Synonyms containing monetary authority
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In finance and economics, a monetary authority is the entity that manages a country’s currency and money supply, often with the objective of controlling inflation, interest rates, real GDP or unemployment rate. With its monetary tools, a monetary authority is able to effectively influence the development of short-term interest rates, but can also influence other parameters which control the cost and availability of money.Generally, a monetary authority is a central bank or currency board. Most central banks have a certain degree of independence from the government and its political targets and decisions. But depending on the political set-up, governments can have as much as a de facto control over monetary policy if they are allowed to influence or control their central bank. A currency board may restrict the supply of currency to the amount of another currency. In some cases there may be free banking where a broad range of entities (such as banks) can issue notes or coin. Commonly, there is one monetary authority for one country with its currency. However, there are also other arrangements in place, such as in the case of the eurozone where the so-called Eurosystem, consisting of the European Central Bank and the 19 European Union member states that have adopted the euro as their sole official currency, is the sole monetary authority. Some countries do not have a central bank or other monetary authority, such as Panama.
|European Monetary System|
European Monetary System
The European Monetary System (EMS) was initiated in 1979, by an arrangement of the Member States of the European Economic Community (EEC) to foster closer monetary policy co-operation between the Central Banks to manage intra-community exchange rates and finance exchange market interventions. The EMS was setup to adjust exchange rate, (both the nominal and the real exchange rate) in order to establish closer monetary cooperation. The aim was to foster closer monetary cooperation and lead to a zone of monetary stability which was commencement in 1979 and worked until 1992; after that, the European monetary policy replaced the EMU. European Monetary System and attribution policy existed from 1 March 1979 and worked until at the year 1999 where exchange rates for Euro area countries were fixed by Euro in the new policy of EMU. European Monetary system was established in 1979 under the Roy Jenkins, President of the European Commission where most of the nations of European Economic Community (EEC) linked their currencies to prevent large fluctuations relative to one another. EMS was succeed by the Economic and Monetary Union of the European Union (EMU) which was established in 1992, EMU represented a major step of integration in the EU economics and founded a common currency called Euro. Since 1979, the European Monetary System considered as the benefits conferred by a system of managed currencies where exchange rates was based on stable but adaptable exchange rate. The main objective of the EMS was to establish an Exchange Rate Mechanism (ERM) to reduce exchange rate variability, achieve monetary stability in Europe and European Currency Unit (ECU) was introduced in that time as a weight basket of all EEC currencies. The official EMS entered into force on March 13, 1979 with the participation of eight Member States (France, Denmark, Belgium, Luxembourg, Ireland, Netherlands, Germany and Italy).
A competent authority is any person or organization that has the legally delegated or invested authority, capacity, or power to perform a designated function. Similarly, once an authority is delegated to perform a certain act, only the competent authority is entitled to take accounts therefrom and no one else. Borrowing authority when the services of a certain class of individuals are entrusted to one of the authority other than the appointing authority, the former will be the borrowing authority. Borrowing Authority will be authorised to look into the performance of individuals with respect to the task so assigned to them. Borrowing authority, service conduct when it appears to the borrowing authority the conduct of the individuals not in accordance with the standard prescribed, it will move in writing to the appointing authority the conduct so observed with the evidence so brought on record for proceedings therein. Appointing authority, however, is not competent to proceed against the individual without such sort of complaint in writing by the authority which delegated the task. Such proceedings if so initiated without any formal complaint will be coram non judice. Based on the Basel Convention, it is any national agency responsible under its national law for the control or regulation of a particular aspect of the transportation of hazardous materials (dangerous goods). The term appropriate authority, as used in the International Civil Aviation Organization (ICAO) Technical Instructions, has the same meaning as competent authority.
|Bretton Woods system|
Bretton Woods system
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained its external exchange rates within 1 percent by tying its currency to gold and the ability of the IMF to bridge temporary imbalances of payments. Also, there was a need to address the lack of cooperation among other countries and to prevent competitive devaluation of the currencies as well. Preparing to rebuild the international economic system while World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. The delegates deliberated during 1–22 July 1944, and signed the Bretton Woods agreement on its final day. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, these accords established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. The United States, which controlled two thirds of the world's gold, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but later declined to ratify the final agreements, charging that the institutions they had created were "branches of Wall Street". These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. On 15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. At the same time, many fixed currencies (such as the pound sterling) also became free-floating.
Quantitative easing is an unconventional monetary policy used by central banks to stimulate the national economy when standard monetary policy has become ineffective. A central bank implements quantitative easing by buying financial assets from commercial banks and other private institutions, thus increasing the monetary base. This is distinguished from the more usual policy of buying or selling government bonds in order to keep market interest rates at a specified target value. Expansionary monetary policy typically involves the central bank buying short-term government bonds in order to lower short-term market interest rates. However, when short-term interest rates are either at, or close to, zero, normal monetary policy can no longer lower interest rates. Quantitative easing may then be used by the monetary authorities to further stimulate the economy by purchasing assets of longer maturity than only short-term government bonds, and thereby lowering longer-term interest rates further out on the yield curve. Quantitative easing raises the prices of the financial assets bought, which lowers their yield. Quantitative easing can be used to help ensure that inflation does not fall below target. Risks include the policy being more effective than intended in acting against deflation – leading to higher inflation, or of not being effective enough if banks do not lend out the additional reserves. According to the IMF and various other economists, quantitative easing undertaken since the global financial crisis has mitigated the adverse effects of the crisis.
A part exchange or part exchange deal is a type of contract. In a part exchange, instead of one party to the contract paying money and the other party supplying goods/services, both parties supply goods/services, the first party supplying part money and part goods/services. Whether a part exchange is a sale or a barter is a fine point of law. It depends from whether a monetary value is assigned to the non-money goods supplied. Several cases at law clarify this. In the case of Flynn v Mackin and Mahon an old car was supplied in part exchange for a new car, along with £250. This was held to be a barter, because no monetary value was affixed to the old car. However, in Aldridge v Johnson a similar transaction was held to be a sale, because a monetary value was assigned to the item being exchanged, and cash then used to make up the difference to the price of the item being purchased. If the contract had been structured as "23 bullocks and £23 for 100 quarters of barley" then it could have qualified as barter. It is the affixture of the monetary value of £192 to the bullocks and £215 to the barley that made it a sale. Indeed, it is not necessary even for the contracting parties themselves to assign a monetary value to the goods for a part exchange deal to be held to be a sale. In Bull v Parker, the court itself assigned a value for new riding equipment, sold for some old riding equipment and £2. If goods/services have obvious monetary values, then a part exchange deal can be held to be a sale.
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment. Monetary theory provides insight into how to craft optimal monetary policy. It is referred to as either being expansionary or contractionary, where an expansionary policy increases the total supply of money in the economy more rapidly than usual, and contractionary policy expands the money supply more slowly than usual or even shrinks it. Expansionary policy is traditionally used to try to combat unemployment in a recession by lowering interest rates in the hope that easy credit will entice businesses into expanding. Contractionary policy is intended to slow inflation in order to avoid the resulting distortions and deterioration of asset values. Monetary policy differs from fiscal policy, which refers to taxation, government spending, and associated borrowing.
|Group of 24|
Group of 24
The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, or The Group of 24 (G-24) was established in 1971 as a chapter of the Group of 77 in order to help coordinate the positions of developing countries on international monetary and development finance issues, as well as and to ensure that their interests are adequately represented in negotiations on international monetary matters. Though originally named after the number of founding Member States, it now has 28 Members (plus China, which acts as a Special Invitee). Although the G-24 officially has 28 member countries, any member of the G-77 can join discussions. Although the group is not an organ of the International Monetary Fund, but the IMF provides secretariat services for the Group. Its meets biannually, first prior to the International Monetary and Financial Committee, and secondly prior to the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund. These meetings allow developing country members to discuss agenda items prior to these important meetings of the IMF/World Bank.
|Monetary conditions index|
Monetary conditions index
In macroeconomics, a monetary conditions index (MCI) is an index number calculated from a linear combination of a small number of economy-wide financial variables deemed relevant for monetary policy. These variables always include a short-run interest rate and an exchange rate. An MCI may also serve as a day-to-day operating target for the conduct of monetary policy, especially in small open economies. Central banks compute MCIs, with the Bank of Canada being the first to do so, beginning in the early 1990s. The MCI begins with a simple model of the determinants of aggregate demand in an open economy, which include variables such as the real exchange rate as well as the real interest rate. Moreover, monetary policy is assumed to have a significant effect on these variables, especially in the short run. Hence a linear combination of these variables can measure the effect of monetary policy on aggregate demand. Since the MCI is a function of the real exchange rate, the MCI is influenced by events such as terms of trade shocks, and changes in business and consumer confidence, which do not necessarily affect interest rates.
A self-regulatory organization (SRO) is an organization that exercises some degree of regulatory authority over an industry or profession. The regulatory authority could exist in place of government regulation, or applied in addition to government regulation. The ability of an SRO to exercise regulatory authority does not necessarily derive from a grant of authority from the government. In United States securities law, a self-regulatory organization is a defined term. The principal federal regulatory authority—the Securities and Exchange Commission (SEC)—was established by the Federal Securities Exchange Act of 1934. The SEC originally delegated authority to the National Association of Securities Dealers (NASD, now Financial Industry Regulatory Authority (FINRA)) and to the national stock exchanges (e.g., the NYSE) to enforce certain industry standards and requirements related to securities trading and brokerage. On July 26, 2007 the SEC approved a merger of the enforcement arms of the NYSE and the NASD, to form a new SRO, the Financial Industry Regulatory Authority (FINRA). In addition, Congress created the Municipal Securities Rulemaking Board (MSRB) as an SRO charged with adopting investor protection rules governing broker-dealers and banks that underwrite, trade and sell tax-exempt bonds, 529 college savings plans and other types of municipal securities. The American Arbitration Association is also an SRO with official, statutory status. Because of the prominence of the SROs in the securities industry, the term SRO is often used to narrowly to describe an organization authorized by statute or government agency to exercise control over a certain aspect of the industry. The National Association of Realtors (NAR) is an example of an SRO that fills the vacuum left by the absence of government oversight or regulation. The NAR sets the rules for multiple listing services and how brokers use them. Another example is the American Medical Association which sets rules for ethics, conflicts, disciplinary action, and accreditation in medicine.
|Palestinian National Authority|
Palestinian National Authority
The Palestinian Authority, is the interim self-government body established to govern the West Bank and Gaza Strip as a consequence of the 1993 Oslo Accords. Since its establishment in 1994, it has renamed itself the Palestinian National Authority and in 2013, after the United Nations General Assembly recognised the State of Palestine as a non-member observer state in the UN, the internationally recognized Fatah government in the West Bank renamed itself the State of Palestine. Following elections in 2006 and the subsequent Gaza conflict between the Fatah and Hamas parties, its authority has extended only as far as the West Bank. The Palestinian Authority was formed in 1994, pursuant to the Oslo Accords between the Palestine Liberation Organization and the government of Israel, as a five-year interim body. Further negotiations were then meant to take place between the two parties regarding its final status. As of 2012, more than seventeen years following the formulation of the Authority, this status has yet to be reached. According to the Oslo Accords, the Palestinian Authority was designated to have exclusive control over both security-related and civilian issues in Palestinian urban areas and only civilian control over Palestinian rural areas. The remainder of the territories, including Israeli settlements, the Jordan Valley region and bypass roads between Palestinian communities, were to remain under Israeli control. East Jerusalem was excluded from the Accords. Over time, political change has meant that the areas governed by the Authority have also changed. Negotiations with several Israeli governments had resulted in the Authority gaining further control of some areas, but control was then lost in some areas when the Israel Defense Forces retook several strategic positions during the Second Intifada. In 2005, after the Second Intifada, Israel withdrew unilaterally from its settlements in the Gaza Strip, thereby expanding Palestinian control to the entire strip.
|Argument from authority|
Argument from authority
Argument from authority, also authoritative argument and appeal to authority, is an inductive reasoning argument that often takes the form of a statistical syllogism. Although certain classes of argument from authority can constitute strong inductive arguments, the appeal to authority is often applied fallaciously. Fallacious examples of using the appeal include: ⁕cases where the authority is not a subject-matter expert ⁕cases where there is no consensus among experts in the subject matter ⁕any appeal to authority used in the context of deductive reasoning. In the context of deductive arguments, the appeal to authority is a logical fallacy, though it can be properly used in the context of inductive reasoning. It is deductively fallacious because, while sound deductive arguments are necessarily true, authorities are not necessarily correct about judgments related to their field of expertise. Though reliable authorities are correct in judgments related to their area of expertise more often than laypersons, they can still come to the wrong judgments through error, bias or dishonesty. Thus, the appeal to authority is at best a probabilistic rather than an absolute argument for establishing facts.
The gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types of gold standards may be distinguished. In the gold specie standard the monetary unit is associated with the value of circulating gold coins or the monetary unit has the value of a certain circulating gold coin, but other coins may be made of less valuable metal. The gold exchange standard usually does not involve the circulation of gold coins. The main feature of the gold exchange standard is that the government guarantees a fixed exchange rate to the currency of another country that does use a gold standard, regardless of what type of notes or coins are used as a means of exchange. This creates a de facto gold standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself. Finally, the gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for circulating currency. No country currently uses a gold standard as the basis of its monetary system, although most hold substantial gold reserves.
Metallism is the economic principle that money derives its value from the purchasing power of the commodity upon which it is based. The currency in a metallist monetary system may be made from the commodity itself or use tokens such as national banknotes redeemable in that commodity. The term was coined by Georg Friedrich Knapp to describe monetary systems using coin minted in silver, gold or other metals. In metallist economic theory, the value of the currency derives from the market value of the commodity upon which it is based independent of its monetary role. Karl Menger theorized money came about when buyers and sellers in a market agreed on a common commodity as a medium of exchange in order to reduce the costs of barter. The intrinsic value of that commodity must be sufficient to make it highly “saleable”, or readily accepted as payment. In this system buyers and sellers of real goods and services establish the medium of exchange, not a sovereign state. Metallists view the state's role in the minting or official stamping of coins as one of authenticating the quality and quantity of metal used in making the coin. Knapp distinguished metallism from chartalism, a monetary system in which the state has monopoly power over its own currency and creates a unique market and demand for that currency by imposing taxes or other such legally enforceable debts upon its people which can only be paid in that currency.
Monetarism is a school of economic thought that emphasizes the role of governments in controlling the amount of money in circulation. It is the view within monetary economics that variation in the money supply has major influences on national output in the short run and the price level over longer periods and that objectives of monetary policy are best met by targeting the growth rate of the money supply. Monetarism today is mainly associated with the work of Milton Friedman, who was among the generation of economists to accept Keynesian economics and then criticize Keynes' theory of gluts based on a policy of government intervention. Friedman and Anna Schwartz wrote an influential book, A Monetary History of the United States, 1867-1960, and argued that "inflation is always and everywhere a monetary phenomenon." Though he opposed the existence of the Federal Reserve, Friedman advocated, given its existence, a central bank policy aimed at keeping the supply and demand for money at equilibrium, as measured by growth in productivity and demand.