Добірка наукової літератури з теми "Exchange (Foreign), 1921"

The aim of the study. Characteristics of the Czechoslovak and Austrian krones, the German mark, the Polish zloty, the American dollar, and the Soviet ruble (chervinets) as the main currencies in interwar Czechoslovaczczyna; their «presence» in the wallets of Ukrainian emigrants. The research methodology is based on the principles of specifically historical, problematically chronological, objectivity and integrity and on the use of methods of analysis and synthesis. The scientific novelty consists in description the official bank exchange rates of the Czechoslovak, Austrian krone, Polish zloty, German «golden» mark and Reichsmark, and the Soviet Ruble-Chervonets in relation to the American dollar, the acquisition of one or another currency of the gold standard. Conclusions. In 1918 - 1925 and 1923 - 1939 both Austrian and Czechoslovak crones were in circulation on the territory of the First Republic of Czechs and Slovaks. The koruna česká was most desired in the wallets of the «Prague Ukrainians». In the interwar CzSR banknotes in denominations of 1, 5, 10, 20, 50, 100, 500, 1,000, and 5,000 krones were in circulation. They were printed in Prague. Among the coins, geler denominations of 5, 10, 20, and 50 were common. The coins were minted in the town of Kremnica (Eastern Slovaczczyna). At first, from 1918 to 1925, Austrian crowns prevailed on the territory of the Czechoslovak Republic. After the collapse of Austro-Hungary Czechoslovaczczyna assumed the role of stabilizer of the Austrian crone. In 1918 - 1921, one Czechslovak crone was worth six Austrian crones (1:6). In 1921 - 1923, one Czechoslovak crone was equal to fourteen Austrian crowns (1:14). In 1924-1925 the correlation crones was 1:60. After 1925 the Austrian krone was completely withdrawn from Czechoslovak monetary circulation. The formation of the Czechoslovak krone took place in 1923. Since the Czechoslovak krone did not have a gold standard until 1929, it was «pegged» to the American dollar. In 1923 - 1935 the ratio of the Czechoslovak crone to the American dollar was 100:2.96 (100:3). The ratio of the «golden» German mark to the American dollar in 1921 was 75:1. In 1924, the Reichsmark was put into circulation in Germany in order to overcome hyperinflation. Until 1936, the Reichsmark did not have a gold standard, so its exchange rate against the American dollar in 1924 was ̶ 4 Reichsmarks 20 pfennigs for 1 American dollar. In 1924 - 1936 one Reichsmark «rose» in price to ten crones (1:10). As for the Polish zloty, there is no reliable information about its correlation to the Czechoslovak crown in the interwar period. We have the bank rate of the Polish zloty on the eve of the Second World War (from January to August 1939): 10.57:100. Until 1922, together with the Soviet ruble, there was a Chervonets in international currency circulation, which had 7.74234 g of pure gold in the gold standard, which corresponded to the pre-revolutionary gold coin with a denomination of 10 ruble. In 1923, the Chervonets strengthened its position and the minting of Chervonets coins of the appropriate weight (the so-called «Seeder») began. This Chervonets was used for settlements with European countries. And this is what changed the international authority of the Soviet currency. Until 1925, Chervonets wos in demand on international exchanges, but in 1927 their minting was stopped. In the same year 1927, it was forbidden to import and export Chervonets outside the USSR. In 1922 - 1924, one Soviet Chervonets equaled two American dollars and twenty cents (1:2.20). From 1925 to 1928, the ratio of the Chervonets to the dollar was slightly lower - 1:1.94. Since 1928, the Chervonets was completely removed from international circulation, and the Soviet ruble remained unconverted. According to the data of the State Bank of the USSR in 1936, 5 Soviet rubles and 6 kopecks were equal to 1 American dollar in calculations through the Swiss franc.

The experience of the events of the Ukrainian Revolution of 1917-1921 is especially relevant for modern Ukraine. Modern geopolitical transformations, radical changes in the domestic political life of Ukraine, ambitious plans of the government are a chance for our state to restore its full-fledged subjectivity in the international arena, in the domestic life of the country. An effective mechanism of external and internal subjectivization of Ukraine, given the longevity of agricultural culture (in a broad sense), can be agrarian policy, its effective implementation. This implies not only a clear understanding on the part of the state of the essence of agrarian policy, its purpose, stages and mechanisms of implementation. The author of the article aims to propose, taking into account the agrarian transformations of the Ukrainian revolution, a possible model of the latest agrarian transformations. Under modern conditions, the most discussed issue is the feasibility/inexpediency of opening a land market in Ukraine. The heated debate on this is primarily about the socio-economic and socio-political consequences. Last but not least, the debaters in the discussions focus on only one segment of this multifaceted phenomenon � foreign land tenure/land use/land management. That is, they are only interested in the institution of private land ownership for foreigners on the whole set of issues. The main risks of opening the land market: external and internal. External: desubjectification of Ukraine, increasing dependence on foreign capital, especially credit one, loss of status of the granary of Europe, reduction of foreign exchange earnings to the budget, desoilization (dechernozemization). Internal: legalization of the agrarian oligarchy, desubjectification of power, degradation of civil society, increasing shadowing of the economy in general, agro-industrial complex in particular, the absence of the middle class � the social basis of the state, the extinction of the countryside, its disappearance as a socio-economic, socio-political, spiritual-cultural component of the Ukrainian political nation, strengthening the demographic challenges, etc.

The history of the publication of a medical journal is closely connected with the life of the medical community of the Irkutsk province and began long before the establishment of Irkutsk State University. In 1858, a Circle of Doctors was created, on the basis of which, on June 26, 1863, the Society of Doctors of Eastern Siberia was created. Initiative of Irkutsk doctors G.I. Weirich, K.V. Kinasta, N.A. Belogolovoy was officially enshrined by the Minister of Internal Affairs of the Russian Empire, with the approval of the Charter of the Society. The "Society of Doctors of Eastern Siberia" was in dire need of an exchange of experience and an increase in professionalism. This required a publication that would meet the professional needs of physicians. So since 1863, the Society of Doctors of Eastern Siberia in Irkutsk began to publish the Protocols of the Society of Doctors of Eastern Siberia. The publication gained great popularity among members of the Society, and other professional medical communities became interested in it. The publication was published in a circulation of 50-100 copies, had appendices. Over the years of its existence, more than 50 issues have been published. After the opening of the medical department of Irkutsk University on August 26, 1919, and by the time of the separation of the medical faculty in January 1920, the professional needs of the medical community increased significantly. Of course, organizational work occupied the first years, and complete isolation from the center of our country did not contribute to scientific research, and after that, publishing activity was also hampered. However, without the exchange of scientific opinions, the development of medical science is impossible. Therefore, already in 1921, a group of members of the Faculty of Medicine took the initiative to create a Scientific and Medical Society. The initiative was supported and on November 15, 1921, the university board approved the charter of the new professional society of doctors. The newly created society set the next task of organizing its own printed organ. And in 1923, the publication of the Irkutsk Medical Journal began. The journal was published in the absence of any funding, but its quality corresponded to serious professional publications. The journal presented the work of students, residents, practitioners, graduate students and members of the faculty of the institute. It published clinical observations, new methods of research and treatment. The journal regularly published articles by foreign authors from the USA, France, Japan, Mongolia, Kyrgyzstan, Uzbekistan, Germany, and the Czech Republic. In 2019, due to changes in legislation, the Siberian Medical Journal was forced to suspend its activities in the previous format. In 2022, after major transformations and a change in the composition of the founders, the journal was re-registered as the Baikal Medical Journal. The journal was founded by the Irkutsk State Medical University and the Irkutsk Scientific Center for Surgery and Traumatology. Professor I.V. Malov, and the composition of the editorial board and the editorial board was significantly updated. Thus, a new page was opened in the history of the leading medical publication in Siberia, whose history in 2023 will be 100 years old.

In the framework of the New Economic Policy (NEP) and the currency reform of 1922-1924 the USSR currency was introduced, which was fully convertible into gold. Actually, the reform was supposed to re-introduce the old gold currency, which was in circulation in the Russian Empire before the beginning of the WWI. New Soviet copper and silver coins had the same metrological parameters as the corresponding coins before the war. Banknotes were really convenient abroad duringr 1924-1927 years and freely exchanged for other currencies, but promised to free convertibility of banknotes for gold coins has never been implemented. The reason of that was the golden blockade of the USSR and the refusal to accept these coins in the West. For this reason, the old 10-ruble coins with the portrait of Tsar Nicholas II had to continue to be minted. However, there are also internal reasons which prevented the planned exchange rate of the gold coins. The regulatory quota for issuing government bills for 500 million gold rubles was soon exceeded twice, which triggered the development of inflation. On October 1, 1926, the free export of banknotes abroad was prohibited, and in 1928 – also free entry into the USSR. Thus, the free convertibility of the new Soviet currency was abolished, and the Soviet currency became only internal. In this article we review and analyze internal instruction, which stated quite openly that the promised guarantees on new bank notes convertible into gold is in reality only a tactical maneuver relatively to other countries. From August 1, 1926, free export of the Soviet currency was prohibited in foreign countries and in 1928 it’s import from abroad. The Soviet government at that time has made some effort to foreigners who were in the USSR and were carrying Soviet money legally, they can freely convert. At the same time, this effort can be seen as an indication of the responsibility of the Soviet authorities for those who in a very short time provided free convertibility of the Soviet currency. This is evident from the passports of Czechoslovak citizens who have been visiting the USSR for 30 years. Whether its owners are not in the USSR, they were close to Soviet entry visa with a special stamp, followed by the Czech text: "Import and transfer of Soviet currency on the territory of the USSR provided to August 1, 1926". From the results obtained to date from the old passports it is not clear how the Soviet embassy began to give these stamps in the passports. Trips in the USSR were quite rare for foreigners in the interwar period. Exchange of foreign currencies in the USSR was very unprofitable for foreigners in the second half of the 1930's. However, the amount of the money received in rubles, had a much lower purchasing power than the equivalent amount in exchange currency abroad. Accordingly, in the Polish border areas of the USSR, the Soviet currency was offered much cheaper on the black market. But modern authors have noted that any purchase of Soviet money was very risky, as black markets were well controlled by the Soviet secret services. Consequently, all these documents show that the Soviet currency was very uncertain in the interwar period.

This article finds out the main internal and international political events and processes in the Kingdom of Romania in the first half of 1921 covered at the reports of the envoy, later the Ambassador, of the Republic of Austria Wilhelm Stork, much of which is introduced into scientific circulation for the first time. In writing the article, the authors used general scientific and special methods, including archival heuristics. According to the results of the study, it was stated that in the first half of 1921 the internal political situation in Romania looked tense, but controlled. At that time were taken measures to prevent events of internal strife, as was the case with the newly formed Communist Party, being controlled externally, fact, which drew the attention of diplomats. The Government, comprehending the inevitability of changes, carried out agrarian reform and streamlined church relations, while pursuing a consistent policy of Romanianization of the territories that were included in the kingdom after the First World War. At the same time, everything was done to get along with the neighbors, protecting themselves from misunderstandings with them and from the threat of being left alone in the case of a Bolshevik invasion. It has succeeded in either concluding relevant agreements, signing protocol of intentions or making significant progress during the negotiations. An example of such success was the Polish-Romanian agreement on a defense alliance and joint defense against the enemy from the east. The actions aimed at creating a defense alliance for protection against Hungary, in which other interested states were involved, seemed more consistent. One of the ways to consolidate the actions of diplomats was the conclusion in 1921 of marriages between members of the Romanian and Greek dynasties. This practice will continue with the marriage between a representative of the Romanian and a representative of the Serbian dynasty later more. The only thing that failed was to reach an agreement with Soviet Russia, respectively in two main tasks - to achieve recognition by the Bolsheviks of the inclusion of Bessarabia in Romania and the return of Romanian gold and foreign exchange reserves, the waste of which the Bolsheviks denied

Introduction. In November of 1921 after the meeting between Mongolian officials and Vladimir Lenin, an Agreement on Friendly Relations between the two states was concluded. This significant act confirmed the mutual recognition of the only legitimate government by both counterparties, measures of prevention of unfriendly actions by third parties, exchange of plenipotentiary representatives and ambassadors, state border regulations and the most favorable nation treatment for citizens whilst visiting the counterparty and jurisdiction. It also provided the regulations for a number of trade matters, intercommunication issues, questions of personal property etc., however, in actuality this document touched upon a smaller realm of mutual relations that had already been established before the execution of the Agreement, having been formalized in other documents, such as letters and memorandums. These precontractual acts are of genuine interest not only due to their uncertain legal nature and consequences, but also because they cover a much wider range of collaboration and cooperation issues than the Agreement dated November 5, 1921. Goals. So, the paper attempts an interdisciplinary insight into the mentioned documents (addresses, diplomatic notes, letters, etc.) to have preceded the Agreement and formalized Soviet Russia’s foreign policy in the region and its presence in the territory of Outer Mongolia ― to determine the role and impact of the former. Materials and Methods. The study focuses on widely known materials contained in diverse published collections of documents from the Soviet era that were never viewed by most researchers as important tools to have guaranteed the national interests in the Far East. To facilitate a more comfortable perception of the investigated materials by different specialists, the paper was divided in two ― Part One to focus on research tools and its ideological essentials, and Part Two to emphasize certain instruments to have secured the ‘export of revolution’. Results. The article specifies four key lines of cooperation: 1) bilateral collaboration that includes ‘export of ideology’ and sufficient tools thereto, such as disassociation from former political regimes, support for anticolonial sentiments, securement of equal rights in foreign policy issues, cooperative struggle against the common ideological enemy ― world capitalism, ‘soft power’ in the form of educational projects; 2) security arrangements for Soviet territories and borders, including assistance to Mongolian comrades in their fight against the White Guard, allocation of the Red Army units within Mongolian territories until the complete eradication of the White threat, with the participation of military units from the Far Eastern Republic; 3) economic cooperation through mutual financial and economic support of industrial construction projects, resource development and social infrastructure initiatives, etc., 4) joint actions on the international stage pinnacled with the recognition of the Mongolian People’s Republic by China (1945) and the rest of the world community (1961). This shows that during the shaping of the political agenda towards Mongolia the then Soviet leaders did not view contractual aspects of the mechanism as fundamental, and attached no paramount importance to international agreements, which had been distinctive of the Russian Empire.

The circumstances under which the Soviet Ukraine established trade relations with the Kingdom of Italy in the early 1920s are revealed. The contractual basis, organizational forms of trade activity of Soviet Ukraine in Italy have been clarified. Persons of sales representatives were established (V. Vorovskyi, A. Feinstein). The role of the Ukrainian SSR Trade Representation in Rome in the foreign trade activities of Soviet Ukraine is revealed. The place of the Italian market in export and import operations of Soviet Ukraine has been determined. After studying national historiography, it was found that the trade relations of the Ukrainian SSR in the early 1920s with the Kingdom of Italy were not the subject of scientific study in contemporary Ukrainian historians. In turn, it was found that in trying to forge trade relations with Italy, the Ukrainian adviser noted that she sought to rebuild the international influence, lost after the First World War through Great Britain and France. It was informed that after the conclusion of the Preliminary Trade Agreement on December 26, 1921, Soviet Ukraine and Italy exchanged trade representatives. The duties of Soviet Ukraine’s sales representative in Italy were first performed by Russian Trade Representative V. Vorovskyi and then by Russian Trade Representative A. Feinstein. There were 5 people employed in the Ukrainian SSR’s sales office in Italy. They thoroughly explored the Italian markets (Genoa, Milan, Roman). The article shows the interest of Italian traders in Ukrainian timber, coal, scrap metal, linen cake. It is noted that the sales representatives of Soviet Ukraine initially studied the possibility of selling on the Italian market of guts, skin, horse hair, wool. They then explored the possibility of selling cattle, wheat, barley, corn, caustic soda and soda ash. It was noted that together with Russian and Italian traders the Russian-Italian Trading Company was created, which had the task not only for export-import of goods, but also for obtaining concessions by the Italian entrepreneurs in Ukraine. It has been reported that Italian workers sent food aid (sowing grain) to Ukraine for the money raised.

Abstract This article is on the diplomatic processes leading to the decision to exchange populations between Greece and Turkey during the peace negotiations at the Lausanne Conference in 1923. The US National Archives has rich and hitherto unexploited archival material that encompasses the correspondence between Istanbul, Athens and the US Department of State. As the Turkish Ministry of Foreign Affairs Archives is still closed to researchers, US diplomatic correspondence gives a clear picture of how Greek and Turkish statesmen, as well as intermediaries such as the representatives of the League of Nations, developed and accomplished the idea of population exchange in 1922–23.

Polish-Armenian Society in Lwów (1920-1922) Using Armenian and Polish sources, the author analyses the activities ofthe Polish-Armenian Society (Towarzystwo Polsko-Ormiańskie) founded in Lwów(Poland) on June 15, 1920. This organization focused on building relations betweenPoland and Armenia. Its leaders, Jan Grzegorzewski, Garabed Keuprulian and AugustTeodorowicz established cooperation with the Armenian National Delegationin Paris, chaired by Boghos Nubar Pasha, and with its branch in Berlin. They alsoundertook the difficult mission of lobbying for the Armenian case in Warsaw. In thefirst phase of its activity, the Society planned to relocate Polish Armenians (officialsand intelligentsia) to the territories of Western Armenia; due to the deteriorating internationalsituation, the idea was abandoned. Subsequently, efforts were focused onhelping Armenian refugees from Turkey in the Caucasus; on this matter, the Societymade an appeal to the Polish Minister of Foreign Affairs, Count Konstanty Skirmunt.The suspension of the Society’s activity was related to the deterioration of Armenia’ssituation on the international arena. With the abandonment of the Armenianquestion by France and Great Britain, the exchange of letters with activists in Parisalso stopped. The author compares the Society with its counterpart in London – theBritish Armenian Committee, emphasizing the organization of Polish Armenianswas truly exceptional because it was the first one of its kind, and also because itfocused not on the problems of the local diaspora, but on the issue of Armenia’s independence.

This research examines the nature and impact of financial repression in the Trinidad and Tobago economy using cointegration time series techniques and disequilibrium econometrics. While the former is employed to estimate the impact on savings, investment and growth, the latter is mainly used to test whether the characteristics which depict a financially repressed economy are present in Trinidad and Tobago. Trinidad and Tobago has not previously been the subject of such a study, and neither estimation methods have been used to investigate financial repression. While the real interest has been most frequently used to measure financial repression, six proxies are utilised in this study: the real interest rate; dummy variables; commercial banks' reserve requirement; inflation; the difference between the domestic and the foreign interest rate and a variable to measure the overvaluation of a country's currency. With respect to the latter there are two definitions: the difference between the official and the blackmarket exchange rate and the degree of exchange rate misalignment. The results using real interest rates and inflation measures of financial repression suggest that while liberalisation cannot be seen as the solution to increasing savings and investment it may promote economic growth. When all the other proxies are examined the impact of financial repression on the economy is negative albeit statistically insignificant in most instances. There is some indication that exchange rate should be devalued so as to reduce exchange rate misalignment and reduce the widening gap between the official and blackmarket rate. On the basis of these results the McKinnon-Shaw hypothesis cannot be rejected. However the results when inflation and real interest rates are the relevant proxies for financial repression as well as the low significance levels of other proxies, ought to serve as warning signals to avoid implementing drastic liberalisation measures too quickly.

Cette thèse est un recueil de trois essais portant sur des aspects inexplorés de l'instabilité financière internationale de la fin des années 1920 et des années 1930. L'objectif de ce travail est de permettre une meilleure compréhension des politiques monétaires déstabilisatrices de l'entre-deux-guerres, et de la propagation des crises financières, ainsi que d'apporter de nouvelles perspectives aux enjeux actuels en finance internationale. Le premier chapitre revisite la politique de réserves internationales de la France pendant l'entre-deux-guerres. En s'appuyant sur des données originales documentant la composition par monnaie des réserves de change, il explore les motivations d'une politique lourdement critiquée pour son rôle dans la dépression mondiale. Le second chapitre étudie la transmission internationale de la grande crise financière mondiale de 1931. A partir de données de bilans bancaires collectées dans les archives, l'analyse présentée permet d'identifier le mécanisme précis par lequel la crise d'Europe Centrale du printemps 1931 se propagea au plus important centre financier de la période, Londres, mit en danger le système bancaire britannique et aboutit finalement à une crise de la livre sterling. Enfin, le troisième chapitre identifie les facteurs principaux de la propagation de la crise financière des années 1930 à partir d'une base de données extensive documentant les marchés internationaux des changes, de la dette souveraine et des actions. L'analyse statistique montre que la crise de 1931 fut le choc financier le plus global de la Grande Dépression, et qu'elle affecta en priorité les pays importateurs de. Capitaux
This dissertation is a collection of three essays, all dealing with unexplored aspects of international financial instability during the 1920s and 1930s. The research included in these papers aims to provide a better understanding of the destabilizing monetary policies of the interwar years, and of the spread of financial crises, as well as to bring new historical perspectives to current policy issues in international finance. The first chapter revisits the French international reserves policy of the interwar years. Based on original data documenting the currency composition of the foreign reserves, the chapter identifies the motivations behind the Bank of France's disastrous policy of this period. The second chapter deals with the international transmission of the 1931 global financial crisis. Relying on bank balance sheet data collected in the archives, it explores the precise transmission channel through which the Central European crisis of the spring 1931 propagated to the most important financial center of the period, London, endangered the British banking system and eventually led to the sterling crisis of September. Last, the third chapter identifies the main factors of international financial crisis propagation during the 1930s, based on an extensive dataset documenting exchange markets, bond markets and stock markets. The statistical analysis in this chapter reveals that the 1931 crisis was the most global financial shock of the Great Depression and that net importers of capital were hit first

This dissertation studies the role of sterling during the Bretton Woods period (1944-1971). The Bretton Woods system has often been described as a dollar system with sterling having lost its relevance as reserve currency. However, despite being a secondary reserve currency and having lost importance, sterling was the 'first line of defence for the dollar' as contemporaries put it. They frequently stressed the fact that a sterling crisis would have consequences on the stability of the Bretton Woods system but economic historians have never tested this empirically. This dissertation argues that sterling played an important role in the stability of the international monetary system. Foreign exchange market participants globally monitored sterling and US policymaker stepped in to avoid devaluation of the British currency. US support to sterling was mainly due to the fear of a British devaluation, which could trigger a run on the dollar. When the UK finally devalued the pound in 1967, it marked the beginning of an instable period for the international monetary system. The Gold Pool, a syndicate to defend the US gold parity, collapsed in 1968 and this prefigured the end of the Bretton Woods system. This dissertation presents new data along with novel archival material from seven archives across continents to demonstrate how contagion from sterling to the dollar occurred. Modern econometric methods are used to analyse a new dataset with over 80,000 observations of offshore exchange rates, central bank intervention and reserves. This evidence shows that a secondary reserve currency can still play a key role in the stability of the international monetary system.

This study analyses whether the advent of strike action has an effect on the value and volatility of the South African Rand compared with the US Dollar. The literature suggests that strike action can have a significant effect on the exchange rate in terms of either value or volatility, and consequences can result that cause inefficiencies in the economy; inhibiting employment and economic growth. Strike action has become common place in South Africa, with 2012 alone recording 99 strikes, 45 of which were “wildcat” or unprotected strikes. This study uses GARCH and Intervention Analyses to determine what the resulting effects of the strikes might be on the exchange rate. The analysis used ZAR/USD exchange rate data for the period January 2000 to October 2013, and covered 72 of the most significant strikes in terms of lost man-days. The results are mixed, suggesting that the effects of strikes do not always conform to expectations (increased volatility and a depreciation in the Rand), and that outside factors affecting the global economy may have a more significant effect on the exchange rate than strikes on their own.

Defence date: 16 September 1994
Examining board: Prof. Giuseppe Bertola, University of Turin ; Prof. Christopher Bliss, Nuffield College Oxford ; Prof. Alan Kirman, E.U.I. ; Prof. Stephen Martin, E.U.I., supervisor ; Prof. Luis Rodriguez, Universidad Carlos III, Madrid

A Thesis submitted to the Faculty of Commerce of the University of the Witwatersrand, Johannesburg, for the degree of Doctor of Philosophy December 1978
The breakdown of the system of fixed exchange rates, which occurred in the western world in the early 1970s, has exerted marked effects upon the exchange rate policies adopted by South Africa. In particular, it has resulted in the local monetary authorities practising a more active policy concerning the exchange rate value of the rand. The purpose of this thesis is to describe and analyze the exchange rate policies of the Renublic during the period from 1971 to 1977, and to offer recommendations For change. The research procedure followed involved extensive gathering of information from published literature, together with confidential information disclosed to the writer by the Deputy Governor of the Reserve Bank. The thesis is divided into four sections. Section A reviews the traditional exchange rate policy adopted by the South African authorities, and their long-standing support for fixed but adjustable exchange rates in the international monetary system. Section B incorporates on historical review and analysis of changes in the exchange rate for the rand which have materialised since 1971. Section C focuses attention upon the attitudes of the local authorities over the issue of reform of the exchange rate regime in the international monetary system in the past few years. Section D is devoted to an analysis of specific policy issues which have arisen in the conduct of exchange rate policy in South Africa, and highlights areas where improvements could be made. All four chapters in this Section were submitted as evidence to the current Commission of Inquiry into the Monetary System and Monetary Policy in South Africa. One important conclusion of the study is that the more flexible exchange rate policy adopted in South Africa has had very limited success in affecting positively the current account of the balance of payments. Conversely exchange rate policy appears to have been more successful in improving the position on tht capital account. (iv) Another conclusion concerns deficiencies which exist in the provision of foreign exchange facilities, and particularly in regard to forward exchange. In some respects South African policy is characterized by exchange rates and facilities which bear little relation to market conditions. It is recommended that j mor># competitive market in foreign exchange should be established in both spot and forward transactions.

AbstractBasutoland came under British rule in the late nineteenth century. By the 1930s, the Territory’s transformation into a labour reserve for South Africa’s mines decimated its food production, impoverished its population and brought about a TB epidemic. The mines paid uneconomic wages and refused to pay compensation for occupational injury. In addition to those repatriated with tuberculosis or silicosis, the mines produced such a steady stream of sick and injured workers that mine accidents constituted the largest single cause of disability amongst men of working age.Swaziland was the smallest of the three protectorates. Land alienation to white settlers under British concessions meant that by the early 1930s, the territory produced only a fifth of its food needs. As in the other HCTs, tax collection and occupational lung disease posed serious problems. However, commercial agriculture and large deposits of asbestos generated local employment and foreign exchange and made Swaziland less dependent on migrant wages.In each of the HCTs, migrant workers faced even greater barriers in accessing compensation for occupational injury than black South Africans did. No circulars or instructions on the subject had been issued, miners were unaware of their rights, local officials did not understand the application process and travel to Johannesburg for medical examinations was not feasible for men who were dying. In all, the lack of medical capacity, the ongoing refusal to pay pensions to injured miners and the systematic failure to collect health statistics made the extent of the risk invisible. While the situation improved somewhat after independence, the mining industry continued to displace the burden of disability onto households and local communities.

Abstract For a country the size of China, which accounts for around a quarter of the world population and some 20 per cent of the world total of cereals output, fluctuations in agricultural production pose serious economic policy problems for the political leadership. Grain output in China per head is still comparatively low and the country still ranks as one of the largest net grain importers in the world. A minor shortfall in production may translate itself into sizeable demands for grain imports.1 Inter national market repercussions aside, this may result in competitive claims for foreign exchange resources against the planners’ programme of machine and equipment imports which are so instrumental in the pursuit of the ‘four modernizations’.

Abstract In the years following nationalization, the telephone system developed only very slowly. In 1912, the first public automatic exchange was opened; in 1916 amplification for long distance service was introduced; the Strowger switching system was adopted in 1922 and remained the mainstay well into the 1980s (Foreman-Peck, 1985, pp. 215-28). Demands for network investment were made in 1920 by a Parliamentary Select Committee, the Telephone Development Association (formed in 1924), and the Liberal party. But the General Post Office, the Treasury, and the Union of Postal Workers (though not the technical unions) resisted change until a 1932 Act of Parliament demanded reorganization. An opposition group, the ‘‘Memorialists,’’ was formed to press for telecommunication reform. It had the support of 320 MPs. A commission was set up (the Bridgeman Inquiry) that recommended moderate change. But the Post Office maintained its inefficient structure; even in the face of a substandard system, the postmaster general declared that he could not see how additional capital could be more usefully spent.

Abstract The official foreign exchange rate for the yen was established under the IMF system of exchange rate stabilization in 1949 at 360 yen per dollar. Until 1971 this exchange rate remained stable and Japan was not bothered with accounting problems arising from the translation of foreign currency amounts. In August 1971, when the President of the United States announced the suspension of the convertibility of the dollar for gold, the translation of foreign currency amounts suddenly attracted attention as an important financial accounting problem.

Abstract Telephone service began in Turkey in 1881 with lines connecting various post offices, government buildings, and banking branches. In 1909, a more complete network was created in Istanbul. In 1913, three government exchanges were established, followed by an exchange operated by a foreign company. International telephony was established during World War I, with service to Germany, Turkey’s ally. After the war, international service was interrupted until 1931, when service to Sofia, Bulgaria, was reopened.

The concept of transition economies covers a group of countries which were established in the aftermath of the fall of Berlin Wall in 1989 and the collapse of the former USSR in 1991. The main objectives of these countries are prices and foreign trade liberalization, privatizations realized, macroeconomic stability, obtaining foreign direct investment and improving marketing situations during the transition period. Today an effective foreign trade policy takes an important place in the improvement of a transition country economic performance. Kazakhstan is one of the newly independent states, transition country which was established in the aftermath of the USSR’s collapse in 1991. The aim of this study is prediction of foreign trade between Turkey and Kazakhstan using Box-Jenkins Method. We hope the study will contribute to development of foreign trade between Turkey and Kazakhstan which after gaining independence foreign trade reforms had been realized in such fields as setting free foreign trade prices, renewal of foreign trade system, market diversification and exchange system modification. Also, we hope the study will contribute to decision-makers and policy makers who doing short-term forecasts for the future in different fields.

The recast of the international debt contracted by the former Ottoman Empire and the overcoming of the capitulations regime that had afflicted Turkey for centuries, are two of the most relevant sectors in which the political and diplomatic action promoted by Mustafa Kemal Atatürk has been expressed. Extremely relevant in this regard are the different disciplines established, respectively, by the Treaty of Sèvres in 1920 and then by the Treaty of Lausanne in 1923. After the Ottoman Government defaulted in 1875, an agreement (the Decree of Muharrem) was concluded in 1881 between the Ottoman Government and representatives of its foreign and domestic creditors for the resumption of payments on Ottoman bonds, and a European control of a part of the Imperial revenues was instituted through the Administration of the Ottoman Public Debt. At the same time, the Ottoman Empire was burdened by capitulations, conferring rights and privileges in favour of their subjects resident or trading in the Ottoman lands, following the policy towards European States of the Byzantine Empire. According to these capitulations, traders entering the Ottoman Empire were exempt from local prosecution, local taxation, local conscription, and the searching of their domicile. The capitulations were initially made during the Ottoman Empire’s military dominance, to entice and encourage commercial exchanges with Western merchants. However, after dominance shifted to Europe, significant economic and political advantages were granted to the European Powers by the Ottoman Empire. Both regimes, substantially maintained by the Treaty of Sèvres, were considered unacceptable by the Nationalist Movement led by Mustafa Kemal and therefore became the subject of negotiations during the Conference of Lausanne. The definitive overcoming of both of them, therefore represents one of the most evident examples of the reacquisition of the full sovereignty of the Republic of Turkey.

Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has established it as the one independent state institution that generates the greatest confidence among Colombians due to its transparency, management capabilities, and effective compliance with the central banking and cultural responsibilities entrusted to it by the Constitution and the Law. On a date as important as this, the Board of Directors of Banco de la República (BDBR) pays tribute to the generations of governors and officers whose commitment and dedication have contributed to the growth of this institution.1 Banco de la República’s mandate was confirmed in the National Constitutional Assembly of 1991 where the citizens had the opportunity to elect the seventy people who would have the task of drafting a new constitution. The leaders of the three political movements with the most votes were elected as chairs to the Assembly, and this tripartite presidency reflected the plurality and the need for consensus among the different political groups to move the reform forward. Among the issues considered, the National Constitutional Assembly gave special importance to monetary stability. That is why they decided to include central banking and to provide Banco de la República with the necessary autonomy to use the instruments for which they are responsible without interference from other authorities. The constituent members understood that ensuring price stability is a state duty and that the entity responsible for this task must be enshrined in the Constitution and have the technical capability and institutional autonomy necessary to adopt the decisions they deem appropriate to achieve this fundamental objective in coordination with the general economic policy. In particular, Article 373 established that “the State, through Banco de la República, shall ensure the maintenance of the purchasing power of the currency,” a provision that coincided with the central banking system adopted by countries that have been successful in controlling inflation. In 1999, in Ruling 481, the Constitutional Court stated that “the duty to maintain the purchasing power of the currency applies to not only the monetary, credit, and exchange authority, i.e., the Board of Banco de la República, but also those who have responsibilities in the formulation and implementation of the general economic policy of the country” and that “the basic constitutional purpose of Banco de la República is the protection of a sound currency. However, this authority must take the other economic objectives of state intervention such as full employment into consideration in their decisions since these functions must be coordinated with the general economic policy.” The reforms to Banco de la República agreed upon in the Constitutional Assembly of 1991 and in Act 31/1992 can be summarized in the following aspects: i) the Bank was assigned a specific mandate: to maintain the purchasing power of the currency in coordination with the general economic policy; ii) the BDBR was designatedas the monetary, foreign exchange, and credit authority; iii) the Bank and its Board of Directors were granted a significant degree of independence from the government; iv) the Bank was prohibited from granting credit to the private sector except in the case of the financial sector; v) established that in order to grant credit to the government, the unanimous vote of its Board of Directors was required except in the case of open market transactions; vi) determined that the legislature may, in no case, order credit quotas in favor of the State or individuals; vii) Congress was appointed, on behalf of society, as the main addressee of the Bank’s reporting exercise; and viii) the responsibility for inspection, surveillance, and control over Banco de la República was delegated to the President of the Republic. The members of the National Constitutional Assembly clearly understood that the benefits of low and stable inflation extend to the whole of society and contribute mto the smooth functioning of the economic system. Among the most important of these is that low inflation promotes the efficient use of productive resources by allowing relative prices to better guide the allocation of resources since this promotes economic growth and increases the welfare of the population. Likewise, low inflation reduces uncertainty about the expected return on investment and future asset prices. This increases the confidence of economic agents, facilitates long-term financing, and stimulates investment. Since the low-income population is unable to protect itself from inflation by diversifying its assets, and a high proportion of its income is concentrated in the purchase of food and other basic goods that are generally the most affected by inflationary shocks, low inflation avoids arbitrary redistribution of income and wealth.2 Moreover, low inflation facilitates wage negotiations, creates a good labor climate, and reduces the volatility of employment levels. Finally, low inflation helps to make the tax system more transparent and equitable by avoiding the distortions that inflation introduces into the value of assets and income that make up the tax base. From the monetary authority’s point of view, one of the most relevant benefits of low inflation is the credibility that economic agents acquire in inflation targeting, which turns it into an effective nominal anchor on price levels. Upon receiving its mandate, and using its autonomy, Banco de la República began to announce specific annual inflation targets as of 1992. Although the proposed inflation targets were not met precisely during this first stage, a downward trend in inflation was achieved that took it from 32.4% in 1990 to 16.7% in 1998. At that time, the exchange rate was kept within a band. This limited the effectiveness of monetary policy, which simultaneously sought to meet an inflation target and an exchange rate target. The Asian crisis spread to emerging economies and significantly affected the Colombian economy. The exchange rate came under strong pressure to depreciate as access to foreign financing was cut off under conditions of a high foreign imbalance. This, together with the lack of exchange rate flexibility, prevented a countercyclical monetary policy and led to a 4.2% contraction in GDP that year. In this context of economic slowdown, annual inflation fell to 9.2% at the end of 1999, thus falling below the 15% target set for that year. This episode fully revealed how costly it could be, in terms of economic activity, to have inflation and exchange rate targets simultaneously. Towards the end of 1999, Banco de la República announced the adoption of a new monetary policy regime called the Inflation Targeting Plan. This regime, known internationally as ‘Inflation Targeting,’ has been gaining increasing acceptance in developed countries, having been adopted in 1991 by New Zealand, Canada, and England, among others, and has achieved significant advances in the management of inflation without incurring costs in terms of economic activity. In Latin America, Brazil and Chile also adopted it in 1999. In the case of Colombia, the last remaining requirement to be fulfilled in order to adopt said policy was exchange rate flexibility. This was realized around September 1999, when the BDBR decided to abandon the exchange-rate bands to allow the exchange rate to be freely determined in the market.Consistent with the constitutional mandate, the fundamental objective of this new policy approach was “the achievement of an inflation target that contributes to maintaining output growth around its potential.”3 This potential capacity was understood as the GDP growth that the economy can obtain if it fully utilizes its productive resources. To meet this objective, monetary policy must of necessity play a countercyclical role in the economy. This is because when economic activity is below its potential and there are idle resources, the monetary authority can reduce the interest rate in the absence of inflationary pressure to stimulate the economy and, when output exceeds its potential capacity, raise it. This policy principle, which is immersed in the models for guiding the monetary policy stance, makes the following two objectives fully compatible in the medium term: meeting the inflation target and achieving a level of economic activity that is consistent with its productive capacity. To achieve this purpose, the inflation targeting system uses the money market interest rate (at which the central bank supplies primary liquidity to commercial banks) as the primary policy instrument. This replaced the quantity of money as an intermediate monetary policy target that Banco de la República, like several other central banks, had used for a long time. In the case of Colombia, the objective of the new monetary policy approach implied, in practical terms, that the recovery of the economy after the 1999 contraction should be achieved while complying with the decreasing inflation targets established by the BDBR. The accomplishment of this purpose was remarkable. In the first half of the first decade of the 2000s, economic activity recovered significantly and reached a growth rate of 6.8% in 2006. Meanwhile, inflation gradually declined in line with inflation targets. That was how the inflation rate went from 9.2% in 1999 to 4.5% in 2006, thus meeting the inflation target established for that year while GDP reached its potential level. After this balance was achieved in 2006, inflation rebounded to 5.7% in 2007, above the 4.0% target for that year due to the fact that the 7.5% GDP growth exceeded the potential capacity of the economy.4 After proving the effectiveness of the inflation targeting system in its first years of operation, this policy regime continued to consolidate as the BDBR and the technical staff gained experience in its management and state-of-the-art economic models were incorporated to diagnose the present and future state of the economy and to assess the persistence of inflation deviations and expectations with respect to the inflation target. Beginning in 2010, the BDBR established the long-term 3.0% annual inflation target, which remains in effect today. Lower inflation has contributed to making the macroeconomic environment more stable, and this has favored sustained economic growth, financial stability, capital market development, and the functioning of payment systems. As a result, reductions in the inflationary risk premia and lower TES and credit interest rates were achieved. At the same time, the duration of public domestic debt increased significantly going from 2.27 years in December 2002 to 5.86 years in December 2022, and financial deepening, measured as the level of the portfolio as a percentage of GDP, went from around 20% in the mid-1990s to values above 45% in recent years in a healthy context for credit institutions.Having been granted autonomy by the Constitution to fulfill the mandate of preserving the purchasing power of the currency, the tangible achievements made by Banco de la República in managing inflation together with the significant benefits derived from the process of bringing inflation to its long-term target, make the BDBR’s current challenge to return inflation to the 3.0% target even more demanding and pressing. As is well known, starting in 2021, and especially in 2022, inflation in Colombia once again became a serious economic problem with high welfare costs. The inflationary phenomenon has not been exclusive to Colombia and many other developed and emerging countries have seen their inflation rates move away from the targets proposed by their central banks.5 The reasons for this phenomenon have been analyzed in recent Reports to Congress, and this new edition delves deeper into the subject with updated information. The solid institutional and technical base that supports the inflation targeting approach under which the monetary policy strategy operates gives the BDBR the necessary elements to face this difficult challenge with confidence. In this regard, the BDBR reiterated its commitment to the 3.0% inflation target in its November 25 communiqué and expects it to be reached by the end of 2024.6 Monetary policy will continue to focus on meeting this objective while ensuring the sustainability of economic activity, as mandated by the Constitution. Analyst surveys done in March showed a significant increase (from 32.3% in January to 48.5% in March) in the percentage of responses placing inflation expectations two years or more ahead in a range between 3.0% and 4.0%. This is a clear indication of the recovery of credibility in the medium-term inflation target and is consistent with the BDBR’s announcement made in November 2022. The moderation of the upward trend in inflation seen in January, and especially in February, will help to reinforce this revision of inflation expectations and will help to meet the proposed targets. After reaching 5.6% at the end of 2021, inflation maintained an upward trend throughout 2022 due to inflationary pressures from both external sources, associated with the aftermath of the pandemic and the consequences of the war in Ukraine, and domestic sources, resulting from: strengthening of local demand; price indexation processes stimulated by the increase in inflation expectations; the impact on food production caused by the mid-2021 strike; and the pass-through of depreciation to prices. The 10% increase in the minimum wage in 2021 and the 16% increase in 2022, both of which exceeded the actual inflation and the increase in productivity, accentuated the indexation processes by establishing a high nominal adjustment benchmark. Thus, total inflation went to 13.1% by the end of 2022. The annual change in food prices, which went from 17.2% to 27.8% between those two years, was the most influential factor in the surge in the Consumer Price Index (CPI). Another segment that contributed significantly to price increases was regulated products, which saw the annual change go from 7.1% in December 2021 to 11.8% by the end of 2022. The measure of core inflation excluding food and regulated items, in turn, went from 2.5% to 9.5% between the end of 2021 and the end of 2022. The substantial increase in core inflation shows that inflationary pressure has spread to most of the items in the household basket, which is characteristic of inflationary processes with generalized price indexation as is the case in Colombia. Monetary policy began to react early to this inflationary pressure. Thus, starting with its September 2021 session, the BDBR began a progressive change in the monetary policy stance moving away from the historical low of a 1.75% policy rate that had intended to stimulate the recovery of the economy. This adjustment process continued without interruption throughout 2022 and into the beginning of 2023 when the monetary policy rate reached 12.75% last January, thus accumulating an increase of 11 percentage points (pp). The public and the markets have been surprised that inflation continued to rise despite significant interest rate increases. However, as the BDBR has explained in its various communiqués, monetary policy works with a lag. Just as in 2022 economic activity recovered to a level above the pre-pandemic level, driven, along with other factors, by the monetary stimulus granted during the pandemic period and subsequent months, so too the effects of the current restrictive monetary policy will gradually take effect. This will allow us to expect the inflation rate to converge to 3.0% by the end of 2024 as is the BDBR’s purpose.Inflation results for January and February of this year showed declining marginal increases (13 bp and 3 bp respectively) compared to the change seen in December (59 bp). This suggests that a turning point in the inflation trend is approaching. In other Latin American countries such as Chile, Brazil, Perú, and Mexico, inflation has peaked and has begun to decline slowly, albeit with some ups and downs. It is to be expected that a similar process will take place in Colombia in the coming months. The expected decline in inflation in 2023 will be due, along with other factors, to lower cost pressure from abroad as a result of the gradual normalization of supply chains, the overcoming of supply shocks caused by the weather, and road blockades in previous years. This will be reflected in lower adjustments in food prices, as has already been seen in the first two months of the year and, of course, the lagged effect of monetary policy. The process of inflation convergence to the target will be gradual and will extend beyond 2023. This process will be facilitated if devaluation pressure is reversed. To this end, it is essential to continue consolidating fiscal sustainability and avoid messages on different public policy fronts that generate uncertainty and distrust. 1 This Report to Congress includes Box 1, which summarizes the trajectory of Banco de la República over the past 100 years. In addition, under the Bank’s auspices, several books that delve into various aspects of the history of this institution have been published in recent years. See, for example: Historia del Banco de la República 1923-2015; Tres banqueros centrales; Junta Directiva del Banco de la República: grandes episodios en 30 años de historia; Banco de la República: 90 años de la banca central en Colombia. 2 This is why lower inflation has been reflected in a reduction of income inequality as measured by the Gini coefficient that went from 58.7 in 1998 to 51.3 in the year prior to the pandemic. 3 See Gómez Javier, Uribe José Darío, Vargas Hernando (2002). “The Implementation of Inflation Targeting in Colombia”. Borradores de Economía, No. 202, March, available at: https://repositorio.banrep.gov.co/handle/20.500.12134/5220 4 See López-Enciso Enrique A.; Vargas-Herrera Hernando and Rodríguez-Niño Norberto (2016). “The inflation targeting strategy in Colombia. An historical view.” Borradores de Economía, No. 952. https://repositorio.banrep.gov.co/handle/20.500.12134/6263 5 According to the IMF, the percentage change in consumer prices between 2021 and 2022 went from 3.1% to 7.3% for advanced economies, and from 5.9% to 9.9% for emerging market and developing economies. 6 https://www.banrep.gov.co/es/noticias/junta-directiva-banco-republica-reitera-meta-inflacion-3

Banco de la República’s main goal is to preserve the purchasing power of the currency in coordination with the general economic policy that is intended to stabilize output and employment at long-term sustainable levels. Properly meeting the goal assigned to the Bank by the 1991 Constitution critically depends on preserving financial stability. This is understood to be a general condition in which the financial system evaluates and manages the financial risks in a way that facilitates the suitable performance of the economy and efficient allocation of resources while, at the same time, it is able to absorb, dissipate, and mitigate the appearance of risks that may arise as a result of adverse events. This Financial Stability Report meets the goal of giving Banco de la República’s diagnosis of the financial system’s and its debtors’ recent performance as well as of the main risks and vulnerabilities that could affect the stability of the Colombian economy. The Report is intended to inform the public and the participants in the financial markets about the trends and risks affecting the system and it also intends to promote public debate on this subject. The results presented here also serve as a basis for the monetary authority to assess the effects and risks of monetary policy at the current situation and to adopt measures under its purview to promote financial stability. The analysis presented in this edition of the Report leads to the conclusion that there has been a strong credit trend in Colombia in the last few months that is consistent with the strength of economic activity. Credit continues to grow (in all its categories and especially in consumer loans) while past-due and risky loans continue to decline for the aggregate portfolio. In general terms, the favorable performance of credit establishments (CIs) in a context of tighter financial conditions and greater volatility in financial markets continues to reflect the soundness and stability of the Colombian financial system. In spite of exhibiting a recent decline, CIs are keeping liquidity and capital adequacy indicators well above the regulatory minimums. Its aggregate profitability, in turn, returned to the levels seen before the pandemic shock and showed a positive performance in financial intermediation activities. With respect to non-bank financial institutions, the recent volatility of the financial markets has led to reductions in their level of assets due to the devaluations in their investment portfolios. This has been reflected mainly in reduced profitability for Trust Companies (TC) and Pension Fund Managers (PFM). In line with the positive performance of economic activity in 2021 and so far in 2022, the rapid surge in household loans in Colombia, especially consumer loans together with the high levels of household debt to disposable income ratio is still considered a source of vulnerability for the stability of the Colombian financial system just as it was in the previous edition of this Report (see section 2.2.2). In addition, given the large current account deficit and the foreign financing needs, the exposure of the Colombian economy and financial institutions to changes in financial conditions persists in a global environment of high uncertainty. In any case, the results presented in this Report indicate that the financial system has shown to be resilient to the materialization of adverse scenarios (see Chapter 3). In compliance with its constitutional objectives and in coordination with the financial system’s security network, Banco de la República will continue to closely monitor the financial stability outlook at this juncture and will make the necessary decisions to ensure the proper functioning of the economy, facilitate the sufficient flow of credit and liquidity resources, and promote the smooth functioning of the payment system. Box 1: Insurance Industry Performance During the Covid-19 Pandemic - Financial Stability Report, Second Half of 2022. Gualtero-Briceño, Daniela and Pirateque-Niño, Javier Eliecer Box 2: Recent Trends in the Financial Position of Households - Financial Stability Report, Second Half of 2022. Gómez-Molina, Andrés Camilo; Mariño-Martínez, Juan Sebastián and Osorio-Rodríguez, Daniel Box 3: A Description of the Foreign Exchange Risk of Real Sector Firms in Colombia in 2021 - Financial Stability Report, Second Half of 2022. Carmona-Duarte, Alvaro; Martinez-Osorio, Adrian and Niño-Cuervo, Jorge Jorge Niño