환율상승
환율이란 서로 다른 통화간의 교환비율로, 한 나라의 화폐가치를 다른나라의 화폐가치로 표현한 것이다.
환율상승은 외국화폐에 대한 해당 통화의 교환비율이 올라가는 현상을 말한다.
예를 들어 1달러당 1200원이던 원화의 교환비율이 1300원으로 변하면 원-달러 환율이 100원 상승했다고 말한다. 이는 이전에는 1200원을 주면 1달러를 살 수 있었던 것이, 이제는 1300원을 주어야만 1달러를 살 수 있다는 말이다. 따라서 원화의 화폐가치가 내리는 것이므로 '원화가치의 하락'라고 한다.
원화가치가 하락하면 외화표시 수출가격은 그만큼 싸지므로 해외수요가 전보다 증대하여 수출이 늘고, 수입품의 자국화폐 표시가격은 상승시켜 수입은 감소한다. 따라서 국제수지의 적자를 해소시킬 수 있다.
다만 원화가치 하락은 수입원료의 가격 상승, 그것을 사용한 수출품 가격의 상승이라는 2차 효과를 가져온다는 것에도 주의를 요한다.
또한 원화가치가 하락하더라도 우리나라와 경쟁관계에 있는 통화(예를 들어 엔화)가치가 더 많이 떨어지면 효과가 별로 나타나지 않게 된다. 우리나라 상품의 수출채산성보다 경쟁국 상품의 수출채산성이 훨씬 좋아지는 결과가 나타나기 때문이다.
환율상승의 부정적 효과는 수입품 가격의 상승으로 인플레를 가져올 수 있다는 점이다. 국내기업의 수입원자재 가격이 상승하므로 국내물가를 끌어올리는 요인이 되기 때문이다. 또한 환율상승은 외국빚을 지고있는 기업들에게 원금상환부담을 가중시키는 효과도 가져온다.
Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Sunday, October 2, 2011
Tuesday, August 24, 2010
What you get from a $14/hour overseas worker
What you get from a $14/hour overseas worker
NEW YORK (CNNMoney.com) -- I have always had trouble delegating. Even as a manager in corporate America, I had a tendency to do all my work myself -- everything from scheduling meetings, to reserving conference rooms, to ordering lunch for guests and sending faxes. I was convinced I was the best person to complete these tasks.
That tendency continued when I started my own marketing agency and hired a couple of interns. Rarely could they get the work done as quickly or as thoroughly as I could, so, too often, I kept it for myself.
As you might expect with only one person working at capacity -- me -- my firm quickly hit a revenue ceiling. Everything I was able to do myself, I did. It was only when I encountered a need for a website, which I had no idea how to design and create, that I was forced hand over a key task.
And after witnessing how much could be done by someone else, I did a complete about-face. I began looking for opportunities to delegate and outsource.
Buoyed by Tim Ferriss' recommendation of low-cost help in his bestselling The 4-Hour Workweek, I turned to Brickwork India, in Bangalore, for some market research. I wanted to know how large a particular industry was to help me determine if it was worth targeting. But since this was a not yet a revenue-generating concern, I also wanted to keep my costs as low as possible. Hiring Bain or the Boston Consulting Group was not an option.
I have a virtual assistant in Texas (I'm in New York) who handles much of my Web work, at $50 an hour, but this project required a different skill-set. I had already spent a few hours of my time conducting my own top-line investigation and came up short. So when Ferriss indicated that Brickwork charges as little as $15 an hour, I decided to test them out.
I went to the company's website and completed an initial Request for Information form identifying myself and the specific tasks I needed a Brickwork analyst to perform. Based on that input, I received a quote for a block of 10 hours of work in the next 30 days. The cost was $140. Total. I was more than willing to risk $14 an hour on this experiment.
The next step was setting up my Brickwork account, which took a matter of minutes, and paying the $140 via credit card. I received an introductory e-mail from my senior executive assistant the next afternoon, the start of their work day. I would have liked to have been able to request a particular worker, since a colleague had recommended a talented researcher there, but there was no opportunity to request anyone specific during the sign-up.
Unsure of whether I should immediately hand off this important research project, I started with a softball task -- compile a list of associations and organizations for writers in the U.S. Within a matter of hours, I had a spreadsheet listing 15 such organizations, their corresponding locations and number of members. Given that I could rattle off close to a dozen writers' associations off the top of my head, I was a bit disappointed it took my executive assistant two hours to come up with 15. I was fairly certain there were more, but the information I received was well-organized.
So I forged ahead and with eight hours remaining on my credit I asked for help in finding the size of the ghostwriting industry. Mindful that more than eight hours could be spent with little to show for it, I set a cap of two hours. Those two hours were quickly gone and, in exchange, I received a list of four small companies that compete in that market. Not exactly what I was after. And then there were six hours left.
We spent some time going back and forth, as I tried to clarify exactly what I needed while also trying to assess whether there was any chance I would actually get it. Looking back, I should have picked up the phone and spent five minute making sure my assistant truly understood what I wanted, but e-mail was so much more convenient; I had her phone number but didn't use it.
From the tasks I assigned and the deliverables I received, it slowly became clear that Brickwork was awesome at tracking down information with a single known value. For example, if you wanted to know how many babies were born last year worldwide, I'm sure my executive assistant could have found that fact. But ask for information that requires some primary research or deductive reasoning and you'll burn through several hours just explaining what you're after, information-wise. Alas, my industry research task falls into the latter category.
At such a low hourly rate and with the flexibility to hire a Brickworker on a whim, I will certainly turn to them for administrative help in the future. But only when the data I need is well-defined and finite.
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I have learned that outsourcing is surely an effective and efficient option for many corporations. When outsourcing, companies can lower the cost but increase the efficiency and quality of the process by leaving the work to expert companies.
The author talks about research and administrative work by Brickwork India. Brickwork is an outsourcing company for individuals and small to mid-sized companies that look for business assistance at an affordable price. The company is very proud of their work and having thousands of clients "across industries and across geography", referring from Brickwork India web. It is amazing to see how people and business act fast by utilizing the internet. The internet has allowed companies to find better business solutions and connect with partners in other side of the earth.
On the other hand, it takes job opportunities away from domestic labors. Even though companies have every reason to hire outsourcing companies in countries having lower labor cost, it contributes to decrease jobs domestically.
Should a company choose low cost and efficiency? Or does it have to take a responsibility for domestic economy and provide more jobs? It remains debatable.
What you get from a $14/hour overseas worker
NEW YORK (CNNMoney.com) -- I have always had trouble delegating. Even as a manager in corporate America, I had a tendency to do all my work myself -- everything from scheduling meetings, to reserving conference rooms, to ordering lunch for guests and sending faxes. I was convinced I was the best person to complete these tasks.
That tendency continued when I started my own marketing agency and hired a couple of interns. Rarely could they get the work done as quickly or as thoroughly as I could, so, too often, I kept it for myself.
As you might expect with only one person working at capacity -- me -- my firm quickly hit a revenue ceiling. Everything I was able to do myself, I did. It was only when I encountered a need for a website, which I had no idea how to design and create, that I was forced hand over a key task.
And after witnessing how much could be done by someone else, I did a complete about-face. I began looking for opportunities to delegate and outsource.
Buoyed by Tim Ferriss' recommendation of low-cost help in his bestselling The 4-Hour Workweek, I turned to Brickwork India, in Bangalore, for some market research. I wanted to know how large a particular industry was to help me determine if it was worth targeting. But since this was a not yet a revenue-generating concern, I also wanted to keep my costs as low as possible. Hiring Bain or the Boston Consulting Group was not an option.
I have a virtual assistant in Texas (I'm in New York) who handles much of my Web work, at $50 an hour, but this project required a different skill-set. I had already spent a few hours of my time conducting my own top-line investigation and came up short. So when Ferriss indicated that Brickwork charges as little as $15 an hour, I decided to test them out.
I went to the company's website and completed an initial Request for Information form identifying myself and the specific tasks I needed a Brickwork analyst to perform. Based on that input, I received a quote for a block of 10 hours of work in the next 30 days. The cost was $140. Total. I was more than willing to risk $14 an hour on this experiment.
The next step was setting up my Brickwork account, which took a matter of minutes, and paying the $140 via credit card. I received an introductory e-mail from my senior executive assistant the next afternoon, the start of their work day. I would have liked to have been able to request a particular worker, since a colleague had recommended a talented researcher there, but there was no opportunity to request anyone specific during the sign-up.
Unsure of whether I should immediately hand off this important research project, I started with a softball task -- compile a list of associations and organizations for writers in the U.S. Within a matter of hours, I had a spreadsheet listing 15 such organizations, their corresponding locations and number of members. Given that I could rattle off close to a dozen writers' associations off the top of my head, I was a bit disappointed it took my executive assistant two hours to come up with 15. I was fairly certain there were more, but the information I received was well-organized.
So I forged ahead and with eight hours remaining on my credit I asked for help in finding the size of the ghostwriting industry. Mindful that more than eight hours could be spent with little to show for it, I set a cap of two hours. Those two hours were quickly gone and, in exchange, I received a list of four small companies that compete in that market. Not exactly what I was after. And then there were six hours left.
We spent some time going back and forth, as I tried to clarify exactly what I needed while also trying to assess whether there was any chance I would actually get it. Looking back, I should have picked up the phone and spent five minute making sure my assistant truly understood what I wanted, but e-mail was so much more convenient; I had her phone number but didn't use it.
From the tasks I assigned and the deliverables I received, it slowly became clear that Brickwork was awesome at tracking down information with a single known value. For example, if you wanted to know how many babies were born last year worldwide, I'm sure my executive assistant could have found that fact. But ask for information that requires some primary research or deductive reasoning and you'll burn through several hours just explaining what you're after, information-wise. Alas, my industry research task falls into the latter category.
At such a low hourly rate and with the flexibility to hire a Brickworker on a whim, I will certainly turn to them for administrative help in the future. But only when the data I need is well-defined and finite.
--------------------------------------------------------------------------------------------------
I have learned that outsourcing is surely an effective and efficient option for many corporations. When outsourcing, companies can lower the cost but increase the efficiency and quality of the process by leaving the work to expert companies.
The author talks about research and administrative work by Brickwork India. Brickwork is an outsourcing company for individuals and small to mid-sized companies that look for business assistance at an affordable price. The company is very proud of their work and having thousands of clients "across industries and across geography", referring from Brickwork India web. It is amazing to see how people and business act fast by utilizing the internet. The internet has allowed companies to find better business solutions and connect with partners in other side of the earth.
On the other hand, it takes job opportunities away from domestic labors. Even though companies have every reason to hire outsourcing companies in countries having lower labor cost, it contributes to decrease jobs domestically.
Should a company choose low cost and efficiency? Or does it have to take a responsibility for domestic economy and provide more jobs? It remains debatable.
Sunday, August 22, 2010
Five 'new normals' that really will stick
Five 'new normals' that really will stick
FORTUNE -- Whenever we go through a major change in our culture, it seems we have to adjust to 'the new normal.' And today is no exception -- as the U.S. economy struggles to recover from the financial crisis, Americans are being forced to reckon with more 'new normals' than we'd like.
Of course, we adapted to 'new normals' long before the phrase became cliché. According to a Factiva search, one of the earliest references came in a Newsday article in 1988, in which 'the new normal' referred to the realities of single parent households and the need for more government-funded childcare. After September 11, 2001, the 'new normal' referred to the vulnerability of a nation changed.
Today it's everywhere. A search for the phrase on the New York Times web site yielded 11 results in just the past five days.
It's not easy to change Americans' financial habits permanently, and 'new normals' don't always last. Fortune found five that just might stick, at least for a while.
Long-term unemployment
With the jobless rate standing stubbornly close to 10%, it's tough not to wonder if high unemployment could be a long-term fixture of the American economy. With little to no hiring in the private sector, it almost seems like the only new jobs out there are -- well, devoting the day to finding a job. The Obama administration has been speaking out against joblessness as the 'new normal,' saying the problem is cyclical.
Economists predict that unemployment will drop to 8.7% by end of next year, and by 2013, it will fall to 6.8%. Even if the predictions pan out, that's no easy target. A University of Maryland business professor this month told The New York Times that the economy would have to add 300,000 more workers a month over the next three years to get the jobless rate to fall to the administration's 2013 target. Earlier this year, when the economy made a brief comeback by growing at a healthy 3%, it added fewer than 100,000 jobs a month. When the jobless rate will return to pre-recession levels of about 4.6% (as it was January 2007) remains to be seen.
Renting over owning
Buying a home may never be the promising investment it was before the crisis hit. Gone are the days of looking at a lovely Cape Cod and seeing an instant piggy bank.
Between 2006 and 2009, home prices fell more than 32%, according to the S&P/Case-Shiller Home Price Index. And just when it looks like the gravely weak housing market is beginning to stabilize, we hear more bad news. In its latest monthly report released July 27, Case-Shiller warned that a broader look at home prices over the past year haven't shown sustained recovery, even though the index surprisingly bumped 5% compared with May 2009.
Meanwhile, it appears keeping up with the Jones' no longer means having a mortgage. The idea of renting is okay, and in many cases, preferred. Between 2004 and 2009, the number of renter households rose nearly 10% or by 3.4 million, according to a 2010 study of the Joint Center for Housing Studies of Harvard University. The rise of the renting class might be here to stay.
Saving over spending
If paying down debt and saving more is the 'new normal,' this might not be such a bad thing, at least in the long-term. Americans overspent for too long, and that's largely what got us into this financial mess.
In June, credit card balances fell by $4.5 billion, or 6%, according to the Federal Reserve, marking the 21st consecutive month of declining balances. Meanwhile, personal savings have risen to 6.4% of after-tax incomes, about three times higher than it was in 2007.
Of course, all this saving isn't exactly helping our economy in the near term. But if we're more responsible spenders after we emerge from this economic malaise, we'll save ourselves some more pain in the future.
Staycations over vacations
With high unemployment and a preference for saving more as possible mainstays of the U.S. economy, more of us are also likely to vacation closer to home. Though some consumers are expected to travel more this summer than last year, when the staycation officially became a trend, many are driving instead of flying and they're also spending less on whatever trips they do take. But more are opting to stay home entirely. In a USA Today/Gallup Poll released in May, 27% say they plan to travel less this summer than last, compared with 18% who say they'll travel more. More than one-third do not see much change in their travel plans.
Higher taxes for 'the rich'
Depending on whether or not President Obama has his way, the nation's top earners (what some might call 'richest') could see higher taxes as the 'new normal.' In an effort to reverse the huge tax breaks enacted under the George W. Bush administration, Obama's plan would mean people making more than $195,550 in taxable income and joint filers with taxable income of more than $237,300 would be pushed up into higher tax brackets, from the current 33% and 35% brackets to 36% and 36.9% brackets next year.
While some argue this could further hamper an already weak economy, others say this new normal could also help reduce the country's huge budget deficit. Perhaps this new normal isn't so much about higher costs for the so-called rich but rather an equalization of the nation's tax structure.
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I had a chance to attend in Harvard Projects for Asian and International Relations in 2009. Even though it was difficult to predict how the economic crisis will turn out at the time, some scholars expected that the world economy including US will recover by 2011 to 2013. It was rather positive compared to what people are given now, "New Normals."
After HPAIR in 2009, many things have affected the world economy such as 2010 European sovereign debt crisis. As not many people expected that European crisis was about to happen, even a year before it hit the world, I am not positive that one can give a concrete image regarding society and economy of next five years.
Friday, August 20, 2010
'Just a bad trend' - 500,000 jobless claims
'Just a bad trend' - 500,000 jobless claims
NEW YORK (CNNMoney.com) -- A government report Thursday brought bad news for workers and the economy: The number of unemployed Americans seeking a financial lifeline has reached its highest level in nine months.
Last week, the number of first-time filers for unemployment insurance rose for the third time in a row, to 500,000, according to a Labor Department report released Thursday.
There were 488,000 claims filed the previous week.
"This 500,000 level is very difficult, on both a psychological and semi-technical level," said Tim Quinlan, an economist at Wells Fargo.
Initial claims had been hovering in the mid- to upper-400,000s since November.
"You can sometimes dismiss a big number and say , 'Oh, it's just one week,'" Quinlan added. "But with the four-week moving average continuing higher, you can see this is just a bad trend."
The 4-week moving average of initial claims -- a number that tries to smooth out week-to-week volatility -- was 482,500, up 8,000 from the previous week. (Read 'Tired of living paycheck to paycheck')
Can the economy recover without jobs? During the last downturn around 2001, Quinlan notes, companies' finances were in bad shape -- but consumers were weathering it well.
"In this recession, we have the opposite," Quinlan said. "Companies are flush with cash, but economic data on the consumer side have been so weak."
But all that cash on corporate balance sheets means nothing to consumers unless companies start hiring,
Quinlan said.
"Everyone's in this mode of wait and see for a sustainable recovery," Quinlan said. "But that concern will be a self-fulfilling prophecy if we don't create jobs."
Continuing claims: The government also said 4.48 million people filed continuing claims in the week ended Aug. 7, the most recent data available. That's down 13,000 from the preceding week.
Continuing claims reflect people who file each week after their initial claim until the end of their standard benefits, which usually last 26 weeks. The figures do not include those who have moved to state or federal extensions, nor people who have exhausted their benefits but are still out of a job.
The 4-week moving average for ongoing claims fell by 1,500 to 4.53 million.
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People have been told that the economic recession now is more or less same as Great Depression in 1929. According to the data regarding economic trend in Eastern states published by Korean Consulate on July, unemployment rate hit low during July, not because people were hired, but people have given up looking for jobs.
The economic recession has been frustrating to me who is one of college graduates. I did not expect this level of difficulty until I became a senior. Big chunk percentage of graduating students in my university were continuing their education in graduate school. Ironically, motivation did not come from their passion of learning. Many students in survey of career center were shown that they go to graduate school, because they could not receive job-offer at the time of graduation. After getting Master's degree, students often find themselves in a huge pile of debt, student loans.
This is such a series of nightmare; education, graduation, debt with no job, going back to school, higher degree, but still no job and debt. I do not want to complain about the situation. However, we need to see the problem with objective as well as future-oriented views.
'Just a bad trend' - 500,000 jobless claims
NEW YORK (CNNMoney.com) -- A government report Thursday brought bad news for workers and the economy: The number of unemployed Americans seeking a financial lifeline has reached its highest level in nine months.
Last week, the number of first-time filers for unemployment insurance rose for the third time in a row, to 500,000, according to a Labor Department report released Thursday.
There were 488,000 claims filed the previous week.
"This 500,000 level is very difficult, on both a psychological and semi-technical level," said Tim Quinlan, an economist at Wells Fargo.
Initial claims had been hovering in the mid- to upper-400,000s since November.
"You can sometimes dismiss a big number and say , 'Oh, it's just one week,'" Quinlan added. "But with the four-week moving average continuing higher, you can see this is just a bad trend."
The 4-week moving average of initial claims -- a number that tries to smooth out week-to-week volatility -- was 482,500, up 8,000 from the previous week. (Read 'Tired of living paycheck to paycheck')
Can the economy recover without jobs? During the last downturn around 2001, Quinlan notes, companies' finances were in bad shape -- but consumers were weathering it well.
"In this recession, we have the opposite," Quinlan said. "Companies are flush with cash, but economic data on the consumer side have been so weak."
But all that cash on corporate balance sheets means nothing to consumers unless companies start hiring,
Quinlan said.
"Everyone's in this mode of wait and see for a sustainable recovery," Quinlan said. "But that concern will be a self-fulfilling prophecy if we don't create jobs."
Continuing claims: The government also said 4.48 million people filed continuing claims in the week ended Aug. 7, the most recent data available. That's down 13,000 from the preceding week.
Continuing claims reflect people who file each week after their initial claim until the end of their standard benefits, which usually last 26 weeks. The figures do not include those who have moved to state or federal extensions, nor people who have exhausted their benefits but are still out of a job.
The 4-week moving average for ongoing claims fell by 1,500 to 4.53 million.
-----------------------------------------------------------------------------------
People have been told that the economic recession now is more or less same as Great Depression in 1929. According to the data regarding economic trend in Eastern states published by Korean Consulate on July, unemployment rate hit low during July, not because people were hired, but people have given up looking for jobs.
The economic recession has been frustrating to me who is one of college graduates. I did not expect this level of difficulty until I became a senior. Big chunk percentage of graduating students in my university were continuing their education in graduate school. Ironically, motivation did not come from their passion of learning. Many students in survey of career center were shown that they go to graduate school, because they could not receive job-offer at the time of graduation. After getting Master's degree, students often find themselves in a huge pile of debt, student loans.
This is such a series of nightmare; education, graduation, debt with no job, going back to school, higher degree, but still no job and debt. I do not want to complain about the situation. However, we need to see the problem with objective as well as future-oriented views.
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