The Expectations Augmented Phillips Curve Essay

The Expectations Augmented Phillips Curve Essay History has formed into two viewpoints, when the period of 1975, with an expansive unanimity about the advancement of pre-1975, which is well catch (comprehended). Bifurcation begins in 1975, when the Philips bend stall into two fork (parts) of the street with having a little association between two branches or forks. As we look towards the significant commitment of the paper, by the wellspring of bifurcation (partition it into branches) so as to inspect the commitments of the forks that happen post 1975. The pre history of the Philips bend before 1975 is direct and clear in its way. Philips at first find the historical backdrop of existing negative connection among swelling and joblessness named as Philips bend, that was a short time later promoted by Samuelson and Solow, and afterward followed by the period when the strategy producer were assuming to accomplishment the exchange off between them so as to decrease the joblessness on the expense of expanding expansion. For that improv ement of Friedman, Phelps and lucas vanquished the strategy accomplishment exchange off for since quite a while ago run money related fairness. At the point when Sargent clarified the disappointment of their trial of unprejudiced nature, made refusal on the executed econometric rendition of Philips bend during the 1960s injury, lastly they were sentenced to the devastated touch of the negative connection between's the joblessness and expansion in the time of 1960s changed over to the positive in 1970s by the lucas and Sargent. The unprejudiced modeler and the enemy of Keynesian exchange off rose triumph with having significant admonitions of that concerned model were unconvincing just as their value amazes all were directing numerous slip-ups with no supporting confirmations. Writing of Philips bend split in two measurements after 1975 (the time of development of PC), when everybody neglected to perceive the commitment of others. The other area surveys the steady, lively and dynamic total interest and gracefully system that come into front in late 1970s in hypothetical commitment and in reading material of full scale financial matters. This methodology is resolved, in light of the fact that the expansion rate is overwhelmed by the perseverant in type of various long slacks when contrasted with past swelling rate. In the standard methodology the major significant contrast is that the post swelling rate is boundless to frame the desires, yet in addition includes the perseverant impact because of the pay and value the agreements of fixed-length, additionally the slacks of unripe material and last merchandise costs. Because of the interest and gracefully stuns swelling ousted from its past lazy qualities. This methodology of econometric usage at some point called triangle since it indicating the three cornered gracefully, request and latency. As the aftereffects of gracefully stuns, the methodology portrays the swelling and joblessness tops in the period of 1970s and mid 1980s, that gives the corresponding investigation of valley of low joblessness and expansion in late 1990s. It might underline that joblessness and expansion can either be adversely and decidedly associated and furthermore relying upon the flexibly stuns and reactions. During the time of ahead of schedule and mid 1960, the three periods of Philips bend created e following outcomes. Right off the bat, the Philips bend furnish the approach producer with a menu of various alternatives. Also, the approach counselors of the Kennedy and Johnson government, that drove by Walter Heller having support from Robert Solow and James Tobin, they made conversation that the past Republican government (organization) had picked a point excessively far south east alongside the Philips bend exchange off, that time considered valuable in light of getting the nation move again from south east to north-west. President Kennedy got a type of proposals from Hellers bunch pertinent to the significant cuts in bureaucratic annual duties and these were executed by the Johnson government in two periods of 1964 and 1965 after the demise of president. Samuelson and Solow had determined the joblessness rate in the late 1963 that was 5.5% and good along zero swelling, so it was reas onable to actualize the expansionary financial strategy of Kennedy-Johnson that quicken the swelling even without relaxing the floodlight monetary pattern because of the war of Vietnam. We allude to look at the time of 1960 to 1971by taking the quarterly information of US swelling and joblessness and afterward come back to a similar image of development of Philips bend banter began in the post 1971 about the expansion and joblessness. Third viewpoint was the pace of joblessness fall beneath 5.5% in 1964 and stayed underneath 4% in the middle of 1966 to 1970. The ups and down in expansion stayed perfect in econometric model with having the common joblessness rate (reliable with consistent swelling as opposed to the zero expansion) in the scope of 5.5% 6.0%. Another part of that period was the creation of centralized server (the very electronic PC). Just because, the PC made it down to earth to appraise the enormous scope econometric models contained in (Formm and Tauban 1968). These model comprised of two conditions. The principle logical variable in that condition of joined Philips bend was the joblessness rate, now and then the pace of progress of joblessness rate, a few factors measure the normal expansion of sets of slacks and on charge rates. In the condition of value level to the pay level the evaluated difference in wage was regularly converted into the swelling rate and balanced for the gainful propensity, the alleged unit work cost inclination. Request was seriously estimated and reacts by the value work cost proportion. The value work cost proportion or increase was permitted to react to a proportion of interest, this specific circumstance identified with the profitable market not to the joblessness rate, for example, the proportion like the unfilled shipment orders. The expansion rate rely upon the pace of progress of joblessness in the decrease type of this methodology where it measure the interest just as various slacks of swelling. With managing the test of Friedman-Phelps common rate speculation, an issue experienced indicating the contention in the information taken in the late 1960s. Despite the fact that, the relating rivalry, the element was dedicated among the various divisions of financial matters working at the University of Chicago, dealings occurring in the middle of Milton Friedman and Franco Modigliani. A discussion happened between them in 965 by their co-creators over the issue that lone financial strategy made a difference or just monetary approach made a difference and discussed appeared to be incredible when the outcomes depended on IS-LM model demonstrated that both the monetary and fiscal arrangement made a difference in estimation of PC by barring some extraordinary cases. The presidential location of Friedman (1968) involved two areas that had a primary concern which was intently correlated.â In the first place, it meant the quicker swelling because of demonstrating the wastefulness in charge of ostensible loan cost by the national bank and it includes fuel toward the expansion fire in the economy. Second, it indicated the significance of Philips bend banter and inferred end by said that the strategy creators had no capacity to choose some other joblessness rate instead of the regular pace of joblessness and rejected from the macroeconomic structure of the item and the work showcase. Another progressively alluring and reasonable translation about the normal pace of joblessness was given that demonstrated the similarity with precise swelling rate which involved the gradual expansion rate. Investigation which was not nonpartisan dependent on the arrangement exchange off had overlooked the desires that utilized for change purposes. By consider an economy continuing at the regular pace of joblessness and furthermore dependent on the 1% expansion rate was exactly prevented.â By pushing the joblessness rate underneath the characteristic joblessness rate can tend the economy towards the north east of the short run Philips bend and the results showed up in type of expanding the genuine swelling rate. In any case, if the specialists saw that the swelling rate become higher when contrasted with the underlying foreseen expansion pace of 1%, the expansion desires become higher and it move the short run Philips bend higher. What's more, the procedure will proceed with except if and until the pace of joblessness came to at the common pace of joblessness. In this way, the Friedmans timing to address gets abnormal and faultless. As indicated by the verbal forecasts of the model given by Friedman, The financial development of Kennedy-Johnson that included both the spending on Vietnam War and tax breaks that likewise joined by the money related lodging had not just push the pace of joblessness down to 3.5% from 5.5% yet in every year in the middle of 1963 to 1969 the pace of expansion become quick. The huge scope econometricians who had assessed the joblessness pace of 4% and furthermore estimated the expansion rate become astound that how the quickening of swelling had been surpassed from year to year. Defamers of Friedman assaulted on the verbal model given by him and used to spur the characteristic rate, when the econometricians become very much aware of their disappointments in regards to conjecture the increasing speed of swelling in late 1960s and in later the model become tricking model. As indicated by the businesses desires identified with value level an idea given by Friedman that are consistently exact however the representatives stayed disappointed of the normal costs that doesn't react to the genuine value level. At the point when the business grow, the costs raises more than the proportion of wages, so the need is to give the motivating forces to the representatives so as to connect up the hole of lower genuine wages, as they rema ined neglect to satisfied their desires to alter the prices.â Friedmans verbally expected model become improbable, as the laborers had total access of the Consumer value file and were notable about the real costs winning in the market. There could

Markov Analysis

1. Depict the inner work market of the organization as far as occupation dependability (remaining in same employment), advancement ways and rates, move ways and rates, downgrade ways and rates, and turnover (leave) rates. Progress Probabilities for 2010-2011 Sales, Full-time 1. half remained a similar 2. 10% moved to low maintenance status 3. 5% were elevated to Asst. Deals Mgr. 4. 0% were elevated to Regional Sales Mgr. 5. 35% left the association Sales, Part-time 1. 5% moved to full-time status . 60% remained a similar 3. 10% were elevated to Asst. Deals Mgr. 4. 0% were elevated to Regional Sales Mgr. 5. 25% left the association Asst. Deals Mgr. 1. 5% were downgraded to full-time deals 2. 0% were downgraded to low maintenance deals 3. 80% remained a similar 4. 10% were elevated to Regional Sales Mgr. 5. 5% left the association Region Sales Mgr. 1. 0% moved to another activity 2. 70% Stayed a similar 3. 30% left the association 2. Conjecture the numbers accessible in each activity c lassification in 2013.Job 2012 Category Employees SF SP ASM RSM TOTAL EXIT Sales Full-time (SF) 500 250 50 25 0 325 175 Sales Part-time (SP) 150 7. 5 90 15 0 112. 5 37. 5 Asst. Deals Mgr. (ASM) 50 2. 5 0 40 0 47. 2. 5 Region Sales Mgr. (RSM) 30 0 21 9 Work Sales Full-Time (SFT) Sales Part-Time(SPT) Asst. Deals Mgr(ASM) Reg Sales Mgr a. ) . 50 x 500 = 250 b. ) . 05 x 150 = 7. 5 c. ) . 05 x 50 = 2. 5 d. ) . 70 x 30 = 21 . 10 x 500 = 50 . 60 x 150 = 90 . 80 x 50 = 40 . 30 x 30 = 9 . 05 x 500 = 25 . 0 x 150 = 15 . 10 x 50 = 5 . 35 x 500 = 175 . 25 x 150 = 37. 5 . 05 x 50 = 2. 5 3. Show potential restrictions to your conjectures. A. ) generally speaking, it is attractive to have at least 20 representatives in each activity classification/level. A portion of the cells contain under 20 cases. So the appraisals dependent on these figure can yield flimsy assessments of future availabilities. B. ) There is a chance of results not being exact because of numerous moves by employees.The investig ation can't identify different moves by workers among T and T+1; it just arranges representatives and tallies their development as indicated by their start (T) and consummation (T+1) work classification/level, disregarding any discontinuous moves. C. ) The figure expect that all workers in an occupation classification/level have an equivalent likelihood of development. This is ridiculous in light of the fact that associations consider numerous variables. As a result of these elements, the probabilities of development may shift among explicit representatives.

Judaisms Transformation To Modernization In Relation To America Essays

Judaisms Transformation To Modernization In Relation To America Essays Judaism's Transformation to Modernization in Relation to America The Jewish lifestyle has been influenced in a gigantic path by the individuals of the United States of America. When of the marking of the Declaration of Independence, there were just 2500 Jews in America. For a long time starting in 1840, 250,000 Jews (essentially from Germany, Hungary, and Bohemia) entered this nation. Hostile to Semitism and financial burdens in Eastern Europe went from terrible to more terrible after the slaughters of 1881-1882. Just about 3,000,000 Eastern European Jews left among 1881 and 1914, 2,000,000 (85%) of which chose to come to America, where they thought the lanes were cleared with gold. They were wrong. In view of this intercontinental relocation, the social portrayal of Jews in America changed radically. Previously the move, the biggest gathering in the mid eighteenth century were the Sephardic Jews. They lived in the beach front urban communities as shippers, craftsmans, and shippers. The Jews who predominately communicated in German came to America more than 100 years after the fact, and immediately spread out finished the land. Beginning as vendors, they climbed to business positions in the south, midwest, and on the west coast. New York City had 85,000 Jews by 1880, a large portion of which had German roots. At this time in American history, the legislature acknowledged numerous individuals from a wide range of foundations to take into consideration a different populace; this demonstration of opening our outskirts likely is the root of the graphic expression the mixture of the world. These German Jews quickly absorbed themselves and their confidence. Change Judaism showed up here after the Civil War due to the approach of European Reform rabbis. Jewish theological colleges, affiliations, also, foundations, for example, Cincinnati's Hebrew Union College, New York's Jewish Theological Seminary, the Union of American Hebrew Gatherings (UAHC), and the Central Conference of American Rabbis, were established during the 1880s. America was trying different things with industry on a colossal scale at the time the Eastern European Jews that showed up. Their social history joined with the American Industrial Age created an very various and particular American Jewry before the finish of the intercontinental movement, which agreed with the beginning of the Incredible World War (World War I). Very nearly two out of each three new settlers called the large upper east regions, (for example, the Lower East Side of New York) their new home. They would take any work accessible to help the family, and they worked in numerous various employments which were as genuinely requesting as they were differing. The piece of clothing locale in New York today was produced using the fastidiousness, the perspiration, and the assurance of the Jews. Low pay, extended periods of time, and nauseating working conditions described the normal working day. Worker's guilds battled for these laborers' rights and in the end won. There are accounts of men in the Lower East Side of New York who began to sell clothes from a truck, and gradually climbed the stepping stool so as to run a little dress shop. Like different Jews in America as of now, they relinquished the Sabbath to work during it, however it was for the acceptable and the help of his family. The 1890s saw the introduction of numerous Jewish-arranged foundations were sorted out to raising assets for clinical and social administrations, such as Jewish emergency clinics and Jewish homes for the matured. The American Jewish Committee was framed in 1906 to endeavor to impact the American government to help abused Jewish people group abroad. B'nai B'rith, a Jewish congenial society, was set up in 1843 by German Jews in America; in 1913 it established the Anti-Defamation Association to battle hostile to Semitism. Today the ADL battles not simply against Semitism, yet in addition bigotry and different discriminants. Besides, The B'nai B'rith Hillel Foundation has assembled Hillel Houses at significant school grounds all through the nation to guarantee that Jewish undergrads get a satisfactory strict experience. Hostile to Semitism in America didn't get across the board until the turn of the century. Hostile to Semitism chases after Jews; it isn't some portion of a network except if Jews live with them in that network and the gentiles don't need them there. Jews were casually alienated from clubs and resorts, and were denied access to schools and other organizations of higher learning. In addition, it was a typical practice to not utilize Jews specifically callings and essential businesses. Between World War I and World War II the United States set cutoff points on the quantity of Jews permitted in every year. Zionism, the development shaped by Jews to get themselves to

A Comparison between the Pantheon and the Coliseum Essay

A Comparison between the Pantheon and the Coliseum - Essay Example This exploration will start with the explanation that the Roman Empire has been credited with a ton of history in regards to its kin, occasions, and above all design. Rome’s chronicled credit, as far as engineering, is mostly ascribed to two incredible structures, which are the Pantheon and the Coliseum. Engineering in Rome was restricted to structures as well as included streets, extraordinary dividers, posts, and showers. These two structures make sure that Rome has a flood of several voyagers consistently. The structure, Pantheon, was developed in AD 118 at a site, which two structures fabricated had before burned to the ground. Then again, Coliseum was developed in the year AD 80, on a site that facilitated a fake lake. The structure of the tremendous Pantheon structure was compelled of Emperor Hadrin. Flavian Amphitheater is an alternate name used to allude to the Coliseum, whose development was compelled of Emperor Vespasian. Taking a gander at the time the sovereigns pr ovided orders for developments of the two structures, it is obvious that the Coliseum was manufactured sooner than the Pantheon, and the two structures check more than 1,900 years of their reality. Pantheon, arch molded, was worked with the goal of being a Temple. Open air theater was worked in a shape that takes after a field, and in many occurrences, it effectively accommodated individuals during open excitements and free games. The Coliseum endured an episode in which some portion of it was crushed by a tremor, however right up 'til the present time, the two structures are still in presence filling in as chronicled destinations. Structurally, the two structures the Pantheon and the Coliseum, can be looked into. Culture, customs, and strict convictions of the Roman Empire influenced the structural development of the Pantheon and the Coliseum. Antiquated Rome’s culture, convention and strict conviction were set apart with the structure of structures, which were novel around then. Antiquated Rome was a building society as it is reflected with the various developments of landmarks, sanctuaries, streets, fortresses, markets, theaters, manors and extraordinary dividers. The structures were utilized for amusement and strict purposes. Culture in antiquated Rome involved stimulations and games, which included combatants or slaves, battling and the best way to win was to murder the adversary while observers viewed. In old Rome, convention was drilled through venerating divine beings in the structures developed as sanctuaries. Moreover, strict faith in antiquated Rome was rehearsed through Christians venerating their God in sanctuaries. The Coliseum Social, conventional and strict impact on the Coliseum The political class of Rome exploited Rome’s culture to build the Coliseum so as to occupy its residents from governmental issues. This was because of the way that antiquated Rome’s social practices were set apart with a great deal of diversion and games. The Coliseum, which is a gigantic structure, was worked with the expectation of giving a diversion zone to Rome’s resident around then. Its development was additionally political, in that it diverted the resident of Rome from concentrating on the political battle around then. The field could oblige in excess of 50,000 individuals in its four stories during amusement meetings. This ampitheater was appointed by the Emperor Vespasian credited to have been the author of the Flavian tradition, which governed antiquated Rome the whole time the Coliseum was under development. Rome’s structural culture was exemplified when Emperor Vespasian obliterated a fake lake, which was built during Emperor Nero’s rul e and supplanted it with the Coliseum (Coarelli and Gabucci, 2001 p207). The way of life in old Rome, from the start was additionally polished through having numerous days and evenings committed to festivities and celebrations. The festivals were set apart with butchering creatures, drinking and arranging games to be watched by hordes of

Susan Sontag, Leslie Jamison, and Me Reading About Pain and #MeToo

Susan Sontag, Leslie Jamison, and Me Reading About Pain and #MeToo Not too long ago, I included Susan Sontag’s Regarding the Pain of Others in a round-up about reading for self-care. In that work, Sontag is concerned primarily with photography and the philosophy of viewing photographs (on the news, etc.) of faraway suffering. Sontag asks: what does it do for usâ€"or to usâ€"to look at a photograph of someone in pain? Should photographs be used to inspire empathy? Can we even access real empathy through a photograph? Maybe more to the point, do we even have a right to try? I read Regarding the Pain of Others a few years ago, when I was maybe a sophomore in college. I was not yet very interested in reading texts that were more theoretical than anything else, still preferring for a book to tell me exactly what to think. In my women’s studies classes, I vacuumed up assigned readings with a decisive, matter-of-fact toneâ€"feminists who laid out their case like lawyers and then summed it all up at the end with a punchy final line. It’s not that Regarding the Pain of Others doesn’t take sides, but rather that Sontag acknowledges that her side might not be the only one. The argument is methodical, but the conclusion is not absolute. I haven’t reread it since then, but I’ve found myself thinking about it in the last week or so with the fall of Harvey Weinstein and the rise of #MeToo, along with other books by women concerned with depictions of trauma. Regarding the Pain of Others is not about feminism so much as it is about humanity, technology, even capitalism, to an extent. Its premise, as I understood it, was actually very simple: what do we do with other people’s pain if we ourselves are not in pain? Sontag was interested in photography, but the question needs to be asked about personal narrative. The question is being asked about #MeToo: What does it do for us as human beings to scroll endlessly through admissions of pain and trauma? In other words, what is the point? I posted #MeToo. I should say also that I hardly know any women who didn’t post #MeToo. Many of them also included stories of their assault, the aftermath, or a laundry list of harassment incidents from the past week or month or ten years. The thought I had over and over was this: who is this for? I posted #MeToo, but in my head, I was like, duh, me too. Of course I’ve been yelled at from a car, followed on a dark street, grabbed and groped at parties, forcibly kissed, called names, leered at. Of course I’ve followed the innate code of conduct according to fears that were deemed “paranoid” by my male friends and constantly realized by my female ones. So then, #MeToo is for men, or anyone who believes this kind of stuff happens to a certain kind of person in a specific situation instead of everywhere always. Critiques of the hashtag expand from there: we need to stop fetishizing the pain of women as victims of faceless men and begin to hold perpetrators accountable. We need men to believe women without forcing them to dredge up the evidence. “I won’t say Me, Too,” one criticism began, “Because you all know that already.” The Sontag question: what do these displays of pain achieve other than eliciting guilt or sympathy that is then channeled into self-indulgent thankfulness? But then a friend posted a quote from a different writer: Leslie Jamison. In her essay “Grand Unified Theory of Female Pain,” Jamison writes: “The wounded woman gets called a stereotype, and sometimes she is. But sometimes she’s just true. I think the possibility of fetishizing pain is no reason to stop representing it.” Jamison uses Sontag as her counterpoint in this essay. In her book The Empathy Exams, one of my favorites, Jamison delves deep into pain and suffering of every kind imaginable: unusual, commonplace, voluntary, mysterious. It’s all there, and my response as a reader was similarly wide-ranging. I read a lot of books about female pain, whether I intend to or not, because I read a lot of books by women. I’m a feminist, and I am on Twitter, so I read a lot about pain there, too. But no matter how many books I read, I still haven’t fallen down hard on the side of either Sontag or Jamison. In fact, while writing this, I’ve realized I’ve done what I used to hate: thrown a handful of questions onto a page. But this whole experience has reminded me to do what I do when I don’t know: just keep reading, and eventually, something will make sense.

Susan Sontag, Leslie Jamison, and Me Reading About Pain and #MeToo

Susan Sontag, Leslie Jamison, and Me Reading About Pain and #MeToo Not too long ago, I included Susan Sontag’s Regarding the Pain of Others in a round-up about reading for self-care. In that work, Sontag is concerned primarily with photography and the philosophy of viewing photographs (on the news, etc.) of faraway suffering. Sontag asks: what does it do for usâ€"or to usâ€"to look at a photograph of someone in pain? Should photographs be used to inspire empathy? Can we even access real empathy through a photograph? Maybe more to the point, do we even have a right to try? I read Regarding the Pain of Others a few years ago, when I was maybe a sophomore in college. I was not yet very interested in reading texts that were more theoretical than anything else, still preferring for a book to tell me exactly what to think. In my women’s studies classes, I vacuumed up assigned readings with a decisive, matter-of-fact toneâ€"feminists who laid out their case like lawyers and then summed it all up at the end with a punchy final line. It’s not that Regarding the Pain of Others doesn’t take sides, but rather that Sontag acknowledges that her side might not be the only one. The argument is methodical, but the conclusion is not absolute. I haven’t reread it since then, but I’ve found myself thinking about it in the last week or so with the fall of Harvey Weinstein and the rise of #MeToo, along with other books by women concerned with depictions of trauma. Regarding the Pain of Others is not about feminism so much as it is about humanity, technology, even capitalism, to an extent. Its premise, as I understood it, was actually very simple: what do we do with other people’s pain if we ourselves are not in pain? Sontag was interested in photography, but the question needs to be asked about personal narrative. The question is being asked about #MeToo: What does it do for us as human beings to scroll endlessly through admissions of pain and trauma? In other words, what is the point? I posted #MeToo. I should say also that I hardly know any women who didn’t post #MeToo. Many of them also included stories of their assault, the aftermath, or a laundry list of harassment incidents from the past week or month or ten years. The thought I had over and over was this: who is this for? I posted #MeToo, but in my head, I was like, duh, me too. Of course I’ve been yelled at from a car, followed on a dark street, grabbed and groped at parties, forcibly kissed, called names, leered at. Of course I’ve followed the innate code of conduct according to fears that were deemed “paranoid” by my male friends and constantly realized by my female ones. So then, #MeToo is for men, or anyone who believes this kind of stuff happens to a certain kind of person in a specific situation instead of everywhere always. Critiques of the hashtag expand from there: we need to stop fetishizing the pain of women as victims of faceless men and begin to hold perpetrators accountable. We need men to believe women without forcing them to dredge up the evidence. “I won’t say Me, Too,” one criticism began, “Because you all know that already.” The Sontag question: what do these displays of pain achieve other than eliciting guilt or sympathy that is then channeled into self-indulgent thankfulness? But then a friend posted a quote from a different writer: Leslie Jamison. In her essay “Grand Unified Theory of Female Pain,” Jamison writes: “The wounded woman gets called a stereotype, and sometimes she is. But sometimes she’s just true. I think the possibility of fetishizing pain is no reason to stop representing it.” Jamison uses Sontag as her counterpoint in this essay. In her book The Empathy Exams, one of my favorites, Jamison delves deep into pain and suffering of every kind imaginable: unusual, commonplace, voluntary, mysterious. It’s all there, and my response as a reader was similarly wide-ranging. I read a lot of books about female pain, whether I intend to or not, because I read a lot of books by women. I’m a feminist, and I am on Twitter, so I read a lot about pain there, too. But no matter how many books I read, I still haven’t fallen down hard on the side of either Sontag or Jamison. In fact, while writing this, I’ve realized I’ve done what I used to hate: thrown a handful of questions onto a page. But this whole experience has reminded me to do what I do when I don’t know: just keep reading, and eventually, something will make sense.

Contemporary Issues in Accounting and Finance - Free Essay Example

Bankers remuneration is perceived amongst the core recession triggers, which lured top bankers to engage into socially wasteful investments. The aim of this report is to discuss how remuneration packages may affect bankers behavior in the short and long term. Furthermore it will provide a critical evaluation of the main recommendations of the Walkers Review. Lastly, a comparison of the remuneration packages of directors in Barclays and RBS will deliberate whether they are justifiable with performance. Remuneration is defined as the payment that generally comprises the base salary topped with any bonuses or other economic benefits which an employee or executive receives during employment in exchange for professional services (Investopedia, 2011). It can be divided into fixed pay (not depending on any criteria) or variable (whereby additional payments or benefits are function of performance or various contractual agreements such as sales, profits, return on assets). The above are correlated with the output of the accounting system but may also reward in line with market price of the firms shares. Both these components may include monetary payments or benefits (such as cash, shares, options, pension contributions) or non-monetary benefits such as health insurance, discounts, fringe benefits or special allowances for car, mobile phone (CEBS, 2010). Regulatory bodies, (i.e. G20, Committee of European Banking Supervisors), seem to concur that the inappropriate remuneration structures of some financial institutions have been a contributory factor towards the failure of individual financial institutions and systemic problems in the European Union Member States and worldwide. Remuneration policies that offered incentives and encouraged risk-taking above a certain tolerable degree at institution level undermined sound and effective risk management and exacerbated such behaviour. It was admitted that excessive remuneration in the banking industry fuelled a risk appetite disproportionate with the loss-absorption capacity of the sector (CEBS, 2010). The remuneration of bankers situates at the very centre of moral outrage succeeding the financial crisis. While regulators are mostly concerned with the remuneration structure which incentivised undue risk-taking, society sternly blames the pay-offs to senior executives of failed banks and large bonuses which rewarded bankers whose activities were entangled with the crisis triggering mechanism. The protest is greatly about the perversity of apparently mischievous prizes for blatantly imposing such costs on other stakeholders. The mainstream analysis of moral hazard (information asymmetry) assumes behaviour to be rational with respect to self-interest, in other words opportunistic in the sense that it takes advantage of chances to achieve personal benefit regardless whether that may happen at the others expense (Dow, 2010). Society perceives bonuses as the main drivers of greed and irresponsibly short-sighted behavior (pp. 1). From an economic point of view, the central critiques about bonuses are concerned with risk-taking and short-term orientation. Nonetheless, it is noteworthy that the design of the overall compensation package appears to have generated bankers myopia rather than the bonus system per se. In fact, most banks now concur that, preceding the crisis, their systems were excessively short-sighted, and are currently striving to base rewards on more sustainable performance criteria such as average growth rates and volumes across longer sampling periods (Gehrig Menkhoff, 2009). Bonuses have stirred widespread aversion feelings because of their asymmetric payoff structure which invites risk-taking by bankers. As such, should the risky investment have succeeded, the manager would have been granted a hefty compensation; whereas even in the unfavourable scenario, he still satisfied with a comfortable fixed salary incurring no further repercussions. Put differently, the bonus-based compensation package failed to penalise accordingly the various outcomes of jeopardising investments and consequently encouraged them (Gehrig Menkhoff, 2009). The remuneration policy should be in line with the business strategy, objectives, values and long-term interests of the credit institution. Otherwise, if the variable part of the remuneration consists predominantly of remuneration instruments that are paid out immediately, without any deferral or ex post risk adjustment mechanisms, based on a formula that links variable remuneration to current year revenues rather than risk-adjusted profit, there are strong incentives for managers to shy away from conservative valuation policies, to ignore concentration risks, to rig the internal transfer pricing system in their favour and to ignore risk factors, such as liquidity risk and concentration risk, that could place the institution under stress at some point in the future (CEBS, 2010). The Principal-Agent theory implies that executive compensation should be correlated with the total return to shareholders, commonly by granting ownership of the firm through stock or options. However, despite this frameworks compelling logic, existing empirical support contradicts the effectiveness of the agency theory when applied to executive compensation (Kakabadse et al, 2004). They are also meant to serve as an effective retention tool for talent in the long term, meaning they should motivate loyalty in successful bankers. However, stock options reward success, but normally do not penalize failure (Branca and Imelmann, 2009). Frabotta (2000a) argued that short-term strategies may in fact achieve differing outcomes to those actually sought, as they may not be congruent with the long-term profitability of an organization (Taylor and Davies, 2004, pp. 468). As such, bankers might seek to maximize short-run profits by employing creative accounting. This comprises methods such as discretionary costs management (i.e. reduction in allowance for doubtful clients with a view to increase net accounts receivable), sales and expenses adjustment, or non-operational profits e.g. asset disposals. Furthermore, medium-term behaviour might encompass income smoothing to reduce earnings volatility and ensure less variable flow of benefits for the more loss-averse directors. According to Prasad (2008), evidence shows that executives contractually entitled to receive exhilarating pensions, tend to pursue corporate strategies which aim to reduce the overall risk of the firm. As such, these executives embark on fewer risky investment projects, reduce dividends, avoid excess debt or expand the average maturity of corporate debt. Likewise a CEO is more likely to retire voluntarily his pension has vested and is immediately payable. Besancenot Vranceanu (2007) based their study of compensations plans on game theory. The purpose was to analyse whether such structures incentivized managers to engage in fraudulent activities. Their model rendered that under perverse incentive plans managers eluded regulations and committed fraud. Walkers Review Sir David Walkers Review of corporate governance in UK banks and other financial industry entities was requested by the UK government in order to evaluate what prompted the financial crisis and how its recurrence could be prevented in the future. The final report suggests a series of reforms to improve the quality of boards, strengthen the role of shareholders, and increase transparency of pay and bonus structures. At the core of the recommendations lies the clear link which the author identifies between board behaviour deficiencies and poor business performance (Gill, 2009). The Review hints at the idea that some banking groups managed to survive the crisis and in relative terms have prospered, whereas others failed to do so and pleaded mercy from governmental bailouts. This situation indicates the gap in the quality of corporate governance between the two categories (Slaughter and May, 2009). One of the most important and controversial themes in Walkers (2009) Review is the remuneration policy of financial institutions. The recommendations in this respect emphasize that the board level oversight of remuneration policies demands substantial enhancement, in particular where variable pay and associated disclosures are concerned. Besides, the board remuneration committees should receive extended responsibility to cover the entire entitys remuneration framework especially executives whose remunerations exceed the median level throughout the board high end category. The term depicts employees who can have a material influence on the direction and risk profile of the entity (pp. 93). Through deliberate insistence on long-term focus, they should stand as a major countervailing force against any short-term pressure from shareholders or the executive. Furthermore, with a view to better align interests, performance conditions and deferment of variable payments for executives should be materially more demanding than anterior industry norms. In other words, it is advised that at least half of expected variable remuneration should be on a long-term incentive basis, and the actual granting depending on performance conditions, to be deferred for up to five years. As to the short-term bonus, which rewards the executive for performance in the current year, the proposal is that payments under any award should be phased over a three-year period, with at most one-third in the first year. Despite being convincing at first sight, the Reports main recommendations concerning financiers remuneration mask a more fundamental issue of principle: that the current bonus problem is a creation of accounting fictions of reliance on accrual accounting recognition of profit instead of economic profit. Focusing on earned or realised profit as the basis for bonus entitlement would eliminate many of the highlighted problems. The result of such a change in perspective would be similar to the intent of the Report; however it would possess the advantage of returning the debate to a focus on principles (Paradigm Risk, 2009). What is more, other critics such as Barker (2009) assess the recommendations regarding remuneration to be rather prescriptive or too specialised for implementation in the non-financial sector. The Walker Review does not seek to define the quantum of remuneration that should be awarded to board members or other high-end employees. However, it delivers several proposals which target the improvement of the remuneration structure in terms of links with risk taking and performance. An interesting proposal advocated in the Review is that the Chairman of the remuneration committee should stand for re-election if the issued report receives fewer than 75% of votes cast at the AGM. This would serve to increase the accountability of the remuneration committee vis--vis shareholders. Remuneration packages and Performance Remuneration packages of banks directors are made up of the basic salary and benefits which are topped by several cascading layers of rewards such as pension provisions and various bonuses. Barclays claimed that it had shown restraint on pay as it revealed that its chief executive, Bob Diamond, was paid a bonus of 6.5m for 2010. He also earned a 250,000 salary and was awarded a 2.25m long-term payment based on future performance. As chief executive he will be paid a 1.35m basic salary, a 20% raise compared to his predecessor (Treanor, 2011). But the debates are ongoing as Barclays plans to pay its top bankers bonuses in the form of cocos contingent convertible bonds. These are meant to represent a progressive form of rewards compared to the traditional distribution of upfront cash bonuses. In Barclays case, the recipient would not receive the amount in question if the banks core capital ratio (10.8% most recently) fell below 7% at any time during the three years after an award. Thus , the intention is to foster an incentive for traders not to assume any risky endeavours since they must wait three years to turn their bonus into cash. However, stakeholders are irritated with the 7% coupon, or rate of interest, substantially higher than any three-year savings rate available to customers, which Barclays has attached to the cocos to alleviate the waiting period (Pratley, 2011). The question on the adequacy of such staggering sums is to be dealt with in conjunction with the banks performance. Last year, Barclays recorded a Group profit before tax of 6,065m, up 32% compared to 2009: 4,585m. Diamond confessed pride with such an achievement, especially with the profit growth and enhanced capital and liquidity positions. He also praised the integrated business model which seemingly provides superior benefits to customers, clients and broader stakeholders because of its diversity by business, geography and funding source (Barclays, 2011). According to the Groups Finance Director, commenting previous years performance, the Core Tier 1 ratio increased to 10.8 %, return on equity was 7.2%, and return on risk weighted assets increased 26 basis points year on year to 1.12%. Earnings per share grew 26% to 30.4p. The total dividend for the year of 5.5 pence was more than 5 times covered (Lucas, 2011). All things considered, this accrual accounting perspective does indee d convey outstanding results for the past financial year which might arguably justify hefty rewards for the key bankers. On the other hand, one might not allow similar indulgence to Fred Goodwin from RBS. He was granted 9m in salary, 14m bonuses, and 276,000 extras (relocation expenses, school fees) totaling over 23m for the past 9 years of employment for the state-aided financial giant. Skeptics would catalogue these amounts as enormous rewards for failure. What is more, this former CEO gathered a sufficiently high pension pot to allow him the comfort of withdrawing 703,000 a year pension. Specialist lawyers infer that his contract was wisely and tightly drafted in his favour and very well negotiated. Moreover, the expenses incurred by the company to keep its executives pleased also included lavish benefits such as a permanent luxurious Savoy hotel suite; fleets of cars available at all times, special food, uncalled for refurbishment of floors, use of own corporate jets on regular bases (Dispatches, 2009). However, all these come in striking contrast with the modest performance of the bank under Goodwins steering. In 2008, RBS posted the biggest loss in corporate history and required a bail-out of 45.5bn (Andrews, 2010). Upon the freezing of the financial markets during that year, the government was forced to acquire 5bn of preference shares in RBS and another 15bn of ordinary shares provided the bank would not find willing private investors (BBC, 2008). Nonetheless, despite requiring such rescuing of last resort, Sir Goodwin escaped punishment by the Financial Services Authority. Although the investigation carried out by this entity revealed a series of bad decisions, it concluded they were not the result of a lack of integrity by any individual nor were any instances of fraud or dishonest activity identified (Andrews, 2010, pp. 1). Even under these terms the matter of excessive and undeserved payment remains unquestioned and was even recently confirmed by the banks Chairman, Sir Hamp ton who assessed that the bank was paying a lot of people who arent worth it and implied regulation would be the only key to this hot issue (Rowley, 2010). Contrary to public indignation with such policies, results of a study (Fahlenbrach and Stulz, 2011) show no evidence to prove that banks having a better alignment of the CEOs and shareholders interests had higher stock returns during the crisis. Some findings even revealed that banks led by CEOs whose interests were better aligned with those of their shareholders had worse stock returns and a worse return on equity. Consequently, many other factors were at play and potentially, in certain cases, an accumulation of uncontrollable events leaned the balance against them. Although the Walker Review might be a step forward in regulating the financial industry, one should bear in mind that a narrowing down the investigation lenses on the executives remuneration might be superficial and inconclusive.

Twelfth Night Analysis - Free Essay Example

Sample details Pages: 3 Words: 795 Downloads: 8 Date added: 2019/07/02 Category Literature Essay Type Analytical essay Level High school Tags: Twelfth Night Essay William Shakespeare Essay Did you like this example? The Twelfth Night is a romantic comedy written by William Shakespeare during the year 1623. This romantic comedy focuses on the story of a woman that goes by the name Viola. She ends up alone in a country called Illyria because of a shipwreck and loses her brother, Sebastian. Don’t waste time! Our writers will create an original "Twelfth Night Analysis" essay for you Create order Because of this predicament, she decides to disguise herself as a male and serve the count, Orsino, for shelter in return. Throughout this play, conflicts arise between love interests, friends, and family. For instance, there is this entire conflict with Viola, Orsino, and Olivia where Viola falls in love with Orsino, however, Orsino is in love with Olivia. To make matters even more dramatic, Olivia falls in love with Violas male disguise, Cesario. This conflict contributes to one of the themes present in Twelfth Night, deception within love. In act 2 scene 2 of Twelfth Night, Viola realizes the predicament she is in and speaks in a soliloquy. In this soliloquy, Viola talks about how Olivia falls in love with her and how she views herself as wicked for deceiving Olivia. Viola also states that she sees herself as a monster for falling in love with Orsino, even though she is supposed to be a man. With all this, Viola analyzes that both her and Olivias love is hopeless as Viola cannot reveal herself as a woman. All of this is evident from Shakespeares usage of dictation, tone, and mood In the passage, Violas use of vocabulary and diction depict her emotions with all that is happening to her and the people around her. She feels a sense of guilt for causing all this revolving love, even though she knows that it is all a lie. For instance, she says, Poor Lady, she were better love a dream./Disguise, I see thou art a wickedness(lines 26-27). It is clear with this that Viola feels remorseful towards Olivia, as she says that Olivia falling in love with Viola is the same as her falling in love with a dream. Viola feels this way because Cesario was never a real person, to begin with, much like a dream that is nonexistent in the real world. Another instance where dictation is present to emit Violas thoughts and emotions is when she says, How will this fadge? My master loves her dearly,/And I, poor monster, fond as much on him/And she, mistaken, seems to dote on me./What will become of this?(lines 33-36). It appears that, even though Viola is explaining the situation, she uses phrases like I, poor monster because she sees herself as the one responsible for this misunderstanding. Another element that contributes to the overall theme of deception within love is imagery. One example of imagery is when Viola says, In womens waxen hearts to set their forms!/Alas, our frailty is the cause, not we,/For such as we are made of, such we be.(lines 30-32). In this quotation, Viola refers to both herself and Olivia. She talks about how womens hearts are much like wax in the way how wax is easily manipulated with heat or fire. In this case, womens hearts are easily manipulated with love. This prompts the audience to understand Viola better as they can comprehend her analogy with the description of both wax and a womans heart as delicate. Another example of imagery is when Viola says, O Time, thou must untangle this, not I./It is too hard a knot for me t untie.(lines40-41). Imagery is applied as Viola describes this entire mess as a knot that is too difficult to untie. This leaves the audience to fully understand the situation and its complexity with finding a solution. Both diction and imagery contribute to the last element applied in this passage, tone. In this passage, Violas tone is recognizable as confusion and desperation. The audience can see that in this scene, Viola is confused because of how the situation got out of control with everyones feelings. She also feels desperate because she cant come up with a solution as she is unable to reveal her true gender. With the previous quote, she states that time will eventually correct this situation, but when the time comes, she knows that Viola, Olivia, and Orsino will become pained by the truth of their love. One of the major themes present in Twelfth Night is deception within love. With the particular passage of Violas soliloquy, it is seen that diction, imagery, and tone all contribute to this theme. All three of these elements endorse one another as they all relate to each other in addressing the theme Shakespear was trying to portray in the play. They all helped the audience interpret the how Viola feels with this turn of events.

Advantages And Disadvantages Of Social Networking

The Advantages and Disadvantages of Social Networks Leighanna McIntosh INF103: Computer Literacy Instructor: Nelson Stewart July 9, 2016 The way the world communicates with one another has been transforming throughout time. Once the World Wide Web was created communication was brought to a whole new level. In the last ten years social networking has sky rocketed in ways of communication. Today there are many social media platforms for personal or business use. These social platforms can pose many advantages as well as disadvantages. Today I will discuss some of the social networking platforms and the advantages, as well as their disadvantages. A social networking site is a site that lets people set up online profiles that describe their interests and hobbies in addition to communicating with other users. Prior to having multiple social networking platforms we had email, blogs and chat rooms. Even though these are still tools we use today they had little information about the person. On social networking site you can post your personal contact information for anyone to see. Most social networking sites have privacy settings so you can make a semi-public profile. You will fill out a questionnaire upon first opening an account with a social networking page. These questionnaires will ask for your personal data as well as, hobbies, interest, and professional background just to name a few. These different social networking sites can bring different groups of people togetherShow MoreRelatedThe Advantages and Disadvantages of Social Networking625 Words   |  3 PagesThe Advantages and Disadvantages Of Social Networking Social Networking is a recent invention that has the Internet still at the edge of its seat due to its popularity with people. This is mostly because it really is for the people. Bringing every kind of social group together in one place and letting them interact is really a big thing indeed. 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Moreover, it’s a majorRead MoreSocial Media And Its Effects On Society954 Words   |  4 Pagesaccess to the internet, and the use of social media has basically become a new way of living and communication between people. Some people stated that the social networking sites has more advantages than there is disadvantages. This statement is somewhat reliable since people can chat with friends, family, and other people that are in different countries through some social networking sites. However, there are also some serious problems that come up with social media if people cannot use it in theRead MoreAdvantages And Disadvantages Of Social Media1041 Words   |  5 PagesNOT APA FORMATTED NO SOURCES Social Media Paper Jerald Washington University of Phoenix HUM/186 â€Æ' In the modern world, it has become very easy to obtain information from social media, and this happens instantaneously. It is essential to appreciate all advantages and disadvantages before making use of social media. One advantage of easily obtainable information is expediency. It is convenient for people to be in one place and catch the hottest news, listen to the fresh top songs onRead MoreWhat Is Social Networking? Essay882 Words   |  4 PagesWhat is Social Networking? Networking done on a social media. Social media are websites and applications that allow groups of people to communicate with social and professional contacts. Job seekers can participate in social networking by leaving comments and sharing information with professional contacts. Just by being a part of social network, you are already unintentionally participating in social networking. Why Use Social Media? The most important reason is to expand the number of people you

The Theme Of Family In Charles Dickenss A Christmas Carol

Charles Dickens weaves the theme of family, and all of its aspects, throughout his novel titled A Christmas Carol to create a compelling reminder of the value of perspective. The book’s main character, Scrooge, finds himself on a journey guided by three spirits, a journey which eventually serves to forever change his perspective on life. Dickens skillfully incorporates various pictures of family dynamics through all three of his â€Å"spirits†: The Ghost of Christmas Past, the Ghost of Christmas present, and the Ghost of Christmas yet to Come, evoking sentimental feelings in both the main character, Scrooge, and the reader. This story communicates the simple yet profound message that family, love, and kindness (all of which are commonly†¦show more content†¦Interestingly, this scene powerfully portrays the overarching theme of the book by illustrating what can happen when we compromise our perspectives. Following this bitter blow, the Ghost of Christmas Present leads Scrooge on a tour of two more families: that of his nephew and of his clerk. The vision of Scrooge’s clerk’s family – the Cratchits – paints an intricate example of the beauty of family. As Dickens explains, â€Å"They were not a handsome family; they were not well dressed; their shoes were far from being water-proof; their clothes were scanty†¦ But they were happy, grateful, pleased with one another, and contented with the times†¦Ã¢â‚¬  (page 54). The Cratchits possessed minimal earthly wealth, and even had an ill son, yet they displayed incredible joy! The joy, warmth, affection, and laughter surrounding the Cratchits’ Christmas celebration brought Scrooge to the realization that the â€Å"Christmas spirit† does not depend on any material possessions, or even on situations. Joy is a choice, and that choice is made easier when we are surrounded by the ones we love. The vision of Scrooge’s nephew serves to awaken Sc rooge to the fact that he himself had a family that would gladly welcome him. The nephew, in explaining to his family why he faithfully invited Scrooge to the celebration, said, â€Å"I mean to give him the same chance everyShow MoreRelatedCharles Dickens s Life And Life878 Words   |  4 PagesCharles Dickens was an adored, creative and respected British author of several literary pieces that are at this time are referred as classics. He was born on February 7, 1812, in Portsmouth which is located on the southern coast of England. Charles Dickens had a very rough upbringing. He didn’t have the ordinary life a child has. Between seven brothers and sisters he was the second born. His parents raised them together until his father whose name was John had accumulating amounts of debts whichRead MoreA Lack of Charity Essay example1718 Words   |  7 PagesIn Charles Dickens’s books, Oliver Twist and A Christmas Carol, the theme of lack of charity is pronounced. Throughou t Oliver Twist, society turns a â€Å"cold shoulder† to those in need of help (Miller 30). The Victorian England society prohibits inhabitants of the lower social realms from moving up in society. Rarely do lower class members receive attention, and the attention they do receive is far from par (Reeves). Ebenezer Scrooge, the main character of A Christmas Carol, learns to be charitableRead MoreScrooge in A Christmas Carol2375 Words   |  10 Pages In a time in which the significance of Christmas gradually started to change, Charles Dickens, in accordance with these changes, wrote a Christmas tale: A Christmas Carol. The novella was published six days in advance of the Christmas celebrations of 1843; it was sold out three days later. Although a socially engaged narrative, Dickens’ work is not occupied with trivialities such as the introduction of Christmas cards; instead A Christmas Carol focuses on the transforming beliefs and valuesRead MoreThe Symbols Of A Christmas Lessol : A Christmas Carol1818 Words   |  8 PagesA Christmas Carol was published relatively early in his career, appearing in 1843 when Dickens was 31. The tale is one of a series of short stories on a subject that had long preoccupied its author: the importance of celebrating Christmas. One of Dickenss earliest published works was a defense of this holiday against its enemies, both religious, and irreligious. The former objected to the pagan unse emliness of feasting and frolicking in celebration of the birth of Christ. The latter objected toRead MoreVictorian Ghost Stories Nearly Always Encompass Family1361 Words   |  6 PagesStories nearly always encompass family life in some way or another. One reason for this may be to emphasize how abnormal a ghostly figure or hauntings really are within the story and get readers thinking, what would happen if that was happening to them? Making the stories feel more realistic to a Victorian readership. Family life within the era was held as one of the most important aspects of their day to day lives, therefore it is only natural for the theme of family to be present throughout manyRead MoreThe Main Contributions to Charles Dickens Popularity1592 Words   |  6 Pagesundeniable classics, many works of which we continue to read to this day. One author from this period, however, stands out in all respects of the word. 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Victorians in those times, a lot of them lived in poverty, and they were lots of large families living in one houseRead MoreAnalysis Of Oliver Twist, A Christmas Carol, And A Tale Of Two Cities2379 Words   |  10 PagesOliver’s Twisted Story In February of 1837, Charles Dickens’s first installment of Oliver Twist was published. These installments continued to be published monthly until April of 1839. London during this time period was split almost directly down the middle, the upper class and the lower class, the middle being almost nonexistent. In the nineteenth century, the English government was ran adjacent with the church, although the harsh truth of lower class cruelty corrupts this image. The country, despiteRead More Charles Dickens Essay2085 Words   |  9 PagesCharles Dickens Charles John Huffam Dickens was born February 7, 1812, in Ports Mouth, Hampshire. In his infancy his family moved to Chatham, where he spent his happiest years and often refers to this time in his novels (1817-1822). From 1822 to 1860 he lived in London, after which he permanently moved to a quiet country cottage in Glads Hill, on the outskirts of Chatham. He grew up in a middle class family. His father was a clerk in the navy pay office and was well paid, but hisRead MoreEssay on A Christmas Carol by Charles Dickens3534 Words   |  15 PagesA Christmas Carol by Charles Dickens Introduction Charles Dickens was born in Landport, Hampshire, in 1812 and died in 1870. His father was a clerk in the navy pay office and family life was occasionally hard, especially when his father had to go to the debtors prison. The young twelve year old Charles became the main money-maker in the family at this time and worked in a blocking factory. Charles father was released a year later and Charles was able to go to school. After school

The Components Of Cultural Competence - 2981 Words

Introduction Background As the United States continues to grow as a diverse country, health care systems need to focus more on providing cultural competent services. The term cultural competence is defined as a set of behavior and attitude within business or operation systems that respects a person’s cultural beliefs and values in the way healthcare is delivered. It can be applied both at the individual level or organizational level, in which serves as a basis for individuals to work with members of different backgrounds. Culturally sensitivity care helps create optimal patient-provider communication, delivery of high-quality services, and achievement of positive treatment outcomes (Gertner et. al, 2010). The five components of cultural competence are cultural awareness, cultural skill, cultural knowledge, cultural encounters, and cultural desire (Oelke et. al, 2013).The goal is to develop a health care system that provides services that eliminate racial/ethnic disparities and pro vide quality care (Betancourt et. al, 2005). The purpose of this paper is to analyze the impact of implementing culture competence services in health organizations. Creating a cultural competency framework in health care organizations will help create higher patient satisfaction and reduce cost. According to previous research it also enables hospital staff to communicate better with patients and improve health literacy (Betancourt et. al, 2005). Since the passing of theShow MoreRelatedCultural Competency On Healthcare Delivery824 Words   |  4 PagesAs the diverse populations of the United States (U.S.) continues to grow the need for cultural competency in healthcare delivery requires culturally competent healthcare providers. Each population has its own particular norms and practices that guide their lifestyles; therefore, a challenge arises for health care providers to learn to provide culturally sensitive care to clients from diverse cultural backgrounds (Waite and Calamaro 2 010). The ever changing population of the U.S. signifies a muchRead MoreThe Importance of Technology for Simplifying Business Functions1400 Words   |  6 Pagesfunctions. Hence, companies tend to invest large amounts of funding into this component. However, research results have shown that some companies benefit more from implementing IT solutions than others. Because similar technological solutions were implemented for these companies, the differentiating results are assumed to be due to the human factor. One might therefore ask the question whether the difference lies in the competence of managers not only to implement and use the technology, but also to helpRead MoreSemantics, Competence, And Competence1267 Words   |  6 PagesThe term communicative competence is combination of two words which means competence to communicate. The central word is competence which is one of the most controversial terms in the field of applied linguistics. Chomsky in 1965 was the first one who u sed the norm of competence. The term competence first introduces by Chomsky which means knowledge of forms of languages. According to many linguists, Chomsky distinction between competence and performance, it is based on the fundamental linguisticsRead MoreCultural Diversity For Nursing Care1177 Words   |  5 PagesIdentify and discuss concepts related to cultural diversity in nursing. Culture is a multifaceted characters of a diverse sets of people that have a common ground on values, languages, emotions and identity. It is a symbolic communication perpetuated in a much larger society that influence by means of conditioning and imitation from one generation to the next. Knowledge of cultural diversity is crucial at all levels of nursing practice. 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The study assesses students’ self-efficacyRead MoreWhat Does Diversity Do With Ethics?1075 Words   |  5 Pagesmay challenge the student to examine, â€Å"What ethical codes apply to diversity?† Watson, Herlihy, and Pierce (2006) assert the sluggish pace of counselors in identifying the construction â€Å"between multicultural competence and ethical behavior.† In Forging the Link Between Multicultural Competence and Ethical Counseling Practice: A Historical Perspective the authors not only outline historical events, such as the civil rights and women’s movements that contributed to both the emergence of multiculturalRead MoreTranscultural Nursing : An Essential Aspect Of Healthcare Today1174 Words   |  5 Pagesmulticultural population in the United States poses a significant challenge to nurses providing individualized and holistic care to their patients. This requires nurses to recognize and appreciate cultural differences in healthcare values, beliefs, and customs. Nurses must acquire the necessary knowledge and skills in cultural competency. Culturally competent nursing care helps ensure patient satisfaction and positive outcomes. This article discusses changes that are important to transcultural nursing. It identifiesRead MoreDiversity and Cultural Competence in Family Therapy Essay1050 Words   |  5 Pages Diversity and Cultural Competence in Family Therapy A therapist will face problems, issues and client troubles everyday. The professional must understand how their client relates to the world around them. These feelings and ideas affect how the client sees the problem and how they respond to their situation. Their actions, in turn, have bearing on individual thoughts, needs, and emotions. The therapist must be aware of the clients history, values, and culture in order to provideRead MoreCae Study1207 Words   |  5 Pageshave been reported in relation to the psychology of Mexican Americans as well as other immigrant communities. Cristal is a 16-year-old Mexican American female. Cristal seems to be experiencing some distress in her life, which seems to stem from cultural conflict rather than inherent psychopathology. Cristal is struggling with the question of whether she should stay home and care for her mother and family or if she should go away to college. She feels that others don’t understand her. This typeRead MoreT here Are Different Theories, Perspectives, Practices,1704 Words   |  7 Pagesapplying principles of cultural competence in practice; 3) understanding dynamics of power, privilege, and oppression; 4) maintaining an awareness of one’s cultural perspectives, values, and beliefs; and 5) demonstrating respect in interactions with client systems (Drabble, 2012). In the U.S., we are surrounded by culture. We live among people of different cultures, ethnicity or nationality and who have different customs, beliefs, values, or attitudes. Cultural competence is important. The National

If You Read Nothing Else Today, Read This Report on Sat Perfect Essay Samples

If You Read Nothing Else Today, Read This Report on Sat Perfect Essay Samples Sat Perfect Essay Samples - Dead or Alive? The prices of custom written papers can be rather affordable and absolutely affordable for each and every college student. A dependable customized essay writing service is the correct choice for everybody who needs professional writing assistance. Therefore, there's every need to pick our ideal essay writing service. So long as you satisfy the remainder of the application requirements below, you're going to be a shoo-in. You see, the conventions of English essays are somewhat more formulaic than you may think and, in a lot of ways, it can be as easy as counting to five. If you're in such a circumstance, you don't have to worry because our writers can write a perfect essay for you within a comparatively limited time. Manners have always become the foundation for fulfilling an acceptable action and perspectives of a person. You wish to draw the reader in your topic by developing a all-natural curiosity about it. There aren't any original ideas there. Understanding how to compose different kinds of essays will only aid you a limited quantity. Even the most well-known examples need context. Specific verbs can reach the same effect. The word ought to be severe. The use of phrase conjunctions ought to be accomplished wisely and not simply to add something new' to the text. The use of awkward phrases in the shape of idiomatic prepositions, won't serve the intention of a good written material. A comma is essential after however. You only have to be mindful of how long you need to work, and break the writing into small chunks if you should. When you're writing, attempt to prevent employing the exact same words and phrases over and over again. Inside this paragraph, the very first sentence should transition from the prior paragraph to the current one. You may discover, however, that only a couple of middle paragraphs are sufficient to totally develop your thesis. A complete essay isn't always a perfect one for everyone. Sooner or later, you will need to get started writing your 5 paragraph essay! So understand the significance of writing an ideal essay. Perspective Two is correct, but it just goes so far. Analysis essays are known to be among the hardest to write. In some instances, you may have written the paper, but you're not sure whether it's a perfect English essay. An analysis essay is a sort of persuasive essay. It's interesting that lots of students write introduction after they've written the full paper. Indeed, it's very important to select interesting topics for analysis essay. 1 way to think about the conclusion is, paradoxically, as a second introduction since it does actually contain a lot of the exact capabilities. For instance, you can create a mind map by means of your thesis idea or even the entire thesis sentence in the center. The principal point is, you don't need to wait until you find the prompt to come up with an arsenal of kinds of argument-building techniques you may use to back up your points. Ultimately, designing the previous sentence in this way has the additional advantage of seamlessly moving the reader to the very first paragraph of the human body of the paper. For this reason, you're able to easily p lace an order with us after realizing in the previous minute that it's either too technical or time to complete it isn't on your side without needing to be worried about whether someone can help you with the entire course of action. Remember you want to finish the very first draft of the essay days before the deadline in order to have lots of time to edit it. Utilizing the most suitable words in the correct order at the suitable time is the ideal approach. Then the actual fun begins. Whatever you must finish your writing and receive an exceptional grade, you can purchase it right here. Writing an essay isn't a rocket science. Adding a number of the winning elements from the sample essays below will supply you with the excess marks you want to be a high-scorer on the IELTS. Students should take the very first several minutes of the time allotted to compose a concise outline of their essay and make sure they've planned out precisely what they need to say in the proper purchase. It's so bad, that sometimes the question just does not appear! The prompt is also meant to encourage students to create a logical essay. Be certain that you have an answer. Needless to say, the latter alternative is more preferable as you are able to pick the topic you're interested in. Confronting financial issues compels discussions with family members and friends, together with honesty. Topics can change depending on your majors. Paragraph 4 considers several explanations for why river clean-up plans might not be successful (the plans could be nothing more than campaign promises or funding might not be adequate). As the last paragraph is represents your very last opportunity to produce your case and, being such, should adhere to an extremely rigid format. Please be aware adjustments to the golf schedules.

Emergence of Platform Businesses-Free-Samples-Myassignmenthelp.com

Question: Evaluate the progressive nature of online platform business, namely Uber in the world market. Answer: Introduction: Uber is a popular transportation service on demand that is considered to have brought a revolution in the industry of transportation or taxi, to be precise all around the world. Founded by Travis Kalanick and Garrett Camp, the service has spread rapidly all over the world, with its headquarters in San Fransisco (Uber.com, 2018). Formerky known as Uber Cab Inc., the company changed its name to Uber Technologies, Inc. that has an engineering center in Bangalore, India with a regional office in Singapore. The business model has brought into a simple technology through which people simply use their smart phone and gets the cab arrived at their desired location. In the seven years, the company has been able to occupy the position of being the worlds biggest logistics company. The value of the company has been assessed to be over $70 Billion and the company is widespread in about more than 630 cities worldwide (Uber.com, 2018). The company has more than 50 Million users and about 7 million registered drivers that together account to trips of nearly 1 million per day (Uber.com, 2018). However, there is high competition along with the high growth of the company. The company has a fleet of its owned cars; however, it has multiple collaborations with car and vehicles manufacturing companies as well. The company has also initiated driving schools for good driving skills. However, with all the progress that the company has been showing, it is not free of stiff competition from several such companies in the industry. Discussion: Key factors for online platform strategy: Various factors play the key role that must be considered by firms to develop their own online platform strategy in order to accelerate their performance. Some of these factors are discussed as follows: Promoting facilitation The trend of centralizing people and resources is a common concept that rendered maximum efficiency. Lack of flexibility connotes to the downside of decentralizing that led to slow progression of the industries. The existing processes become so slow due to the rapid inventorial investments that it needs better strategy to accelerate progress. In case of the taxi industry, the platforms can switch from investing on and owning their own vehicles and connect with the private owners of existing properties (Libert, Wind and Fenley 2014). The properties of these private owners that could be rented out to the people in need to rent would suffice the need of having the property by the companies (Cramer and Krueger 2016). Thus, the platform could act as an intermediary who would have a client base and the non-capital intensive strategy of the platform could effectively grow. The only and major concern in employing this factor is the need to have the two sides. The companies could only work as an exponential intermediary when it has the equal demand and supply. Focusing on creating convenience One of the key factors for the development of online platforms is to create convenience for both the supplier and the users. With the greater integration of services in the online apps, processes are becoming simpler and convenient. Every online platform must be entitled to look into the future (Bond 2014). Moreover, along with convenience, the companies must be able to retain the trust of the clients. Growth and development must not be hindering the privacy of the customers that would otherwise lead to a collapse of the companies performing online. Thus, these platforms must be engaged in finding ways to serve the customers in a proactive way. Diverging from the niche markets Another important factor that leads to a development of the online platforms is to cross the boundaries of their own markets and consider all-in-one solutions. They must be embracing the opportunities to serve the customers in varying ways, not restricting themselves to a particular service. With multiple services, the companies become able to expand their own market. This does not leave much space for competition enabling the companies to function smoothly and incur greater profits. Optimal use of the newest technologies The firms use of newest technology must be optimal in order to sustain the trust that they have achieved from users and progress slowly but steadily. In every business processes, along with the rapid technological advancement, sharing has always been an effective process. With the reviews of the customers and their reputation scores that the companies can collect, there would be greater convenience, which would promote rapid increase in the usage of the services. Considering the taxi industry, people who failed to get a cab can now get it within the ascribed time with just few taps on the smart phones (Wyman 2017). Thus, with the use of technology and algorithms, processes need to be simplified making them self managing and beneficial for all. Factors application by Uber: Considering the various factors that have been discussed, the involvement of the factors by Uber has been portrayed in the following- Uber in facilitation Uber, recognized as the largest taxi company primarily did not own any vehicles. In present times, the company is indulging in owning its own vehicles. Thus, even having no vehicles, Uber has acquired the top position in the taxi industry (Leighton 2016). It did not invest in property and acted as the intermediary connecting the two sides of the service. It has been doing a smart job governing the deployment of the drivers by using dynamic tariffs. When it manifests that the demand surpasses the supply, the fares are raised. People in that case opt for the cabs being in need and this also motivate the drivers to start their car. However, with the increase in price, the clients get demotivated (Chen 2018). This leads to a fall in demand and thus an immediate balance is restored. Thus, Uber sets up the service as a platform that leads to its greater progress and profits as well. Creating convenience for users Uber has been looking ahead to the future. The Uber app links to the agenda and registers the daily rhythm, giving suggestions to book a taxi at the right time (Wallsten 2015). The app also guarantees the privacy of the customers that has enabled it to gain the trust of its people. It is also possible for the clients to order the Uber cabs from Google Maps and gtrack its location. Thus, it has been a very convenient app for the customers over time. Uber, the logistic platform Uber is not a taxi company as t is generally considered. Uber has started delivering food with the well-known app UberEats expanding its business. It is presently involved in developing platform for self-driving trucks and cars (Smith 2016). Thus, it has been embracing newer opportunities to expand its marketing industry rapidly. Ubers efficient use of technology- Clients feel very comfortable to use Uber cabs since it includes only three tabs on the phones. Most of the operations are automated and with the matching of the algorithm between the driver and the client, the service is in process. After the end of the ride, the rating also helps to filter out the performances of the drivers and the asocial clients. The process of online payment with credit cards also acts to be very convenient for the users (Farris et al. 2013). Key challenges: Being an online platform, the two major challenges faced by Uber are- Customer retention and switching brands- With the rise in competition, people are getting greater access to multiple other options. Thus, in case of price and time of approach, the people can easily compare Uber with the other apps such as Shebah, Ola Cabs, Lyft, GoCatch and others and prefer the cabs accordingly (Davidson and Fischer 2015). Thus, it becomes difficult for Uber to retain customers and drivers for itself who has various alternatives as well in the market. Unclear government regulations- Another major challenge for Uber is the unclear regulations. There has been a point of disagreement between the cab aggregators and government regulators who are not able to determine the legal status of Uber. They are in confusion whether Uber should be considered a conventional taxi company or IT company. Thus, the company lacks proper government regulation that affects its business to a certain extent. Recommendation: Considering the retention of customers and brand switching, Uber can integrate methods that would benefit the customers in a way so that they do not deviate from the brand. along with monetary advantage as compared to the other brands, Uber can also focus on membership schemes that would enable it to have the fixed customers. It can also include more services such as waiting in case the people are attending any functions for which it could charge some money, and outstation services that would enable the company to incur more profits. The company can also provide benefits to the drivers by giving them incentives in case they take more rides would altogether enable the company to retain its customers and drivers, enabling it to be progressive in the long term and retaining its position as the leading cab service in the industry. Conclusion: From the report, it can be concluded that Uber has been effectively designing tools and methods to retain its leading position as the online logistics company. It has various challenges and threats that serve as major concern for the company, however, with the significant use of technology and various other factors, Uber has been able to prosper and progress with its functions to evolve as a reputed and preferred brand all over the world. Various factors promote better performance of the online platform business and Uber has been considerate to those factors that have led to its greater evolution and progress with time. It has been accepted worldwide and has been able to acquire profit and fame in an extraordinary way in the global market References: Bond, A.T., 2014. An app for that: Local governments and the rise of the sharing economy.Notre Dame L. Rev. Online,90, p.77. Chen, J.Y., 2018. Technologies of Control, Communication, and Calculation: Taxi Drivers Labour in the Platform Economy. InHumans and Machines at Work(pp. 231-252). Palgrave Macmillan, Cham. Cramer, J. and Krueger, A.B., 2016. Disruptive change in the taxi business: The case of Uber.American Economic Review,106(5), pp.177-82. Davidson, A. and Fischer, L.A., 2015.(Re) Producing Transport Systems: Uber, Driverless Technology, and the Modern City(No. 15-5395). Farris, P., Yemen, G., Weiler, V. and Ailawadi, K.L., (2013) Uber Pricing Strategies and Marketing Communications. Leighton, P., 2016. Professional self-employment, new power and the sharing economy: Some cautionary tales from Uber.Journal of Management Organization,22(6), pp.859-874. Libert, B., Wind, Y. and Fenley, M., 2014. What Airbnb, Uber, and Alibaba have in common.Harvard business review,11. Smith, J.W., 2016. The uber-all economy of the future.The Independent Review,20(3), pp.383-390. Uber.com. (2018).Drive With Uber In Australia | Make Money On Your Schedule | Uber. [online] Available at: https://www.uber.com/en-AU/drive/ [Accessed 4 Apr. 2018]. Wallsten, S., 2015. The competitive effects of the sharing economy: how is Uber changing taxis.Technology Policy Institute,22. Wyman, K.M., 2017. Taxi regulation in the age of Uber.NYUJ Legis. Pub. Pol'y,20, p.1.

External and Internal Shocks Serious Setbacks to Economic Growth free essay sample

Economic growth is likely to fall to below 2 per cent this year as external and internal shocks are serious setbacks to the countrys economic growth. The Central Bank has not revised its economic growth forecast for the year, but current conditions suggest that economic growth would slip from 1. 7 to 1. 3 per cent that it estimated earlier this year to even below 1. 5 per cent, if global demand for exports continues to be unfavorable and the prevailing drought conditions persist. The falling international oil prices are the one favorable development that could mitigate the economic slide. Global conditions The international economic downturn is widespread. Even Chinas state capitalism has been unable to weather the global storm and the Chinese economy is expected to slow down this year. Chinas shaky recovery is losing steam, adding to pressure on its new leaders to shore up growth after a surprise first-quarter decline and launch new reforms. The Indian economy may experience a precipitous decline in its growth. Indias economic progress that had been impressive in the last decade has been halted and its first quarter economic growth dipped to just 5. 3 per cent. Indias slower growth could affect the Sri Lankan economy in several ways. India is an important trading partner. About 5 per cent of our exports are to India. Furthermore, foreign investors tend to view investment prospects regionally. Indias troubles could intensify foreign investor concerns on Sri Lanka as a destination for FDI. Moreover our long term economic expectations are linked to the fortunes of India. The most pertinent global developments for Sri Lanka in the short run is the instability of European economies that have slowed down and reduced their purchasing power of commodities exported by us. European countries and the US that accounted for 54 per cent of our exports last year is a sizeable one for industrial exports. The decrease in exports to Europe is being felt in the trade statistics this year. The American economy too has not recovered adequately, and this being an election year, is not expected to regain a growth momentum. With these two main markets affected, our industrial exports have faced a drop of 3. per cent in the first four months of the year. What is particularly disconcerting is that there is a trend of decreasing industrial exports, especially of garments. In March industrial exports declined by 10. 2 per cent and in April it declined by 8. 7 per cent, compared to the respective months of last year. Tea exports to the Middle East and Russia too have been adversely affected and in the first four months, tea exports decreased by 11. 8 per cent, contributing heavily to the decline in agricultural exports by 11. 7 per cent compared to the previous years first four months. Total exports declined by 3. per cent in the first four months of this year compared to the same period last year. Indications are that both industrial and agricultural exports would face adverse conditions and are not likely to recover. Imports Imports continue to make a serious dent in the trade balance. Although consumer imports declined by 3. 3 per cent, intermediate and investment goods continued to increase. Imports were much higher than exports and resulted in a trade deficit of US$ 3. 3 billion in the first four months. If this trend continues the trade deficit co uld be as much as US$ 10-11 billion. This would certainly strain the balance of payments as it is too large to be bridged by worker remittances, tourist earnings, other service earnings and capital inflows. The expectation of higher amounts of foreign direct investments is unlikely. Therefore once again there would be a drain on reserves or increased foreign borrowing to meet the trade deficit, as well as repay capital borrowed earlier and to service interest payments. Economic stability The stabilization of the economy is becoming an uphill task with exports declining and imports continuing to rise. Consequently the trade deficit is continuing to widen even though some imports are showing signs of decelerating. The exchange rate has depreciated as much as 17. 5 per cent since Nov. 21, when the government devalued the rupee by 3 per cent. Global conditions are no doubt at the root of the problem. The economic policies pursued in the recent past too were not modified to take into account the realities of the global situation and the unrealistic path of development that was pursued, without consideration of resource availability and balance of payments implications of the consumption-investment pattern. Internal shock As if the external shocks are not enough, the country is in the throes of a severe drought. While the hopes are that the monsoon is a delayed one, the current expectations are that a severe drought is likely. This is likely to reduce paddy as well as other crop outputs in the main paddy growing areas. It is estimated that the Yala 2012 crop will decline by about 30 to 40 per cent. There may be a need to importing rice this year. If international rice prices increase then it would result in a further strain on the balance of payments. The impact of a drought on the capacity for hydro electricity generation is serious. Increased thermal generation would necessitate higher petroleum imports. The gains by the reduction of oil prices could be wiped out by increases in the amount of oil imports. Meanwhile in the first four months of this year import expenditure on oil increased by 34 per cent. Silver linings There are a few silver linings amidst these dark clouds. International oil prices are falling. Though, as usual, there is volatility in oil prices, they are hovering at a much lower level that in the early part of the year. Oil prices of around US$ 90 per barrel could be a significant boon. Complementing this is the US decision to exempt Sri Lanka from the ban on oil imports from Iran. This too could bring some relief with the possibility of importing Iran crude on concessional and differed payment terms. Worker remittances that are an important source of funding the trade deficit are continuing to increase. In the first four months remittances increased by 16 per cent compared to that of the comparable period last. This is good news in a context when there was considerable uncertainty about remittances growing owing to the turmoil in the Middle East. Policy imperatives Only about one half of the probable trade deficit of US$ 11 billion is likely to be offset by remittances. Tourist earnings that are increasing may finance about 10 per cent of the trade deficit. Therefore the current account deficit would have to be financed largely by either running down the reserves or through borrowings that are contingent liabilities. In this context every effort must be made to reduce imports through appropriate pricing policies, reduction of government expenditure and conservation measures. Reducing the price of petroleum products would be an inadvisable measure. The international economic downturn is widespread. Even Chinas state capitalism has been unable to weather the global storm and the Chinese economy is expected to slow down this year. The Indian economy may experience a precipitous decline in its growth. Indias economic progress that had been impressive in the last decade has been halted and its first quarter economic growth dipped to just 5. 3 per cent. Indias slower growth could affect the Sri Lankan economy in several ways. India is an important trading partner. About 5 per cent of our exports are to India. Furthermore, foreign investors tend to view investment prospects regionally. Indias troubles could intensify foreign investor concerns on Sri Lanka as a destination for FDI. Moreover our long term economic expectations are linked to the fortunes of India. The most pertinent global developments for Sri Lanka in the short run is the instability of European economies that have slowed down and reduced their purchasing power of commodities exported by us. European countries and the US that accounted for 54 per cent of our exports last year is a sizeable one for industrial exports. The decrease in exports to Europe is being felt in the trade statistics this year. The American economy too has not recovered adequately, and this being an election year, is not expected to regain a growth momentum. With these two main markets affected, our industrial exports have faced a drop of 3. 1 per cent in the first four months of the year. What is particularly disconcerting is that there is a trend of decreasing industrial exports, especially of garments. In March industrial exports declined by 10. 2 per cent and in April it declined by 8. 7 per cent, compared to the respective months of last year. Tea exports to the Middle East and Russia too have been adversely affected and in the first four months, tea exports decreased by 11. 8 per cent, contributing heavily to the decline in agricultural exports by 11. 7 per cent compared to the previous years first four months. Total exports declined by 3. 1 per cent in the first four months of this year compared to the same period last year. Indications are that both industrial and agricultural exports would face adverse conditions and are not likely to recover. Imports Imports continue to make a serious dent in the trade balance. Although consumer imports declined by 3. 3 per cent, intermediate and investment goods continued to increase. Imports were much higher than exports and resulted in a trade deficit of US$ 3. 3 billion in the first four months. If this trend continues the trade deficit could be as much as US$ 10-11 billion. This would certainly strain the balance of payments as it is too large to be bridged by worker remittances, tourist earnings, other service earnings and capital inflows. The expectation of higher amounts of foreign direct investments is unlikely. Therefore once again there would be a drain on reserves or increased foreign borrowing to meet the trade deficit, as well as repay capital borrowed earlier and to service interest payments. Economic stability The stabilization of the economy is becoming an uphill task with exports declining and imports continuing to rise. Consequently the trade deficit is continuing to widen even though some imports are showing signs of decelerating. The exchange rate has depreciated as much as 17. 5 per cent since Nov. 21, when the government devalued the rupee by 3 per cent. Global conditions are no doubt at the root of the problem. The economic policies pursued in the recent past too were not modified to take into account the realities of the global situation and the unrealistic path of development that was pursued, without consideration of resource availability and balance of payments implications of the consumption-investment pattern. Internal shock As if the external shocks are not enough, the country is in the throes of a severe drought. While the hopes are that the monsoon is a delayed one, the current expectations are that a severe drought is likely. This is likely to reduce paddy as well as other crop outputs in the main paddy growing areas. It is estimated that the Yala 2012 crop will decline by about 30 to 40 per cent. There may be a need to importing rice this year. If international rice prices increase then it would result in a further strain on the balance of payments. The impact of a drought on the capacity for hydro electricity generation is serious. Increased thermal generation would necessitate higher petroleum imports. The gains by the reduction of oil prices could be wiped out by increases in the amount of oil imports. Meanwhile in the first four months of this year import expenditure on oil increased by 34 per cent. Silver linings There are a few silver linings amidst these dark clouds. International oil prices are falling. Though, as usual, there is volatility in oil prices, they are hovering at a much lower level that in the early part of the year. Oil prices of around US$ 90 per barrel could be a significant boon. Complementing this is the US decision to exempt Sri Lanka from the ban on oil imports from Iran. This too could bring some relief with the possibility of importing Iran crude on concessional and differed payment terms. Worker remittances that are an important source of funding the trade deficit are continuing to increase. In the first four months remittances increased by 16 per cent compared to that of the comparable period last. This is good news in a context when there was considerable uncertainty about remittances growing owing to the turmoil in the Middle East. Policy imperatives Only about one half of the probable trade deficit of US$ 11 billion is likely to be offset by remittances. Tourist earnings that are increasing may finance about 10 per cent of the trade deficit. Therefore the current account deficit would have to be financed largely by either running down the reserves or through borrowings that are contingent liabilities. In this context every effort must be made to reduce imports through appropriate pricing policies, reduction of government expenditure and conservation measures. Reducing the price of petroleum products would be an inadvisable measure. The international economic downturn is widespread. Even Chinas state capitalism has been unable to weather the global storm and the Chinese economy is expected to slow down this year. The Indian economy may experience a precipitous decline in its growth. Indias economic progress that had been impressive in the last decade has been halted and its first quarter economic growth dipped to just 5. 3 per cent. Indias slower growth could affect the Sri Lankan economy in several ways. India is an important trading partner. About 5 per cent of our exports are to India. Furthermore, foreign investors tend to view investment prospects regionally. Indias troubles could intensify foreign investor concerns on Sri Lanka as a destination for FDI. Moreover our long term economic expectations are linked to the fortunes of India. The most pertinent global developments for Sri Lanka in the short run is the instability of European economies that have slowed down and reduced their purchasing power of commodities exported by us. European countries and the US that accounted for 54 per cent of our exports last year is a sizeable one for industrial exports. The decrease in exports to Europe is being felt in the trade statistics this year. The American economy too has not recovered adequately, and this being an election year, is not expected to regain a growth momentum. With these two main markets affected, our industrial exports have faced a drop of 3. per cent in the first four months of the year. What is particularly disconcerting is that there is a trend of decreasing industrial exports, especially of garments. In March industrial exports declined by 10. 2 per cent and in April it declined by 8. 7 per cent, compared to the respective months of last year. Tea exports to the Middle East and Russia too have been adversely affected and in the first four months, tea exports decreased by 11. 8 per cent, contributing heavily to the decline in agricultural exports by 11. 7 per cent compared to the previous years first four months. Total exports declined by 3. per cent in the first four months of this year compared to the same period last year. Indications are that both industrial and agricultural exports would face adverse conditions and are not likely to recover. Imports Imports continue to make a serious dent in the trade balance. Although consumer imports declined by 3. 3 per cent, intermediate and investment goods continued to increase. Imports were much higher than exports and resulted in a trade deficit of US$ 3. 3 billion in the first four months. If this trend continues the trade deficit co uld be as much as US$ 10-11 billion. This would certainly strain the balance of payments as it is too large to be bridged by worker remittances, tourist earnings, other service earnings and capital inflows. The expectation of higher amounts of foreign direct investments is unlikely. Therefore once again there would be a drain on reserves or increased foreign borrowing to meet the trade deficit, as well as repay capital borrowed earlier and to service interest payments. Economic stability The stabilization of the economy is becoming an uphill task with exports declining and imports continuing to rise. Consequently the trade deficit is continuing to widen even though some imports are showing signs of decelerating. The exchange rate has depreciated as much as 17. 5 per cent since Nov. 21, when the government devalued the rupee by 3 per cent. Global conditions are no doubt at the root of the problem. The economic policies pursued in the recent past too were not modified to take into account the realities of the global situation and the unrealistic path of development that was pursued, without consideration of resource availability and balance of payments implications of the consumption-investment pattern. Internal shock As if the external shocks are not enough, the country is in the throes of a severe drought. While the hopes are that the monsoon is a delayed one, the current expectations are that a severe drought is likely. This is likely to reduce paddy as well as other crop outputs in the main paddy growing areas. It is estimated that the Yala 2012 crop will decline by about 30 to 40 per cent. There may be a need to importing rice this year. If international rice prices increase then it would result in a further strain on the balance of payments. The impact of a drought on the capacity for hydro electricity generation is serious. Increased thermal generation would necessitate higher petroleum imports. The gains by the reduction of oil prices could be wiped out by increases in the amount of oil imports. Meanwhile in the first four months of this year import expenditure on oil increased by 34 per cent. Silver linings There are a few silver linings amidst these dark clouds. International oil prices are falling. Though, as usual, there is volatility in oil prices, they are hovering at a much lower level that in the early part of the year. Oil prices of around US$ 90 per barrel could be a significant boon. Complementing this is the US decision to exempt Sri Lanka from the ban on oil imports from Iran. This too could bring some relief with the possibility of importing Iran crude on concessional and differed payment terms. Worker remittances that are an important source of funding the trade deficit are continuing to increase. In the first four months remittances increased by 16 per cent compared to that of the comparable period last. This is good news in a context when there was considerable uncertainty about remittances growing owing to the turmoil in the Middle East. Policy imperatives Only about one half of the probable trade deficit of US$ 11 billion is likely to be offset by remittances. Tourist earnings that are increasing may finance about 10 per cent of the trade deficit. Therefore the current account deficit would have to be financed largely by either running down the reserves or through borrowings that are contingent liabilities. In this context every effort must be made to reduce imports through appropriate pricing policies, reduction of government expenditure and conservation measures. Reducing the price of petroleum products would be an inadvisable measure.