international monetary system are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally there allocation of capital between nation states.
international monetary system are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally there allocation of capital between nation states.
Introduction to IMF, The Bretton Woods Agreement, Objectives of IMF, Functions of IMF, Members of IMF, Governance and Organizational Structure of IMF, Resources of Funds, Application of Funds by IMF, Advantages to India from IMF.
Gold standard is a monetary system in which the standard unit of currency is a fixed quantity of gold or is kept at the value of a fixed quantity of gold.
Introduction to IMF, The Bretton Woods Agreement, Objectives of IMF, Functions of IMF, Members of IMF, Governance and Organizational Structure of IMF, Resources of Funds, Application of Funds by IMF, Advantages to India from IMF.
Gold standard is a monetary system in which the standard unit of currency is a fixed quantity of gold or is kept at the value of a fixed quantity of gold.
International Monetary System: The International Financial System - Reform of International Monetary Affairs
- The Bretton Wood System and the International Monetary Fund, Controversy over Regulation of International
Finance, Developing Countries' Concerns, Exchange Rate Policy of Developing Economies.
International Monetary System: The International Financial System - Reform of International Monetary Affairs
- The Bretton Wood System and the International Monetary Fund, Controversy over Regulation of International
Finance, Developing Countries' Concerns, Exchange Rate Policy of Developing Economies.
The Gold Standard; The Balance of Payments; and The Flexible Exchange RatesJhoana Duco
This is about three topics, namely The Gold Standard, The Balance of Payments, and The Flexible Exchange Rates.
It includes:
- definition,
- history,
- how does it work,
- advantages, and
- disadvantages
Producitivity Challenges of Small and Medium EnterprisesVikas Sharma
These are slides that I presented at the 2014 SME Biztech Summit in Singapore. I talked about productivity-related challenges that are particular to small and medium sized businesses.
Pakistan's Nuclear Weapons Program - An overview and critiqueVikas Sharma
Pakistan is a member of the ‘nuclear club’ with an arsenal of ~120 warheads. However, Pakistan’s regular appearance in lists of ‘unstable governments’, rising religious
militancy in the region, and experience with A.Q. Khan Network have raised concerns globally. This paper provides an overview of Pakistan’s nuclear program, its regional/international cooperation, and key issues stirring international worry.
Singapore's transformation into an economic powerhouse has attracted adulation from developed and developing economies alike. In this paper, I discuss policies that fuelled this growth, and also highlight some negative side-effects/criticisms.
An Overview of the Electricity Industry in MyanmarVikas Sharma
This paper attempts to provide a comprehensive current-state assessment of Myanmar’s electricity sector, and goes on to offer some policy recommendations to tackle the key issues at hand.
As Myanmar embarks upon reversing the damage and realizing its potential, availability of electricity is crucial in all spheres – economic, health-related and educational. However, nowhere is the immensity of the task at hand more apparent than in the electricity sector. Less than 30% of households are connected to the electric-grid. Per capita consumption of power is lowest in ASEAN. There is over-reliance on hydropower and erratic demand-side management, especially in summer months. Current supply is almost 30% below demand, manifested in sweeping load-shedding. Planning is centralized, haphazard and seemingly untouched by market dynamics. Power plants have numerous breakdowns and abysmal efficiency. Transmission and distribution networks are antiquated and omit large expanses. Highly-subsidized electricity tariffs and resulting fiscal deficits have crippled public investment in infrastructure. Skepticism over political stability, heavy-handed government terms, and deficient financing ecosystem discourage private entrants.
Valuing Environmental Assets - Central Catchment Nature Reserve in SingaporeVikas Sharma
With increasing demands for fiscal prudence, governments worldwide are under pressure to show that net positive economic benefits are accrued from expenditures on environmental preservation and maintenance. In the land-constrained island-state of Singapore, maintaining 2000 hectares of green forests in the Central Catchment Nature Reserve (CCNR) may seem counter-intuitive and hence, a valuation exercise is warranted. This paper evaluates some candidate valuation methods.
Green ICT in Singapore - Path to responsible and sustainable growthVikas Sharma
A white paper I wrote back in 2009 for a government client in Singapore (publishing here since it is a non-confidential document available in the public domain). It provides an overview of the relevance of green ICT and how Singapore ICT companies are contributing in this space.
Global Developments in Food Safety and Resource Efficiency Vikas Sharma
Presentation given by me at the Accreditation and Conformance 2012 event organized by Singapore Accreditation Council. Touches upon the growing importance of accreditation; and convergence of standards in the areas of Food safety and Energy/Water efficiency.
Global Financial Crisis and Singapore Vikas Sharma
Starting with the genesis and global impact of the Global Financial Crisis (GFC), this paper details drills down into its impact on Singapore's economy, and the measures that were taken by the island-state to limit the damage caused.
Policy Options to Tackle Haze Fires in IndonesiaVikas Sharma
This paper lays out three options to deal with the problem of recurrent fires and haze in Indonesia. Further, it presents a preliminary analysis of these options on a set of evaluation parameters.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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History of International Monetary Systems - A quick and dirty guide
1. History of Modern International Monetary
Systems
A quick and dirty guide
Vikas Sharma, PMP®, Associate Director
Public Sector & Government Practice
Frost & Sullivan
September, 2013
2. History of Modern International Monetary Systems 2013
THE GOLD STANDARD – (1870-1914)
• Lasted from around 1870 to the onset of World War I (had a short-lived revival in the late 1920s)
• Was the first monetary system that was ‘global’. Participant nations were from the core (UK, France etc.)
as well as periphery (US, Latin America, Asia). Countries did not exactly ‘adopt’ it as a conscious decision.
It was more a deference to the economic might of the core countries like the UK. There were some
examples in Asia of countries being on the silver standard (China and India)
• It was a classic ‘fixed/pegged’ exchange rate system, with GOLD being the central anchor. Every currency
exchange rate was fixed with respect to Gold, and in doing that, essentially, exchange rates among all
currencies were fixed/pegged too. For e.g. if 1 USD = 0.1 Gold oz and 1 GBP = 0.2 Gold oz, then the
USD/GBP rate was also fixed consequently at 0.1/0.2 = 0.5.
• With respect to the impossible trinity of monetary systems, by design, the Gold standard had free capital
flow and fixed exchange rates, but NO monetary policy independence.
• Balance of Payment imbalances were managed automatically WITHOUT there being any need for
monetary policy from the countries. Country A with a BOP deficit (i.e. a net debtor) would have to lose
Gold to its creditor nation B. This outflow would mean less gold remains in A. Since currency exchange
rate is tied to Gold, less gold in the country means essentially less money. Hence, country A is essentially
forced to ‘contract’ its money supply. With less money chasing goods, prices in country A would fall
(Deflation). With these lower prices, its exports become more attractive, and its tendency to import goes
down. Hence, the BOP deficit reduces over time automatically. In the context of the gold standard, a BOP
crisis would have meant that a country has outstanding gold payments to other countries that it is unable
to make (due to severe trade deficits and/or outflow of capital from it). In that case, the country may have
to devalue its currency against Gold (i.e. modify the existing parity with Gold to a new rate). In doing so,
the country would essentially devalue its currency against ALL other world currencies.
• Strengths: Did not require government intervention of any sort (seen as a good thing by many). Tying all
currencies to gold meant stable exchange rates (beneficial for international trade). There were some
instances of cooperation between central banks (for e.g. they would lend to each other to help tide over
BOP imbalances – pretty much like what is done nowadays too by other central banks or by the IMF)
• Weaknesses: Countries had no control over their monetary systems. Could not adjust monetary supply to
counter economic needs. System was too dependent on the supply of a commodity (gold) and was
susceptible to wild swings of inflation/deflation. The fixed rates were in no way ‘fixed’ in practice.
Countries often moved out of the gold standard during times of economic stress, changed exchange rates
with gold etc. Most of the countries on the system experienced mild DEFLATION. Reason: the supply of
GOLD (money) did not keep up with the growth in output. So essentially, there were more goods chasing
the same pool of money. HENCE deflation
3. History of Modern International Monetary Systems 2013
THE WORLD WAR ERA (1914-1945)
• With the onset of World War I, countries broke away from the Gold Standard and went into a period of
(managed) floating rates for a few years. This was a chaotic period and had a lasting influence on post-war
monetary cooperation
• There was a brief attempt in the late 1920s to go back to the gold standard, led by the UK (1925).
However, it was short-lived and could not bear the stress of the macroeconomic conditions prevailing (the
1929 depression). WHY? – because, in going back to the Gold standard, countries were giving up
monetary policy independence. AND this was something that proved too prohibitive in the midst of the
depression (when economies needed to be stimulated). Also, the growing movement in political economy
towards democracy further weakened support for giving up monetary independence. Output fell in
several countries and they had severe BOP imbalances, leading to numerous currency devaluations
against Gold.
• To guard their own economic interests, there were several ‘competitive’ currency devaluations (in a bid to
increase trade prospects). This was also a period of severe capital flow controls (even back then, capital
flows were regarded as suspects for financial crises). Basically, countries affected by the depression
resorted to severe competitive and restrictive policies.
• Post the gold standard attempt, countries tried managed floating rates again. However, on the whole, this
was a period of chaos in the international monetary system.
• With the onset of World War I, countries broke away from the Gold Standard and went into a period of
(managed) floating rates for a few years. This was a chaotic period and had a lasting influence on post-war
monetary cooperation
4. History of Modern International Monetary Systems 2013
THE BRETTON WOODS SYSTEM (1945-1973)
• At the end of World War II, 44 countries met at a small town called Bretton Woods in New Hampshire,
USA to thrash out the a new international monetary system. The Soviet Union did not take part.
• Under the BW system, Gold was back to being the key anchor in a way. The US promised to make its
dollar freely convertible to gold at a fixed rate of USD 35/oz. All other countries, in return, pegged their
currencies to the US dollar at declared exchange rates. These exchange rates were fixed but with some
flexibility (were allowed to move +/- 1% against the USD). Hence, in essence, while under the gold
standard, all currencies were linked to Gold directly, under BW, world currencies linked to the US dollar,
which in turn was linked to the Gold. So world currencies were STILL technically linked to Gold, just in an
indirect way.
• The IMF and the IBRD (International Bank for Reconstruction & Development) were set up during these
talks. IBRD was meant to be a temporary institution for war-related redevelopment but evolved into the
World Bank later on. There was also an effort to set up an International Trade Organization (ITO) but it
failed (later successful as the GATT/WTO). In this sense, the BW meeting represented the HIGH POINT of
international monetary cooperation.
• Also, as part of the BW agreement, countries were to ensure full convertibility of their current accounts.
This conversion was overseen (monitored) by the IMF and some countries were provided contingent
funds to help ease the transition. It is important to note that this convertibility was restricted ONLY to
current account and did not include the Financial and Capital Account. This was a continuation of the
FEAR/DISTRUST of capital flows that had emerged during the World War era. Even though it wasn’t
declared as such, the BW system seemed to sympathize with restricted capital flows too.
• The BW system represented in many ways a compromise on issues that had emerged over the years
preceding it:
o It offered a compromise between reverting back to the Gold standard and going completely OFF
the gold standard
o It offered a compromise between FIXED rates and flexible rates (by allowing +-1% bands)
o Offered current account convertibility while still maintaining some capital flow controls
• The BW system was OFFICIALLY in effect from 1945-1973. However, in essence, it only lasted for 10 years
between 1958-1968. Most of Europe only joined in 1958. And by the end of the 1960s, it was effectively
over as a system due to the frequent devaluations of the USD against Gold.
• Strengths: While it was in effect, it was pretty successful - Low inflation, high economic growth and
increased international trade. But this could have been due to the specific characteristics of the period it
was operational in (50s-60s) such as tight capital flow controls, high public debt etc., rather than the
merits of the system itself.
5. History of Modern International Monetary Systems 2013
• Weaknesses: There were some fundamental flaws with the system:
o Flaw 1: Keeping in mind the IMPOSSIBLE TRINITY - In the earlier years, capital flows were
restricted/insignificant, and hence the system was able to allow for Monetary Independence and
Fixed Exchange Rates. However, as liberalization set in and capital flows increased, it was
impossible to maintain all three.
o Flaw 2: With the US dollar as the key currency all others were pegged to, it basically implied that
US monetary policy decided the monetary policy of the WORLD. How did this happen: If the US
followed an inflationary monetary policy (printed more dollars), all other countries had to print
more of their currency too (experience inflation) in order to maintain their pegs with the US
dollar (similar to what China is doing now on purpose or several Asian countries have been
doing). There was supposed to be an IMPLICIT trust that US policies are ‘Good’ for the whole
world. And this trust was not so strong. Several countries especially in Europe (especially France)
did not trust the US and at several points, demanded for their US dollars to be converted into
Gold to test the US.
• Fall of the BW System: As the US embarked on wars in Vietnam, it resorted to extreme inflationary
policies (printing dollars) to finance the wars. There was widespread discontent in Europe and suspicion
that the US does not have the GOLD reserves to actually map back to those new dollars (at the decided
fixed rate of USD 35/oz). France started asking for its dollars to be converted to Gold. Under pressure, the
USD had to be devalued against Gold several times, and world currencies set new parities against the
USD. There were wide fluctuations during this period as currency markets froze for weeks in succession. In
1971, Nixon broke the link between the USD and Gold, canceling the convertibility of USD to gold. This
essentially was the death knell for the BW system. This was followed by a series of USD devaluations and
re-pegging of world currencies, till finally in 1978, with the signing of the Jamaica Treaty, the BW system
was formally ended.
6. History of Modern International Monetary Systems 2013
GENERALIZED FLOATING SYSTEM (1973 – PRESENT)
• At the end of the BW era, exchange rates of most major world currencies (DM, USD, JPY) started to float
against each other. It would be wrong however to say that this was the case with the rest of the world
and that ALL world currencies started floating against each other.
• In Europe, for instance, there was a strong move (over the years) to foster economic integration. And one
of the ways to do so was believed to be Monetary Integration. Hence, Europe strove for stable exchange
rates among its countries and took several measures to achieve this (SNAKE, EMS, ECU, and finally the
Euro). The idea was for Europe as a whole to have stable exchange rates internally, while having floating
exchange rates with the rest of the world.
• Also, several countries in Asia continued to peg their exchange rates to the USD. This was primarily
because the US was a key export market and hence, it was beneficial for trade to have stable exchange
rates? This practice continues to this day and has led to some economists labeling Asia as following BW 2.
Why? – because just like in BW, countries in Asia are pegging exchange rates to the USD.
• As can be seen from the preceding point, while the USD was ‘expected’ to lose importance to the DM or
to Yen, it actually reinforced its dominant position under this new system.
• Under this system, essentially the key countries have opted for Monetary Independence and Free Capital
Flows, and foregone their ability to fix exchange rates (though there are still some interventions
sometimes).
• The system has in no way been very stable and has had several crises (many due to the free capital flows
allowed). Capital flows have been happening from the ‘core’ to the ‘periphery’ in search of investment
returns. For instance, the wave of investments into Latin America, Asia etc. However, when these capital
flows reverse, it leads to a financial crises
• There are suggestions that Asia may go the Europe way and try to extend economic integration to having
a common currency within Asia.
• What’s next: There are several ways in which the future monetary system could evolve:
o Continue like it is right now (USD as the key international currency for reserves and trade; major
currencies floating against each other and other heterogeneous systems elsewhere on the
periphery)
o Several key currencies heading ‘poles’ or ‘zones’. Within these zones, the members have fixed
exchange rates or common currency (for e.g. Euro for Europe, maybe RMB for Asia) and then
floating exchange rates among the zones
o The acceptance of the SDR as an international currency (will take a long time)