Department of Monetary Affairs

(noun)

Möngke established this body to control the issuance of paper money in order to eliminate the overissue of currency that had been a problem since Ögedei's reign.

Related Terms

Examples of Department of Monetary Affairs in the following topics:

  • Administrative Reform in the Mongol Empire

    • Möngke's rule established some of the most consistent monetary and administrative policies since Genghis Khan.
    • In the mercantile department he:
    • In 1253, Möngke established the Department of Monetary Affairs to control the issuance of paper money.
    • This new department contributed to better econimic stability including:
    • He was possibly a victim of cholera or dysentery, however there is no confirmed record of the cause of his death.

  • Trade and Currency under the Yuan

    • One of the more notable applications of printing technology in China was the chao, the paper money of the Yuan, made from the bark of mulberry trees.
    • The Mongols experimented with establishing the Chinese-style paper monetary system in Mongol-controlled territories outside of China.
    • In 1253, Möngke established a Department of Monetary affairs to control the issuance of paper money in order to eliminate the overissue of the currency by Mongol and non-Mongol nobles since the reign of Great Khan Ögedei.
    • The standardization of paper currency allowed the Yuan court to monetize taxes and reduce carrying costs of taxes in goods, as did the policy of Möngke Khan.
    • Chagatai Khan Kebek renewed the coinage backed by silver reserves and created a unified monetary system throughout the realm.

  • The Structure and Function of Other Banks

    • The European Central Bank (ECB) is the central bank for the euro and administers the monetary policy of the Eurozone, which consists of 17 EU member states and is one of the largest currency areas in the world.
    • The Executive Board is responsible for implementing monetary policy and the day-to-day running of the bank.
    • The People's Bank of China (PBC) is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China.
    • It is responsible for making and implementing monetary policy for safeguarding the overall financial stability and provision of financial services.
    • It is divided into 18 functional departments that oversee such issues as monetary policy, financial stability, anti-money laundering, and legal affairs.

  • Cabinet Departments

    • Under secretaries are appointed by the president, but range in prestige depending on the size of the department they are employed in and the breadth of affairs they oversee.
    • The three oldest executive departments are the Department of State, the Department of War, and the Treasury, all of which were established in 1789.
    • The order of the departments, and the roles of the secretaries of each department, is as follows:
    • Treasury: The Secretary of the Treasury is concerned with financial and monetary issues.
    • Veterans Affairs: The Secretary of Veterans Affairs coordinates programs and benefits for veterans

  • A Typical Department Structure

    • There are 15 current executive departments, whose secretaries comprise the Cabinet: the Departments of State, Treasury, Defense, Justice, Interior, Agriculture, Commerce, Labor, Health and Human Services, Housing and Urban Development, Transportation, Energy, Education, Veterans Affairs, and Homeland Security.
    • The number of employees at each department varies widely, from about 4,500 in the Department of Education to about 3,000,000 at the Department of Defense.
    • Likewise, the departments' budgets range from 15.77 billion at the Department of Commerce to 879.2 billion at the Department of Health and Human Services.
    • Under secretaries are appointed by the president, but range in prestige depending on the size of the department they are employed in and the breadth of affairs they oversee.
    • The Department of Justice is typical of all executive departments in its hierarchical organization.

  • The Executive Departments

    • The executive departments are administrative organs in the executive branch of the federal government.
    • The State Department (formally known as the Department of State) is the highest ranking executive department and is headed by the Secretary of State.
    • The three oldest executive departments are the Department of State, Department of War, and the Treasury, all of which were established in 1789.
    • The Department of War has since been subsumed by the Department of Defense, and many other executive departments have been formed.
    • After the vice president, speaker of the house, and the president pro tempore of the Senate, the heads of the executive departments are ranked as follows:

  • The International Monetary Structure

    • The main components in the international monetary structure are global institutions (such as the International Monetary Fund and Bank for International Settlements), national agencies and government departments (such as central banks and finance ministries), private institutions acting on the global scale (such as banks and hedge funds), and regional institutions (like the Eurozone or NAFTA).
    • Certain regional institutions also play a role in the structure of the international monetary system.
    • The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states.
    • NAFTA is also an example of the U.S.' s disproportionate power in determining the direction of the international monetary structure.
    • Explain the role played by the United States over the history of the international monetary structure

  • Chapter Questions

    • Identify the changes to the monetary base and money supply if bad weather causes the float to increase.
    • Identify the changes to the monetary base and money supply if the U.S.
    • Identify the changes to the monetary base and money supply if the commercial banks reduce the amount of discount loans from the Fed.
    • Identify the changes to the monetary base and money supply if the U.S.
    • Treasury Department are independent.

  • Making Policy

    • The actual development and implementation of policies are under the purview of different bureaucratic institutions.
    • However, the actual development and implementation of policies are under the purview of different bureaucratic institutions mainly comprised cabinet departments, independent executive agencies, government corporations, and regulatory agencies.
    • Fifteen agencies are designated by law as cabinet departments, which are major administrative units responsible for specified areas of government operations.
    • Examples of cabinet departments include the Department of Defense, State, and Justice.
    • For instance, the Interior Department includes the National Park Service, the Bureau of Indian Affairs, and the U.S.

  • Maintaining a Strong Economy

    • The Department of Commerce is the Cabinet department of the U.S. government concerned with promoting economic growth.
    • Organizations within the Department of Commerce include the Census Bureau, the Bureau of Economic Analysis, and the International Trade Administration.
    • The Department of the Treasury is an executive department and the treasury of the U.S. government.
    • The Federal Reserve is the central banking system of the United States, which conducts the nation's monetary policy, supervises and regulates banking institutions, maintains the stability of the financial system, and provides financial services to depository institutions, the U.S. government, and foreign official institutions.
    • Differentiate between the various departments and agencies responsible for the health of the economy