Cohn GPE Terms

Cohn GPE Terms - Cohns GPE Terms Chapter One Ban of...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter One Ban of International Settlements: The oldest international financial institution formed in 1930 to oversee the settlement of German reparations after WW1. However, its main purpose was to promote cooperation among central banks. BIS is the main forum for cooperation and consultation among central bankers in the OECD countries Bretton Woods Conference: Conference among 44 nations in July 1944 where they endorsed a framework for international cooperation after WWII. Two international organizations were created from the Conference, IMF and World Bank. Established pegged exchange rates. BRIC Economies: 4 rapidly growing countries (Brazil, China, India, and Russia) who pose a major challenge to the North. There have been signs of them overtaking the North, most notably China displacing Germany in 2009 as the world’s largest merchandise exporter Central Bank: A public authority responsible for managing a country’s money supply, and for regulating and controlling its monetary and financial institutions and markets. Most countries rely on a central bank for such regulatory activities Civil Society: Composed of NGO’, movements focused on labor, women, human rights and the environment. Their purpose is to reinforce or alter existing norms, rules and social structures. There are 3 types of civil societies; conformist, reformist and rejectionist General Agreement on Tariffs and Trade: A provisional treaty that became the main global trade organization in 1948 by default when a planned ITO was not formed. When the WTO was formed in 1995, GATT reverted to its original status as a treaty to regulate trade in goods. Group of Five: The G5 includes the finance ministers and central bank governors of the largest developing economies: the US, Japan, Germany, France and Britain. It has played a role in coordinating monetary and other economic policies Group of Eight : The G8 includes the G7 members plus Russia. Although Russia is a full member of the G8, it does not participate fully in the G7’s trade and financial deliberations. Group of 10: The G10 includes the DC’s that established the General Arrangements to Borrow with the IMF in 1962. Eleven countries are now G10 members – the G7 plus the Netherlands, Belgium, Sweden, and Switzerland. In addition to providing supplementary finance, the G10 discusses matters related to the international monetary regime Group of 20: There are two G20’s 1. G20 finance ministers and the central bank governors hold an annual summit to discuss key issues in the global economy, and also meet on extraordinary occasions such as the 2008 global financial crisis. 2. A G20 in trade includes 20 LDC’s that has called for an end to EU and U.S. agricultural export subsides and for lower agricultural import barriers
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This document was uploaded on 10/26/2011 for the course PLIR 2050 at UVA.

Page1 / 9

Cohn GPE Terms - Cohns GPE Terms Chapter One Ban of...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online