After the Soviet Union was dissolved, the 15 successor states for a time shared the ruble as their common currency. The breakup of the ruble area holds lessons for the euro.
Presentation on Birth of Euro, and Its impact on Global reserves. Also has analysis on Is it posible for Euro to replace Dollar as Global Currency.
Presentad By Students of FMG 18 A ( Aakriti kakkar, Aditi Bindlish, Ankit Gupta, Madhusudan Partani and Pragati Saraf of FORE School of Management, New Delhi)
Presentation on Birth of Euro, and Its impact on Global reserves. Also has analysis on Is it posible for Euro to replace Dollar as Global Currency.
Presentad By Students of FMG 18 A ( Aakriti kakkar, Aditi Bindlish, Ankit Gupta, Madhusudan Partani and Pragati Saraf of FORE School of Management, New Delhi)
Written before the Euro Crisis set in, this paper explains how Euro evolved from 1990s till now and the threats it is facing because of countries like Greece being a part of Eurozone. However unfortunate, the bright part of the paper is that the predictions done in the paper are coming true now with S&P rating Greece as Junk and IMF coming out to bail it. Please email me at ankurdineshsharma@gmail.com for any further information and/or details on this.
‘European financial centres will survive the crisis’ – OPENSALON Jake Fury
European-financial-centres-will-survive-the-crisis%E2%80%99# The Summit on the Global Agenda is the world’s largest brainstorming meeting attened by thought leaders of the World Economic Forum’s Network of Global Agenda Councils.
The European debt crisis (often also referred to as the eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. Several eurozone member states (Greece, Portugal, Ireland, Spain and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
The eurozone crisis was caused by a balance-of-payments crisis (a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending). The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency).
POSITION PAPER: Euro Zone Crisis. Diagnosis and Likely Solutions (ESADEgeo)ESADE
Author: Fernando Ballabriga
ESADEgeo - February 2014
Southern euro countries are in a situation of vulnerability due to three factors: their high debt levels, their eroded competitiveness and their difficulties to restart growth. Together, these factors generate a vicious circle which is difficult to exit and which can even degenerate into a self-fulfilling economic downward spiral. This policy brief provides a short guiding tour to the euro zone crisis. It looks at the current situation, the full context conditioning the solutions to the situation, how we got here, and the possible way out. The latter section outlines a set of minimum steps required to make the euro sustainable.
Since the beginning of 2010, the common currency area in Europe found itself under serious strain as a consequence of the sovereign debt crisis in several member states. While a substantial political and financial effort has been made to avoid a collapse of the Euro project, its ultimate outcome remains uncertain due to continuous financial market pressures and political challenges faced by individual member states. Therefore, one cannot entirely rule out the possibility of either a partial or total breakup of the Eurozone, even if such a demise would bring about disastrous economic and political consequences for the entire EU and its external partners.
Authored by: Marek Dabrowski
Published in 2012
Written before the Euro Crisis set in, this paper explains how Euro evolved from 1990s till now and the threats it is facing because of countries like Greece being a part of Eurozone. However unfortunate, the bright part of the paper is that the predictions done in the paper are coming true now with S&P rating Greece as Junk and IMF coming out to bail it. Please email me at ankurdineshsharma@gmail.com for any further information and/or details on this.
‘European financial centres will survive the crisis’ – OPENSALON Jake Fury
European-financial-centres-will-survive-the-crisis%E2%80%99# The Summit on the Global Agenda is the world’s largest brainstorming meeting attened by thought leaders of the World Economic Forum’s Network of Global Agenda Councils.
The European debt crisis (often also referred to as the eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. Several eurozone member states (Greece, Portugal, Ireland, Spain and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
The eurozone crisis was caused by a balance-of-payments crisis (a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending). The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency).
POSITION PAPER: Euro Zone Crisis. Diagnosis and Likely Solutions (ESADEgeo)ESADE
Author: Fernando Ballabriga
ESADEgeo - February 2014
Southern euro countries are in a situation of vulnerability due to three factors: their high debt levels, their eroded competitiveness and their difficulties to restart growth. Together, these factors generate a vicious circle which is difficult to exit and which can even degenerate into a self-fulfilling economic downward spiral. This policy brief provides a short guiding tour to the euro zone crisis. It looks at the current situation, the full context conditioning the solutions to the situation, how we got here, and the possible way out. The latter section outlines a set of minimum steps required to make the euro sustainable.
Since the beginning of 2010, the common currency area in Europe found itself under serious strain as a consequence of the sovereign debt crisis in several member states. While a substantial political and financial effort has been made to avoid a collapse of the Euro project, its ultimate outcome remains uncertain due to continuous financial market pressures and political challenges faced by individual member states. Therefore, one cannot entirely rule out the possibility of either a partial or total breakup of the Eurozone, even if such a demise would bring about disastrous economic and political consequences for the entire EU and its external partners.
Authored by: Marek Dabrowski
Published in 2012
On 1 January 2002, the single currency came into circulation, created in 1999. The media euphoria that accompanied it then collides with the doubts that now raise a currency dreamed in Paris, designed in Brussels, printed in Frankfurt. To the extent that investors and companies are wondering: will the euro or not to turn off its eleventh candle?
What did the financial crisis taught us about the eurozoneMarkets Beyond
Europe is not yet ready to face the reality of the the harsh decisions to be implemented, still retrenched in dogma: in the end facts are always right...
The EUR 100 billion + EUR 780 billion eurozone rescue package has just bought time but not enough to address the fundamental imbalances between euro-zone economies
How Liberals and Conservatives Can Talk About Climate changeEd Dolan
Many liberals are afraid to talk to their conservative friends and neighbors about climate change. They think it is a waste of time and that all conservatives are climate deniers. Their conservative friends have similar feelings about liberals. Here is why liberals and conservatives should talk to each other about climate and how a constructive dialog is possible.
The Economics of a Price-Smoothing Oil TaxEd Dolan
An oil importing country can protect itself from the adverse effects of price volatility and encourage energy conservation by implementing a tax that varies inversely with the global oil price, thereby smoothing the domestic price.
Government agencies reported US GDP growth at a 3.6 percent in Q3. The economy added 203,000 jobs in November and unemployment fell to 7 percent, a new low for the recovery
US Adds 204,000 Jobs in October Despite ShutdownEd Dolan
The US added 204,000 new jobs in October. The unemployment rate edged up by less than a tenth of a percent. The data were muddled by the government shutdown
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
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1. Economics for your Classroom
from
Ed Dolan’s Econ Blog
The Breakup of the Ruble
Area (1991-1993):
Lessons for the Euro
Updated June, 2013
Terms of Use: These slides are provided under Creative Commons License Attribution—Share Alike 3.0 . You are free
to use these slides as a resource for your economics classes together with whatever textbook you are using. If you like
the slides, you may also want to take a look at my textbook, Introduction to Economics, from BVT Publishing.
2. Could the Euro Area Break Up?
Debt crises in Greece, Spain, and
other EU members have raised the
question— could the euro area
break up?
If so, who would leave first?
Economically weak members like
Greece? Or stronger members like
Germany?
These slides look at the breakup of
an earlier currency area—the short-
lived ruble area of 1991-1993—and
draw some lessons for the euro
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
3. Collapse of the Soviet Union and Emergence of the Ruble Area
The Soviet Union was dissolved in
December 1991
Each of its 15 former member
republics* became independent
Initially, all 15 shared the Soviet ruble
as their currency, forming a common
currency area superficially similar to
the 17-nation euro area
The former branches of the USSR
State Bank (Gosbank) became the
central banks of the newly
independent states
*The Baltic countries, Estonia, Latvia, and Lithuania, had
declared independence earlier, in the summer of 1991
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
4. Inflation in the Ruble Area
Unlike the euro area, the ruble
area suffered serious inflation
from its birth
Inflation in the ruble area
arose from three major
problems:
1. The legacy of perestroika
2. Monetization of budget
deficits
3. Design flaws leading to a
free rider problem
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
5. Problem 1: The Legacy of Perestroika
Perestroika was Mikhail Gorbachev’s
failed attempt to reform the Soviet
economy in the late 1980s
Rapid growth of money and credit
inflated demand, but reforms failed
to increase supply of goods
Administrative price controls plus
excess demand led to shortages and
long lines in stores
When price controls were removed
in January 1992, repressed inflation
was released and prices jumped
upward
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
6. Problem 2: Monetization of Budget Deficits
Weak, corrupt tax systems and other
factors led to large budget deficits
There were no working markets
where the deficits could be financed
by selling bonds to the public
Governments had little choice but to
finance deficits with credits from their
central banks, a process that added
to the monetary base, the money
stock, and inflation
This practice is known as
monetization of budget deficits
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
7. Problem 3: Design Flaws and Free Riders
Within the ruble area, the Bank of
Russia had a monopoly on printing
paper currency
However, all 15 central banks could
create bank credit, causing growth of the
money stock
This gave rise to a free rider problem:
Each country could use central bank
credit to finance its budget deficit
The resulting inflation was transmitted
among all 15 member countries
Each country had an incentive to act as
a free rider, enjoying the benefits of
credit expansion while shifting the
inflationary costs to its neighbors
This chart shows that Ukraine was
especially active in creating ruble area
money in 1992. After mid-1993,
opportunities to play the free rider largely
disappeared
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
8. To stay or to leave?
Reasons to stay . . .
The ruble might help maintain trade ties
with Russia and other neighbors
Your country might not be ready to
administer its own currency successfully
You might want to exploit free rider
opportunities to finance your deficit
Reasons to leave . . .
Since Russia was not doing a good job
of managing the ruble, you might want
to take control of your own currency to
fight inflation
You might want to shift trade away from
Russia and other former Soviet states
You might want your own currency as a
symbol of your newly-gained
independence
As of mid-1992, the pros and cons of staying in the ruble area looked like this . . .
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
9. The Demise of the Ruble Area
Starting in mid-1992, countries left
the ruble area one by one
The Baltic states went first
Stronger institutions
Wanted to stop inflation
Wanted to redirect trade westward
Strong nationalistic motivation
In July 1993 Russia replaced the old
Soviet ruble with a new Russian
ruble, making the ruble area less
attractive to others
Tajikistan, torn by civil war, was the
last to leave, in May 1995
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
10. Ruble vs. Euro: Monetary Free Riders and Safeguards
Monetary free riders in the ruble
area . . .
The Bank of Russia, as the leading
central bank of the ruble area,
maintained a monopoly only on issue of
paper currency
Other central banks could freely create
bank credit
Member countries could act as free
riders by financing excessive budget
deficits with bank credit, while shifting
part of the inflationary consequences to
their neighbors
Free rider problem was one of the
factors that brought down the ruble area
Safeguards in the euro area . . .
European Central Bank maintains
control over both paper currency and
credit conditions
Central banks of euro countries act only
as agents of the ECB, cannot act as
free riders in money creation (with some
minor technical exceptions)
However, there are still many
unresolved problems about bank
regulation and resolution of failed banks
in the euro area
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
11. Fiscal Fee Riders and Safeguards in the Euro Area
Fiscal free riders in the euro area
Euro area governments retain principal
authority over fiscal policy
A country that runs excessive budget
deficits gains all the political advantages
from high spending and low taxes, but
shifts part of burden to other euro
countries
If ECB needs to raise interest rates to
offset excessively expansionary fiscal
policy, it must do so for all members
Unsustainable deficits by one country
may undermine confidence in stability of
the euro area as a whole and worsen
borrowing conditions for all members
Safeguards are not adequate. . .
EU rules limit deficits to 3% of GDP and
debt to 60% of GDP, but it has proved
impossible to enforce these rules
Euro zone rules contain a strict “no bail
out” clause, but this rule seems to have
become a dead letter after bailout
packages for Greece, Ireland, Portugal,
and Cyprus
In the past, the ECB did not purchase
bonds of individual member countries,
but it has now begun to do so under
pressure of the Greek crisis
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
12. Why Some Countries Might Want to Leave the Euro
Economic performance of eurozone
countries has been very uneven in many
respects
For example, this chart shows that some
countries, notably Germany, have
increased their share of world exports
since the introduction of the euro while
others have decreased their share
Some economists have suggested that
by leaving the euro and devaluing,
lagging countries could improve their
export performance and thereby boost
employment and economic growth
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
13. Why Weak Economies Would Find it Hard to Leave the Euro
However, weak economies would find it
hard to leave the euro in order to devalue
Devaluation would cause inflation
Devaluation would make it harder to pay
public and private debts and could trigger
a default
After default, it might be hard to reenter
world financial markets
As people came to expect exit, there
could be a run on banks as residents
shifted deposits to banks in other euro-
area countries
Posted July 3, 2010 (revised Jan. 31, 2011) Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
14. Why Strong Economies Might Find it Easier to Leave
By comparison, when the ruble area broke
up, relatively strong countries like the
Baltic states were the first to leave
They quickly brought inflation under control
Independent currencies helped stabilize
local financial systems
Stabilization made it easier, not harder, for
countries leaving the ruble to attract
foreign finance for public and private debts
For the same reasons, stronger economies
like Germany could find it easier to leave
the euro than weak ones
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
15. Lessons for the Euro from the Ruble Experience
Lesson 1: Beware the free rider
problem . . .
Free riders can undermine a currency
area when they have an incentive to put
national interests above the interests of
the currency area as a whole
The nature of the free rider problem—
monetary vs. fiscal—was different in the
ruble area from that in the euro area,
but the problem is real in both cases
Lesson 2: Exit barriers are not
symmetric
It is hard for countries with weak
economies to leave a stable currency
area because doing so can trigger
defaults and bank runs
These exit barriers do not apply to
countries with strong economies that
want to leave a weak, inflation-ridden
currency area
June 11, 2013 Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/
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