financial reform. Paulson called for greater exchange rate flexibility in emerging Asian economies, especially in China. Finance ministers from Latin America and Europe echoed Paulson's call for increased currency surveillance at the meeting of the IMF's policy-steering committee. They also called for changes in how the 62-year-old institution is governed. Wolfowitz is under fire for his involvement in a huge pay increase awarded to a female friend when she transferred to a U.S. State Department job. The disclosures have triggered demands for the resignation of Wolfowitz, a former U.S. deputy defence secretary and one of the architects of the Bush administration's Iraq war strategy. World Bank employees planned a demonstration later on Saturday calling for his resignation. A review process is under way by the World Bank's 24-member board. Both the IMF and the World Bank, located three blocks from the White House, were cordoned off with iron crowd control barriers. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/656a6f13d45d0cec5dad6ff991f86339 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
Views: 126 AP Archive
Exchange rate regimes: gold standard, fixed and flexible exchange rate (ECO)
 
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Subject : Economic Paper :Advanced Macroeconomics
Views: 17815 Vidya-mitra
Introduction to currency exchange and trade | AP Macroeconomics | Khan Academy
 
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Learn how interest rates, exchange rates, and international trade are intertwined in this video. AP(R) Macroeconomics on Khan Academy: Macroeconomics is all about how an entire nationÕs performance is determined and improved over time. Learn how factors like unemployment, inflation, interest rates, economic growth and recession are caused and how they affect individuals and society as a whole. We hit the traditional topics from an AP Macroeconomics course, including basic economic concepts, economic indicators, and the business cycle, national income and price determination, the financial sector, the long-run consequences of stabilization policies, and international trade and finance. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything https://www.youtube.com/subscription_center?add_user=khanacademy. View more lessons or practice this subject at http://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/ap-open-economy-international-trade-and-finance/real-interest-rates-and-international-capital-flows/v/introduction-to-currency-exchange-and-trade-ap-macroeconomics-khan-academy?utm_source=youtube&utm_medium=desc&utm_campaign=apmacroeconomics AP Macroeconomics on Khan Academy: Welcome to Economics! In this lesson we'll define Economic and introduce some of the fundamental tools and perspectives economists use to understand the world around us! Khan Academy is a nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. We offer quizzes, questions, instructional videos, and articles on a range of academic subjects, including math, biology, chemistry, physics, history, economics, finance, grammar, preschool learning, and more. We provide teachers with tools and data so they can help their students develop the skills, habits, and mindsets for success in school and beyond. Khan Academy has been translated into dozens of languages, and 15 million people around the globe learn on Khan Academy every month. As a 501(c)(3) nonprofit organization, we would love your help! Donate or volunteer today! Donate here: https://www.khanacademy.org/donate?utm_source=youtube&utm_medium=desc Volunteer here: https://www.khanacademy.org/contribute?utm_source=youtube&utm_medium=desc
Views: 11184 Khan Academy
IMF Bailout Demands from Pakistan Inflation to Rise - Daily Wagers to Suffer - Yakeen TV Report 2019
 
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IMF is insisting on a market-oriented exchange rate while Pakistan wants to retain its current approach of a managed float. During the talks, IMF officials shared their concerns on the China-Pakistan Economic Corridor and its possible impact on the IMF programme “but Pakistan assured them that there’s no overlapping between the two programmes,” an official source said. What does it mean for People of Pakistan, find out in this report. پاکستان کے لیے آئی ایم ایف کی کڑی شرائط ۔۔۔۔ تنخواہ دار طبقے کو مشکل پیش آ سکتی ہے؟ LIKE to Support US Subscribe and bit BELL Icon to get updates.
Views: 388 Yakeen TV
Wall Street, the International Monetary Fund, and the Bankrupting of Argentina (2005)
 
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The Argentine economic crisis (1999--2002) was a major downturn in Argentina's economy. It began in 1999 with a decrease of real Gross Domestic Product (GDP). About the book: https://www.amazon.com/gp/product/1586483811/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1586483811&linkCode=as2&tag=tra0c7-20&linkId=73d88babc4c672301577f8683ded8a23 The crisis caused the fall of the government, default on the country's foreign debt, widespread unemployment, riots, the rise of alternative currencies and the end of the peso's fixed exchange rate to the US dollar. By 2002 GDP growth had returned, surprising economists and the business media. As of 2012, the default had not been completely resolved, although the government had repaid its IMF loans in full. Since the early 1990s, Argentina had relied on the IMF to provide the country with reliable access to credit and to guide its economic reforms. When the recession began, the national deficit widened to 2.5% of GDP in 1999 and its external debt surpassed 50% of GDP. Seeing these levels as excessive, the IMF advised the government to balance its budget by implementing austerity measures to sustain investor confidence. The De la Rúa administration implemented US$1.4 billion in cuts in its first weeks in office in late 1999. In June 2000, with unemployment at 14% and projections of 3.5% GDP growth for the year, austerity was furthered by US$938 million in spending cuts and US$2 billion in tax increases. Following vice president Carlos Álvarez' resignation in October 2000 over bribery suspicions in the Upper House, the crisis accelerated.[citation needed] GDP growth projections proved to be overly optimistic (instead of growing, real GDP shrank 0.8%), and lagging tax receipts prompted the government to freeze spending and cut retirement benefits again in November 2000. In early November, Standard & Poor's placed Argentina on a credit watch, and a treasury bill auction required paying 16% interest (up from 9% in July); this was the second highest rate of any country in South America at the time. Rising bond yields forced the country to turn to major international lenders, such as the IMF, World Bank and the U.S. Treasury, which would lend to the government at below-market rates, and to comply with the accompanying conditions. Several more rounds of belt-tightening followed. José Luis Machinea resigned as Minister of Economy in February 2001. He was replaced with Ricardo López Murphy, who lasted 8 days in the office before being replaced with Cavallo. In July 2001, Standard and Poor's cut the credit rating of the country to B--. In July 2001 the government instituted an unpopular across-the-board pay cut of up to 13% to all civil servants and an equivalent cut to government pension benefits—De la Rúa's seventh austerity round—triggering nationwide strikes, and, starting in August, it paid salaries of the highest-paid employees in I.O.U.s instead of money. This further depressed the weakened economy. The unemployment rate rose to 16.4% in August 2001 up from a 14.7% a month earlier, and it reached 20% by December. In October 2001, public discontent with the economic conditions was expressed in the nationwide election. President Fernando de la Rúa's alliance lost seats in both chambers of the Argentine National Congress, leaving it in the minority. Over 20% of voters chose to enter so-called "anger votes", returning blank or defaced ballots rather than indicate support of any candidate. The crisis intensified when, on 5 December 2001, the IMF refused to release a US$1.3 billion tranche of its loan, citing the failure of the Argentine government to reach previously agreed-upon budget deficit targets, and demanded further budget cuts, amounting to 10% of the federal budget. On 4 December, Argentine bond yields stood at 34% over U.S. treasury bonds, and, by 11 December, the spread jumped to 42%. By the end of November 2001, people began withdrawing large sums of dollars from their bank accounts, turning pesos into dollars and sending them abroad, causing a bank run. On 2 December 2001 the government enacted measures, informally known as the corralito, that effectively froze all bank accounts for twelve months, allowing for only minor sums of cash to be withdrawn, initially $250 a week. The freeze enraged many Argentines who took to the streets of important cities, especially Buenos Aires. They engaged in protests that became known as cacerolazo (banging pots and pans). These protests occurred especially in 2001 and 2002. At first the cacerolazos were simply noisy demonstrations, but soon they included property destruction, often directed at banks, foreign-owned privatized companies, and especially big American and European companies. http://en.wikipedia.org/wiki/Argentine_economic_crisis_%281999%E2%80%932002%29 Image by Emiism (Own work) [CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Views: 27006 The Film Archives
IMF hits foreign currency exchange rates
 
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IMF cuts growth predictions for UK and eurozone, causing falls in foreign currency exchange rates for GBP and EUR
Views: 34 VFXplc
What is BRETTON WOODS SYSTEM? What does BRETTON WOODS SYSTEM mean? BRETTON WOODS SYSTEM meaning
 
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✪✪✪✪✪ WANT VIDEO LIKE THIS ONE? ORDER IT HERE FROM INDUSTRY EXPERTS - http://bit.ly/2Uxpg5X ✪✪✪✪✪ ✪✪✪✪✪ The Audiopedia Android application, INSTALL NOW - https://play.google.com/store/apps/details?id=com.wTheAudiopedia_8069473 ✪✪✪✪✪ What is BRETTON WOODS SYSTEM? What does BRETTON WOODS SYSTEM mean? BRETTON WOODS SYSTEM meaning - BRETTON WOODS SYSTEM definition - BRETTON WOODS SYSTEM explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western Europe, Australia and Japan in the mid-20th century. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states. The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained the exchange rate (± 1 percent) by tying its currency to gold and the ability of the IMF to bridge temporary imbalances of payments. Also, there was a need to address the lack of cooperation among other countries and to prevent competitive devaluation of the currencies as well. Preparing to rebuild the international economic system while World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. The delegates deliberated during 1–22 July 1944, and signed the Bretton Woods agreement on its final day. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, these accords established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. The United States, which controlled two thirds of the world's gold, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but later declined to ratify the final agreements, charging that the institutions they had created were "branches of Wall Street." These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. On 15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. This action, referred to as the Nixon shock, created the situation in which the US dollar became a reserve currency used by many states. At the same time, many fixed currencies (such as the pound sterling, for example) also became free-floating. The political basis for the Bretton Woods system was in the confluence of two key conditions: the shared experiences of two World Wars, with the sense that failure to deal with economic problems after the first war had led to the second; and the concentration of power in a small number of states.
Views: 23614 The Audiopedia
IMF , international organisations , UPSC , IAS
 
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1.IMF background 2.IMF function and objectives, exchange stability, depreciation and appreciation Domestic currency and foreign currency conversion, fixed and floating exchange systems 3.IMF members 4.IMF leadership, board of governors, executives board, managing directors,l 5.IMF Voting power, quota system 6. IMF reforms and USA Facebook sanasivaieth Swarna
Views: 1929 SANSIVAIETHA
International Monetary System and International Financial Competitiveness(BSE)
 
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Subject : Bussiness Economic Paper : International finance MOdule :International Monetary System and International Financial Competitiveness
Views: 148 Vidya-mitra
International Monetary System
 
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This video is for educational purpose. Thank you
Views: 1172 Rinzin Dema
IMF, ADB and WORLD BANK के बारे में जाने International BANK(अंतरराष्ट्रीय बैंक)जो LOAN देती है + MCQ
 
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IMF, ADB and WORLD BANK के बारे में जाने International BANK(अंतरराष्ट्रीय बैंक)जो LOAN देती है + MCQ दोस्तों नोट्स और Updates के लिए Telegram पर हमें JOIN करे । https://t.me/cafofficial Here we have given e noted on these topics IMF , ADB and World Bank . How the World Bank was established The World Bank was established in 1944 to help rebuild Europe and Japan after World War II. Its official name was the International Bank for Reconstruction and Development (IBRD). When it first began operations in 1946, it had 38 members. Today, most of the countries in the world are members. Do we need a World Bank? Without a place like the World Bank from which to borrow money, the world’s poorest countries would have few, if any, ways to finance much-needed development projects. The projects are essential to helping people become educated, live healthy lives, get jobs, and contribute as active citizens. How the World Bank is organized The World Bank has created new organizations within itself that specialize in different activities. All these organizations together are called the World Bank Group. It consists of: • IBRD lends to low- and middle-income countries; • International Development Association (IDA) lends to low-income countries; • International Finance Corporation (IFC) lends to the private sector; • Multilateral Investment Guarantee Agency (MIGA) encourages private companies to invest in foreign countries; and • International Centre for Settlement of Investment Disputes (ICSID) helps private investors and foreign countries work out differences when they don't agree. Sources : http://www.worldbank.org/en/news/feature/2012/07/26/getting_to_know_theworldbank What is IMF ? The International Monetary Fund (IMF) is based in Washington, D.C. and currently consists of 189 member countries, each of which has representation on the IMF's executive board in proportion to its financial importance, so that the most powerful countries in the global economy have the most voting power. The IMF's website describes its mission as "to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." History of the IMF The IMF was originally created in 1945 as part of the Bretton Woods agreement, which attempted to encourage international financial cooperation by introducing a system of convertible currencies at fixed exchange rates, with the dollar redeemable for gold at $35 per ounce. The IMF oversaw this system: for example, a country was free to readjust its exchange rate by up to 10% in either direction, but larger changes required the IMF's permission. The IMF also acted as a gatekeeper: countries were not eligible for membership in the International Bank for Reconstruction and Development (IBRD) – a World Bank forerunner that the Bretton Woods agreement created in order to fund the reconstruction of Europe after World War II – unless they were members of the IMF. Since the Bretton Woods system collapsed in the 1970s, the IMF has promoted the system of floating exchange rates, meaning that market forces determine the value of currencies relative to one another. This system continues to be in place today. Sources : Investopedia : What is ADB ? The Asian Development Bank was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world. History ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Our Work ADB is composed of 67 members, 48 of which are from the Asia and Pacific region. More read here : https://www.adb.org/about/main ******************************************************** Follow Us below social links to reach out us. Like Our Facebook Page : https://goo.gl/V9RrYz Join our Study Group : https://goo.gl/Ygba1C Join our Twitter Handle : https://goo.gl/P6vHCs Join our Gplus updates : https://goo.gl/C97U5g Visit our Website : https://goo.gl/36WzZb For Business Queries contact Us : [email protected] ***********************************************
International economics: exchange rate regimes
 
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Juan Pablo Ángel M.
Views: 306 Juan Pablo Ángel
The IMF and SDRs Under Bretton-Woods
 
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Professor Perry Mehrling discussing how international payments work with the IMF (and specifically how they worked before 1971 under the Bretton-Woods system) using SDRs. The Bretton-Woods system used an approximately fixed quantity of reserves of gold and SDRs (Special Drawing Rights), in contrast to John Maynard Keynes's proposed Bancor Plan, which would have created an elastic system of international reserves. (See more on the Bancor plan here: https://www.youtube.com/watch?v=6qDGMzXiiIs) Rather than having an elastic system which expands with the need for payment balances, the IMF system imposed quite a lot of discipline on member countries, and particularly on the trade deficit countries, who would be running out of gold and foreign reserves. Watch the whole lecture here: https://www.coursera.org/learn/money-banking/lecture/Gv6QP/act-2-1934-1971-contradiction-between-keynesian-national-management-and-the Take the whole course here: https://www.coursera.org/learn/money-banking/home/welcome Follow Deficit Owls on Facebook and Twitter: https://www.facebook.com/DeficitOwls/ https://twitter.com/DeficitOwls
Views: 4917 Deficit Owls
What is Gold Standard?
 
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Welcome to the Investors Trading Academy talking glossary of financial terms and events. Our word of the day is “Gold Standard” The gold standard is a monetary system in which a country backs its currency with a reserve of gold, and allows currency holders to exchange their notes and coins for gold. For many years up to 1914, most of the world's leading currencies had their exchange rate determined by the gold standard. The economic disruption resulting from the first world war led the combatants to abandon the link to gold. The UK (with others) returned to the gold standard in 1925, before quitting it for good in 1931. The widespread use of the gold standard ended during 1930-33 as a result of global depression and large cuts in international lending. The United States left the gold standard in 1933 and partially returned to it in 1934. After the second world war, a limited form of gold standard continued but only directly applied to the dollar; other major currencies had their exchange rates fixed to the dollar under the Bretton woods arrangements. The dollar was finally cut loose from the gold standard in 1971. By Barry Norman, Investors Trading Academy - ITA
The International Monetary Fund & Economic Growth: Alan Greenspan (1988)
 
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The Bretton Woods Committee is an American organization created in 1983 as a result of the agreement between U.S. Secretary of the Treasury, Henry Fowler, and U.S. Deputy Secretary of the Treasury, Charls Walker – at the time a Republican and Democrat, respectively. The agreement they arrived upon was that world leaders should express to the public the significance of international finance institutions (IFIs), like the Bretton Woods Institutions, and how important it was for their prominence in the world to be maintained. After the 1944 Bretton Woods Conference, the International Monetary Fund and World Bank were established; they are now often referred to as "Bretton Woods Institutions". The original goal of the Committee was to improve the awareness of the World Bank, International Monetary Fund, World Trade Organization, and other major development banks and their actions to accelerate economic growth, lessen poverty, and increase financial stability. The Committee is described as being nonpartisan and composed of notable individuals, more specifically members of the Committee who claim to work and agree upon the significance of international economic synergy which in their view results in well-functioning, adept Bretton Woods Institutions that move to create universal economic progress. The Committee is composed of financiers, economists, politicians, business leaders[3] and distinguished members of the academic community[1] from the U.S. and abroad. A subsidiary of the Committee, referred to as the International Council includes members outside of the U.S. who aim to advance and observe the work of Bretton Woods institutions and political officials of countries that council members are from/involved in, and in addition submit advice when appropriate.[3] Some of the current leadership/members of the Committee include: George H.W. Bush, Honorary Co-Chair Bill Frenzel, Co-Chair James Wolfensohn, Co-chair Jimmy Carter, Honorary Co-Chair Richard A. Debs, Executive Committee Chair James C. Orr, Secretary Colin Powell Paul Volcker https://en.wikipedia.org/wiki/Bretton_Woods_Committee The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid-20th century. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states. The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained the exchange rate by tying its currency to gold and the ability of the IMF to bridge temporary imbalances of payments. Also, there was a need to address the lack of cooperation among other countries and to prevent competitive devaluation of the currencies as well. Preparing to rebuild the international economic system while World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. The delegates deliberated during 1–22 July 1944, and signed the Bretton Woods agreement on its final day. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, these accords established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. The United States, which controlled two thirds of the world's gold, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but later declined to ratify the final agreements, charging that the institutions they had created were "branches of Wall Street."[1] These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. On 15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. This action, referred to as the Nixon shock, created the situation in which the United States dollar became a reserve currency used by many states. At the same time, many fixed currencies (such as the pound sterling, for example), also became free-floating. https://en.wikipedia.org/wiki/Bretton_Woods_system
Views: 372 Way Back
Exchange Rate System | External Sector | Indian Economy | ECONOMY GURU | NEO IAS
 
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INDIAN ECONOMY FOR PRELIMS IN 100 HOURS Video Link : https://youtu.be/NQgMFNCmwkA HOW TO PREPARE INDIAN ECONOMY FOR UPSC CSE PRELIMS 2018? https://youtu.be/A-acqr7u74A BITS ECONOMY Video Link : https://youtu.be/tJkAiJNtvF0 Economy Prelims Telegram Channel - https://goo.gl/DAo5zp To Know more about Economy Guru : https://goo.gl/zwrHiE Exchange Rate System of Indian Economy for CIVIL SERVICES EXAMINATION explained in the simplest way. NEO IAS e-learning classes is an online program which aims to create CIVIL SERVANTS for the development of the nation by providing the video series of complete topics that are relevant for the CIVIL SERVICES (IAS/IPS) Exam.
Views: 40592 NEO IAS
IMF welcomes flexible forex policy by Nigeria's central bank
 
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The International Monetary Fund (IMF) has welcomed the Nigerian Central Bank's decision to abandon its currency peg for a more flexible exchange rate policy. The international money lender says the development is important to reduce fiscal and external imbalances. Nigeria's Central Bank earlier this week announced the introduction of a new system (from June 20) which will lead to a significant devaluation of the naira which for 6 months had been pegged at 197 to a dollar. #IMF welcomes #N… READ MORE : http://www.africanews.com/2016/06/17/imf-welcomes-flexible-forex-policy-by-nigeria-s-central-bank Africanews is a new pan-African media pioneering multilingual and independent news telling expertise in Sub-Saharan Africa. Subscribe on ourYoutube channel : https://www.youtube.com/c/africanews Africanews is available in English and French. Website : www.africanews.com Facebook : https://www.facebook.com/africanews.channel/ Twitter : https://twitter.com/africanews
Views: 263 africanews
Bretton Woods at 75 - Rethinking International Cooperation
 
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In the aftermath of World War II, the IMF and the World Bank were created to establish a framework for economic cooperation and development that would lead to a more stable and prosperous global economy. Over the last 75 years, the world has indeed improved—incomes and living standards have risen. The benefits, however, remain unequally distributed within many countries, and prosperity is not assured for future generations in many parts of the globe. The seminar will bring together four of the best young academics in the world to discuss how they see the future of international cooperation—and how to further improve international cooperation to strengthen macroeconomic stability and prosperity. Join the conversation via #BW75
Views: 1686 IMF
The Mexican Peso Crisis of the Mid-1990s
 
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In late 1994, the Mexican government - which had been supporting the peso/US dollar exchange rate began to run out of reserves. Hot money which had poured into Mexico after NAFTA went into effect reversed and the peso rapidly depreciated. The Mexican peso crisis was one of the more prominent currency crises of the 1990s. President Clinton tried to arrange an official loan from the US but Congress balked. He then took unilateral action, both providing funds and organizing similar actions from other countries and institutions. The peso crisis was notable because of the role of the US as the major player; institutions normally involved in such matters - such as the International Monetary Fund (IMF) - were largely in the background. The episode indicates the risks for countries trying to maintain fixed exchange rates without substantial currency reserves.
Views: 29161 danieljbmitchell
Global Currency War, Endless Financial Crises: What's Wrong with the International Monetary System?
 
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In the aftermath of the Great Recession and the ongoing debt crisis, all countries want cheaper currencies to promote export growth. This has prompted Brazilian Finance Minister Guido Mantega to sound the alarm about the dangers of a global "currency war." The current system of floating fiat currencies, which followed the collapse of the Bretton Woods agreements in 1971, is now four decades old and has been marked by recurring financial crises and extreme exchange rate volatility. The euro is an attempt to go in the opposite direction, with a fixed exchange rate for a large region, but is itself in crisis. Can the current post-Bretton Woods international monetary system prevent a return to the beggar-thy-neighbor policies and competitive devaluations that so harmed international prosperity in the 1930s? What are the system's flaws? Can they be corrected, and if so, how? An expert panel will address these and related issues. Third-party photos, graphics, and video clips in this video may have been cropped or reframed. Music in this video may have been recut from its original arrangement and timing. In the event this video uses Creative Commons assets: If not noted in the description, titles for Creative Commons assets used in this video can be found at the link provided after each asset. The use of third-party photos, graphics, video clips, and/or music in this video does not constitute an endorsement from the artists and producers licensing those materials. AEI operates independently of any political party and does not take institutional positions on any issues. AEI scholars, fellows, and their guests frequently take positions on policy and other issues. When they do, they speak for themselves and not for AEI or its trustees or other scholars or employees. More information on AEI research integrity can be found here: http://www.aei.org/about/ #news #politics #government #education
IMF nations point to exchange rate, geopolitical risks
 
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The International Monetary Fund's member nations on April 18 warned of risks to the global economy from exchange rate shifts and geopolitical tensions as they took note of "moderate" global growth and "uneven prospects." While economies in developed countries have strengthened, some emerging nations are being hit by weaker commodity prices and exports, the IMF's steering committee noted in a communique. With the United States poised to hike interest rates, the panel - speaking for the Fund's 188 member nations - said moves toward "policy normalization" needed to be effectively communicated to reduce adverse impacts on other economies. It also said the "possibility of lower growth potential" was becoming an important global challenge, a topic the panel's chairman said was central to talks on Saturday. "I came out of this meeting with a sense of optimism," the chairman, Mexican Finance Minister Agustin Carstens, said. "The fact that a lot of the discussion basically rotated around how to increase growth ... and not only discussing risks - I think that was a very good sign." The spring meetings of the IMF and World Bank, which conclude on April 19, have taken place amid growing concerns cash-strapped Greece will fail to reach agreement with its European Union and IMF creditors on reforms that would unlock bailout cash and stave off default. At the same time, risks of a stronger dollar and low commodity prices have hit emerging markets as China's blistering economic growth has slowed. Low inflation remains a concern for many developed economies despite signs the European Central Bank's quantitative easing program has boosted Europe's ailing economy, and the communique called for easy monetary policies to be maintained where needed. "Global imbalances are reduced from previous years, but a further rebalancing of demand is still needed," the communique said. That appeared to echo U.S. concerns over Germany's huge current account surplus. In the United States, the central bank's moves toward a rate hike have sent the dollar soaring, and officials from nations around the globe warned of the risk of financial and economic disruptions as the path of major central banks diverge. Canadian Finance Minister Joe Oliver said in a statement to the IMF panel that "among the most significant downside risks (was) the potential for financial instability associated with asynchronous monetary policy in systemic economies." While there has been little sign at the meetings of a renewed flare-up in the "currency wars" despite a surge in the value of the dollar against the euro and yen, China's growing economic clout has overshadowed the talks. Beijing has touted its own development bank, a rival to the established Washington-based institutions, and is pushing to include the yuan in the IMF's currency basket to reflect its economic might.
Views: 27 TooLateToDebate
Egypt's government to lower customs exchange rate
 
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Egypt is set to lower its customs exchange rate. The new rate will be set for one month in what's the first such drop in four months. Egypt began setting a monthly fixed customs exchange rate in January following the flotation of its pound currency in November. It has since set the rate monthly. The customs exchange is set at a rate that is slightly lower than the official exchange rate. Last November, the CBE freely floated the pound from its fixed rate against the dollar as part of a set of economic reforms. Egypt's foreign reserves edged up to $28.641 billion at the end of April from $28.5 billion at the end of March. The country's foreign reserves have been climbing since Egypt secured a $12 billion three-year loan from the International Monetary Fund in November Subscribe to us on YouTube: http://ow.ly/Zvqj30aIsgY Follow us on: Facebook: https://www.facebook.com/cgtnafrica/ Twitter: https://twitter.com/cgtnafrica
Views: 189 CGTN Africa
Concept of Optimum currency areas, European Monetary System
 
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Subject:Economics Paper: International economics
Views: 926 Vidya-mitra
Flexible exchange rate system (Hindi / English)
 
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Flexible exchange rate system - CBSE Economics Class 12 By Kunal Dua For more videos click https://sites.google.com/site/duatutorialskd/
IMF affects online foreign currency exchange
 
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The International Monetary Fund (IMF) has revised up its growth predictions for the next couple of years, but still reckons the eurozone needs to do more to stimulate the economy.
Views: 49 VFXplc
Nixon Ends Bretton Woods International Monetary System
 
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Nixon Ends Bretton Woods International Monetary System On August 15, 1971, President Nixon announced on TV 3 dramatic changes in economic policy. He imposed a wage-price freeze. He ended the Bretton Woods international monetary system. And he imposed a temporary surcharge (tariff) on all imports. The Bretton Woods system was created towards the end of World War II and involved fixed exchange rates with the U.S. dollar as the key currency - but also a role for gold linked to the dollar at $35/ounce. The system began to falter in the 1960s because of an excess of dollars flowing out of the U.S. which foreign central banks had to absorb. A run on gold in 1968 was stemmed by a patch on Bretton Woods known as the two-tier gold system. All of this was ended unilaterally by the Nixon decision. After a brief attempt to create a modified fixed exchange rate system, the world moved to flexible rates. Wikipedia: https://en.wikipedia.org/wiki/Nixon_shock

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