Floating Exchange Rate

Floating exchange rate is also known as fluctuating exchange rate and it refers to a kind of exchange rate system  through which the currency value is given time to fluctuate in accordance to the market foreign exchange. A currency using floating currency is commonly referred to floating currency and it is contrasted with a currency that is fixed.

It is the decision made by a country to allow the value of its currency to change in a free manner. In such cases the Central Bank does not constrain the currency and it is not required to maintain relationship with other currencies. The value of the currency is determined by trade in foreign exchange market.

Most of the currencies in the world can be described as floating and they include some of the most traded currencies such as the Dollar, the Japanese Yen, the Euro, British pound as well as the Australian dollar.  Initially, the Swiss franc was traded through a floating exchange rate but from 2011 September it was pegged to euro. Central Banks are often known to participate in markets for purposes of attempting to influencing floating exchange rate.

Canadian dollar in more than one way is similar to a “pure” floating currency as the Central Bank hasn’t interfered with the price of the dollar since 1998. The United States dollar comes in secondly and it has little changes in the foreign reserves. This is contrast to the United Kingdom and Japan currencies which need intervention to a great extent.

From 1946 to the start of the 70s, Bretton Woods system ensure fixed currencies were the norm and in 1971 United States made the decision to no longer uphold the exchange rate of the dollar at 1/35^th an ounce of gold such that the country’s currency wasn’t fixed anymore. After the Smithsonian Agreement in 1973, most of the currencies across the globe made the decision to follow suit. However, other countries like most of the States in the Gulf fixed their countries currency to the value of other currencies and this has recently been linked to slow growth rates in those countries.

Whenever a currency floats targets different from the exchange rate is used for purposes of administering monetary policy. Some economists think in most cases, a floating exchange rate is far preferable to one that is fixed. Floating exchange rate adjusts automatically enabling countries to reduce impact of foreign business cycle, shocks as well as preempt the chances of a crisis of balance of payments. However, in certain cases, fixed exchange rates are preferable because they offer greater certainty and stability.

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5-Step Problem Solving Process

Life is a paradox of solving problems. Whether in business or politics, people confront varying challenges daily? Thus, there is need to have a straightforward way of solving such issues whenever they arise. A good approach in problem solving ensures that you identify the cause of the problem and if your preferred solutions are the best. When solving a problem, the solutions should have minimal negative solutions at all times.

Identify the problem: You cannot solve a problem that does not exist. As such, you should define the problem with clarity. For better understanding, it is paramount for you to look at the problem from different angles. For example, as the manager, visualize what you CEO, customers, and close associates would consider a problem. This will offer you a broad spectrum of solutions to the problem at hand. Another person’s perspective could be the best alternative in reaching an acceptable and realistic solution. At this level, it is necessary to look at causality. What is the root cause of the problem? By this, you will be able to define the problem with a lot of clarity.

Recognize issues: The second step of problem solving is indentifying the real issues surrounding the problem. Here, you get into the nitty-gritty of the problem by breaking the issues into subcomponents, which you can manage with a lot of ease. By breaking down a big issue into smaller components, you are able to identify its root cause with precision.

Generate and prioritize hypothesis: After identifying the issues to address, start thinking about how to solve them. It is unadvisable to start assigning solutions to each of the issues but rather identify various alternatives, which appear applicable and feasible. Such possible solutions transform into hypothesis, which the manager has to prioritize, do an analysis and carry out an evaluation process. After having the hypothesis, do no not disapprove every hypothesis. Instead, work with the ones that offer the best solutions, by weighing pros against cons. Divert your energies to most meaningful ideas and pursue them.

Analysis: This stage focuses on approving or disapproving your hypothesis outlined in step 3 of problem solving. At this stage, you determine the potential of every option to narrow down to the most likeable solution. It is worth noting that a great idea might not manifest at this stage but this does not mean that your alternatives are obsolete. Analysis the entire process will not guarantee you the best outcome. Of great significance is to conduct the right analysis for the process.

Advance your response: After a successful analysis, you need to convince the world that your recommendation works. To do this, change your hypothesis into recommendations that can be put into practice as part of problem solving. No one is interested in humongous analysis. Simply focus on proving your case using facts you may have gathered in previous stages of problem solving. Above all, the recommendations should appear in an appealing storyline to the audience. Where possible, help your audience to digest the analysis by defining the problem, explain the need to solve it and prove your approach.

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Commonwealth of Australia Constitution Act 1901

Definition of a constitution

A constitution is a set of laws that govern a country. Constitutions can be either written down or passed on as practiced norms. Written down constitutions are also referred to as codified constitutions while the unwritten constitutions are called uncodified constitutions.

Different countries have different constitutions depending on their laws and needs. While most countries have codified constitutions, there are a few that have unwritten or uncodified constitutions. There are also some countries that use both written and unwritten constitutions. Australia is one of the few countries that have both written and unwritten laws.

Background information on the Australian Constitution

The Australian constitution was negotiated during the 19^th century. The British which had imperial powers over Australia during that time wanted a federal government. There was indeed mutual recognition for the need of cooperation between the British and Australians. While the Australian government had not defined this cooperation, British government expressly wanted a federal government. However, this was opposed by the locals because there was a general feeling that the bigger states such as New South Wales and Victoria would dominate the other smaller states.

In addition to this, the American Civil War had occurred during this era and federalism was viewed with great skepticism. Nevertheless, during the 1880s, the British noticed a huge presence of Germans and French in the pacific parts of Australia. This put a lot of pressure on the British and expedited their decision to cooperate with Australia.

In 1889, British finally established the Federal Council of Australasia which was a body that could facilitate inter-colonial cooperation. Even though this body could legislate over many matters, it neither had a permanent secretariat nor source of income. Australia and Britain begun strong negotiations over this matter and this was mainly done through conferences.

Eventually in 1891, the two parties decided to come up with a draft constitution that would legitimize federal governance. This draft constitution was passed through a referendum as the parties felt the idea would be made more popular if passed through majority vote. By the end of 1891, the draft constitution was tabled to the leaders of the colonial states.

Between 1895 and 1898, the parties held many meetings over the draft constitution. During this period there were amendments to this document and finally, another electoral decision was carried out. The western part of Australia did not engage in this exercise. In 1900, the Commonwealth of Australia Constitution act was passed into law. This later came into force in 1901. Ultimately, the Western part of Australia accepted to become part of the constitutional process and federal governance was established in the whole of Australia.

The current Australian Constitution

Australia in the recent times has made amendments to the constitution. One major amendment that was made in 1986 was the removal of the clause that gave Britain the mandate to change the constitution of Australia. The changes to the constitution can thus solely be carried out by the government and people of Australia.

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