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Plaza Accord
The Plaza Accord was a joint agreement signed on September 22, 1985, at the Plaza Hotel in New York City, between France, West Germany, Japan, the United Kingdom, and the United States, to depreciate the U.S. dollar in relation to the French franc, the German Deutsche Mark, the Japanese yen and the British pound sterling by intervening in currency markets. The U.S. dollar depreciated significantly from the time of the agreement until it was replaced by the Louvre Accord in 1987. Some commentators believe the Plaza Accord contributed to the Japanese asset price bubble of the late 1980s. Background The tight monetary policy of the Federal Reserve's Chairman Paul Volcker and the expansionary fiscal policy of President Ronald Reagan's first term in 1981–84 pushed up long-term interest rates and attracted capital inflow, appreciating the dollar. The French government was strongly in favor of currency intervention to reduce it, but US administration officials, such as Treasu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Plaza Hotel
The Plaza Hotel (also known as The Plaza) is a luxury hotel and condominium apartment building in Midtown Manhattan in New York City. It is located on the western side of Grand Army Plaza, after which it is named, just west of Fifth Avenue, and is between 58th Street and Central Park South ( 59th Street), at the southeastern corner of Central Park. Its primary address is 768 Fifth Avenue, though the residential entrance is One Central Park South. Since 2018, the hotel has been owned by the Qatari firm Katara Hospitality. The 18-story, French Renaissance-inspired château style building was designed by Henry Janeway Hardenbergh. The facade is made of marble at the base, with white brick covering the upper stories, and is topped by a mansard roof. The ground floor contains the two primary lobbies, as well as a corridor connecting the large ground-floor restaurant spaces, including the Oak Room, the Oak Bar, the Edwardian Room, the Palm Court, and the Terrace Room. The uppe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deutsche Mark
The Deutsche Mark (; "German mark (currency), mark"), abbreviated "DM" or "D-Mark" (), was the official currency of West Germany from 1948 until 1990 and later of unified Germany from 1990 until the adoption of the euro in 2002. In English, it was typically called the "Deutschmark" ( ). One Deutsche Mark was divided into 100 pfennigs. It was first issued under Bizone, Allied occupation in 1948 to replace the Reichsmark and served as the Federal Republic of Germany's official currency from its founding the following year. On 31 December 1998, the Council of the European Union fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM 1.95583 = €1. In 1999, the Deutsche Mark was replaced by the euro; its coins and banknotes remained in circulation, defined in terms of euros, until the introduction of euro notes and coins on 1 January 2002. The Deutsche Mark ceased to be legal tender immediately upon the introduction of the euro—in contr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Beryl Sprinkel
Beryl Wayne Sprinkel (November 20, 1923 – August 22, 2009) was an Under Secretary for Monetary Affairs in the US Treasury from January 1981 to April 1985, and member of the Executive Office of the US President and chairman of the Council of Economic Advisers (CEA) between April 4, 1985, and January 21, 1989, during the Reagan administration. Prior to government service, Dr. Sprinkel worked at the Harris Trust and Savings Bank in Chicago from 1952 to 1981, rising to the position of executive vice president. Raised on a farm near Richmond, Missouri, Sprinkel was a member of the 2nd Armored Division, which led the attack that penetrated and defeated the German offensive near Celles, Belgium, in the Battle of the Bulge during World War II. After the war he earned a degree in economics from the University of Missouri and, later, an MBA and PhD from the University of Chicago. At the University of Chicago he was one of a circle of economists who was heavily influenced by the moneta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Donald Regan
Donald Thomas Regan (December 21, 1918 – June 10, 2003) was an American government official and business executive who served as the 66th United States secretary of the treasury from 1981 to 1985 and as the 11th White House chief of staff from 1985 to 1987 under Ronald Reagan. Regan studied at Harvard University before he served in the U.S. Marine Corps, achieving the rank of lieutenant colonel. In 1946, he began to work for Merrill Lynch, serving as its chairman and CEO from 1971 to 1980. In the Reagan administration, Regan advocated " Reaganomics" and tax cuts as a means to create jobs and to stimulate production. Early life and education Donald Regan was born in Cambridge, Massachusetts, the son of Kathleen (née Ahearn) and William Francis Regan. He was of Irish Catholic origins. Regan earned his Bachelor of Arts in English from Harvard College in 1940 and attended Harvard Law School before dropping out to join the Marine Corps at the outset of World War II. He reach ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of France
The Government of France (, ), officially the Government of the French Republic (, ), exercises Executive (government), executive power in France. It is composed of the Prime Minister of France, prime minister, who is the head of government, as well as both senior and junior minister (government), ministers. The Council of Ministers, the main executive organ of the government, was established in the Constitution of France, Constitution in 1958. Its members meet weekly at the Élysée Palace in Paris. The meetings are presided over by the president of France, the head of state, although the officeholder is not a member of the government. The Prime Minister may designate ministers to be titled as ministers of state (), who are the most senior, followed in protocol order by ministers (), ministers delegate (), whereas junior ministers are titled as secretaries of state (). All members of the government, who are appointed by the president following the recommendation of the prim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ronald Reagan
Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was an American politician and actor who served as the 40th president of the United States from 1981 to 1989. He was a member of the Republican Party (United States), Republican Party and became an important figure in the American conservative movement. Presidency of Ronald Reagan, His presidency is known as the Reagan era. Born in Illinois, Reagan graduated from Eureka College in 1932 and was hired the next year as a sports broadcaster in Iowa. In 1937, he moved to California where he became a well-known film actor. During his acting career, Reagan was president of the Screen Actors Guild twice from 1947 to 1952 and from 1959 to 1960. In the 1950s, he hosted ''General Electric Theater'' and worked as a motivational speaker for General Electric. During the 1964 United States presidential election, 1964 presidential election, Reagan's "A Time for Choosing" speech launched his rise as a leading conservative figure. After b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Volcker
Paul Adolph Volcker Jr. (September 5, 1927 – December 8, 2019) was an American economist who served as the 12th chair of the Federal Reserve, chairman of the Federal Reserve from 1979 to 1987. During his tenure as chairman, Volcker was widely credited with having ended the high levels of inflation seen in the United States throughout the 1970s and early 1980s, with measures known as the ''Volcker shock''. He previously served as the List of presidents of the Federal Reserve Bank of New York, president of the Federal Reserve Bank of New York from 1975 to 1979. President Jimmy Carter nominated him to succeed G. William Miller as Fed chairman and President Ronald Reagan renominated him once. Volcker did not seek a third term at the Fed and was succeeded by Alan Greenspan. After his retirement from the Board, he chaired the Economic Recovery Advisory Board under President Barack Obama from 2009 to 2011 during the subprime mortgage crisis. Early life and education Volcker was born ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms." Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Japanese Asset Price Bubble
The was an economic bubble in Japan from 1986 to 1991 in which real estate and stock market prices were greatly inflated. In early 1992, this price bubble burst and the country's economy stagnated. The bubble was characterized by rapid acceleration of asset prices and overheated economic activity, as well as an uncontrolled money supply and credit expansion.Kunio Okina, Masaaki Shirakawa, and Shigenori Shiratsuka (February 2001):The Asset Price Bubble and Monetary Policy: Japan's Experience in the Late 1980s and the Lessons More specifically, over-confidence and speculation regarding asset and stock prices were closely associated with excessive monetary easing policy at the time.Edgardo Demaestri, Pietro Masci (2003): Financial Crises in Japan and Latin America, Inter-American Development Bank Through the creation of economic policies that cultivated the marketability of assets, eased the access to credit, and encouraged speculation, the Japanese government started a prolon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute For International Economics
The Peterson Institute for International Economics (PIIE), known until 2006 as the Institute for International Economics (IIE), is an American think tank based in Washington, D.C. It was founded by C. Fred Bergsten in 1981 and has been led by Adam S. Posen since 2013. PIIE conducts research, provides policy recommendations, and publishes books and articles on a wide range of topics related to the US economy and international economics. According to the ''2015 Global Go To Think Tank Index Report'' (Think Tanks and Civil Societies Program, University of Pennsylvania), PIIE ranked number 20 (of 150) in the "Top Think Tanks Worldwide" and number 13 (of 60) in the "Top Think Tanks in the United States". Other "Top Think Tank" rankings include #4 (of 80) in Domestic Economic Policy, #20 (of 30) in Domestic Health Policy, #14 (of 25) in Global Health Policy, #32 (of 80) in International Development, #1 (of 50) in International Economic Policy, #38 (of 45) in Science and Technology, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Toronto
The University of Toronto (UToronto or U of T) is a public university, public research university whose main campus is located on the grounds that surround Queen's Park (Toronto), Queen's Park in Toronto, Ontario, Canada. It was founded by royal charter in 1827 as King's College, the first institution of higher learning in Upper Canada. Originally controlled by the Church of England, the university assumed its present name in 1850 upon becoming a secular institution. It has three campuses: University of Toronto Mississauga, Mississauga, #St. George campus, St. George, and University of Toronto Scarborough, Scarborough. Its main campus, St. George, is the oldest of the three and located in Downtown Toronto. U of T operates as a collegiate university, comprising 11 #Colleges, colleges, each with substantial autonomy on financial and institutional affairs and significant differences in character and history. The University of Toronto is the largest university in Canada with a t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Louvre Accord
The Louvre Accord (formally, the Statement of the G6 Finance Ministers and Central Bank Governors) was an agreement, signed on February 22, 1987, in Paris, that aimed to stabilize international currency markets and halt the continued decline of the US dollar after 1985 following the Plaza Accord. It was considered, from a relational international contract viewpoint, as a rational compromise solution between two ideal-type extremes of international monetary regimes: the perfectly flexible and the perfectly fixed exchange rates. The agreement was signed by Canada, France, West Germany, Japan, the United Kingdom, and the United States. The Italian government was invited to sign the agreement but declined. Background A precursor to the Louvre Accord was the Plaza Accord, which was agreed upon during the G7 Minister of Finance meeting held in New York in 1985 and aimed to depreciate the US dollar relative to the Japanese yen and German Deutsche Mark. The United States had a trade ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
