Friday, March 20, 2020
Money and Capital Markets Central Banks Central banks normally control the interest rates through participating in the open market operations. A reserve bank would influence the stateÃ¢â¬â¢s economy by either purchasing or issuing the government with marketable instruments (Elton, Gruber Brown 2006, p. 64). By selling, the central bank lowers the price of the marketable instruments in the open market.Advertising We will write a custom essay sample on Money and Capital Markets: Central Banks specifically for you for only $16.05 $11/page Learn More This leads to reduced interest rates of commercial banks and that of the entire economy. Similarly, the central banks may reduce the interest rates at which commercial banks borrow loans from central banks. This implies that commercial banks will respond by issuing loans to the public at reduced interest rates. In addition, the central bank may impose a ceiling on the interest rates above which the commercial banks would not be allowed to offer loans t o the public. Generally, interest rate is one of the monetary policies that are used to control various economic variables such as inflation rates and investments. The Indian Central Bank raised its interest rate in an attempt to improve the GDP growth in the year 2011. The central bank of India enhanced the benchmark repo rate by 0.025%. The interest stood at 8.5% as at mid October 2011. This move was essential since it would have seen the inflation rate contained within the accepted levels. According to the Reserve Bank of India, setting the interest rate for commercial banks gives guidance to banks as regards to the upcoming period (Currie 2011, p. 87). The interest rate of 8.5% was imposed with an expectation that inflation rates would decline in December 2011 and subsequently maintain the fall to 7% at the end of March 2012. According to the July Quarterly Review, the central bank of India had projected that the Gross Domestic Product would experience a growth of 8% for the yea r 2011 and 2012. Nevertheless, the September Quarterly Review indicated that the risk to the projected growth was declining. Many financial analysts claimed that based on the changes taking place in the economic environment, the downward baseline projection of Gross Domestic Product growth was expected to hit an average of 7.6% in 2011-2012 financial year.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Bank of England was keen to ensure that the interest rate was maintained at sustainable levels to allow the economy of England keep off from the disasters associated with the European economic crisis. As at August 2011, the monetary policy committee of the Bank of England maintained the base rate at 0.5%. However, it made no changes on its quantitative easing plan. The economic analysts of the UK claimed that interest rates would not probably rise until the following year that is, 2012. This was expected to occur following the signs of inflationary pressures, which were to hit the peak. The inflation rate had dropped to 4.2% at the end of June. Although there were possibilities that utility bills had the potential of rising above 5%, financial analysts perceived that any rise would be temporal. The central bank of China is known as the PeopleÃ¢â¬â¢s Bank of China. Economists claim that the PeopleÃ¢â¬â¢s Bank of China is the largest financial institution in the world in terms of financial resources (Wittner 2003, p. 48). Chinese government and other financial analysts refer to the Chinese interest rate as the base interest rate. Unlike other central banks in the world, the PeopleÃ¢â¬â¢s Bank of China has an absolute power and control over the use of fiscal policies. This implies that the bank has the autonomy of imposing the interest rate to various commercial banks in China. Over the last decade, the PeopleÃ¢â¬â¢s Bank of China has been known for its influence in setting interest rates for debt instruments, savings and loans. The difference that exists between the Chinese central bank and that of other countries is that Chinese interest rate is divisible by nine while that of other nations are divisible by 25 (Reilly Brown 2007, p. 67). This is because the Chinese financial year has only 360 days. This makes it easier to calculate both monthly and daily interest rates. In December 2008, the Chinese interest rate was 5.310% while in June 2011, the interest rate rose to 6.560%. A difference exists between the U.S. Federal Reserve and the PeopleÃ¢â¬â¢s Bank of China in terms of setting interest rates. The Federal Reserve only determines the rate for the Federal funds, which is always used to control the overnight inter-banks rates. On the other hand, the Central bank of China controls the entire market including the interest rates that are used by commercial banks. Normally, the central bank of china sets floor for lending rates and ceilings for deposit rates.Advertising We will write a custom essay sample on Money and Capital Markets: Central Banks specifically for you for only $16.05 $11/page Learn More In the last two years, a number of central banks embarked on cutting their interest rates in an attempt to improve the economic performance. The central banks that have cut their interest rates in the last two years include the Reserve Bank of Australia, the Bank of Japan, the Bank of England and the European Central Bank. The Bank of England set the highest record after it cut its interest rate by 150 basis points. Although lowering the interest rate is important when the economy is facing high prices, it is more risky when there are high chances of inflation (Reilly Brown 2007, p. 56). List of References Currie, D 2011, Country Analysis: Understanding Economic and Political Performance, Gower Publishing Limited, New York. Elton, E, Gruber, M Brown S 2006, Modern Portfolio Theor y and Investment Analysis, John Wiley, New York. Reilly, K Brown, C 2007, Investment Analysis and Portfolio Management, Thomson, South Western. Wittner, P 2003, The European Generics Outlook: A Country-by-Country Analysis of Developing Market Opportunities and Revenue Defense Strategies, Datamonitor, London.
Tuesday, March 3, 2020
How to Launch Your Very Own Podcast the Way Do you love podcasts? Of course, you do. And youÃ¢â¬â¢re not alone. About 48 million people listen to them each year up 6 million from last year. One-third of Americans (ages 25-54) listen to podcasts monthly, so theyÃ¢â¬â¢re not just for nerds anymore. Its not too late to jump in the game. The time is now. Want to start a podcast? How do you do it? How much does it cost? What equipment and technology will I need? How do I land the best guests? If you dont even know where to begin, fear not. Nathan Ellering and Jordan Loftis of are here to talk about the early days of the Actionable Marketing Podcast (AMP) and lessons they learned along the way. AMP podcast was created as a supplement to Ã¢â¬â¢s blog and reach new audiences Smart people use as a tool, so the podcast gave the company an opportunity to build relationships with them Finding guests can be intimidating; start with those around you,then feature customers and their stories and experience using your product and services AMP was initially focused on content marketing; but people who do content marketing, do it as one part of marketing thats not all they do AMP gives you helpful information, and expect you to act upon it If you want a podcast, start simple with just a microphone, room, and people to talk to; thats all you need donÃ¢â¬â¢t over-complicate it and learn as you go Listening to and looking at yourself at first is weird; may sound like a 12-year-old chipmunk and look like Harry Potter in flannel Ultimately, when it comes to podcasts, its about the content whether it gets shared and how it connects with people High-priced and high-tech mics and other equipment are not necessary; keep the cost low when starting a podcast look around to see what you already have Necessities: Mic, filter for that mic, Internet connection, call recorder, and quiet room; use Libsyn or some other podcast hosting option Interviewing: Can be kind of a nerve-wracking experience do it to learn it; #1 thing when interviewing is to be the listeners advocate or sit in the listeners seat Build credibility to snag big-name guests; but donÃ¢â¬â¢t try to just name-grab, invite people who you think highly of and offer incredible value Links: Andy Crestodina Gini Dietrich Ã¢â¬â¢s Blog Libsyn Neil Patel Michael Brenner Rand Fishkin Pat Flynn Noah Kagan Amy Porterfield Content Marketing World Write and send a review to receive a care package If you liked todayÃ¢â¬â¢s show, please subscribe on iTunes to The Actionable Content Marketing Podcast! The podcast is also available on SoundCloud, Stitcher, and Google Play. Quotes: Ã¢â¬Å"We knew that we had some really smart people who use as a tool, and it gave us an opportunity to build relationships with those people.Ã¢â¬ Nathan Ellering Ã¢â¬Å"Something that we want to do is not just give you some information that is somewhat helpful; we want to make sure that you can actually act upon it.Ã¢â¬ Nathan Ellering Ã¢â¬Å"If you dont start, youll never learn. So, dont let the fear of getting started prevent you from actually starting your own podcast.Ã¢â¬ Nathan Ellering I think the number one thing that Ive learned interviewing people is try to be the listeners advocate or sit in the listeners seat. Jordan Loftis
Sunday, February 16, 2020
Introduction to Art - Museum Paper - Assignment Example He used oil on canvas while working on the painting whose original dimensions were 145.7 centimeters in diameter. The Nativity with the Infant Saint John is a circular painting belonging to a category that Pero di Cosimo called the tondo. It is a unique painting of the 1500s, which received popularity in the Renaissance period. The painting signifies an intriguing cosmic harmony and reflects eternity and divinity. In the painting, Mary, the mother of Jesus is in a kneeling position in an effort to adore the infant Christ who is at the forefront of the painting. The infant Christ is sleeping on a blue mantle. The head of the infant rests on a pillow made of wheat. John the Baptist is also present as a young child with a cross, made from reeds that he holds in his effort to exhibit adoration for the infant Jesus. In the background of the painting, Joseph walks down a staircase guarded by angels. The angels appear to be in a celebratory mood because Jesus has been born. The painting has other symbolic items such as rose, rocks, dove, and bud, which represent different instances in the life of Jesu s (Geronimus and Piero 166). On the left side, Piero di Cosimo reflected the life outside the house with different animals grazing outside in the open fields. Beside Mary is an angel who also kneels in respect before the infant Jesus. In an effort to complement the circular painting, the left has a serene landscape in which Piero di Cosmo made use of rolling contours. Evidently, Piero di CosimoÃ¢â¬â¢s circular painting is a representation of a rich narrative. Piero di Cosimo makes use of different visual elements in an effort to develop appealing art pieces. Notably, he combines different styles that he adopted from different artists whom he admired. In order to develop the tondo painting, he made use of figural volume, robust proportions, bright colors, and tonal contrast in order to develop
Sunday, February 2, 2020
Statistics Project Example I am satisfied that the sites I used are valid because it is the Bureau of Labor Statistics (BLS) website. a. Boxplot: Figure 2 shows the Side-by-side Boxplot of 2003 and 2013 unemployment rates data. There appears that the state unemployment rates for the year 2003 were higher as compared to the year 2013. b. Scatterplot: Figure 3 shows the Scatterplot of 2003 unemployment rates (predictor variable) and 2013 unemployment rates (response variable). There appears a positive relationship between 2003 and 2013 state unemployment rates. The average state unemployment rate for the year 2003 was 6.31% and varies from the mean by about 1.47%. About half of the stateÃ¢â¬â¢s unemployment rates were below 6.4%. About one-quarter of the stateÃ¢â¬â¢s unemployment rates were below 5.4% and about one quarter of the stateÃ¢â¬â¢s unemployment rates were above 7.4%. The minimum and maximum unemployment rates were 2.7% and 9.3% respectively. The distribution of state unemployment rates for the year 2003 is approximately normal. The average state unemployment rate for the year 2013 was 5.20% and varies from the mean by about 1.02%. About half of the stateÃ¢â¬â¢s unemployment rates were below 5.0%. About one-quarter of the stateÃ¢â¬â¢s unemployment rates were below 4.4% and about one quarter of the stateÃ¢â¬â¢s unemployment rates were above 5.8%. The minimum and maximum unemployment rates were 3.2% and 7.7% respectively. The distribution of state unemployment rates for the year 2013 is approximately normal. There is no outlier for the 2013 state unemployment rates, as all data values lie in-between lower fence (2.3%) and upper fence (9.8 %). The presence of outliers in a data set tells that they are unusual values and can have an effect on the overall mean and standard deviation. The visual analysis of scatterplot suggests a linear model for the data. Below regression analysis shows the Minitab output for the linear regression analysis taking 2003
Saturday, January 25, 2020
Indias Foreign Exchange System: An Analysis CHAPTER-2 LITERATURE REVIEW 2.1 Introduction: It is a fact that the currencies of different countries have different values that is based upon their actual economic and monetary strength. It is from this difference that the genesis of foreign exchange occurs. Foreign exchange can be termed as the act of matching the different values of the goods and services that is involved in the international business transaction process in order to attain the exact value that is to be transferred between the parties of an international trading transaction in monetary terms. Foreign exchange as an activity had started the day civilization and independent principalities got established in the world. But in those days it was a case of exchanging value in the form of transfer of goods and services of identical value that is commonly identified with barter system. Moreover the transactions were done on a one-to-one basis, and the terms and conditions were determined by the parties entering into such transactions. There was no universal system or rule that determined these transactions. In that way foreign exchange and international monetary system is a modern day trend that gained an institutional form in the first half of the twentieth century and has been developing since then. 2.2 Foreign Exchange: According to International Monetary Fund (IMF), Foreign Exchange is defined as different forms of financial instruments like foreign currency notes, deposits held in foreign banks, debt obligations of foreign banks and foreign governments, monetary gold and Special Drawing Rights (SDR) that are resorted to make payments in lieu of business transactions that is done by two business entities or otherwise, of nations that have currencies having different inherent monetary value (www.imf.org). Leading economist Lipsey Richard G.,1993 has mentioned that the foreign exchange transactions are basically a form of negotiable instrument that are resorted to deliver the cost of goods and services that form a part of trading transactions and otherwise, between business and public entities of nations of the global economy. Sarno, Taylor and Frankel, 2003 gives the definition of foreign exchange as denoting the act of purchase and sale of currencies of different economies that is performed over the counter for various purposes that includes international payments and deliverance of cost of various business transactions, where the value is usually measured by tallying the value of the currencies involved in the foreign exchange transaction with that of the value of U.S. Dollar. According to Clark and Ghosh 2004, Foreign Exchange denotes transactions in international currency i.e. currencies of different economies. In such transactions the value of a currency of one country is tallied and exchanged with similar value of the currency of the country in order to exchange the cost of a business transaction or public monetary transfer that is taking place between two entities of these economies. 2.2.1 Foreign Exchange Transactions: Transactions in foreign exchange are done through various types and various modes between different countries of the world. According to information mentioned in the Reuters Financial Training Series, 1999,TOD Transactions, TOM Transactions, Swap Rates, Spot Rates, Forward Rates, Margin Trading and Buy / Sell on Fixed Rates foreign exchange transaction methods are some of the commonly used methods that are widely used by global managers for their foreign exchange transaction activities. 184.108.40.206 TOD Operations: TOD Operations are foreign exchange transaction methods where the trader uses the exchange rate of the day on which the foreign exchange transaction order is to be executed. In other words TOP operations are commonly used in intra-day foreign exchange transactions. As a result they are commonly resorted to by speculators in foreign exchange transactions and those who general speculate on the rates of different foreign exchange markets of the globe. 220.127.116.11 TOM Operations: In this type of transactions the transaction process carried forward to the next day instead of it being an intra-day trading. TOM transactions rate is fixed on the day the transaction is signed, but the rate of exchange is agreed upon to be that of the next day. 18.104.22.168 SPOTTransactions: SPOT Transactions can be compared with TOM transactions because here also the exchange rate is fixed at a value that prevails over the exchange rate of intra-day trading of shares. But SPOT transactions have been separated as a different category because unlike TOM transactions, SPOT transactions contracts are executed on the third day after the signing of agreement between the Bank and the client. 22.214.171.124 Forward Contract: Forward contracts are those exchange rate contracts where the currency conversion exchange rate agreement is decided at a certain rate at a time that is well before the date of execution of the exchange contract. In that way they are similar to TOM transactions. The only differ from them in the fact that these transactions are made for a long term i.e. generally for one year, and the parties involved in making this foreign exchange transaction deposit five percent of the contract value with the bank involved in facilitating the transaction at the time of executing the contract which is then returned to the client after execution of the exchange transaction. The need for depositing this amount is to secure the transaction against any loss due to market fluctuations. 126.96.36.199 SWAP: The greatest advantage of SWAP transactions is that the clients involved in the foreign exchange get prior information about the exchange rate of the currencies that are part of the transaction. In this type of transaction the bank first buys the amount of transaction form the client and resells it to the client after a few days after disclosing the exchange rate of the currencies involved in the transaction process. SWAP transactions are much sought after by traders because here they get to know beforehand the exchange rate of the currencies involved in the transaction process that helps them in avoiding fluctuations in market rate and gives them the advantage of determining the prices of goods, the nature of the currency market notwithstanding. . 188.8.131.52 MarginTrading: The key element of Margin trading is that any trader can opt for SPOT trading round the clock by going through the margin trading mode. The other key element of margin trading is that the traders can make deals with a minimal spread for a huge amount of funds by projecting fraction of the needed amount. In that way it is a unique form of global financial transaction where the threshold value that can be transacted through the margin trading mode is $ 100000 with bigger deals being multiples of $ 100000. But in order to deal in margin trading the trader has to make a security deposit of five recent of the contract value that has to be replenished from time to time in order to maintain the amount from which the probable losses from margin trading transactions are accommodated. 184.108.40.206 Buying/Selling on Fixed Rate Order: This is a mutual agreement between the buyer and seller of foreign exchange. Neither its rate nor its other terms and conditions are based upon actual conditions. Rather the deal is based keeping the mutual profitability of the buyer and seller intact where both of them get their desired amount. 2.3 Global Foreign Exchange Market: According to the table depicting the Triennial Bank Survey of Foreign Exchange and Derivatives Market Activity done by Bank for International Settlements (BIS)2007, as shown below the global foreign exchange market has an average daily turnover of over $ 2 trillion, which is an increase of around forty percent in terms of volumes . This rise in foreign exchange transactions it is observed has been due to rise in the volume of trading in Spot and Forward markets. This is indicative towards increase in volatility of foreign exchange markets around the world. (www.bis.org). Global Foreign Exchange Market Turnover Daily averages in April, (in billions $) Year 1989 1992 1995 1998 2001 2004 Spot Transactions 317 394 494 568 387 621 Outright Forwards 27 58 97 128 131 208 Swaps in Foreign Exchange 190 324 546 734 656 944 Gaps in Reporting (Estimated) 56 44 53 60 26 107 Total Turnover (Traditional) 590 820 1,190 1,490 1,200 1,880 Memo: Turnover (At April 2004 Exchange Rates) 650 840 1,120 1,590 1,380 1,880 (BIS Triennial Central Bank Survey, 2004) As observed by Jacque Laurent L.1996, Studies in foreign exchange point to the fact that the volume involved in foreign exchange transactions in the total markets around the globe has the potential to affect the overall functioning of the global financial system due to the systematic risks that are part and parcel of the foreign exchange transaction system. Most of the transactions occur in the major markets of the world with the London Exchange followed by New York and Tokyo Stock Exchange accounting for over sixty percent of the foreign exchange transactions done around the globe. Among these transactions the largest share is carried out by banks and financial institutions followed by other business transactions i.e. exchange of value for goods and services as well as dealers involved in securities and financial market transactions. According to the studies by Levi Maurice D., 2005, in foreign exchange transactions most of the transactions happen in the spot market in the realm of OTC derivative contracts. This is followed by hedging and forward contracts that are done in large numbers. The central banks of different countries of the world and the financial institutions operating in multiple markets are the main players that operate in the foreign exchange market and provide the risk exchange control mechanism to the players of the exchange market and the system where around $ 3 trillion amount of money is transacted in 300000 exchanges located around the globe. The largest amount of transactions takes place in the spot rate and that too in the liquidity market. The quotation on price in these markets sometimes reaches to around two thousand times in a single day with the maximum quotations being done in Dollar and Deutschemark with the rates fluctuating every two to three minutes with the volume of transaction for a dealer in foreign exchange i.e. both individual and companies going to the range of $ 500 million in normal times. In recent years the derivativ e market is also gaining popularity in OTC dealings with regards to the foreign exchange market. 2.4 Global Foreign Exchange Market Management Risks: According to the researcher Kim S. H., 2005, Foreign exchange transactions are identified by their connection with some financial transactions occurring in some overseas market or markets. But this interconnectivity does not affect the inherent value of the currency of the country which is determined by the economic strength of that country. This means that the inherent value of each currency of the world is different and unequal. So when the need arises to exchange the value of some goods or service between countries engaged in such activity it becomes imperative to exchange the exact value of goods and services. Considering the complexity and volume of such trading and exchange activity occurring in the global market between countries it is but natural that the currencies of individual countries is subject to continual readjustment of value with the currency with which its value has to be exchanged. This gives rise to the importance of foreign exchange transactions as a separate ar ea of study and thereby needs much focus for its understanding (Frenkel , Hommel and Rudolf , 2005). In addition to this it is to be realized that with the growing pace globalization and integration of global economic order there has been a tremendous increase in international business transactions and closer integration of economic systems of countries around the world especially between the members of WTO, that has led to the increase in economic transactions and consequent activity in international foreign currency exchange system (Adams, Mathieson and Schinasi, 1998). Added to this is the fact that the exchange value of currencies in the transactions is not determined by the respective countries but by the interplay of value of the currencies engaged in an international foreign exchange transaction and the overall value of each currency in the transaction prevailing at that time. In fact each country in the global economic order would want to determine the value of its currency to its maximum advantage, which was possible a few years ago in when the countries used to determine the value of their currency according to the existing value of their economy. The individual countries till the early nineties used to follow a policy of total or partial control over the exchange value of their currency in the global market. At the same time there also were a group of countries that followed the policy or system in determining the exchange value of their currency i.e. left it to the interplay of global economic activity where the value was determined by its economic performance. The currencies of countries that provide full or partial amount of control in the international exchange value of its currency are known to follow a Fixed Rate whereas the currencies of countries that allow its currency to seek its inherent value through its performance in the global economic system are termed as following the Floating Rate of foreign exchange conversion mechanism. Though lo gically both the type of mechanism of foreign exchange face the effect of exchange rate fluctuations and consequent volatility in rate it is the currencies having a floating rate that are continually affected by the fluctuations in exchange rate in the global market when in the case of currencies with a fixed rate it is more of a controlled and regulated affair (Chorafas Dimitris N., 1992). 2.5 Foreign Exchange Risks Prevailing in the Global Market: Risks related to the exchange rate of a currency in the global market as has been mentioned, occurs due to the interplay of inherent value of each currency of the respective countries that are part of the global financial mechanism. Risks related to foreign exchange come into picture and are also inevitable in this world marching towards increased interaction due to globalization. The risks will occur due to business interaction and consequent exchange of value for goods and services. According to Kodres LauraE., 1996, the risks related to foreign exchange occur when there is increased interaction between the currency of a country with that of other countries in the international market and that too if the currency has a floating exchange rate. In that case the value of the currency is continually affected by its business and financial performance. This relation with other currencies in the market affects it during the time when the need arises to exchange it with another currency for settlement of financial transaction in some business or financial purposes and gives rise to various types of risks. The prominent risks associated during this situation are Herstatt Risk, and Liquidity Risk. 2.5.1 Herstatt Risk: Herstatt risk is a risk that is named after a German Bank that got liquidated by the German Government in the seventies of the last century and made to return all; the claims accruing to its customers. This is because its creditworthiness was affected and it could not pay the settlement claims to its customers and also on behalf of its customers to their clients. It is basically connected to the time aspect of foreign exchange value claim settlements in which the foreign exchange transactions do not get realized as the bank loses its ability to honour the transaction in the intervening period due to some causes. In the particular case the German bank failed to honour the financial settlement claims of its clients to their counter parties that were to be paid in values of U.S Dollars. The main issues that arose were regarding quantifying the amount to be delivered and the time of the transaction process due to the two countries financial systems being located and working according to different or separate time zones. This case has established a phenomenon in foreign exchange market where there may erupt situations in which the working hours of banks located in different time zones may never match with each other leading to foreign exchange settlement transactions getting affected during the mismatch of the two banks closing and opening time. In fact the Alsopp Report that studied this phenomenon in detail said that though the foreign exchange transactions are made in pen and paper on a single day the actual transfer of value takes place within three to four days. And with the exchange value of currencies operating in the international market always remaining in a state of flux they either get jacked up or devalued. In either case it affects the clause of transactions that was decided on an intra-day rate, as the value of both the currencies in the international market has changed during these days. 2.5.2 Risks related to Liquidity: There can crop up different problems related to the banking systems operations and dynamics i.e. in both technical and management systems as well as inability in terms of volume of available liquidity strength or in mismatch in tallying of time etc; that can affect the capacity of banks to honour foreign exchange transactions in terms of transfer of liquidity. These types of risks are being commonly witnessed in newly emerging economies that are being unable to cope with the sudden surge in volume of global business transactions thereby leading to exchange rate settlement and payment delays, outstanding payments and dishonouring of financial commitments in the exchange rate transaction market. 2.5.3 Financial Repercussions: According to the Studies in foreign exchange related risks by Dumas and Solnik, 1995 aver that risk related to transactions in foreign exchange have increased with globalization and the rise of global economic integration process with the countries getting affected in relation to the volume of their transactions in the global financial and business marketplace. This is because the market is now more oriented towards market value driven convertibility of currencies that is influenced by the global financial movements and transactions, and any independent transaction especially of transnational and multinational companies; will automatically affect other transactions happening in the global financial marketplace (Klopfenstein G.,1997). However, according to another study by Gallati Reto R., 2003, these multinational and transnational companies are simultaneously being affected by the fluctuations in exchange rate of different currencies of the global market that is exposing their business operations in different global markets to exchange rate related risks especially due to difference in Spot and Forward rates and the inevitable fluctuations (Choi , 2003) that give rise to foreign exchange settlement related problems. 2.5.4 Remedies to Foreign Exchange Settlement Risks: As there risks that have cropped up in foreign exchange transactions due to increase in volume and frequency of transactions mainly as a result of globalization so, also there have come up remedies to minimize the risk related to adverse conditions in foreign exchange transactions. The Bank for International Settlements (BIS) in one of its studies in 1999 has said that settlement of claims is the most predominant risk that is related to foreign exchange transactions, especially the speed with which these transactions are materialized and the roadblocks that they may face in the process due to tremendous increase in volume of foreign exchange transactions that cannot be cleared in expected times. The solution to these risks according to the study is to simultaneously clear transactions on either side i.e. for both the parties side so that they simultaneously give and receive payments at the agreed rate of exchange. This would solve the problem of extended time of actual payment when the rate of exchange fluctuates, thereby creating problems for both the parties. This arrangement is related to deals being processed simultaneously, which requires the concurrence and common cause of both the parties. This is because the party that is expecting a hike in value of it s currency may not agree to such a proposal. In that case there should be some law or arrangement that would make it mandatory for both the parties to settle their intra-day payments on that day itself so that there is no scope left for speculation by them. According to the study, such arrangements have been made in USA and Europe where systems like Fedwire and Trans- European Automated Real-Time Gross Settlement Express Transfer (TARGET) have been established. Fedwire facilitates payments in foreign exchange transactions under the mode of Real Time Gross Settlements (RTGS)and TARGET facilitates intra-day transfer of foreign exchange between parties of member countries of Europe on the same day itself. But, for simultaneous release of funds by both the parties and the intra-day settlement of claims to succeed it is imperative that the member countries of the global economic system should come together have concurrence on these issues. This is because all said and done the foreign exchange transaction related rules and laws are still governed by the respective countries. And most of these countries are reluctant to make any headway in linking their currency system to the global currency system for speedy disposal of foreign exchange transactions for fear that such a move would expose their currency end financial system to the baneful effects of risks and volatility of global foreign exchange system (Hagelin and Pramborg, 2004). At the level of international trading corporations there has been initiated some steps whereby they have formed a private arrangement known as Group of Twenty. They are a group of twenty internationally acclaimed global clearing banks who have formed an system called the Global Clearing Bank that acts as a connection between the payment systems of different countries and verifies international foreign exchange transactions in order to simultaneously satisfy both the parties regarding authenticity of the process of transaction. The thing is that this system puts a high amount of strain on the financial and foreign exchange system as well as reserves of individual countries along with requiring them to bring about some amount of commonality between the financial rules and regulations of individual countries which is easier said than done. All the same the establishment of Bilateral Netting System and Multilateral Netting Systems as well as of Exchange Clearing House (ECHO) are trying t o facilitate foreign exchange transactions and minimize the inherent risks involved (McDonough ,1996). 2.6 Indian Foreign Exchange System: 2.6.1 Historical Background: The historical background of foreign exchange system in India was a saga of excess control and monitoring with even minor transactions being made to undergo the rigorous scrutiny of concerned government authorities to avoid any risks associated with such transactions and save the scarce foreign exchange reserves from being frittered away in some transactions considered unimportant or anti-national by the government. The Foreign Exchange Regulation Act (FERA) that was enacted in 1947 and made more stringent in 1973 was the embodiment of the prevailing sentiment of the governments of those days, which was to completely regulate and control all the foreign exchange transactions and protect the foreign currency reserves. (Mehta, 1985) All these changed in the nineties of the last century with the opening up of Indian economy in 1991 in keeping with the recommendations of the High Level Committee on Balance of Payments set up under the chairmanship of Dr C. Rangarajan by the Ministry of Finance, Government of India and subsequent entry of India into World Trade Organization (WTO) in 1994. This was preceded by the liberating of current account transactions and establishing full convertibility of current account transactions in 1993. In 1994 also the Government of India accepted Article VIII of Agreement of the International Monetary Fund that established the system of current account convertibility and the exchange value of rupee came to be determined according to the market rates with only the convertibility of capital account being under the control of the government (Krueger,2002) as the Tarapore Committee on Capital Account Convertibility of 1997 (Panagariya A., 2008) suggested the government to keep adequate sa feguards before allowing the convertibility of capital account to be determined according to the market forces as there was need to consolidate the financial system and have an accepted inflation target before such a venture. The Tarapore Committee also suggested that the legal framework governing the foreign exchange transaction system in India also needs to be modernized before going for total convertibility of the capital account due to which the Government repealed the FERA Act of 1973 and promulgated the Foreign Exchange Management Act (FEMA) in 2000. This new act did away with the system of regulation and control and established a system of facilitation and management of foreign exchange transactions thereby promoting all the activities related to foreign exchange transactions. The most important thing that was done by FEMA was to recognize violations or mistakes in foreign exchange transactions as a civil offence instead of a criminal offence as was done by FERA. FEMA also shifted the responsibility of proving the violation or mistake in foreign exchange transaction and related rules from the prosecutor to the prosecuted. And if the prosecuted was proved guilty he or she was to pay only monetary fine or compensation instead of being jailed as was the earlier provision under FERA. FEMA also simplified many of the rules and notified specific time frames for delivering judgments related to violations of foreign exchange rules and regulations and provide rules for establishing special tribunals and forums to deal with such cases. Th e compounding rules were also made less stringent and all matters related to compounding rules were notified to be dealt by Reserve Bank of India (RBI) instead of the previously assigned Enforcement Directorate. RBI was made the designated Compounding Authority in all related matters. Only the cases involving hawala transactions were left from its purview As per Mecklal and Chand
Friday, January 17, 2020
The authors of several books are celebrated for the different artistic works that they produce. In their real lives, not it is everything can however be celebrated. This is because some have undergone a hard time throughout their lives. Some have gone to the extent of committing suicide so as to end the problems in their lives. Sylvia Plath and Emily Dickenson are good examples of authors who have faced a hard life and who used their writing works to express their feelings. They have undergone through a hell of life by losing their parents and enduring the extramarital affairs of their husbands as well as degenerative diseases in their late life. Further, they have manifested some similarity in their early lives because they were all brought up in a Christian family. They also had a desire to learn, an aspect that made them achievers in developing artworks. Plath and Dickenson had very tragic and troubled lives. To start with, Dickenson was born during the month of December 1830 in Amherst community. She was the second daughter of Edward Dickenson. Throughout her life, her mother was not accessible emotionally and this absence caused Dickenson to depict some eccentricity. Being born in a Christian tradition, she was forced to espouse her fatherÃ¢â¬â¢s religious beliefs without any argument. These are some of the things that came to be challenges in DickensonÃ¢â¬â¢s late life as is evident through her poetry. Her family was very popular in Amherst with her father being a lawyer who made that family to enjoy immense popularity and excitement. Dickenson did not enjoy this; instead, she withdrew (Paul). When her father realized that she had a problem with his Christian religion he began to censor the books that she was reading because of their potential of drawing her away from faith. In her early life, she was silent and shy; she used to depreciate in the presence of strangers. Dickenson was very successful in college but after her life in seminary in 1848, she began her life of seclusion. The culmination of these problems made her life miserable. To add to her tragic life, she was never married although she had significant relationships which did not however work out. She lived in a private society and she could refuse to see certain people who paid her a visit. It may sound very sad that by the time she was twenty years, she had no extended exposure to the world which was outside her home. She started authoring her poetry as a way of expressing how her life was and how she hated some of her friends and family pressures. It was so unfortunate that DickensonÃ¢â¬â¢s late life was full of mourning because of several deaths that occurred during a time frame of a few years. Her father died in 1874, her brother died in 1878, her mother died in 1882, and her nephew in 1883 (Burt 110). Due to these deaths, her speculations for poetry started to come to a halt in 1884 whereby she suffered her first attack of one of her terminal illnesses such as hypertension. The whole of 1885, she was bedridden and on May 1886 she took her last breath. She lived in solitude and had a very boring life that was full of tragedies and problems. On the other hand, Plath had several problems which made her life miserable. To start with, she was born during the time of The Great Depression when the nation was being faced with severe economic problems. Secondly, when she was only eight years old her father died from complications following a foot amputation due to untreated diabetes. This event introduced a lot of pain in PlathÃ¢â¬â¢s life because her father had refused any treatment because his friend had died. It impacted negatively in her life because she lost her Christian values that her father had instilled in her. She enrolled at Smith College Ã¢â¬â a place where she broke her leg when she was skiing. She had a great desire to learn and she had so many trophies because of her art in poetry when she was eight years only. Her leg made her to lose confidence in herself and her life in general. This made her to make her first suicide attempt when she took an overdose of sleeping pills after she crawled under her house. After this incident, she was taken to a mental institution where she received treatment. To add to her problems, during her marriage, her husband Ã¢â¬â Hughes Ã¢â¬â had an affair with PlathÃ¢â¬â¢s best friend, Assia Wevill. She had earlier experienced an accident which many people belief was another suicide attempt. Plath was faced with many problems which resulted to depression and finally, she committed suicide, thus killing herself together with her two children in an inferno of gas which she lit. This was the same way through which that her friend Ã¢â¬â Assia Ã¢â¬â had committed suicide earlier. We can thus argue that PlathÃ¢â¬â¢s life was full of tragic incidences which made her to think of killing herself. Plath and Dickenson were authors of poems and novels and in their work they used their real life details as the raw materials. Before Dickenson died, she had written over 2000 poems. Most of her poetic work was discovered by her sister in a bag after her death. Further, a great deal of her poetic work reflected most of the tragedies that she had passed through. For example, Most of her poems talk about death Ã¢â¬â which is a major aspect that made her life miserable by taking her loved ones. To illustrate, in the Ã¢â¬Å"Because I could not stop deathÃ¢â¬ poetry, Plath personifies death as a gentleman. In the first line, she states that since she was not in a position to stop death, it will kindly stop her, meaning that she was preparing to meet her death. There are various themes that she explored through the poems. To start with, she used love as a theme. She employed this concept to explain the situation that she was in because she was never married. Secondly, despair was another theme that she used in her poems. One can argue that she did this to express the despair that she had faced in her tragic life. Her poems Ã¢â¬â which she wrote while she was in the seminary Ã¢â¬â show her tendencies in her academic years. The prominent themes include the hard time that she faced trying to maintain close family ties, her preference for solitude over society, her intellectual curiosity, and her hesitation to accept Christianity in a manner that her family and friends wanted On the other hand, Plath described her tragic life indirectly in her poems and books. She used her life details as the raw materials for her art work. After the death of her father, Plath was a frequent caller at her fatherÃ¢â¬â¢s grave and this prompted her to write Ã¢â¬Å"Electra on Azalea Path,Ã¢â¬ which is a poem that described the memorable moments of her fatherÃ¢â¬â¢s life (Horvath 61). Conversely, Plath pointed out her idea of committing suicide through her various poetic works. She wrote a book named Ã¢â¬Å"The Bell Jar,Ã¢â¬ which is a semi-autographical work describing her entire life. She used the Ã¢â¬Å"Fig TreeÃ¢â¬ as an analogy; a ripe fruit represented her intended future. She also used a woman who is ready to Ã¢â¬Å"Learn GermanÃ¢â¬ but is haunted by her past. This shows that Plath did not like her past and the only way to show this was by putting it through poems and books In conclusion, the lives of these two authors were full of similar tragedies. They were both rebellious to the Christian religion and to the efforts of their friends and family in forcing them into it. They have used poetry to describe the lives that they have lived and the injustices that they have faced in their entire lives. They died being heroes of poetry even though they were not aware. In their poetic work, these two women were similar in the fact that they used examples of repressed women who have been able to write their work in poetry and other writings. This was despite the fact that the society did not give a chance for women to do so. Both have manifested themselves as people who are not destroyed by the repression of the male-dominated society. The main difference between them is the time in which they started to write. Dickenson started writing after her twenties whereas Plath started when she was very young. Works Cited Burt, Daniel S. The Biography Book: A ReaderÃ¢â¬â¢s Guide to Nonfiction, Fictional, And Film Biographies of More Than 500 of the Most Fascinating Individuals of All Time. Santa Barbara, CA: Greenwood Publishing Group, 2001. Horvath, Rita. Never Asking Why Build Ã¢â¬â Only Asking Which ToolsÃ¢â¬ : Confessional Poetry And The Construction Of The Self. Andrea Pok, Hungary: Akademiai Kiado, 2005. Paul. C. Emily DickinsonÃ¢â¬â¢s Life. July 23, 2010. .
Thursday, January 9, 2020
The journey, the hero, the triumph, and the defeat are all elements that some of literatures greatest works have encaptured, such as: the Ramayana, The Epic of Gilgamesh, and the Mahabharata. Each of these texts depicts a hero or protagonist that is unique to their culture and although each of these heroes embark on a different journey with different purposes and goals in mind, they all display a variety of features that people of then and now can relate to. It becomes transparent that each of the journeys these heroes undertake are a lot like that of the lives of people today. The Epic of Gilgamesh is one of the oldest pieces of literature known to man. Written in 2700 B.C.E this epic poem centers in on an ancient king of Uruk in present day Iraq. When we are first introduced to Gilgamesh, the king of Uruk, we see that he is a tyrant ruler which is one-third human, two-thirds divine and in endowed with immense strength. Instead of serving his people he suppresses them and engag es in immoral behaviors fit for a king. The behaviors result in a backlash from his citizens and the nobles began to complain bitterly about these behaviors. The gods eventually intervene and in order to tame GilgameshÃ¢â¬â¢s wild spirit they create his equal, Enkidu, whose purpose in this epic poem is to help guide Gilgamesh in becoming a better person and a better king for his people. Before Gilgamesh is introduced to Enkidu there is little in his life that offers meaning to him, yet he stillShow MoreRelatedTheme Of Gender In The Epic Of Gilgamesh And The Mahabharata1051 Words Ã |Ã 5 Pagesrepresentation of gender, and filter all chosen texts through this lens. In these two ancient texts, The Epic of Gilgamesh and The Mahabharata, womens power is often belittled to the influence of their sexuality and allure to men. In The Epic of Gilgamesh, Shamhat is sent by her king, Gilgamesh, to go find Ekidu. 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