MANAGING CHANGE Essay Example | Topics and Well Written Essays - 500 words

MANAGING CHANGE - Essay Example These achievements however, have been coupled with various drawbacks but with the application of economic theories with an illustration of the Contingency Theory such hurdles are to be tackled. The study provides recommendations on the various aspects that require adjusting for the economies to thrive even more. With the onset of the financial crisis within the past decade, the financial markets in the Gulf region have undergone various changes and institutions and business entities have adopted new market strategies to counter the implications of the crisis. The Cooperation Council for the Arab States of the Gulf countries (GCC) - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (UAE) are keen to improve their economic competitiveness in the international market. From the early 1970s to the early 1980s the GCC member countries made significant developments in the financial front. The financial institutions were beneficiaries of the lucrative returns brought about by the abundant oil revenue. At the time up to the 1990s, the primary focus of the institutions was on short-term lending trade, building and construction and manufacturing. With the 1990s came global financial integration that entailed the carrying out of economic restructurings especially due to the effects of the Gulf war. Technological novelty and new market strategies centred on consumer-based services were adopted. Following the Gulf war was a variation of loan problems in banks across nations affected by it. The financial set-up of the GCC has overtime faced a number of challenges that revolve around the augmented role of the private sector in the financial market, the high demand for new financial services and the aspect of global participation. Efficiency and productivity are therefore a principal concern in this modern age. The countries in the GCC have links with banks that are expansively

Strategic Management Case of Volkswagon and Suzuki Essay

Strategic Management Case of Volkswagon and Suzuki - Essay Example Strategic management can be defined as a bundle of strategies that managers in an organization adopt and implement to positively influence the direction of the organization. These strategies will normally affect the performance of the company, and are desired to give the company a competitive advantage over other industry players. A global strategic partnership involves two or more organizations coming together and pooling resources in a bid to reach a wider market and strengthen their competitive advantage (Jeschke, 2008). In today’s business environment where there is massive competition from various players in the market, strategic management becomes a very important tool for survival. Strategic management gives an organization a fresh way to look at the existing business environment to remain both profitable and relevant amidst competition. In a bid to achieve relevance, organizations also link up together in strategic alliances to jointly pursue opportunities either in th e same operating environment or in a different one.The case between German carmaker Volkswagen and Japanese’s Suzuki is a classical case of how organizations pursue the concept of strategic alliances for gaining competitive advantage in their operations. The partnership between Volkswagen and Suzuki has been described by many analysts as a straightforward venture. This is because each organization had clear objectives that would easily be met upon the completion of the partnership.

European society Essay Example for Free

European society Essay The eighteenth century saw a revolution sweeping Western philosophy and a simultaneous upheaval and transformation in Western social life. In this period, the west, particularly the European society and state seemed cold and heartless. The dislocations of industrialization and urbanization exposed the weaknesses of the old system and stimulated a need for more innovative political institutions adaptable to the new socio-economic conditions. This desire for change was accompanied by strong nationalist sentiments. Initial Western nationalism was lauded as a liberal form of mass political engagement and allegiance to the secular power of emerging states, consistent with popular rule. Accordingly, its birth was announced with the representation, rights, and toleration of Englands constitutional monarchy and its banner the â€Å"liberty, equality and fraternity† of the French Revolution against absolutism. Many scholars estimate the birth of the American nation from 1750-1775 (see for example, Weeks, 1994). In the late nineteenth century to the early twentieth century, social, political, and economic turmoil and instability transformed many Western countries into the world’s most chaotic amphitheater of disruption. People who thought that their cultural and political borders were violated waged a series of insurrections and rebellions. This strong feeling and desire to fight violations of inalienable natural rights came to be known as nationalism. Nationalist feelings became a decisive power in the Romantic Era. In nationalism, the individual is â€Å"the very center, the arbiter, the sovereign of the universe† (Kedourie, 1993, p.17). The political implication of this was that self-determination constituted the supreme good. Later political philosophers building upon Kantian ideas proposed that: humanity is naturally divided into nations; each nation has its peculiar character; the source of all political power is the nation; for freedom and self-realization, people must identify with a nation; loyalty to the nation-states overrides other loyalties; and the primary condition of global freedom and harmony is the strengthening of the nation-state (Smith, 1983). In the early years of the twentieth century, the striking similarity displayed by the nationalist movements throughout Southeast Asia derived from their common inspiration in Western ideology and their largely identical economic bases – the former guiding the intellectuals who lead the movements in their respective countries; the latter supplying the driving power from the masses. However, it must be pointed out that nationalist movements in this region did not have the support of more than a very small fraction of the native peoples, who for the most part are not aware that the question of autonomy even exists, and whose major concern is simply survival (Emmerson, Mills, and Thompson, 1942). In Southeast Asia, native nationalism has been the forced growth of a transplanted Western seed. In spite of the centrifugal forces of a plural society artificially bound together solely by the profit motive, nationalism has taken root among the indigenous peoples. It has penetrated most deeply among the native peoples who are united by a common language, pride of race and glorious historical traditions (Emmerson, Mills, and Thompson, 1942). Thus, â€Å"Within each group, nationalism has proved to be a cohesive force, welding people who were until its advent hardly conscious of the existence of compatriots beyond their own village, absorbing disparate religious and regional loyalties, and nationalizing such international influences as they experienced. However, from the perspectives of Southeast Asian countries as individual units, nationalism has proved a disruptive force. It has made each racial group more self-conscious, more prone to assert itself at the expense of other groups, and either tends toward a disastrous break-up of the present mosaic by some vigilant outsider playing upon this grave weakness in the body politic and social, or leads toward the forced assimilation of the weaker minorities by the most powerfully placed group. † (Emmerson, Mills, and Thompson, 1942, p. 144) The establishment of national unity through was essential ingredient in the emergence of democracy. According to Marx (2003), nationalism is an essential prerequisite to democracy, since â€Å"it establishes the boundaries of the community to which citizenship and rights are then accorded, without which democracy is impossible† (p. 31). And the birth of nationalism was related to the political baptism of the lower classes whose empowerment helped bring democracy, with both nationalism and democracy thereby relatively and impressively inclusive (Marx, 2003). While many have witnessed nationalism and democracy going together, for the past few years, nationalism has been largely considered a disruptive force on the prospects for democratization. For one, national unity gives rise to the question of the state and its boundaries, which is believed to be more fundamental than that of regime type and that can disrupt debate about appropriate political forms. Nationalism in this sense is a disruptive force because it gives rise to issues regarding religious beliefs, language, and customs. Moreover, nationalism is largely seen as being potentially disruptive to achieving democratic outcomes since it stimulates mass mobilization which frightens authoritarian rulers, causing them to suppress activities that may stop the progress of the whole process of political change. The argument that nationalism is a disruptive force is validated by the experiences of southern Europe and Latin America. The disintegration of all of the federal Communist states along republican lines adds force to this argument; however, it is not as clear-cut as this in the post-Soviet experience. According to McFaul (2002), ten years after the collapse of communism, only Estonia, Latvia, and Lithuania are democracies, while the other republics are under regimes that are either facade democracies or nondemocratic. Nationalism was also seen as a disruptive force on the eve of the First World War. It played an important role in the rivalries between superpowers: Germany vs. France (revenge for 1871), Russia, vs. Austria-Hungary (expansion into Balkans), and Germany vs. Great Britain (control of seas, arms race). Nationalism was also a disruptive force regarding the emergence of unsatisfied nationalities: Poles, Irish, Serbs, Czechs, and many others In Poland, following the 1830 uprising, conservatives began to drift away from nationalism. By the 1850s, only few on the right were interested in talking about nationalism, which came to be seen as a dangerous term signifying disruption, disorder, and even revolution (Porter, 2000). Within Poland itself many nobles may have shared the hopes of the Czartoryski circle, but since they could do little to further such a cause, they retreated to apolitical lives (Porter, 2000). Not only were the conservatives uncomfortable with the politics of the patriotic activists, but they found it difficult to speak the language of national romanticism. â€Å"They might appreciate some of the poetry of Mickiewicz or Slowacki, but they soon discovered the disruptive force of the progressive historiosophies to which the concept of the nation had been so firmly linked. † (Porter, 2000, p. 31) References Emerson, R. , Mills, L. A. , and Thompson, V. (1942). Government and Nationalism in Southeast Asia. New York: Institute of Pacific Relations. Kedourie, E. (1993). Nationalism, 4th expanded ed. Oxford: Blackwell Publishers. Marx, A. W. (2003). Faith in Nation: Exclusionary Origins of Nationalism. New York: Oxford University Press. McFaul, M. (2002). The Fourth Wave of Democracy and Dictatorship: Noncooperative Transitions in the Postcommunist World. World Politics 54(1), 212-44. Porter, B. (2000). When Nationalism Began to Hate: Imagining Modern Politics in Nineteenth Century Poland. New York: Oxford University Press. Weeks, W. E. (1994). American Nationalism, American Imperialism: An Interpretation of United States Political Economy, 1789-1861. Journal of the Early Republic, 14, 485-495.

Pakistan Monetary policy effectiveness in controlling inflation

Pakistan Monetary policy effectiveness in controlling inflation Inflation adversely affects the overall growth, the financial sector development and the vulnerable poor segment of the population. There is clear consensus that even moderate levels of inflation damage real growth Inflation decreases the real income and also induces uncertainty. Considering such adverse impacts of inflation on the economy, there is a consensus among the worlds leading central banks that the price stability is the prime objective of monetary policy and the central banks are committed to the low inflation. Hence the central banks have adopted inflation as the main focus of monetary policy, targeting inflation explicitly or implicitly as and when required. Motive The objective of the thesis is to investigate the linkage between the excess money supply growth and inflation in Pakistan and to test the validity of the monetarist stance that inflation is a monetary phenomenon. The thesis will examine that whether the monetary policy adopted has been effective to control the rate of inflation. In my thesis I would like to analyze the money supply and inflation rates in Pakistan in order to prove the hypothesis. Hypothesis Hypothesis 1 Null Hypothesis: Monetary policy is effective in controlling inflation in Pakistan. Alternative Hypothesis: Monetary policy is not effective in controlling inflation in Pakistan. Hypothesis 2 Null Hypothesis: Inflation is a monetary phenomenon. Alternate Hypothesis: Inflation is not a monetary phenomenon. Introduction This paper examines the role played by the monetary policy in controlling prices. Whether the policy makers have been successful in predicting the behavior of prices effectively or not. For this purpose the model is considered having monetary variables like monetary assets and monetary expansion and inflation as a dependent variable. The model is estimated for the period of 1950-2005. It tries to measure the effective of monetary policy during different regimes. The results indicate that correlation between monetary assets and inflation is not that strong for Pakistan which means that the monetary policy has not been that effective in predicting the price movements in Pakistan. There is a strong need for adjustments by the policy makers. Another result that I got from the study is that monetary expansion and inflation are related significantly and they tend to determine the direction of one another at times but inflation is also related to other factors. These days economies of all countries whether underdeveloped, developing as well developed suffers from inflation. Inflation or persistent rising prices are major problem today in world. Because of many reasons, first, the rate of inflation these years are much high than experienced earlier periods. Second, Inflation in these years coexists with high rate of unemployment, which is a new phenomenon and made it difficult to control inflation. Economic policies tend to increase the general public welfare and monetary policy supports this broad objective by focusing its efforts to promote price stability. The objective of monetary policy in Pakistan, as laid down in the SBP Act of 1956, is to achieve the targets of inflation and growth set annually by the Government. In recent years money supply increased rapidly and some researchers thought this increase in money supply was going to translate quickly into inflation. But inflation did not grow much and empirical evidence shows that shocks to the petrol and meat supply mainly affected inflation. In the long-run the relationship between money supply and price is very strong and their correlation is almost one. Lucas (1995) emphasized the long-term relationship between money and prices in his Nobel Prize lecture by mentioning McCandless and Weber (1995). For the short-term relationship, empirical evidence of relationship between money growth and inflation is weak and unclear. A variety of studies on money demand yield very dissimilar results. As result, it is difficult to establish a straight relationship between these two variables in the short-term. This paper tries to measure the relationship between money growth and inflation for Pakistan. The paper consists of following sections: Introduction, The need to control inflation and the monetary policy in Pakistan, Literature Review, Empirical results, conclusion and recommendations. The need to control inflation Price stability is key to long run growth prospects. Effective management and prediction inflation expectations is required to ensure that the prices are stable. With stable prices, economic decisions can be made with less uncertainty and therefore markets can function without concern about unpredictable fluctuations in the purchasing power of money. On the other hand, high and unanticipated inflation lowers the quality of the signals coming from the price system as producers and consumers find it difficult to distinguish price changes arising from changes in the supply and demand for products from changes arising from the high level of general inflation. High inflation lowers the effectiveness of the market system. High and unanticipated inflation makes it impossible to plan for relatively longer outlook, creating incentives for households and firms to shorten their decision horizons and to spend resources in managing inflation risks rather than focusing on the most productive activities. The competing goals of growth and price stability, which may seem to be at odds with each other, in fact boils down to a single objective i.e. price stability. In this backdrop, there is no surprise that most of the central banks aim at maintaining low and stable inflation. Central banks place more weight and demonstrate increased willingness on controlling inflation relative to output growth, and financial and exchange rate stability. Effectiveness of monetary policy in Pakistan Generally, historical evidence does reflect that Pakistan has been a high inflation and high interest economy given its inherent structural weaknesses. The role and effectiveness of monetary policy appears more visible in the 2000s when financial sector reforms started bearing fruits in terms of a more market based money and foreign exchange markets. Entering the 21st century, the loose monetary policy stance in the face of low inflation, low growth and low twin deficits, along with structural measures to open up the economy and alleviate some first round constraints, triggered the economy on a long term growth trajectory of above 7 percent. Monetary policy stance was however altered as the inflationary pressures started to build up in 2005. At the end of the fiscal year, the economy, which had been showing sustained steady growth since FY01, registered a historically high level of growth (9 percent), average inflation rose sharply (9.3 percent) and the external current account balance turned into deficit (-1.4 percent of GDP). Coinciding with these developments, the fiscal module started to show signs of stress as the fiscal balance was converted into a deficit and the stock of external debt and liabilities, which had been declining since FY00 after the Paris Club rescheduling, began increasing. These indicators largely capture the high and growing aggregate demand in the economy on account of sustained increase in peoples income. With the emerging domestic and global price pressures, SBP tightened its monetary policy after a prolonged gap of a few years. The efforts to rein-in inflation, however, proved less effective due to a rebound in international commodity prices and a rise in domestic food bearing fruits in terms of a more market based money and foreign exchange markets. Entering the 21st century, the loose monetary policy stance in the face of low inflation, low growth and low twin deficits, along with structural measures to open up the economy and alleviate some first round constraints, triggered the economy on a long term growth trajectory of above 7 percent. Realizing the complications of monetary management and adverse global and domestic economic developments, the implementation of SBP monetary policy during FY06 varied significantly from the preceding fiscal years. In addition to the rise in the policy rate, the central bank focused on the short-end of the yield curve, draining excess liquidity from the inter-bank money market and pushing up short-tenor rates. Consequently, not only did the overnight rates remain close to the discount rate through most of the year, the volatility in these rates also declined. These tight monetary conditions along with the Governments administrative measures to control food inflation helped in scaling down average inflation from 9.3 percent in FY05 to 7.9 percent in FY06, within the 8.0 percent annual target. For FY07, the government set an inflation target of 6.5 percent. To achieve this, a further moderation in aggregate demand during FY07 was required as the core inflation witnessed a relatively smaller decline in FY06, indicating that demand-side inflationary pressures were strong. In this perspective, SBP further tightened its monetary policy in July 2006 raising the CRR and SLR for the scheduled banks; and its policy rate by 50 basis points (bps) to 9.5 percent. Moreover, proactive liquidity management helped in transmitting the monetary tightening signals to key interest rates in the economy. For instance, the Karachi Inter Bank Offer Rate (KIBOR) of 6 month tenor increased from 9.6 percent in June 2006 to 10.02 percent at end-June 2007 and the banks weighted average lending and deposits rates (on outstanding amount) increased by 0.93 percentage points and 1.1 percentage points, respectively, during FY07. In retrospect, it appears evident that monetary tightening in FY07 did not put any adverse impact on economic growth, as not only was the real GDP growth target of 7.0 percent for FY07 was met; the growth was quite broad based. At the same time, the impact of the monetary tightening was most evident in the continued deceleration in core inflation during FY07. One measure of core inflation, the non-food non-energy CPI, continued its downtrend from YoY high of 7.8 percent in October 2005, to 6.3 percent at end-FY06, and to 5.1 percent by the end of FY07. However, much of the gains from the tight monetary policy on overall CPI inflation were offset by the unexpected rise in food inflation. On the downside, however, broad money supply (M2) grew by 19.3 percent during FY07, exceeding the annual target by 5.8 percentage points. Slippages in money supply growth largely stemmed from an expansion in NFA due to the higher than expected foreign exchange inflows. The pressure from the fiscal account was due to mismatch in its external budgetary inflows and expenditures. With the privatization inflows and the receipts from a sovereign debt offering at end-FY07, the Government managed to end the year with retirement of central bank borrowings, on the margin. By end-FY07, SBP holdings of government papers were still around Rs 452 billion, despite a net retirement of Rs 56.0 billion during the year. Another major aberration in FY07 emanated from the high level of SBP refinancing extended, for both working capital and long-term investment, to exporters. Aside from monetary management complexities, these schemes have been distorting the incentive structure in the economy. FY08 was an exceptionally difficult year. The domestic macroeconomic and political vulnerabilities coupled with a very challenging global environment caused slippages in macroeconomic targets by a wide margin. After a relatively long period of macroeconomic stability and prosperity, the global economy faced multifarious challenges: (i) hit by the sub prime mortgage crisis in U.S in 2007, the international financial markets had been in turmoil, the impact of which was felt across markets and continents; (ii) rising global commodity prices, with crude oil and food staples prices skyrocketing; and (iii) a gradual slide in the U.S dollar against major currencies. Combination of these events induced a degree of recessionary tendencies and inflationary pressures across developed and developing countries. Policy-makers were gripped with the dual challenge of slowdown in growth and unprecedented rising inflationary pressures. The external current account deficit and fiscal deficit widened considerably to unsustainable level (8.4 and 7.4 percent of GDP). The subsidy payments worth Rs 407 billion by Government, which account for almost half of the fiscal deficit, shielded domestic consumers from high international POL and commodity prices and distorted the natural demand adjustment mechanism. While the government passed on price increase to consumers, the rising international oil and other importable prices continued to take a toll on the economy. Rising demand has cost the country dearly in terms of foreign exchange spent on importing large volumes of these commodities. Rising fiscal deficit and lower than required financing flows resulted in exceptional recourse of the Government to the highly inflationary central bank borrowing for financing deficit. At the same time the surge in imports persisted. As a result, inflation accelerated and its expectations strengthened due to pass through of international oil prices to the domestic market, increases in the electricity tariff and the general sales tax, and rising exchange rate depreciation. These developments resulted in a further rise in headline as well as core inflation (20 percent weighted trimmed measure) to 25 percent and 21.7 percent respectively in October 2008. Considering the size of macroeconomic imbalances and the emerging inflationary pressures, SBP remained committed to achieve price stability over the medium term and thus had to launch steeper monetary tightening to tame the demand pressures and restore macroeconomic stability in FY09. SBP thus increased the policy rate from 13.5 to 15 percent. Literature Review If inflation is considered as a monetary phenomenon then it is the responsibility of the central bank and the fiscal authorities to achieve price stability. If inflation is caused primarily by food price increases, it would appear that the Ministry of Agriculture should play a key role in containing inflation. Analysis of Money, Inflation and growth in Pakistan (Abdul Qayyum) shows that excess money supply growth has been an important contributor to the rise in inflation in Pakistan during the study period, the study used Correlation analysis with the Country of study being Pakistan. In my research I will try to find the correlation between the monetary assets and inflation, and determine whether the policy makers have been successful to use monetary assets as a measure to predict interest rates. Economic Growth, Inflation, and Monetary Policy in Pakistan: Preliminary Empirical Estimates AHMED M. KHALID*states the State Bank of Pakistanis also under pressure to discuss and design a policy that could provide a stable and sustainable economic growth as well as address the necessary conditions to be part of the global economy. Is Inflation in Pakistan a Monetary Phenomenon (M. ALI KEMAL) finds that an increase in money supply over the long-run results in higher rate of inflation and thus provides support for the quantity theory of money. It establishes that inflation is essentially a monetary phenomenon. However, the money supply does not instantly influence the price levels; the impact of money supply on inflation has a considerable lag of about 9 months. While the study shows that the money supply works through the system in less than a year, it also points out that the system takes rather long to converge to equilibrium if shocks appear in any of the three variables, viz., GDP, money supply, and prices. Primary objective of this research is to check the long-run relationship and short-run dynamics between the money and inflation. In the long run money supply impacts the inflation rates. QTM holds in the long Run, which implies that inflation is a monetary phenomenon. In the short run, the impact of money on inflation is not instant; it affects inflation with lags of about 3 quarters. In the long-run the relationship between money supply and price is very strong and their correlation is almost one. Lucas (1995) emphasized the long-term relationship between money and prices in his Nobel Prize lecture by mentioning McCandless and Weber (1995). Certainly in the long run, inflation is considered to be-as Friedman (1963) stated-always and everywhere a monetary phenomenon. However, other authors have pointed to supply-side developments in explaining inflation. This structuralist school of thought holds that supply constraints that drive up prices of specific goods can have wider repercussions on the overall price level. In Pakistan, increases in the wheat support price have been blamed for inflation. As such, the question money or wheat is not merely academic, but has profound implications for economic policy. If inflation is a monetary phenomenon, it is the responsibility of the central bank and the fiscal authorities to achieve price stability. If inflation is caused primarily by wheat support price increases, it would appear that the Ministry of Agriculture should play a key role in containing inflation. In this paper, I would study the relationship between inflation and monetary expansion, to prove that it is not entirely a monetary phenomenon but it is affected by other factors as well. Data Sources and limitations The data covers the period 1950-2005 on a yearly basis. The choice of sample enables us to study the long run relationship between money supply and inflation and short run effects. The period covers the whole monetary policy stance under different rules, and then we also analyze it in periods of different economic growth. We use annual data from 1949-50 to 2004-2005 to investigate the relations between money and prices in Pakistan. The principal data source is 50 Years of Pakistan in Statistics; prepared by the Federal Bureau of Statistics. The other data sources include the regular issues of Economic Survey by Finance Division and Monthly Bulletin by State Bank. Before proceeding further, i would like to point out that the analysis is based on fifty years of Pakistan during which the country has undergone a series of economic and political changes. In particular, there have been significant improvements in the monetary sector as well as its impact on economy in the 1990s. Methodology The tests used will be Correlation Regression Graphical Analysis Model The model used would analyze the inflation against two variables of money supply monetary expansion and monetary assets. Money supply is considered as independent variable. Inflation is considered as dependent variable. Empirical Results Correlation test The correlation between monetary assets and inflation during entire 50 year periods has been as such For a perfect correlation the correlation coefficient should have been + 1 but in this case the correlation coefficient is coming out to be 0.034 which is very near to 0 which shows that the monetary policy is not being effective in predicting the rates of inflation. In the long run money supply is able to determine inflation but in short term it is determined much by the other factors of economy. The linear relationship between monetary assets and inflation is not that strong. There is small correlation which means in the long run it is effective but not in the short run. For effective monetary policy the correlation between money supply and inflation should be one but here the correlation is much less and is nearer to O. Regression Test between monetary assets and inflation This table displays R, R squared, adjusted R squared, and the standard error. R is the correlation between the observed and predicted values of the dependent variable. The values of R range from -1 to 1. The sign of R indicates the direction of the relationship (positive or negative). The absolute value of R indicates the strength, with larger absolute values indicating stronger relationships. R squared is the proportion of variation in the dependent variable explained by the regression model. The values of R squared range from 0 to 1. Small values indicate that the model does not fit the data well. Here the model doesnt fit the data well the R square is very small. The larger the F The larger the F (the smaller the p-value) the more of ys variation the line explained so the less likely H0 is true. We reject when the p-value The F statistic is the regression mean square (MSR) divided by the residual mean square (MSE). If the significance value of the F statistic is small (smaller than say 0.05) then the independent variables do a good job explaining the variation in the dependent variable. If the significance value of F is larger than 0.05 then the independent variables do not explain the variation in the dependent variable. Here the F value is greater that 0.05 which means it is not explaining the dependent variable. Inflation= 6.504 + 0.00* monetary assets The beta coefficient tells how strongly independent variable is related with dependent variable. R2 is a statistic that will give some information about the goodness of fit of a model. In regression, the R2 coefficient of determination is a statistical measure of how well the regression line approximates the real data points. An R2 of 1.0 indicates that the regression line perfectly fits the data. The variation explained by monetary assets in inflation is not much which tells us that the policy has not been that effective. The correlation between the monetary assets and the inflation has not been much significant. Monetary expansion and inflation has significant relationship and at times one determine the other this means that we have to accept hypothesis that it is a monetary phenomenon but add that it is affected by other factors as well like oil and food prices. Why Inflation is alarming and needs to be controlled High and persistent inflation is a regressive tax adversely impacting the poor and economic prospects. The poor hold few real assets or equity, and their savings are typically in the form of cash or low-interest bearing deposits; this group is most vulnerable to inflation as it erodes savings. Moreover, high and volatile inflation has been found to be detrimental to growth and financial sector development. High inflation obscures the role of relative price changes thus inhibiting optimal resource allocation. Inflation hurts growth once it exceeds a certain threshold. A number of empirical studies have established that the relationship between inflation and growth is nonlinear. At low levels of inflation, inflation has either no impact or a positive impact on growth. However, once inflation exceeds a certain threshold, it has an adverse impact on long-run growth. High inflation also inhibits financial development. Financial market institutions are intermediaries that reduce frictions between savers and investors (including adverse selection, moral hazard, or conflicting time preferences). Inflation makes this intermediation more costly because inflation tax lowers long-run real returns. As a result, credit is rationed and financial depth is reduced. As in the case of growth, there appears to be a threshold beyond which inflation adversely affects financial sector developments, while there are no negative effects at low levels of inflation. The adverse effect of inflation on financial development is one mechanism by which inflation can hurt growth. For example, Loayza and Ranciere (2005) find a positive long-run relationship between financial development and growth in a sample of 75 countries. In Pakistan, periods of low inflation are associated with high growth rates and vice versa. Between 1978 and 1991, inflation was 8 percent on average and real per capita growth averaged 3 percent. Between 1992 and 1997, inflation increased on average to 11 percent, while real per capita growth fell substantially and averaged only 1 percent. Finally, between 1998, inflation was reduced again to an average of 5 percent, and real per capita growth displayed a dramatic recovery. Of course, there are other factors that determine growth in the short-run and in the long-run [e.g. van Rooden (2005)]. Nonetheless, Pakistans growth performance has been best when inflation was contained to 8 percent or lower. Conclusion Hypothesis 1 Null Hypothesis: Monetary policy is effective in controlling inflation in Pakistan. Alternative Hypothesis: Monetary policy is not effective in controlling inflation in Pakistan. Result: Reject Null Hypothesis and Accept Alternate Hypothesis. Hypothesis 2 Null Hypothesis: Inflation is a monetary phenomenon. Alternate Hypothesis: Inflation is not a monetary phenomenon. Result: We accept our hypothesis but add here that inflation in Pakistan is not entirely a monetary phenomenon, it is a monetary phenomenon in long run, but in short run it is affected by other factors as well like food and oil prices. The rejection of first hypothesis shows that there need to be steps taken by policy makers to combat the inflation rates. The empirical results presented in this paper show that monetary factors determine inflation in Pakistan. Broad money growth and private sector credit growth are the key variables that explain inflation developments with a lag of around 12 months. A long-run relationship exists between the CPI and private sector credit. The food price affects inflation in the short run, but not in the long run. Recommendations The following areas need attention and are key for effective monetary management. Effectiveness of monetary and fiscal coordination would be helpful. For effective analysis of developments and policy making, timely and quality information is extremely important. Information is not available with desired frequency and timeliness. Also there are concerns over the quality of data. Unlike many developed and developing countries, data on quarterly GDP, employment and wages, etc. is not available in case of Pakistan. Moreover, the data on key macroeconomic variables is usually available with substantial lags. This constrains an in-depth analysis of the current economic situation and evolving trends, and hinders the ability of the SBP to develop a forward-looking policy stance. Unlike many countries, both developed and developing, there is no prescribed limit on government borrowing from SBP. Borrowing from the central bank injects liquidity in the system through increased currency in circulation and deposits of the government with the banks. In both cases, the impact of tight monetary stance is diluted as this automatic creation of money increases money supply without any prior notice. Improve the effectiveness of monetary policy is to prohibit the practice of government borrowings from the SBP. Another issue is to make a clear distinction between exchange rate management and monetary management. It is impossible to pursue an independent monetary and exchange rate policy as well as allowing capital to move freely across the border. Since the SBP endeavors to achieve price stability through achieving monetary targets by changes in the policy rate, it is not possible to maintain exchange rates at some level with free capital mobility. This can only be achieved by putting complete restrictions on capital movements, which is not possible. SBPs responsibility is to ensure an environment where foreign exchange flows are driven by economic fundamental and are not mis-guided by rent seeking speculation. In conclusion, it is imperative that above steps be taken urgently. Over the period, however, this needs to be complemented with much deeper structural reforms to synchronize and reform the medium term planning for the budget and monetary policy formulation process. Several studies and technical assistance have provided extensive guidance in this area, but the lack of capacities and short term compulsions have often withheld such reforms. What is important is to recognize that a medium term development strategy, independently worked out, would help minimize one agency interest which has often been a source of coordination difficulties. It would also help the budget making process more rule based than the incrementally driven process to satisfy conflicting demands.

American Newspaper Comics :: Newspapers Comic Strips Cartoons Art Essays

American Newspaper Comics 1. Definition and Defining Elements of Newspaper Comics 1.1. Definition According to Wikipedia encyclopaedia, â€Å"[†¦] a comic strip is a short strip or sequence of drawings, telling a story. Drawn by a cartoonist, they are published on a recurring basis (usually daily or weekly) in newspapers or on the Internet. They usually communicate to the reader via speech balloons. The term ‘comic’ derives from the fact that most strips were funny in the beginning. For this reason they are often also referred to as ‘funnies’.†. Comics, however, need not be humorous by necessity. While many comics remain focused on humour, others involve politics, human interest, murder and suspense, or adventure. Another word for comic is ‘sequential art’ , which I regard as the most appropriate term describing the genre, because it refers to comics as an art form on the one hand and gives you an idea of the nature and appearance of comics on the other. This takes me to the structure and appearance of newspaper comics. 1.2. Structure and Appearance Most comics consist of more than one panel, which is a box or a frame that contains a given scene, but as the following strip shows, sequence can also be expressed in only one panel. Here, one can imagine what happened before this scene, by just seeing one panel. Almost all comics also contain some text, which appears in balloons or headlines. While most daily newspaper comics are published six days a week in black and white, those on Sunday tend to be in colour.  Ã‚  Ã‚  Ã‚  Ã‚   1.2. The Characters In fact, the characters are the most important ingredients of a successful feature, because everything else is exchangeable. There are often lots of artists who work on one strip and if any of them discontinues, there are others to replace him or her. Artists may even switch syndicates without anyone noticing, but Peanuts, for example, would not be the same without Charlie Brown or Snoopy. The characters become your friends, because you identify with them. The typical loser who never manages to sit next to the little red-haired girl during the break might sympathize with Charlie Brown and the person being bullied at his or her workplace is very likely to feel affection for Dilbert. According to Julie Davies, â€Å"[†¦] comic strips can only be effective if readers see their own lives reflected in the daily funnies.† The Funnies are also something steady, something you can rely on, because, once adapted, they are not likely to change.

Time Capsule :: essays research papers

I would choose â€Å"A Rose For Emily† by William Faulkner and â€Å"Shiloh† by Bobbie Ann Mason to be put in a time capsule to be unearthed 100 years from now. Because â€Å"A Rose For Emily† was written in 1930, and â€Å"Shiloh† was written in 1982, I think that considering the two stories side by side would provide an interesting contrast between lifestyles of the early and late 20th century. By comparing setting and characterization in these two stories, people 100 years from now could get a feel for some of the things that have changed during the course of the 20th century and some of the things that have not.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"A Rose for Emily† and â€Å"Shiloh† are both set in the South, and both take place during times of change. In â€Å"A Rose for Emily,† the Grierson house was located on what had once been the â€Å"most select street† (80) but as the town changed the house had become crowded by â€Å"garages and cotton gins† (80). During the course of the story, the town of Jefferson gets its sidewalks paved, and free postal delivery is made available to all the residents. Emily, who â€Å"alone refused to let them fasten the metal numbers above her door,† (85) for the purpose of postal delivery, also refused to acknowledge the passage of time in any other way. The character of Leroy in â€Å"Shiloh† is much the same as Emily in that he fears and dislikes the changes brought by the passage of time. In the story â€Å"Shiloh,† Leroy notices with uneasiness that â€Å"subdivisions are spreading across western Kentucky li ke and oil slick† (69) and that â€Å"the farmers who used to gather around the courthouse square on Saturday afternoons to play checkers and spit tobacco juice have gone† (69). The â€Å"grand and complicated† (70) houses of the new subdivisions depress Leroy, and his wife Norma Jean thinks that the log house Leroy longs to build would be â€Å"inappropriate here in the new subdivisions† (70).   Ã‚  Ã‚  Ã‚  Ã‚  It would be interesting for people 100 years from now to compare the characters of Emily Grierson, Homer Baron, Leroy Moffitt, and Norma Jean Moffitt, and also it would also be interesting for them to compare the relationships between the two couples. Emily, who in some respects was a typical woman of her day, was dominated by the wishes of her father as a young woman, and later her treatment at the hands of Homer Baron became the main issue of her life.

Equality and diversity Essay

You should use this file to complete your Assessment. The first thing you need to do is save a copy of this document, either onto your computer or a disk Then work through your Assessment, remembering to save your work regularly When you’ve finished, print out a copy to keep for reference Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area – make sure it is clearly marked with your name, the course title and the Unit and Assessment number. Please note that this Assessment document has 11 pages and is made up of 5 Parts. Name: Part 1: Living in a diverse world 1. What is meant by diversity? The word diverse means different and varied. Diversity recognises that though people have things in common with each other, they are also different and unique in many ways. 2. Describe the community you live in. Highlight some of the variations you may observe in terms of: Interests Beliefs Ages Lifestyles Personal, social and cultural identities. In my community it has a great diversity of people. There are some retired and young people, an ex-vicar, my neighbours are Indians and I also have Italian, Spanish and Polish people on my street. Some people are single, others married, and some have children. There is also a gay couple on my street. Many people on the street have children. There is a spiritual church, a Christian church and a Kingdom of Jehovah’s witnesses. There also are many local restaurants offering a huge choice of cuisine In a few short sentences I have shown the variations in age, beliefs, interests, national origin, marital status, sexual orientation and religion 3. Explain how the variations in question 2 contribute to the diversity of the community. The variations in question 2 show us that my community is diverse having different people and it can contribute for a better community because it brings: Wide range of experiences and opportunities for the whole community. Everyone the opportunity to learn about religions other than their own. Food from different parts of the world allows everyone in the community to have a small sample of different cultures. People the chance to experience different things outside of what they are normally accustomed to. 4. Give some examples to explain how diversity: Enhances your life Enhances the local community Enhances this country. The example of how diversity enhances my life is that it teaches me to be more tolerant and I can learn how to live in society with so many different people. Diversity enhance the local community by encourage friendships and relationships over shared or new interests. Because of the differences it brings to the community a number of different interests. Diversity enhances this country by bringing a huge number of different products and services for people, the opportunity to to learn about different cultures. 5. Describe what it means to respect people’s differences and why it is important to respect differences. Respect people’s differences is when you recognising that another person is different and don’t behave unpleasantly or illegally when you recognize that the person has a right to be different. Respect people’s differences is important as people are better able to live their lives peacefully when respecting each others differences. By tolerating others, you create an environment where others are also encouraged to accept you for what you are. Once you have completed this Part of your Assessment, save the work you have done so far – you will need to send your work to your tutor for marking when you have completed all five Parts of this Assessment. Part 2: Describing yourself in a diverse society 1. For a person you know, describe the individual factors that make him / her who they are. Name: Defining factors Brief description Physical characteristics He is tall and quite slim. He has got an oval face with bright blue eyes. He has short brown hair. He seems to be in his 40s. Emotions He always seems to be in a good mood, is a kind person always trying to help others. He is funny most of the time he makes people laugh. Likes He is brilliant with people, very smart person, with an incredible sense of humour. Dislikes He thinks know-it-all, always late and some time he can be bossy. Values and beliefs He is devoted to his family and a honesty man. 2. Describe yourself in terms of: Personal interests I am passionate about travelling and different languages; I have lots of different book about languages in my shelf. When possible I like to travel and visit the countries. Religion / culture I am catholic, I attend church once a week and when possible I read the bible at home. Geography. I come from Brazil, because I from there I am immerge into the Brazilian community in Swindon. I also have some particular taste and way that comes from my country as for example: Food, music and even the way I express myself. 3a. Explain what is meant by having multiple identities. It means the various identities a person may have, Example: Father, Brother, Son, Friend, Boss etc. 3b. Give three examples in relation to people you know. Example 1: Example 2: Example 3: 4. What is meant by shared identity? 5. Explain and give examples of how an individual can identify themselves as belonging to a number of different groups. 6. Describe yourself in terms of your multiple identities. Once you have completed this Part of your Assessment, save the work you have done so far – you will need to send your work to your tutor for marking when you have completed all five Parts of this Assessment. Part 3: Stereotyping and labelling 1a. What is meant by stereotyping? 1b. What is meant by labelling? 2. Explain why some people stereotype others. 3. Provide two examples of the damaging effects that stereotyping and labelling can have on people. 4. Provide at least two examples of the way stereotyping is perpetuated in society. Once you have completed this Part of your Assessment, save the work you have done so far – you will need to send your work to your tutor for marking when you have completed all five Parts of this Assessment. Part 4: Prejudice and discrimination 1. Define prejudice and discrimination. 2. Explain how people may develop prejudices. 3. Describe the following types of discrimination. Type of discrimination Description Dual discrimination Multiple discrimination Positive discrimination Discrimination arising out of disability Discrimination by association 4. What is meant by the term protected characteristics? 5. What is the difference between direct and indirect discrimination? Give two examples to illustrate your point. 6. Describe the effects that discrimination and prejudice can have on people. Once you have completed this Part of your Assessment, save the work you have done so far – you will need to send your work to your tutor for marking when you have completed all five Parts of this Assessment. Part 5: Having an equal opportunity 1. Describe what equal opportunities means in relation to: Education Housing Healthcare Employment. 2. Outline the inequality problems that persist in terms of pay for men and women. 3. Describe two other signs of inequality that haven’t already been covered in this Assessment. Now that you have completed all five Parts of this Assessment, go to www.vision2learn.com and send your work to your tutor for marking.