When the south Korean economy experienced the first oil shock in early 1970s,there had been preliminary discussions whether there was need for an unemployment insurance system. In the latter half the 1970s, south korea’s economic structure was transformed from an agricultural to an industrial economy.the labour market in consequence went through major changes and the excess supply of labour was
When the south Korean economy experienced the first oil shock in early 1970s,there had been preliminary discussions whether there was need for an unemployment insurance system. In the latter half the 1970s, south korea’s economic structure was transformed from an agricultural to an industrial economy.the labour market in consequence went through major changes and the excess supply of labour was
I. Introduction of currency wars
War using the exchange rate policy has been sustainable like Europe’s exchange rate policy in the early 20th century and Japan’s exchange rate policy after World War II. Recently, Economic purposes such as restoring slowdown of economy due to financial crisis and recovery of trade deficit are combined with political purpose and retaliatory currency manipul
U.S
- Current US Interest Rate: 0.25%
- Household spending remains constrained by lower housing wealth.
-CPI inflation fell to 0.20%
-The mortgage crisis in the US is hurting the overall economy
U.K
-Current UK Interest Rate: 0.5%
-Households have reduced their spending substantially .
-CPI inflation fell to 1.1%
-The quantitative easing program was boosted by £25bn to £20
Ⅱ. Effects of RMB appreciation on China
□ Exchange rate system of China
- The Chinese exchange rate system is the fixed exchange rate system which is fixed to the dollar. In 1994 January 1, China unified the official exchange rate and the market exchange rate and adopted a managed floating exchange rate system that restricted one day exchange rate fluctuation band with ±0.3% of the precedi