Introduction to Data Analysis
Data analysis is the most critical part of the research work. This is mainly done via in-depth assessment of concerned information which the researcher is able to give the impressive outcome. With the help of proper research techniques, the researcher is able to get the entire objectives. The researcher has convened assessment of most useful information as per the data analysis. In order to analyse the data the first thing which is important is that it should be collected effectively. It is necessary that the sources from which the information was collected were correct as if they are not relevant than analysis of the same will be of no use. Correct interpretations are important so that the user can reach to the right conclusions. It can be done in both qualitative and quantitative manner as the research includes both the matter. In order to analyse the theoretical data the researcher needs to study the material in a way so that conclusions can be made from the given data.
If the data is in an immense quantity, then it is necessary to give enough time to study so that no quality information is missed out . New approaches are developed to analyse the data which support the researcher to draw the right conclusions. Another method is the quantitative measure. It is also used by the the researcher in order to check the quality of mathematical accuracy of different tools utilised in the research report. Surveys are being conducted for getting the feedbacks from the public. As, it is important that the calculations are rechecked so that if any mistake is done that can be corrected at the same time. If the corrections are not made before putting the report into use, then it may lead to wrong interpretations which may also lead to loss of quality. This makes data analysis an important process as it is essential to understand the survey results.
It also provide the gaps which are present in the given data and thereafter those gaps can be refilled in order to make the report correct . If the analysis is correctly done it can offer several benefits to the business like structuring the overall findings of the research conducted, getting the small picture of the overall research project, receiving the correct meaning of the dataset. This will further help the researcher in taking the critical decisions from the data provided in the research. Suitability of data with the research topic is very important. Therefore during the analysis it has to be ensured that data provided in the investigation is appropriate . For this the investigation of the population on which the survey was conducted has to be done so that it can be concluded that weather the target population was suitable to the research or not. The sample size is also needed to be checked that weather it was adequate enough to reach at the conclusions.
As different methods are used in the given research topic it is also important to investigate that weather they are suitably incorporate into the investigation. For making the analysis correctly different principles can be followed like the researcher should address the following questions:
Objective – It is the initial requirement to analyse the research that what was the objective behind conducting the research report. What all issues were needed to be consider while doing the investigation and answer to what questions are needed so that it can be analysed that weather the final research mater is covering all the above points .
Justification- During the analysis it should be checked weather the given information can be justified by cross checking it with resources from where it has been taken.
Data – Weather the data collected is relevant or not is also important to be checked so that if any limitation is identified it can be resolved at the same time.
Methods used- It is very important to check the calculations and methods used to complete the numericals as only is the appropriate technique is utilised it can satisfy the objective of research.
After this in the analysis of data presentation of the conclusion also plays an important role. The results should be given in the order of their importance and relevance with given headings and subheadings so that they can be analysed more effectively . During the investigation it should also be checked that weather the report is presented in the simple language so that it can be understood by the user else it will lead to the chances of wrong interpretations or misleading results.
In the given report, the effects of international monitory fund is studied that how it contributed during the crises. Surveys are conducted from the public so as to get their response and reactions to the research topic. Thematic analysis is done to check the authenticity of the different response gathered through the survey. Graphical representation also helped much in analysing the whole data as it is easy to make the interpretations of graphs in comparison to the text data. Therefore, this section of the research helps in doing the analysis of different aspects and outcomes of the search report.
Reliability of data:
The data which has been gathered by doing secondary research, and it has been collected for the general purpose not for the specific one. This source of information is easy to get and also able to use for conducting research. It is used when there are large number of respondents available and the researcher needs to draw the conclusions within the short time frame. Now this has been seen that the primary source of information is not easy to gather and requires higher cost for collection.
Under the provided scenario, it has been seen that the questions are based on the basis of secondary source of information, and it emphasis that the questionnaire is framed in order to give the useful information related to the topic. The graphical presentation is given in order to provide the detailed investigation.
Theme 1. International exchange rates, balance of payments and other kinds of multilateral payments are the main functions of the International Monetary Fund.
Sustainable International Exchange Rates: IMF main aim is to promote the economic stability among the member countries in order to avoid the financial emergencies. However, there are so many constraints which could arise if the economic instability happened. Instability could enhance uncertainty, discourage investments, prevent economic growth, and spoil living standards . A dynamic market economy covers volatility and also structural changes. The main challenge for the regulating authorities of IMF is to lowering the instability in their own nations and overseas without limiting the economy's ability to enhance living standards via enhancing productivity, employment and growth.
Financial assistance: IMF main objectives is to provide the financial assistance and grants to the member countries. So that the member countries can make their economy at the position where it can survive at the time of emergency. The IMF grants so many kinds of loans to the member nations . IMF also offer loans to the under developed government at a concessional rate via using poverty reduction and growth facility. On the other hands, non concessional loans are offered at market based interest rate via five mechanism: Stand-By Agreements; Extended Fund Facility; Supplemental reserves facility; Contingent Credit facility.
Balance of payments: Inappropriate policies may form balance of payment in trouble in a nation, in such a condition where enough funding on an affordable terms cannot be opted to get international payment obligation. In the most terrible cases, such worst condition turn into the financial crisis . The nation's currency value might be forced to reduce so fast, that affects the cost of the goods which leads to make them costly and domestic economy may experience a painful interruption. These kind of problems might also spread to other nations.
Other multilateral payments: There are other multilateral payments functions which are performed by the International Monetary Fund.
Theme 2: International Monetary Fund key objectives is to promote international trade:
International monetary fund played a significant role in helpful in exchange rates by assist international payment adjustments.
IMF role in promoting international trade:
IMF has been instrumental to the development of international trade. It acts as the reservoir of the currencies of all the associate countries. A borrowing countries can borrow the currencies of other country out of reservoir. It exchanges to the member countries for financing the present transactions. It help to provide direction to monetary and financial matters. IMF is responsible for promoting international trade by complete research studies and after then published them. The trade related issues can be resolved through multilateral assistance provided to member countries, thereby help in promoting international trade .
Most of current account transactions does not have any kind of reserves prior to international trade approval. The IMF, share the common goal of facilitating the balance expansion of trade in goods and services. IMF provide financial support through its lending and borrowing operations, analytical research as well as economic and trade balance. The international trade is related with these analytical aspects of promoting it in international level . The IMF has jurisdiction over exchange measures related to international trade practices. It covers Trade policies under its guidance and conditionality.
Although, it has not legally binding with trade restrictions. They all operated in respect of economic consideration and its stability in the international and national level. The outcome in the IMF pressing for trade and trade related reforms to continue speedy and deeply other then related institutions .
International trade promotion has been mentioned in Article 1 of the constitution of IMF.
IMF facilitate the growth and expansion of international trade, and contribute thereby to promote and maintenance of high prospect of employment generation and actual income. It all have to made through, productive resources and support of its members as primary objective of developing economic trade practise at global level. The IMF encourages its members to be open and transparent about their international trade polices. The more member countries are informed about profitable conditions in more countries, the better they can effort various opportunities in international trade and investment.
A higher the trade, so does employment in both the exporting and importing countries. International trade can also be promoted through exporting or importing goods and services in the currencies in which they are being traded . It will help to increase the revenues of the country which will lead to regulate proper flow of funds to the developing countries. The balance of payment of countries can also be maintained properly through promotion of international trade. The IMF was established to provide proper stability and short term assistance for countries facing financial difficulties in relation to trade balance.
Under the trade agreement, it provide confidence to members by making appropriate resources of the money could be available to them under adequate safeguard, thus providing them opportunities to correct maladjustments in their balance of payment without resolving to measures of destructive of national and international trade . IMF provide customised and comprehensive range of goods and services to help countries in promoting trade and organisation development to their international trade programmes.
Theme 3. International Monetary Fund fulfil its objectives by reviewing the balance of payments, acting as a forum of global negotiation and regulating international exchange rates:
The main objective of international monetary fund is to provide the financial assistance to all and in order to achieve this, there are various aspects such as balance of payments, regulation of international exchange rates and acting as forum for global negotiation which are required to be reviewed. Balance of payment is the situation which can arise due to various reasons such as high level of debts, persistent fiscal deficits, etc. and if all of them are not controlled than it will lead to the situation of crisis . So it is important for IMF to check that all the things are under control and this can be done by proving help to the members in restoring the stability in terms of economy which can be done by formulation of corrective policies and providing them with the financial assistance. By doing so the stability will be established which is also its main objective. It is needed that the exchange rates that are prevailing in the international market should be reviewed by the IMF and this is because it is also one of the major objective.
With the change in the rates there is a great impact on the multilateral trading system so it will be needed that these rates should be maintained by IMF. For this purpose various controls are established by it which are needed to be checked from time to time in order to ensure that no issues are arising in this respect. By this it will be ensured that all the objectives are achieved as among them the main is to provide finance and ensure the stability in the world. As the exchange rates will be fixed and there will not be fluctuations so there will be less chances of any problem in the trading system . But it is not possible that all the rates are fixed as there will be changes so it will be needed that all the manipulations that are taking place should be reviewed and controlled by it. There are many countries who will try to take the advantage of these fluctuations so it is necessary that proper system should be there in order to ensure that there is less amount of fluctuations as by this currency will be d evaluated which is not considered to be good. IMF acts as the forum of global negotiation as it is the main aim of it to provide the monetary cooperation in the world .
It is required help all the countries in the money related issues. But in this there are various issues that arise as it will be difficult to decide that to whom it should give the priority and which will be the one to whom the help will be provided firstly. So it will be required that proper cooperation should be maintained and decision should be made in such a manner that the requirements of all are met and all are satisfied with the manner in which the the problems are solved. All the above mentioned aspects will be reviewed by IMF so all the objectives that are defined by it are achieved in the most appropriate manner possible.
Theme 4. IMF was inefficient for implementing its policies and legal norms, as it was not able to bring states to achieve consensus in specific regulatory matters:
Financial help was provided to most of the developing countries so that they can develop and flourish through different projects . Grants were given which could be further spent on goods bought from countries which donates and the practice fees are mostly included in it. Africa receives these aids in various forms like assistance in project investments, support in budgets, help with developed technologies and many more. Different grants are given with distinct repay options like some as a loan which needs to be repaid at very minimal interest rate, some as a complete free aid, like contributions etc. It is observed that in many cases IMF faced non achievement due to failure of fiscal targets. Aid given in different ways like economic bail resulted into deterioration of existing system as countries which adopted measure of IMF faced difficulties in long run as harmful effects were observed in future after the polices were adopted. Like in case of loans taking procedures for instance withdrawal from government in social group aid delivery affected the legal authority as its development got affected and therefore its output got reduced .
Theme 5. The economists did less to escape the legal technicality due to which they have been accused in the past for injuring the role of the IMF.
There are various legal technicality that could be considered by the economist, that has been accused in the past time with respect to the IMF. It is mostly refers to a technical aspect of law associated to the IMF. Some of the legal technicality are related with govern legal procedure, enables or restrict access to court and limit the discretion of court in handling down judgement. The relation with IMF and legal aspect includes dispute settlement that covers the fund, reflect misunderstanding about legal nature of funds activities that are associated with the IMF. The Economist have septate themselves from injuring the importance of IMF with helping in dispute settlement that are related with the fulfilment of its objectives . The reforms of international fund's are based on financial system of its board mandate and essentially use to create membership to protect the rights of IMF. It contribute more effectively on legal aspects in the interaction with global financial institutions, that included under the IMF to maintain the economic stability in the country.
Theme 6. In the economic matter of the world, interest of states and IMF are not same and therefore they do not correspond to the calls of IMF.
The economic aspect of IMF deals with the micro and macro level of the country development and growth. Macro stability is important for increasing and sustainable rate of growth in affected countries that required funds at difficult circumstances.
Economic growth is the independent term that are influenced through poverty. Various studies says are found to be a strong association between growth of IMF in more then 80 countries. A countries have different financial trouble, overcome the problems of economic stability of the international financial system, that why IMF has create . As the interest of the states are always different with respect to role of IMF. As the state wants full support from IMF at the time of financial crises. And, at the same time growth stability of the states are also be focused. The IMF loan are meant to help the member countries whenever they required. The interest of states are strongly supported by the international monetary fund. As it has been seen during the crisis 2007, the IMF is in fact one of the best possible deals that could ever imagine: It's programmes provide various advantages to our economy and our foreign polices. The co operation of states are zero- repeat, zero- cost to the tax payer and economy .
Theme 7. Nature of IMF's policy is of soft law and because of national sovereignty in the currency matters:
Every country has exclusive right on their currency but at the same time they also understand the importance of having a common currency because they assist in smooth financial transaction between two countries. IMF exchange rate is based on demand of the currency of a particular country. Countries who are members of IMF has to follow the exchange rate but nations who are not members of IMF do not need to follow rate decided by IMF. Their is no hard and fast rule to follow these rates because law in this field is not rigid but most of the nations follow it because they also need proper mechanism for deciding exchange rate between different countries. Members nations of IMF know the ways through which demand of their currency can be increased which will also make a favourable change in exchange rate for them .
Q.8 Should a sovereign state inform about its Funds regarding its monetary policy decision under Article IV of IMF's Article of Agreement:
It is very important that the members should be informed about how the total fund is being utilised. It is of vital nature because in order to take various decisions like related to formulation of monitory policy. Once member has knowledge about available funds they can make policy accordingly. In case of excess of availability relaxation method will be adopted in order to use that fund in productive projects. On the other hand if the member were not told about what is the status of current state funds than it is difficult to make future strategies and decisions related to allocation of funds.
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