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Monetary Hegemony
Monetary hegemony is an economic and political concept in which a single state has decisive influence over the functions of the international monetary system. A monetary hegemon would need: * accessibility to international credits, * foreign exchange markets * the management of balance of payments problems in which the hegemon operates under no balance of payments constraint. * the direct (and absolute) power to enforce a unit of account in which economic calculations are made in the world economy. The term monetary hegemony appeared in Michael Hudson's ''Super Imperialism'', describing not only an asymmetrical relationship that the US dollar has to the global economy, but the structures of this hegemonic edifice that Hudson felt supported it, namely the International Monetary Fund and the World Bank. The US dollar continues to underpin the world economy and is the key currency for medium of international exchange, unit of account (e.g. pricing of oil), and unit of storage ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Global Reserve Currencies
Global means of or referring to a globe and may also refer to: Entertainment * ''Global'' (Paul van Dyk album), 2003 * ''Global'' (Bunji Garlin album), 2007 * ''Global'' (Humanoid album), 1989 * ''Global'' (Todd Rundgren album), 2015 * Bruno J. Global, a character in the anime series ''The Super Dimension Fortress Macross'' Companies and brands Television * Global Television Network, in Canada ** Global BC, on-air brand of CHAN-TV, a television station in Vancouver, British Columbia, Canada ** Global Okanagan, on-air brand of CHBC-TV, a television station in Kelowna, British Columbia, Canada ** Global Toronto, a television station in Toronto ** Global Edmonton ** Global Calgary ** Global Montreal ** Global Maritimes ** Canwest Global, former parent company of Global Television Network * Global TV (Venezuela), a regional channel in Venezuela Other industries * Global (cutlery), a Japanese brand * Global Aviation Holdings, the parent company of World Airways, Inc., and North A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibility f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Payments Union
The European Payments Union (EPU) was an organization in existence from July 1950 to December 1958, when it was replaced by the European Monetary Agreement. With the end of World War II, economic depression struck Europe. Of all the non-neutral powers, only the GDP of the United Kingdom had not decreased because of the war, West Germany's GDP was at its 1908 level and France's at its 1891 level. Trade was based on US dollar reserves (the only acceptable reserve currency), which Europe lacked. Therefore, the transfer of money (immediately after each transaction) increased the opportunity cost of trading. Some trade was reduced to barter. The situation led the Organisation for European Economic Co-operation (OEEC) to create the EPU, all members signing the agreement on 1 July 1950. The EPU accounted for trades but did not transfer money until the end of the month. It changed the landscape from bilateral trades of necessity (trading with partners because of outstanding debts) to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Recovery Program
The Marshall Plan (officially the European Recovery Program, ERP) was an American initiative enacted in 1948 to provide foreign aid to Western Europe. The United States transferred over $13 billion (equivalent of about $ in ) in economic recovery programs to Western European economies after the end of World War II. Replacing an earlier proposal for a Morgenthau Plan, it operated for four years beginning on April 3, 1948. The goals of the United States were to rebuild war-torn regions, remove trade barriers, modernize industry, improve European prosperity and prevent the spread of communism. The Marshall Plan proposed the reduction of interstate barriers and the economic integration of the European Continent while also encouraging an increase in productivity as well as the adoption of modern business procedures. The Marshall Plan aid was divided among the participant states roughly on a per capita basis. A larger amount was given to the major industrial powers, as the pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marshall Plan
The Marshall Plan (officially the European Recovery Program, ERP) was an American initiative enacted in 1948 to provide foreign aid to Western Europe. The United States transferred over $13 billion (equivalent of about $ in ) in economic recovery programs to Western European economies after the end of World War II. Replacing an earlier proposal for a Morgenthau Plan, it operated for four years beginning on April 3, 1948. The goals of the United States were to rebuild war-torn regions, remove trade barriers, modernize industry, improve European prosperity and prevent the spread of communism. The Marshall Plan proposed the reduction of interstate barriers and the economic integration of the European Continent while also encouraging an increase in productivity as well as the adoption of modern business procedures. The Marshall Plan aid was divided among the participant states roughly on a per capita basis. A larger amount was given to the major industrial powers, as the pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cold War
The Cold War is a term commonly used to refer to a period of geopolitical tension between the United States and the Soviet Union and their respective allies, the Western Bloc and the Eastern Bloc. The term '' cold war'' is used because there was no large-scale fighting directly between the two superpowers, but they each supported major regional conflicts known as proxy wars. The conflict was based around the ideological and geopolitical struggle for global influence by these two superpowers, following their temporary alliance and victory against Nazi Germany and Imperial Japan in 1945. Aside from the nuclear arsenal development and conventional military deployment, the struggle for dominance was expressed via indirect means such as psychological warfare, propaganda campaigns, espionage, far-reaching embargoes, rivalry at sports events, and technological competitions such as the Space Race. The Western Bloc was led by the United States as well as a number of othe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bretton Woods System
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollars to within 1% of fixed parity rates, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold (or 0.88867 gram fine gold per dollar). It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to nations with balance of payments deficits. Preparing to rebuild the intern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Convertibility
Convertibility is the quality that allows money or other financial instruments to be converted into other liquid stores of value. Convertibility is an important factor in international trade, where instruments valued in different currencies must be exchanged. Currency trading Freely convertible currencies have immediate value on the foreign exchange market, and few restrictions on the manner and amount that can be traded for another currency. Free convertibility is a major feature of a hard currency. Some countries pass laws restricting the legal exchange rates of their currencies or requiring permits to exchange more than a certain amount. Some currencies, such as the North Korean won, the Transnistrian ruble, and the Cuban national peso, are officially nonconvertible and can only be exchanged on the black market. If an official exchange rate is set, its value on the black market is often lower. Convertibility controls may be introduced as part of an overall monetary poli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anglo-American Loan
The Anglo-American Loan Agreement was a loan made to the United Kingdom by the United States on 15 July 1946, enabling its economy after the Second World War to keep afloat. The loan was negotiated by British economist John Maynard Keynes and American diplomat William L. Clayton. Problems arose on the American side, with many in Congress reluctant, and with sharp differences between the treasury and state departments. The loan was for $3.75 billion at a low 2% interest rate; Canada loaned an additional US$1.19 billion. The British economy in 1947 was hurt by a provision that called for convertibility into dollars of the wartime sterling balances the British had borrowed from India and others, but by 1948, the Marshall Plan included financial support that was not expected to be repaid. The entire loan was paid off in 2006, after it was extended six years. Background At the start of the war, Britain had spent the money that they did have in normal payments for materiel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leverage (finance)
In finance, leverage (or gearing in the United Kingdom and Australia) is any technique involving borrowing funds to buy things, hoping that future profits will be many times more than the cost of borrowing. This technique is named after a lever in physics, which amplifies a small input force into a greater output force, because successful leverage amplifies the comparatively small amount of money needed for borrowing into large amounts of profit. However, the technique also involves the high risk of not being able to pay back a large loan. Normally, a lender will set a limit on how much risk it is prepared to take and will set a limit on how much leverage it will permit, and would require the acquired asset to be provided as collateral security for the loan. Leveraging enables gains to be multiplied.Brigham, Eugene F., ''Fundamentals of Financial Management'' (1995). On the other hand, losses are also multiplied, and there is a risk that leveraging will result in a loss if financ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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