Economics (International Economic Organization and India)
This Exam Covers the Following Topics
- International Monetary System (IMS)
- Definition, types (fixed, floating, managed exchange regimes), and evaluation criteria (adjustment, liquidity, confidence).
- Evolution and functions of the IMS.
- Bretton Woods Development
- Overview of the Bretton Woods Conference of 1944.
- Establishment of the International Monetary Fund (IMF) and the World Bank as Bretton Woods twins.
- International Monetary Fund (IMF)
- Functions of the IMF: exchange rate stability, international monetary cooperation, financial assistance.
- Governance structure of the IMF (Board of Governors, Executive Board).
- India’s engagement with the IMF (quota, borrowing, participation in the Financial Transactions Plan).
- World Bank Group
- Overview of the five institutions: International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and International Centre for Settlement of Investment Disputes (ICSID).
- Functions and roles of each institution.
- India’s relationship with the World Bank Group.
- Asian Development Bank (ADB)
- Establishment and functions of the ADB.
- India’s role and involvement in the ADB.
- ADB’s contributions to development in the Asia-Pacific region.
- Organisation for Economic Co-operation and Development (OECD)
- History and formation of the OECD from the Organisation for European Economic Cooperation (OEEC).
- Objectives and functions of the OECD.
- Engagement with non-member countries and expansion strategies.
- World Trade Organisation (WTO)
- Evolution from the General Agreement on Tariffs and Trade (GATT) to the WTO.
- Functions and principles of the WTO (Most Favoured Nation, National Treatment).
- WTO negotiations and India’s role, including the Doha Development Agenda.
- WTO Ministerial Conferences and Trade Policy Reviews.
- India’s Foreign Investment Policy
- Bilateral Investment Promotion & Protection Agreement (BIPA).
- India’s approach to investment protection and promotion agreements.
- India’s non-membership in ICSID and its implications for foreign investment.
- Current Financial Crises and International Monetary System
- Analysis of recent global financial crises (e.g., 2008 crisis) and their implications on international monetary systems.
- Revival of Keynesian ideas and the concept of Special Drawing Rights (SDRs) as a global reserve currency.
- Global Economic Governance and Reforms
- Discussions on IMF governance reforms and quota realignment.
- Challenges and proposed changes to international financial architecture and global economic governance.
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