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Essay Instructions: Examine the most recent issue of International Economic Trends, published by the Federal Reserve Bank of St. Louis. The figures you see in the graphs are percent changes compared to the year before, in economic data for seven countries and the Euro Area. Your assignment is to compare indicators for the United States, Japan, Canada, and the United Kingdom, and form a view about their future.

International Economic Trends is found at this site:

http://research.stlouisfed

You must use this site for your base information but you are welcome to use one or more other sites to help you in your analysis.

When you click on the link above you come to a summary screen with several economic indicators for several different countries. You can click on the short or long-term charts for each individual country, but on the far right there is a cross country comparison that you can access, and this is best for the multiple country comparisons you will be doing. When using the cross country comparison first make sure you choose the graph that compares the US, Japan, Canada, and the United Kingdom, because other comparisons will also be shown.

Second, make sure you choose the correct chart because several will be displayed for each economic classification.

For each of the first four questions below, the macro-economic indicator you are asked to compare will be stated in two ways. First will be the title of the column on the left of the opening screen, as it is stated on the opening screen of the database. Second, in parenthesis, the title of the graph to look for after clicking on the cross country comparison.

Each of the 5 questions below require you to compare the United States, Japan, Canada, and the United Kingdom.

Please repeat the questions below on the title page of your paper

Each of the first four comparisons below specify that you need to utilize the latest available information and that will include some 2011 data. It is extremely important that this data be included and essential for giving your analysis for question 5.

1. Compare the four countries in terms of Output and Growth (Real GDP). The analysis should only cover the period from the beginning of 2008 to the present, and make sure the most recent 2011 changes are addressed.

2. Compare the four countries in terms of Productivity (Output Per Worker). The analysis should only cover the period from the beginning of 2008 to the present, and make sure the most recent 2011 changes are addressed.

3. Compare the four countries with respect to Inflation and Prices (CPI). The analysis should only cover the period from the beginning of 2008 to the present, and make sure the most recent 2011 changes are addressed.

4. Compare the four countries regarding the Labor Market (Unemployment Rate). The analysis should only cover the period from the beginning of 2008 to the present, and make sure the most recent 2011 changes are addressed.

This is a difficult part because instead of reporting and ranking the indicators you must look at them as a whole, in an analytic manner to arrive at conclusions:

5. After reviewing the recent economic indicators for these countries, which is the country that currently has the strongest economic recovery at the present time. Make certain you confine your choice to only one country and give an explanation for your choice.

In the first 5 questions you examined the recent past and present of economic indicators that measure the health of an economy. Interest rates are also tied to that health and we will examine those with the next question.

6. The link below takes you to a site that shows you various Treasure security yields and how short and long-term yields differ. This is called the term structure of interest rates and when graphed it is called a yield curve. What is the relationship between short and long-term interest rates as the time to maturity of the debt increases? To be more specific, do yields increase, decrease, or stay the same as the time to maturity increases, and describe one or more reasons that cause the yield curve shape.

http://www.ustreas.gov/offices/domestic-finance/debt-management/interest-rate/yield.shtml

The following shows you the yields on all the maturities issued by the Treasury in the form of a table. You can also see a graph of the current yields, the yield curve, by clicking on the Data and Charts Center located on the left column of the page.

Be patient, it is slow to load.

http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yield

The following gives you a hypothetical yield curve (no0t based on current data) but the value is in the explanations that are below the curve.

http://www.investopedia.com/terms/y/yieldcurve.asp#axzz1VCSWJAY8

? The Fedeeraql Reserve has written an interesting article on yield curves as a leading economic indicator http://www.newyorkfed.org/research/capital_markets/ycfaq.html

? Economic Focus ## What goes around, The Economist, June 9, 2007, retrieved from the Proquest database, August 15, 2011:

http://proquest.umi.com/pqdweb?did=1284761571&sid=1&Fmt=3&clientId=29440&RQT=309&VName=PQD

Case assignment expectations:

Use information from the modular background readings as well as any good quality resource you can find. Make sure you cite all resources you use and provide a reference list at the end of your paper.

LENGTH: 4 typed and double-spaced pages with 1 Inch Margins.

In addition to the overall quality, depth, grammar, and organization of the paper, the following will, in particular, be assessed:

1. Your ability to present comparative economic data in a clear and precise manner.

2. Your ability to analyze comparative economic performance to arrive at conclusions consistent with the facts.

3. Some in-text references to modular background readings (APA formatting not required).

Essay Instructions: "Empirical reasons for the international financial crisis and the role of the International Monetary Fund"
International capital movements can bring major gains both to the lending or investing countries and to the borrowing countries, through intertemporal trade and portfolio diversification for the lenders/investors. But international lending and borrowing is not always well-behaved, financial crises are recurrent.

Analyze the empirical reasons for the international financial crisis and the role of the International Monetary Fund. Your paper should be APA format and structured as follows:

Cover page with a running head
1 Introduction
2 International capital flows
3 The International Monetary Fund
3a. International Lending and borrowing between industrialized countries
3b. International Lending by industrialized countries to developing nations

4 Reasons behind International Financial Crisis
4a. Overlending and Overborrowing: The Asian Crisis of 1997
4b. Exogenous Shocks
4c Exchange Rate Risk
4d. Large Increases in Short-Term Debt to Foreigners
4e. Contagion

5 Resolving the Crisis
5a. Rescue Package
5b. Debt Restructuring
• Conclusions
• References

Your paper must supplement your analysis of the economic reasons for capital in-flow and outflow with a real-world examples, and supplement your analysis of historical reasons behind international financial crisis with a real-world examples.
_________

Please cite at least 8 credible online references (not wikipedia, ehow, marketing for dummies, etc...) , that have a direct online link and do not require a password to access (unless they are from EBSCO or Proquest), such as Wall Street Journal Online, New York Times Online, or a publication that I can access through Proquest or EBSCO (please indicate if any sources are from EBSCO or Proquest so I know).
These sources should play only a minor role in the answer. If you use a direct quote please make sure to add commentary to it, to ensure it flows within the context of the paper. Do not use bullet point format for any part of this assignment. Please include a references/works cited section and use APA format. If you use quotations, they should not compromise more than 15% of the total paper.
Also do not use any reference that only has an abstract available without the full text. The full text of a reference must be available.

Please use real world example (i.e. countries) in the international capital flows, International Monetary Fund (both parts), and Asian crisis sections.

Please as the following course textbook as one of the eight (8) of the references: Thomas Pugel, International Economics (15 ed.) Chicago, IL: Irwin, 2012. This book covers the above topic from page 94 to page 116.

I will send the user/password info for this book shortly in the "talk to writer" section.
Please use APA format, include a works cited page, and an abstract of 100-150 words.

Thank you. Let me know if you have any questions.

Customer is requesting that (Isak) completes this order.

Essay Instructions: Explain the role and importance of the Bank for International Settlements(BIS) in th world economy:

Works cited include these below, but I will need more:

1/ International Economics: Theory and Policy, 9th Ed., 502-518; 522-528; 532-558.

2/ "The European Monetary System 50 Years after Bretton Woods: A Comparison Between Two Systems" www.columbia.edu/~ram15/ABrettwds.htm

3/ The International Monetary Fund: Financial Medic to the World

4/ "Whither the Wrodl Bank and the IMF?" 1983-2020


There are faxes for this order.

Essay Instructions: International Corporate Exposure Management Project
This assignment will give you an opportunity to study a company?s international economic risk exposures.

You will need to collect specific data about the company?s currency operations and the extent to which they are exposed to specific foreign currencies. You will also have to collect information about the extent to which the company hedges their FX exposure. To complete the Assignment you need to collect data on a company?s cash flows, earnings, stock prices, or other measures of performance. You should choose a company with a large "obvious" FX exposure.

Reference material for your analysis may include, but is not necessarily limited to: (1) Disclosure data (e.g., Annual Reports and 10K data), (2) Moody's Handbook of Common Stocks, (3) Standard and Poor's Stock Reports ,(4) Standard and Poor's Industry Surveys, (5) Standard and Poor's Outlook, and (6) Value Line Investment Survey).


In each section,
? Define
o Introduce the topic/section and tell the reader what will be done
o Communicate clearly the key concepts and methods that will be covered. You will have trade-offs in writing at a high level (technical expertise) and communicating to a novice (non-expert)
? Discuss
o Why is this important (why do I care)? What will be learned from this section?
? Analyze
o Non-quantitative Sections ? Develop logical arguments in order to interpret the results/models you have employed
o Quantitative Sections ? Present summary tables; discuss results (numbers have meaning)
? Draw Conclusions


1. General Economic Analysis
?This section should develop a discussion of the current state of the economy relative to real and nominal GDP, inflation, interest rates (short and long-term), corporate profits, disposable income, etc., as well as a discussion of those economic factors that could affect the supply and demand of the product/service of your company (e.g., labor, capital investment, material costs). This section should present the recent history for these variables and also include your outlook for these factors. Your economic analysis should be used, in part, to support your valuation of the stock and your final recommendation. For example, if you are very negative on the economy?s future, you are probably less likely to recommend the stock of a cyclical company. This section should reflect your opinion relative to what you have read. You should discuss how you have reached your opinion.


2. Industry Analysis
?The past and potential profitability of a company is related to the past and potential profitability of the industry as a whole. The industry analysis should take into account the competition among the companies within the industry, relative power of suppliers and customers, potential for entry by competitors, international aspects, regulatory concerns, and substitute products, to name a few of the factors for consideration. The analysis should consider the potential structural change that could take place in the industry, as well as the effects on the industry of the general economic trends discussed in the previous section. How you define ?industry? for your company is up to you.

3. Company Analysis
Give a brief overview of the firm, describing the firm?s product markets and/or industry (ies) in which it competes, and its stock performance over the past five years, focusing on any recent trends. Included should be a discussion of the company?s products/markets, industry and major competitors.
Qualitative Analysis: The potential profitability of a company is related to the quality of its management and the demand for its products/services. Consequently in this section, you will need to assess the abilities of management and include a detailed analysis of current and historical ratios of your company relative to the industry.
Quantitative Analysis: In this portion, you will make forecasts of the sales and profitability of the company. This information will be used to perform the valuation of the stock.

?This section should address answers to the following questions:

a. A description of the company?s products and/or services as well as the industry within which the company competes.
b. Which firms are major competitors for your firm and how does your firm rank within its industry vis a vis its competitors?
c. An outlook concerning the demand for the firm?s product.
d. An assessment of the firm?s recent earnings position as well as its financial position.
e. What has been the average annual growth rate in earnings per share over the past 10 years and the past 5 years (if available, or applicable, from Value Line)? What is the future estimated growth rate in earnings per share? Are there any special situations in the firm?s operations (either positive or negative) that warrant attention?
f. What is the current dividend yield? What has been the average annual growth rate in dividends per share over the past 10 years and the past 5 years (if available, or applicable, from Value Line)? What is the future estimated growth rate in dividends per share?
g. What has been the average annual growth rate in cash flow per share over the past 10 years and the past 5 years (if available, or applicable, from Value Line)? What is the future estimated growth rate in cash flow per share?
h. What has been the average annual growth rate in sales per share over the past 10 years and the past 5 years (if available, or applicable, from Value Line)? What is the future estimated growth rate in sales per share?
i. What is the current level of the debt ratio (debt/total assets)?
j. What is the Value Line?s projected 3-5 year forecast of the firm?s price per share and earnings per share?
k. How do these forecasted values compare with today?s price per share and earnings per share?
l. What is your qualitative impression of the capability of the firm?s management? Value Line?s assessment of the:
? Stock?s ?beta.?
? Performance, Safety and Technical numbers (e.g., 1, 2 ..., 5).
? What is the date of Value Line?s report?
m. If Value Line gives your stock a particularly low (e.g., 4 or 5) or high (e.g., 1 or 2) rating for either performance, safety, or technical why do you feel your stock deserves or does not deserve this (these) rating(s) at this time? What do you feel are the main strengths and/or weaknesses of your firm?

4. Management of International Economic Exposure
Does the company manage the relevant risks?
This section is based on your own analysis. You are supposed to make thorough analyses of the company and discuss what International economic risks you think the company is exposed to.

* Suggest variables that you think should be used when measuring the company?s exposures (i.e., you should discuss what specific exchange rates, interest rates and so on that you find important to your companies).
* According to your analyses, and based on what you consider the company?s risk attitude, time horizon, and view on purchasing power parity, Interest rate parity, and the expectations hypothesis to be, does the company manage their risks properly as compared to the strategies suggested in the literature?
* Risk: How risky (get stock prices and compute your company?s Beta) is your company versus the market or other firms in that industry?
* How does the company manage International economic exposures? Include financial reports, press releases, etc (external view) and any information you can discover about the firms internal view of itself regarding foreign exchange risk.
* Discuss the company?s awareness of their International economic exposure?s and the International & Macro-economic variables they consider important, how they measure their exposure, and how they manage it.
* Discuss the structure of the exposure management programs in the company. How does the company motivate their choice of exposure management program? Have there been any changes in the way the company manages their exposures during the period under study? If so, why?
* Analyze the company?s currency risk exposure.
* Analyze the company's exposure to foreign markets, the economic conditions and prospects in the various markets, and its risk management techniques.
* What are the managers? risk attitude, time horizon, and view on purchasing power parity, interest rate parity, and the expectations hypothesis?
* What level of information does the firm provide in their annual report regarding the variables they consider themselves to be exposed to, the measures they use when assessing exposure, and the strategies they follow when managing the exposure? Do they 1) provide no information on variables, measures, and/or strategies, 2) general information (e.g. ?we are exposed to exchange rates?), 3) partial information (e.g. ?we are, among other variables, exposed to the exchange rate?), or 4) other information? How do you support your conclusion?

5. Analysts? View
* The section should be based on analysts? reports in e.g. financial magazines, other publications, or interviews. You are supposed to discuss how analysts judge the exposure management programs of the companies, and what macroeconomic risks analysts think the companies are exposed to.
* Discuss degree of internationalization of operations and how vulnerable the firm might be to governmental changes here and abroad. What about natural disasters, political unrest, union actions, social issues (only with respect to operations)?
* Obtain a copy of either Value Line, Standard and Poor?s, or similar report on your company. Copy either the Management?s Outlook from the 10K or the President/CEO?s Letter from the Annual Report. Compare/contrast the Management?s opinion of the company with the Value Line or S&P. Management?s view of the future and Value Line?s or S&P?s view may differ substantially.

6. Scenario analysis
Perform a scenario analysis for your company.
Value the firm under three different scenarios:
a) Best scenario (maximum stock price if all goes well)
b) Worst scenario (lowest stock price if all goes against the firm?s interest)
c) Most likely scenario ? this is your best estimate of the equity value
d) Interpretation of the scenarios.

Give your opinion on how you think the ongoing political situation in America, Europe and Asia will affect the company. Discuss the level of financial integration among relevant countries and its importance for the corporate exposure to the current economic situation.

7. Summary
Discuss to what extent the company is exposed to different risks, according to the companies themselves, according to analysts, and according to yourselves. How would you suggest the company should change their exposure management programs (in terms of management strategy, information requirements, etc)? The report should describe the selected company's industry, global competition, and its foreign operations. This report should develop hedging recommendations for this company based on how your exchange rate forecast will influence its operating and financial flows. These recommendations should cover the finance, marketing, production, and other appropriate areas.