Single European Act
- Functionalism & Intergovernmentalism
Revival in economic and political co-operation in Western Europe
- The removal of non-tariff barriers, Integration market – financial service
- Monetary integration and coordination of macroeconomic policy
Change of Institutions
- Majority Voting for the Council Ministers
The Board of Governors
guide monetary policy action
analyze domestic and international economic and financialconditions
supervisory control over the financial services
oversees the nation's payments system
the Fed announced to implement the first round of QE in November 25th 2008. It began in March 2009 and concluded in March 2010
prevent collapse of financial companies
help rebuild
States and China over the valuation of the Yuan. This which began in the early 21st century is being pursued by opinions among economists have been divided as to whether it will have a net negative effect on the global economy. By April 2011 journalists had begun to report that the currency war had subsided. Some economists however have continued to assert that the conflict is still on-going.
1. Introduction
The International Monetary Fund (IMF) is no longer a purely international economic organizationin the way it was. At first, the IMF was established along with the World Bank and theGeneral Agreement on Tariffs and Tradeat the close ofWorld War II in order to provide governments with balance of payments support, but now there’s a doubt that IMF has become a political organizat
- Monetary Policy & Fiscal Policy
- Supervision & Control
- Leadership & Decision making
Monetary Policy
- EMU’s authority
- Adapted to policies of core states
Fiscal Policy
- Within separate states
- Only way to control each state’s ecomony
☞ Monetary policy as exogenous condition
& Burden onto fiscal policy
☞ Gap between core states & weak states
of the citizens and important for political stabilization. As such, the Chinese government has to intervene, manage and control.
When the housing prices began surging in 2006, the State Council published six regulative measures in May to adjust the structure of residence supply, focusing on the development of medium and small houses to satisfy the demand of ordinary buyers. These policies wer
of view
shifted from individual matter to
global matter in which global
imbalance is seen as a systematic
problem related to major nations’
macroeconomic policies and
structural faults.
Crisis had the effectof facilitating the market mechanism which allowed the global imbalance to actually reduce.
Yet, it is predicted that this rebalance would not last long. In addition,
effectively with local grain. At the same time, rising domestic and foreign demand for dairy products and the availability of low-cost imported cattle feed made dairy and meat production much more profitable. These changes in market conditions induced Finland's farmers to switch from growing staple grains to producing meat and dairy products, setting a pattern that persisted into the late 1980s.
2. Policy Analysis with Partial Capital Mobility
• Expansionary fiscal policy, fixed exchange rates
IS curve shifts right, Y and R increase.
Higher R increases foreign capital inflow.
• Creates BP surplus and upward pressure on currency.
Central bank intervenes in the foreign exchange market.
• Buys excess foreign currency.
Incr
(1) Bubble increase of the housing industry.
Following is the background of Bubble increase of the housing market.
Easy Money Policy of FRB(Federal Reserve Board)
In the housing industry of USA formed mortgage-system, the interest-rate is the factor that decide market price and adjust the demand and supply of the housing market, and also is main channel of currency policy.
After 『dot-com