A Currency Board Beats IMF Rx The IMF then made matters even worse And in January the IMF had to revise its aidpackage, announced 31, to reflect that in just two months the currency and the http://www.geocities.com/Eureka/Concourse/8751/riwa/fimfrx.htm
Extractions: Wall Street Journal February 18, 1998 By KURT SCHULER On Aug. 14, the day Indonesia floated the rupiah, Stanley Fischer, deputy managing director of the International Monetary Fund, announced that "the management of the IMF welcomes the timely decision of the Indonesian authorities. The floating of the rupiah, in combination with Indonesia's strong fundamentals, supported by prudent fiscal and monetary policies, will allow its economy to continue its impressive economic performance of the last several years." What has happened since is the opposite of Mr. Fischer's optimistic scenario. The floating rupiah went into free-fall, throwing Indonesia's economy into a recession. And yet, the IMF is now using its considerable political and financial muscle to prevent Jakarta from establishing a currency board, which would clean up the mess by fixing the rupiah to the U.S. dollar. Misguided Opposition This pressure is coming from the very highest level. Michel Camdessus, the IMF's managing director, sent the Indonesian government a strongly worded letter last week threatening to cut off aid if Indonesia establishes a currency board. President Clinton, whose administration seems to have blind trust in the IMF, last Friday made a personal telephone call to President Suharto supporting the IMF's position. Such opposition to a currency board is misguided. A currency board is the only system under consideration that would achieve what both Indonesia and the IMF wanta sound currency to support a return to high economic growth.
Extractions: By Glenn Somerville BOCA RATON, Fla. (Reuters) - Finance chiefs from rich nations agreed on Saturday a global recovery was gaining steam and papered over tensions on currency exchange rates by warning markets "excess volatility" was not to be tolerated. As finance ministers and central bankers from the Group of Seven wrapped up a two-day meeting at a plush Florida resort, they sought to calm fretful currency markets and to offer a balm to Europeans worried their rising euro could hurt growth. "Excess volatility and disorderly movements in exchange rates are undesirable for economic growth," the G7 said in a closing communique. "We continue to monitor exchange markets closely and cooperate as appropriate." The statement by the United States, Britain, Canada, France, Germany, Italy and Japan was a calculated effort to counter the impact of their announcement in Dubai last September urging "more flexibility" in currencies which prompted a dollar sell-off that took its value down 10 percent against the euro. But analysts said while the statement may give pause to markets in the short term, it will not change a longer term downward trend for the dollar stemming in part from record U.S. budget deficits.
Spanish Colonial Currency couple of years after the establishment of the Mexico Mint, King Charles orderedthe consolidation of all of its currency. These coins were very roughly made. http://bellsouthpwp.net/r/u/ruiz_b/Colonial_Currency/colonial_currency_index.htm
Extractions: The main Spanish coin, was the " 8 Reales " piece. This is the famous " Piece of Eight " and later became called the " Peso " . In 1535, the government of Spain authorized the establishment of a mint in Mexico City. Since silver was still mined in limited quantities, the largest denomination of coin produced was 4 Reales. A couple of years after the establishment of the Mexico Mint, King Charles ordered the consolidation of all of its currency. He ordered that all gold coins would be in the denomination of Escudos . The largest gold coin was the 8 Escudo piece, which was the same weight as the silver peso, 27 grams and 92% pure. The silver coins were in the denomination of Reales . This system lasted for over 300 years, with one Escudo equaling 16 Reales. Up to the 1570's, almost all of the coins were minted in Spain. All of the gold and silver, was smelted into ingots and transported to Spain. In 1545, silver was discovered in Peru, on a mountain called Potosí.
UNF Information Technology Services Technology Services (its) , in consultation with the University Technology Committee,will consider University funds made available for currency and will http://www.unf.edu/compserv/guidelines/currency_labs&tech.html
Extractions: Historic ISO Reaffirms Use of Country, Currency and Language Codes 30-September-2003. ISO Reference: 871. ISO issues the following statement in response to recently publicized misunderstandings of its current practice and intentions regarding its widely used country, currency and language codes. ISO is to continue with its established practice of allowing free-of-charge use of its country, currency and language codes from, respectively, the ISO 3166, ISO 4217 and ISO 639 standards, in commercial and other applications. There is no proposal currently being considered by ISO to impose charges for use of these codes, including on the World Wide Web and in software applications. Based on international consensus reached within the ISO standards development system, these codes reduce the confusion that could be created if there were multiple, conflicting codes in common use. The development of the Web and of electronic commerce has been facilitated by the existence of the ISO standardized codes and their use has become pervasive. ISO encourages such developments by making the two-letter country codes contained in ISO 3166 available free of charge on ISO's Web site, along with a great deal of regularly updated information related to the codes and their use. The ISO Web site also has hyperlinks to the sites of the British Standards Institution (BSI) and the US Library of Congress where the currency and language codes are, respectively, publicly available.
Extractions: Charles Enoch and Anne-Marie Gulde Currency board arrangements may be coming back into fashion. What recent successes have countries had with currency boards and in what circumstances are they most likely to be effective? Currency board arrangements, under which domestic currency can be issued only to the extent that it is fully covered by the central bank's holdings of foreign exchange, were long generally dismissed as throwbacks to the colonial era. (See box for an explanation of what currency boards are and how they work.) It was argued that such a rigid, rule-based arrangement was not well suited to diversified economies in many of which the authorities had developed sophisticated skills in monetary management. Instead, currency boards were seen as desirable and, indeed, workable only in very special circumstances, such as the small, open economies of city-states and small islands. In 1960, 38 countries or territories were operating under a currency board. By 1970, there were 20 and, by the late 1980s, only 9. What is a currency board?
Extractions: Anne-Marie Gulde Bulgaria's latest stabilization program, which included the introduction of a currency board, marked the end of a period of economic turmoil and near-hyperinflation. What accounts for its success? Initial conditions In late 1996, Bulgaria was in the midst of a banking crisis and entering a period of hyperinflation. Support for the government was declining and popular protest calling for new elections was widespread. In view of the failure of the country's earlier stabilization programs, a perception was developing that, to be credible, a renewed stabilization attempt would require a visible, rule-based system, such as a currency board. Nevertheless, the economic and financial problems confronting Bulgaria seemed insurmountable at first. Macroeconomic and structural setting.
Electronic Business - Currency Crisis: Yuan Or Yawn? China s government is under growing international pressure to revalue its currency,called the predicted since October that such a move could be made any day. http://www.reed-electronics.com/eb-mag/article/CA405730?text=isuppli
Trading New Zealand Dollars - NZD Currency Trading Under its central bank, the Reserve Bank of New Zealand (RBNZ), the decision to changethe rates that its currency trades on is made by the Governor of the bank http://www.learn-forex-trading.com/NZD.html
Extractions: Contact Us New Zealand, a small country and economy in comparison to most others in the world, is still a force in the foreign currency trading market. The New Zealand dollar (NZD) is a significant player in forex markets due to its highly developed manufacturing and service sectors that have been created within the past two decades. Being one of the most regulated countries under the Organization for Economic Co-operation and Development (OECD) has made it easier for New Zealand to open its economy to many forms of international trade. Its agricultural markets make up the majority of its trading power with other countries, which include its key trading partners, Australia and Japan. Besides these two countries, the Asian economies as a whole, greatly impact the movements in the New Zealand markets. As seen during the Asian financial crisis in the late 1990s, New Zealands trading activity and economy (in terms of GDP) are highly sensitive to the fluctuations of Asian markets. The reduction in the demand for exports from New Zealand brought their GDP down by 1.3% following the crisis. With its small economy, around $50 billion, it is clear that New Zealands financial status has a harder time withstanding damage to its economy.
Extractions: When Europe's first unified currency made its debut in January 1999, it was a cause for celebration and a coup for the region, which believed a common currency would help heal its fractured market. Yet, less than two years later, the euro has lost more than 20% of its value against the U.S. dollar and has become a conundrum for global automakers and suppliers. Economists blame the euro's slide on European economies overshadowed by the red-hot pace set by the U.S.; the European Central Bank, which has yet to establish its credibility; and on euro-zone governments that are seemingly unable to implement more radical structural reforms and coordinate their fiscal policies. Others point out that the euro still is a "virtual money," without coins or notes until two years from now. Regardless, many now are hopeful that a turning point has been reached as the euro's value begins to gain strength, fueled by the perception that the U.S. economy is slowing down. For the moment, multinational automotive companies find themselves in an odd juxtaposition, with a weak euro padding the bottom line of European-based firms but taking profit away from U.S. and Japanese-based companies.
Untitled Document Brazil could default on the commitments it has made. The government will alwayshonor all its internal and reals to the dollar, most currency exchanges were http://fox.rollins.edu/~tlairson/ipe/brazil3.html
History Of Previous European Currency Unions The currency survived devaluations (as large as 100% vis a vis of two groups of members,each with its own central a host of natural and man made catastrophes. http://samvak.tripod.com/nm032.html
Extractions: Bookmark this Page - and SHARE IT with Others! I. The History of Monetary Unions "Before long, all Europe, save England, will have one money". This was written by William Bagehot, the Editor of "The Economist", the renowned British magazine, 120 years ago when Britain, even then, was heatedly debating whether to adopt a single European Currency or not. A century later, the euro is finally here (though without British participation). Having braved numerous doomsayers and Cassandras, the currency - though much depreciated against the dollar and reviled in certain quarters (especially in Britain) - is now in use in both the eurozone and in eastern and southeastern Europe (the Balkan). In most countries in transition, it has already replaced its much sought-after predecessor, the Deutschmark. The euro still feels like a novelty - but it is not. It was preceded by quite a few monetary unions in both Europe and outside it. What lessons does history teach us? What pitfalls should we avoid and what features should we embrace?
The Euro - Europe's Single Common Currency In 1998 four German professors made an unsuccessful participation in the single currencydeclared unconstitutional EMU could break up and its legal consequences http://www.ex.ac.uk/~RDavies/arian/euro.html
Extractions: "If you think the speculators can't get at the countries within EMU, think again. It won't be long before our derivatives geniuses dream up a new synthetic currency. Where there is motive, there will always be opportunity." Linda Davies The quotation is from a speech on the Psychology of Risk, Speculation and Fraud , at a conference on the Future of European Monetary Union in Amsterdam. For the first time since the fall of the Roman Empire most of Europe has a single, common currency. The US dollar faces the first challenge to its hegemony since it displaced the British pound sterling as the world's most important currency after the First World War. However, if the Euro is to assume a wider role it will have to flourish in its own continent and survive challenges to the stability of European economies first. What are the prospects for European monetary union? This page contains links sources expressing a variety of viewpoints for and against.
Centipaid Home: Micropayment Solutions Made Easy currency Codes. Centipaid supports multicurrency pricing in allof its payment gateways. This means that merchants can pass the http://www.centipaid.com/faq/question.php?qstId=36
BANGLAPEDIA: Currency System currency control. The 1893 reform made rupee a token coin with a state guaranteeof returning on demand equivalent amount of silver or gold according to its http://banglapedia.search.com.bd/HT/C_0389.htm
Extractions: Currency System A coin is basically a metallic piece used as a medium of exchange having a specific metallic weight standard and a certain metallic purity. In general the weight standard and the metallic purity of a coin are authenticated and guaranteed by the sovereign political authority of a given region. The appearance of coined money certainly suggests a complex socio-economic situation, which must have witnessed a considerable growth of commerce along with a political structure. Currency system must have varied in different periods of history. Ancient period As evidenced by available ancient inscriptions and texts, Bengal in ancient times had a settled economy characterized by extensive internal and external trade and commerce. Bengal was indeed integrated to commercial hubs of South and Southeast Asia, even to those of the Middle East and Europe, according to Periplus In facilitating the market operation there must have been some device as exchange medium. In fact, we have definite evidence of the existence of currencies functioning as medium of exchange, but our knowledge about them is very limited in the absence of adequate data. Even before the Christian era, as evidenced by the mahasthan brahmi inscription , a currency denominated as Gandak and Kakanika were in operation. According to Periplus there were gold coins denominated as
Global Currency Speculation And Its Implications production or engineering would typically be made the CEO is GE s treasury department,because of its many financial It s everybody who holds only one currency. http://www.twnside.org.sg/title/nar-cn.htm
Extractions: BACK TO MAIN ONLINE BOOKSTORE HOW TO ORDER Global currency speculation and its implications In the following excerpt from remarks at an International Forum on Globalisation (IFG) seminar, Bernard Lietaer focuses on the alarming increase in global currency speculation. The potential implications are truly explosive, threatening global power arrangements, the sovereignty of nation-states, and the abilities of ordinary people to survive. IN 1975, about 80% of foreign exchange transactions (where one national currency is exchanged for another) were to conduct business in the real economy. For instance, currencies change hands to import oil, export cars, buy corporations, invest in portfolios, or build factories. Real transactions actually produce or trade goods and services. The remaining 20% of transactions in 1975 were speculative, which means that the sole purpose was an expected profit from buying and selling currencies themselves, based on their changing values. So, even in the days when the real economy was dominant, some currency speculation was going on. There had always been that little bit of frosting on the cake. Today, the real economy in foreign exchange transactions is down to 2.5% and 97.5% is now speculative. What had been the frosting has become the cake. The real economy has become just a small percentage of total financial currency activity.
Dollars And Cents - Currency Features order through Z, omitting O because of its similarity to made up with independentruns of serial numbers on the redesigned, series 1996 currency differ slightly http://www.frbatlanta.org/invoke_brochure.cfm?objectid=83FD41FB-9AF0-11D5-898400
Locke On Currency is known as the Quantity Theory of the currency, and he do what you can) raise thegold to its natural value But this cannot be if your money be made of two http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/locke/bonar.htm
Extractions: Locke on Currency by James Bonar Palgrave Dictionary of Political Economy volume 2, 1896 Locke had always a good eye for economical facts; we read in his Journal, for example, how the expenses of the Languedoc canal were met (Life of Locke (1829), pp. 53, 55, op. 272), and how salt was prepared and taxed at Picais (ib. p. 61), how the peasants in the Bordeaux country lived, and what wages they got (ib. p. 76), what was the mortality of Paris compared with that of London (ib. 80). His remarks on the comforts of the poorest civilised man as compared with the savage (ib. 84-86), are probably the original source of a well-known passage in Adam Smith (Wealth of Nations, i. end of ch. i.). His derivation of property from labour was, as he stated it, an original and suggestive idea, even if open to many criticisms; and his political philosophy has had its influence on political economy. In 1696, Locke was made a member of the Council of Trade (Life, p. 143). His correspondent Moyneux writes to him from Dublin about the proposed bill for the encouragement of the linen manufacture in Ireland (Oct. 4, 1697, Works, vol. iii. 591): "I am apt to think that you will have the consideration and modelling thereof at your committee of trade." Locke is one of the economists who have been able to apply their principles to practical politics during their own lifetime. The influence of his political and educational writings has been considered elsewhere. Their bearing on economics, though indirect, is very important, and the same may be said of his general philosophy.
UzReport.com News Server purchase of consumer goods, raw materials, technologies, equipment made up, more BankAlp Jamol elaborated new foreign currency deposit its terms are as following http://www.uzreport.com/eng/dispnews.cfm?dep=46&ch=352&koko=0
School Festivals The metallic currency is certain, from its origin, for three requirementsthe metal that it is made, the figure and the weight. http://pelu.jns.fi/~kanaa/SchoolFestivals/CurrencyHistorySpain.htm
Extractions: HISTORY OF THE CURRENCY IN SPAIN The metallic currency is certain, from its origin, for three requirements: the metal that it is made, the figure and the weight. If it lacks some of them, there is not such a currency. In the Antiquity the basic metals to manufacture the currencies were: the gold and the silver, for the currencies of great value and the copper, the tin and the zinc for those of smaller value and more frequent use. Along the history they mixed metals to reduce the value of some currencies or to alter their value. The copper and the tin, blended, they gave place to the brass that has been very used (until today in day) for some currencies. The copper alloy and zinc gave place to the brass currencies.
