INR 2002 Final Exam Study Guide Chapter 9: International Monetary Relations What are Exchange Rates and why do they Matter? ∙ Exchange rate: the price at which one currency is exchanged for another. ∙ Appreciate: in terms of currency, to increase in value in terms of other currencies. ∙ Depreciate: in terms of a currency, to decrease in If you want to learn more check out hsc 4711 fsu
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value in terms of other currencies. ∙ Devalue: to reduce the value of one currency in terms of other currencies. How are Currency values determined? ∙ Monetary policy: an important tool of national governments to influence broad macroeconomic conditions such as unemployment, inflation, and economic growth. Typically, governments alter their monetary policies by changing national interest rates or exchange rates. ∙ Central bank: the institutions that regulates monetary conditions in an economy, typically by affecting interest rates and the quantity of money in circulation. Allowing the Exchange Rate to Change ∙ Fixed exchange rate: an exchange rate policy under which government commits itself to keep its currency at or around a specific value in terms of another currency, or a commodity, such as gold. ∙ Gold standard: the monetary system that prevailed between about 1870 and 1914, in which countries tied their currencies to gold at a legally fixed price. ∙ Floating exchange rate: an exchange rate policy under which a government permits its currency to be traded on the open market without direct government control or investigation. ∙ Bretton Woods monetary system: the monetary order negotiated among the WWII allies in 1944, which lasted until the 1970s and which was based on a U.S. dollar tied to gold. Other currencies were fixed to the dollar but were permitted to adjust their exchange rates. ∙ Adjustable peg: a monetary system of fixed but adjustable rates. Governments are expected to keep their currencies fixed for extensive periods but are permitted to adjust the exchange rate from time to time as economic conditions change. Who Cares about Exchange Rates and Why? ∙ International monetary regime: a formal or informal arrangement among government to govern relations among their currencies; the agreement is shared by most countries in the world economy. A Short History of International Monetary Systems: ∙ The Gold standard ∙ The Bretton Woods Monetary System ∙ Today’s International Monetary System Regional Monetary Agreements: The Euro What happens when currencies collapse? ∙ Effects on Government ∙ International Repercussions o Case Study: Europe 1992 o Case Study: Mexico o Case Study: East Asia o Case Study: Europe 2011-2015 ∙ Containing Currency Crises Chapter 10: Development: Causes of the Wealth and Poverty of Nations ∙ Less developed countries (LDCs): countries at a relatively low level of economic development. o Geographic Location: o Domestic Factors: o Domestic Institutions: ∙ Infrastructure: basic structures necessary for social activity, such as transportation and telecommunications networks, and power and water supply. Are rich countries responsible for the problems of the developing world? Did Colonialism hamper development? ∙ Primary Products: raw materials and agricultural products typically unprocessed or only slightly processed. The primary sectors are distinguished from secondary sectors (Industry), and tertiary sectors (services). ∙ Oligopoly: a situation in which a market or industry is dominated by a few firms. ∙ Terms of trade: the relationship between a country’s export prices and its import prices. Is the International Economy biased against LDCs? Development Policies and Development Politics∙ Import-substituting industrialization: a set of policies, pursued by most developing countries from 1930s through the 1980s, to reduce imports and encourage domestic manufacturing, often through trade barriers, subsidies to manufacturing, and state ownership of basic industries. ∙ Export-oriented industrialization: a set of policies, originally pursued in the late 1960s by several East Asian countries, to spur manufacturing for export, often through subsidies and incentives for export production. The turn toward Globalization ∙ Washington Consensus: an array of policy recommendations generally advocated by developed country economist and policy makers starting in the 1980s, including trade liberalization, privatization, openness to foreign investment, and restrictive monetary and fiscal policies. Attempts to remedy the bias of international institutions ∙ Group 77: a coalition of developing countries in the UN, formed in 1964 with 77 members; it has grown to over 130 members but maintains the original name. ∙ Commodity cartels: association of producers of commodities (raw materials and agricultural products) that restrict world supply and thereby cause the price of the goods to rise. Is foreign aid the answer? Globalization and its discontents Chapter 11: International Law and Norms ∙ International law: a body of rules that binds states and other agents in world politics and is considered to have the status of law. How is international law made? ∙ Customary international law: international law that usually develops slowly, over time, as states recognize practices as appropriate and correct. Is all international law the same? ∙ Obligation: the degree to which states are legally bound by an international rule. High obligation rules must be performed in good faith and, if breached, require reparations to the injured party, ∙ Precision: the degree to which international legal obligations are fully specified. More precise rules narrow the scope for reasonable interpretation. ∙ Delegation: the degree to which third parties, such as courts, arbitrators, or mediators, are given authority to implement, interpret, and apply international legal rules, to resolve disputes over the rules, or to make additional rules. Does international law matter? ∙ Norms: standards of behavior for actors with a given identity; norms define what actions are “right” or appropriate under particular circumstances. How are international norms created? ∙ Norms entrepreneurs: individuals and groups who seek to advance principled standards of behavior for states and other actors. ∙ Transnational advocacy network: a set of individuals and nongovernmental organizations acting in pursuit of a normative objective. ∙ Norms life cycle: a three-stage model of how norms diffuse within a population and achieve a “taken for granted” status. Do norms matter? ∙ Boomerang model: a process through which NGOs in one state are able to activate transnational linkages to bring pressure from other states on their own government. Chapter 12: Human Rights ∙ Human rights: the rights possessed by all individuals by virtue of being human, regardless of their status as citizens of particular states or members of a group or organization, ∙ Universal Declaration of Human Rights: adopted by the UN General Assembly in 1948, this declaration defines a “common standard of achievement for all peoples” and forms the foundation of modern human rights law. ∙ International Covenant on Civil and Political Rights: The agreement completed in 1966 and in force from 1976 that details the basic civil and political rights of individuals and nations. ∙ International Covenant on Economic, Social, and Cultural Rights: The agreement completed in 1966 and in force from 1976 that specifies the basic economic, social, and cultural rights of individuals and nations. ∙ International Bill of Rights: refers collectively to the UDHR, the ICCPR, and the ICESCR. Together, these three agreements form the core of the international human rights regime. Why are Human Rights controversial? Are some rights more important than others? ∙ Nonderogable rights: rights that cannot be suspended for any reason, including at times of public emergency. ∙ Prisoners of conscience: a label coined and used by the human rights organization Amnesty International to refer to individuals imprisoned solely because of the peaceful expression of their beliefs. Why do individuals and states care about the human rights of others? Why do states violate human rights? Why do states sign human rights agreements? Do States observe international human rights law? What can lead to better protection of international human rights? When do states take action on human rights? Will protection of human rights improve in the future? ∙ Individual petition: a right that permits individuals to petition appropriate international legal bodies directly if they believe a state has violated their rights. ∙ International Criminal Court: a court of last resort for human rights cases that possess jurisdiction only if they accused is a national of a state party, the crime took place on the territory of a state party, or the UN Security Council has referred the case to the prosecutor.