The document discusses the differences between political parties and interest groups, as well as various aspects of the American political party system. It notes that political parties attempt to influence government by electing members to office and control the government, while interest groups seek to influence government on specific issues. It also discusses the history of American party systems, noting there have been four distinct systems, and how realignments have occurred when new parties replace old dominant ones. The document examines features of the US two-party system and electoral laws that promote two parties competing for the center of voters.
Socialism involves socializing the means of production, distribution, and exchange for social benefit. It is both a political theory and economic philosophy that seeks to structure a national economy through cooperation rather than competition, social service, public enterprises, and socioeconomic equality. Varieties include utopian, communist, guild, Christian, and state socialism. Proposed benefits are abolition of private ownership and prevention of economic waste, while drawbacks include opposition to human nature, loss of initiative, consumer adjustment to production, and lack of ethics.
Joseph Stalin consolidated power in the Soviet Union following Vladimir Lenin's death in 1924. As leader, Stalin instituted radical economic policies including rapid industrialization and the collectivization of agriculture. This modernization had great success but was also extremely brutal, resulting in millions of deaths. Stalin ruled with an iron fist and purged perceived political opponents through executions and the Gulag system of forced labor camps. While Stalin cultivated a cult of personality, his totalitarian regime was criticized after his death in 1953.
World War I was fought from 1914-1919 between two opposing alliances: the Allied Powers (France, UK, Italy, Russia, US) and the Central Powers (Germany, Austria-Hungary, Bulgaria, Ottoman Empire). The main causes of WWI included militarism as Europe engaged in an arms race, a system of alliances that pulled countries to defend allies, imperialism and competition for colonies, and rising nationalism among European powers and independence movements. The immediate trigger was the assassination of Archduke Franz Ferdinand of Austria by a Serbian nationalist in June 1914, leading Austria-Hungary to declare war on Serbia and activating the alliance system.
Negative Effects Of The Industrial Revolutioneben_cooke
The Industrial Revolution had several negative effects on workers and society. The factory owners became very wealthy while workers lived in extreme poverty. Rapid urbanization resulted in overcrowded, unsanitary cities lacking basic infrastructure. Workers, including women and children, faced dangerous conditions and long hours in factories for low wages. In response, some protested, others turned to religion for solace, and socialists advocated for more equal distribution of wealth and better living standards for workers.
The document summarizes two popular struggles - one in Nepal in 2006 that restored democracy, and one in Bolivia in 2000 over water privatization. In Nepal, a seven party alliance led massive protests that forced the king to concede power to an elected parliament. In Bolivia, increased water prices led to strikes and protests that forced a private company to leave and water prices to decrease. Both instances showed the power of mass mobilization and political organization to influence governments and policies.
The document discusses the differences between political parties and interest groups, as well as various aspects of the American political party system. It notes that political parties attempt to influence government by electing members to office and control the government, while interest groups seek to influence government on specific issues. It also discusses the history of American party systems, noting there have been four distinct systems, and how realignments have occurred when new parties replace old dominant ones. The document examines features of the US two-party system and electoral laws that promote two parties competing for the center of voters.
Socialism involves socializing the means of production, distribution, and exchange for social benefit. It is both a political theory and economic philosophy that seeks to structure a national economy through cooperation rather than competition, social service, public enterprises, and socioeconomic equality. Varieties include utopian, communist, guild, Christian, and state socialism. Proposed benefits are abolition of private ownership and prevention of economic waste, while drawbacks include opposition to human nature, loss of initiative, consumer adjustment to production, and lack of ethics.
Joseph Stalin consolidated power in the Soviet Union following Vladimir Lenin's death in 1924. As leader, Stalin instituted radical economic policies including rapid industrialization and the collectivization of agriculture. This modernization had great success but was also extremely brutal, resulting in millions of deaths. Stalin ruled with an iron fist and purged perceived political opponents through executions and the Gulag system of forced labor camps. While Stalin cultivated a cult of personality, his totalitarian regime was criticized after his death in 1953.
World War I was fought from 1914-1919 between two opposing alliances: the Allied Powers (France, UK, Italy, Russia, US) and the Central Powers (Germany, Austria-Hungary, Bulgaria, Ottoman Empire). The main causes of WWI included militarism as Europe engaged in an arms race, a system of alliances that pulled countries to defend allies, imperialism and competition for colonies, and rising nationalism among European powers and independence movements. The immediate trigger was the assassination of Archduke Franz Ferdinand of Austria by a Serbian nationalist in June 1914, leading Austria-Hungary to declare war on Serbia and activating the alliance system.
Negative Effects Of The Industrial Revolutioneben_cooke
The Industrial Revolution had several negative effects on workers and society. The factory owners became very wealthy while workers lived in extreme poverty. Rapid urbanization resulted in overcrowded, unsanitary cities lacking basic infrastructure. Workers, including women and children, faced dangerous conditions and long hours in factories for low wages. In response, some protested, others turned to religion for solace, and socialists advocated for more equal distribution of wealth and better living standards for workers.
The document summarizes two popular struggles - one in Nepal in 2006 that restored democracy, and one in Bolivia in 2000 over water privatization. In Nepal, a seven party alliance led massive protests that forced the king to concede power to an elected parliament. In Bolivia, increased water prices led to strikes and protests that forced a private company to leave and water prices to decrease. Both instances showed the power of mass mobilization and political organization to influence governments and policies.
The document summarizes the key aspects of the Industrial Revolution. It began in the late 18th century in Britain and involved major changes from manual labor to machine-based manufacturing starting with the textile industry. These changes had widespread socioeconomic impacts as they spread across Europe and North America. The revolution marked a shift to machine production fueled by new energy sources like coal and new technologies in transportation like railways.
This document discusses corporate misgovernance and governance issues in India and other countries. It provides examples of corporate scandals in India like the Harshad Mehta case and preferential allotment scam. Examples from the US like the Worldcom and Enron scandals are also mentioned. Reasons for misgovernance like a closed economy and lack of regulatory frameworks are discussed. The document also covers various corporate governance models and theories. It examines the roles, composition and responsibilities of boards of directors. Benefits of good governance and issues regarding boards, disclosure, and shareholder rights are summarized.
Industrialization began in England first due to several key factors:
1) Agricultural advances increased food production and freed up labor to work in factories.
2) England's colonial expansion and international trade networks accumulated capital for investment.
3) The Enclosure Movement consolidated small land holdings into larger commercial farms.
4) Inventions like the steam engine and cotton gin drove new technologies and industries.
What is socialism and why does it fail to achieve results - November 2016paul young cpa, cga
The document discusses socialism and why it fails to achieve results. It defines socialism and social programs, how they are funded through taxation, and why business investment is important. It notes issues with socialism like lack of productivity and motivation since there is no emphasis on efficient use of taxpayer dollars. Examples provided are Cuba, which has low human rights rankings and little foreign direct investment, and Venezuela, whose oil production is declining due to shortages and unmaintained infrastructure.
The document summarizes three models of corporate governance: the Anglo-US model, Japanese model, and German model.
The Anglo-US model is characterized by dispersed share ownership among individual and institutional investors. Power is balanced among management, directors, and shareholders. The board consists mainly of outsiders.
The Japanese model features concentrated ownership among main banks and affiliated companies. Interaction centers around the main bank. Boards are comprised solely of insiders.
The German model uses a two-tier board structure dividing management and oversight. Banks and corporations are large shareholders. Employees are represented on supervisory boards.
The document summarizes the key causes and events of World War I. The main causes included militarism, alliances, imperialism, and nationalism in Europe. The assassination of Archduke Franz Ferdinand led to an escalating series of events where countries honored their alliances, leading Germany and the Allied powers into war. New weapons like machine guns, poison gas, tanks, airplanes and trench warfare led to military stalemate and over 8.5 million deaths. The Treaty of Versailles after the war assigned guilt to Germany and imposed harsh reparations.
World War II was the largest war in human history, involving countries around the globe from 1939 to 1945. Over 70 million people were killed by the end of the war. The war was sparked by the aftermath of World War I and rise of totalitarian regimes in Germany, Italy, and Japan led by Hitler, Mussolini, and Tojo seeking to expand their territories. The war began when Germany invaded Poland in 1939 and soon involved most major world powers aligned into two opposing military alliances: the Allies and the Axis powers.
The document summarizes the key aspects of the Industrial Revolution. It began in the late 18th century in Britain and involved major changes from manual labor to machine-based manufacturing starting with the textile industry. These changes had widespread socioeconomic impacts as they spread across Europe and North America. The revolution marked a shift to machine production fueled by new energy sources like coal and new technologies in transportation like railways.
This document discusses corporate misgovernance and governance issues in India and other countries. It provides examples of corporate scandals in India like the Harshad Mehta case and preferential allotment scam. Examples from the US like the Worldcom and Enron scandals are also mentioned. Reasons for misgovernance like a closed economy and lack of regulatory frameworks are discussed. The document also covers various corporate governance models and theories. It examines the roles, composition and responsibilities of boards of directors. Benefits of good governance and issues regarding boards, disclosure, and shareholder rights are summarized.
Industrialization began in England first due to several key factors:
1) Agricultural advances increased food production and freed up labor to work in factories.
2) England's colonial expansion and international trade networks accumulated capital for investment.
3) The Enclosure Movement consolidated small land holdings into larger commercial farms.
4) Inventions like the steam engine and cotton gin drove new technologies and industries.
What is socialism and why does it fail to achieve results - November 2016paul young cpa, cga
The document discusses socialism and why it fails to achieve results. It defines socialism and social programs, how they are funded through taxation, and why business investment is important. It notes issues with socialism like lack of productivity and motivation since there is no emphasis on efficient use of taxpayer dollars. Examples provided are Cuba, which has low human rights rankings and little foreign direct investment, and Venezuela, whose oil production is declining due to shortages and unmaintained infrastructure.
The document summarizes three models of corporate governance: the Anglo-US model, Japanese model, and German model.
The Anglo-US model is characterized by dispersed share ownership among individual and institutional investors. Power is balanced among management, directors, and shareholders. The board consists mainly of outsiders.
The Japanese model features concentrated ownership among main banks and affiliated companies. Interaction centers around the main bank. Boards are comprised solely of insiders.
The German model uses a two-tier board structure dividing management and oversight. Banks and corporations are large shareholders. Employees are represented on supervisory boards.
The document summarizes the key causes and events of World War I. The main causes included militarism, alliances, imperialism, and nationalism in Europe. The assassination of Archduke Franz Ferdinand led to an escalating series of events where countries honored their alliances, leading Germany and the Allied powers into war. New weapons like machine guns, poison gas, tanks, airplanes and trench warfare led to military stalemate and over 8.5 million deaths. The Treaty of Versailles after the war assigned guilt to Germany and imposed harsh reparations.
World War II was the largest war in human history, involving countries around the globe from 1939 to 1945. Over 70 million people were killed by the end of the war. The war was sparked by the aftermath of World War I and rise of totalitarian regimes in Germany, Italy, and Japan led by Hitler, Mussolini, and Tojo seeking to expand their territories. The war began when Germany invaded Poland in 1939 and soon involved most major world powers aligned into two opposing military alliances: the Allies and the Axis powers.
2. Содержание
• Соотношений между текущим валютным
курсом, форвардным курсом и процентными
ставками.
• Соотношения форвардного курса и
ожидаемого курса.
• Обзор предпосылок.
• Эмпирические проверки паритетов.
3. Покрытый паритет % ставок
• Одним из первых сформулирована Кейнсом
в работе Keynes 1923
• Предположения:
– Требуется разместить некоторую сумму средств
– Эта сумма не дает вам рыночной власти на
ставками
– Ставки не зависят об объема размещаемых
средств
4. Покрытый паритет % ставок
𝑖ℎ , так что в итоге ваш доход составит
• Доходность депозитов в домашней валюте
(1 + 𝑖ℎ )
средства на валюту по курсу 𝑟, так что вы
• С другой стороны возможно обменять
иностранным депозитам в 𝑖 𝑓 .
сможете получить доходность по
составит (1 + 𝑖 𝑓 ).
1
• Итоговый доход в иностранной валюте
𝑟
5. Покрытый паритет % ставок
• Однако, скажем, вас интересует доход в
продать форвард на сумму дохода по курсу 𝑟 𝐹 .
домашней валюте. Поскольку курс на момент
окончания срока депозита неизвестен, возможно
𝑟 𝐹 1+𝑖 𝑓
𝑟
• Так что итоговый доход составит .
• Таким образом, возможно записать условия
выбора между внутренним и внешним
𝑟 𝐹 1 + 𝑖𝑓
(1 + 𝑖ℎ ) ⋚
инвестированием следующим образом:
𝑟
6. Покрытый паритет % ставок
𝑟 𝐹 1 + 𝑖𝑓
(1 + 𝑖ℎ ) ⋚
• Иначе возможно переписать:
𝑟
• В условиях, когда выполняется равенство двух сторон
мы говорим о преобладает покрытый паритет
процентных ставок.
𝑟𝐹− 𝑟
𝑖ℎ − 𝑖 𝑓 =
• Возможно переписать паритет в приближенном виде:
𝑟
Иначе говоря, спред между процентными ставками
равен форвардной разнице.
7. Непокрытый паритет % ставок
• Предположим, что инвестор риск-нейтрален,
иначе говоря, совершая инвестиционные
решения, ориентируется лишь на доходность.
• Предположим, что такой инвестор
значения валютного курса 𝑟̃ .
сформировал ожидания относительно будущего
• В этом случае условие выбора способа
𝑟̃ 1 + 𝑖 𝑓
(1 + 𝑖ℎ ) ⋚
инвестирования аналогично:
𝑟
8. Непокрытый паритет % ставок
• Риск-нейтральность является сильным
предположением.
некоторую премию 𝛿, которую инвестор
• Для того, чтобы его ослабить обычно вводят
требует за риск. Таким образом, с учетом
𝑟̃ 1 + 𝑖 𝑓
1 + 𝑖ℎ ⋚ + 𝛿
риска:
𝑟
9. Эффективность валютного рынка
• Эффективность согласно Fama(1970, 1976) является
способностью рынка использовать всю доступную
информацию и все возможности получения прибыли.
• В таком рынке котировки должны удовлетворять
одновременно обоим паритетам, поскольку в ином случае
возникает возможность арбитража.
𝑟𝑓− 𝑟 𝑟̃ − 𝑟
=
• В таком случае:
𝑟 𝑟
𝑟 = 𝑟̃
Что говорит о том, что форвардный курс является
ожиданием будущего значения спот:
11. Чтение
• Обязательно: соотв. главы из Моисеева и/или
Красавиной.
• По желанию:
– С. Четвериков, Г. Карасев, Структурные модели
обменных курсов рубля, ИЭПП, 2005
• Задание:
– Выбрать одну из валют (не более 5 человек могут
выбрать одну) и рассчитать ее курс согласно
покрытому паритету % ставок.
– Прислать xls с расчетом и комментариями.
Постараться найти причины отклонения курса от
паритетного.
12. Источники
• Keynes, J.M., A Tract on Monetary Reform,
London, Macmillan, 1923.
• Gandolfo, G., International Finance and Open-
Economy Macroeconomics, Springer, Berlin,
2002.
