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Lecture Issues in economics today - Chapter 15

When you finish this chapter, you should: Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade-offs that exist in life, distinguish between increasing and constant opportunity cost and understand why each might happen in the real world, analyze an argument by thinking economically, while recognizing and avoiding logical traps. | Lecture Issues in economics today - Chapter 15 Chapter 15 The International Monetary Fund McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. Chapter Outline BEFORE THE IMF AND ITS BIRTH FOREIGN EXCHANGE MARKETS TODAY S IMF THE ASIAN FINANCIAL CRISIS McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. The IMF s Role The International Monetary Fund IMF is a location to which member nations can go for expert economic advice. designed to foster trade among its member. the lender for member nations in short-term economic difficulty. not a lender for development purposes. This is the function of the World Bank. McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. The IMF s Birth After World War II the IMF was developed with the United Nations the World Bank and the Global Agreement on Tariffs and Trade to foster economic growth. It was the brainchild of John Maynard Keynes. McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. Trade Requires Currency Trade between countries is beneficial. International trade requires that the currency of the trading partners be exchanged. The market where people come to trade currencies is called the foreign exchange market. E.g. the production and export of a radio can require several currency transactions. McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. Foreign Exchange Markets The demand for a currency say the dollar is also the supply of the other currency say the yen . The supply for a currency say the dollar is also the demand of the other currency say the yen . McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. Modeling Foreign Exchange Price of yen A curve which represents in dollars the willingness of those who have Yen to trade them for dollars equilibrium exchange rate A curve which represents the willingness of those who have dollars to trade them for Yen Quantity of yen McGraw Hill .