This document provides an overview of money market securities, including Treasury bills, commercial paper, negotiable certificates of deposit, and repurchase agreements. It discusses the key characteristics of each type of security such as typical maturities, minimum denominations, how they are issued and traded, and how yields are estimated. The chapter also examines how these short-term instruments provide liquidity to both issuers and investors.
International Monetary Fund (IMF) - International Business - Manu Melwin Joymanumelwin
油
The document summarizes the International Monetary Fund (IMF), an international organization established in 1945 with 188 member countries. The IMF aims to ensure stability of the international monetary system and assist countries with payment imbalances through lending. It conducts economic surveillance of members and provides technical assistance. The IMF is governed by a Board of Governors and overseen by a 24-member Executive Board. It assists countries in reconstructing payment systems and fostering global monetary cooperation.
Title: "Euro Currency Market"
Prepared by: Tehseen Khan
1: INTERNATIONAL FINANCIAL MARKET
. The foreign exchange market is a global decentralized market for the trading of currencies
. The main participants in this market are the larger international banks
.The foreign exchange market works through financial institutions, and it operates on several levels
2: EUROCURRENCY MARKET
A Eurocurrency market is a currency market that runs banking services by using foreign currencies set outside of the national market.
3: EUROBOND
A Eurobond is an international bond that is denominated in a currency not native to the country where it is issued.
The International Monetary Fund (IMF) is an organization of 188 countries that works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty. The IMF provides policy advice, research, loans, and technical assistance to help member countries. Key functions include surveillance of members' economic policies, lending to address balance of payment issues, and technical assistance. The IMF has helped Pakistan's economy through various loans totaling billions of dollars since the 1980s.
This document discusses the financial system and foreign exchange markets. It defines a financial system as a mechanism connecting savers and investors to facilitate lending and borrowing. The foreign exchange market allows the exchange of one currency for another and operates around the clock globally. There are five main participants in foreign exchange markets: customers, commercial banks, other financial institutions, brokers, and central banks. Central banks play a major regulatory role in foreign exchange markets and intervene to maintain currency stability.
This document provides an overview of Bank Negara Malaysia (BNM), the central bank of Malaysia. It outlines the specific objectives to be covered, which include explaining the formation of BNM, its objectives and functions, organizational structure, relationship with international institutions, and the monetary policy instruments it uses. BNM was established in 1959 to manage Malaysia's money supply and credit situation. It is responsible for currency issuance, maintaining foreign reserves, advising the government, and promoting monetary stability. The document discusses BNM's governance structure and various tools available to influence monetary policy, including statutory reserve requirements, liquidity requirements, open market operations, and discount operations.
describing the exchange rate systems, explaining how government uses direct and indirect intervention to influence exchange rates, and how government intervention in the forex markets.
The International Monetary Fund (IMF) is an organization of 188 countries that works to foster global monetary cooperation and financial stability. It aims to facilitate international trade, promote employment and economic growth, and reduce poverty. The IMF manages a reserve asset called Special Drawing Rights (SDRs) that can supplement its members' official foreign exchange reserves. SDRs are allocated to IMF members in proportion to their quotas and can be exchanged for freely usable currencies. The value of SDRs is based on a basket of currencies and is recalculated every five years by the IMF.
Fixed vs floating exchange rate systemPankaj Newar
油
This document discusses and compares fixed and floating exchange rate systems. Under a fixed exchange rate system, a country's currency is pegged to another currency at a fixed rate. This stabilizes currency values but the system is vulnerable to speculation. Most currencies now float freely based on supply and demand. A floating exchange rate allows independent monetary policy and automatic balance of payments adjustments. While no system is definitively better, advanced economies tend to use floating rates while developing economies may benefit more from fixed rates initially.
The document discusses Sukuk, an Islamic financial certificate that is an alternative to conventional bonds. Sukuk are asset-backed and represent partial ownership of an asset, rather than debt. They can be structured using various Islamic financing contracts like murabahah, ijara, musharakah, and mudharabah. Malaysia has been a pioneer in developing the Sukuk market, with the first issuance in 1990 and the establishment of regulatory standards. It remains one of the largest Sukuk issuing countries globally.
The document discusses various methods for measuring and managing foreign exchange exposure for multinational companies. It covers accounting exposure from currency translation, transaction exposure from future payments, and operating exposure from foreign revenues and costs. The document then examines alternative currency translation methods and Statement of Financial Accounting Standards No. 52. It also provides strategies for designing hedging programs to manage transaction and translation exposure through techniques like forward contracts, currency options, and exposure netting across currencies.
This document summarizes a seminar presentation on the Indian financial system. It discusses the structure of the Indian financial system, including formal and informal sectors. It also describes key components of the formal financial system such as financial institutions, markets, and instruments. Specifically, it outlines different types of financial institutions like regulatory bodies, banks, and non-banking institutions. It also explains different financial markets in terms of money markets, capital markets, primary and secondary markets.
This document provides an overview of IFRS 4 Insurance Contracts. It discusses key aspects of IFRS 4 including the scope, definition of insurance contracts, income recognition, concessions provided, acquisition of insurance entities, deferred acquisition costs, liability adequacy tests, loss reserving, and disclosures. It also provides an overview of the upcoming Phase II changes which will move accounting for insurance contracts towards a fair value approach. Case studies and references are included for additional information.
Mgnt 4670 Ch 11 Intl Monetary System (Fall 2007)knksmart
油
The international monetary system describes the structure through which exchange rates are determined, trade and capital flows occur, and balance of payments adjustments are made. It includes fixed and floating exchange rate systems, as well as the roles of central banks and reasons for each type of system. Over time, the system has evolved from early forms of money and bartering to the gold standard, Bretton Woods system of fixed rates tied to the US dollar, and currently a mixed system with major currencies floating and others using fixed or managed rates.
Currency derivatives is a kind of new class of assets available for investment. Please go through this PPT which will give you some idea about currency & Currency derivatives.
The document discusses the origin and development of the European Monetary System (EMS) and the later introduction of the Euro. It describes how the EMS was established in 1972 to link European currencies and stabilize exchange rates. The Exchange Rate Mechanism formalized central rates for currencies within prescribed margins. The goals were greater stability and economic convergence. However, the EMS collapsed in 1992-1993 due to currency crises forcing rates outside margins. The Maastricht Treaty established the Euro and steps to economic and monetary union, including establishing the European Central Bank and requiring member states to meet fiscal and debt criteria. The Euro was officially launched in 1999 among 11 initial members.
In this presentation, we will discuss about International Economic Institutions that comprises of International Monetary Fund, financial facilities and policies, conditionality, special drawing rights of the reserved assets, concept of World Bank, international Development Association, IFC, International Trade Centre and various other institutions, in detail.
To know more about Welingkar Schools Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
This document discusses various types of risks faced by Islamic banks, including market risk, interest rate risk, credit risk, liquidity risk, operational risk, legal risk, equity investment risk, rate of return risk, displaced commercial risk, fiduciary risk, Shari'ah compliance risk, reputation risk, and strategies for managing these risks. It provides details on the sources and impacts of each risk and emphasizes the importance of comprehensive risk management systems, internal controls, oversight committees, regular reporting, and adherence to Shari'ah principles for Islamic banks.
This document discusses export credit refinance facilities provided by the Reserve Bank of India (RBI) to banks. It defines key terms and outlines two main facilities - the rupee refinance facility and a special dollar refinance facility introduced to support pre-shipment export credit in foreign currency. Under the rupee facility, banks can access refinancing of up to 50% of their outstanding rupee export credit at the RBI's repo rate. The special dollar facility allows banks to swap rupees for dollars from RBI at market rates, using the dollars to provide export financing while paying the rupee refinance rate. Documentation, interest rates, and other terms are also outlined.
Promote international monetary cooperation;
Facilitate the expansion and balanced growth of international trade;
Promote exchange stability;
Assist in the establishment of a multilateral system of payments; and
Make resources available (with adequate safeguards) to members experiencing balance of payments difficulties.
The IMF is油accountable油to the governments of its member countries. At the top of its油organizational structure油is the油Board of Governors, which consists of one Governor and one Alternate Governor from each member country.
The Board of Governors meets once each year at the IMF-World Bank Annual Meetings.
Twenty-four of the Governors sit on the International Monetary and Financial Committee油(IMFC) and normally meet twice each year.
The IMF's day-to-day work is overseen by its 24-member油Executive Board, which represents the entire membership, this work is guided by the IMFC and supported by the IMF staff.
The Managing Director is the head of the油IMF staff and Chairman of the Executive Board and is assisted by four Deputy Managing Directors.
This document provides an overview of IAS 8, which establishes principles for selecting accounting policies, accounting for changes in estimates and correcting errors. It defines key terms and outlines requirements for changes in policies, estimates and error corrections. The standard aims to ensure financial statements provide reliable and relevant information. Accounting policy changes must be applied retrospectively, while estimate changes are applied prospectively. Errors are corrected retrospectively. Disclosures are required for policy changes, estimate changes and prior period errors.
The Economic and Monetary Union (EMU) of the European Union was created in stages to coordinate economic policies and adopt a common currency, the euro. The Maastricht Treaty of 1991 laid out criteria for qualifying for the EMU and established a three stage process. Stage one involved capital flow liberalization. Stage two created the European Monetary Institute and strengthened economic coordination. Stage three established irrevocable currency conversion rates and introduced the euro under the European Central Bank. The EMU framework coordinates monetary, fiscal, and economic policies across EU members using the euro.
chapter three interest rates in the financial system.pptxEbsaAbdi
油
There are two main economic theories that explain how interest rates are determined:
1) Loanable funds theory - Interest rates are determined by the supply and demand of loanable funds in the credit market. Demand comes from entities seeking to borrow, while supply comes from those willing to lend funds.
2) Liquidity preference theory - Interest rates are set by the demand and supply of money balances. Individuals may prefer to hold their wealth in liquid money form rather than invest due to uncertainty, affecting interest rates.
Additionally, the structure of interest rates varies based on factors like maturity, risk, and transaction costs associated with different financial instruments. Riskier loans command higher interest rates as compensation for default risk.
This document discusses international finance, including the balance of payments, International Monetary Fund, and foreign exchange markets. It defines balance of payments as the record of all transactions between a country's residents and the rest of the world, including the current account, capital account, and reserves. The International Monetary Fund was created in 1945 to assist in reconstructing the international payment system after World War II and works to improve member economies. Foreign exchange markets allow currencies to be traded globally and determine relative currency values.
The IMF is an organization of 186 countries that works to foster global monetary cooperation and secure financial stability. It provides policy advice and financing to help countries achieve macroeconomic stability. The IMF tracks global economic trends, warns of potential problems, and shares expertise to help countries address economic difficulties. It supports members through policy advice, research, loans, and technical assistance. The IMF aims to ensure the stability of the international monetary system and help members promote growth and alleviate poverty.
describing the exchange rate systems, explaining how government uses direct and indirect intervention to influence exchange rates, and how government intervention in the forex markets.
The International Monetary Fund (IMF) is an organization of 188 countries that works to foster global monetary cooperation and financial stability. It aims to facilitate international trade, promote employment and economic growth, and reduce poverty. The IMF manages a reserve asset called Special Drawing Rights (SDRs) that can supplement its members' official foreign exchange reserves. SDRs are allocated to IMF members in proportion to their quotas and can be exchanged for freely usable currencies. The value of SDRs is based on a basket of currencies and is recalculated every five years by the IMF.
Fixed vs floating exchange rate systemPankaj Newar
油
This document discusses and compares fixed and floating exchange rate systems. Under a fixed exchange rate system, a country's currency is pegged to another currency at a fixed rate. This stabilizes currency values but the system is vulnerable to speculation. Most currencies now float freely based on supply and demand. A floating exchange rate allows independent monetary policy and automatic balance of payments adjustments. While no system is definitively better, advanced economies tend to use floating rates while developing economies may benefit more from fixed rates initially.
The document discusses Sukuk, an Islamic financial certificate that is an alternative to conventional bonds. Sukuk are asset-backed and represent partial ownership of an asset, rather than debt. They can be structured using various Islamic financing contracts like murabahah, ijara, musharakah, and mudharabah. Malaysia has been a pioneer in developing the Sukuk market, with the first issuance in 1990 and the establishment of regulatory standards. It remains one of the largest Sukuk issuing countries globally.
The document discusses various methods for measuring and managing foreign exchange exposure for multinational companies. It covers accounting exposure from currency translation, transaction exposure from future payments, and operating exposure from foreign revenues and costs. The document then examines alternative currency translation methods and Statement of Financial Accounting Standards No. 52. It also provides strategies for designing hedging programs to manage transaction and translation exposure through techniques like forward contracts, currency options, and exposure netting across currencies.
This document summarizes a seminar presentation on the Indian financial system. It discusses the structure of the Indian financial system, including formal and informal sectors. It also describes key components of the formal financial system such as financial institutions, markets, and instruments. Specifically, it outlines different types of financial institutions like regulatory bodies, banks, and non-banking institutions. It also explains different financial markets in terms of money markets, capital markets, primary and secondary markets.
This document provides an overview of IFRS 4 Insurance Contracts. It discusses key aspects of IFRS 4 including the scope, definition of insurance contracts, income recognition, concessions provided, acquisition of insurance entities, deferred acquisition costs, liability adequacy tests, loss reserving, and disclosures. It also provides an overview of the upcoming Phase II changes which will move accounting for insurance contracts towards a fair value approach. Case studies and references are included for additional information.
Mgnt 4670 Ch 11 Intl Monetary System (Fall 2007)knksmart
油
The international monetary system describes the structure through which exchange rates are determined, trade and capital flows occur, and balance of payments adjustments are made. It includes fixed and floating exchange rate systems, as well as the roles of central banks and reasons for each type of system. Over time, the system has evolved from early forms of money and bartering to the gold standard, Bretton Woods system of fixed rates tied to the US dollar, and currently a mixed system with major currencies floating and others using fixed or managed rates.
Currency derivatives is a kind of new class of assets available for investment. Please go through this PPT which will give you some idea about currency & Currency derivatives.
The document discusses the origin and development of the European Monetary System (EMS) and the later introduction of the Euro. It describes how the EMS was established in 1972 to link European currencies and stabilize exchange rates. The Exchange Rate Mechanism formalized central rates for currencies within prescribed margins. The goals were greater stability and economic convergence. However, the EMS collapsed in 1992-1993 due to currency crises forcing rates outside margins. The Maastricht Treaty established the Euro and steps to economic and monetary union, including establishing the European Central Bank and requiring member states to meet fiscal and debt criteria. The Euro was officially launched in 1999 among 11 initial members.
In this presentation, we will discuss about International Economic Institutions that comprises of International Monetary Fund, financial facilities and policies, conditionality, special drawing rights of the reserved assets, concept of World Bank, international Development Association, IFC, International Trade Centre and various other institutions, in detail.
To know more about Welingkar Schools Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
This document discusses various types of risks faced by Islamic banks, including market risk, interest rate risk, credit risk, liquidity risk, operational risk, legal risk, equity investment risk, rate of return risk, displaced commercial risk, fiduciary risk, Shari'ah compliance risk, reputation risk, and strategies for managing these risks. It provides details on the sources and impacts of each risk and emphasizes the importance of comprehensive risk management systems, internal controls, oversight committees, regular reporting, and adherence to Shari'ah principles for Islamic banks.
This document discusses export credit refinance facilities provided by the Reserve Bank of India (RBI) to banks. It defines key terms and outlines two main facilities - the rupee refinance facility and a special dollar refinance facility introduced to support pre-shipment export credit in foreign currency. Under the rupee facility, banks can access refinancing of up to 50% of their outstanding rupee export credit at the RBI's repo rate. The special dollar facility allows banks to swap rupees for dollars from RBI at market rates, using the dollars to provide export financing while paying the rupee refinance rate. Documentation, interest rates, and other terms are also outlined.
Promote international monetary cooperation;
Facilitate the expansion and balanced growth of international trade;
Promote exchange stability;
Assist in the establishment of a multilateral system of payments; and
Make resources available (with adequate safeguards) to members experiencing balance of payments difficulties.
The IMF is油accountable油to the governments of its member countries. At the top of its油organizational structure油is the油Board of Governors, which consists of one Governor and one Alternate Governor from each member country.
The Board of Governors meets once each year at the IMF-World Bank Annual Meetings.
Twenty-four of the Governors sit on the International Monetary and Financial Committee油(IMFC) and normally meet twice each year.
The IMF's day-to-day work is overseen by its 24-member油Executive Board, which represents the entire membership, this work is guided by the IMFC and supported by the IMF staff.
The Managing Director is the head of the油IMF staff and Chairman of the Executive Board and is assisted by four Deputy Managing Directors.
This document provides an overview of IAS 8, which establishes principles for selecting accounting policies, accounting for changes in estimates and correcting errors. It defines key terms and outlines requirements for changes in policies, estimates and error corrections. The standard aims to ensure financial statements provide reliable and relevant information. Accounting policy changes must be applied retrospectively, while estimate changes are applied prospectively. Errors are corrected retrospectively. Disclosures are required for policy changes, estimate changes and prior period errors.
The Economic and Monetary Union (EMU) of the European Union was created in stages to coordinate economic policies and adopt a common currency, the euro. The Maastricht Treaty of 1991 laid out criteria for qualifying for the EMU and established a three stage process. Stage one involved capital flow liberalization. Stage two created the European Monetary Institute and strengthened economic coordination. Stage three established irrevocable currency conversion rates and introduced the euro under the European Central Bank. The EMU framework coordinates monetary, fiscal, and economic policies across EU members using the euro.
chapter three interest rates in the financial system.pptxEbsaAbdi
油
There are two main economic theories that explain how interest rates are determined:
1) Loanable funds theory - Interest rates are determined by the supply and demand of loanable funds in the credit market. Demand comes from entities seeking to borrow, while supply comes from those willing to lend funds.
2) Liquidity preference theory - Interest rates are set by the demand and supply of money balances. Individuals may prefer to hold their wealth in liquid money form rather than invest due to uncertainty, affecting interest rates.
Additionally, the structure of interest rates varies based on factors like maturity, risk, and transaction costs associated with different financial instruments. Riskier loans command higher interest rates as compensation for default risk.
This document discusses international finance, including the balance of payments, International Monetary Fund, and foreign exchange markets. It defines balance of payments as the record of all transactions between a country's residents and the rest of the world, including the current account, capital account, and reserves. The International Monetary Fund was created in 1945 to assist in reconstructing the international payment system after World War II and works to improve member economies. Foreign exchange markets allow currencies to be traded globally and determine relative currency values.
The IMF is an organization of 186 countries that works to foster global monetary cooperation and secure financial stability. It provides policy advice and financing to help countries achieve macroeconomic stability. The IMF tracks global economic trends, warns of potential problems, and shares expertise to help countries address economic difficulties. It supports members through policy advice, research, loans, and technical assistance. The IMF aims to ensure the stability of the international monetary system and help members promote growth and alleviate poverty.
The International Monetary Fund (IMF) & The World Bank GroupAbdul Basit Adeel
油
This document provides an overview of the International Monetary Fund (IMF) and the World Bank. It discusses their establishment, goals, organizational structures, functions, enforcement mechanisms, and provides a case study on Argentina. The IMF aims to maintain global monetary stability by providing short-term loans to address balance of payment issues. The World Bank provides long-term loans for poverty alleviation and development projects. Both institutions have faced criticism for undermining state sovereignty and representing global economic inequalities.
- The document presents information about the International Monetary Fund (IMF), including its history, purpose, functions, and relationship with Bangladesh. The IMF was established in 1944 to promote global monetary cooperation and stability. It provides loans and other resources to help countries address balance of payments issues. The IMF works to monitor economies, support policies, and provide technical assistance to its over 185 member countries.
Uluslararas脹 Ticaret ve T端rkiye (Bahman Huseynli)Bahman Huseynli
油
Bu sunumda, uluslararas脹 ticaret, ona y旦n veren uluslararas脹 kurumlar ve T端rkiye`nin yerinden bahsedilmidir. Farkl脹 kaynaklardan yararlan脹lm脹 ve istatistik rakamlarla zenginletirilmitir.
The IMF was established in 1945 at the Bretton Woods Conference to promote international monetary cooperation and stability. It aims to foster global economic growth, provide emergency loans to countries with balance of payments issues, and offer advice to support members' economic development. The IMF is funded mainly through member quota subscriptions and its activities have helped members achieve greater monetary stability, reconstruction after World War 2, and increased international trade.
HSBC Bank T端rkiye Hazine Sat脹 Direkt旦r端 Fatih KERESTEC聴, T端m Al脹veri Merkezleri ve Perakendeciler Federasyonu y脹ll脹k deerlendirme toplant脹s脹nda 2014 y脹l脹 deerlendirmesini yaparken 2015 y脹l脹na ilikin beklentilerini ve tahminlerini de paylat脹.
T端rkiye ve d端nya ekonomisi ile ilgili yap脹sal nitelikte deerlendirmeler i巽ermektedir. Sunuta ayr脹ca, 巽eitli kaynaklardan derlenmi k脹sa, orta ve uzun vadeli b端y端me tahminlerine de yer verilmektedir.
2. 2
Ne vaat ettiiniz deil, ger巽ekletirmek i巽in neler
yapt脹脹n脹z baar脹n脹z脹 belirler. Mesela ayd脹nlatmaksa
derdiniz etraf脹n脹z脹, mumu yakman脹z deil nas脹l daha
fazla 脹脹mas脹n脹 salaman脹zd脹r baar脹n脹z. G端n 脹脹脹
varken, lo 脹脹a rabet edilmez.
G端lbahar Yurteri
3. IMF (Uluslararas脹 Para Fonu)
Birinci ve 聴kinci D端nya Sava脹 sonras脹 sava脹n a脹r b端t巽esi
Avrupadaki bir巽ok 端lkeyi vurup, darboaza s端r端klemitir.
Ticaret tamamen durmu, isizlik rekor d端zeye ulam脹, yaam
standartlar脹 d端m端t端r.
Al脹m sat脹m, dei-toku usul端yle yap脹lmaya balay脹nca itibar
kaybeden paraya deer saptayabilecek kurum aray脹脹na
girilmitir.
3
4. IMF (Uluslararas脹 Para Fonu)
Ekonomik kaos ortam脹na kar脹n ABD sava s端resince alt脹n
stoklar脹n脹 ve ihracat脹n脹 s端rekli art脹rm脹t脹r.
Avrupadaki kriz ortam脹na yard脹m脹 beklenen ABD,
dorudan para yard脹m脹 yerine mali kurulular arac脹l脹脹yla
destek olmay脹 kabul etmitir.
4
5. IMFnin Kurulu Amac脹
Bu balamda IMF, Avrupa
devletlerinin
tediye bilan巽olar脹nda ortaya
巽脹kabilecek k脹sa vadeli 旦deme
g端巽l端klerinde kredi vererek
milletleraras脹 ticaretin bu y端zden
daralmas脹n脹 旦nlemek i巽in ekonomik
ibirlii amac脹yla kuruldu.
5
6. IMF (Uluslararas脹 Para Fonu)1944 y脹l脹nda ABD'nin New
Hampshire eyaletindeki
Bretton Woods da kuruldu.
Bretton Woods
Antlamas脹'nda; biri IMF,
dieri Milletleraras脹 聴mar ve
Kalk脹nma Bankas脹 (IBRD)
yani D端nya Bankas脹 olan iki
ekonomik m端essesenin
kurulmas脹 kararlat脹r脹lm脹t脹r.
6
Uluslararas脹 Para Fonu
7. Uluslararas脹 Para Fonu
IMFnin resmi olarak ortaya 巽脹k脹脹 ise Aral脹k 1945te 29
yesi taraf脹ndan Anlama Maddelerinin
imzalanmas脹yla olmutur.
Bor巽 verilen 端lkedeki istihdam ve b端y端me odakl脹 para
ve maliye politikalar脹n脹 ekillendirme iini de bu
kurum 端stlenmitir.
7
8. Uluslararas脹 Para Fonu
Kurulu, 1 Mart 1947de fiilen faaliyete ge巽mi ve ayn脹
y脹l脹n ilerleyen aylar脹nda Fransa, IMFden bor巽 alan ilk
端lke olmutur.
8
9. Uluslararas脹 Para Fonu
1950lerin sonlar脹nda ve 1960larda, bir巽ok Afrika 端lkesinin
ba脹ms脹zl脹脹n脹 ilan edip 端yelik bavurusunda bulunmas脹yla
IMFnin 端ye say脹s脹 artmaya balam脹t脹r.
1980' lerden itibaren ise IMF tamamen makroekonomik
koullara odaklanm脹t脹r.
9
10. Uluslararas脹 Para Fonu
1989da Berlin Duvar脹n脹n y脹k脹lmas脹 ve 1991de Sovyetler
Birliinin da脹lmas脹yla IMF in etki alan脹n脹 geniletmitir
ve IMFnin neredeyse evrensel bir kurum haline gelmesine
olanak vermitir.
Kuzey Kore, K端ba, Andorra, Lihtentayn, Tuvalu ve Nauru
hari巽 b端t端n Birlemi Milletler 端ye devletleri IMF'ye
dorudan olarak kat脹l脹r.
10
11. Organizasyon Yap脹s脹
uan 188 端yesi ve 140脹 ak脹n 端lkeden gelen
personeli olan IMF, Birlemi Milletlerin
uzmanlam脹 kurumlar脹ndan biri olsa da, kendi
t端z端端, y旦netim yap脹s脹 ve mali kayna脹 vard脹r.
11
12. Uluslararas脹 Para Fonu Ama巽lar脹
K端resel para ibirlii gelitirmek,
Finansal istikrar脹 salamak,
Uluslararas脹 ticareti kolaylat脹rmak,
Y端ksek istihdam脹 tevik etmek,
S端rd端r端lebilir ekonomik b端y端meyi tevik,
D端nya 巽ap脹nda yoksulluu azaltmay脹 tevik etmek,
12
13. Uluslararas脹 Para Fonu Ama巽lar脹
D旦viz kurlar脹nda istikrar脹 tevik etmek,
ok tarafl脹 bir 旦demeler sisteminin kurulmas脹na
yard脹m etmek,
demeler dengesinde problemler yaayan 端ye
端lkelere finansal destek salamak,
13
14. Organizasyon Yap脹s脹
Guvern旦rler Kurulu
Uluslararas脹 Parasal ve
Mali Komite
Y旦netim Kurulu
IMF- D端nya Bankas脹
Kalk脹nma Komitesi
Ba脹ms脹z Deerlendirme Ofisi
Teknik Yard脹m
Ofisi
聴巽 Denetim Ofisi
B端t巽e ve Planlama
Ofisi
Yat脹r脹m Ofisi Personel
Emeklilik Plan脹
IMF Bakan脹
Bakan Yard脹mc脹s脹
B旦lgesel
Departmanlar
Fonksiyonel ve
zel Hizmet
Departmanlar脹
Bilgi ve
Balant脹
Destek
Hizmetleri
14
15. Bakanl脹k g旦revinde bulunanlar;
聴sim Ulus Balama Biti
Camille Gutt Bel巽ika 6 May脹s 1946 1951
Ivar Rooth 聴sve巽 Austos 1951 Ekim 1956
Per Jacobsson 聴sve巽 Aral脹k 1956 5 May脹s 1963
Pierre-Paul
Schweitzer
Fransa 1 Eyl端l 1963 1 Eyl端l 1973
Johannes Witteven Hollanda 1 Eyl端l 1973 17 Haziran 1978
Jacques de Larosi辿re Fransa 17 Haziran 1978 16 Ocak 1987
Michel Camdessus Fransa 16 Ocak 1987 14 ubat 2000
Horst K旦hler Almanya 1 May脹s 2000 4 Mart 2004
Anne Kruger ABD 4 Mart 2004 4 May脹s 2004
Rodrigo Rato 聴spanya 4 May脹s 2004 31 Ekim 2007
Dominique Strauss-
Kahn
Fransa 1 Kas脹m 2007 18 May脹s 2011 (istifa)
John Lipsky ABD 18 May脹s 2011 5 Temmuz 2011 (geci巽i)
Christine Lagarde Fransa 5 Temmuz 2011
15
16. Organizasyon Yap脹s脹
Avusturya taraf脹ndan y端r端t端len 聴cra Direkt旦rl端端 g旦revi 1
Kas脹m 2014 tarihinden itibaren T端rkiyeye verilmitir ve
2016 y脹l脹na kadar g旦rev T端rkiye taraf脹ndan y端r端t端lecektir.
Bu 旦nemli g旦revin 端lkemiz ad脹na 聴cra Direkt旦r端 olarak
Hazine M端stear脹m脹z 聴brahim Halil anak巽脹 taraf脹ndan
y端r端t端l端yor.
16
17. Uluslararas脹 Para Fonu 聴leyii
Bir 端lke, ge巽ici ya da yap脹sal nedenlerle 旦demeler
dengesinde s端rd端r端lemeyecek 旦l巽端de a巽脹k veriyorsa ve
d脹 旦demelerini yapamama riski olumusa, yaanan
olumsuz ekonomik koullar giderilene kadar (ve bu
y旦ndeki politikalar uyguland脹脹 s端rece) IMFden
bor巽lanabilmektedir.
17
18. Uluslararas脹 Para Fonu 聴leyii
Ayn脹 amaca hizmet etmekle
birlikte kredi t端rleri, hedef
kaynak kullan脹c脹s脹, faiz oranlar脹,
vade t端rleri ve uygulanan
politikan脹n i巽erii bak脹m脹ndan
farkl脹lamaktad脹r.
18
19. Uluslararas脹 Para Fonu
聴leyii
Kar脹l脹kl脹 garantiler 巽er巽evesinde hareket
etmekte; gerekli politikalar脹n uygulanmas脹,
ekonomilerin d端zelmesi, 旦demelerin
dengelenmesi ve bor巽lu 端lkenin paray脹 geri
旦demesini art komaktad脹r.
Bunun yan脹 s脹ra IMFnin 端lkeleraras脹 para
deiimine arac脹l脹k ettii de s旦ylenebilir 19
20. Uluslararas脹 Para Fonu
聴leyii
20
ye 端lke
A
ye 端lke
BPara al脹
sat脹脹
IMF bu 端lkelerin
paralar脹n脹 alarak
onlara dier
端lkelerin paralar脹n脹
satar.
21. Fonda her 端ye 端lkeye farkl脹 kota miktar脹 verilmitir.
21
demeler %25
alt脹n %75
ulusal para
cinsinden
22. Uluslararas脹 Para Fonu 聴leyii
Kotalar, her bir 端yenin sahip olduu eit birim oy
say脹s脹 ile birlikte, 端lkelerin oy g端c端n端
belirlemektedir.
22
23. Uluslararas脹 Para Fonu
聴leyii lkelerin Fondan ne kadar para
巽ekebilecei ve 旦rg端t i巽erisindeki oy g端c端
bu kotalarla belirlenir.
23
Kotalar genel olarak her bir 端ye
端lkenin ekonomisinin
b端y端kl端端n端 yans脹tmaktad脹r
24. Uluslararas脹 Para Fonu
聴leyii
Kotalar genellikle her be y脹lda bir g旦zden ge巽iriliyor olup
u konularda belirleyicidir:
*SDR( zel ekme Haklar脹= Special Drawing Rights) IMF'nin para birimidir.
24
25. X lkesinin Oy Oran脹 = X lkesinin Oy Say脹s脹 / IMFdeki
Toplam Oy Say脹s脹
RN: TR OY ORANI: TR OY SAYISI
IMF TOPLAM OY SAYISI
X lkesinin Toplam Oy Say脹s脹 = Sabit OY Say脹s脹 + Deiken
Oy Say脹s脹
25
IMF oy oran脹
form端lizasyonu;
26. Uluslararas脹 Para Fonu
聴leyii
IMFde kararlar genel olarak %85 lik oy 巽ounluu ile
al脹nmaktad脹r. %15 in 端zerinde oy hakk脹na sahip
olmas脹 sebebiyle ABD, ortak karar alma
mekanizmas脹nda kilit bir role sahiptir.
26
28. Uluslararas脹 Para Fonu
聴leyii Kota oran脹 ve s旦z hakk脹
doru orant脹l脹d脹r.
28
K端巽端k ekonomiye
sahip 端lkeler b旦lge
sandalyeleriyle
temsil edilir.
29. D端nya d端zeninde ve farkl脹laan koullar IMF g旦revlerinde
farkl脹lamaya sebep olsa da genel g旦revleri aa脹daki gibidir:
29
30. Uluslararas脹 Para Fonu
nceleri daha 巽ok 旦demeler sisteminde
oluabilecek sorunlar脹 gidermek i巽in 巽al脹an IMF,
ilerleyen y脹llarda daha 巽ok ekonomik
kalk脹nma/d旦n端端m s端re巽lerinin bir savunucusu
haline gelmitir.
30
31. Uluslararas脹 Para Fonu
1990l脹 y脹llarda yaanan ekonomik krizler sonras脹nda, IMF
finansal sistemde istikrar脹n salanmas脹 ve yat脹r脹mc脹larda
g端venin oluturulmas脹 i巽in daha aktif rol almaya balad脹.
IMF; istikrarl脹 bir b端y端menin salanmas脹 amac脹yla effaf
makroekonomik politikalar脹n oluturulmas脹, t端m 端lkeler
taraf脹ndan daha salam politika yap脹m脹 i巽in gerekli
standartlar ve kodlar脹n oluturulmas脹, finansal sistemdeki
risklerin y旦netilmesinin salanmas脹 gibi konulara y旦neldi.
31
32. Uluslararas脹 Para Fonu
Artan spek端latif sermaye hareketleri, paritelerin
piyasalarca belirlenmesi IMnin dan脹manl脹k g旦revini
kaybetmesine sebep olmutur.
32
33. Uluslararas脹 Para Fonu
聴talya ve 聴ngiltere sanayilemi 端lkeler aras脹nda IMF
destekli istikrar program脹 uygulam脹 (1977) son
端lkelerdir.
Bu tarihten sonra IMF in g旦rev ekseni sanayilemi,
gelimi 端lkelerin parasal dan脹manl脹脹ndan, az
gelimi 端lkelerin kriz y旦neticisi ve finans旦rl端端ne
kaym脹t脹r.
IMF nin k端reselleme s端recinde yeni m端terileri ise
gelimekte olan 端lkelerdir.
33
34. IMF POL聴T聴KALARININ
SONULARI
IMF, d端nyadaki egemen ekonomilerin dier
端lkelerden istedikleri uyum politikalar脹n脹n ve
d端zenlemelerinin ger巽ekletirilmesini salamak i巽in
kurulmu olup 端lkelerin ba脹ml脹l脹脹ndan
yararlan脹larak 巽脹karlara uygun politikalar hayata
ge巽irilmektedir.
34
35. IMF POL聴T聴KALARI
Sermaye ak脹mlar脹,d旦viz kurlar脹 ve d脹 ticaret
端zerindeki korumac脹 engellerin kald脹r脹lmas脹 esas olup
IMFnin istei dorultusunda yabanc脹 sermaye tevik
edilir. Hatta yabanc脹 sermaye stratejik sekt旦rlerde ve
hatta kamu sekt旦r端nde dahi 脹srarla beklenir.
35
REETE
聴ER聴聴
36. IMF POL聴T聴KALARI
36
-T端rkiye de 2000 y脹l脹nda kriz ortam脹
yok iken uygulanan IMF re巽etesi
krizle sonu巽lanm脹t脹r.
-端lkeler aras脹 yay脹lma
kriz k端resellemenin
nedeni ve/veya
sonucu
37. IMF POL聴T聴KALARININ
SONULARI
Son y脹llarda IMF krizlerle an脹lmakta ve ekonomik
istikrars脹zl脹a yol a巽t脹脹 savunulmaktad脹r.
IMF program脹, bor巽 alan 端lkelere ba脹ml脹l脹k enjekte
etmitir. Bununla beraber Bat脹 tarz脹 re巽eteleri dier
端lkelere uygulayarak bu 端lkelerde krizlere yol a巽m脹t脹r.
37
38. IMF, kendisine bavuran 端lkelere, o 端lkelerin makro
ve mikroekonomik yap脹lar脹n脹 hi巽 dikkate almadan
standart 巽旦z端mler ortaya koymu ve bir 巽ok 端lkede
krize sebep olmutur.
Bu durum g旦stermektedir ki Amerika ve dier b端y端k
Bat脹l脹 devletlerin ihra巽 ettii politikalar her 端lke i巽in
derman nitelii ta脹mamaktad脹r.
38
IMF POL聴T聴KALARININ
SONULARI
39. IMF POL聴T聴KALARININ
SONULARI
Bryan Johnson ve Brett Schaefer taraf脹ndan yap脹lan bir
arat脹rmaya g旦re IMF politikalar脹n脹 uygulayan 89 az gelimi
端lkenin 1965den 1995e kadarki ekonomik b端y端mesi
incelenmitir. Arat脹rma sonu巽lar脹 ilgin巽tir: Bu 端lkelerden;
48i bor巽 ald脹脹 y脹la g旦re kii ba脹na d端en zenginlik a巽脹s脹ndan
bir ilerleme kaydetmemi ve 48 端lkeden 32si daha da
fakirlemitir,
Bu 端lkelerden 14端n端n ekonomisi bor巽 ald脹脹 y脹la oranla en az
%15 k端巽端lm端t端r. rnein Nikaragua 1968den 1995e kadar 185
milyon dolar bor巽 alm脹, ancak ekonomisi %55 oran脹nda
daralm脹t脹r.
39
40. IMF POL聴T聴KALARININ
SONULARI
IMF politikalar脹n脹n ABDnin 旦ncelikleri ile
saptand脹脹n脹 belirten Stiglitz, global ekonomik
istikrar脹n gelitirilmesi i巽in Keynes taraf脹ndan
yarat脹lan bu kuruluun daha 巽ok global istikrars脹zl脹脹
gelitirdiini savunmaktad脹r.
40
41. IMF POL聴T聴KALARININ
SONULARI
Stiglitze g旦re, IMF politikalar脹na boyun een Asyan脹n
kriz 端lkeleri, 1998 y脹l脹nda ortalama y端zde 8.2
k端巽端lm端t端r.
Kriz s端resince ve sonras脹nda IMF program脹
uygulamayan ve sermaye ak脹mlar脹n脹 kontrol eden inin
1998 y脹l脹nda y端zde 7.8 ve Hindistan脹n da y端zde 5.2
b端y端d端端n端 belirtmektedir.
41
42. IMF POL聴T聴KALARININ
SONULARI
Barro ve Lee (2002), 1975-99 d旦nemini ve 130 端lkeyi
kapsayan 巽al脹malar脹nda, IMF kredilerinin, bu
端lkelerin b端y端me gibi ekonomik performanslar脹
g旦z旦n端nde bulundurulmadan, sadece Fon i巽inde s旦z
sahibi olan ABD, Fransa, Almanya ve 聴ngiltere gibi
端lkelere siyasi ve ekonomik yak脹nl脹klar脹 dikkate
al脹narak da脹t脹ld脹脹 sonucuna ulam脹lard脹r.
42
43. IMF T端rkiye 聴likisi
T端rkiye, IMF ile 1947de 聴smet 聴n旦n端 d旦neminde tan脹t脹.
IMF ile ilk stand-by d端zenlemesi 1 Ocak 1961de yap脹ld脹.
T端rkiye ile IMF aras脹nda toplamda 19 stand-by anlamas脹
imzaland脹.
Son anlama 2005te Ak Parti iktidar脹 d旦neminde
imzaland脹. AK Parti, 2008 y脹l脹nda ise IMF ile stand-by
anlamas脹 yapmama karar脹 ald脹.
43
44. IMF T端rkiye 聴likisi
T端rkiyenin IMF ile stand-by yolculuuna 8 Cumhurbakan脹
ve 37 h端k端met elik etti.
14 May脹s 2013te Hazine 19. stand-by 巽er巽evesinde IMFye
yakla脹k 422,1 milyon ABD dolar脹 ana para 旦demesi yaparak
52 y脹ldan beri bor巽lu olduu IMFye borcunu s脹f脹rlad脹.
T端rkiye'nin IMF'ye olan kredi borcunun son taksitinin
transferi, 4 ayr脹 transferle d旦nemin Babakan Yard脹mc脹s脹 Ali
Babacan taraf脹ndan 14 May脹s 2013 tarihinde ger巽ekletirildi.
44