The Council on Foreign Relations and the Grand Area: Case Studies on the Origins of the IMF and the Vietnam War

This article examines the role of corporate elites within the Council on Foreign Relations (CFR) in establishing the framework for the IMF and the rationale for the Vietnam War. Drawing on the CFR's War-Peace Study Groups, established in World War II as a conduit between corporate elites and the U.S. government, the author first analyzes the role of corporate power networks in grand area planning. He shows that such planning provided a framework for postwar foreign and economic policymaking. He then documents the relationship between corporate grand area planning and the creation of the IMF. The analysis concludes with an examination of the relationship between grand area planning and the Vietnam War.

Transfer pricing and multinational financial institutions : the case for replacing arm’s length price with a unitary approach

The international tax system, designed a century ago, has not kept pace with the modern multinational entity rendering it ineffective in taxing many modern businesses according to economic activity. One of those modern multinational entities is the multinational financial institution (MNFI). The recent global financial crisis provides a particularly relevant and significant example of the failure of the current system on a global scale. The modern MNFI is increasingly undertaking more globalised and complex trading operations. A primary reason for the globalisation of financial institutions is that they typically ‘follow-the-customer’ into jurisdictions where international capital and international investors are required. The International Monetary Fund (IMF) recently reported that from 1995-2009, foreign bank presence in developing countries grew by 122 per cent. The same study indicates that foreign banks have a 20 per cent market share in OECD countries and 50 per cent in emerging markets and developing countries. Hence, most significant is that fact that MNFIs are increasingly undertaking an intermediary role in developing economies where they are financing core business activities such as mining and tourism. IMF analysis also suggests that in the future, foreign bank expansion will be greatest in emerging economies. The difficulties for developing countries in applying current international tax rules, especially the current traditional transfer pricing regime, are particularly acute in relation to MNFIs, which are the biggest users of tax havens and offshore finance. This paper investigates whether a unitary taxation approach which reflects economic reality would more easily and effectively ensure that the profits of MNFIs are taxed in the jurisdictions which give rise to those profits. It has previously been argued that the uniqueness of MNFIs results in a failure of the current system to accurately allocate profits and that unitary tax as an alternative could provide a sounder allocation model for international tax purposes. This paper goes a step further, and examines the practicalities of the implementation of unitary taxation for MNFIs in terms of the key components of such a regime, along with their their implications. This paper adopts a two-step approach in considering the implications of unitary taxation as a means of improved corporate tax coordination which requires international acceptance and agreement. First, the definitional issues of the unitary MNFI are examined and second, an appropriate allocation formula for this sector is investigated. To achieve this, the paper asks first, how the financial sector should be defined for the purposes of unitary taxation and what should constitute a unitary business for that sector and second, what is the ‘best practice’ model of an allocation formula for the purposes of the apportionment of the profits of the unitary business of a financial institution.

Reframe : QUT's Evaluation Framework 2014 Communications Plan

2014 is the year for embedding the Reframe: QUT’s Evaluation Framework as core business within the University, with the following providing an outline of the Learning and Teaching Unit’s (LTU) planned activities to support this implementation. LTU is continuing its commitment to intensive support and engagement with the academic and teaching focused community within QUT. The Academic Quality and Standards team have extended the existing communication and dissemination activities into a comprehensive communication plan for 2014, with major initiatives defined within this document. It should be noted that these activities are aligned to the discussions from the 2013 Integrated Management of Feedback (IMF) Steering Group and as endorsed by the University Learning and Teaching Committee at their meeting in February, 2014.

Introduction: Mapping the Contours of East Asian Commercial Law for the Asian Century

The centre of economic gravity in the new century is shifting to the East. Since 200 1, according to the International Monetary Fund (IMF), Asia's contribution to world economic growth has matched that of the United States and Europe combined, and, since 2006, has even exceeded it (IMF, 20 I I; Neumann and Arora, 20 II ). This surge is easy to explain: China has emerged as a global super-power; Japan remains the third-largest world economy, despite only recently emerging from over twenty years of economic stagnation (The Age, 2013); South Korea and the ' tiger ' economies of Taiwan, Hong Kong and Singapore have achieved high-level economic development through capital investment and technological innovation; and Indonesia, Thailand, the Philippines and Malaysia have supplied riches in labour and resources to the regional economy (Macintyre and Naughton, 2005, p. 78). A growing middle class is lifting consumption. ‘Billions of Asians,' writes Mahbubani (2008, p. 3), 'are marching to modernity.’ This book examines scholarly interpretations for the role commercial law has played in East Asia's economic rise. At first blush, this might seem a daunting task. After all, as some theorists have argued, the East Asian experience is largely neglected in writings on Jaw generally and commercial law more broadly (Wolff, 20 12). This is because law, as a discipline, was largely forged in the prior European and American centuries; these 'Anglo-American moorings' ill-serve legal analysis in the new Asian Century (Cossman, 1997, p. 539).

Australia

Crisis management in the banking sector is a topical issue in Australia. This is not because financial institutions are facing a financial crisis. Indeed, in 2012, the International Monetary Fund (IMF) noted that ‘Australia has a history of few bank failures, even fewer financial crises, and its banking sector emerged from the global financial crisis relatively well.’ Rather, crisis management of banks is topical because there has been the first full review of Australia’s banking and financial system in nearly 20 years, which has examined and raised issues about the resilience and capacity of the Australian regime in this post GFC world. At the time of writing, the Report’s recommendations, including for Australian banks to meet capital standards in line with emerging international practice, are the subject of industry debate in advance of the Australian government’s decision.

Aurinkotuulen dynaamisen paineen muutosten vaikutus ionosfäärin dynamiikkaan

Monissa viimeaikaisissa tutkimuksissa on tutkittu aurinkotuulen dynaamisen paineen vaikutusta revontulialueen hiukkaspresipitaatioon. Tutkimukset ovat kuitenkin perustuneet muutamaan yksittäiseen tapaukseen ja laskevan dynaamisen paineen vaikutuksia ei juuri ole tarkasteltu. Tämän opinnäytetyön tavoitteena oli selvittää suuremmasta statistiikasta aurinkotuulen dynaamisen paineen nousujen ja laskujen vaikutusta ionosfäärin dynamiikkaan. Paineen muutoksia etsittiin ACE:n mittausdatasta vuosilta 1998 2004 ja ionosfäärin vastetta näihin muutoksiin tutkittiin käyttäen IMAGE-magnetometriverkon tuottamaa magneettisen aktiivisuuden indeksiä (IE-indeksi). Tutkimuksen kohteeksi valittiin 286 painepulssia, joita edelsi ja seurasi tasaisen paineen jakso, sekä 171 vastaavaa paineen laskua (negatiivista painepulssia). Näiden paineen muutosten ionosfäärivastetta tutkittaessa käytettiin tilastollista superposed epoch -menetelmää. Tutkimuksen tulokseksi saatiin selvä positiivinen korrelaatio IE-indeksin ja aurinkotuulen dynaamisen paineen välillä. Korrelaatio on vähemmän selkeää paineen laskujen kuin nousujen yhteydessä. Tälle on useita mahdollisia selityksia: Tutkimusaineisto paineen laskuista oli suppeampi. Toisin kuin painepulsseihin, paineen laskuihin ei liittynyt aurinkotuulen nopeuden muutosta. Lisäksi IMF:n magnitudi kasvoi lähes kaikkien paineen laskujen aikana, joten magnitudin ja IE:n välinen positiivinen korrelaatio voisi peittää paineen laskun vaikutusta. Eteläisen IMF:n painepulssien aikana IE:n muutokset aiheutuivat enimmäkseen läntisen elektrojetin vahvistumisesta ja pohjoisen IMF:n aikana havaitut IE:n muutokset liittyivät enemmän itäiseen elektrojettiin. Aurinkotuulen dynaamisen paineen ja elektrojettien korrelaation selitykseksi tarjotaan ionosfääriin saapuvien kentänsuuntaisten virtojen välityksellä tapahtuvaa kytkentää aurinkotuuleen. IMF:n z-komponentin suunnalla oli odotetun merkittävä vaikutus IE:n yleiseen tasoon, mutta IE:n korrelaatio paineen muutosten kanssa oli samaa tasoa z-komponentin etumerkistä riippumatta. Myös IMF:n y-komponentti osoittautui merkittäväksi pohjoisen IMF:n aikana, sillä tällöin IE:n yleinen taso oli korkeampi ja paineen muutosten vaikutus paljon selkeämpi IMF:n y-komponentin ollessa positiivinen kuin negatiivinen.

Tariff-tax reforms and market access

Reducing tariffs and increasing consumption taxes is a standard IMF advice to countries that want to open up their economy without hurting government finances. Indeed, theoretical analysis of such a tariff–tax reform shows an unambiguous increase in welfare and government revenues. The present paper examines whether the country that implements such a reform ends up opening up its markets to international trade, i.e. whether its market access improves. It is shown that this is not necessarily so. We also show that, comparing to the reform of only tariffs, the tariff–tax reform is a less efficient proposal to follow both as far as it concerns market access and welfare.

Neighborhood Shopkeepers in Contemporary South Korea: Household, Work, and Locality

This is an ethnographic study of the lived worlds of the keepers of small shops in a residential neighborhood in Seoul, South Korea. It outlines, discusses, and analyses the categories and conceptualizations of South Korean capitalism at the level of households, neighborhoods, and Korean society. These cultural categories were investigated through the neighborhood shopkeepers practices of work and reciprocal interaction as well as through the shopkeepers articulations of their lived experience. In South Korea, the keepers of small businesses have continued to be a large occupational category despite of societal and economic changes, occupying approximately one fourth of the population in active work force. In spite of that, these people, their livelihoods and their cultural and social worlds have rarely been in the focus of social science inquiry. The ethnographic field research for this study was conducted during a 14-month period between November 1998 and December 1999 and in three subsequent short visits to Korea and to the research neighborhood. The fieldwork was conducted during the aftermath of the Asian currency crisis, colloquially termed at the time as the IMF crisis, which highlighted the social and cultural circumstances of small businesskeeper in a specific way. The livelihoods of small-scale entrepreneurs became even more precarious than before; self-employment became an involuntary choice for many middle-class salaried employees who were laid off; and the cultural categories and concepts of society and economy South Korean capitalism were articulated more sharply than before. This study begins with an overview of the contemporary setting, the Korean society under the socially and economically painful outcomes of the economic crisis, and continues with an overview of relevant literature. After introducing the research area and the informants, I discuss the Korean notion of neighborhood, which incorporates both the notions of culturally valued Koreanness and deficiency in the sense of modernity and development. This study further analyses the ways in which the businesskeepers appropriate and reproduce the Korean ideas of men s and women s gender roles and spheres of work. As the appropriation of children s labor is conditional to intergenerational family trajectories which aim not to reproduce parents occupational status but to gain entry to salaried occupations via educational credentials, the work of a married couple is the most common organization of work in small businesses, to which the Korean ideas of family and kin continuity are not applied. While the lack of generational businesskeeping succession suggests that the proprietors mainly subscribe to the notions of familial status that emanate from the practices of the white-collar middle class, the cases of certain women shopkeepers show that their proprietorship and the ensuing economic standing in the family prompts and invites inversed interpretations and uses of common cultural notions of gender. After discussing and analyzing the concept of money and the cultural categorization of leisure and work, topics that emerged as very significant in the lived world of the shopkeepers, this study charts and analyses the categories of identification which the shopkeepers employ for their cultural and social locations and identities. Particular attention is paid to the idea of ordinary people (seomin), which shopkeepers are commonly considered to be most representative of, and which also sums up the ambivalence of neighborhood shopkeepers as a social category: they are not committed to familial reproduction and continuity of the business but aspire non-entrepreneurial careers for their children, while they occupy a significant position in the elaborations of culturally valued notions and ideologies defining Koreanness such as warmheartedness and sociability.

Star formation in giant extragalactic H II regions

Star formation properties in Giant Extragalactic H II Regions (GEHRs) are investigated using optical photometry and evolutionary population synthesis models. Photometric data in $BVR$ bands and in the emission line of H-alpha are obtained by CCD imaging at Vainu Bappu Observatory, Kavalur. Aperture photometry is performed for 180 GEHRs in galaxies NGC 1365, 1566, 2366, 2903, 2997, 3351, 4303, 4449, 4656 and 5253. Thirty six of these GEHRs having published spectroscopic data are studied for star formation properties. The population synthesis model is constructed based on Maeder's stellar evolutionary and Kurucz stellar atmosphere models, to synthesize observational quantities of embedded clusters in GEHRs. The observed H-alpha luminosity is a measure of the number of massive stars while the contribution to BVR bands is from intermediate mass (5-15 solar mass) stars when the cluster is young and from evolving supergiants when the cluster is old (age >/= 6~Myr). Differential reddening between gas and embedded stars is essential to constrain the dereddened cluster colors within the range of youngest clusters. Obscuring dust closely associated with gas, which is distributed in filaments and clumps, as in the case of 30 Doradus, is the most likely configuration giving rise to net reduction of extinction towards stars. The fraction of the stellar photons escaping the nebula unattenuated is estimated to be 50%. GEHRs are rarely found to be simple systems containing stars from single generation. In the present sample such regions in addition to being older than 3~Myr, have their Lyman continuum luminosity reduced by as much as 60%, compared to the observed $B$ band luminosity for a normal IMF. The missing ionizing photons may be escaping the nebula, leading to the ionization of extra-H II region ionized medium. Co-existence of young (age

Microcréditos : tensión social entre destinatarios y tasa de interés

Introducción: El presente tiene como objetivo abordar, lo que denominaremos, la “tensión social” existente en los microcréditos. El estudio comparativo con legislaciones de otros países (Delfiner, Gómez, Perón, 2009), las regulaciones a nivel local (Delfiner, Pailhé y Perón, 2006), la situación del sector en la Argentina (PNUD, 2005), las IMF (Instituciones Micro Financieras) y las dificultades del sector (Larrea, Curat, Adúriz, Font Guido, 2010), la articulación público-privada (Montes de Oca, 2011), entre otros, nos han servido de base para poder abordar la problemática. En este primer trabajo y como avance de investigación, se trata de dilucidar y reflexionar sobre esta “tensión social”: los públicos más vulnerables soportan tasas de interés más elevadas. Es decir trataremos de describir y explicar esta aparente contradicción: Si el microcrédito intenta ayudar a combatir la pobreza ¿Por qué la tasa que pagan los prestatarios son elevadas? El presente análisis se centra en la realidad Argentina del año 2014...

Argentina. Crisis de pagos y sinergia entre programas del FMI y Club de París. 1956-2009

Desde 1956, en ocho ocasiones la Argentina refinanció deudas oficiales en el ámbito del Club de París. Estas refinanciaciones implicaron implementar programas de ajuste, acompañados en seis oportunidades por acuerdos contingentes con el FMI. Pero la apreciación subsiguiente de la moneda doméstica y los compromisos de facilitar importaciones pactados en tales acuerdos, desencadenan un ciclo de auge y deterioro de la cuenta corriente del balance de pagos que finaliza con una nueva crisis y una deuda externa incrementada, agravando la restricción de divisas originante de tal situación, en un contexto de salida masiva de capitales, inflación y recesión.

阿尔文涨落与地球磁层亚暴

本文讨论了一种地球磁层的亚暴机制。当行星际磁场有大的南向分量时,磁层的位形可由基本闭式转变为开式。磁鞘中的阿尔文波可以携带超过10~(18)尔格/秒的能流传入磁层尾部,并将能量耗散于等离子体片中。等离子体片中的粒子被加热和加速后,注入近地空间,产生环电流和极区亚暴。计算了剪切流场中阿尔文波的传播过程,以及磁层中阿尔文波的耗散。将本文的结算与[4]中的结果合在一起,可以说明当行星际磁场转向南时,容易发生地球磁层亚暴,但这两者并非一一对应的关系,行星际磁场没有南向分量时也可以发生地球磁层亚暴。

Transparência do orçamento público brasileiro : exame dos documentos orçamentários da União e uma proposta de estrutura para o Orçamento-Cidadão

Sugere medidas para o aperfeiçoamento da transparência do sistema orçamentário federal brasileiro. A partir de pesquisa exploratória busca relacionar o instituto do orçamento público aos conceitos de planejamento, participação popular, controle social, cidadania, accountability e democracia - relações que fundamentam a defesa da transparência orçamentária. Examina se são emitidos dez documentos orçamentários e avalia seus conteúdos. São eles: Declaração Pré-Orçamentária, Proposta de Orçamento do Executivo, Orçamento, Relatórios Mensais, Relatório Semestral, Relatório Anual, Relatório do Auditor, Relatório Pré-Eleitoral, Relatório Plurianual e Orçamento-Cidadão.