The IMF's internal analysis of exchange rate issues has been guided by, and limited by, the conceptual and empirical frameworks that have emerged from the collective research of the economics profession. The research has provided several general approaches that are useful for assessing whether countries exchange rates seem broadly appropriate. One involves the calculation of purchasing power-party (PPP) measure or international competitiveness indicators. A second, known as the macroeconomic balance framework, focuses on the extent to which prevailing exchange rates and policies are consistent with simultaneous internal and external equilibrium over the medium run. Some recent extensions of the macroeconomic balance approach and the manner in which it is applied by the IMF staff are described in this paper.
Every business manager needs intelligence to find suppliers, mobilize capital, win customers and fend off rivals. Obtaining this is often an unplanned, instinctive process. The manager who has a conscious, systematic approach to acquiring intelligence will be better placed to recognize and seize opportunities whilst safeguarding the organization against the competitive risks that endanger its prosperity – and sometimes even its survival. Christopher Murphy's Competitive Intelligence explains: • the theory of business competition • how companies try to get ahead of their rivals • methods of research and sources of information that generate the raw material for creating intelligence • analytical techniques which transform the mass of facts and opinions thus retrieved into a platform of sound, useable knowledge to support informed business decision making. The text includes plenty of examples and experiences from the author's own consulting experience. He draws on a wide variety of disciplines, including literary criticism (or how to read between the lines of company reports, announcements and media stories) and anthropology (understanding corporate culture), as well as the more obvious ones such as financial analysis, management theory and business forecasting techniques. This fusion of insights from many fields of expertise provides a very readable, practical and imaginative framework for anyone seeking to gather and make effective use of market and company data. While focused on the British business environment, the lessons drawn are of universal application, and examples are taken from across the globe. In addition a chapter is devoted to researching industries and companies in other countries. Although primarily concerned with commercial enterprises, many of the principles and techniques will also be of considerable practical relevance to managers in the public sector or not-for-profit organizations. Competitive Intelligence also provides a legal and ethical framework to guide the unwary and to curb the over-enthusiastic. The final chapter, Intelligence Countersteps, will open your eyes to the need to protect your own organization from some of the practices of less scrupulous researchers and investigators.
In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.
Analysing the make-up and workings of the Royalist party in Scotland and Ireland during the civil wars of the mid-seventeenth century, Royalists at War is the first major study to explore who Royalists were in these two countries and why they gave their support to the Stuart kings. It compares and contrasts the actions, motivations and situations of key Scottish and Irish Royalists, paying particular attention to concepts such as honour, allegiance and loyalty, as well as practical considerations such as military capability, levels of debt, religious tensions, and political geography. It also shows how and why allegiances changed over time and how this impacted on the royal war effort. Alongside this is an investigation into why the Royalist cause failed in Scotland and Ireland and the implications this had for crown strategy within a wider British context. It also examines the extent to which Royalism in Scotland and Ireland differed from their English counterpart, which in turn allows an assessment to be made as to what constituted core elements of British and Irish Royalism.
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