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The Nordic Investment Bank (NIB) is an international financial institution founded in 1975 by the five Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden). In 2005, the three Baltic states (Estonia, Latvia, and Lithuania) also became members of the Bank. NIB’s headquarters are located in Helsinki, Finland.
The banks lend to their members, borrowing from the international capital markets. Because there is effectively shared responsibility for repayment, the banks can often borrow more cheaply than could any one member nation. These banks include: Caribbean Development Bank (CDB) Central American Bank for Economic Integration (CABEI)
Member countries of the IMF have access to information on the economic policies of all member countries, the opportunity to influence other members' economic policies, technical assistance in banking, fiscal affairs, and exchange matters, financial support in times of payment difficulties, and increased opportunities for trade and investment. [93]
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
Mount Washington Hotel. The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 allied nations at the Mount Washington Hotel, in Bretton Woods, New Hampshire, United States, to regulate what would be the international monetary and financial order after the conclusion of World War II.
Chart of the world's gross domestic product over the last two millennia. The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing.
Major figures of the U.S. financial world would participate in the joint bank, and act in close cooperation with the Federal Reserve Bank of New York. The leverage held by the U.S. allowed Young and J. P. Morgan Jr. to make sure that Americans would be in leadership position at the bank when it started operations, as indeed happened. [11]
An international monetary system is a set of internationally agreed rules, conventions and supporting institutions that facilitate international trade, cross border investment and generally the reallocation of capital between states that have different currencies. [1]