The State of Florida

The State of Florida has a professional body that implements the legislations that pertain to the practice of mental health counseling in the state. The Florida Board of Clinical Social Work, Marriage & Family Therapy & Mental Health Counseling award licenses to mental health professionals who seek to practice in the state of Florida. The board determines whether the educational credentials, training and experience of the applicant pass the standards and requirements set by the board and the legislated regulation of mental health professionals. The board also has the authority to suspend and revoke licenses when the professional has been found to have committed actions which violates the ethical guidelines identified by the board. According to the State of Florida’s statute of clinical counseling and psychotherapy (State of Florida, 2007), the legislation of regulating and professions and occupations prevents the unqualified mental health professionals from practicing in Florida and protects the public from poorly trained professionals who may become threat to the health and well-being of the public. The state has recognized that the quality of life at present has been undergoing changes and that emotional and psychological health is directly related to physical health. It is presumed that the public needs qualified mental health professionals who could provide services to the public in order to maintain their mental health, thus qualified professionals should be given the recognition and authority to engage in legitimate practice. Becoming a duly licensed mental health professional would imply that the state recognizes one’s ability and skills and the public would be assured that they will be getting quality care. The state categorizes the mental health professionals according to clinical social work, marriage and family therapy and mental health counseling. The distinctions are made to clearly identify the area of specialization and clientele of the said professions, although a dual license is available for those who are qualified to practice in two of the three categories. The licensure requirements for mental health counseling are different for students who have undergone training in a Council for the Accreditation of Counseling and Related Educational Programs (CACREP) accredited institutions and for non-CACREP institutions. Aside from the completion of a master’s degree in mental health related courses, the applicant must also have about 2 years of post-master’s experience in the field of counseling under a licensed supervisor. The non-CACREP graduate must satisfy the required hours and units to meet the required instruction and training on counseling theories and practice, human growth and development; diagnosis and treatment of psychopathology; human sexuality, group theories and practice, individual evaluation and assessment, career and lifestyle assessment, research and program evaluation, social and cultural foundations, counseling in community settings and substance abuse and in ethical, legal and professional standards (floridashealth.com). The requirements for licensing in social work and marriage and family therapy also specifies the hours and units of graduate work and courses in the specific field. An integral requirement is the completion of the internship hours under a certified supervisor in the said specialization. With this in mind, I found that the university curriculum matches the required training and education that the state licensing asks for and I was happy to note that the university is also CACREP accredited indicating that I just need to complete all the required courses and practicum and I can probably apply for the licensure. At present I have no plans of pursuing a doctoral degree in mental health counseling, I think I am more inclined to finish this master’s degree at the moment. I am 43 years old and I have 3 kids which mean that I do not have the energy to go through another 3 years for the doctoral degree. However, I am still open to the idea if after this degree I might change my mind and get that Ph.D. References Florida Board of Clinical Social Work, Marriage & Family Therapy & Mental Health Counseling (2004). floridashealth.com Retrieved October 17, 2007 from http://www.doh.state.fl.us/mqa/491/index.html 2007 Florida Statutes, Chapter 491 Clinical and Counseling and Psychotherapy Services, Retrieved October 17, 2007 from http://www.flsenate.gov/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=Ch0491/SEC002.HTM&Title=-%3E2007-%3ECh0491-%3ESection%20002#0491.002 Â   Â   Â  

Inflation in Bangladesh Essay

1. Introduction Inflation is a general increase in prices and fall in the purchasing value of money. â€Å"Too much money in circulation causes the money to lose value†-this is the true meaning of inflation. What is Inflation. The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Central banks attempt to stop severe inflation, along with severe deflation, in an attempt to keep the excessive growth of prices to a minimum. (Investopedia) a. Kinds of Inflation Inflation means a sustained increase in the general price level. However, this increase in the cost of living can be caused by different factors. There are many types of inflation but the main two types of inflation are; 1. Demand pull inflation: This occurs when the economy grows quickly and starts to ‘overheat’ Aggregate demand (AD) will be increasing faster than aggregate supply (LRAS). 2. Cost push inflation: This occurs when there is a rise in the price of raw materials, higher taxes, etc. 1..Demand Pull Inflation This occurs when AD increases at a faster rate than AS. Demand pull inflation will typically occur when the economy is growing faster than the long run trend rate of growth. If demand exceeds supply, firms will respond by pushing up prices. Simple diagram showing demand-pull inflation The UK experienced demand pull inflation during the Lawson boom of the late 1980s. Fuelled by rising house prices, high consumer confidence and tax cuts, the economy was growing by 5% a year, but this caused supply bottlenecks and firms responded by increasing prices. This graph shows inflation and economic growth in the UK during the 1980s. High growth in 1987, 1988 of 4-5% caused an increase in the inflation rate. It was only when the economy went into recession in 1990 and 1991 that we saw a fall in the inflation rate. 2..Cost Push Inflation This occurs when there is an increase in the cost of production for firms causing aggregate supply to shift to the left. Cost push inflation could be caused by rising energy and commodity prices. Simple Diagram showing cost push inflation. 3. Wage Push Inflation Rising wages tend to cause inflation. In effect this is a combination of demand pull and cost push inflation. Rising wages increase cost for firms and so these are passed onto consumers in the form of higher prices. Also rising wages give consumers greater disposable income and therefore cause increased consumption and AD. In the 1970s, trades unions were powerful in the UK. This helped cause rising nominal wages; this was a significant factor in causing inflation. 4. Imported Inflation. Depreciation in the exchange rate will make imports more expensive. Therefore, the prices will increase solely due to this exchange rate effect. A depreciation will also make exports more competitive so will increase demand. 5. Temporary Factors. The inflation rate can also increase due to temporary factors such as increasing indirect taxes. If you increase VAT rate from 17.5% to 20%, all goods which are VAT applicable will be 2.5% more expensive. However, this price rise will only last a year. It is not a permanent effect. 6. Core Inflation One measure of inflation is known as ‘core inflation’.This is the inflation rate that excludes temporary ‘volatile’ factors, such as energy and food prices. The graph below shows inflation in the EU. The headline inflation rate (HICP) is more volatile rising to 4% in 2008, and then falling to -0.5% in 2009. However, the core inflation (HCIP – energy, food, alcoholand tobacco) is more constant. b. People who are being affected by inflation Macro Economic Effect in Bangladesh: The inflationary situationin Bangladesh is on the rising trend, especially since August 2009, primarily owing to the soaring increase in food prices. The food price hike has accelerated the general inflation rate in the country. If the food price level rises at an existing rate of 1.31 percent per month and if adequate anti inflationary measures are not taken, the overall general inflation might touch a „double digit figure‟. Impact on women and children In Bangladesh, of total 143.91 million population, 69.81 million are women, reflecting 48.5 per cent of totalpopulation. About 86 per cent of women in Bangladesh live in rural areas. Between 2005 and 2006, total femalelabourforce accounts for 12.1 million, of them 2.8 million live in the urban area while 9.3 million in the rural area.In rural areas, they take part in economic activities and earn income through cattle rearing, gardening, poultry etc.About 80 per cent of workers in total labour force are women in the RMG sector. They work at a low rate of wagewhile 26 per cent of female workers earn less thanTk3000 only. Only 3.7 per cent of female workers earn morethanTk 5,000. With the low income and rising price of essentials, it has become very difficult for these women to provide their families with the basic requirements. 1. Increasing prices of foods reduces the real income of households thereby rationing spending on children’s schooling. This as a consequence is likely to reduce the literacy rate among girls in near future. The evidences suggest that in Bangladesh, it is the female children who are firstly taken out of schools if the family is in financial setback. 2. As education, skills and knowledge influence women’s status in the society and at home, they loose their bargaining power thereby their ability to take part in the decision making process shrink eventually. 3. There is a greater disparity in nutrition intake among men and women. Men consume more nutrients than women. The female members in households especially in rural areas take their meals after their male members and children. Studies suggest that it is one  of the main reasons of early childhood malnutrition. 4. Moreover there are many other factors that can be attributed to the maternal nutritional factors, for example, low birth weight of infants, infant mortality etc. 5. In recent years the rise in the price of baby foods has made it difficult for households to provide theirchildren with required nutrition. This is evident even among the middle income groups. According to a government report, the prices of baby food and powdered milk have risen by 30 to 38 per cent over theyear 2006 and 2007. The inability of families to provide proper nutrition for the children may result in undernourishment of children which contributes to increasing child mortality. 6. In Bangladesh, women are subject to violence in the society. Due to rise in the price of food and other essentials, as income of the family falls, tension rises within households and the women are often subject to violence by the male members of the family. 7. It is a common phenomenon that women take the role to provide food and nourishment to the members of family by arranging and preparing food. As a result, they have to bear the burden of rise in the price of food. Inflation erodes income of the poor One obvious consequence of inflation is the erosion of real income of the people resulting from the general increasein prices. The burden of income loss, however, differs across different income groups. No doubt, the householdgroups who are employed in the formal sector and whose salaries/wages are fixed in nominal terms and are re-fixedperiodically are the worst sufferers. The same is true for those employees in the informal sector who have incomefixed in nominal terms. In Bangladesh, a major concern, however, is the inflation-induced loss of real income ofthe poor. Food Inflation Raises Poverty and Inequality Food inflation has a profound nexus with poverty and inequality. Food inflation hits the poor hardest since their purchasing power decreases due to the erosion in real income. From the economics theory, when the real wage decreases demand for labor increases. Therefore, the employment should rise  since there is a tradeoffbetween inflation and unemployment. The result depends on whether the employment effect of inflation outweighs the real wage effect on poverty. But theBangladesh empirical data indicates that the real wage effect on poverty outweighs the employment effect of inflation There exists a positive relationship between food inflation and poverty. . Affect on saving & Investment: Excess inflation has its negative impact on savings and investment. Impact on savings has its direct reflection in the area of investment. Investment, both domestic and foreign, is essential for Bangladesh and it is important for growth and economic development. Affect on invertors: An unfavorable and unpredictable movement of inflation often creates lack of confidence among the investors. Many potential investments face bleak prospect and avoid the game of facing risk and uncertainty. Affect on bank& other financial intermediary: Inflation has its implications for the banking sector as well. Both for the banks and their customers inflation causes a reshuffle in the flow of activities. Rates of interest offered by the banks seem less attractive to the depositors. Bank lending has also a great role in the economy. In recent years there is an increasing trend of providing consumer credit by the banks. It will add to the demand side. But if itscontribution to the supplyside remains weak there will be alack of balance and the bankingindustry will face challenge. Other saving lending channels also face the same consequences from supply side to handle their investment demand. Affect on money supply: The challenge of central bank is to balance between growth and inflation. High inflation always put central bank under pressure to take contractionary monetary policy that might reduce growth. Mainly the people of middle class and poor are greatly affected by the higher inflation rate. A developing country like Bangladesh have higher inflation rate. It creates poor more poor and higher class of the society more higher. 2. Causes of Inflation In developing countries, in contrast, inflation is not a purely monetary phenomenon, but is often linked with fiscal imbalances and deficiencies in sound internal economic policies. Beside, factors typically related to fiscal imbalances such as higher money growth and exchange rate depreciation arising from a balance of payments crisis dominate the inflation process in developing countries. There were different schools of thought as to the causes of inflation. A. Quality theories of inflation The quality theory of inflation rests on the expectation of a seller accepting currency to be able to exchange that currency at a later time for goods that are desirable as a buyer. The quantity theory of inflation rests on the quantity equation of money that relates the money supply, its velocity, and the nominal value of exchanges. Adam Smith and David Hume proposed a quantity theory of inflation for money, and a quality theory of inflation for production After analyzing two theories of causes we have got here some physical cause to face which cover both theories depending on a number of factors. These are given below- B. Excess of money Inflation can happen when governments print an excess of money to deal with a crisis. As result, prices end up rising at an extremely high speed to keep up with the currency surplus. This is called the demand-pull, in which prices are forced upwards because of a high demand. C. Rise in production cost Another common cause of inflation is a rise in production costs, which leads to an increase in the price of the final product. For example, if raw  materials increase in price, this leads to the cost of production increasing, which in turn leads to the company increasing prices to maintain steady profits? Rising labor costs can also lead to inflation. As workers demand wage increases, companies usually chose to pass on those costs to their customers. D. International lending & national debt Inflation can also be caused by international lending and national debts. As nations borrow money, they have to deal with interests, which in the end cause prices to rise as a way of keeping up with their debts. A deep drop of the exchange rate can also result in inflation;as governments will have to deal with differences in the import/export level. E. Government taxes Finally, inflation can be caused by federal taxes put on consumer products such as cigarettes or fuel. As the taxes rise, suppliers often pass on the burden to the consumer; the catch, however, is that once prices have increased, they rarely go back, even if the taxes are later reduced. F. War Wars are often causing for inflation, as governments must both recoup the money spent and repay the funds borrowed from the central bank. War often affects everything from international trading to labor costs to product demand, so in the end it always produces a rising prices. 3. Measures of Inflation Control There are three measures to control the inflation. They are: General Policy of The Government Direct – Action Measures of The Government Other Measures 1. General Policy of the Government: Government follows three general policies to control the inflation such as – Fiscal Policy Monetary Policy Policy of Price Ceiling a. Fiscal Policy: If the government charges more tax on the goods then the particular product’s price will also be high. We will face price inflation. To Summarized issues relating to Deficit Budget: Financed by foreign assistance is dependence and uncertain, Financing by public, not inflationary, Borrowing from commercial banks not inflationary. Borrowing from Bangladesh Bank is inflationary Characteristics of Fiscal System in Bangladesh: Falling/Tax/GDP ratio, Tax base is narrow, Dominance of indirect tax, Customs + VAT (import) 50% of total tax Vulnerable to external fluctuations Growth in Non-development expenditure Heavy dependence on Foreign Aid Dependence on Deficit Financing No Far-sightedness b. Monetary Policy: Monetary policy is the main macro-economic policy formulated and implemented by the central bank. Bangladesh Bank has the authority to increase or decrease the volume of money in the economy and therefore, is responsible for formulating and implementing the monetary policy for the country. The wheel of development moves by taking forces from this policy. The aim of monetary policy is to keep inflation low and steady. Though, in a developing country like Bangladesh, the effectiveness of monetary policies is always uncertain, but effectiveness of these policies is treated as signal for policy makers. The Central Bank is the highest authority employed by the government for formulation of monetary policy to guide the economy in a certain country. Monetary policy is defined as the regulation of the money supply and interest rates by a central bank. Monetary policy also refers to how the central bank uses interest rates and the money supply to guide economic growth by controlling inflation and stabilizing currency. Like any other central bank, Bangladesh Bank is performing the role to formulate monetary policy in Bangladesh. The main objectives of monetary policy of  Bangladesh Bank are: †¢ Price stability both internal & external †¢ Sustainable growth & development †¢ High employment †¢ Economic and efficient use of resources †¢ Stability of financial & payment system Steps of the Monetary Policy: Restriction of broad money growth path Adjustment in cash reserve ratio (CRR) Statutory liquidity requirements (SLR) Restriction in the capital accounts Objectives of the Monetary Policy: The promotion of price stability GDP Growth Ensuring full or near full employment Supporting national and global economic and financial stability C. Policy of Price Ceiling: Price ceiling is a government policy whereby the government sets the maximum price of a product above which price is not allowed to rise further. Normally in a inflationary situation when prices will constantly be going high and high and tending to be going beyond the means of common people. Then government will implement price ceiling policy in order to protect the interest of the customers. Price Ceiling Control: Government must have to be ready to supply the required quantity of goods from its own production land and distribute product at its early declared price as per the requirement if any. Government will have to be ready to import the required quantity of goods under its own mechanism and distribute the product in the market accordingly. Government can ask the private entrepreneurs to import the required quantity of goods under their own management by offering them some attractive benefit packages such as decrease rate of interest, lower import cost, decrease tariff, non-stop support. Government can urge the countrymen to set up import substitute  industry with some attractive incentive schemes and can have the supply of required products for a long time basis. Government can supply the required quantity of goods from buffer stock created earlier by the government and sell the product in the market accordingly. 2. Direct Action Measure: It is an extreme measure. If the money supply increases, then to reduce inflation, Government can cease the money. 3. Other Measure: *Moral persuation: Convincing the consumer by the national leaders morally. They convince the public to consume less. *Government can urge the country man to restrict the consumerism. *Government can urge the business people to set the product at a reasonable price and restrict to sell at a high price. Limitation: In case of elastic demand such as baby food, that is not controlled by the consumer. 4. Effects of Inflation: All people will not be affected by inflation in the same way. Some will welcome it. Some people becomes upset and some acts indifferent. For the business people it will motive the entrepreneure and it is a good news for the producers. People who earn much, inflation is not a problem but who earn poor , they will be very much affected and their product consuming amount will be decreasing. General Effect An increase in the general level of prices implies a decrease in the purchasing power of the currency. That is, when the general level of prices rises, each monetary unit buys fewer goods and services. Increases in the price level (inflation) erode the real value of money (the functional currency) and other items with an underlying monetary nature (e.g. loans and bonds). For example if one takes a loan where the stated interest rate is 6% and the inflation rate is at 3%, the real interest rate that one are paying for the loan is 3%. It would also hold true that if one had a loan at a fixed interest rate of 6% and the inflation rate jumped to 20%one would have a real interest rate of -14%. Negative Effect High or unpredictable inflation rates are regarded as harmful to an overall economy. They add inefficiencies in the market, and make it difficult for companies to budget or plan long-term. Inflation can act as a drag on productivity as companies are forced to shift resources away from products and services in order to focus on profit and losses from currency inflation. Uncertainty about the future purchasing power of money discourages investment and saving and inflation can impose hidden tax increases. In case of international trade, higher inflation in one economy than another will cause the first economy’s exports to become more expensive and affect the balance of trade. Positive Effect Positive effects include ensuring central banks can adjust nominal interest rates (intended to mitigate recessions), and encouraging investment in non-monetary capital projects. It puts impact on Labor-market adjustments, Room to maneuver, Mundell-Tobin effect, Instability with Deflation etc. 5. Global Scenario of Inflation As an important worldwide phenomenon, global inflation varies largely, owing to the trend components of inflation as well as due the fluctuations arising in the frequencies of the commercial cycles. In 2013, the rate of global inflation is surprisingly low. Global economic prospects have improved, but the bumpy recovery and skewed macroeconomic policy mix in advanced economies are complicating policymaking in emerging market economies. Inflation was remarkably stable in the wake of the Great Recession and, in fact, has become less responsive to cyclical conditions. Today’s fast-growing, dynamic low-income countries are likely to maintain their momentum and avoid the reversals that afflicted many such countries in the past. Inflation expectations have remained strongly anchored to inflation targets during the Great Recession and the sluggish recovery. Long-term inflation expectations in advanced economies remain close to targets despite wide variation in actual inflation rates. Even in Japan, expectations remain close to the  1 percent target announced in February 2012 despite a prolonged period of deflation. Furthermore, coincident with greater central bank credibility, this anchoring is found to have increased over time. In the figure bellow the inflation rate of emerging, developed and BRIC countries are graphically shown: In 2013, we have seen that, South Sudan has the lowest inflation rate and Syria has the highest. In South Sudan, current inflation rate is -2.90 which was -8.80 in the previous year. The highest and the lowest inflation rates in the history of this country were 79.90 and -14.00 respectively. On the other hand, in Syria current inflation rate is 49.50 which was 49.90 in the previous year. The highest and the lowest inflation rates in the history of this country were 79.90 and -11.95 respectively. 6. Inflation in Bangladesh The Gross Domestic Product (GDP) in Bangladesh expanded 6.01 percent in the fiscal year 2012/2013 from the previous year. GDP Growth Rate in Bangladesh is reported by the Bangladesh Bank. From 1994 until 2013, Bangladesh GDP Growth Rate averaged 5.6 Percent reaching an all-time high of 6.7 Percent in June of 2011 and a record low of 4.1 Percent in June of 1994. Bangladesh is considered as a developing economy. Yet, almost one-third of Bangladesh’s 150m people live in extreme poverty. In the last decade, the country has recorded GDP growth rates above 5 percent due to development of microcredit and garment industry. Although three fifths of Bangladeshis are employed in the agriculture sector, three quarters of exports revenues come from producing ready-made garments. The biggest obstacles to sustainable development in Bangladesh are overpopulation, poor infrastructure, corruption, political instability and a slow implementation of economic reforms. This page provides – Bangladesh GDP Growth Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-05 Historical Trend Analysis The government introduced policy and institutional reforms encompassing the fiscal, financial, exchange rate, trade and industry, public resource management and public enterprise sectors. But some of those measures were not strongly pursued and some of the intended structural reforms were postponed. Monetary control in the initial years had appositive impact on the control of inflation. The regarded decision are taken below- To increase investible funds with the banks, the minimum cash reserve requirement and statutory liquidity requirement were reduced gradually from 8 and 23 per cent respectively on 25 April 1991 to 5 and 20 per cent respectively. This decision has reduced the inflation rate. In 1991 the lending rate was 14.99 which was high during 1992 but then it started tobe reduced at 14.39 (1993) and 12.22 at 1995. With the flexible use of the monetary instruments, broad money growth (Money Supply) was brought down from high rates of growth (14.1 percent) in the mid-1992to 10.6 per cent in June 1993 to reduce the rate of inflation. In the year 1995 government was thinking to increase the money supply which was brought to 16 percent for that reason inflation rate increased In the year 1995 government was thinking to increase the total domestic credit which was brought to 17.6 percent from 4.9 percent (1994). For this reason the inflation rate increased. In the year 1995 government liberalized Credit to the private sectors in fiscal year1995 by reducing lending rates including those in the three selected sectors of agriculture, exports, and small and cottage Industries had to be restrained due to the rise in price levels. For this reason inflation rate has increased With a view to ensuring an adequate flow of finance to productive sectors and to boosting economic activity, Bank ratewas gradually lowered from 9.8 per cent on30 June 1990 to 5.5 per cent on 3 March 1994 to control the inflation rate. On 24 March 1994 Bangladesh accepted the Article VIII obligations of the International Monetary Fund, a commitment to declare its currency convertible for current account transactions and liberalize exchange transactions on current account. Foreign exchange controls, which had constrained transactions for a longtime, were lifted for the majority of current account transactions. An interbank foreign exchange market has been established. The exchange rate policy is being managed flexibly so as to avoid appreciation of the real exchange rate and to maintain macroeconomic stability. Moderate economic growth and modest change in the wage index contributed to the relatively low  rate of inflation (i.e., lower than 5 per cent) in 1990-1994. Higher money supply growth and lower deposit rate in FY95 contributed to the comparatively higher inflation rates in 1995. In 1996 the lending rate was 13.41 which were accelerated to 14.16 in 1999. Supply shortages in the rural areas originating from political instability in FY96 and disruption due to floods in 1998 caused serious shortfall of food and also hampered all other agricultural production, which ultimately caused higher inflation rates in1996, 1998 & 1999. A lower growth rate, because of lower production and relatively higher depreciation of the exchange rate due to food imports, also contributed to the higher inflation rate in the flood affected years. Larger depreciation of the exchange rate has accelerated the inflation rate 2.79(2002) to 4.38 (2004). Exchange rate might have played a significant role in causing inflation in 2005-2006 because of the introduction of flexible exchange rate regime since May 2003. A higher growth of money supply (13.84 at 2004 to 19.51 at 2006) added a lot to inflation in 2005-2006 In 2001 the lending rate was 13.75 which were lowered to 10.93 in 2005. In 2001-2006 high inflation in food (more than 5 percent) sector at international market was so much responsible for the fluctuation of inflation. Typically import occupies a significant place in the Bangladesh economy, accounting for as high as above 20 percent or more of GDP in FY06. At the margin, most of the essential food items (for example, sugar, rice, wheat, onion and edible oil) and, more generally, machineries, intermediate goods and raw materials used in production are imported. Cost of imports can, therefore, be expected to have substantial influence on domestic inflation (during 2001-2006) directly (through final goods) or indirectly (through intermediate goods). Unfair cartel among the suppliers might seriously hamper the course of the economy by engendering inflation via the creation of a false su pply shortage even during a period of robust growth in production. Such an undesirable event allegedly occurred in FY06 when the food inflation remained high (7.76 percent) in the same fiscal year despite the growth in food production (4.49 percent8 vis-à  -vis 2.21percent in FY05). Monopolistic control of several food items such as sugar, onion, pulses and edible oil by market syndication seems to have led this situation.9Obviously such manipulation is a type of supply side disturbance. Inflation has emerged as a global phenomenon in recent months largely reflecting the  impact of higher food (The IMF food price index was 44.4 percent at June 2008)and fuel prices and strong demand conditions especially in the emerging economies. In line with global trends, Bangladesh also experienced rising inflation with the 12-month average CPI inflation touching 9.94 percent in June 2008. In the fiscal year 2009, global oil price has shifted upward dramatically so fast. So that the price of fuel & power has driven very sharp impact on our economy by increasing the price of Industrial product and reduces the output of industry. Though our government has taken needed initiatives to minimize the inflation rate but they have failed up to the expectation. In the fiscal year 2010, global food price has shifted upward dramatically so fast. So that the price of food has driven very sharp impact on our economy. Though the inflation has decreased to a reasonable rate (5.4 percent), the price of food is beyond to the normal people. Because of the insufficiency of credit to productive sectors it is unable to invest money in productive sectors whereas the money are using in less productive sectors which causes a high rate of inflation. The inflation rate in Bangladesh was recorded at 7.44 percent in February of 2014. Inflation Rate in Bangladesh is reported by the Bangladesh Bureau of Statistics. The general point-to-point inflation rate slightly rose to 7.48 percent in March from 7.44 percent in February 2014 compared to 7.71 percent in March 2013.Inflation Rate in Bangladesh averaged 6.63 Percent from 1994 until 2014, reaching an all-time high of 12.71 Percent in December of 1998 and a record low of -0.02 Percent in December of 1996. In Bangladesh, the inflation rate measures a broad rise or fall in prices that consumers pay for a standard basket of goods. This page provides – Bangladesh Inflation Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news. According to Asian Development Bank growth moderated last year, inflation declined, and the current account returned a larger surplus. This year, growth will slip again, reflecting slower expansion in exports, falling worker remittances, and political unrest before parliamentary elections. Higher inflation and a modest current account deficit are expected. The garment industry faces challenges in adopting tough compliance and safety standards. Growth should improve in the following year, but a major boost will come only with ramped up investment in infrastructure. Economic performance As officially estimated, gross domestic product (GDP) in Fiscal Year 2013 (ended 30 June 2013) grew by 6.0%, less than the 6.2% recorded in FY2012. Agriculture growth slipped to 2.2% from 3.1% in FY2012 as crop output was held down by higher input costs, lower output prices, and unfavorable weather. Services growth slowed to 5.7% from the previous year’s 6.0% owing to stagnant imports and frequent hartals (political demonstrations) that disrupted supply chains and affected retail and wholesale trade. Industry growth rose slightly to 9.0% from 8.9% in FY2012, with contributions from construction and small-scale manufacturing. Economic prospects The forecasts for FY2014 and FY2015 rest on several assumptions: Political stability will be restored following the January 2014 national elections, improving consumer and investor confidence. The central bank will be watchful, in line with the January 2014 monetary policy statement, to keep inflation in check while helping direct steady credit flows to the private sector. Electricity and fuel prices will be raised to lower subsidy costs. It will be possible to mobilize more foreign financing, thus limiting government bank borrowing. Food grain and oil prices will remain stable on the international market. And the weather is normal. GDP growth is expected to slow to 5.6% in FY2014, owing to a decline in remittances (which have been equivalent to about 15% of private consumption spending) and as export growth tapers off in the coming months. Domestic demand was depressed in the first half of the year because the prolonged political unrest ahead of parliamentary elections in January 2014 dented consumer and investor confidence. This is reflected in lower private credit growth, a decline in imports of consumer goods and capital machinery, and modest growth in imports of raw materials. Growth is expected to rebound to 6.2% in FY2015, aided by higher remittance and export growth, as well as by prospects for continued economic recovery in the US and the euro area. A likely rise in consumer and investor confidence as the political situation stabilizes is also expected to stimulate demand and strengthen growth momentum. Source: ADB. 2014. Asian Development Outlook 2014. Manila. Effects of Inflation in Bangladeshi Economy Inflation, which some economists have dubbed as the â€Å"cruelest tax of all†, is eroding purchasing power of consumers, especially the fixed and low income groups of people in net commodity importing countries, around the world. Following the persistent high-inflation regimes in the late 1970s and early  1980s (largely due to two oil shocks), inflation rates have varied an average of two to three percent in the industrialized countries and fell to single-digit levels in many developing countries since the 1990s.1 It is widely viewed that globalization has had a positive impact on prices for over one and a half decade by heightening competition both on the demand and supply side. However, the specter of inflation has once again become a major concern for central bankers and policy makers around the world, as many countries have been experiencing high inflation largely owing to a notable increase in commodity prices. The prices of cereals, petroleum products, edible oil, and metals are skyrocketing in the international markets in recent years. Consequently, the commodity price indices have shown an upward trend lately A widely discussed plausible cause of high inflation in Bangladesh is the impact of global price hike. As a food and petroleum importing country, Bangladesh has to bear the brunt of global price hike of these items. Since the beginning of the current decade and up to 2008 global prices of fuel and food followed an increasing trend which got transmitted into the country’s domestic economy. There has been some respite from high inflationary pressure towards the end of 2008 and 2009 due to the global meltdown and the resultant price fall of major commodities in the global market. With the turn round of the global Economy from the recession towards the end of 2009 and beginning of 2010, inflation started to shoot up. This trend was also observed in Bangladesh. The major source of high inflation in Bangladesh is high food inflation. The reason behind this assumption is that food carries a large weight in the CPI of Bangladesh. The weight of food items in the CPI commodity basket of Bangladesh is as high as 58.8 per cent of which the share of rice is 20.1 per cent. Hence the rise in food inflation affects the overall inflation significantly. Based on BBS data, it has been estimated that the contribution of rice inflation to the overall inflation was 23.41 per cent in FY 2011-12. Inflation appears to have emerged as a permanent phenomenon in the economic landscape of Bangladesh over the recent past. It has started to increase since the second quarter of FY2009-10 and continued to rise throughout FY2009-10 and FY2010-11. During the first three months of FY2011-12 there has not been any change in the direction of  inflationary movements. The 12-month point to point consumer price index (CPI) inflation has reached as high as 11.97 percent in September 2011 compared to 7.61 per cent in September 2010. This is the hi ghest inflation in last one decade. As in most years, food inflation was higher than general inflation. Food inflation reached to 13.75 per cent in September 2011 as opposed to 9.72 per cent in September 2010. High food inflation had a knock on effect on non-food inflation as well, pushing it upward to settle at 8.77 percent in September 2011 from as low as 3.69 per cent in September 2010. In Bangladesh the average inflation (general) in FY 2000 was 1.94% while it is found 9.76% in FY 2011. But during these years changes in inflation did not follow any monotonic pattern. Bangladesh faces a tougher challenge in bringing down burgeoning inflation. The latest Bangladesh Bureau of Statistics (BBS) data shows that inflation had increased to 11.97 % (on point-to-point or monthly count) in September, the highest in 10 years. Food inflation, which was 12.7 per cent in August, had increased to 13.90 % in September while food inflation in urban areas had increased to 14.69 % in the same month from 12.94 % in August. The data on inflation reveal that inflation in Bangladesh is influenced by food and fuel prices. Higher food and fuel prices obviously affect inflation rate. The recent declining trend in food and non-food inflation may be explained by the decline in global commodity prices like petroleum, rice, pulses, onion, edible oil and other food items and higher domestic production of food due to favorable weather condition and some effective measures taken by the Government which included conducting open market operation, exemption of duties on essential commodities, sufficient import of food grains, strengthening of internal procurement and its supply, expansion of subsidies on fuel and fertilizer and widening of social safety net program etc. Another feature of recent inflation in Bangladesh is that rural food inflation has been closer to urban food inflation which was not the case in Bangladesh till August 2010. The likely causes for high rural inflation could be increasing demand due to higher purchasing power of the rural population through rising agricultural production, higher labor wages, expanded social safety net program and inflow of remittances. If compared with other South Asian countries Bangladesh stands second, next to Pakistan, in terms of the record of inflation rate in the region. Despite higher food price in the international  market, India has been able to keep its food price index down through higher production of major crops and by ensuring adequate supply in the domestic market. Pakistan epitomizes the case of a conflict economy with a high inflation rate and a very low growth rate. Higher food prices exert an upward pressure on inflation particularly in South Asian countries where such prices account for a major proportion of the inflation basket. High inflation is a major challenge in South Asia, where inflation has been in double digits in recent years and was 10.9 per cent in 2010. Some deceleration in inflation to 8.4 per cent is estimated in 2011. As inflation affects the poor disproportionately, it is a major cause of concern. High budget deficits in general are causing inflation. A few factors are believed to have contributed to the ongoing inflationary pressures in Bangladesh. The price hike of fuel and non-fuel commodities in the international markets is widely blamed for the current inflation. The depreciation in the country’s currency unit, the BDT against its major trading partners, the expansion of M3 and credit have also played a part in raising prices. Bangladesh faced two major natural disasters (summer floods and cyclone Sidr) in 2007 which damaged standing crops, among others, and escalated food prices. The current caretaker governments’ drives against corruption have exacerbated the problem. Last but not least, Bangladesh is not self-sufficient in terms of food production and the country has had a long history of food problems, if not crises. Moreover, in recent years, growth in the agriculture sector has been sluggish. Current indications show that commodity prices in the international market are likely to rise during the coming months of FY12. With greater global economic integration, inflation in Bangladesh is more open now than before to external pressures coming from outside the country. The reasons lie in many factors including high import dependence, increased global pressure of excess demand, weak productivity growth in the domestic economy, and persistence of significant structural and institutional rigidities. The last inflation episode that Bangladesh faced was not policy induced, but was fueled more by domestic supply shocks and global price hikes. But the current buildup of inflationary pressure can partly be attributed to the liquidity expansion  that took place in the first half of FY12. With rapid buildup of net foreign assets (NFA) and in the absence of sterilization, liquidity expansion has created some pressure particularly in asset markets (stock and real estate markets) and in non-food prices. These issues need more explicit consideration in Bangladesh Bank’s monetary policy response along with clear signals for the future. Conclusion 2013 is over but the pains and consequences of inflation are not over yet for the millions of people of Bangladesh. 2013 is a year of political disasters, with record level political violence and frequent abuses of human rights in Bangladesh. At the same time inflation has added as another disaster in the lives of millions of people. High inflation is never good for the economy, let alone the millions of working people of the country. Most of the people country are straightaway experiencing the blunts of high inflation, but these people are the majority and the vital forces of the economy of the country. References: Economic Review of Bangladesh (www.mof.gob) Paul A. Samuelson & W.D. Nordhaus â€Å"Economics† E. Mansfield â€Å" Microeconomics: Theory and Application† John Sloman â€Å"Economics† Akhtaruzzaman, Md. â€Å"Inflation in the Open Economy: An Application of the Error Correction Approach to the Recent Experience in Bangladesh,† Working Paper Series, WP 0602 (2005), Policy Analysis Unit (PAU), Research Department, Bangladesh Bank. Bangladesh Bureau of Statistics. National Accounts Statistics of Bangladesh (Revised Estimates, 1989-90 to 1998-99), Strengthening National Accounts and Poverty Monitoring Project (SNAPMP), National Accounting Wing (NAW), BBS, Ministry of Planning: Statistics Division (2000). Wikipedia (https://en.wikipedia.org/wiki/) Bhattacharaya, D. â€Å"Bangladesh Economy: Macroeconomic Performance,† mimeo, Centre for Policy Dialogue, Dhaka (2004). Available at www.cpd-bangladesh.org (access date: 1, December 2005). Bruno, M. and W. Easterly. â€Å"Inflation Crises and Long-Run Growth,† World Bank Policy Research Working Paper No. 1517 (1995). Khan, M. S. and A. S. Senhadji. â€Å"Threshold Effects in the Relationship between Inflation and Growth,† IMF Staff Papers, Vol. 48, No. 1 (2001). Tobin, J. â€Å"Money and Economic Growth,† Econometrica, 33 (1965), pp. 671-684.

Mt everst

Have you ever thought about climbing Mt. Everest? Well, Sir Edman Hillary and Tenzing Norgay were the first people who did. The simarities and differances of â€Å"View from the Summit† by Sir Edman Hillary and the â€Å"The Dream comes True† by Tenzing Norgay are similiar about the events to the top of Mt. Everest, but they're also different in their backgrounds and emotions. They are similiar because they both made it to the top of Everest at 1 1 :30 am. A example is Hillary said, â€Å"At 1 1 :30 am May 29th they reached the top. † Tenzing also said the same thing. They're also similiar because they both had flags at the top of the summit.A example would be Hillary took a picture of Tenzing with the flags at the top. Another example is Tenzing held the United Nation flag the highest under British, Nepals, and Indians below his picture. Finially, they're similiar in the hard challenge they took on before the summit. A example is that Hillary said, â€Å"The ic e cornice would be a challenge. † A second example would be Tenzing said, â€Å"The last chalenge was a struggle. † The two stories are different in their backgrounds. Examples of this is Hillary was a famous climber from Britain while, Norgay was a local guide from Nepal. They were also different in their styles of writing.Hillary wrote more about facts. Fro example 1 5-27'C. Thenzings has more emotional opinions. Finally, they were also different on how they performed the prestiage of Everest. A example is Hillary said, â€Å"l didn't need Tenzings help. † Although, Tenzing said â€Å"Hillary did need my help. † Those are only Just a few similarities they had in their climb to the top of Mt. Everest. They're similiar in the time they reched the top, the flags, and the challenge before the summit. They're different in their backgrounds, styles of writing, and how they performed. Do you still think you would want to climb Mt. Everest or not?

Comparison essay on rock vs rap Example | Topics and Well Written Essays - 1250 words

Comparison on rock vs rap - Essay Example Thus the hybrid forms arrived; later rock 'n' roll incorporated Country and Western, Swing, Classical, Big Band, Folk, and even Tin Pan Alley musical elements. By the 1940s, the term was used as a double entendre, referring to dancing, but with the hidden subtextual meaning of sex (it's Roy Brown's 'Good Rocking Tonight'), that was usually related to 'race music' and was rarely heard by white audiences. [Townsend, 2001] Rock appeared at a time when racial tensions in the United States came to their surface, as a combination of elements of white and black music. On March 21, 1952 in Cleveland, Alan Freed (Moondog) organized the first rock and roll concert, titled 'The Moondog Coronation Ball'. By the end of the decade it had spread throughout the world. The 'Fabulous Fifties' were the Happy Days of rock. In the late 1970s new forms of music, particularly punk rock and rap and hip-hop (in the late 1980s) emerged to fill the shocking and offending role of music in society. The influence of rap started in the Jamaica, then New York City, eventually getting to the west coast. [Hagar, 1984] Rap music, rooted in the tradition of Afro-American storytelling, it the early 1980's was popular among black people, and less acceptable among whites. Rap and hip-hop is a culture, a way of life for a society of people who identify, love and cherish rap music, break dancing, DJing and graffiti. It started with Jamaican born DJ Kool Herc who moved to New York in the late 1960's and brought the Jamaican tradition of 'toasting' which involved improvised rhymes over instrumental sections of reggae records. This trend became popular at discos, where the presence of MC was obligatory. Grand Wizard Theodore was the first DJ to scratch. Gangsta rap as the most controversial style of the rap music genre, originated in New York in the late 1970s. In the early 1980s go go, emerged as a reaction against disco, mixed with hip hop, and it developed in a more complex form. In the 90s it became mainstream, beginning with the release of Dr.Dre's 'The Chronic' (1992). From 1997 with Bad Boy Records it began to be merged with teen pop, when Eminem, Jay-Z and Nelly became very popular. [Nelson, 2000] 2. Music Lyrics Rock as a from of music usually features vocals (often with vocal harmony), electric guitars and strong back beat. Other instruments, such as the saxophone, are very common in its some styles. Early rock and roll combined elements of blues, boogie woogie, jazz, rhythm and blues, and was influenced by traditional Appalachian folk music, gospel and country and western. Bill Haley and His Comets' 'Rock Around the Clock', released in 1954, became a smash, the best selling record of the entire year across America and then in England; Bo Diddley's album, released early 1955, 'perked up the ears of many young listeners'. The Platters' 'Only You', released mid-1955, was totally preferred by teenagers in the fifties; Chuck Berry's 'Maybellene', recorded May 1955, indicated how 'rapidly things were changing'; Little Richard's 'Tutti Frutti', recorded September 1955, 'still hold its own against the hardest hitting rock of any era'; Carl Perkins' 'Blue Suede Shoes' (Dec 1955), and Elvis Presley' s 'Heartbreak Hotel' created the real rock 'n' roll revolution. [Townsend, 2001] Sixties are know by Dylan's records

Critical Evaluation of Descartes Principle of Proofs of Existence of Essay - 94

Critical Evaluation of Descartes Principle of Proofs of Existence of God - Essay Example Descartes studies about God were to show that God is not a deceiver, and he aims to bring a clear perception in our minds. In his ontological arguments, Descartes gives two arguments about the existence of God. He sets to prove the existence of God in these two arguments. In his first argument, Descartes states that God is a perfect being and that to exist than not to exist is the perfect thing and God must therefore exist. These were properly based on his early dreams and he set out to document them. The Descartes second argument is the most complex of the two. In his publications, he distinctively sets out two forms of reality. In believing that his thoughts were innate, Descartes thought that his perceptions and the way he sees God should not be objected. He points out that God is an infinite being and that reality come in the forms of infinite, modal and finite. Descartes sees God as existing in infinite reality. He further asserts that all substances by virtue of their existence posses’ finite formal reality and that all ideas that occur in any phase of thought posses the modal form of reality. Ideas, as he puts that have a form of reality which, when they are put in relation to the objects that they represent must have an objective form of reality. He further points out that these objective realities are of three forms, which mirror the formal realities dependent on the amount of reality contained in the object that those ideas represent. Basing his ideas on objective reality, Descartes argues using his inner reasoning that God is an objective finite being. He further bases his ideas on inner logical thoughts to state that something can come from nothing. On this basis, Descartes arrived at two major principles: One of the attacks on the philosophy of Descartes about God concerns the use of God in order to justify distinctions in his idea of perceptions.

Financial Health of Teaching Hospitals Essay Example | Topics and Well Written Essays - 500 words

Financial Health of Teaching Hospitals - Essay Example Two key hypotheses of the study: (1) COTH hospitals because they comprise the largest part of teaching hospitals would have better financial margins and realize less impact on full-time equivalent residents, while family practice single-residency hospitals would fare worse than COTH hospitals; (2) citing little evidence of direct medical education payments from managed Medicare, which was implemented starting 1998, the authors hypothesized that there would be lower than expected actual payments. Using a sample of 713 hospitals, from among a lot of 1241 hospitals that received Medicare payments - the included samples were described to be general short-stay hospitals, to be more for profit, and had a significantly higher mean number of beds. Findings and Conclusions: Overall, the average margin of teaching hospitals in 1999 was just 2.5% and that 35% of the sample size had negative operating margins.

Frederick douglass question Coursework Example | Topics and Well Written Essays - 3000 words

Frederick douglass question - Coursework Example Covey. 2. Why does Mr. Covey buy the slave Caroline? Mr. Covey showed interest in buying the slave Caroline, because she provided him exactly what he was looking for- a breeder. She had already borne a child, she was healthy, she was strong and she was able to work. He seemed to be pleased by the purchase of this slave and it rejoiced his mood in those particular days. His pleasure got double profound when the slave bore twins as a result of the one year capacity and mastering by Mr. Covey. Mr. Covey wanted kids, and this woman gave him just what he had desired for, thereby his purchase turned out well and this was the sole reason behind her purchase. 3. What are the first six months of Douglass’ stay with Mr. Covey like? The first Six months of Douglass with Mr. Covey were unprecedented one. He was made to suffer all kinds, he suffered physically, mentally and psychologically, he was being targeted and brutalized in every aspect possible. It was the time which at once forced him thinking of bringing an end to the entire suffering, by first taking Mr. Covey’s life and then his own, however it was hope that kept him from this madness. Yet these days saw no relief with mere exceptions on Sundays. Apart from it, days, nights, seasons, cold, hot sensation, he knew nothing of them, for he had to work, and live in the dire situations as it was the only option at hand. He was mentally and physically broke, and these six months got the toll out of him in the worse possible way. It can be said that those six months were the most difficult ones for Douglass during his entire episode of stay with Mr. Covey(Trotman, 2011). 4. Douglass talks to the boats on the Chesapeake Bay. What kinds of things does he say to them? Why does he envy the boats? Douglass is engaged in a soliloquizing conversation with the boats that are around, he envies them for they are free, he expresses his heart by narrating that u have liberty to move where ever u may, yet I am chained, you get to taste different places, yet I am chained, both mentally and physically. He expresses his sorrow, and the truth state he is in, he expresses what he is going through, what he wishes for, being a free man, being able to swim, being able to fly, being able to walk free and disappear from the sight and visible eyes. He compares the two by presenting the differences such as being free and being caged. He talks to it, and tells it of how he would want to escape, how he may take up the plan, he expresses his deep feeling, and then to console his heart, knowing that there is little hope, he tells the boats that he is not the only one being the slave, thereby he should live with it 5. Douglass spends several days avoiding Mr. Covey. What happens? Douglass always wanted an end to the suffering, the humiliation, the torture, in bid to avail that he spent few days and made some effort avoiding Mr. Covey. For this purpose he decides to lodge a complaint against him at St. Michaels. He had to walk the difficult seven miles for it, and the entire journey was another difficult part of the overall suffering filled tale where he got no supper, no breakfast and covered the distance limping and covered in blood after being beaten by Mr. Covey earlier. However his endeavor comes to a fail as he is being told that Mr. Covey is the right man and Douglass should

The Benefits and Dangers of Nuclear Energy Essay

The Benefits and Dangers of Nuclear Energy - Essay Example However, there are plenty of risks associated with the exploitation of nuclear energy. â€Å"What makes decisions on nuclear energy hard is that they do not call for one final apocalyptic choice between the obviously good civilian uses that lead to peace and the obviously bad military alternatives that lead to war† (Wohlstetter, 1968, p.2). This paper analyses the advantages and disadvantages of nuclear energy Advantages of nuclear energy A 1,000 megawatt equivalent (MWe) coal plant with optimal pollution abatement equipment will annually emit into the atmosphere 900 tons of sulfur dioxide, 4,500 tons of nitrous oxide, 1,300 tons of particulates, and 6.5 million tons of carbon dioxide. By contrast, a nuclear plant of 1,000 MWe capacity produces annually some 35 tons of highly radioactive spent fuel (Sovacool, 2007, p.107-108). The above statistics clearly suggest that nuclear energy is more environmental friendly than other energy sources. While majority of the other prominent energy sources are causing huge damages to the environment, nuclear energy is comparatively safe and secure as far as environmental problems are concerned. Rangarajan, (2010) mentioned that â€Å"Reduction in the CO^ emissions is one of the most important benefits in the use of nuclear energy† (Rangarajan, 2010, p.6). ... Carbon emission is not at all a problem for nuclear energy as the technology used to exploit nuclear energy liberates no greenhouse gases. Edelhart, (1976) pointed out that â€Å"In spite of the high construction costs, uranium fuel was so cheap that it kept overall investment on a par with other energy ‘systems† (Edelhart, 1976, p.52). Uranium is abundant in many of the countries and it can be sued effectively as a fuel to operate nuclear power plants. In short, nuclear energy is highly economical compared to other energy sources even though the construction costs of nuclear power plants are slightly expensive. â€Å"The amount of energy generated in a nuclear plant is many times greater than that produced by other conventional means† (Rangarajan, 2010, p.6). Einstein’s famous formula E=MC2 can be used to calculate the energy produced by nuclear power plants. Here E represents energy, M represents mass of the nuclear fuel and C represents the velocity of l ight. Since velocity of light is 3 X 108 m/s, 1 kilo gram of nuclear fuel can generate an energy equivalent to 9 X 1016 Joules. No other energy source can provide such huge amounts of energy as nuclear power plants do. Nuclear fission is the technology used in nuclear power plants. Chain reaction is taking place in nuclear fission process. If not controlled properly, chain reaction can cause explosions. However, we can control chain reactions with the help of suitable materials. According to Sakharov, (1978) â€Å"Nuclear energy is the only economically feasible energy source in the next few decades-of replacing the use of oil†(Sakharov, 1978, p.13). â€Å"It is also not necessary to develop the technology needed for

Bank financial management Essay Example | Topics and Well Written Essays - 1500 words

Bank financial management - Essay Example While some considers the commodities and equity market as one of the riskiest assets for an investor to put his or her money, the riskiness of a bank is defined differently. The financial statement of a bank reflects the true picture of its assets and liabilities at a particular point of time for a particular period. The balance sheet of a bank shows the total assets owned by the bank and the total liabilities owed by the bank, on a given date. Different countries have different capital adequacy ratio and guidelines that help the banks to maintain adequate capital to protect the bank from defaulting. The global financial crisis that affected almost all the economies, directly or indirectly, changed the perception of risk in the multinational banks all over the world. The Basal committee on banking supervision which was established by the central bank authorities of ten countries encourages common standard and common capital adequacy requirements for its members to ensure investor protection of funds. Assessing the Financial Position of European & US Banks during the Period 2002-07 A bank is considered as one of the safest place for putting money when compared to other investments instruments like equities or corporate debt instruments, derivatives, hybrid instruments, etc. However, the perception of many people around the world has changed with time. If banks has inadequate capital base, it will need third party assistance to infuse capital which will increase borrowing cost and risk. Consider an example, and investor has the option to invest in Bank A, operating in US, or in Bank B, operating in Germany. Moreover, the rate of return from both the bank is same, say 5%. So, in this case, how does an investor decide in which bank he or she should park money? One way to answer this question is to ascertain the risk of default for both the banks, since the given expected return is same. To determine the riskiness of default, an individual or corporate need to assess the financial statement of both the banks. Key variables like the total assets, loans, deposits and short term funding, equity, net interest margin, liquidity, profit before tax, operating income, fee and commissions, loans to total asset ratio, interest coverage ratio, profitability ratio, etc. are used to evaluate the financial health of the banks (Selvavinayagam, 1995, pp.11-32). From the given data, if we analyse the performance of the European banks with US banks on the basis of Net Interest Margin, their efficiency can be assessed. To analyse the given data, we first concentrate on the NIM of commercial banks from the year 2002 to 2007. The net interest margin or NIM is defined as the difference between the interest income and the interest paid by the banks relative to other assets. This is similar to the gross profit margin of the non-financial institutions (Maudos & Guevara, 2002, pp.18-19). Higher values mean that the banks are earning higher spread between the interest receivable on loans given out and the interest payable on the loans taken. The average Net Interest Ma rgin for the U.S. from 2002-07 is above 3.00% compared to the European bank of is 2.9931%. Thus, keeping other things constant, on the basis of NIM, the US banks are marginally more efficient compared to the E

Is online education a valuable innovation that improves opportunities Essay

Is online education a valuable innovation that improves opportunities for student or is it a poor subsititude for traditional, - Essay Example Technology is here to stay and everyone in an industrialized society needs to learn how to make the best use of it. This paper argues that online classes have numerous advantages over traditional classroom learning such as the following: the internet offers faster feedback, flexibility, and the opportunity to learn at one’s own pase. The case for online learning Online learning can be defined as â€Å"a form of distributive learning enabled by the Internet.† (Volery and Lord: 2000, p. 217). The term distributive learning in turn implies two essential ingredients: â€Å"first, a heavy reliance on technology, and second, self-learning.† (Volery and Lord: 2000, p. 217). It is important to remember that both sides of this equation are equally important: the technology must be there, and able to provide the learning opportunities, and the student must also be actively engaged and able to adopt a high level of self-management and motivation in order to engage in self-l earning. A very strong advantage of the internet over other delivery messages is that it is extremely fast. A student can access almost limitless amounts of information through a few clicks of the mouse or taps on the keyboard. Questions can be entered, and responses appear instantly. There is even the potential to access quizzes and tests, complete them, and submit them for analysis. Feedback, often with grading and tips for improvement is built in and can be received also in an extremely fast turnaround. Human teachers just simply cannot deliver this high speed response because they have to deal with every student’s work consequentially and they are subject to the limitations of needing to eat, sleep and have a private life as well as being professional teachers. The internet is always available, and except in rare cases of technical failure, always reliably fast in its response. From a teacher perspective, online learning also provides economies of time usage. Instead of d elivering information every year to each new cohort of students, the teacher supervising online learning only has to provide the main material once. Thereafter the job of the teacher is to keep the material up to date, and to monitor and support students as they learn. This is a far more effective use of time, and allows the teacher to achieve a much greater effectiveness with less repetition of tasks. Student participation and performance can be logged by the computer system, and this also removes the need for time-consuming administration. Teaching in a classroom usually operates to a defined curriculum with fixed content and clear goals. Online learning does this too, if it is well designed and focused on clear educational goals, but it offers so much more in addition to this core curriculum. The potential for hyperlinks to a vast global library of resources provides extension possibilities at every turn. A student who is not a native speaker of English, for example, can access d ictionary and grammar support alongside the learning materials if required. A a student who struggles with mathematical or statistical concepts can immediately find advice on how to approach these matters. A student who is brighter than average, or one who has a special interest in particular points can undertake further research by using search engines like â€Å"Google† or encyclopedia and reference sites. There is even potential for students to contact other internet

Is brain dead really dead Essay Example | Topics and Well Written Essays - 1000 words

Is brain dead really dead - Essay Example The brain involves a mutual interaction with all the other parts, but the coordination and functioning specific body organ is integrative and independent unit. Therefore, a tenable rationale that equates brain death to a complete halt in the functioning of the whole body is physiologically and ethically mal-practiced in many brain examination, diagnosis, and treatment fields of medicine (David, 2009). (Key words: brain death, medical ethics, integrated organs, rationale, death). Introduction Brain death is a condition in which the role and functioning of the brain halts, and it is in a state of complete destruction. Therefore, the functioning of other organs directly or indirectly related to the brain enters into a state of limited performance or inevitable and imminent cessation. Brain death may result to total malfunctioning of the respiratory system, cardiac performance among other functions of the organs in the body. As a result, the direct control of these organs by the brain le d medical physicians to argue that failure of the brain results to failure of all other parts of the body. This persuasive argument concluded that when a human brain dies, then the rest of the organs come to a complete death too. Irreversible cessation of the brain results to pronouncement of death for all functions of the brain, and thus, the victim is said to be dead (David, 2009). This has brought controversial arguments among medical practitioners based on whether pronouncement of death is really, because of the brain malfunctioning. Other medical practitioners argue that statutory recognition of death in the basis of brain death is ethically undesirable especially in the field of medicine. Technical Aspects Ethical consideration of death on neurologic criteria lays a certainty on death of a person who meets clinical diagnosis test that shows total destruction of the brain, really, resulted to his or her death. The examination of a human body that shows un-receptiveness, missing spontaneous movements and unresponsiveness as well as poor and disorderly breathing functions with reflexes and dilated pupils are not evidence that a person died from brain cessation. Autopsy reports have showed that widespread destruction of the brain results to anticipated failure and destruction of other organs, including heartbeats and cardiac disorders, as well as, cellular destruction detected during morphology tests do not conclude that a brain failure resulted to the death of a human being. Intracranial blood flow is another technical aspect by which medical practitioners base their evidence (David, 2009). This isotopic technique shows how subsequent flow of blood in a necrosis and liquefaction manner in the brain leads to total failure of the brain. The technique shows how the brain is affected, but organs that fully depend on the control by the brain remain unaffected. Spinal reflexes and cerebral unresponsiveness in apneic patients showed that when appropriate diagnosti c procedures were met, as well as proper therapeutic techniques used to exclude the reversible condition, would have affected the brain to total destruction. The Collaborative technique shows that chances of the brain to affect spinal related organs had little or no effect at all (David, 2009). The various organ disorders found in the apneic patients did not necessarily result from the etiological factor

Planning for the Chevy Volt Essay Example for Free

Planning for the Chevy Volt Essay What Does the Chevy Volt Case Tell about the Nature of Strategic Decision-making at a Large Complex Organization like General Motors? Chevy Volt issues show how strategic decision-making at the leading complex company, for example, General Motors can be hard and exceptionally challenging. This is because they need more time to make sure that you have convinced other stakeholders to support the ideas for new work strategies (Holstein, 2009). In the case it showed that General Motors’ vice chairman and the head of RDD had agreed to make this in 2003, though other managers let them down; but later, in 2007, other managers joined their hands for Chevy Volt project’s success. The strategy is based on the assumption of reducing the emission of carbon and urges the citizens to avoid the produce of carbon in the environment (Holstein, 2009). The External Environmental Trends That Favored the Pursuit of Chevy Volt Project The external environmental trends that favored the Chevy Volt Project are lowering the oil prices. Introduction of lithium-ion sports cars by Tesla Motors in the market, concern for global warming issues which can end up to the tighter laws put in place to control the emission of carbon, falling costs for manufacturing batteries made of lithium-ion and selling of Toyota hybrid Prius indicated that clients demanded for vehicles that use fuel but do not produce carbon that affects the environment, causing environmental degradation ((Holstein, 2009). Impediments of Pursuing Chevy Volt Project Which Existed Within General Motors The factors that prevented the outcome of this project within General Motors are the finance and lack of enough support, needed towards the project, being afraid of failing once more at producing the non-working electrical vehicles and the issue in acquiring new technology to manufacture more lithium-ion battery. Finally, the total cost to promote the project was extremely high. The lack of agreement between General Motors’ managers for having different opinions hence ending up disagreeing. Chevy Volt Planning Seems To Be Based On The Assumptions Of Oil Prices Going Up, While In Late 2008, The Oil Prices Reduced And Even Weakened International Economic. The Nature of Strategic Planning The idea was mainly based on the existing trends and the market situation at that particular time. The strategic plan should focus on the present and future. Good company planning should be realistic and easy to carry out, specific and easy to track the outcome against the plan. Before making a decision, a good planning mechanism should be put in place to avoid future interruption ((Holstein, 2009). Strategic Planning Should Be Based On the Present and the Future The falling of oil prices means potential success of Chevy Volt. Specialists believe that the oil prices will remain high because supply of the commodity in the market is low, while the economy tries to recovers, the plea of the product rises and hence the return of a gallon gasoline. Will The Oil Prices Remain Low As Claimed By The Experts? No. Experts believe that the oil prices will remain high as the world economy grows. What will it take for the Chevy Volt to Be Successful? In order for the Chevy Volt to be successful, there should be introduction of new models and designs of vehicles that are being sold in the market and their ranking in the market and rise in fuel and production of competitive vehicles in the field of vehicle manufacture as compared to other companies producing the same product. It is necessary to make sure of proper marketing of its product through advance advertising of General Motors’ products in the best TV movies and even through celebrity shows to continue marketing of the new products. Proper advertising is done to the General Motors’ products, through appearing in hit movies, music videos, TV shows and other media (Gavarone, 2011). The choice of effective method of distribution depends on the market demand. The Analysis of How Risky Is It to Invest or Venture In General Motors When the new commodity does not sell in the market as expected or flops. Chevy Volt launching tends to be more expensive as it requires more finance and for General Motors to enjoy the benefits or return it will take several years. It can lead to disappointment because less return produced by the company at the selling time (Gavarone, 2011). The Costs of Failure of General Motors Decline in sales may be a result of recession in demand as compared to the previous years and hence losing clients to other companies. It may lead to the closure of General Motors due to poor management and production of new products in the market which could not be sold hence ending up in large loses (Gavarone, 2011). It failed as the company was unable to produce enough sales because of high prices and ignoring state’s rules and regulations. It may lead to the loss of more customers to other companies doing the same project becoming more successful. The Costs of Not Pursuing the Chevy Volt Project General Motors will fail if new brand of the car is the same with the one they have replaced. The cost of failure will be unusually high. This is due to the new product’s flop in the market and losses incurred during selling the new product that fails in the market (Gavarone, 2011). References Gavarone, G. (2011). Integrated marketing communications plan for the Chevrolet Volt. St.Bonaventure, N.Y: Jandoli School of Journalism and Mass Communication, St.Bonaventure University. Holstein, W. J. (2009). Why GM matters: Inside the race to transform an American icon. NewYork: Walker.

Causes and Impacts of Inflation on Developing Countries

Causes and Impacts of Inflation on Developing Countries Introduction Economic development in low developed countries is a contested argument amongst economists, all of which are looking for the best way to enact economic growth. The discussion surrounds whether stable monetary policy will encourage economic development by encouraging foreign direct investment or will currency depreciation and inflation create the right environment for exports growth and thus economic growth? This essay will discuss the causes of inflation and its repercussions for economic growth in developing nations. The argument for monetary stability and its repercussions for economic development will also be discussed. The scenario surrounding the Asian financial crisis will be used at the conclusion of the essay to illustrate the finer points in the argument for monetary stability as a means to economic development. The Causes of Inflation Krugman and Obstfeld define inflation as the increase of prices of goods[1]. There are arguably many causes of inflation; it is a complex combination of many macroeconomic variables that work together to increase the price of consumer goods in a developing economy. Shamsul, Shyam and Kamath discuss, there are two dominant hypotheses regarding the causes of inflation; the monetarist hypothesis and the structuralist hypothesis. The monetarist hypothesis refers to an increase in the money supply which in turn causes an increase in the price of goods and the structuralist hypothesis refers to structural characteristics of a developing economy creating inflation including the nature of the tax system, foreign exchange restraints, the budgetary process, the nature of the labour market and administered prices. All result in a devaluation of domestic currency on a global currency market[2]. The forces that result in an increase in the money supply or a devaluation of domestic currency agains t foreign currency will discussed. Common economic theory states that liberalisation of financial and capital markets in developing countries results in growth and stability in those countries. However Chakraborty discusses how unrestrained opening up of an economy can result in a foreign exchange crisis. That an inflow of foreign currency through investment and fixed exchange rates will result in higher reserves in the central base, which in turn results in more money existing in the economy which causes inflation. Inflation thus can be seen as a cause of the devaluation of a domestic currency on global money markets[3]. Developing countries will often use an export oriented economic strategy to increase growth. Devaluations of a domestic currency will make exports look more attractive on foreign markets; hence governments will try and keep exchange rates down. Chakraborty continues that as prices continue to rise the demand for money similarly rises by domestic residents. It is common for residents to sell foreign b onds in order to buy local currency, which in turn puts pressure on the currency to appreciate. In order to undermine this scenario banks will sell local currency and buy foreign reserves to counteract the appreciation of the exchange rate due to the increased demand. This scenario has a cyclical effect and will in turn increase the money supply and inflation[4]. The situation surrounding a floating exchange rate can be quite different. Chakraborty discusses how liberalising the capital market will attract capital inflows from foreign investors which will increase the money supply, but will however appreciate the exchange rate. This type of policy will usually be accompanied by a contractual monitory policy that will increase demand for money and increase the interest rate. The increased interest rate will further attract capital inflows and further appreciate the exchange rate. An appreciated currency will be less attractive on foreign markets thus export demand will decrease and imports will increase, deteriorating the balance of trade deficit[5]. Large foreign debts result in a higher risk of financial instability. Inflation and currency devaluations have been a common problem in the history of developing nations. Instability in prices and foreign exchange rates discourages lenders in richer countries from investing in poorer markets due to the threat of losing money in a financial crisis or currency devaluation. Krugman et al discuss how richer nations protect themselves against this risk by insisting that poorer countries repay their loans in the lenders currency. A transfer of wealth can be directed towards foreign lenders in the event of currency devaluation as it raises the local currency valuation of the debt. This scenario can lead to developing countries inability to repay foreign debts and sometimes in default[6]. Inflation can be a result of external factors in a global economy including contagion from other trading partners. Cheng and Tan discuss that although domestic factors are important determinants of inflation, they are often not as important as price volatility being transmitted from one country to another. In the case of Malaysia, interactions in the form of trade resulted in a causality of inflation from other ASEAN nations to inflation in Malaysia[7]. This form of contagion can be very influential for a developing country liberalizing its financial and capital markets in a global economy. Instability and inflation can lead to speculation which in turn can lead to financial crisis. Krugman et al discusses contagion as the vulnerability of developing economies to suffer a loss of confidence in their financial markets which can cripple even the healthiest economies. Speculation regarding the devaluation of a local currency can result in investors pulling out of their investments (which now must be paid in the lenders currency), selling all the local currency (which has a further devaluing effect) and leaving the country with a large foreign debt. Speculation can be contagious as was seen in the Asian financial crisis where devaluation of the Thai Baht was followed by similar speculation surrounding other Asian currencies including that of Indonesia and Malaysia and eventually resulted in full financial crisis[8]. Controlling Inflation and Stabilising an Economy Methods used to counteract heavy speculation and financial instability includes information transparency. Ferreira de Mendonca and Filho discuss increasing information transparency as implying a fall in inflation bias and inflation volatility. Anxiety regarding inflationary pressures can be controlled through forecasts being released by the central banks of developing nations making policy and macroeconomic performance more predictable. There is evidence that economic transparency can reduce inflation and lower interest rates thus improving the conduction of monetary policy[9]. Wagner discusses inflation as being regarded as the signal of bad policy and political and economic instability. The variables are the relevant locational factors that determine the attractiveness of economies for investment. A loss in investors and mobile factors of production such as technology transfer and knowledge results in loss of potential production and potential output and hence growth. Local residents suffer through an increase in unemployment and a decrease in productivity[10]. Local economies become more unstable as a consequence. It can now be deduced that managing exchange rates is paramount to controlling inflation in developing countries. Wagner discusses two methods of managing exchange rates in order to control inflation; the ‘hard peg’ option and the floating currency option. The term ‘hard peg’ refers to the currency boards, where monetary policy autonomy is completely given up. Hard peg exchange rate regimes have gathered a lot of interests for developing economies over recent years as currency crises are not possible under the hard peg system. There are certain preconditions for an economy that need to be present in order for a hard peg to be possible. The recipient developing nation must have a developed, well supervised and regulated financial system; the rule of law; fiscal discipline; and wage and price flexibility. Many emerging nations lack these preconditions and hence are unable to sustain a hard peg[11]. Boyd and Smith suggest that low inflation is the central objective of developing economies in their efforts to enact economic growth. Growth is seen as having an inverse relationship to inflation and thus must be kept as low as possible. Developing countries in the Caribbean such as the Bahamas have been successful in lowering inflation and stabilising the exchange rate through using a currency board as part of their institutional structure. The currency board ties the monetary policy of the constituent countries and provides disciplinary controls on monetary and fiscal policy which in turn provides stability in their output. All the countries in the currency union experienced persistence however low rates of inflation and low variability in inflation rates therefore could be considered stable and an acceptable monetary policy performance[12]. Wagner further postulates that a floating exchange rate is similarly effective in controlling high inflation. Despite anxiety that a floating exchange rate will result in an unstable currency, floating exchange rates can be used to attract foreign investment and thus appreciate the value of the currency. Interest rate and intervention policies can be used to influence the behaviour of the exchange rate and reduce the negative effects of speculation[13]. A floating exchange rate can be flexible enough to encourage investment through appreciation however encourage exports through devaluation provided controls are in place to ward off speculative attacks. Maskooki shows Mexcio as having successfully implemented a floating exchange rate in order to control inflation. It reduced the value of the peso by gradual and frequent currency adjustments in reaction to market conditions. The slow depreciation of the peso made exports more attractive overseas and was offset by the liberalization of the capital market which was attractive to foreign investors. The combination of the two had a balancing effect on inflation and exchange rates and thus encouraged stability of prices. This had made the external market less exposed to unexpected shocks[14]. Through economic stabilization Mexico is now less vulnerable to investment reversal and thus less vulnerable to financial crisis. Stable inflation rates and exchanges rates send positive signals to global financial markets of positive financial policy in developing countries. Good corporate governance has the reflexive ability to create the positive economic environment to control inflation and also the positive outcome of successful monetary policy. Arsoy and Crowther comment that mandatory corporate governance can be achieved through the creation of capital markets in which transparency, accountability, responsibility and fairness are understood by both investors and shareholders[15]. Transparency being the proponent for fighting speculative attacks by reducing risks associated with investing in developing countries. Krugman et al discuss that governments of developing countries must create a stable environment through reducing the risk of inflation and protecting property rights in order to encourage economic growth. In protecting property rights they encourage private enterprise, investment, innovation and ultimately economic stability[16]. The conditions for economic stabilization feed off each other – stabilization encourages investment which in turn encourages more stabilization. Nsouli, Rached and Funke discuss the control of inflation as paramount to the success of any domestic economy. Here again price can be seen as a signal of economic health as price liberalization is essential for the efficient allocation of resources within and across sectors of the economy. Without a rational price system, profit and losses alone cannot signal what industries should expand and which ones should shrink. In both transition and developing economies, price liberalization led to a rapid increase in the availability of products for consumer use[17]. The Asian Financial Crisis The countries of the Asian economic boom in the mid 1990’s are a perfect example of how unstable monetary policy can bring even the most impressively growing economy down. Krugman et al tells us the Asian tigers were initially South Korea, Hong Kong, Singapore and Taiwan and then Thailand, Malaysia and Indonesia later joined the group. They had achieved incredible rates of growth through high savings and investment rates, improving education levels amongst the work force and by liberalising trade or at least a high level of openness and integration with global markets. The Asian tigers were gaining popularity as an investment opportunity as restrictions on capital inflows were lifted. However all this investment was leading to large deficits and would eventually result in financial demise[18]. Krugman et al continues that starting with the depreciation of the Thai Baht, a chain reaction of events brought the Asian miracle into financial crisis. A sharp drop in the value of the Baht as it was left to float after being pegged to the American dollar brought about speculative attacks on the currencies of its neighbours Malaysia and Indonesia and eventually South Korea. All countries had large foreign debts mostly in American dollars and as a result were facing increasing values on these debts due to the decreasing exchange rate. Many debts in Asia had the power to push banks and viable companies into bankruptcy as a result of exchange rates spirally out of control[19]. The Asian financial crisis was seen as a self perpetuating scenario based around speculative attacks on currency valuations. Lee argues that as soon as a currency peg is seen as non-defensible market participants expect that the market will move in one direction and in fact it does. Once the expectation sets in collective action takes hold (in this case investors pull out of their investments) and the result can inflict financial ruin on whole economies[20]. The Asian miracle had come to an abrupt end. Krugman further discusses the cause of such violent economic collapse can be seen through bad government policy. In Thailand and Indonesia ‘crony capitalism’ was the source of a lot of poor investment decisions. The sons and daughters of royalty or prominent politicians were the recipients of a lot of investment money regardless of the legitimacy of the project resulting in considerable moral hazard in lending. The regulatory system was ill equipped to deal with companies in danger of bankruptcy or to foster quality investments in the economy that would count towards real growth[21]. As a result the first sign of instability caused foreign investors to pull out of investments and leave the economy in crisis. The act of stabilising an economy is a complex process involving effectively monitoring the potentially volatile variables of an economy. Wagner discusses economic stability as being created through strengthening domestic banking and financial systems; providing better information and policy transparency; strengthening corporate finance, including bankruptcy laws and their implementation; taking precautions against potential capital flow reversals; and last but not least, building packages of sound macroeconomic and exchange rate policies[22]. Although the situation in South East Asia has improved over the years since the financial crisis, Low tells us that many questions still remain in Asia regarding their economic stability for the future, for example, whether effective democratic checks-and-balances in the political system, legal, judicial and institutional processes can help reinforce the moral economy[23]. It is fare to say that controlling inflation is but the tip of the ice b urg when stabilizing a developing nation’s growth. Conclusion Inflation and economic instability are a common problem for low developed countries trying to establish themselves in global markets. Inflation and currency depreciation are fundamental signals to wealthier nations that a local market is too big a risk to invest in thus leaving development and growth stagnant in those countries. Price stability on the other hand can signal to potential investors that a local financial market has strong monetary policy, that exchange rates can be controlled and that the local business environment is encouraging to growth. Countries with unstable monetary policy are vulnerable to speculative attacks from market participants as can be seen in the case of the Asian Financial crisis. Pegging local currencies to stronger currencies such as the United States dollar can result in devastation if markets forecast a currency will be overvalued. Contagion can result in a chain reaction of events that brings trading partners into similar financial crisis. Althoug h devaluing a currency can make exports more attractive on foreign markets it can also discourage foreign direct investment from investing due to the high incidence of default on foreign debt. Mechanisms have been designed to control factors such as inflation and encourage foreign investment by richer nations. A floating currency or a currency board can be used effectively to stabilise exchange rates and thus control the flow of funds in and out of a local market. Good corporate governance including transparency of monetary policy can be used to reduce the risk of speculation and forecast inflationary activity. Political stability also needs to be created through effective regulatory systems on financial and capital markets including bankruptcy laws and laws preventing capital flight in the face of financial crisis. Reference List Arsoy, A.P, Crowther, D (2008) â€Å"Corporate Governance in Turkey: Reform and Convergence,† Social Responsibility Journal, vol.4, iss.3 pp.407-422 Boyd, D Smith, R (2006) â€Å"Monetary Regimes and Inflation in 12 Caribbean Countries,† Journal of Economic Studies, vol.33, iss.2, pp.96-108 Chakraborty, D (1999) â€Å"Macroeconomic conditions and Opening Up – Argentina, Chile and India: A Comparative Study,† International Journal of Social Economics, vol.26, iss.1/2/3, pp.298 -311 Cheng, M.U. Tan, H.B. (2002) â€Å"Inflation In Malaysia,† International Journal of Social Economics, vol.29, iss.5, pp.411-426 Ferreira, H Filho, J.S (2007) â€Å"Economic Transparency and Effectiveness of Monetary Policy† Journal of Economic Studies, vol.34, iss.6, pp.497-515 Krugman, P.R. Obstfeld, M. (2005). International economics: Theory and policy (7th ed.). Boston: Addison-Wesley Longman Lee, J.Y. (2007) â€Å"Foreign Portfolio Investors and Financial Sector Stability in Asia,† Asian Survey, vol.47, iss.6 pp.850-871 Low, L (2006) â€Å"A Putative East Asian Business Model,† International Journal of Social Economics, vol. 33, no.7 pp. 512-528 Maskooki, K (2002) â€Å"Mexico’s 1994 Peso Crisis and its Aftermath,† European Business Review, vol.14, no.3, pp.161-169 Nsouli, S.M Rached, M Funke, N (2005) â€Å"The Speed of Adjustment and the Sequencing of Economic Reforms: Issues and Guidelines for Policy Makers,† International Journal of Social Economics, vol.32, no.9, pp.740 766 Shamsul, A Shyam, A Kamath, J (1986) â€Å"Models and Forecasts of Inflation in a Developing Economy,† Journal of Economic Studies, vol.13, iss.4, pp.3-30 Wagner, H (2005) â€Å"Globalisation and Financial Instability: Challenges for Exchange Rate and Monetary Policy,† International Journal of Social Economics, vol. 32, iss.7, pp.616-639. 1 Footnotes [1] Krugman, P.R. Obstfeld, M. (2005). International economics: Theory and policy (7th ed.). Boston: Addison-Wesley Longman. [2] Shamsul, A Shyam, A Kamath, J (1986) â€Å"Models and Forecasts of Inflation in a Developing Economy,† Journal of Economic Studies, vol.13, iss.4, pp.3-30 [3] Chakraborty, D (1999) â€Å"Macroeconomic conditions and Opening Up – Argentina, Chile and India: A Comparative Study,† International Journal of Social Economics, vol.26, iss.1/2/3, pp.298 -311 [4] Chakraborty (pp.298 – 311) [5] Chakraborty (pp.298 – 311) [6] Krugman et al (pg.615) [7] Cheng, M.U. Tan, H.B. (2002) â€Å"Inflation In Malaysia,† International Journal of Social Economics, vol.29, iss.5, pp.411-426 [8] Krugman et al (pg.623) [9] Ferreira, H Filho, J.S (2007) â€Å"Economic Transparency and Effectiveness of Monetary Policy† Journal of Economic Studies, vol.34, iss.6, pp.497-515 [10] Wagner, H (2005) â€Å"Globalisation and Financial Instability: Challenges for Exchange Rate and Monetary Policy,† International Journal of Social Economics, vol. 32, iss.7, pp.616-639. [11] Wagner (pp.616-639) [12] Boyd, D Smith, R (2006) â€Å"Monetary Regimes and Inflation in 12 Caribbean Countries,† Journal of Economic Studies, vol.33, iss.2, pp.96-108 [13] Wagner (pp.616-639) [14] Maskooki, K (2002) â€Å"Mexico’s 1994 Peso Crisis and its Aftermath,† European Business Review, vol.14, no.3, pp.161-169 [15] Arsoy, A.P, Crowther, D (2008) â€Å"Corporate Governance in Turkey: Reform and Convergence,† Social Responsibility Journal, vol.4, iss.3 pp.407-422 [16] Krugman et al (pg. 634) [17] Nsouli, S.M Rached, M Funke, N (2005) â€Å"The Speed of Adjustment and the Sequencing of Economic Reforms: Issues and Guidelines for Policy Makers,† International Journal of Social Economics, vol.32, no.9, pp.740 766 [18] Krugman et al (pg.620) [19] Krugman et al (pg. 623) [20] Lee, J.Y. (2007) â€Å"Foreign Portfolio Investors and Financial Sector Stability in Asia,† Asian Survey, vol.47, iss.6 pp.850-871 [21] Krugman et al (pg.622) [22] Wagner (pp.616-639) [23] Low, L (2006) â€Å"A Putative East Asian Business Model,† International Journal of Social Economics, vol. 33, no.7 pp. 512-528