President (corporate title)
The President is a leader of an organization, community, trade union, university or other group. The relationship between the president and the Chief Executive Officer varies, depending on the structure of the specific organization. In a similar vein to the Chief Operating Officer, the title of corporate President as a separate position is loosely defined; the powers of the president vary across organizations and such powers come from specific authorization in the bylaws like Robert's Rules of Order. The term "president" was used to designate someone who presided over a meeting, was used in the same way that "foreman" or "overseer" is used now, it has now come to mean "chief officer" in terms of administrative or executive duties. In addition to the administrative or executive duties in organizations, the president has the duties of presiding over meetings; such duties at meetings include: calling the meeting to order determining if a quorum is present announcing the items on the order of business or agenda as they come up recognition of members to have the floor enforcing the rules of the group putting all questions to a vote adjourning the meetingWhile presiding, the president should remain impartial and not interrupt a speaker if the speaker has the floor and is following the rules of the group.
In committees or small boards, the president votes along with the other members. However, in assemblies or larger boards, the president should vote only when it can affect the result. At a meeting, the president only has one vote; the powers of the president vary across organizations. In some organizations the president has the authority to hire staff and make financial decisions, while in others the president only makes recommendations to a board of directors, still others the president has no executive powers and is a spokesman for the organization; the amount of power given to the president depends on the type of organization, its structure, the rules it has created for itself. If the president exceeds the given authority, engages in misconduct, or fails to perform the duties, the president may face disciplinary procedures; such procedures may include suspension, or removal from office. The rules of the particular organization would provide details on who can perform these disciplinary procedures and the extent that they can be done.
Whoever appointed or elected the president has the power to discipline this officer. Some organizations may have a position of President-Elect in addition to the position of President; the membership of the organization elects a President-Elect and when the term of the President-Elect is complete, that person automatically becomes President. Some organizations may have a position of Immediate Past President in addition to the position of President. In those organizations, when the term of the President is complete, that person automatically fills the position of Immediate Past President; the organization can have such a position. The duties of such a position would have to be provided in the bylaws. Bennett, Nathan. Riding Shotgun: The Role of the COO. Stanford, California: Stanford University Press. ISBN 0-8047-5166-8. National Association of Parliamentarians®, Education Committee. Spotlight on You the President. Independence, MO: National Association of Parliamentarians®. ISBN 1-884048-15-3
The Brazilian real is the official currency of Brazil. It is subdivided into 100 centavos; the Central Bank of Brazil is the issuing authority. The dollar-like sign in the currency's symbol, in all the other past Brazilian currencies, is written with two vertical strokes rather than one. However, Unicode considers the difference to be only a matter of font design, does not have a separate code for the two-stroked version; as of April 2016, the real is the nineteenth most traded currency in the world by value. The modern real was introduced on 1 July 1994, during the presidency of Itamar Franco, when Rubens Ricupero was the Minister of'Fazenda'—Brazilian nomenclature for Minister of Finance—as part of a broader plan to stabilize the Brazilian economy, known as the Plano Real; the new currency replaced the short-lived cruzeiro real. The reform included the demonetisation of the cruzeiro 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, the average exchange rate of the U. S. dollar to the cruzeiro real on that day. As a consequence, the real was worth one U. S. dollar as it was introduced. Combined with all previous currency changes in the country's history, this reform made the new real equal to 2.75 × 1018 of Brazil's original "réis". Soon after its introduction, the real unexpectedly gained value against the U. S. dollar, due to large capital inflows in late 1994 and 1995. During that period it attained its maximum dollar value about US$1.20. Between 1996 and 1998 the exchange rate was controlled by the Central Bank of Brazil, so that the real depreciated and smoothly in relation to the dollar, dropping from near 1:1 to about 1.2:1 by the end of 1998. In January 1999 the deterioration of the international markets, disrupted by the Russian default, forced the Central Bank, under its new president Arminio Fraga, to float the exchange rate; this decision produced a major devaluation, to a rate of R$2:US$1.
In the following years, the currency's value against the dollar followed an erratic but downwards path from 1999 until late 2002, when the prospect of the election of leftist candidate Luiz Inácio Lula da Silva, considered a radical populist by sectors of the financial markets, prompted another currency crisis and a spike in inflation. Many Brazilians feared another default on government debts or a resumption of heterodox economic policies, rushed to exchange their reais into tangible assets or foreign currencies; the crisis subsided once Lula took office, after he, his finance minister Antonio Palocci, Arminio Fraga reaffirmed their intention to continue the orthodox macroeconomic policies of his predecessor. The value of the real in dollars continued to fluctuate but upwards, so that by 2005 the exchange was a little over R$2:US$1. In May 2007, for the first time since 2001, the real became worth more than US$0.50—even though the Central Bank, concerned about its effect on the Brazilian economy, had tried to keep it below that symbolic threshold.
The exchange rate as of September 2015 was BRL 4.05 to US$1.00, however it has since been in a gradual recovery period, reaching 3.0 BRL per US dollar by February 2017. 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, produced only in 1994, were demonetized on 23 December 2003. In 1998, a second series of coins was introduced, it featured copper-plated steel coins of 1 and 5 centavos, brass-plated steel coins of 10 and 25 centavos, a cupronickel 50 centavos coin, a bi-coloured brass and cupronickel coin of 1 real. However, from 2002 onwards, steel was used for the 50 centavos coin and the central part of the 1 real coin. In November 2005, the Central Bank discontinued the production of 1 centavo coins, but the existing ones continue to be legal tender. Retailers now round their prices to the next 5 or 10 centavos; the Brazilian Central Bank has issued special commemorative versions of some coins on special occasions.
These coins are legal differ from the standard ones only on the reverse side. In 1994, banknotes were introduced in denominations of 5, 10, 50 and 100 reais; these were followed by 2 reais in 2000 and 20 reais in 2001. On 31 December 2005, BCB discontinued the production of the 1 real banknote. On 3 February 2010, the Central Bank of Brazil announced a new series of the real banknotes which would begin to be released in April 2010; the new design added security enhancements in an attempt to reduce counterfeiting. The notes have different sizes according to their values to help vision-impaired people; the changes were made reflecting the growth of the Brazilian economy and the need for a stronger and safer currency. The new banknotes began coexisting with the older ones. In April 2000, in commemoration of the 500th anniversary of the Portuguese arrival on Brazilian shores, the Brazilian Central Bank released a polymer 10 real banknote that circulates along with the other banknotes above; the Brazilian Mint printed 250 million of these notes, which at the time accounted for about half of the 10 real banknotes in circulation.
Central Bank of Br
Banco do Brasil
Banco do Brasil S. A. is the largest bank by all of Latin America. The bank, headquartered in Brasília, was founded in 1808 and is the oldest active bank in Brazil older than the country's central bank, it is one of the oldest banks in continuous operation in the world. Banco do Brasil is controlled by the Brazilian government but its stock is traded on the São Paulo Stock Exchange and its management follows standard international banking practices. Since 2000 it has been one of the four most-profitable Brazilian banks and holds a strong leadership position in retail banking Banco do Brasil was founded in 1808 by prince regent John to finance the kingdom's public debt when he moved from Europe to Brazil. "As a mixed institution under state control, the Banco do Brasil served as a commercial bank, the government's fiscal agent, Brazil's first bank of issue." It went bankrupt two times in history: once during independence in 1821, when John VI returned to Portugal taking with him some of the bank's assets, a second time in 1898.
From 1821 to 1964 Banco do Brasil performed tasks that exceeded its role as a traditional commercial bank: issuing currency, having the monopoly of currency exchange transactions and serving as National Treasury holder for the government. Such tasks were given to other governmental institutions with the creation of the Central Bank of Brazil in 1964 and the separation from the National Treasury in 1987. From 1992 onwards it was restructured as a commercial bank, using its huge geographic distribution and credit assets to leverage its redesign as a "normal" bank. In the process, tens of thousands of workers were laid off. After decades of losses due to being used to financing some of the Brazilian Federal Government public policies, the bank became profitable across the years; the bank is one of the key structures used by Brazilian government to estabilize the market. The institution is used to finance public programs such as the DRS - Sustainable Regional Development initiatives. In November 2013, The Banker ranked Banco de Brasil as the top bank in Brazil based on Tier 1 capital.
The current logo has been in use since the 1960s, when the standard colors changed from brown and yellow to blue-grey-and yellow. Since the early 1980s, the bank has sponsored several sports competitions, it is the official sponsor for Robert Scheidt, Gustavo Kuerten, the Brazilian national beach soccer and futsal teams. The bank sponsors other cultural events such as plays through its organization CCBB and amateur sports through the AABB. Supermodel Gisele Bündchen was chosen to be the face of their first global ad campaign in 2012. In addition to commercial and government services, the bank offers a large variety of services to the consumer including bill payment services, ATM loans, a single package that contains the account numbers for checking, multiple savings accounts, investment account; the account holder may apply for international MasterCard and Visa debit cards which act as both a credit card on a loan account, as a debit card on the checking account. The list of services offered encompass many complex automatic functions from ATMs and online such as a wide variety of loans, automatic payments, Brazilian bill payments, deposits to other Brazilian accounts.
Many merchants accept account-to-account transfers as payment for goods. Banco do Brasil has a few branches in other countries; these branches are intended for use by large companies and for permanent residents of Brasil who visit the other countries, but they offer regular services for residents of the countries where they are located. Banco do Brasil has been expanding its international presence and has more than 44 points of service abroad, divided into branches, sub-branches, business units / offices and subsidiaries. Offices and subsidiaries Interest rates on loans vary to a great extent but, being a public-owned bank that operates as a commercial venture, Banco do Brasil is not noted for having the highest, or the lowest rates either. Terms and conditions | LiveChat Traditionally the CEO is appointed by the Brazilian president but picked from a list of career directors. A few CEOs were taken from outside the financial industry. Banco do Brasil has the monopoly of a number of government funding programs, like Pronaf, DRS, Fome Zero, PASEP, others, is the bank of choice for most municipal and state governments.
Being public-owned, Banco do Brasil must recruit workers through a public draft process, known as Concurso Público and work within strict norms of business. Due to the security which the public draft process provides working for Banco do Brasil is considered a desirable job in most of Brazil; this process is carried out separately for each region, with approved candidates being recruited to any branch in the region, in which they completed the process, within the following two years in order of classification. Candidates must be Brazilian nationals (or legal res
A central bank, reserve bank, or monetary authority is the institution that manages the currency, money supply, interest rates of a state or formal monetary union, oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, generally controls the printing/coining of the national currency, which serves as the state's legal tender. A central bank acts as a lender of last resort to the banking sector during times of financial crisis. Most central banks have supervisory and regulatory powers to ensure the solvency of member institutions, to prevent bank runs, to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Functions of a central bank may include: implementing monetary policies. Setting the official interest rate – used to manage both inflation and the country's exchange rate – and ensuring that this rate takes effect via a variety of policy mechanisms controlling the nation's entire money supply the Government's banker and the bankers' bank managing the country's foreign exchange and gold reserves and the Government bonds regulating and supervising the banking industry Central banks implement a country's chosen monetary policy.
At the most basic level, monetary policy involves establishing what form of currency the country may have, whether a fiat currency, gold-backed currency, currency board or a currency union. When a country has its own national currency, this involves the issue of some form of standardized currency, a form of promissory note: a promise to exchange the note for "money" under certain circumstances; this was a promise to exchange the money for precious metals in some fixed amount. Now, when many currencies are fiat money, the "promise to pay" consists of the promise to accept that currency to pay for taxes. A central bank may use another country's currency either directly in a currency union, or indirectly on a currency board. In the latter case, exemplified by the Bulgarian National Bank, Hong Kong and Latvia, the local currency is backed at a fixed rate by the central bank's holdings of a foreign currency. Similar to commercial banks, central banks incur liabilities. Central banks create money by issuing interest-free currency notes and selling them to the public in exchange for interest-bearing assets such as government bonds.
When a central bank wishes to purchase more bonds than their respective national governments make available, they may purchase private bonds or assets denominated in foreign currencies. The European Central Bank remits its interest income to the central banks of the member countries of the European Union; the US Federal Reserve remits all its profits to the U. S. Treasury; this income, derived from the power to issue currency, is referred to as seigniorage, belongs to the national government. The state-sanctioned power to create currency is called the Right of Issuance. Throughout history there have been disagreements over this power, since whoever controls the creation of currency controls the seigniorage income; the expression "monetary policy" may refer more narrowly to the interest-rate targets and other active measures undertaken by the monetary authority. Frictional unemployment is the time period between jobs when a worker is searching for, or transitioning from one job to another. Unemployment beyond frictional unemployment is classified as unintended unemployment.
For example, structural unemployment is a form of unemployment resulting from a mismatch between demand in the labour market and the skills and locations of the workers seeking employment. Macroeconomic policy aims to reduce unintended unemployment. Keynes labeled any jobs that would be created by a rise in wage-goods as involuntary unemployment: Men are involuntarily unemployed if, in the event of a small rise in the price of wage-goods to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the aggregate demand for it at that wage would be greater than the existing volume of employment.—John Maynard Keynes, The General Theory of Employment and Money p11 Inflation is defined either as the devaluation of a currency or equivalently the rise of prices relative to a currency. Since inflation lowers real wages, Keynesians view inflation as the solution to involuntary unemployment. However, "unanticipated" inflation leads to lender losses as the real interest rate will be lower than expected.
Thus, Keynesian monetary policy aims for a steady rate of inflation. A publication from the Austrian School, The Case Against the Fed, argues that the efforts of the central banks to control inflation have been counterproductive. Economic growth can be enhanced by investment such as more or better machinery. A low interest rate implies that firms can borrow money to invest in their capital stock and pay less interest for it. Lowering the interest is therefore considered to encourage economic growth and is used to alleviate times of low economic growth. On the other hand, raising the interest rate is used in times of high economic growth as a contra-cyclical device to keep the economy from overheating and avoid market bubbles. Further goals of monetary policy are stability of interest rates, of the financial market, of the foreign exchange market. Goals cannot be separated fr
Money is any item or verifiable record, accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money. Money is an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any note of debt, is without use value as a physical commodity, it derives its value by being declared by a government to be legal tender. Counterfeit money can cause good money to lose its value; the money supply of a country consists of currency and, depending on the particular definition used, one or more types of bank money. Bank money, which consists only of records, forms by far the largest part of broad money in developed countries.
The word "money" is believed to originate from a temple of Juno, on Capitoline, one of Rome's seven hills. In the ancient world Juno was associated with money; the temple of Juno Moneta at Rome was the place. The name "Juno" may derive from the Etruscan goddess Uni and "Moneta" either from the Latin word "monere" or the Greek word "moneres". In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning'in kind'; the use of barter-like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied on barter. Instead, non-monetary societies operated along the principles of gift economy and debt; when barter did in fact occur, it was between either complete strangers or potential enemies. Many cultures around the world developed the use of commodity money; the Mesopotamian shekel was a unit of weight, relied on the mass of something like 160 grains of barley. The first usage of the term came from Mesopotamia circa 3000 BC.
Societies in the Americas, Asia and Australia used shell money – the shells of the cowry. According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins, it is thought by modern scholars that these first stamped coins were minted around 650–600 BC. The system of commodity money evolved into a system of representative money; this occurred because gold and silver merchants or banks would issue receipts to their depositors – redeemable for the commodity money deposited. These receipts became accepted as a means of payment and were used as money. Paper money or banknotes were first used in China during the Song dynasty; these banknotes, known as "jiaozi", evolved from promissory notes, used since the 7th century. However, they did not displace commodity money, were used alongside coins. In the 13th century, paper money became known in Europe through the accounts of travelers, such as Marco Polo and William of Rubruck. Marco Polo's account of paper money during the Yuan dynasty is the subject of a chapter of his book, The Travels of Marco Polo, titled "How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country."
Banknotes were first issued in Europe by Stockholms Banco in 1661, were again used alongside coins. The gold standard, a monetary system where the medium of exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th–19th centuries in Europe; these gold standard notes were made legal tender, redemption into gold coins was discouraged. By the beginning of the 20th century all countries had adopted the gold standard, backing their legal tender notes with fixed amounts of gold. After World War II and the Bretton Woods Conference, most countries adopted fiat currencies that were fixed to the U. S. dollar. The U. S. dollar was in turn fixed to gold. In 1971 the U. S. government suspended the convertibility of the U. S. dollar to gold. After this many countries de-pegged their currencies from the U. S. dollar, most of the world's currencies became unbacked by anything except the governments' fiat of legal tender and the ability to convert the money into goods via payment.
According to proponents of modern money theory, fiat money is backed by taxes. By imposing taxes, states create demand for the currency. In Money and the Mechanism of Exchange, William Stanley Jevons famously analyzed money in terms of four functions: a medium of exchange, a common measure of value, a standard of value, a store of value. By 1919, Jevons's four functions of money were summarized in the couplet: Money's a matter of functions four, A Medium, a Measure, a Standard, a Store; this couplet would become popular in macroeconomics textbooks. Most modern textbooks now list only three functions, that of medium of exchange, unit of account, store of value, not considering a standard of deferred payment as a distinguished function, but rather subsuming it in the others. There have been many historical disputes regarding the combination of money's functions, some arguing that they need more separation and that a s
Pérsio Arida is a Brazilian economist and a former president of the Central Bank of Brazil. He has a bachelor's degree in Economics from University of São Paulo and a Ph. D in Economics from Massachusetts Institute of Technology, he has served the Brazilian government by taking part in the crafting of the Plano Real. In 1995, he served as the president of the Central Bank of Brazil and Special Secretary of Social-Economic Coordination, Ministry of Planning. In the private sector, he was a board member of Banco Itaú Holding Financeira S. A. and Banco Itaú S. A. board member of Sul-América S. A, director of Opportunity Asset Management Ltda. board member of Unibanco S. A. and special adviser for the presidency and director of Brasil Warrant Ltd. Since the 1970s, he has worked as an economic and financial consultant; as of 2008, he is working as a member of the executive council of the Instituto Moreira Salles. He is a member of the International Advisory Board at the Blavatnik School of Government and a member of the Academic Board of Livres.
He is a fan of classical music. Arida, Pérsio, Social differentiation and economic theory, Texto para discussão, no. 58. Pontifícia Universidade Católica do Rio de Janeiro, Departamento de Economia, OCLC 13360329 Arida, Pérsio, Economic stabilization in Brazil, Working papers (Woodrow Wilson International Center for Scholars. No. 149. Latin American Program, the Wilson Center, OCLC 13144128 Arida, Pérsio, Essays of Brazilian stabilization programs, Massachusetts Institute of Technology, OCLC 283913814 Gala, Paulo.
President of Brazil
The President of Brazil the President of the Federative Republic of Brazil or the President of the Republic, is both the head of state and the head of government of Brazil. The president leads the executive branch of the federal government and is the commander-in-chief of the Brazilian Armed Forces; the presidential system was established in 1889, upon the proclamation of the republic in a military coup d'état against Emperor Pedro II. Since Brazil has had six constitutions, three dictatorships, three democratic periods. During the democratic periods, voting has always been compulsory; the Constitution of Brazil, along with several constitutional amendments, establishes the requirements and responsibilities of the president, their term of office and the method of election. Jair Bolsonaro is the current President, he was sworn in on 1 January 2019 following the 2018 presidential election. As a republic with a presidential executive, Brazil grants significant powers to the president, who controls the executive branch, represents the country abroad, appoints the cabinet and, with the approval of the Senate, the judges for the Supreme Federal Court.
The president is the commander-in-chief of the armed forces. Presidents in Brazil have significant lawmaking powers, exercised either by proposing laws to the National Congress or by using Medidas Provisórias, an instrument with the force of law that the president can enact in cases of urgency and necessity except to make changes to some areas of law. A provisional measure comes into effect before Congress votes on it, remains in force for up to 60 days unless Congress votes to rescind it; the 60-day period can be extended once, up to 120 days. If Congress, on the other hand, votes to approve the provisional measure, it becomes an actual law, with changes decided by the legislative branch; the provisional measure expires at the end of the 60-day period, or sooner, if rejected by one of the Houses of Congress. Article 84 of the current Federal Constitution, determines that the president has the power to appoint and dismiss the ministers of state; the Constitution of Brazil requires that a President be a native-born citizen of Brazil, at least 35 years of age, a resident of Brazil, in full exercise of their electoral rights, a registered voter, a member of a political party.
The president of Brazil serves for a term of four years