1.
Spanish language
–
Spanish —also called Castilian —is a Romance language that originated in the Castile region of Spain, with hundreds of millions of native speakers around the world. It is usually considered the worlds second-most spoken native language after Mandarin Chinese and it is one of the few languages to use inverted question and exclamation marks. Spanish is a part of the Ibero-Romance group of languages, which evolved from several dialects of Vulgar Latin in Iberia after the collapse of the Western Roman Empire in the 5th century. Beginning in the early 16th century, Spanish was taken to the colonies of the Spanish Empire, most notably to the Americas, as well as territories in Africa, Oceania, around 75% of modern Spanish is derived from Latin. Greek has also contributed substantially to Spanish vocabulary, especially through Latin, Spanish vocabulary has been in contact from an early date with Arabic, having developed during the Al-Andalus era in the Iberian Peninsula. With around 8% of its vocabulary being Arabic in origin, this language is the second most important influence after Latin and it has also been influenced by Basque as well as by neighboring Ibero-Romance languages. It also adopted words from languages such as Gothic language from the Visigoths in which many Spanish names and surnames have a Visigothic origin. Spanish is one of the six languages of the United Nations. It is the language in the world by the number of people who speak it as a mother tongue, after Mandarin Chinese. It is estimated more than 437 million people speak Spanish as a native language. Spanish is the official or national language in Spain, Equatorial Guinea, speakers in the Americas total some 418 million. In the European Union, Spanish is the tongue of 8% of the population. Spanish is the most popular second language learned in the United States, in 2011 it was estimated by the American Community Survey that of the 55 million Hispanic United States residents who are five years of age and over,38 million speak Spanish at home. The Spanish Constitution of 1978 uses the term castellano to define the language of the whole Spanish State in contrast to las demás lenguas españolas. Article III reads as follows, El castellano es la lengua española oficial del Estado, las demás lenguas españolas serán también oficiales en las respectivas Comunidades Autónomas. Castilian is the official Spanish language of the State, the other Spanish languages as well shall be official in their respective Autonomous Communities. The Spanish Royal Academy, on the hand, currently uses the term español in its publications. Two etymologies for español have been suggested, the Spanish Royal Academy Dictionary derives the term from the Provençal word espaignol, and that in turn from the Medieval Latin word Hispaniolus, from—or pertaining to—Hispania
2.
ISO 4217
–
The ISO4217 code list is used in banking and business globally. ISO4217 codes are used on tickets and international train tickets to remove any ambiguity about the price. The first two letters of the code are the two letters of the ISO 3166-1 alpha-2 country codes and the third is usually the initial of the currency itself, so Japans currency code is JPY—JP for Japan and Y for yen. This eliminates the problem caused by the dollar, franc, peso and pound being used in dozens of different countries. Also, if a currency is revalued, the currency codes last letter is changed to distinguish it from the old currency. Other changes can be seen, however, the Russian ruble, for example, changed from RUR to RUB and these currency units are denominated as one troy ounce of the specified metal as opposed to USD1 or EUR1. The code XTS is reserved for use in testing, the code XXX is used to denote a transaction involving no currency. There are also codes specifying certain monetary instruments used in international finance, the codes for most supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO. The predecessor to the euro, the European Currency Unit, had the code XEU, the use of an initial letter X for these purposes is facilitated by the ISO3166 rule that no official country code beginning with X will ever be assigned. Because of this rule ISO4217 can use X codes without risk of clashing with a country code. ISO3166 country codes beginning with X are used for private custom use, consequently, ISO4217 can use X codes for non-country-specific currencies without risk of clashing with future country codes. The inclusion of EU in the ISO 3166-1 reserved codes list, the ISO4217 standard includes a crude mechanism for expressing the relationship between a major currency unit and its corresponding minor currency unit. This mechanism is called the exponent and assumes a base of 10. For example, USD is equal to 100 of its currency unit the cent. So the USD has exponent 2, the code JPY is given the exponent 0, because its minor unit, the sen, although nominally valued at 1/100 of a yen, is of such negligible value that it is no longer used. Usually, as with the USD, the currency unit has a value that is 1/100 of the major unit, but in some cases 1/1000 is used. Mauritania does not use a decimal division of units, setting 1 ouguiya equal to 5 khoums, some currencies do not have any minor currency unit at all and these are given an exponent of 0, as with currencies whose minor units are unused due to negligible value. There is also a code number assigned to each currency
3.
Currency symbol
–
A currency symbol is a graphic symbol used as a shorthand for a currencys name, especially in reference to amounts of money. The European Commission considers the global recognition of the euro sign € part of its success, in 2009, India launched a public competition to replace the ₨ ligature it shared with neighbouring countries. It finalised its new symbol, ₹ on 15 July 2010. It is a blend of the Latin letter R with the Devanagari letter र, when writing currency amounts the location of the symbol varies by currency. Many currencies in the English-speaking world and Latin America, place it before the amount, the Cape Verdean escudo places its symbol in the decimal separator position. The usage of many European countries, such as France, Germany, the decimal separator also follows local countries standards. For instance, the United Kingdom often uses an interpunct as the point on price stickers. Commas or decimal points are common separators used in other countries, see decimal separator for information on international standards. Older currency symbols have evolved slowly, often from previous currencies, the dollar and peso symbols originated from the mark employed to denote the Spanish real de a ocho, whereas the pound and lira symbols evolved from an L standing for libra, a Roman pound of silver. Newly invented currencies and currencies adopting new symbols have symbolism closer to their adopter, the added center bar in the real sign is meant to symbolize stability. The new Indian rupee symbol, ₹, is a combination of Latin. There are also considerations, such as the perception of the business community. For a new symbol to be used, software to render it needs to be promulgated, the EU was criticized for not considering how the euro symbol would need to be customized to work in different fonts. The original design was exceptionally wide. These two factors have led to most typefaces employing customized, font-specific versions, usually with reduced width, List of currencies List of circulating currencies Currency Symbols
4.
Dollar sign
–
The dollar sign is a symbol primarily used to indicate the various units of currency around the world. The symbol can interchangeably have one or two vertical strokes, note that the two-stroked version is not the same symbol as the cifrão. In common usage, the sign appears to the left of the amount specified, the best documented explanation holds that the sign evolved out of the Spanish and Spanish American scribal abbreviation pˢ for pesos. A study of late eighteenth- and early nineteenth-century manuscripts shows that the s gradually came to be written over the p, a variation, though less plausible, of this hypothesis derives the sign from a combination of the Greek character psi and S. There are a number of hypotheses about the origin of the symbol, some with a measure of academic acceptance. Kingdom of Sicily Denaro minted in the Kingdom in Sicily at least by 1258–1266 had what could be construed as a dollar symbol. These coins were widely circulated due to the Crusades – and specifically the Crusade that targeted Tunis, several alternative hypotheses relate specifically to the dollar sign drawn with two vertical lines. A common hypothesis holds that the sign derives from the Spanish coat of arms, in 1492, Ferdinand II of Aragon adopted the symbol of the Pillars of Hercules and added the Latin warning Non plus ultra meaning nothing further beyond, indicating this is the end of the world. But when Christopher Columbus came to America, the legend was changed to Plus ultra, the Pillars of Hercules wrapped in a banner thus became a symbol of the New World. In this example the right-hand pillar clearly resembles the dollar sign, the symbol was adopted by Charles V and was part of his coat of arms representing Spains American possessions. The symbol was later stamped on coins minted in gold and silver, the coin, also known as Spanish dollar, was the first global currency used in the entire world since the Spanish Empire was the first global Empire. These coins, depicting the pillars over two hemispheres and a small S-shaped ribbon around each, were spread throughout America, Europe and Asia. According to this, traders wrote signs that, instead of saying Spanish dollar, had this made by hand. When the US got independence from the UK, they created the American dollar, a dollar sign with two vertical lines could have started off as a monogram of USA, used on money bags issued by the United States Mint. The letters U and S superimposed resemble the historical double-stroke dollar sign, robert Morris was such a zealous patriot – known as the Financier of the Revolution in the West – that conjecture does not overstep its bounds in purporting this hypothesis as viable. A similar idea claims that the letters U and S would stand for unit of silver, referencing pieces of eight again, another hypothesis is that it derives from the symbol used on a German Thaler. This refers to the Bible, Numbers, Chapter 21, a similar symbol, constructed by superposition of S and I or J, was used to denote German Joachimsthaler. It was known in the English-speaking world by the 17th century, robert Morris was the first to use that symbol in official documents and in official communications with Oliver Pollock
5.
Argentina
–
Argentina, officially the Argentine Republic, is a federal republic in the southern half of South America. With a mainland area of 2,780,400 km2, Argentina is the eighth-largest country in the world, the second largest in Latin America, and the largest Spanish-speaking one. The country is subdivided into provinces and one autonomous city, Buenos Aires. The provinces and the capital have their own constitutions, but exist under a federal system, Argentina claims sovereignty over part of Antarctica, the Falkland Islands, and South Georgia and the South Sandwich Islands. The earliest recorded presence in the area of modern-day Argentina dates back to the Paleolithic period. The country has its roots in Spanish colonization of the region during the 16th century, Argentina rose as the successor state of the Viceroyalty of the Río de la Plata, a Spanish overseas viceroyalty founded in 1776. The country thereafter enjoyed relative peace and stability, with waves of European immigration radically reshaping its cultural. The almost-unparalleled increase in prosperity led to Argentina becoming the seventh wealthiest developed nation in the world by the early 20th century, Argentina retains its historic status as a middle power in international affairs, and is a prominent regional power in the Southern Cone and Latin America. Argentina has the second largest economy in South America, the third-largest in Latin America and is a member of the G-15 and it is the country with the second highest Human Development Index in Latin America with a rating of very high. Because of its stability, market size and growing high-tech sector, the description of the country by the word Argentina has to be found on a Venice map in 1536. In English the name Argentina probably comes from the Spanish language, however the naming itself is not Spanish, Argentina means in Italian of silver, silver coloured, probably borrowed from the Old French adjective argentine of silver > silver coloured already mentioned in the 12th century. The French word argentine is the form of argentin and derives of argent silver with the suffix -in. The Italian naming Argentina for the country implies Argentina Terra land of silver or Argentina costa coast of silver, in Italian, the adjective or the proper noun is often used in an autonomous way as a substantive and replaces it and it is said lArgentina. The name Argentina was probably first given by the Venitian and Genoese navigators, in Spanish and Portuguese, the words for silver are respectively plata and prata and of silver is said plateado and prateado. Argentina was first associated with the silver mountains legend, widespread among the first European explorers of the La Plata Basin. The first written use of the name in Spanish can be traced to La Argentina, a 1602 poem by Martín del Barco Centenera describing the region, the 1826 constitution included the first use of the name Argentine Republic in legal documents. The name Argentine Confederation was also used and was formalized in the Argentine Constitution of 1853. In 1860 a presidential decree settled the name as Argentine Republic
6.
Central bank
–
A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
7.
Central Bank of Argentina
–
The Central Bank of Argentina is the central bank of Argentina. Established by six Acts of Congress enacted on May 28,1935, the bank replaced Argentinas Currency board and its first president was Ernesto Bosch, who served in that capacity from 1935 to 1945. The Central Banks headquarters on San Martín Street, was designed in 1872 by architects Henry Hunt. Completed in 1876, the Italian Renaissance-inspired building initially housed the Mortgage Bank of the Province of Buenos Aires. Normally subordinate to the Economy Ministry in matters of policy, the Central Bank took a prominent role during the Latin American debt crisis when, in April 1980. This policy deprived the Central Bank of exchange-rate flexibility, however, the payment was effected on January 3,2006, employing about US$9.8 billion from BCRA reserves. The BCRA continued to intervene in the market, usually buying dollars. Its reserves reached US$28 billion in September 2006, recovering the levels prior to the IMF payment, the exchange rate was maintained relatively undervalued, prompted by the BCRAs market intervention as a buyer. While fiscal policy remained tight, monetary policy was highly expansionary with growth in Argentinas money supply of over 23% annually from 2003 to 2007. Citing its disapproval of this policy, the influential Global Finance magazine gave Martín Redrado, President of the Central Bank, price controls helped keep inflation that year to 9. The BCRA, however, obtained exceptionally high returns on investment funded by its reserves, for a total of US$1.4 billion in 2006, and continued to do so in subsequent years. He was dismissed by presidential decree on January 7,2010, following an impasse, Redrado was ultimately replaced by Mercedes Marcó del Pont, President of the National Bank of Argentina, on February 3. Redrados removal triggered a vocal rebuke from opposition figures in Congress, the BCRA acquired a greater role as a commercial lender subsequently. The Argentine Senate approved a reform of the Central Bank charter on 22 March 2012, under the new regime the government will be free to pay public debt using the Central Banks reserves. The bank would also be enabled to expand its capacity to the Treasury. This policy was continued by Fábregas successor, former National Securities Commission President Alejandro Vanoli. List of presidents of the Central Bank of Argentina Argentine peso Banco Alas Economy of Argentina
8.
Dollar
–
Dollar is the name of more than twenty currencies, including those of the United States, Canada, Australia, Taiwan, Hong Kong, Singapore, New Zealand, Liberia, Jamaica and Namibia. Generally, one dollar is divided into one hundred cents, on 15 January 1520, the Czech Kingdom of Bohemia began minting coins from silver mined locally in Joachimsthal and marked on reverse with the Czech lion. The coins were called joachimsthaler, which became shortened in common usage to thaler or taler, the German name Joachimsthal literally means Joachims valley or Joachims dale. A later Dutch coin also depicting a lion was called the leeuwendaler or leeuwendaalder, the Dutch Republic produced these coins to accommodate its booming international trade. The leeuwendaler circulated throughout the Middle East and was imitated in several German and Italian cities and this coin was also popular in the Dutch East Indies and in the Dutch New Netherland Colony. It was in throughout the Thirteen Colonies during the 17th. The currencies of Romania and Bulgaria are, to this day, the modern American-English pronunciation of dollar is still remarkably close to the 17th century Dutch pronunciation of daler. Some well-worn examples circulating in the Colonies were known as dog dollars, Spanish pesos – having the same weight and shape – came to be known as Spanish dollars. By the time of the American Revolution, Spanish dollars gained significance because they backed paper money authorized by the individual colonies, common in the Thirteen Colonies, Spanish dollars were even legal tender in one colony, Virginia. On April 2,1792, U. S. Secretary of the Treasury Alexander Hamilton reported to Congress the precise amount of found in Spanish dollar coins in common use in the states. As a result, the United States dollar was defined as a unit of silver weighing 371 4/16th grains. It was specified that the money of account of the United States should be expressed in those same dollars or parts thereof, in an act passed in January 1837, the dollars alloy was set at 15%. Subsequent coins would contain the amount of pure silver as previously. On February 21,1853, the quantity of silver in the coins was reduced. However, the dollars constitutional meaning has remained unchanged through the years, silver was mostly removed from U. S. coinage by 1965 and the dollar became a free-floating fiat currency without a commodity backing defined in terms of real gold or silver. The US Mint continues to make silver $1-denomination coins, but these are not intended for general circulation, there are many quotes in the plays of William Shakespeare referring to dollars as money. This might be supported by a reference to the sum of ten dollars in Macbeth. In 1804, a British five-shilling piece, or crown, was sometimes called dollar and it was an overstruck Spanish eight real coin, the original of which was known as a Spanish dollar
9.
United States dollar
–
The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
10.
Spanish real
–
The real was a unit of currency in Spain for several centuries after the mid-14th century, but changed in value relative to other units introduced. In 1864, the real was replaced by a new escudo, then by the peseta in 1868, the first real was introduced by King Pedro I of Castile in the mid 14th century at a value of 3 maravedíes. This rate of exchange increased until 1497, when the real, the famous piece of eight, also known as the Spanish dollar, was issued that same year as a trade coin. It later became widespread in North America and Asia, in 1566, the gold escudo was introduced, worth 16 silver reales. The piece of eight was so-called because the denomination was divided into eight silver reales. In addition to the piece of eight, which was a silver coin, other coins based on it were issued,4 reales,2 reales,1 real. During this period, Spanish trade coinage became popular in trade and commerce. In 1642, two distinct reales were created, the real de plata and the real de vellón, the exchange rate between these two coins was set at 2 reales de vellón =1 real de plata. The maravedí was tied to the real de vellón, causing the real de plata to be worth 68 maravedíes, the gold escudo was worth 16 reales de plata. The real de vellón was issued for use in Spain. The real de plata fuerte was introduced in 1737 at a value of 2 1⁄2 reales de vellón or 85 maravedíes and this real was the standard, issued as coins until the early 19th century. The gold escudo was worth 16 reales de plata fuerte, in 1808, coins were introduced denominated in real de vellón. These coins circulated alongside real de plata fuerte and escudo coins until decimalization, Coins denominated in reales de plata were minted until 1837, whilst maravedí coins were issued until 1850. The real de vellón, now just called the real, was adopted as the unit in Spains first decimal currency. To begin with, subsidiary pieces were issued denominated in decima de real, later they were denominated in céntimo de real. The real replaced the Catalan peseta in 1850, at a rate of 1 peseta =4 reales, in 1864, the real was replaced by a new escudo worth 10 reales. This second escudo was replaced in 1868 by the peseta at a rate of 1 peseta =0.4 escudos =4 reales. Consequently, the real lived on, meaning a quarter of a peseta
11.
Argentine Declaration of Independence
–
What today is commonly referred as the Independence of Argentina was declared on July 9,1816 by the Congress of Tucumán. In reality, the congressmen who were assembled in Tucumán declared the independence of the United Provinces of South America, the Federal League Provinces, at war with the United Provinces, were not allowed into the Congress. At the same time, several provinces from the Upper Peru that would become part of present-day Bolivia, were represented at the Congress. The 1810 May Revolution followed the deposition of the Spanish king Ferdinand VII by the Napoleonic French, the revolution ended the authority of the Viceroy Cisneros and replaced it with the Primera Junta. When the Spanish monarchy resumed its functions in 1819, Spain was determined to control over its colonies in the Americas. Moreover, the royalists from Peru had been victorious at the battles of Sipe-Sipe, Huaqui, Vilcapugio and Ayohuma, in Upper Peru, on April 15,1815 a revolution ended the mandate of Carlos María de Alvear as Supreme Director and demanded that a General Congress be summoned. Delegate deputies, each representing 14,000 inhabitants, were sent from all the United Provinces of the Río de la Plata to the sessions, however, the Federal League Provinces did not send delegates, the Argentine littoral Provinces, and the Eastern Province. The Congress was inaugurated in the city of Tucumán, with 33 deputies, the presidency of the Congress would be rotated monthly. Because the Congress had the freedom to choose topics to debate, the voting finally ended on July 9 with a declaration of independence. This was a concept that was also invoked by the other Spanish American declarations of independence, such as Venezuelas and Mexicos. The president of the Congress at the time was Francisco Narciso de Laprida, subsequent discussions centered on what form of government the emerging state should adopt. The house where the declaration was adopted has been rebuilt and is now a museum and monument, the House of Tucumán
12.
Argentine peso moneda nacional
–
The peso moneda nacional was the currency of Argentina from November 5,1881 to January 1,1970, the date in which the Argentine peso ley was issued to the Argentine public. It was subdivided into 100 centavos, with the argentino worth 5 pesos and its symbol was m$n or $m/n. Its ISO4217 code was ARM, the peso moneda nacional replaced the Argentine real at a rate of one to eight. It also replaced the peso fuerte at par and the peso moneda corriente at a rate of 25 pesos monedas corrientes =1 peso moneda nacional, the peso moneda nacional was itself replaced by the peso ley at a rate of one hundred to one. The peso was pegged to the French franc at a rate of 1 peso =5 francs. In 1883, when silver coins ceased production, the peso was set at a value of 2.2 francs or 638.7 mg gold. After a suspension in the standard from 1914, in 1927. The rate changed to 1.71 pesos =1 dollar in 1931, between 1934 and 1939, the peso was pegged to the British pound at a rate of 15 pesos =1 pound. High inflation in the period lead to the introduction of the peso ley in 1970 at the rate of 100 pesos monedas nacionales =1 peso ley. In 1881, silver 10,20 and 50 centavos and 1 peso, silver coins ceased production in 1883, with gold coins ending in 1896. Base metal 5,10 and 20 centavos were introduced in 1896, the 1 peso was reintroduced in 1957, with 5,10 and 25 pesos introduced in 1961,1962 and 1964. The first nationally issued banknotes were introduced by the Banco Nacional in 1884 and these were in denominations of 5,10,20 and 50 centavos. In 1891 and 1892, the denominations were produced by the Banco de la Nación Argentina. In 1894, the Banco de la Nación Argentina introduced larger denomination notes for 1,2,5,10,20,50,100,200,500 and 1000 pesos, paper money production was taken over by the Caja de Conversion in 1899. That year,50 centavos,1 and 100 pesos were introduced, followed in 1900 by notes for 5,10,50,500 and 1000 pesos and these notes were issued until 1935, when the Banco Central began to produce notes. Law 3505, of 20 September,1897, authorized the Caja de Conversión to renovate all paper money in existence at the time and they decided to make new design called Progresss Effigy. These bank notes were created originally in a size and printed by the mint. Due to their size, and the not being of good enough quality
13.
Japanese yen
–
The yen is the official currency of Japan. It is the third most traded currency in the exchange market after the United States dollar. It is also used as a reserve currency after the U. S. dollar, the euro. Before the Meiji Restoration, Japans feudal fiefs all issued their own money, hansatsu, in an array of incompatible denominations. The New Currency Act of 1871 did away with these and established the yen, the former han became prefectures and their mints private chartered banks, which initially retained the right to print money. To bring an end to this situation the Bank of Japan was founded in 1882, following World War II the yen lost much of its prewar value. To stabilize the Japanese economy the exchange rate of the yen was fixed at ¥360 per $1 as part of the Bretton Woods system, when that system was abandoned in 1971, the yen became undervalued and was allowed to float. The yen had appreciated to a peak of ¥271 per $1 in 1973, then underwent periods of depreciation and appreciation due to the 1973 oil crisis, arriving at a value of ¥227 per $1 by 1980. Since 1973, the Japanese government has maintained a policy of intervention. The Japanese government focuses on an export market, and tries to ensure a low yen value through a trade surplus. Since that time, however, the yen has greatly decreased in value, the Bank of Japan maintains a policy of zero to near-zero interest rates and the Japanese government has an extreme anti-inflation policy. Yen derives from the Japanese word 圓, which is cognate with the Chinese yuan, originally, the Chinese had traded silver in mass called sycees and when Spanish and Mexican silver coins arrived, the Chinese called them silver rounds for their circular shapes. The coins and the name appeared in Japan. While the Chinese eventually replaced 圓 with 元, the Japanese continued to use the same word, the spelling and pronunciation yen is standard in English. This is because mainly English speakers who visited Japan at the end of the Edo period to the early Meiji period spelled words this way, ゑん /wen/ in historical kana orthography. In the 16th century, Japanese /e/ and /we/ both had been pronounced and Portuguese missionaries had spelled them ye, some time thereafter, by the middle of the 18th century, /e/ and /we/ came to be pronounced as in modern Japanese, although some regions retain the pronunciation. In the early Meiji era, James Curtis Hepburn, following Medhurst, spelled all es as ye in his A Japanese and that was the first full-scale Japanese-English/English-Japanese dictionary, which had a strong influence on Westerners in Japan and probably prompted the spelling yen. Hepburn revised most of yes to e in the 3rd edition in order to mirror the contemporary pronunciation and this was probably already fixed and has remained so ever since
14.
Argentine austral
–
The austral was the currency of Argentina between June 15,1985 and December 31,1991. It was subdivided into 100 centavos, the symbol was an uppercase A with an extra horizontal line, codepoint U+20B3 Austral sign ₳. This symbol appeared on all issued in this currency, to distinguish them from earlier currencies. The ISO4217 code is ARA, finance Minister Juan Vital Sourrouille devised the Austral plan. The austral replaced the peso argentino at a rate of 1 austral =1000 pesos argentinos and it was itself replaced by the peso at a rate of 1 peso =10,000 australes. In 1985, coins were introduced for ½,1,5,10 and 50 centavos. The ½ centavo was only issued in 1985, whilst production of the 1 centavo ceased in 1987,5 centavo ceased in 1988, and that of the other centavo coins ended in 1989. In 1989,1,5 and 10 austral coins were issued, followed in 1990 and 1991 by 100,500 and 1,000 austral denominations. In 1985, provisional issues were made consisting of 1000,5000 and 10,000 peso argentino notes over stamped with the values 1,5 and 10 australes. Between 1985 and 1991, the notes were issued by the Banco Central, All banknotes except the provisional types show on the back an image of Liberty with a torch. The provisional banknotes were produced from modified peso ley plates, on the obverses, the word PESOS were erased, whilst the reverse designs substituted the picture with the denomination written in words without spaces in several rows. The denomination was shown on both faces in the form A10 MIL, A50 MIL and A500 MIL, official website of the Banco Central de la República Argentina Argentine Notes
15.
Argentine peso
–
The peso is the currency of Argentina, identified by the symbol $ preceding the amount in the same way as many countries using dollar currencies. It is subdivided into 100 centavos and its ISO4217 code is ARS. Several earlier currencies of Argentina were also called peso, as inflation progressed a new currency with a few zeroes dropped, since 1970, thirteen zeroes have been dropped. As of October 2014, the rate was about 8 pesos per dollar, by February 2015, it was 10 per US dollar. The peso introduced in 1992 is just called peso, and is preceded by a $ sign only. The peso was an often used for the silver Spanish eight-real coin. Following independence, Argentina began issuing its own coins, denominated in reales, soles and escudos and these coins, together with those from neighbouring countries, circulated until 1881. In 1826, two paper money issues began, denominated in pesos, one, the peso fuerte was a convertible currency, with 17 pesos fuertes equal to one Spanish ounce of 0.916 fine gold. It was replaced by the peso moneda nacional at par in 1881, the non-convertible peso moneda corriente was also introduced in 1826. It started at par with the peso fuerte, but depreciated with time, although the Argentine Confederation issued 1-, 2- and 4-centavo coins in 1854, with 100 centavos equal to 1 peso =8 reales, Argentina did not decimalize until 1881. The peso moneda nacional replaced the earlier currencies at the rate of 1 peso moneda nacional =8 reales =1 peso fuerte =25 peso moneda corriente, initially, one peso moneda nacional coin was made of silver and known as patacón. However, the 1890 economic crisis ensured that no silver coins were issued. At the beginning of the 20th century, the Argentine peso was one of the most traded currencies in the world. The Argentine gold coin from 1875 was the gold peso fuerte, one and two-thirds of a gram of gold of fineness 900, equivalent to one and this unit was based on that recommended by the European Congress of Economists in Paris in 1867 and adopted by Japan in 1873. The monetary system before 1881 has been described as anarchistic. Law 1130 of 1881 put an end to this, it established the unit as the peso oro sellado, a coin of 1.612 grams of gold of fineness 900. Gold coins of 5 and 2.5 pesos were to be used, silver coins of one peso and 50,20,10 and 5 centavos, the depreciated peso moneda corriente was replaced in 1881 by the paper peso moneda nacional at a rate of 25 to 1. This currency was used from 1881 until January 1,1970 The design was changed in 1899, initially the peso m$n was convertible, with a value of one peso oro sellado
16.
Hyperinflation
–
Certain figures in this article use scientific notation for readability. The population normally switches to holding relatively stable foreign currencies, under such conditions, the general price level within an economy increases rapidly as the official currency quickly loses real value. The value of economic items remains relatively stable in terms of foreign currencies, typically, however, the general price level rises even more rapidly than the money supply as people try ridding themselves of the devaluing currency as quickly as possible. As this scenario happens, the stock of money decreases. The mainstream narrative is that hyperinflations are usually caused by large persistent government deficits financed primarily by money creation, as such, hyperinflation is often associated with wars, their aftermath, sociopolitical upheavals, or other crises that make it difficult for the government to tax the population. A sharp decrease in tax revenue coupled with a strong need to maintain the status quo, together with an inability or unwillingness to borrow. The mainstream assumptions of how hyperinflation is caused has been challenged by advocates of Modern Monetary Theory who sustain that government spending alone cannot cause hyperinflation. They claim that hyperinflation is usually the result of a collapse in the supply chain which is then unable to meet the demand generated by government spending. In 1956, Phillip Cagan wrote The Monetary Dynamics of Hyperinflation, economists usually follow Cagan’s description that hyperinflation occurs when the monthly inflation rate exceeds 50%. The International Accounting Standards Board has issued guidance on accounting rules in a hyperinflationary environment and it does not establish an absolute rule on when hyperinflation arises. Instead, it lists factors that indicate the existence of hyperinflation, there are a number of theories on the causes of high and/or hyper inflation. But nearly all hyperinflations have been caused by government budget deficits financed by money creation, after an analysis of 29 hyperinflations Bernholz concludes that at least 25 of them have been caused in this way. Moreover, a condition for hyperinflation has been the existence of fiat money not convertible at a fixed parity into gold or silver. The French hyperinflation also took place after the introduction of a non convertible paper money, the price increases that result from the rapid money creation creates a vicious circle, requiring ever growing amounts of new money creation to fund government deficits. Hence both monetary inflation and price inflation proceed at a rapid pace, such rapidly increasing prices cause widespread unwillingness of the local population to hold the local currency as it rapidly loses its buying power. Instead they quickly spend any money they receive, which increases the velocity of money flow and this means that the increase in the price level is greater than that of the money supply. The real stock of money, M/P, decreases, here M refers to the money stock and P to the price level. This results in an imbalance between the supply and demand for the money, causing rapid inflation, very high inflation rates can result in a loss of confidence in the currency, similar to a bank run
17.
Carlos Menem
–
Carlos Saúl Menem is an Argentine politician who was President of Argentina from 1989 to 1999. He has been a Senator for La Rioja Province since 2005, Born in Anillaco, he became a Peronist during a visit to Buenos Aires. He led the party in his province of La Rioja. He was deposed and detained during the 1976 Argentine coup détat and he defeated the Buenos Aires governor Antonio Cafiero in the primary elections for the 1989 presidential elections, which he won. Hyperinflation forced outgoing president Raúl Alfonsín to resign early, shortening the presidential transition, Menem supported the Washington Consensus, and tackled inflation with the Convertibility plan in 1991. The plan was complemented by a series of privatizations, and was a success, Argentina re-established diplomatic relations with the United Kingdom, suspended since the 1982 Falklands War, and developed special relations with the United States. The country suffered two terrorist attacks, the Peronist victory in the 1993 midterm elections allowed him to force Alfonsín to sign the Pact of Olivos for the 1994 amendment of the Argentine Constitution. This amendment allowed Menem to run for re-election in 1995, which he won, a new economic crisis began, and the opposing parties formed a political coalition that won the 1997 midterm elections and the 1999 presidential election. Menem ran for the presidency again in 2003, but faced with a defeat against Néstor Kirchner. He was elected senator for La Rioja in 2005, Carlos Saúl Menem was born in 1930 in Anillaco, a small town in the mountainous north of La Rioja Province, Argentina. His parents, Saúl Menem and Mohibe Akil, were Syrian nationals from Yabroud who had emigrated to Argentina and he attended elementary and high school in La Rioja, and joined a basketball team during his university studies. He visited Buenos Aires in 1951 with the team, and met the president Juan Perón and this influenced Menem to become a Peronist. He studied law at the National University of Córdoba, graduating in 1955, after President Juan Peróns overthrow in 1955, Menem was briefly incarcerated. He later joined the successor to the Peronist Party, the Justicialist Party and he was elected president of its La Rioja Province chapter in 1973. In that capacity, he was included in the flight to Spain that brought Perón back to Argentina after his long exile, according to the Peronist politician Juan Manuel Abal Medina, Menem played no special part in the event. Menem was elected governor in 1973, when the proscription over Peronism was lifted and he was deposed during the 1976 Argentine coup détat that deposed the president Isabel Martínez de Perón. He was accused of corruption, and having links with the guerrillas of the Dirty War and he was detained on March 25, kept for a week at a local regiment, and then moved to a temporary prison at the ship 33 Orientales in Buenos Aires. He shared a cell with Pedro Eladio Vázquez, Juan Peróns personal physician, during this time he helped the chaplain Lorenzo Lavalle, despite being a Muslim
18.
Exchange rate
–
In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one currency in relation to another currency. For example, an exchange rate of 119 Japanese yen to the United States dollar means that ¥119 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥119. In this case it is said that the price of a dollar in relation to yen is ¥119, trading from 20,15 GMT on Sunday until 22,00 GMT Friday. The spot exchange rate refers to the current exchange rate, the forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers, most trades are to or from the local currency. The buying rate is the rate at which money dealers will buy foreign currency, the quoted rates will incorporate an allowance for a dealers margin in trading, or else the margin may be recovered in the form of a commission or in some other way. Different rates may also be quoted for cash, a form or electronically. The higher rate on documentary transactions has been justified as compensating for the additional time, on the other hand, cash is available for resale immediately, but brings security, storage, and transportation costs, and the cost of tying up capital in a stock of banknotes. Currency for international travel and cross-border payments is predominantly purchased from banks, foreign exchange brokerages and these retail outlets source currency from the inter-bank markets, which are valued by the Bank for International Settlements at 5.3 trillion US dollars per day. The purchase is made at the contract rate. Retail customers will be charged, in the form of commission or otherwise, to cover the providers costs, one form of charge is the use of an exchange rate that is less favourable than the wholesale spot rate. The difference between retail buying and selling prices is referred to as the bid-ask spread, in the foreign exchange market, a currency pair is the quotation of the relative value of a currency unit against the unit of another currency. The quotation EUR/USD1.3225 means that 1 Euro will buy 1.3225 US dollars, in other words, this is the price of a unit of Euro in US dollars. Here, EUR is called the Fixed currency, while USD is called the Variable currency, there is a market convention that determines which is the fixed currency and which is the variable currency. In most parts of the world, the order is, EUR – GBP – AUD – NZD – USD – others. Accordingly, in a conversion from EUR to AUD, EUR is the currency, AUD is the variable currency. Cyprus and Malta, which were quoted as the base to the USD, in some areas of Europe and in the retail market in the United Kingdom, EUR and GBP are reversed so that GBP is quoted as the fixed currency to the euro
19.
Fixed exchange-rate system
–
There are benefits and risks to using a fixed exchange rate. In doing so, the rate between the currency and its peg does not change based on market conditions, the way floating currencies do. A fixed exchange-rate system can also be used as a means to control the behavior of a currency, however, in doing so, the pegged currency is then controlled by its reference value. In other words, a currency is dependent on its reference value to dictate how its current worth is defined at any given time. The central bank provides the assets and/or the foreign currency or currencies which are needed in order to any payments imbalances. In the 21st century, the associated with large economies typically do not fix or peg exchange rates to other currencies. The last large economy to use a fixed exchange system was the Peoples Republic of China which, in July 2005. The European Exchange Rate Mechanism is also used on a basis to establish a final conversion rate against the Euro from the local currencies of countries joining the Eurozone. The gold standard or gold standard of fixed exchange rates prevailed from about 1870 to 1914. The period between the two wars was transitory, with the Bretton Woods system emerging as the new fixed exchange rate regime in the aftermath of World War II. It was formed with an intent to rebuild war-ravaged nations after World War II through a series of currency stabilization programs, the early 1970s saw the breakdown of the system and its replacement by a mixture of fluctuating and fixed exchange rates. Timeline of the exchange rate system, The earliest establishment of a gold standard was in the United Kingdom in 1821 followed by Australia in 1852. Under this system, the value of all currencies was denominated in terms of gold with central banks ready to buy. Each central bank maintained gold reserves as their official reserve asset, for example, during the “classical” gold standard period, the U. S. dollar was defined as 0.048 troy oz. of pure gold. Following the Second World War, the Bretton Woods system replaced gold with the U. S. dollar as the reserve asset. The regime intended to combine binding legal obligations with multilateral decision-making through the International Monetary Fund, the rules of this system were set forth in the articles of agreement of the IMF and the International Bank for Reconstruction and Development. S. Dollar and to exchange rates within 1% of parity by intervening in their foreign exchange markets. In December 1971, the Smithsonian Agreement paved the way for the increase in the value of the price of gold from US$35.50 to US$38 an ounce
20.
Monetary base
–
The monetary base should not be confused with the money supply which consists of the total currency circulating in the public plus the non-bank deposits with commercial banks. Open market operations are monetary policy tools which directly expand or contract the monetary base, the monetary base and monetary policy are typically controlled by the same national institution, usually either the finance ministry or the central bank. These institutions change the base through open market transactions, the buying and selling of government bonds. Typically, they can also influence banking activities by manipulating interest rates, as of 8 June 2016, the monetary base in the United States was USD3,869,723,000,000. Money creation Monetary reform Brunner, Karl, high-powered money and the monetary base. In Newman, Peter K. Eatwell, John, Palgrave, Robert Harry Inglis, Milgate, the New Palgrave Dictionary of Economics. In Newman, Peter K. Eatwell, John, Palgrave, Robert Harry Inglis, Milgate, the New Palgrave Dictionary of Economics. Determinants and Effects of Changes in the Stock of Money, 1875-1960, cambridge, Massachusetts, National Bureau of Economic Research. Aggregate Reserves Of Depository Institutions And The Monetary Base
21.
Reserve currency
–
A reserve currency is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves. The reserve currency is used in international transactions and often considered a hard currency or safe-haven currency. However, the U. S. dollars status as a currency, by increasing in value. International currencies in the past have included the Greek drachma, coined in the fifth century B. C. S. dollar, the Dutch guilder emerged as a de facto world currency in the 18th century due to unprecedented domination of trade by the Dutch East India Company. By the 1860s, most industrialised countries had followed the lead of the United Kingdom, at that point the UK was the primary exporter of manufactured goods and services and over 60% of world trade was invoiced in pound sterling. Attempts were made in the period to restore the gold standard. The British Gold Standard Act reintroduced the gold standard in 1925. This led to stability, followed by deflation, but because the onset of the Great Depression and other factors, global trade greatly declined. Speculative attacks on the pound forced Britain entirely off the standard in 1931. By the mid 1930s, many governments introduced tariffs and autarkic policies, after World War II, the international financial system was governed by a formal agreement, the Bretton Woods System. Economists debate whether a single reserve currency will always dominate the global economy, the argument is that, in the absence of sufficiently large shocks, a currency that dominates the marketplace will not lose much ground to challengers. However, some economists, such as Barry Eichengreen argue that this is not as true when it comes to the denomination of official reserves because the network externalities are not strong. As long as the market is sufficiently liquid, the benefits of reserve diversification are strong. The implication is that the world may soon begin to move away from a financial system dominated uniquely by the US dollar. In the first half of the 20th century multiple currencies did share the status as primary reserve currencies, the top reserve currency is generally selected by the banking community for the strength and stability of the economy in which it is used. Thus, as a currency becomes less stable, or its economy becomes less dominant and this can take a relatively long time, as recognition is important in determining a reserve currency. In 1944, when the US dollar was chosen as the reference currency at Bretton Woods. The G8 also frequently issues public statements as to exchange rates, in the past due to the Plaza Accord, its predecessor bodies could directly manipulate rates to reverse large trade deficits
22.
Import substitution industrialization
–
Import substitution industrialization is a trade and economic policy which advocates replacing foreign imports with domestic production. ISI is based on the premise that a country should attempt to reduce its foreign dependency through the production of industrialized products. The term primarily refers to 20th-century development economics policies, although it has been advocated since the 18th century by such as Friedrich List. ISI policies were enacted by countries in the Global South with the intention of producing development, ISI works by having the state lead economic development through nationalization, subsidization of vital industries, increased taxation, and highly protectionist trade policies. Import substitution was heavily practiced during the century as a form of developmental theory that advocated increased productivity. This was an economic theory practiced by developing nations after WW2. Many economists at the time considered the ISI approach as a remedy to mass poverty, mercantilist economic theory and practices of the 16th, 17th, and 18th centuries frequently advocated building up domestic manufacturing and import substitution. This formed the basis of the American School in economics, which was a force in the United States during its 19th-century industrialization. As a set of development policies, ISI policies are theoretically grounded on the Singer-Prebisch thesis, on the infant industry argument, in many cases, however, these assertions did not apply. Volkswagen, Ford, GM, and Mercedes all established production facilities in Brazil in the 1950s and 1960s, import substitution policies were adopted by most nations in Latin America from the 1930s until the late 1980s. This served as an incentive for the production of the goods they needed. Positivist thinking, which sought a government to modernize society. Among the officials, many of whom rose to power, like Perón and Vargas, ISI gained a theoretical foundation only in the 1950s, when Argentine economist and UNECLAC head Raúl Prebisch was a visible proponent of the idea, as well as Brazilian economist Celso Furtado. Prebisch had experience running his country’s central bank and started to question the model of export-led growth and these unequal powers were taking the wealth from third world countries leaving them with no way to prosper. He believed that developing countries needed to create local vertical linkages, the tariffs were designed to allow domestic infant industries to prosper. ISI was most successful in countries with populations and income levels which allowed for the consumption of locally produced products. Latin American countries such as Argentina, Brazil, Mexico, and Chile, Uruguay, thus, smaller and poorer countries, such as Ecuador, Honduras, and the Dominican Republic, could implement ISI only to a limited extent. Peru implemented ISI in 1961, and the policy lasted through to the end of the decade in some form, in Latin American countries in which ISI was most successful, it was accompanied by structural changes to the government
23.
International Monetary Fund
–
The International Monetary Fund is an international organization headquartered in Washington, D. C. It now plays a role in the management of balance of payments difficulties. Countries contribute funds to a pool through a system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion, the rationale for this is that private international capital markets function imperfectly and many countries have limited access to financial markets. The IMF provides alternate sources of financing and this assistance was meant to prevent the spread of international economic crises. The IMF was also intended to help mend the pieces of the economy after the Great Depression. As well, to provide investments for economic growth and projects such as infrastructure. The IMFs role was altered by the floating exchange rates post-1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine if a shortage of capital was due to economic fluctuations or economic policy, the IMF also researched what types of government policy would ensure economic recovery. Rather than maintaining a position of oversight of only exchange rates and their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality, nonconcessional loans, which include interest rates, are provided mainly through Stand-By Arrangements, the Flexible Credit Line, the Precautionary and Liquidity Line, and the Extended Fund Facility. The IMF provides emergency assistance via the Rapid Financing Instrument to members facing urgent balance-of-payments needs, the IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. This activity is known as surveillance and facilitates international cooperation, the responsibilities changed from those of guardian to those of overseer of members’ policies. In 1995 the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The executive board approved the SDDS and GDDS in 1996 and 1997 respectively, the system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals, some countries initially used the GDDS, but later upgraded to SDDS. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in the form of policy reform, if the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 Executive Board decision, conditionality is associated with economic theory as well as an enforcement mechanism for repayment
24.
Brazilian real
–
The real is the present-day currency of Brazil. Its sign is R$ and its ISO code is BRL and it is divided into 100 centavos. At the time it was meant to have approximately fixed 1,1 exchange rate with the United States dollar. It suffered a sudden devaluation to a rate of about 2,1 in 1999, reached almost 4,1 in 2002, the exchange rate as of September 2015 was BRL4.05 to USD1.00. However Unicode considers the difference to be only a matter of font design, the new currency replaced the short-lived cruzeiro real. The reform included the demonetisation of the real and required a massive banknote replacement. At its introduction, the real was defined to be equal to 1 unidade real de valor a non-circulating currency unit. At the same time the URV was defined to be worth 2750 cruzeiros reais, as a consequence, the real was worth exactly one U. S. dollar as it was introduced. Combined with all previous currency changes in the history, this reform made the new real equal to 2.75 ×1018 of Brazils original réis. Soon after its introduction, the real unexpectedly gained value against the U. S. dollar, during that period it attained its maximum dollar value ever, about US$1.20. In January 1999 the deterioration of the markets, disrupted by the Russian default, forced the Central Bank, under its new president Arminio Fraga. This decision produced a major devaluation, to a rate of almost R$2, many Brazilians feared another default on government debts or a resumption of heterodox economic policies, and rushed to exchange their reais into tangible assets or foreign currencies. In October 2002 the exchange rate reached its low of almost R$4 per US$1. The value of the real in dollars continued to fluctuate but generally upwards, so that by 2005 the exchange was a little over R$2, US$1. Brazil, and sometimes used in bordering countries, especially Brazil/Uruguay and Brazil/Paraguay borders in every year millions of Brazilians go shopping at the duty-free stores etc. It is also accepted in Argentina, not only in shops and duty-free stores in border cities like Puerto Iguazú but also in shops and restaurants in the capital city. Along with the first series of currency, coins were introduced in denominations of 1,5,10 and 50 centavos and 1 real, all were struck in stainless steel. The original 1-real coins dated 1994-1997 have been withdrawn from circulation since 31 December 1997, in 1998, a second series of coins was introduced
25.
Mauricio Macri
–
Mauricio Macri is the current President of Argentina, in office since 2015. A former civil engineer, Macri won the first presidential runoff ballotage in Argentinas history and is the first democratically elected non-Radical or Peronist President since 1916, figuring prominently in Macris agenda is the objective to reintegrate Argentina in the international community. Son of Francesco Macri, a prominent Italian businessman in the industrial and construction sectors and he gained recognition when in 1995 he became President of Boca Juniors, one of the two most popular football clubs in the country. In 2005 he created the electoral front Republican Proposal, also known as PRO. He was considered a candidate for the 2011 general elections. He got nearly 47% of the vote in the election, leading to a runoff vote on 31 July 2011 against candidate Daniel Filmus. On 22 November 2015, after a tie in the first round of elections on 25 October, he obtained 51. 34% of the votes. He was inaugurated on 10 December 2015 in the National Congress of Argentina, in 2016, Macri was named one of the Worlds 100 Most Influential People and the Most Powerful President in Latin America by U. S. news magazine Time. Mauricio Macri was born in Tandil, in the province of Buenos Aires, as the son of the Italian-born tycoon Francisco Macri and Alicia Blanco Villegas, the family moved to Buenos Aires a short time later, and kept the houses in Tandil as vacation properties. His father influenced him to be a businessman, as well as his uncle Jorge Blanco Villegas, Franco expected Mauricio to eventually succeed him as leaders of his firms. Macri preferred the company of his uncle, to avoid the constant scrutiny of his father, Macri was educated at Colegio Cardenal Newman and studied at the Catholic University of Argentina, where he received a degree in civil engineering. During this time he became interested in neoliberalism, and joined a tank led by the former minister Álvaro Alsogaray. As a result, he affiliated to the now defunct Union of the Democratic Centre party, in 1985, he also attended short courses at Columbia Business School, Wharton School of the University of Pennsylvania and the local Universidad del CEMA. In 1984, he worked in the department of Citibank Argentina. He joined Socma the same year, and from 1985 onward he served as general manager, in 1992 he became the vice president of Sevel Argentina, climbing to the presidency in 1994. In 1991, he was kidnapped for 12 days by officers of the Argentine Federal Police and he was kept inside a very small room, with a chemical bathroom and a hole in the roof to receive food. He was freed after his family paid a multimillion-dollar ransom. He has since said that the ordeal led him to decide to enter politics and his first wife was Ivonne Bordeu, daughter of the racecar driver Juan Manuel Bordeu
26.
Jorge Luis Borges
–
Jorge Francisco Isidoro Luis Borges Acevedo KBE was an Argentine short-story writer, essayist, poet and translator, and a key figure in Spanish-language literature. Borges works have contributed to literature and the fantasy genre. However, some critics consider Borges to be a predecessor and not actually a magical realist and his late poems dialogue with such cultural figures as Spinoza, Camões, and Virgil. In 1914, Borges family moved to Switzerland, where he studied at the Collège de Genève, the family travelled widely in Europe, including Spain. On his return to Argentina in 1921, Borges began publishing his poems and he also worked as a librarian and public lecturer. In 1955, he was appointed director of the National Public Library and he became completely blind by the age of 55, as he never learned braille, he became unable to read. Scholars have suggested that his progressive blindness helped him to create innovative literary symbols through imagination, in 1961, he came to international attention when he received the first Formentor prize, which he shared with Samuel Beckett. In 1971, he won the Jerusalem Prize and his work was translated and published widely in the United States and Europe. Borges himself was fluent in several languages and he dedicated his final work, The Conspirators, to the city of Geneva, Switzerland. Writer and essayist J. M. Coetzee said of him, He, more than anyone, renovated the language of fiction, Jorge Francisco Isidoro Luis Borges Acevedo was born into an educated middle-class family on 24 August 1899. They were in comfortable circumstances but not wealthy enough to live in downtown Buenos Aires so the family resided in Palermo, Borgess mother, Leonor Acevedo Suárez, came from a traditional Uruguayan family of criollo origin. Her family had been involved in the European settling of South America and the Argentine War of Independence. His 1929 book, Cuaderno San Martín, includes the poem Isidoro Acevedo, commemorating his grandfather, Isidoro de Acevedo Laprida, a soldier of the Buenos Aires Army. A descendant of the Argentine lawyer and politician Francisco Narciso de Laprida, de Acevedo Laprida fought in the battles of Cepeda in 1859, Pavón in 1861, de Acevedo Laprida died of pulmonary congestion in the house where his grandson Jorge Luis Borges was born. Borgess own father, Jorge Guillermo Borges Haslam was a lawyer, Borges Haslam was born in Entre Rios of Spanish, Portuguese, and English descent, the son of Francisco Borges Lafinur, a colonel, and Frances Ann Haslam, an Englishwoman. Borges Haslam grew up speaking English at home, the family frequently traveled to Europe. Borges Haslam wed Leonor Acevedo Suarez and was father of the painter Norah Borges. At age nine, Jorge Luis Borges translated Oscar Wildes The Happy Prince into Spanish and it was published in a local journal, but his friends thought the real author was his father
27.
Labyrinth
–
In Greek mythology, the labyrinth was an elaborate structure designed and built by the legendary artificer Daedalus for King Minos of Crete at Knossos. Its function was to hold the Minotaur eventually killed by the hero Theseus, Daedalus had so cunningly made the Labyrinth that he could barely escape it after he built it. Even as the designs became more elaborate, visual depictions of the mythological Labyrinth from Roman times until the Renaissance are almost invariably unicursal, branching mazes were reintroduced only when garden mazes became popular during the Renaissance. In English, the labyrinth is generally synonymous with maze. As a result of the history of unicursal representation of the mythological Labyrinth, however, many contemporary scholars. In this specialized usage refers to a complex branching multicursal puzzle with choices of path and direction. A labyrinth in this sense has a route to the center and back. Unicursal labyrinths appeared as designs on pottery or basketry, as body art, the Romans created many primarily decorative unicursal designs on walls and floors in tile or mosaic. Many labyrinths set in floors or on the ground are large enough that the path can be walked, unicursal patterns have been used historically both in group ritual and for private meditation, and are increasingly found for therapeutic use in hospitals and hospices. Labyrinth is a word of Pre-Greek origin, which the Greeks associated with the palace of Knossos in Crete and this designation may not have been limited to Knossos, because the same symbols were discovered in other palaces in Crete. Labrys was a cult-word that was introduced from Anatolia, where such symbols have been found in Çatal Höyük from the Neolithic age. In Labraunda of Caria the double-axe accompanies the storm-god Zeus Labraundos and it also accompanies the Hurrian god of sky and storm Teshub. Labrys, however, comes from Lydian, not Minoan, the Linear B inscription
28.
Hebrew alphabet
–
Historically, there have been two separate abjad scripts to write Hebrew. In the remainder of this article, the term Hebrew alphabet refers to the Jewish square script unless otherwise indicated, the Hebrew alphabet has 22 letters. It does not have case, but five letters have different forms used at the end of a word. Hebrew is written right to left. Originally, the alphabet was an abjad consisting only of consonants, as with other abjads, such as the Arabic alphabet, scribes later devised means of indicating vowel sounds by separate vowel points, known in Hebrew as niqqud. In both biblical and rabbinic Hebrew, the letters א ה ו י are also used as matres lectionis to represent vowels. There is a trend in modern Modern Hebrew toward the use of matres lectionis to indicate vowels that have traditionally gone unwritten, the paleo-Hebrew alphabet was used in the ancient kingdoms of Israel and Judah. The Samaritans, who remained in the Land of Israel, continued to use the paleo-Hebrew alphabet, after the fall of the Persian Empire in 330 BCE, Jews used both scripts before settling on the Assyrian form. The square Hebrew alphabet was adapted and used for writing languages of the Jewish diaspora – such as Karaim, the Judeo-Arabic languages, Judaeo-Spanish. In the traditional form, the Hebrew alphabet is an abjad consisting only of consonants and it has 22 letters, five of which use different forms at the end of a word. Also, a system of points to indicate vowels, called niqqud, was developed. In modern forms of the alphabet, as in the case of Yiddish and to some extent Modern Hebrew, today, the trend is toward full spelling with the weak letters acting as true vowels. When used to write Yiddish, vowels are indicated, using letters, either with or without niqqud-diacritics, except for Hebrew words. To preserve the proper vowel sounds, scholars developed several different sets of vocalization, one of these, the Tiberian system, eventually prevailed. Aaron ben Moses ben Asher, and his family for generations, are credited for refining and maintaining the system. These points are used only for special purposes, such as Biblical books intended for study. The Tiberian system also includes a set of marks, called trope. These are shown below the normal form in the following table, although Hebrew is read and written from right to left, the following table shows the letters in order from left to right
29.
Aleph
–
Aleph is the first letter of the Semitic abjads, including Phoenician Ālep, Hebrew Ālef א, Aramaic Ālap
30.
Inflation
–
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time resulting in a loss of value of currency. When the price rises, each unit of currency buys fewer goods. Consequently, inflation reflects a reduction in the power per unit of money – a loss of real value in the medium of exchange. A chief measure of inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index. The opposite of inflation is deflation, Inflation affects economies in various positive and negative ways. Economists generally believe that high rates of inflation and hyperinflation are caused by a growth of the money supply. However, money supply growth does not necessarily cause inflation, some economists maintain that under the conditions of a liquidity trap, large monetary injections are like pushing on a string. Views on which factors determine low to moderate rates of inflation are more varied, low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a low and steady rate of inflation, the task of keeping the rate of inflation low and stable is usually given to monetary authorities. Rapid increases in quantity of the money or in the money supply have occurred in many different societies throughout history. By diluting the gold with other metals, the government could issue more coins without also needing to increase the amount of used to make them. When the cost of each coin is lowered in this way and this practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and these goods and services would experience a price increase as the value of each coin is reduced. Song Dynasty China introduced the practice of printing paper money in order to create fiat currency, during the Mongol Yuan Dynasty, the government spent a great deal of money fighting costly wars, and reacted by printing more money, leading to inflation. Fearing the inflation that plagued the Yuan dynasty, the Ming Dynasty initially rejected the use of paper money, historically, large infusions of gold or silver into an economy also led to inflation. This was largely caused by the influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a previously cash-starved Europe and caused widespread inflation, demographic factors also contributed to upward pressure on prices, with European population growth after depopulation caused by the Black Death pandemic
31.
UNICEF
–
The United Nations Childrens Fund is a United Nations programme headquartered in New York City that provides humanitarian and developmental assistance to children and mothers in developing countries. It is a member of the United Nations Development Group, the Polish physician Ludwik Rajchman is widely regarded as the founder of UNICEF and served as its first chairman from 1946. On Rajchmans suggestion, the American Maurice Pate was appointed its first executive director, in 1950, UNICEFs mandate was extended to address the long-term needs of children and women in developing countries everywhere. UNICEF relies on contributions from governments and private donors, UNICEFs total income for 2008 was US$3,372,540,239, governments contribute two-thirds of the organizations resources. Private groups and some six million individuals contribute the rest through national committees and it is estimated that 92 per cent of UNICEF revenue is distributed to programme services. UNICEFs programmes emphasize developing community-level services to promote the health and well-being of children, UNICEF was awarded the Nobel Peace Prize in 1965 and the Prince of Asturias Award of Concord in 2006. Most of UNICEFs work is in the field, with staff in over 190 countries and territories, more than 200 country offices carry out UNICEFs mission through programmes developed with host governments. Seven regional offices provide technical assistance to country offices as needed, a 36-member executive board establishes policies, approves programmes and oversees administrative and financial plans. The executive board is made up of government representatives who are elected by the United Nations Economic and Social Council, there are national committees in 34 countries, each established as an independent local non-governmental organization. The national committees raise funds from the private sector, UNICEF is funded entirely by voluntary contributions, and the National Committees collectively raise around one-third of UNICEFs annual income. This comes through contributions from corporations, civil society organizations around six million individual donors worldwide, UNICEF is present in 191 countries and territories around the world, but not involved in nine others. Many people in developed countries first hear about UNICEFs work through the activities of one of the 36 National Committees for UNICEF, the US Fund for UNICEF is the oldest of the national committees, founded in 1947. On 19 April 2007, Grand Duchess Maria Teresa of Luxembourg was appointed UNICEF Eminent Advocate for Children, in which role she has visited Brazil, China, and Burundi. In 2009, the British retailer Tesco used Change for Good as advertising and they went on to call on the public who have children’s welfare at heart, to consider carefully who they support when making consumer choices. As part of the agreement, FC Barcelona will wear the UNICEF logo on the front of their uniform and this was the first time a football club sponsored an organization rather than the other way around. It was also the first time in FC Barcelonas history that they have had another organizations name across the front of their uniform, in January 2007 UNICEF struck a partnership with Canadas national tent pegging team. The team was officially re-flagged as UNICEF Team Canada, its riders wear UNICEFs logo in competition, the Swedish club Hammarby IF followed the Spanish and Canadian lead on 14 April 2007, also raising funds for UNICEF and displaying the UNICEF name on their sportswear. The Danish football club Brøndby IF participated in an arrangement from 2008 to 2013
32.
Women's suffrage
–
Womens suffrage is the right of women to vote in elections. Limited voting rights were gained by women in Finland, Iceland, Sweden and some Australian colonies, National and international organizations formed to coordinate efforts to gain voting rights, especially the International Woman Suffrage Alliance, and also worked for equal civil rights for women. In 1881, the Isle of Man gave women who owned property the right to vote, in 1893, the British colony of New Zealand, granted women the right to vote. The colony of South Australia, did the same in 1894 and women were able to vote in the next election, South Australia also permitted women to stand for election alongside men. In 1899 Western Australia enacted full womens suffrage, enabling women to vote in the referendum of 31 July 1900. In 1902 women in the four colonies also acquired the right to vote. Discriminatory restrictions against Aboriginal people, including women, voting in elections, were not completely removed until 1962. Norway followed, granting full womens suffrage in 1913, most independent countries enacted womens suffrage in the interwar era, including Canada in 1917, Britain in 1918 and the United States in 1920. If women could work in factories, it seemed both ungrateful and illogical to deny them a place in the polling booth. But the vote was more than simply a reward for war work. Late adopters in Europe included Spain in 1931, France in 1944, Italy in 1946, Greece in 1952, Switzerland in 1971, the United States gave women equal voting rights in all states with the Nineteenth Amendment ratified in 1920. Canada and a few Latin American nations passed womens suffrage before World War II while the vast majority of Latin American nations established womens suffrage in the 1940s, the last Latin American country to give women the right to vote was Paraguay in 1961. In December 2015, women were first allowed to vote in Saudi Arabia, extended political campaigns by women and their supporters have generally been necessary to gain legislation or constitutional amendments for womens suffrage. In many countries, limited suffrage for women was granted before universal suffrage for men, for instance, in ancient Athens, often cited as the birthplace of democracy, only adult, male citizens who owned land were permitted to vote. Through subsequent centuries, Europe was generally ruled by monarchs, though forms of parliament arose at different times. Their Protestant successors enjoyed the same privilege almost into modern times and they make decisions there like the men, and it is they who even delegated the first ambassadors to discuss peace. The Iroquois, like many First Nations peoples in North America, had a kinship system. Property and descent were passed through the female line, Women elders voted on hereditary male chiefs and could depose them
33.
Mercosur
–
Mercosur or Mercosul is a sub-regional bloc. Its full members are Argentina, Brazil, Paraguay, Uruguay and its associate countries are Bolivia, Chile, Peru, Colombia, Ecuador and Suriname. Observer countries are New Zealand and Mexico and its purpose is to promote free trade and the fluid movement of goods, people, and currency. The official languages are Spanish, Portuguese and Guarani and it has been updated, amended, and changed many times since. It is now a customs union and a trading bloc. Mercosur and the Andean Community of Nations are customs unions that are components of a process of South American integration connected to the Union of South American Nations. Mercosur was established in 1991 by the Treaty of Asunción, which was amended and updated by the 1994 Treaty of Ouro Preto. Mercosur originated in 1988, when presidents Raúl Alfonsín of Argentina and José Sarney of Brazil signed the Argentina-Brazil Integration, the program also proposed the Gaucho as a currency for regional trade. The founding of the Mercosur Parliament was agreed upon at the December 2004 presidential summit and it was expected to have 18 representatives from each country by 2010, regardless of population. The presidents of the Mercosur countries said on July 2013 that they would lift the suspension after the inauguration of Paraguays newly elected President, Mr. Cartes, however, Paraguay said it would not return to the Mercosur fold as long as Venezuela held its rotating presidency. Venezuela holds Mercosurs rotating presidency until July 2014, Foreign Minister Eladio Loizaga said he would rather deal with Paraguays neighbours individually at first. We have pending issues with Argentina, with Uruguay, we have to all that. Mercosur will be later because our priority are the bilateral relations, on 7 December 2012, Bolivian President Evo Morales signed a protocol aimed at accession to full membership of the block. Such a proposal requires review and possible legislative approval, on July 7 of 2015, the heads of Mercosur having decided to accept Bolivias request to become a full member country, Bolivian president Evo Morales signed the Brasilia protocol. This acted Bolivias full membership to the Mercosur, on August 2016, the presidents of Brazil, Argentina and Paraguay, while present in Rio de Janeiro for the Olympic Games, met to discuss suspending Venezuela from Mercosur. The three countries are in doubt about whether Venezuela is complying with the requirements for full membership. In fact, Venezuela was rejected from assuming the presidency of Mercosur by those three countries, prompting a dispute that continues in full throttle to the end of the year, on 1 December 2016, Venezuela was suspended from Mercosur. Venezuela had four years to adapt to the trade bloc regulations and failed to do so
34.
May Revolution
–
The May Revolution was a week-long series of events that took place from May 18 to 25,1810, in Buenos Aires, capital of the Viceroyalty of the Río de la Plata. This Spanish colony included roughly the territories of present-day Argentina, Bolivia, the result was the removal of Viceroy Baltasar Hidalgo de Cisneros and the establishment of a local government, the Primera Junta, on May 25. It was the first successful revolution in South American Independence process, the May Revolution was a direct reaction to Spains Peninsular War. In 1808, King Ferdinand VII of Spain abdicated in favor of Napoleon, on February 1,1810, French troops took Seville and gained control of most of Andalusia. The Supreme Junta retreated to Cadiz and dissolved itself, and the Council of Regency of Spain, news of these events arrived in Buenos Aires on May 18, brought by British ships. Viceroy Cisneros tried to maintain the status quo, but a group of criollo lawyers. Delegates denied recognition to the Council of Regency in Spain and established a junta to govern in place of Cisneros, to maintain a sense of continuity, Cisneros was initially appointed president of the Junta. However, this caused much popular unrest, so he resigned under pressure on May 25, the newly formed government, the Primera Junta, included only representatives from Buenos Aires and invited other cities of the Viceroyalty to send delegates to join them. This resulted in the outbreak of war between the regions that accepted the outcome of the events at Buenos Aires and those that did not. As similar events occurred in other cities of the continent. A formal declaration of independence was issued at the Congress of Tucumán on July 9,1816. The United States declaration of independence from Great Britain in 1776 led criollos to believe that revolution, the fact that Spain aided the colonies in their struggle against Britain weakened the idea that it would be a crime to end ones allegiance to the parent state. The ideals of the French Revolution of 1789 spread across Europe, the overthrow and execution of King Louis XVI and Queen Marie Antoinette ended centuries of monarchy and removed the privileges of the nobility. Liberal ideals in the political and economic fields developed and spread through the Atlantic Revolutions across most of the Western world, however, the spread of such ideas was forbidden in the Spanish territories, as was the sale of related books or their unauthorized possession. Spain instituted those bans when it declared war on France after the execution of Louis XVI, news of the events of 1789 and copies of the publications of the French Revolution spread around Spain despite efforts to keep them at bay. Many enlightened criollos came into contact with authors and their works during their university studies. Books from the United States found their way into the Spanish colonies through Caracas, owing to the proximity of Venezuela to the United States, the Industrial Revolution started in Britain, with the use of plateways, canals and steam power. This led to increases in the productive capabilities of Britain
35.
Mar del Plata
–
Mar del Plata is an Argentine city in the southeast part of Buenos Aires Province located on the coast of the Atlantic Ocean. It is the head of General Pueyrredón Partido, Mar del Plata is the second largest city in Buenos Aires Province. The name Mar del Plata has the meaning of sea of the Silver region or adjoining sea to the Silver region, Mar del Plata is one of the major fishing ports and the biggest seaside beach resort in Argentina. With a population of 614,350 as per the 2010 census, as part of the Argentine recreational coast, tourism is Mar del Platas main economic activity with seven million tourists visiting the city in 2006. Mar del Plata has a sophisticated tourist infrastructure with hotels, restaurants, casinos, theatres. Mar del Plata is also an important sports centre with a multi-purpose Olympic style stadium, five golf courses, as an important fishing port, industry concentrates on fish processing and at least two large shipyards. The area is also host to other industry, such as textile, food manufacturing. There is a well-developed packaging machines industry, its quality being recognized in international markets, one of these companies was one of the pioneers in the automatic packaging of tea bags, exporting its original machine-designs abroad. Another company also exports its products and has sold royalties to other countries, by the 2010s, a local technology company, PCBOX, was manufacturing and developing personal computers, tablet computers, smartphones and action-cams. Also during the decade of 2010, the development of the industry resulted in the formation of 92 companies and 440 microbusiness. One of these companies, Making Sense, opened offices at San Antonio, Austin and Boston, since the 2000s, a local company builds and develops oil industry equipment, with customers in the United States, Russia, Oman and Egypt. Located southwest of the city there are quartzite quarries, the stone is traditionally used in construction. There is an area of farms in the rural areas surrounding the city. Since then, the local winery turned into a tourist attraction, microbeweries flourished during the 2010s, amounting by 2016 to one third of the national production. The 2008 Davis Cup Final was held in Mar del Plata and, after being shut for a decade the Gran Hotel Provincial was reopened by the Madrid-based NH Hotels, in 2009. Mar del Plata continues to lead Argentinas room availability, of 440,000 registered hotel rooms nationwide in early 2009, highway 2 connects Mar del Plata with Buenos Aires and Route 11 connects it through the coastline, ending at Miramar,40 km south of Mar del Plata. Route 88 connects to Necochea and Route 226 to Balcarce, Tandil, the city has a bus and train station serving most cities in Argentina. There are two trains to Buenos Aires Constitución station using new trains operated by Trenes Argentinos
Argentina
_2_peso_coin.jpg)
_2_pesos_coin_reverse.jpg)
_5_Pesos_coin_front.jpg)
_5_Pesos_coin_reverse.jpg)
_2_pesos_bill_reverse.jpg){kind=small}
_10_peso_bill_reverse.jpg){kind=small}
_50_peso_bill_reverse.jpg){kind=small}
_Islas_Malvinas.jpeg){kind=small}
_Islas_Malvinas_(back).jpg){kind=small}
.jpg){kind=small}
_-_Roca_(Argentina).jpg){kind=small}
.jpg){kind=small}
_-_Evita_(Argentina).jpg){kind=small}
