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54 Cards in this Set
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- Back
- 3rd side (hint)
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UNCTAD |
United Nations Conference on Trade and Development |
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NDB |
New Development Bank Established July 2015 First loan approved April 2016 |
New bank |
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What does BRICS mean? |
Brazil Russia India China South Africa |
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Where is the first president of BRICS from? |
India |
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Is NDB membership open to all? |
Not yet. But when it does 55% will belong to the original BRICS. |
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NDB Capital Base |
$50 billion Contributed equally |
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How is NDB similar to World Bank? |
Its loans are for infrastructure and projects that promote sustainable development |
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How is NDB similar to IMF? |
Its Contingency Reserve Arrangement of $100 billion are for BOP problems like IMF loans |
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Where is NDB located? |
China |
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Why create NDB? |
To give BRICS a voice commensurate with their economic influence which IMF and WB does not allow. Insufficient funds to share |
Problems gaining influence |
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Which organization's logo is this? |
United Nations |
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When was the IMF created? How many members? |
1945 188 member states |
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When was the 2nd world war? |
Sept 1, 1939-Sept 2, 1945 |
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What is SDR? |
Special Drawing Rights is a special reserve asset and unit of account. Created in 1969 To supplement countries official reserves in the IMF. |
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What are the IMF's three main activity classifications? |
1. Lending 2. Surveillance 3. Capacity building |
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What is the SDR? |
1. A unit of account 2. A reserve asset |
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How is the SDR value determined? |
Value is based in a basket of currencies. Mainly the most tradable ones. |
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What is veto power and who has it in AIIB? |
The right vested in eg a branch of govt to stop or postpone another branch's official action, esp the enactment of legislation. China has veto power |
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What percentage of votes does China hold in AIIB? |
26% of votes
Country will contribute 30% of capital Initial capital $50b Will rise to $100 b |
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What does AIIB mean and when was it established? |
Asian Infrastructure Investment Bank Jan 2016 |
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What infrastructure does AIIB intend to finance? |
Power supply systems Water supply systems Telecommunications Transportation In Asian and non Asian countries |
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When was the MOU for the AIIB signed and where is AIIB HQ located? |
October 2014 Now it's located in China And served by a Chinese President |
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Who suggested the proposal for the AIIB ? |
Chinese president _____, in 2013 |
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How is the membership in the AIIB? |
Initially 57 but has grown to include countries from many continents such as Germany Australia Brazil India Spain USA and Japan decided to opt out of joining |
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What are the aims of AIIB? |
1. Additional source of investment 2. Promotion of Asian regional connectivity and economic integration 3. Cooperate with WB, (IMF), ADB and the like |
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What items does China have supreme decision making authority on? |
The appointment of a President, the board and major operational policies |
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What is the European Bank for Reconstruction and Development? |
FIND OUT |
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What is the Asian Development Bank and its structure? |
FIND OUT |
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Who cofinanced 3 of the 4 first loans approved in June 2016? |
World bank ADB European Bank for Reconstruction and Development |
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Why create a new bank namely AIIB? |
1. Inadequate resources at WB & ADB to dev. Asia 2. US too meddling in WB & ADB 3. Conditionalities at WB & ADB too taxing 4. To increase China's influence |
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When was the WTO established? |
January 1, 1995 |
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What does GATT mean and when was it established? |
General Agreement on Tariffs and Trade Est 1947 |
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What type of trade does WTO regulate? |
It regulates trade in 1. Goods 2. Services 3. IP rights 4. Trade related investment measures |
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What are the main objectives of the WTO? |
To provide transparent and predictable rules to promote free trade To facilitate trade negotiations and dispute settlement |
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What are the basic principles of WTO trading system? |
1. Non discrimination 2. National Treatment 3. Predictable trade 4. Progressive liberalization of trade through negotiations 5. Fair competition |
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Most Favored Nation clause |
Requires a country to treat all other countries as it would it "best friend" |
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Special and Differential Treatment |
Allows developing countries dont have to return a good favor to a developed country |
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How does WTO assist developing countries? |
Technical assistance Legal aide Longer implementation periods Allows for bargaining power |
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What are the steps in the dispute settlement process? |
1. A member country violates WTO agreement 2. Victim reports to WTO 3. Dispute settlement Body sets up a panel of experts to hear the case. 4. Panel rules, DSB accepts (but can also reject it). 5. DSB monitors the implementation of the rulings 6 DSB authorizes retaliation if needed 7. If victim or offender appeals ruling, Appellate Body, of experts unaffiliated with governments, is established to handle the rest. |
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Why did the Doha (Development Agenda) round in 2001 collapse? |
Mainly due to disagreement over the liberalization of the agricultural industry in developed countries by reducing their subsidies. India USA China vs EU Brazil |
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What is the Trade Facilitation Agreement? |
A procedure that allows for faster and more efficient customs activities. Technical support for developing countries Aims to reduce red tape
Signed in (2013) Full operation in (2017) |
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What does OECD mean? |
Organization for Economic Cooperation and Development Est 1961 Located in Paris |
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What are the functions of the IMF? |
1. To facilitate international trade 2. To promote exchange rate stability 3. To promote international monetary cooperation 4. To provide financial assistance to countries experiencing BOP problems |
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What conditionalities are usually required by the IMF? |
Reduction of govt exp by 1. Tax increases 2. reducing subsidies, increasing privatization and wage freezes |
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What is the Staff monitored program? |
As the name implies. Does not involve IMF loans |
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What are some Macroeconomic targets that IMF encourages? |
1. Inflation targets 2. Max amt govt can borrow 3. Min required holing of net international reserves |
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What types of IMF confessional loans are available to low income countries? |
1. Extended credit facility 2. Rapid credit facility 3. Standby credit facility |
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Possible types of IMF lending |
1. Standby arrangements 2. Flexible credit line -Precautionary loan 3. Precautionary and liquidity line 4. Extended fund facility 5. Concessional loans |
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What are the 2 loan types offered by IBRD? |
Long term investment loans of 5-10 years for Infrastructure Health Education etc Development policy loans of 1-3 for Reforms in financial sector and social policy. |
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IBRD means |
International Bank for Reconstruction and Development Lends to middle income govts and credit worthy low income countries |
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IDA means |
International Development Association Lends to poorest nations |
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ICSID means |
International Centre for Settlement of Investment Disputes |
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MIGA means |
Multilateral Investment Guarantee Agency |
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IFC means |
International Finance Corporation |
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