of the disastrous economic policies that had contributed to the Great Depression of the 1930s.
Article I of the Articles of Agreement sets out the IMF's main responsibilities:
promoting international monetary cooperation;
facilitating the expansion and balanced growth of international trade;
promoting exchange stability;
assisting in the establishment of a multilateral system of payment
non-discretionary impacts
Discretionary fiscal stimulus
Asian Development Bank (2009a) also notes that a country's ability to withstand shocks depends on a set of variables that may either amplify or absorb them.
Countries with strong macroeconomic fundamentals would be better able to withstand or absorb shocks, and those with weak and narrower financial systems, less so.
Recently, the Greek financial crisis is hot issue in global financial market. Actually, this crisis is not today's new topic but from 2008, the effectof global financial crisis has been going on ever since. Korea also has the problem about increasing national debt affected by this crisis, so this Greek issue was concerned about in this sense. The Greek financial crisis was controlled by Greek go
is often called a "banker's bank," storing currency and coin, and processing checks and electronic payments. Reserve Banks also supervise commercial banks in their regions. Reserve Banks interact directly with banks in their Districts through examinations and financial services and bring important regional perspectives that help the entire Federal Reserve System do its job more effectively.
services sector than in industry. By contrast, growth in output and TFP in agriculture has slowed.
ⅱ) Macroeconomic policies
a) Monetary policy
8. The objectives of monetary policy in India are to maintain price stability and ensure adequate flow of credit to the productive sectors of the economy.
9. Once the inflationary pressure has risen, RBI(Reserve Bank of India) raise interest rates.
of RTA is 329.
Of these, Free Trade Agreement is forming
an ever-greater part as case of 191.
RTAs often achieve a deeper level of integration than multilateral trade agreements because negotiations occur among a smaller number of like minded partners.
RTAs may therefore have a positive demonstration effect on multilateral trade negotiations.
1952 ECSC (European Coal and Stee
of overcapacity will remain a central weakness of the Chinese growth regime in the medium term. The risk of speculative bubbles in the property and stock markets will likely remain limited. Strong demand in the property market naturally puts pressure on prices accentuated by the effects of the restrictive policy pursued by the government in 2007-2008, which delayed, even froze many projects and t
of financial alliance
▲ Single monetary policy & regional independent financial policy
③ Tolerant attitude to Euro members
▲ Give small penalty to them who violate SGP(stability and growth pact)
▲ Expand recruiting members for political intension
④ Inadequacy of contingency plan
▲ overall measures are incomplete
⑤ Vulnerable to contagion effect
▲ Correlatio
Finance and real economy aspect
Major economic indicator
Stock market
High debt + budget deficit
distrust of world market
PSI20 index decrease sharply
But, increase a bit b.o tight financing policy
Background of the crisis
Huge welfare expenditure
Too many public service personnel
Industrial structure focused on service
Bad effectof Euro
of globalization:
trade and transactions
capital and investment movements
Migration and movement of people
Dissemination of knowledge
Globalization
-Trade and transactions: After World War II, there were endeavors to improve the economy through international monetary policies.
-the World Trade Organization (WTO) was established.
Globalization-negative aspects
-Morocco says:
“You