...Singing in the rain…. By Vimla Patil September 2009 Though rain has inspired joyous dances and music all over the world, India has a unique heritage of Monsoon Ragas which were composed and sung by legendary masters like Mia Tansen to initiate welcome showers to India’s parched forests and fields so that the land would be blessed with plenty…The music they composed has inspired painters, dancers and writers for generations…… ‘A lifetime of showers moistens the soul’, says an ancient proverb. And the shimmering, crystal-clear nuances of these beautiful words apply more to India’s colourful Monsoon culture than to any other art movement in the world. Rain and the magical season of Monsoon have always been the throbbing heart of Indian life and culture. Whether we are talking about music – classical, folk as well as devotional – dance, painting or sculpture, rains and their incessant music are a recurring theme in India’s many-splendoured art treasure, and not without excellent reason! It is well-known that India’s entire economy depends upon the timely coming of the Monsoons. Vignettes of farmers looking longingly at the skies for the first signs of fleecy black water-bearing clouds are familiar in our daily life. Folk songs welcoming the first thunder showers and streaks of lightning are sung in every village even today. The diverse dialects of India’s far flung villages are replete with songs welcoming the rains and their message of bounty. Indeed, the ancient...
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...INTRODUCTION Management information systems encompass a broad and complex topic. To make this topic more manageable, boundaries will be defined. First, because of the vast number of activities relating to management information systems, a total review is not possible. Those discussed here is only a partial sampling of activities, reflecting the author's viewpoint of the more common and interesting developments. Likewise where there were multiple effects in a similar area of development, only selected ones will be used to illustrate concepts. This is not to imply one effort is more important than another. Also, the main focus of this paper will be on information systems for use at the farm level and to some lesser extent systems used to support researchers addressing farm level problems (e.g., simulation or optimization models, geographic information systems, etc.) and those used to support agribusiness firms that supply goods and services to agricultural producers and the supply chain beyond the production phase. Secondly, there are several frameworks that can be used to define and describe management information systems. More than one will be used to discuss important concepts. Because more than one is used, it indicates the difficult of capturing the key concepts of what is a management information system. Indeed, what is viewed as an effective and useful management information system is one environment may not be of use or value in another. Lastly, the historical perspective...
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...13 Title INTRODUCTION HISTORY OF FOREIGN EXCHANGE MARKETS MARKET SIZE AND LIQUIDITY MARKET PARTICIPANTS KINDS OF FX TRANSACTIONS COMPONENTS OF FX TRADING EXCHANGE RATES AND ITS USES GLOBAL LINKAGE OF FOREIGN EXCHANGE MARKETS FACTORS THAT AFFECT FOREIGN EXCHANGE MARKET TRENDS DIFFERENT EXCHANGE SYSTEMS WHICH LINKS THE FOREX MARKET GLOBALLY BASIS OF COMMUNICATION FOR INTERNATIONAL TRANSFERS CONCLUSION BIBLOGRAPHY Page no. 7 9 11 12 14 16 22 25 35 37 39 40 42 5 GLOBAL LINKAGE OF FOREIGN EXCHANGE MARKETS 6 Introduction The foreign exchange market is the biggest financial market in the world. Every day, transactions worth about 3.98 trillion dollars are carried out within the market. The major aim of introducing the foreign exchange market is to facilitate international trade by enabling businesses to perform transactions outside their local currency. The market operates round the clock from Monday through Friday. Foreign Exchange is the simultaneous Buying of one currency and paying for it with another at an agreed price (exchange rate) for settlement on an agreed date. FOREX is an acronym for FOReign Exchange. In the foreign exchange market today, a trader can purchase some amount of international currencies by paying with a different currency. This type of foreign exchange market started to develop in the 1970s, which was about thirty years after foreign exchange was introduced. Some important features about the FX market include the following: 1. It has a very...
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...INTERNATIONAL FINANCIAL MARKETS Topic 1 THE STRUCTURE OF THE INTERNATIONAL FINANCIAL SYSTEM Agenda Recent developments in international financial markets The components of the international financial market The eurocurrency market The international equity market The international debt market The foreign exchange (currency) market Globalisation of financial markets The global economy has undergone through a number of structural changes in the past few decades: Real changes liberalization of product and factor markets, allied with technological developments increased output in many countries and particularly in the previously centrally planned economies Monetary changes a global commitment to maintain low rates of inflation after the boost in inflation in the ’70s Financial changes growing completeness and integration of world financial markets, fueled by deregulation and technology 3 Globalisation of financial markets Realities of global financial markets: Short-term nature of capital flows High turnover in financial markets Multiplicity of agents High number and complexity of instruments High speed with which market participants react to new information Global reach of financial institutions Implications: Growing integration of financial markets, including emerging markets Better financing of current account deficits Financial contagion risks 4 How developed are the world’s...
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...Introduction Foreign Direct Investments (FDIs) have been found to be important aspects of economic development of host countries, and crucial, in building technological capabilities of local companies in developing countries. It is a channel for international diffusion of technology, having the potential to transfer technological, organizational and managerial practices to developing countries, which may, in the long run, lead to higher technological capabilities, and innovation, resulting in economic growth in these countries. For Tanzania specifically, FDI is a type of investment which is relatively infant as the government had opted for a socialist path of economic development from 1967 to around mid 1980s, following the Arusha Declaration. In mid 1980s, the government initiated and implemented deliberate economic liberalization policies. These resulted into the rise of FDI in Tanzania. For instance, FDI inflows increased from USD 2,418.7 million in 1999 to USD 3,776.6 million in 2001. Such investments were concentrated in the sectors of manufacturing (33.4%), mining and quarrying (28%) as well as agricultural (6.7%) (TIC, BoT and NBS, 2004: 23-24)4. 2.2 Foreign Direct Investment (FDI): Definition and Characteristics 2.2.1 Defining FDI Several FDI definitions have been given in the literature and these are more or less similar. A more representative definition of FDI is that by Rutherford (1992: 178; 1995: 178-179) who defines FDI as business investment in another...
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...dddddddddddddddddddddd Chapter 7: Market Entry Strategies Chapter Objectives Structure Of The Chapter Entry strategies Special features of commodity trade Chapter Summary Key Terms Review Questions Review Question Answers References Bibliography When an organization has made a decision to enter an overseas market, there are a variety of options open to it. These options vary with cost, risk and the degree of control which can be exercised over them. The simplest form of entry strategy is exporting using either a direct or indirect method such as an agent, in the case of the former, or countertrade, in the case of the latter. More complex forms include truly global operations which may involve joint ventures, or export processing zones. Having decided on the form of export strategy, decisions have to be made on the specific channels. Many agricultural products of a raw or commodity nature use agents, distributors or involve Government, whereas processed materials, whilst not excluding these, rely more heavily on more sophisticated forms of access. These will be expanded on later. Chapter Objectives The objectives of the chapter are: Structure of the Chapter The chapter begins by looking at the concept of market entry strategies within the control of a chosen marketing mix. It then goes on to describe the different forms of entry strategy, both direct and indirect exporting and foreign production, and the advantages and disadvantages connected with each method...
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...Week1. Introducing Economic Development: A Global Perspective & Comparative Economic Development Absolute Poverty: a situation of being unable to meet the minimum levels of income, food, clothing, healthcare, shelter and other essentials. (over 40% of the world’s population lives on less than 2 dollar per day). Subsistence Economy: an economy in which production is mainly for personal consumption and the standard of living yields little more than basic necessities of life—food, shelter and clothing. (A subsistence economy is a non-monetary economy which relies on natural resources to provide for basic needs, through hunting, gathering, and subsistence agriculture. "Subsistence" means supporting oneself at a minimum level; in a subsistence economy, economic surplus is minimal and only used to trade for basic goods, and there is no industrialization.) Development：The process of improving the quality of all human lives and capabilities by raising people’s levels of living, self-esteem, and freedom. Developing countries: Countries of Asia, Africa, the Middle East, Latin America, eastern Europe, and the former Soviet Union, that are presently characterized by low levels of living and other development deficits. Used in the development literature as a synonym for less developed countries. Traditional economics: An approach to economics that emphasize utility, profit maximization, market efficiency, and determination of equilibrium. Political economy:...
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...issues such as balance of payments problems and policy, the causes of exchange-rate movements and the implications of macro-economic linkages between countries. Credit : 3 hours Prerequisites By course :Fin 350- Financial Markets & Institutions Eco 202- Macroeconomics Textbook : Fundamentals of Multinational Finance, 4th edition, 2012. Moffet/Stonehill/Eitman, Pearson, Prentice Hall. Supportive text : International Financial Management, Bekaert,Hodrick International Money and Finance: 7th edition by Michael Melvin Instructor : George El Kazzi, MMB Office Hours : M.W.F. from 6-7 pm E-mail : gkazzy@aust.edu.lb kazzifinance@yahoo.com Business Division e-mail: business.div@aust.edu.lb ________________________________________________________________________ Course Objectives To study the role that international trade and investment, currency movements, derivative Instruments, hedging strategies, international financial markets, and international agreements and institutions play in the management of multinational corporations. Learning Outcomes By the end of the semester, and based on class participation, the student will be able to: 1. Identify the Balance of payments theory and policy 2. Explore the theories of foreign...
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...International trade is defined as the exchange of capital, goods, and services between countries, which would involve the activities of the government and individual. This type of trade gives upswing to a world economy, in which supply and demand or prices, affect and are affected by global events. Consumers and countries have the opportunity to be exposed to goods and services not available in their own countries through the trading globally. Export is a product that sold to the global market, while the import is bought from the global market. In most countries, international trade represents an important share of gross domestic product (GDP). One of the Asian economies most open to international trade is Vietnam and it has been currently...
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...objectives of individuals, companies, and organizations. Learning Objectives To understand the history and impact of international business. To learn the definition of international business. To recognize the growth of global linkages today. To understand the U.S. position in world trade and the impact international business has on the United States. To appreciate the opportunities and challenges offered by international business. Introduction: International business is a term used to collectively describe all commercial transactions (private and governmental, sales, investments, logistics,and transportation) that take place between two or more nations. Usually, private companies undertake such transactions for profit; governments undertake them for profit and for political reasons. It refers to all those business activities which involves cross border transactions of goods, services, resources between two or more nations. Transaction of economic resources include capital, skills, people etc. for international production of physical goods and services such as finance, banking, insurance, construction etc. A multinational enterprise (MNE) is a company that has a worldwide approach to markets and production or one with operations in more than a country. An MNE is often called multinational corporation (MNC) or transnational company (TNC). Well known MNCs include fast food companies such as McDonald's and Yum Brands, vehicle manufacturers...
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... and through direct foreign investment, especially on the part of large multinational corporations. At the same time, foreign aid has increased much less in real terms and has become dwarfed by the now much larger flows of both private capital, and remittances. These linkages have had a marked effect on the developing world. But developing countries are importing and exporting more from each other, as well as from the developed countries, and in some parts of the developing world, especially East Asia but also notably Latin America, investments have poured in from developed countries such as the United States, the United Kingdom, and Japan. Globalization is one of the most frequently used words in discussions of development, trade, and international political economy. As the form of the word implies, globalization is a process by which the economies of the world become more integrated, leading to a global economy and, increasingly, global economic policymaking, for example, through international agencies such as the World Trade Organization (WTO). Globalization also refers to an emerging “global culture,” in which people consume similar goods and services across countries and use a common language of business, English; these changes facilitate economic integration and are in turn further promoted by it. But in its core economic meaning, globalization refers to the increased openness of economies to international trade, financial flows, and direct foreign investment. The growing...
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...What does this do to the Exchange rate? Why would the Brazilian authorities care? What might they do about it? What are the policy consequences of their actions? Trace through the ramifications of whatever policy is chosen Many developing countries including Brazil have reaped handsome rewards from surging capital inflows in recent years. This is widely regarded as a very welcome phenomenon, raising levels of investment and encouraging economic growth. However, surging capital inflows can also be something of a double-edged sword, inflicting rather less welcome and destabilizing side effects, including the tendency for the local currency to appreciate in value, undermining the competitiveness of export industries and potentially giving rising to inflation. The major contributing factor to inflation is that the capital inflows result in a buildup of foreign exchange reserves. As these reserves are used to buy domestic currency, the domestic monetary base expands without a corresponding increase in production: too much money begins to chase too few goods and services. The combination of expected reduced depreciation with high interest rates in relation to the interest rates in the United States and other developed economies attracted capital inflows to Brazil. The situation has also been further exacerbated by relatively high domestic rates that have induced banks to incur open foreign exchange positions by financing local currency lending with foreign currency borrowing. Even...
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...aid was equivalent to 8.1% of Bangladesh's GDP; in 2000 the share had come down to 4.0%; exports as a percentage of GDP, on the other hand, has gone up from 6.8% to 14.5% over the same period. In 1990 the country's earnings of the foreign exchange from export and remittance was 1.3 times that of the aid disbursed; by the year 2000 it was almost 5 times as high. Bangladesh's graduation from a predominantly aid recipient country to a predominantly trading country is one of the major achievements of the 1990s. The structural shift from primary to manufacturing exports, from resource-based to process based exportables and from the traditional jute-centric to the emergent RMG-centric export is remarkable by any standard. Over the same period the country had also to import an increasing amount of production and non-production related commodities. Increasing exports have allowed the country to service a large part of this growing import demand without seriously undermining the balance of payments position of the country and the country's debt servicing record. Consequently, in view of the increasing degree of openness of the Bangladesh economy, factors such as competitiveness of the external sector, market access capacity and ability for strengthened global integration are becoming key determinants in terms of not only the performance of the external sector but also the overall growth and development of the country. The present...
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...Multinational Challenges and the Global Economy Multiple Choice and True/ False Questions 1.1 The Global Financial Marketplace 1) Which of the following firms are NOT considered to be multinational enterprises (MNEs) even if they have operations in more than one country? A) for-profit companies B) not-for-profit organizations C) non-government organizations (NGOs) D) all of the above may be considered MNEs Answer: D Diff: 1 Topic: 1.1 The Global Financial Marketplace Skill: Recognition 2) "BRIC" is a term coined in 2001 to refer to a group of countries at about the same stage of advanced economic development. The BRIC countries are ________. A) Belgium, Romania, Italy, and Canada B) Brazil, Russia, India, and China C) Britain, Romania, Israel, and Colombia D) Brazil, Russia, Italy, and Chile Answer: B Diff: 1 Topic: 1.1 The Global Financial Marketplace Skill: Recognition 3) According to the authors, which of the following groups or securities are at the "heart" to the global capital markets? A) debt securities issued by governments B) bank loans and corporate bons C) equity securities D) derivative securities Answer: A Diff: 1 Topic: 1.1 The Global Financial Marketplace Skill: Recognition 4) ________ are the largest markets in the world. A) United States equity markets B) European debt markets C) Global currency markets D) Chinese export markets Answer: C Diff: 1 Topic: 1.1 The Global Financial Marketplace Skill: ...
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...thus brings new challenges for Bangladesh’s apparel industry to continue its current status and enhance it in a free flow of apparel trade era. According to BGMEA, after the Liberation War of Bangladesh, in 1983 the Ready-Made-Garment (RMG) industry emerged to be a most promising sector in the socio-economic context of Bangladesh. From that point of time till now, this industry has grown and developed so rapidly that currently Bangladesh is exporting RMG products worth 5 billion USD every year to countries like EU, USA, Canada and other countries of the world. Now, Bangladesh enjoys the position of being the 6th largest apparel supplier to the USA and EU countries. The sector rapidly attained high importance in terms of employment, foreign exchange earnings and its contribution to GDP. Background of RMG industry in Bangladesh since beginning of ‘80s Export-oriented garment exports from Bangladesh were initiated in the beginning of the 1980s (Bhattacharya and Rahman, 2001; Hoque, Murayama and Rahman, 1995; Murayama, 2006; Rhee, 1990; Zohir and Paul-Majumder, 1996). A Korean investor was...
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