Career Path Of A Graduate Labour Market - 2372 Words

Research rationale, objectives and hypothesis Given the fact that the graduate labour market is becoming increasingly more competitive every year, graduates attempt to differentiate themselves and gain an advantage against their fellow competitors. One of the most common ways to achieve that has been by gaining work experience through internships. This practice is so popular in the current society that it is considered almost a mandatory step in a graduate’s career path. This research attempts to further explore that concept and determine whether or not it is always in a student’s best interest to pursue an internship. For that reason, the different ways graduates can gain work experience will be identified and the advantages or disadvantages they offer to all parties involved will be highlighted. Furthermore, the effect a paid internship may have on the career path of a graduate will be compared to the effect an unpaid internship has, aiding students decide the suitability of each option. Last but not least, some ethical and legal implications around the subject are considered. Advantages and disadvantages of paid and unpaid internships for graduates There are many benefits - aside from the monetary rewards related to paid internships - that influence students in their decision to commit to an internship. First, an internship can prove to be a great addition to a graduates CV and therefore make them more attractive to prospective employers. A graduate’s level ofShow MoreRelatedIntroduction And Background Of Career Development1646 Words   |  7 PagesIntroduction Background Career development is defined as different progresses of a ‘job for life’ a few decades ago. Over the past three decades, careers, as lifetime experiences of individuals, are in a profound state of change. Jackson et al. (1996) state that there is ‘a wide range of revolutionary forces affecting labour markets, employment structures, organisational practice and educational provision’. Career development is now understood as the proactive behaviour that people decide theRead MoreGreece Is Experiencing An Unprecedented Economical Crisis1637 Words   |  7 Pagesrenewal. A clear need for policies promoting innovation based development has risen. This essay focuses on one of the pre-conditions for innovation based growth in the country of Greece. Priority is given, in the terms of the proper function of labour markets, on the problem of Greek brain drain, with emphasis in the potential effective innovation policies to reverse the current situation. Introduction The economic and financial crisis has hit the Greece hard, with the population being subjected toRead MoreThe Incidence Of Over Education2489 Words   |  10 PagesOver-education in the graduate labour market Word Count – 1795 Executive Summary This report aims to examine the incidence of over-education in the graduate labour market. ‘Over-education’ can be defined as the phenomenon where graduates are required a lower level of qualification for their jobs. The incidence of over-education has risen due to the increase in the supply of graduates in the labour market and the expansion of higher education. It all comes down to how graduates impress employersRead MoreThe Link Between Work Experience And Future Career1476 Words   |  6 Pageswork experience is a key base for a successful future career. Work experience is a short term experience of workplace, usually by young students to experience certain types of work. The various types of work experience can be gained through part-time job, summer internships, and short-term internships or through a sandwich year. A sandwich year is an opportunity many university and organisation provide to for about 6-12 months to help graduates gain the experience of working in an industry duringRead MoreThe Right And Craving Changes For A Better Life1641 Words   |  7 Pagesproblems that employees have in finding secure jobs since the amount of vacancies available has been taken by more educated people. According to Nankervis, et al. (2005, p.208), those problems above may have resulted in a narrower access to long-term career paths. This essay will briefly discuss that issue. To fight for the right and craving changes for a better life are believed to be intrinsic to human nature. It can be demonstrated by looking back to the history since the day people set their civilisationRead MoreImpact Of Education On The Uk1925 Words   |  8 PagesIntroduction: The number of graduates living in the UK higher education society has risen over the last few decades. Additionally, the inequality in wage becomes apparent as well as narrowly defined within a qualified group. The proportion of graduates in labour force has increased severely over the last few decades. Various studies has shown that, a significant proportion of the labour force are over educated, than it is actually required for their current job status. Cameron and Heckman (1998)Read MoreThe Graduate Labour Market in Sydney3940 Words   |  16 Pages| The Graduate Labour Market in Sydney, Australia | Do I have the skills needed? | | | | | | | 1. Executive Summary This report aims to investigate the Graduate Labour Market within my chosen sector of the employment market. The pathway I have selected is to work in is Human Resources within the tourism and hospitality industry. The research is focused on the labour market in Australia and especially Sydney. An analysis of the market and the skills and knowledge neededRead MoreThe Study Of Human Social Relationships And Institutions873 Words   |  4 Pagesbehavior. His cofounder Harriet Martineau was the one who translated all of Comte’s research from French to English. She believed in participating and observing behavior. In order to become a sociologist, like many other careers you must first go to school. The first step in this career is obtaining a bachelor’s degree from any university in sociology. Some of the top universities in sociology include: Harvard University, University of California at Berkeley, University of Wisconsin in Madison, UniversityRead MoreAustralia Case Study1672 Words   |  7 Pagespositions? Evidence of decline in graduate based jobs in Adelaide Recent statistical data has shown that university graduate jobs are in decline. In fact, studies have shown that less and less individuals are finding full-time employment occupation once completing university. This is evident in a study conducted by National Institute of Labor Studies at Flinders University (2016) which determined that between 2008 and 2014, the percentage of recent university graduates in full-time occupation declinedRead MoreEssay about Critical Analysis of Current Labour Market Trends2383 Words   |  10 PagesAnalyze the current graduate employment opportunities within Human Resources Within this assignment, I will be examining the current opportunities graduates have in human resources and the trends that affect their chances of employment such as; labour market, the impact of external factors influencing career patterns and how this affects the ethical and cultural issues, the relevant use of competences and professional standards and this affects graduates applying and dealing with the pressures

Essay about Porphyrias Lover and My Last Duchess by...

Compare the two poems ‘Porphyria’s Lover’ and ‘My Last Duchess’ by Robert Browning. What do they reveal about attitudes to women and relationships in the nineteenth century? Robert Browning was one of the greatest poets of the nineteenth century. In 1842, he published ‘Dramatic Lyrics’ which included the two poems ‘Porphyria’s Lover’ and ‘My Last Duchess’. In ‘Porphyria’s Lover’ Browning gives the reader a dramatic insight into the twisted mind of an abnormally possessive lover, who wishes the moment of love to last forever. In this essay, ‘Porphyria’s Lover’ will be compared to Robert Browning’s other dramatic monologue, ‘My Last Duchess’, where an Italian aristocrat reveals his cruelty to his late wife whilst showing off a portrait of†¦show more content†¦Ã¢â‚¬Å"She had A heart - how shall I say? - too soon made glad, Too easily impressed; she liked whate’er She looked on, and her looks went everywhere† In both poems, there are similarities in the narrator’s attitudes towards their women. Both narrators show an unnatural possessiveness towards them, presenting an unattractive, all-encompassing jealousy that wanted to eclipse all other interests that their women may have. It means that in each poem, the narrators end up killing their wives. In ‘Porphyria’s Lover’, the narrator justifies his actions by saying he wanted to preserve the perfect moment in time. â€Å"That moment she was mine, mine, fair Perfectly pure and good:† At that point of pure passion, the narrator’s lover belonged to him totally - the repeated words â€Å"mine, mine† emphasise this. To stop the struggles and conflicts that would prevent them from seeing each other, he decided to kill her. His act of strangulation was a crime of passion - it was not pre-meditated. By contrast, the death of the Duchess was a cold, calculated move by the Duke to remove the source of his jealousy. She gave her favours to others too willingly, and did not value his nobility and all that it stood for. â€Å"She thanked men, - good! But thanked Somehow - I know not how - as if she ranked My gift of a nine-hundred-years-old name With anybody’s gift.† The DukeShow MoreRelatedEssay on My Last Duchess and Porphyrias Lover by Robert Browning1236 Words   |  5 Pages Robert Browning wrote the two poems, My Last Duchess and Porphyrias Lover. Both poems convey an thoughtful, examination profound commentary about the concept of love. communicates two interpretations concerning Both poems describe the behavior of people who are in loving, romantic relationships. There are several aspects common in both poems. Using the literary technique of dramatic dialogue, the author reveals the plot and central idea of each poem. Robert Browning tells each poeticRead More Porphyrias Lover, My Last Duchess and The Flea all have the theme of789 Words   |  4 PagesPorphyrias Lover, My Last Duchess and The Flea all have the theme of love in them Porphyrias Lover, My Last Duchess and The Flea all have the theme of love in them. But they are not all the same theme of love for example Porphyrias Lover is obsessive and seductive love whereas; The Flea is more like sexual love. Robert Browning writes both Porphyrias Lover and My Last Duchess and John Donne writes The Flea. I think Porphyrias Lover and My Last Duchess are alike as Robert Browning uses Read MorePorphyrias Lover And My Last Duchess Comparison Essay1440 Words   |  6 PagesComparison between Porphyrias Lover and My Last Duchess Browning had a place with the Victorian Age, an age where adore coincided with disarray, religion, and distress. Taking care of business, Browning is a writer of affection. His works delineate the different shades of feeling, regardless of whether it is the smooth stream of perfect otherworldly love in The Last Ride Together or the complexities of brain and nature of affection in Porphyrias Lover and My Last Duchess. To draw an examinationRead MoreCompare My Last Duchess And Porphyrias Lover1098 Words   |  5 PagesLove That Kills (Comparing and Contrasting of â€Å"My Last Duchess† and â€Å"Porphyria’s Lover†) While reading the poems â€Å"My Last Duchess† and â€Å"Porphyria’s Lover† by Robert Browning, there is a large possibility that you may be left haunted by the words that were written on the paper. â€Å" This is not to say that he was blandly optimistic, as he is sometimes portrayed. He wrote fully about the world s cruelty and vice and was quite frank that he had himself had no divine revelation. Nevertheless, he resolvedRead More A study of Porphyrias Lover and My Last Duchess by Robert Essay816 Words   |  4 PagesA study of Porphyrias Lover and My Last Duchess by Robert Browning. The first poem â€Å"Porphyria’s lover† is about class and control. A woman shows her control over her lover by seducing him to get attention, moving him to a position she likes and treating him like she is the boss of him and his possessions. The man eventually goes to extremes to get control and kills her. The second poem â€Å"My last Duchess† is also about control. The man is showing some important guests around his palaceRead MorePorphyrias Lover And My Last Duchess By Robert Browning1510 Words   |  7 PagesRobert Browning is a romantic and victorian poet who writes from a speaker’s perspective while a listener is listening to what the speaker reveals about him or herself. Oscar Wilde, author of The Complete Letters of Oscar Wilde, once exclaimed, â€Å"In art, Browning can make action and psychology one!† A healthy and fully expressed relationship is the bond between two people, consisting of trust, honesty, and respect (Denham et al. 397). Within â€Å"Porphyria’s Lover† and â€Å"My Last Duchess,† Robert BrowningRead More Comparing the Male Characters of Porphyria’s Lover and My Last Duchess1720 Words   |  7 PagesComparing the Male Characters of Porphyria’s Lover and My Last Duchess The creation of a plausible character within literature is one of the most difficult challenges to a writer, and development to a level at which the reader identifies with them can take a long time. However, through the masterful use of poetic devices and language Browning is able to create two living and breathing characters in sixty or less lines. When one examines these works one has to that they are quite the achievementsRead MorePorphyrias Lover And My Last Duchess Comparison789 Words   |  4 PagesOf Brownings Porphyrias Lover and My Last Duchess (An Analysis of Comparing and Contrasting Brownings poems called Porphyrias Lover and My Last Duchess) Robert Browning was a Victorian poet. He portrayed an understanding of gender rules in his poems. Browning’s poems are similar to a puzzle, which makes the reader have to figure out what is really being said in the poem. Browning wrote two famous dramatic monologue poems called Porphyrias Lover and My Last Duchess. His poems create a high intensityRead MoreComparing My Last Duchess and Porphyrias Lover by Robert Browning716 Words   |  3 PagesComparing My Last Duchess and Porphyrias Lover by Robert Browning These poems by Robert Browning were written in the Victorian era. The Victorians from the outlook seemed to live on high standards and rules, but underneath they craved for scandal and gossip. Robert Browning gave this to them through his poems. They were filled with adultery, passion, sexual tension and murder. ===================================================================== Porphyrias LoverRead MoreA Comparison of Porphyria’s Lover and My Last Duchess by Robert Browning1188 Words   |  5 PagesA Comparison of Porphyria’s Lover and My Last Duchess by Robert Browning The two poems ‘Porphyria’s lover’ and ‘my last duchess’ by Robert Browning shows a dramatic monologue. Dramatic monologue is a story that is told by one person; which means you only get one point of view; in the two poems they are based on the narrator’s crisis, his feelings and his way of thinking; and you have to believe it because that is the only view your going to encounter. In dramatic

Scope of nursing Free Essays

Expanding o r E panding your Scope of N rsing Nursing Practice – a practical g p guide Leanne Boase Deborah Pedron The Northern Hospital Panch Health Service Craigieburn Health Service Broadmeadows Health Service Bundoora Extended Care Centre Scope of Nursing and Midwifery Practice What is it? Why Wh is it so important? Why is everyone talking about it? Who manages it? Who is responsible? Aims of this Presentation To define what Scope of Practice means for Nurses and Midwives Midwives. 2. To present different concepts around Scope of Practice 3 To report on findings of a small survey of fldi nurses and Scope of Practice 4. We will write a custom essay sample on Scope of nursing or any similar topic only for you Order Now To discuss expanding Scope of Practice and provide a framework 5. To relate these concepts to ‘real life’ nursing roles. According to our nurses, Scope Of P ti (SOP) is: so sop Guidelines and Frameworks we need to abide and work within SOP relates to what I am allowed and not allowed to do within my profession SOP relates to codes of conduct, ethics and professional conduct SOP relates to what a nurse can do within their skill base Area of tasks, procedures and actions a nurse can legally and safely undertake according to their training and education The scope of which my role as a RN, specialist or credentialed DNE can work within Maintaining knowledge base and competency through constant learning and professional development Something which I am taught, qualified, taught qualified or competent to do What is Scope of Practice? â€Å"That which Nurses and â€Å"the range of roles, functions, functions responsibilities activities, which a registered nurse or a registered midwife is educated, competent, and has the authority to perform † perform. (An Bord Altranais pl) Midwives are educated, competent and authorised to perform. (QNC p3) Scope of p practice is not defined in many places. We should define nursing practice and outline principles to assist with the expansion of one’s scope of practice And/ Or Require the health professional to identify restricted activities. How to cite Scope of nursing, Papers

Site Analysis for the Property for Opera House- myassignmenthelp

Question: Discuss about theSite Analysis for the Property for Opera House. Answer: Site Analysis Location: The property is located between Grafton Lane and Buckland Street, two upcoming neighborhoods in the city of Sydney. Additionally the site of the property is located very close to the Central Business District of the city, with a roughly 10 minute drive to Hyde Park. Hence, the commercial value of the property is expected to remain high in the future too. The site is also located close to business centers such as bus, metro etc . Additionally, the location is just 10-15 minutes away from the airport. Market Assessment: The proximity to the Central Business District increases its value due to the access it provides to various commercial opportunities as well as leisure and recreational sites. The value of the property not only high due to convenience value it provides to the habitants but also because these factors increase the rental value of the property. Additionally, the resale value of the property is also expected to be high since the property has been rezoned into mixed use land. (City of Sydney 2013) The Property is located close to business centers, University of Sydney and several leisure and recreation sites such as Opera House, Broadway etc.. The site is located at a 10-15 minutes walking distance from University of Notre Dam and is close to the University of Sydney. The presence of high number of students seeking accommodation and other services increases the value of the property. Moreover, there is an increasing prestige value attached to the location. (Williams 201 7) (Cummins 2017) Commercial Risk Assessment: The site has been classified as mixed use land and that helps minimize commercial risks. There are several sources that believe the property prices in the city, in general, to be over-valued and at the peak currently.(Hutchens 2017) Hence, there is a risk that the current price may be slightly on the higher end and banks may be wary of funding the project.(Janda 2017) A market correction in the process of property in the given area is expected to be high.(Zhou and Duke 2017) However, given that the property is located close to the Central Business District, long term prospects of the property are strong. The zoning laws are expected to be more liberal in the future given the commercial importance of the site. Hence, the risks associated with constraints placed by city regulations regarding zoning and city planning, such as Floor Space Ratio, traffic laws, environmental protection laws etc., are expected to be minimal. The property investment is also justifies due to the fact that it is slated for a lower correction than similar neighborhood in other cities, thus, minimizing risks.(Zhou and Duke 2017) Management of Site: Management of the property is expected to be present few problems in the future since given the premium location of the site. The property does not have any problems with regards to basic services such as water supply, gas pipeline, waste management etc. Overall, the prospects of the property remain high with several positives. In terms of logistical issues such as future regulations and the logistical issues surrounding the management of the property also, the property seems a very viable project. Bibliography CHRISTINA ZHOU, Jennifer Duke (2017). Property price falls tipped for Sydney, Melbourne, Brisbane by 2020 in BIS Oxford Economics report. [online]. Last updated 22 June. https://www.domain.com.au/news/property-price-falls-tipped-for-sydney-melbourne-brisbane-by-2020-in-bis-oxford-economics-report-20170622-gwv75s/ CITY OF SYDNEY (2013). PLANNING PROPOSAL Various Sites amendment to SydneyLocal Environmental Plan, 2012. Sydney, Australia, City of Sydney. CUMMINS, Carolyn (2017). Sydney, Melbourne in top 20 most expensive retail streets in world. [online]. Last updated 15 November. https://www.smh.com.au/business/property/sydney-melbourne-enter-top-10-most-expensive-retail-strips-in-asia-20171114-gzlac5.html HUTCHENS, Gareth (2017). Sydney property prices rise almost 20% in past 12 months. [online]. Last updated 3 April. https://www.theguardian.com/australia-news/2017/apr/03/sydney-property-prices-rise-almost-20-in-past-12-months JANDA, Michael (2017). Housing market looks bloated with borrowers on 'wafer-thin' margins. [online]. Last updated 22 November. https://www.abc.net.au/news/2017-11-21/australian-housing-looks-a-lot-like-monty-pythons-mr-creosote/9176618 WILLIAMS, Sue (2017). Former industrial suburbs across Australias capital cities creating new prestige market. [online]. Last updated 22 February. https://www.domain.com.au/news/former-industrial-suburbs-across-australias-capital-cities-creating-new-prestige-market-20170308-guikm6/

Man Vs Woman Essays - Sexual Acts, Human Sexuality,

Man Vs Woman Women vs. Man Physical, psychological, and sexually women and men are different. Physically the most recognized difference between the two sexies is that men have a penis and women have a vagina. Most men also have smaller breast. Men also have different body structures than women. Women have big hips in order to give birth and men have one less rib then women, but women cant complain about this because they gave that rib to us. Men and women also have different facial features. Along with looking different men and women think different too. This makes them different psychologically. The psychological differences start at an early age. Little boys are more likely to play with trucks and little girls are more likely to play with dolls. Some say that this is sexist parenting. For example, parents will give a little boy a truck before they will give him a doll or they will give their little girl a doll before they will give her a truck. This is not true. Scientists have found that if a girl has a cho ice between playing with a doll and playing with a truck, the girl will most likely play with the truck. And if a boy has a choice between playing with a truck or with a doll he is most likely going to pick the truck. Of course there are exceptions to this rule, there are some cases where either the male or female child likes to play with the opposite toys. For example a girl may play with truck while a little boy will play with a doll. The term for having both female and male characteristics, like stated in the example, is androgyny or more commonly called tom boy or tom girl. Another difference between the two sexes is that males are more aggressive. When they play they like to make GI Joes beat each other up or they like to wrestle. Boys want to be warriors. Studies have shown that females arent this aggressive. When girls play they are more concerned about what the dolls are doing, and how the others that they are playing with are feeling. In other words boys just want to play w hile girls want to know what you are thinking and how you feel. Women are born nurturers they also notice more details then men. Men seem to not care about details. For example, my husband doesnt read the instructions on how to put any thing together until he has, unsuccessfully, tried to put it together all weekend. Men also wont ask for directions until they have driven past the same gas station fifty times and even then if there is a women in the car she goes in and asks for the directions, but this is what makes men so lovable and funny. Men wont ask for directions and women will because they communicate in different ways. There are many gender differences when it comes to communication. Women are more skilled at reading nonverbal cues, such as body language. Researchers have found that women are more likely than men to inquire about upsetting situations that another person is in, and to use comforting messages that acknowledge the feelings of that person. When men get together with other men they are more likely to talk about cars or sports than their hair or what they did that day. Whereas, women would rather talk about their feeling or what they were thinking about than of sports or cars. It is also proven that men interrupt more than women do. Researchers also found out that women talking to women are more likely to tell their personal business than men talking to men, but if a man is talking to a woman that he is convertible with, he is capable of being just as self-disclosing as a woman would be. This is he will began to talk about his feelings or his personal business. Although women and men communicate so differently they understand each other, most of the time. Humans are the only species that communicate the way we do. Along with looking different, thinking different and then communication different males and females are also different when

Free Essays on Convergence

In today’s growing world of computer technology we are starting to see many new uses of digital computer technology being applied to existent products, and creating new better products. Those products in fact get combined and integrated into still other products. Just think of the telephone. Once, the earpiece and the microphone piece were separate. Today they come in a variety of flavors. All the telephones have the ear and mouth piece attached together, most telephones have a digital dial pad instead of the old spinning disk thingy that one had to spin around and watch it slowly spin back for every number dialed. Answering machines, which are completely different devices sometimes come built into the telephone. Also, the radio technology is implemented to bring us a new and convenient way to walk around our house with the cordless phone. All these things make our lifestyle more convenient and efficient. Bill Howard talks about his visions for new products in the nea r future due to convergence of current computer technology and other electronic multimedia devices in this article. Bill envisions that â€Å"Your computer, your stereo gear, you cell phone, your PDA, and your telephone are going to start looking like and working with each other†. It all sounds very realistic. I already use my computer as a stereo, and a phone. In fact, I almost never use my old stereo to listen to music and I make all of my long distance phone calls over a new service called Dialpad.com. The reason that I can’t use it as a PDA or a cell phone is that they are still too big to be portable. Once a computer is developed the size of today’s PDAs with the power of a good desktop it will become possible. Of course some of the other devices will be eliminated, like any form of floppy drives or even tape drives. Both will be replaced by DVD-RAM drives that will be able to rewrite to a DVD ROM a very large amount of times. Bill concentrates... Free Essays on Convergence Free Essays on Convergence In today’s growing world of computer technology we are starting to see many new uses of digital computer technology being applied to existent products, and creating new better products. Those products in fact get combined and integrated into still other products. Just think of the telephone. Once, the earpiece and the microphone piece were separate. Today they come in a variety of flavors. All the telephones have the ear and mouth piece attached together, most telephones have a digital dial pad instead of the old spinning disk thingy that one had to spin around and watch it slowly spin back for every number dialed. Answering machines, which are completely different devices sometimes come built into the telephone. Also, the radio technology is implemented to bring us a new and convenient way to walk around our house with the cordless phone. All these things make our lifestyle more convenient and efficient. Bill Howard talks about his visions for new products in the nea r future due to convergence of current computer technology and other electronic multimedia devices in this article. Bill envisions that â€Å"Your computer, your stereo gear, you cell phone, your PDA, and your telephone are going to start looking like and working with each other†. It all sounds very realistic. I already use my computer as a stereo, and a phone. In fact, I almost never use my old stereo to listen to music and I make all of my long distance phone calls over a new service called Dialpad.com. The reason that I can’t use it as a PDA or a cell phone is that they are still too big to be portable. Once a computer is developed the size of today’s PDAs with the power of a good desktop it will become possible. Of course some of the other devices will be eliminated, like any form of floppy drives or even tape drives. Both will be replaced by DVD-RAM drives that will be able to rewrite to a DVD ROM a very large amount of times. Bill concentrates...

Proctor and Gamble Essay Example | Topics and Well Written Essays - 1000 words

Proctor and Gamble - Essay Example The products of choice in this paper are Ariel and pampers. Ariel is a cleaning agent while pampers is a personal care product which is applicable mostly to babies to protect them of baby rashes as a result of wetting themselves. The products have been launched in various countries with the aim of diversifying the marketability and scope. Ariel soaps and detergents target all households including offices (WHITE, 2009)). Both high end and low end customers are targeted. The new products for Ariel and Pampers will be launched into the maturing market considering the fact they have been in existence for some time. P & G faces several threats from other companies such as Unilever and Henkel which are firms that are growing very fast. However, there are various opportunities which prevail such as the strong marketing mechanisms that the firm uses and its reputation which makes its product very firm and stable (HOLLIS, 2010).). Price sensitivity of pampers and Ariel detergents Ariel and Pa mpers products are all less sensitive to price. This is because each company has the liberty to sell its product at the price it desires given the different materials required to make the product. The other competitors such as Johnson and Johnson, Unilever have their own products which do compete with the case products hence it can price them according to their own estimation. Product Cost Estimate The product is estimated to be priced according to the size or quantity offered to the customers. It should be noted that Ariel and pampers comes in various sizes and quantities to be able to distribute to various market niches according to the demand in place. It is therefore, important to note that Pampers falls in various sizes and quality similar to Ariel which also falls in different quantities (AMERICAN UNIVERSITY IN CAIRO, 2011). Variable Costs The variable cost in the manufacturing of Ariel is the cost of raw materials which vary due to the economic conditions prevailing in the Un ited Kingdom. Other variable costs include the costs of transportation, the costs incurred on payroll of senior management, costs of floating shares on the stock exchange (HOLLIS, 2010; 33.). Fixed Costs Some of the main fixed costs include; the costs of insurance, costs of advertisement and the costs related to distribution of the products within the country. Other fixed costs include; the cost of utilities such as electricity, water and communications. These costs can be predetermined in advance before costing the products ((KAPFERER, 2008; p. 79). Cost leadership aspects of the products In an attempt to beat rivalry in the market and the increasing level of threats in the market, the company puts more emphasis utilization of the economies of scale. This is because of the high fixed costs incurred in the manufacturing sector which is required to be spread throughout the numerous units (CHERUNILAM, 2010; p. 57). By pulling down the costs incurred per unit cost of the product the ul timate product is then sold at a lower price which fosters the company’s competitiveness in the market (KAPFERER, 2008; p. 79). Market Price The market price is determined by the law of demand and the competitors’ quality of products. The market price of pampers and Ariel depends highly on the consumer preferences and tastes and according to the level of income. The products might have a higher price due to quality but the population does not have the cash to buy the products (DYER, DALZELL & OLEGARIO, 2004; p. 227). Break Even Analysis The breakeven analysis of Ariel and pampers arises when costs of production is exactly equal to the revenue acquired from the sales of the products (Drury, 2008; 2006). At this point the sales revenue equals the

How organizations or manager effectively to use structural and Essay

How organizations or manager effectively to use structural and transactional approaches to prevent or alleviate the stress at work - Essay Example These refer to the psychosocial working conditions in the work place that cause individual stress and negative emotional experience in the workplace. The best explanation of this approach is the Karasek’s Demand-Control Model which explains that when the job demands are high and control over the outcome is low, the individual is highly stressed and especially over the performance outcome. When the demands of the job are low and the control is low as well, the job is passive. This is equally similar to when the demands are low and the control is high as the worker will still experience low strain and hence minimal stress (Barley, Meyerson & Grodal, 2011). In order to prevent this type of stress, it is important to balance the demand even if the control will still be high. This will mean providing a work-life balance which will minimize the demand as well as handle employee relations effectively while still balancing the issue of increased computerization in the workplace which is not only demanding but draining and controlling (Barley, Meyerson & Grodal, 2011). This is the approach which deals purely with the psychological mechanisms and stressors. According to this approach, work stress is caused majorly by psychological issues such as the process of appraisal, decision making and even lack of coping mechanisms in each and every employee. It is the work environment that demands a lot from an individual leading to threatening their psychological well-being and hence hindering performance. In order to alleviate work place stress identified by this approach, it is important to identify which are the psychological stressors in the work place first. Other than those mentioned above of decision making and appraisal, others include the emotional demands of the work which are likely to cause emotional breakdown which is psychological. There is also the workplace violence, harassment, bullying or even discrimination that is directed towards

Energy Sources of the Future Essay Example | Topics and Well Written Essays - 750 words

Energy Sources of the Future - Essay Example Biomass Biomass is energy from organic matter and is usually in the form of â€Å"clean† carbo-hydrogen gas or COH2 (Valone). Biomass is also known as biofuel and is produced from organic material such as woodchips, animal wastes and seaweed (â€Å"Biomass†). These organic components are made into oil, natural gas or methanol. The COH2 gas derived from biomass â€Å"burns cleanly, [produces] water vapor† and a limited amount of CO2, which is the one the biomass consumed while it was still growing as a plant (Valone). David Wallman patented the process of producing COH2 from any biomass solution, and this is currently used as â€Å"municipal sewage treatment† and perhaps a replacement for foreign oil in the future (Valone). The biomass power station, which operates using David Wallman’s patented process, involves the burning of the animal or plant wastes. The heat that is produced from the burning is converted into steam and this steam powers the tur bines that convert mechanical energy into electricity (â€Å"Biomass†). When it comes to availability and renewability, the availability of biomass depends on the supply of organic wastes, which are actually relatively cheap to use (â€Å"Biomass†). ... Perhaps the only environmental issue associated with biomass is the greenhouse gas, which results from the combustion of organic fuel or biomass (â€Å"Biomass†). This would naturally bring about pollution. Other harmful effects of biomass production include destruction of the ecosystem, loss of biodiversity, competition for land and food, and excessive demand of the organic matter for water (Langeveld & Corre). Wind Power Wind power is obviously another very good alternative to fossil fuel use, and one that is becoming a more popular option in the United States (Walker). At the speed of around 25 km per hour, wind power can be used to produce electricity from towers with wind-blown propellers. The mechanical energy from the movement of the propellers is then converted into electricity (â€Å"Wind Power†). Wind power is both available and renewable because it needs no fuel; therefore, it is produced for free by the wind, except in some places which are not naturally win dy (â€Å"Wind Power†). Coastal areas, as well as open plains and the tops of rounded hills are the perfect places for the construction of wind farms because of the high availability of wind in these areas (â€Å"Wind Power†). Wind power is relatively practical and cheap at the cost of around â€Å"4 cents per kilowatt-hour† and is usually put up as â€Å"offshore wind farms† in open-water areas (Walker). In fact, Ireland’s eight-mile Arklow Bank Offshore Wind Park is made up of wind towers that can provide electrical power for 16,000 homes (Walker). As to environmental impact, wind power does not produce any greenhouse gases or other toxic waste products (â€Å"Wind Power†). Nevertheless, the propellers can occasionally kill birds that

History of the American Constitution

History of the American Constitution Confederation and Constitution As depression struck the new nation in the mid-1780s, new questions arose about the nature of American democracy. Many conservatives believed that the answer lay in a stronger national government.Most radicals believed it was up to the states to relieve the financial burden of the people. These sentiments fostered a movement for a new constitution. Political differences soon stimulated the creation of political parties. Compare and contrast the Articles of Confederation with the new Constitution of 1787. What were the strengths and weaknesses of the Articles vis-à  -vis the Constitution? Give specific instances that demonstrate the weakness of the Articles (such asthe Western problem). Then analyze the drafting of the Constitution, using specific details to show how the various states (slave vs. free, east vs. west) compromised in order to effectively draft a constitution.Pay particular attention to Roger Sherman’s plan,the Great Compromise, which broke a stalemate that could have been fatal to the development of the new Constitution. Finally, compare and contrast the debate over ratification between the Federalists and the Anti-Federalists. Make sure you cite specific examples from the Federalist Papers to support the Federalist position and contrast it with leading proponents of the opposition (such asJohn Hancock). Analyze how the debate over a bill of rights illustrates the differences between the two parties. Evaluate the relative success of the Bill of Rights in achieving an effective balance between national and states’ interests. Revolution: From Rebellion to Jeffersonian Democracy A Different Kind of Revolution | From Confederation to Constitution | Federalist Timeline The end of the American Revolution was the beginning of the formation of a new republic. But the transition was not easy, as the Articles of Confederation that first bound the thirteen colonies proved too weak to confront the problems that faced the new nation. The transition from the Articles of Confederation to the Constitution to Jeffersonian Democracy is the focus of this week’s work. A Different Kind of Revolution Back to Top The American Revolution has spawned a vast amount of literature, as it created the first new nation-state of the modern era. Yet, compared with the French and Russian Revolutions that followed, it was a â€Å"conservative† revolution. It did not radically change the colonial society that existed before. From 1763 to 1776, the colonists argued that they were fighting for the rights of â€Å"Englishmen.† But some historians maintain that the revolution was truly radical, and point to the disestablishment of state religions immediately after the war. But the truth is that several states had already disestablished their state religions before the outbreak of war. Other historians point to the democratic state legislatures created after the war. But again, only Pennsylvania and Rhode Island established truly radical state governments with a unicameral legislature. The truth is that the basic elements of capitalism, money, and slavery remained after the revolution. Yet the founding fathers did believe that they were creating something new. The great seal proclaims, a â€Å"novus ordo seculorum† (a new world order). And world opinion abroad concurred with this opinion. One French observer complained of America’s experiment with â€Å"liberty and justice for all.† But the new nation lacked the prerequisites of nationhood: mythical origins, ancient folklore, one church, and common ethnic roots. In 1782, J. Hector St. John de Crà ¨vecÅ“ur published Letters from an American Farmer. He described Americans as a new people, dedicated to the principles of equal opportunity and self-determination. His work provided an understanding of the New World that helped create an American identity in the minds of Europeans. Crà ¨vecÅ“ur wrote, â€Å"What then is the American, this new man?He is an American, who, leaving behind him all his ancient prejudices and manners, receives new ones from the new mode of life he has embraced†¦Here individuals of all races are melted into a new race of man, whose labors and posterity will one day cause great changes in the world.† Men like Crà ¨vecÅ“ur and later Alexis de Tocqueville believed that Americans were truly different because they were tied together by the ideals of the Enlightenment—liberty, individuality, and democracy. The American identity took on the character of a civic religion. George Washington metamorphosed into something more than human. His birthday was made a national holiday in 1799 and Mason Adams carried this sanctification to an extreme with his story of the cherry tree. July 4th became â€Å"the† national holiday and the Declaration of Independence became a sacred text. It was only after the Civil War that due emphasis was placed on the Constitution. The national motto, e pluribus unum—from many one—expressed the new American ideal. The founding fathers did see something new in America, but, it was more prescriptive than descriptive. Freedom for many was still an illusion. From Confederation to Constitution Back to Top After the Revolutionary War, the patriots feared giving the new American government too much power. Early state governments argued over how much power to give the people. Some, like Thomas Paine, sought changes that would promote democracy; others like Alexander Hamilton feared giving too much power to the common man. Most states like Massachusetts and New York chose to create a conservative state constitution, with a bicameral legislature. But patriots continued to argue over who should be given the right to vote, with men like John Adams warning that allowing the poor to vote would â€Å"confound and destroy all distinctions, and prostrate all ranks to the common level.† Over time, the House of Representatives—the most democratic of all institutions—gained power at the expense of the Senate, the more conservative branch of government. In 1777, the Continental Congress drafted the Articles of Confederation. Drafted under the leadership of John Dickenson of Pennsylvania, the Articles were a loose confederation of thirteen states with very little power given to the federal government. The new federal government consisted of a congress of delegates chosen by state legislatures rather than by voters. It had no President or executive branch. The Articles granted only limited powers to Congress—to declare and conduct war and to regulate foreign affairs. Amending articles was almost impossible, as all thirteen states had to agree. One of the most important accomplishments of the Congress was the creation of the Northwest Territory, a vast area of land west of Pennsylvania and north of the Ohio River. The Land Ordinance of 1785 designed a system for distributing the land to settlers and the Northwest Ordinance of 1787 provided a government for the western territories. Eventually, the states of Ohio, Indiana, Illinoi s, Michigan, and Wisconsin would be carved out of this region. But the new Congress was too weak to deal with threats from Spain and Britain. Great Britain, who at first tried to cultivate good will with the new nation, returned to a policy of mercantilism, or trade in its own best interest. They prohibited American ships—in particular those from Massachusetts—to trade with the British West Indies. It soon became clear that the Articles themselves were part of the problem. Under the Articles, the federal Congress had no power to deal with the growing national debt. When the Congress tried to seek an amendment to levy a tax on imported goods, the amendment failed for lack of one vote. Meanwhile, with a slowdown in trade, more and more farmers went into debt. In 1787, Daniel Shays, a veteran of the Revolutionary War, led about 1,000 farmers in rebellion against the Massachusetts courts. While the rebellion quickly died out, it pointed to the weakness of the federal government in dealing with the growing national debt. The stage was s et for the Constitutional Convention of that same year. Constitutional Convention Now join in the discussions as a reporter at the Constitutional Convention of 1787. You are encouraged to take notes for your newspaper article at the end of this role-play. Constitutional Convention Federalist Timeline Back to Top The following timeline traces the evolution of the federal government from the Articles of Confederation to Jeffersonian Democracy. The Articles of Confederation proved too weak for the fledgling republic and so a new Constitution emerged in 1787. This gave rise to the two-party system, with men like Thomas Jefferson and James Madison leading the Democratic Republicans and George Washington and Alexander Hamilton remaining Federalists. With the election of Thomas Jefferson as President in 1799, American democracy took on a new, more populist flavor. This paper must be four to five double-spaced pages in length (not including the References page) and utilize no less thanfour academic quality sources.Margins should be no more thanone inch (right and left) and the essay should be composed in an appropriate font and size. Sources must be documented and cited using APA format. History of the American Constitution History of the American Constitution Michael Dean Jalal Nejad, Ph.D. When the United States won freedom from Great Britain after the American Revolution they adopted the Articles of Confederation. Twenty-one years the United States was ruled by the Articles until they adopted the U.S. Constitution in 1787. This made it so that the nation was rules by a sovereign national government, but also the states were sovereign as well. Some advantages that this system has over a strong national government in a highly centralized system is that it encourages competition between the states, as well as it gives sovereignty to the states to run themselves how they best see fit. Some disadvantages of the current system in the United States are that due to federal funding of state budgets if the role of national government was more limited it would have a drastic economic effect on the state. Also due to the aggressive nature of many federal programs the states cannot effectively run these programs themselves and depend on federal support. During the Articles of Confederation the national government was incredibly weak in power, this lack of national power left the nation not running as a whole unit but rather the states as separate organisms. After twenty-one years the United States rewrote their laws, and called it the U.S. Constitution. Under this set of laws the national government was sovereign but still getting its power from the people, and the states were sovereign as well and got their power from the people. Under the U.S. Constitution many different forms of federalism came and went, evolving to where the country is today, which is a marble-cake system of federalism. Marble-cake federalism is the cooperation between different levels of government, whether national, state, or local (Champagne Harpham 43). An advantage this system of government has over a strong national government in a highly centralized system is that it inspires competition amongst the states. Every state has policy issues but most states try to fix that problem their own way. If a state is successful in correcting the issue, then the policy would adjusted nationally to replicate what the state did in order to fix the problem. Another advantage of this system is that it gives states freedom to govern how they best see fit. This goes from gun control laws, traffic violations, and even the death penalty. Disadvantages to the current system in place would be that due to funding from the national government to states budgets if it were to be cut off or diminished, it would have a very profound effect on the economy of the state. This means that too much reliance on national government when it comes to money is a bad thing because some states rely very heavily on the federal government to help them balance their budget. Another disadvantage would be the reliance on federal support for different programs throughout the states, without their support many of these programs would suffer heavily or even fail completely. Due to this crutch that the states have they cannot fully be sovereign. To conclude, this country has gone through many different types of federalism from complete separation of power between the different levels of government to where the country is now which is call marble-cake federalism. There are both advantages and disadvantages that this system has over a strong national government in a highly centralized system. Some advantages would be that it invokes creativity and competition throughout the states (Champagne Harpham 44), as well as giving the states freedom to govern how they see fit. Some disadvantages would be that the states rely too heavily on federal government for funding, as well as leaning too much on the national government when it comes to implementing and maintaining different programs. Works Cited Champagne, Anthony, and Edward J. Harpham. Governing Texas:. New York: W.W. Norton Company, 2013. Print.

Compairing the Websites of Dell Computer and Compaq Computer :: Compare Direct Marketing Websites

Compairing the Websites of Dell Computer and Compaq Computer In the exploding world of e-commerce, the ability of a company to attract customers using websites is critical for the company’s success. The use of the website by two computer manufacturers, Dell and Compaq, is evidence of this fact. Dell is the forerunner in the direct marketing of computers to customers via the Internet. As the success of Dell’s marketing approach became apparent, other computer companies such as Compaq have tried to market their product directly via the Internet as well. In evaluating the Dell and Compaq computer websites, several areas had to be assessed and compared for their effectiveness in promoting the product. The four main areas included in the evaluation of the websites were the target audiences for each company, the style chosen for the website, the content of each website, and the structure of each website. However, the experience of Dell in direct marketing has allowed them to create a website that is more effective for a wide customer b ase than the Compaq website is. The first area of evaluation was the comparison of the target markets for both Dell and Compaq. In evaluating the Dell homepage, the target audience was determined to be businesses and government institutions. The Dell homepage contains five links to other areas of the website, one each for small businesses, large businesses/healthcare, education, government, and home/home office. In splitting the business into four categories, the emphasis Dell places on business customers is evident and identifies its target audience as predominately business and government customers. However, Dell is obviously vying for individual computer sales to homes and consumers. In addition, in examining the Dell homepage, the target audience can also be identified as customers who are users of the Internet, as Dell does not sell computers in stores. Dell is a direct retailer of computers and uses the Internet as its primary source for customers to place orders, although Dell does allow for phone sales as w ell. In contrast, examination of the Compaq homepage identifies the primary target audience of Compaq to be home computer users. Compaq advertises discounted computer models directly on its homepage, creating a sense that Compaq is attracting home users since home users tend to shop for computer deals. Businesses on the other hand, tend to obtain their discounts by purchasing computers in bulk quantities. However, Compaq is seeking business customers as evidenced by its links for small and medium businesses, enterprise businesses, government institutions, and educational institutions.

External Environment Analysis Slp Essay

In this part of the paper an external analysis regarding the California Pizza Kitchen (CPK) will be conducted. The main objective of this external analysis is that to scan the external environment for factors which might open up new opportunities or present threats to survival for California Pizza Kitchen. To do that an external analysis based on Porter’s Five Forces Model and a PEST analysis will be carried out. Porter’s Five Forces Model Porter’s Model of Five Forces is one of the most versatile frameworks to analyze the industry external environment. With the application of this model California Pizza Kitchen will be able to understand and get a handle on the competitive and market characteristics of the food and beverage industry Bargaining Power of Suppliers The supplier power is based on the concentration of suppliers and the availability of suppliers within the region where California Pizza Kitchen operates like China, USA or Japan etc. It is important for CPK to pay a close attention to the needs and the wants of their suppliers. (Cravens, 2000) Bargaining Power of Customers Here California Pizza Kitchen has to be careful because the customer’s influence increases over a company. it is extremely important for California Pizza Kitchen to lookout for the tastes and preferences of the customers so that they are able to cater to all their needs. For example, Pizza Hut when it opens a new franchise in any company, does product adaptation so that it would suit the local tastes, therefore this needs to be done by CPK as well. (Cravens, 2000) Rivalry among Competitors There is a great deal of competition between 2 similar companies in the same industry. For example, the biggest rival among the competitors of California Pizza Kitchen is Pizza Hut. Pizza Hut is one of the oldest and the most famous pizza chains all over the globe, it has somewhere around 34,000 franchise outlets, delivery units and kiosks all in over 100 countries. Availability of Substitutes A substitute product for any California Pizza Kitchen product can cause the company to lose its business. Any product that is available in the market has a substitute available and the substitute for pizza is burgers and fried food. For example, California Pizza Kitchen is easily substituted for Burger King, McDonalds, Subway or KFC. (Hollensen, 2003) Threat of New Entrants This is another one of the competitive forces that affects the company in a big way. For example, the entrance of Dominos within the food and beverage industry can cause California Pizza Kitchen to lose some of its business. PEST Analysis The abbreviation for PEST analysis is Political, Environmental, Social, and Technological analysis. This analysis will help California Pizza Kitchen to know its environmental challenges and in how to operate the company in the present and by helping it to prep itself for the future. This analysis will help California Pizza Kitchen to match its resources with its activities and to help it move in the right direction. Political Analysis Here the political term refers to the global, national, regional and local trends, changes or events. Since CPK operates in somewhere around 10 countries around the globe, the company needs to adhere to the rules and regulations of that country in which it operates. California Pizza Kitchen needs to work with various special interest groups within the company and the market as well. (Kevin & Kotler, 2008) Environmental Analysis California Pizza Kitchen is extremely committed to the environmental responsibility. The outlets of company follow the environment regulations and promote cleanliness in their surroundings. California Pizza Kitchen has a very clean and tidy environment and has a very proper system to dispose of the garbage. The company supports charitable programs and takes the first steps for promoting, supporting and participating in the welfare of the community. California Pizza Kitchen has even sponsored educational programs in local community schools and the company also provides funds for different events like Fundraisers and the money collected at these fundraisers go to non-profit schools, which focus on children, youth sports and education. (Kevin & Kotler, 2008) Social Analysis The social term in the analysis refers to the developments within the society that is means culture, behavior, the expectations of the customer, the attitude of the company towards the society etc. California Pizza Kitchen has introduced   CPKids Programs under California Pizza Kitchen Foundation for children ranging 10 years and under in schools and a variety of organizations , for example,   Restaurant Tours and Incentive Awards for outstanding accomplishments to Fundraising Events and Sports Team Partnerships. California Pizza Kitchen also has a great deal of programs for the community as well. Technological Analysis The technological term over here refers to the development, such as, the processing of the products, how the machines are operated. With the use of technology in the operations, CPK has been able to reduce the cost of production, the performance of the organization has increased, has helped the company with its supply chain operations. CPK needs to introduce multinational development teams so that it ensures that the system design needs the need of the company. With the help of parallel development CPK will be able to assign different parts of the system to different subsidiaries of the business. The manager needs to listen to the ideas of the employees as well. Change the department’s structure so that it would be able to fit the communication needs. (Kevin & Kotler, 2008) Conclusion The end result after conducting the environmental analysis is that California Pizza Kitchen needs to keep a lookout for the taste and preferences of its customers and it needs to follow trends and information revolution by leveraging greater consumer insight to deliver superior value products to the customers which in turn creates sustainable, yet incredible business results for the benefit of their stakeholders. The company needs to improve its technological aspects and it needs to follow all the rules and regulations. If they are able to do so then they would have a competitive advantage over their competitors, where they would lock-in customers and lock-out competitors. References Cravens, D W. (2000), Strategic Marketing. New York: McGraw Hill Hollensen, S, (2003), Marketing Management: A Relationship Approach. Financial Times/Prentice Hall Kevin, K. & Kotler, P. (2008), Marketing Management. Prentice Hall

The Dome of the Rock

After the prophesier Muhammad fled to Medina, the great urban metropoliss of Jerusalem and Damascus were captured by the Islam. Between the old ages 687 B.C. and 691 B.C. , the Dome of the Rock was built by the Umayyad calif Abd al-Malik in the metropolis of Jerusalem, to hold the religious plane of the book stand out in the signifier of an Islamic temple. Muslim tradition recounts that it was erected in award of Ala, due to its location in one of the most sacred sites of the metropolis, where one time Salomon ‘s ain temple had been raised. Its architectural design is representative of the Islam ; a mixture of Byzantine and Persian art with breathtaking mosaics and colourss. Crowning its dramatic construction is the aureate dome that can be distinguished even at a far sight. But the Dome of the Rock is more than a sight to be seen ; the really construction and geographics narrate the narrative of two metropoliss in everlasting struggle. When Caliph Muawiya decided to reassign the Islam to Damascus, the Byzantine and Classical influence was noted, in peculiar with architectural construction. The building of the Dome of the Rock obeys the martyrium tardorromano expression of the ambulatory that allows those sing to execute the rite of circumvallation. The building has an octangular platform, and in its inside, over the stone, circles the dome, at about 36 metres. The dome was constructed between two wooden formations that are affixed one inside the other, in aureate bronze. In the Dome of the Rock, the Byzantine construct of volume can be perceived, every bit good as the signifier that allows the base on balls from the square to the circle, as if it were â€Å" a transition from Earth to Heaven † , as Henri Stierlin statements. This belief of the symbolism of the octagon leads to the strong belief that the Falco peregrinus can see the brotherhood of organic structure and psyche through the ceremonial circumvall ation. Today, after 13 centuries, the Dome of the Rock continues to stand still and brilliant, as one of the most valued architecture hoarded wealths in the universe, and has become an of import symbol of the metropolis of Jerusalem because of its architectural significance every bit good as the phenomenon that at that place occurred. Judaic tradition and faith shows that it was in the location where the Dome of the Rock was built that the Lord of Israel held Abraham back from giving his boy Isaac. They thought that the stone was the one Abraham had prepared for the forfeit. The Muslims, nevertheless, placed this site in the Mecca. They had built the shrine for pilgrims, to mark the belief that it was here where Muhammad ascended to Heaven. It is in the Islamic belief that Caliph Abd al-Malik erected the edifice, to vie with Christendom, being rather near to the Church of the Holy Sepulcher, among other sanctum sites, exposing the difference between both peoples. In fact, harmonizing to historical records, it was on political motive that Caliph Abd al-Malik begun the building of the sanctuary. It was to be an of import centre for pilgrim's journey and cult that would deviate the people ‘s involvement in the Mecca and Medina. The Caliph was in struggle with the governments in both metropoliss, which put his n aming as calif into uncertainty. A great figure of Muslims did non accept that the Caliphate be rendered from his male parent, Muawiya, as the dynastic sequence Torahs determined. The Caliph even came to forbid pilgrim's journey to the Mecca to some of the people, even though it was understood that it was mandatory to all Muslims, with the alibi that they should non abandon the topographic points where the Islam should be defended. For this ground, the Dome of the Rock became the alternate topographic point for pilgrim's journey to the Syrians. It is dry that a topographic point that should reflect the shared belief between both faiths became such a figure of discord among them, sullying its inviolability. Comparative faith shows that the Islam and Judaism are really similar religions, with both of their sanctum texts holding set forth common Torahs with similar patterns of unity and kindness, and a intimacy in linguistic communications that is reasonably noted. Even so, more of the difference has been exhibited throughout the old ages, from the devastation of the Second Temple in the twelvemonth 70, the Crusades, and even today, with Camp David in current times. In the past one hundred old ages, the strife over the Holy Land has caused opposing nationalisms and the breach of human rights declared sacred by the Islam and Judaism, every bit good as Christianity today, depressing the brotherhood of these civilisations. This is the troublesome issue that has been brought about with fanatism in faith. Each faith understands that it entirely holds ultimate truth. The Islam ‘s philosophy, for illustration, sustains that leting other faiths opportunity of look at the al-Sharif, which is the country that surrounds the stone, is a evildoing. It is due to the secular attack of the Western civilisation that the struggle has been deemed more a spiritual than a politic 1. In general, neither people want the perceptual experience to be that they are in resistance of the other ‘s beliefs. That is the base of the job, and the motivation for such disinclination to face it. Furthermore, supplying that the Islam continues in a overzealous attitude, there will ne'er be Concord. The word Islam in itself is now known as the very definition of entry, so it is with minor control if any with the radical partisans of Islam about utilizing coercion, force, belligerencies and intriguing to accomplish this intent. Was there hope for the Jews one time the Islam had gained power over them? If the people of Judea had made war against the Muslims in an act of despair and fury, the Israelis would torture themselves for holding permitted such slaughter. However, there would be no car animadversion for slaughter such as this against the Jews, or any other people, from the Muslim. Alternatively, they will commend their terrorists as brave sick persons of their cause, who will be rewarded with liquors and sex in Eden. Therein lays the disparity that the Middle East is facing, and it will so prolong until the parts are willing to cover with the tyrant and ghastly world of the Islam. Harmonizing to the Qur'an, this will ne'er go on. In the book of Surah, Gabriel lets Muhammad cognize that â€Å" They will non contend you together, except in bastioned townships, or from behind walls † ( 2005 ) , giving prophetic sight that the Jewish would ne'er travel against the Muslim. The anticipation has been ascertained in the old ages â€Å" 1948, 1956, 1967, 1973, 1982 † ( 2005 ) , and from the 90 ‘s to the current state of affairs in the Middle East. The combination of two people ‘s spiritual strong beliefs and xenophobia is a unsafe affair. Sanely talking, two states in wrangle over one land should be able to collaborate and apportion the part. But where faith is called upon to do one or the other claim absolute, grants become blasphemy and radicalism produces autocratic rules, which bring about loss and desolation, with no terminal in sight.BibliographyStierlin, H. ; Stierlin, A. ( December 15, 1997 ) .Lusters of an Islamic Universe: The Art and Architecture of the Mamluks. I. B. Tarius. London, UK.Zachary, J. ( February 22, 2005 ) .Gabriel ‘s Faces: Voice of the Archangel. Harvard House. England, UK.Muhajabah, A. ( N. d. ) .The History of the Jews Under Islamic Rule. Retrieved on January 17th 2009 from hypertext transfer protocol: //www.muhajabah.com/jewsofislam.htmGascoigne, B. ( 2001 ) .History of Architecture, Dome of the Rock: AD 691. Retrieved from the History World web site on January 17, 2010 from hypertext transfer protocol: //www.historyworld.net/wrldhis/PlainTextHistories.asp? gtrack=pthc & A ; ParagraphI=ebbHoppe, L. ( 1999 ) .The Dome of the Rock: Jerusalem ‘s Landmark. Retrieved from The Holy Land web site at hypertext transfer protocol: //198.62.75.1/www1/ofm/mag/MAen9910.htmlEisen, R. ( May 9, 2006 ) .Moslems and Hebrews: Common Ground. The Washington Post Company. Retrieved from the Washington Post web site at hypertext transfer protocol: //www.washingtonpost.com/wpdyn/content/article/2006/05/08/AR2006050801 88.html

How to obtain your dream job These tips and tools will help you

How to obtain your dream job These tips and tools will help you Your dream job might just be around the corner, how exciting is that? The fact that you’re reading this article probably means that it’s closer than you think. However, securing a job is renowned for being one of the most difficult things to do in this day and age, and that’s just securing any old job! To help you land your dream job, here is a list of tips and tools that can help you nail the company’s recruitment process to get you the job you deserve to be in.Be ready for anythingIf you’re proactively job searching right now, it’s important that you make sure that you’re ready to apply at any time. According to LinkedIn statistics, you’re 13% more likely to secure a job if you apply within the first three days. This means you need to be ready to go at a moment’s notice.Stay motivatedBefore going any further, it’s important to note that you’ll need to stay positive throughout the entire job application pro cess. You might not get the first pick for the job you wanted, but that doesn’t mean that you won’t find your dream job. There’s plenty of companies and businesses out there with similar jobs; it’s all about finding the right one for you.Richard J. Davis, a motivational writer for Paper Fellows, explains, â€Å"It can be very disheartening when you don’t get a job that you applied for, but you think it could have been the one. However, you don’t need to get yourself down about it. Instead, pick yourself, write a list of reasons why you think you didn’t get the position this time and don’t do it again!†Ensure your CV reads wellWhile on the subject of reading through your CV to ensure that all the little details are accurate, make sure that you’re also on the lookout of your sentence structure. This means checking your grammar to ensure that your sentences flow nicely and your potential recruiter can absorb your inf ormation easily.If a recruiter is finding it too hard to read your CV, the chances are that they’ll simply dismiss it. To refresh your knowledge of grammar, head over to State of Writing for the most up to date guides and resources.Ensuring your CV is accurateImagine you were the recruiter in charge of recruiting for your dream job. Imagine you were reading through every application and CV and you get to yours. If it was full of spelling mistakes, typos and errors. Would you put you into the next recruitment stage?The chances are that you probably wouldn’t unless you were bad at your job. According to statistics, about 1 in 3 CVs have typos so it if yours was perfect, you’re very likely to stand out from the crowd.It’s vital that you proofread your both your CV and your cover to ensure that every detail is perfect. This will give you the best chance of securing your place in the interview stage. For editing and guidelines on proofreading your work, get a CV writing help.Networking is essentialIf you don’t have LinkedIn and you’re on the lookout for a professional job, you need to sign up, now, LinkedIn is the largest professional network in the world and no matter what company you want to work for, you can bet your bottom dollar that some of the people you need to know are on there.Once you’ve found the company online, start to follow the people that are in similar roles to you. This will help you to identify several key points, including the company culture, the type of company you want to work for and what type of people the company employs.About the author:Brenda Berg is a professional with over 15 years of experience in business management, marketing and entrepreneurship. Consultant and tutor for college students and entrepreneurs. She believes that constant learning is the only way to success. You can visit her personal blog at Letsgoandlearn.com

Bank Role in a Nations Economy Research Paper Example | Topics and Well Written Essays - 1250 words

Bank Role in a Nations Economy - Research Paper Example Nevertheless, a discussion of a short history of banking would provide a good background on the role of this financial institution two centuries ago. As mentioned before, storehouses were considered banks Nevertheless, even when barter was replaced by currency, the existence of a bank as a financial institution was not yet fully established. In fact, Hildreth ( 1837) wrote that the first bank in Genoa, Venice came into being only after the Republic ended. Hildreth recounts : â€Å"The Republic is engaged in war, and falling short of funds, had recourse to a forced loan. The contributors to that loan, were allowed an annual interest of four percent on the sums they had been obliged to lend; certain branches of the public revenue were assigned for the payment of that interest; and a corporation, entitled the CHAMBER of LOANS, was created for the express purpose of looking after this business, managing those branches of the revenue assigned to the lenders ; and attending to, and securing the punctual payment of the interest, as it fell due†( Hildreth, 1837,p.5) The Chamber fulfilled some of the roles that modern-day banks do such as selling and exchange, lending money, circulating money, and accepting deposits. Later the Chamber was known as the Bank of Venice. From then, banks sprouted into different cities such as Genoa and Barcelona since they engaged in so much trade too. In our current time, banks have played roles not much differently from the Bank of Venice. Only, the banking industry has become more complicated as international trade became dynamic and currency exchange from different countries have grown.  

Four books Essay Example | Topics and Well Written Essays - 250 words

Four books - Essay Example As Shakespeare’s most famous novels, Hamlet manifests the various negative natures of man that includes neglect, betrayal, murder, and revenge. A son who witnessed the murder of his father by his own relative is too much a tragedy one could handle. Fury could further constrict the thin line that divides sanity and insanity caused Hamlet to delay his plans of avenging his father’s death. Although criticized for the vulgarity of some languages used, it cannot be denied that every word in the novel speaks of real emotions that every man feels especially when exposed to the same given situation. Another one of Shakespeare’s tragedies, Othello depicts the appalling consequences of jealousy and resentment. The characters in the novel held their own grudge against one another, which led them to develop schemes that destroyed every one of them. Allegiance, marriage, credibility and competencies are ruined when people allow themselves to be consumed by the compelling desire for attention and power. The weak, who easily succumb to such fancy and the manipulation of others, are kept captives that lead them nowhere else but towards failure whilst the strong triumphs over their fall. Similar to the pilgrims in Geoffrey Chaucer’s The Canterbury Tales, people are divided by social classes and religions. Represented by the different characters in the story, who sees the world differently as dictated by their social and religious beliefs, each person has their own prejudices towards each other. However, Chaucer was able to justify in the stories that no matter how huge the differences of every individual in the society are, they have their own story to tell, which are different from what the community assumed of them that are worth listening to for they say who they really

Urban Planners Essay Example | Topics and Well Written Essays - 1000 words

Urban Planners - Essay Example Planners who are in the public role often serve the public and act as valued technical advisors in the community's political environment (Garvin, 2002). Urban planners develop often develop long and short term plans for the use and revitalization of land. These plans facilitate the growth of urban and rural communities, as well as the region in which they are allocated. They assist the regional officials to reduce economical, social and environmental problems. This is done by proposing the location of schools, roads among other infrastructure. In addition to that, they recommend the zoning regulations for private possessions (Smith, 2006). According to Grogan (2002), Planners promote the best utilization of public land resources which are meant for commercial, residential, institutional and recreation purposes. They often formulate plans relating to development of new infrastructure, for instance new schools, new roads and public housing. Moreover, they help in making decisions about resource development and protecting the environment in its totality. Planners and developers are often involved in environment issues like wetland preservation, pollution control, location of new landfills and forest conservation. Planners may assist in the drafting of legislation of social, environmental and economical matters, for instance sheltering the homeless, new park, or making the region very attractive to businesses (Smith, 2006). Urban planners study and report on the current utilization of land for residential and community purposes before making plans for the community development. Their reports include information on the capacity and location of schools, airports, highways, libraries, recreational and cultural sites. They also provide records on the characteristics of the community, industries in the community, and employment and economic trends. They try to use the data obtained to optimize land use for public structures and facilities (Robert, 2003). The planners often prepare reports that show the cost of their programs and how they are carried out. Furthermore, they examine the suggested facilities, to know whether they will meet the needs of the growing population. They keep the records legal and economic issues, which are responsible for the building codes, zoning codes and environmental regulations. In addition to that, they ensure that the developers and builders are in apposition to follow the codes and the regulations (Garvin, 2002). Planners also deal with the land issues that arise due to the population movements. For instance, in Huntsville, the population growth and economic development has led to creation of more jobs out side the urban areas (Robert, 2003). As a result, the need for public transportation will increase, and it is the responsibility of the planners to model and develop suitable transportation systems and report them to the planning boards as well as the public (Garvin, 2002). Computers are very necessary urban planning process; planners use them to analyze and record information collected, and to prepare reports and proposals for government executives. Spreadsheets, computer databases, and analytical techniques are used to forecast future trends of employment, transportation, housing, or population. Urban

Bigamy & Alimony Essay Example for Free

Bigamy Alimony Essay If fact of first marriage was concealed from the spouse – term of imprisonment may extend to 10 years In Sarla Mudgal v UOI AIR 1995 SC 1531, the SC criticized the practice of conversion to Islam for the sake of contracting II bigamous marriage ‘coz that enables them to marry again without getting their first marriage dissolved. The ruling was reaffirmed in the case of Lily Thomas v UOI AIR 2000 SC 1650. Also held: plurality of marriage is not unconditional right conferred on the Muslim husband. There is a precondition that he should have the capacity to do justice between the co-wives. Under Hanafi Law – 5 marriages are not void but merely irregular and can be regularized by divorcing one wife. Exception – a Sunni taking a 5th wife is not guilty of Bigamy u/s 494, 495 of IPC ( Shahumeedu v Subajda ( 1970) But a Shia Husband who takes 5th marriage (where 5th marriage is void) can be prosecuted for bigamy. So, one who marries during the lifetime of his or her spouse commits an offence of bigamy – provided his first marriage is not null void. In M. M. Malhotra v UOI AIR 2006 SC 80, Husband married a woman whose marriage was in subsistence but was void. Hence, held subsequent marriage would not be bigamous. If former marriage is voidable, then also bigamy is committed. Varadrajan v State of Madras AIR 1965 SC 1964, Bigamy where requisite formalities of marriage have been performed at the time of the solemnization of II marriage. Priya v Suresh AIR 1971 SC 1153, held second marriage cannot be treated to be proved by mere admission of parties. Performance of appropriate ceremonies is to be proved. Dr. D.N. Mukherji v State AIR 1969 All. 486, held: performance of some mock ceremony is not enough and, therefore, prosecution of bigamy will fail. So bigamous marriage is void under H, Christian and Parsi laws. Under SMA – declaration of nullity of marriage can be obtained by either party. The spouse of 1st  marriage has no right to file a petition for nullity. Remedy is to file a declaratory suit to that effect u/s 34 of the Special Relief Act, 1963. Under Matrimonial law the spouse of 1st marriage may sue for dissolution on the ground that other party is living in adultery u/s 13 (1) (i) of HMA. Law Commission of India In 227th report, given on 5th Aug.’2009, recommended in HMA after S. 17 ( punishment) S. 17 – A be inserted that a married person, who is governed by this Act cannot marry again even after changing religion, unless- i. 1st one is dissolved; or ii. Declared null and void In accordance with law. And if such a marriage is contracted it will be null void; and Shall attract application of S. 494,495 of IPC. no defense can be taken in the charge of bigamy that it was a i. in good faith; or ii. mistake of law. Only aggrieved party can complaint But once case is filed State prosecutes the bigamous spouse. Should bigamy be permitted in some limited cases? In Goa, Daman Diu – during Portuguese rule Hindu Husband was permitted to take II wife during the lifetime of 1st one but – i. in specified cases ii. With the consent of wife Kane – (in History of Dharmashstra) suggested – it should be tolerated for some classes on economic grounds. Derrett also supports (Critique of Modern Hindu Law) Some arguments hold good for polyandry also, but present writers do not support this view. iii.

Benefits of Financial Liberalisation

Benefits of Financial Liberalisation A EUROPEAN POLICY ABSTRACT: This paper extends to test if the short and in the long run. Weak indica- the same short-run increase in cyclical tions are found that this may happen par- volatility arising from financial integration tially due to the anchoring of expectations is observed in this specific sample of â€Å"emerg-provided by the EU Accession, and to the ing markets. This work finds signs that, more robust institutional framework contrary to other emerging markets, this imposed by this process onto the countries in does not happen: for the future Member question. States, financial integration, similarly to the KEY WORDS: Enlargement, European outcome observed in mature market Union, financial liberalization, booms, 81 economies, reduces cyclical volatility both in busts, cycles, volatility. 1. INTRODUCTION Financial and capital flows liberalization can play a fundamental role in increasing growth and welfare. Typically, emerging or developing economies seek foreign savings to solve the inter-temporal savings-investment problem. On the other hand, current account surplus countries seek opportunities to invest their savings. To the extent that capital flows from surplus to deficit countries are well intermediated and, therefore, put to the most productive use, they increase welfare. Liberalization can, however, also be dangerous, as has been witnessed in many past and recent financial, currency and banking crises. It can make countries more vulnerable to exogenous shocks. In particular, if serious macroeconomic imbalances exist in a recipient country, and if the financial sector is weak, be it in terms of risk management, prudential regulation and supervision, large capital flows can easily lead to serious financial, banking or currency crises. A number of recent crises, like those in Ea st Asia, Mexico, Russia, Brazil and Turkey (described, for example, in IMF (2001)), and, to some extent, the Argentinean episode of late 2001, early 2002, have demonstrated the potential risks associated with financial and capital flows liberalization. Central and Eastern Europe has a somewhat different experience, when compared to other emerging regions, concerning the financial liberalization process, as the process there seems to have been much less crisis-prone than in, for instance, Asia or Latin America. This maybe, at least partially, because the current high degree of external and financial liberalization in the Central Eastern European countries (CEECs), beyond questions of economic allocative efficiency, must be understood in terms of the process of Accession to the European Union. The EU integration process implies legally binding, sweeping liberalization measures-not only capital account liberalization, but investment by EU firms in the domestic financial services, and the maintenance of a competitive domestic environment, giving this financial liberalization process strong external incentives (and constraints). Those measures were implemented parallel to the development of a highly sophisticated regulatory and supervis ory structure, again based on EU standards. This whole process happened also with the EUs technical and financial support, through specific programs-like the PHARE one, for these so-called Accession, and the TACIS, for the former Soviet Union ones- and direct assistance from EU institutions, like the European Commission, the European Parliament and the European Central Bank (also, on a very early stage of the transition process, the influence of the IMF in setting up policies and institutions in several countries in the region-an intervention widely considered to haven been successful-was important: see Hallerberg et al., 2002). Additionally, EU membership seems to act as an anchor to market expectations (see Vinhas de Souza and Hà ¶lscher, 2001), limiting the possibilities of self- fulfilling financial crises and regional contagion (see Linne, 1999), which had the observed devastating effects in both Asia and Latin America (even a major event, like the Russian collapse of 1998, had very reduced regional side effects). Several regional episodes of financial systems instability did happen (see Vinhas de Souza, 2002(a) and Vinhas de Souza, 2002(b)), but none with the prolonged negative consequences observed in other region (which was also due to the effective national policy actions undertaken after those episodes). This studys main aim is to expand the Kaminsky and Schmukler database (see Kaminsky and Schmukler, 2003), from now on indicated as KS, to include the Accession and Acceding Countries from Eastern Europe (namely, for Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania , Slovakia and Slovenia). In their original work, KS build an extensive database of external and financial liberalization, which includes both developed countries and countries from emerging regions (but not from Eastern Europe). With that, they create different indexes of liberalization (capital account, banking and stock markets: see Table I below) and using them individually and in an aggregate fashion, test for the effects and causality of this process on financial and real volatility, for the existence of differences between regions, and for the effects of the ordering of the liberalization process. One underlying hypotheses of this work is that the existing regulatory and institutional framework in Eastern Europe, plus a more sustainable set of macro policies, played an important role in enabling liberalization to largely deliver the welfare enhancing outcomes that it is supposed to. Such an â€Å"anchoring role of the European Union in the CEECs, through the process of EU membership, and through the effective imposition of international standards of financial supervision and regulation, may indicate that, beyond multilateral organizations like the IMF or the OECD, a greater, pro-active regional stabilizing role in emerging markets by regional actors, for instance, the United States, or by some regional sub-grouping, like Mercosur, may also be welfare enhancing for other â€Å"emerging regions. 2. CAPITAL ACCOUNT The achieving of capital account liberalization happened rather swiftly in most of the countries in our sample: by the mid 1990s, all bar Bulgaria and Romania had been declared Article VIII compliant (for those two countries, this happened in 1998: see Table II below). One of the main driving forces behind this was the process of European Integration, for which external liberalization is a pre-requisite: in the early to mid-1990s, all the countries had signed Association Agreements with the European Union (frequently preceded by trade liberalization agreements with the EU, also called â€Å"Europe trade agreements, usually with years given to the countries to prepare for their full implementation) and formally applied for EU membership. Another additional factor supporting liberalization was IMF and OECD membership: four of the larger countries in our sample became OECD members during the second half of the 1990s. Another factor to be considered, is the endogenous decision process to liberalize in a sustainable fashion. 3. BANKING SECTOR Financial integration, in the form of the opening up the banking sector to foreign banks, is seen as being positive, on a micro level, as foreign banks are usually better capitalized and more efficient than their domestic counterparts (of course, the domestic banking sector eventually catches-up: for an indication of this process at the ACs, see, among others, Tomova et al., 2003). Also from a macroeconomic perspective, financial integration maybe positive for the Eastern European countries, both for long run growth and, as there are indications that foreign banks do not contract either their credit supply nor their deposit base, in helping to smooth the cycle (see de Haas and Lelyveld, 2003: they find some indication that this is linked to the better capitalization base and prudential ratios, as better capitalized domestic banks behave similarly to foreign banks). Given the bank-centered nature of virtually all the financial systems of the future Member States, this is particularly important for them. In most of the member states, the initial stage of the creation of the two-tier banking system, modeled on the Western European â€Å"universal bank system, was characterized by rather liberal licensing practices and limited supervision policies (aimed at the fast creation of a de novo commercial, private banking sector: see Fleming et al., 1996, Balyozov, 1999, Enoch et al., 2002, Sà ¶rg et al., 2003). This caused a mushrooming of new banks in those countries in the early 1990s. Parallel to this, a series of banking crises, of varied proportions, affected most of those de novo banking systems, due to this lax institutional framework, inherited fragilities from the command economy period (the political need to support state-owned, inefficient industries, with the consequent accumulation of bad loans and also the financing of budget deficits), macroeconomic instability, risky expansion and investment strategies and also sheer inexperience, both from the investor s and from regulators. Progressively, the re-capitalization, privatization and internationalization of the banking system (mostly into the hands of EU financial conglomerates), coupled with the implementation of a more robust, EU-modeled institutional framework, did away with most of those problems. Two of the worst cases where the set of Baltic banking crises and the Bulgarian episode, which are described in more detail below. Other smaller banking crises happened in Estonia in 1994 and 1998, and in Latvia in 1994. Caprio and Klingebiel, 2003, report smaller episodes of â€Å"financial sector distress in the Czech Republic (94-95), Hungary (93), Poland (91-93), Romania (98-00), Slovakia (97) and Slovenia (92-94). The initial proliferation of banks was, quite naturally, followed by a process of consolidation and strengthening-parallel to the privatization of the remnant state-owned components of the financial system- of the banking sector in most of those economies (in Bulgaria, from 81 banks in 1992 to 35 in 2001, in the Czech Republic from 55 in 1995 to 38 in 2001, Estonia, from 42 in 1992 to 7 currently, while Hungary had 33 banks in 2002, showing only a very slight decrease from the early 1990s, Latvia from 56 in 1994 to 23, Lithuania from 27 in 1993 to 13, in Poland from 8 1 in 1995 to 71 in 2001, in Romania from 45 in 1998 to 41 in 2001, in Slovakia from 22 in 2000 to 19 in 2001, and in Slovenia, where the number fell from 25 to 21 during 2001 alone). This consolidation process was frequently led by foreign companies, which now hold the majority of the assets of the banking system in virtually all of them-contrary to the situation in the current EU Member States-bar Slovenia. This process now has a component of regional expansion of the Eastern European banks themselves, or, more precisely in most cases, the regional expansion of Western banks via some of their locally-owned subsidiaries (see Sà ¶rg et al., 2003, ibid). The share of banking assets to GDP, nevertheless, is still far below the Euro area average (which stood at around 265% of GDP by end 2001), compared with 47% in Bulgaria, 136% in the Czech Republic, 72% in Estonia and Latvia, 32% in Lithuania, 63% in Poland, 60% in Hungary, 30% in Romania, 96% in Slovakia and 94% in Slovenia (data also for 2001). Another peculiar feature of the banking system in the region is that foreign currency lending -usually euro-denominated-to residents is very high, especially in the Balti c republics: with 80% of total loans in Estonia, 56% in Latvia and 61% in Lithuania. Also, the Baltic countries have substantial shares of deposits by non-residents, with over 10% in Estonia and Lithuania and close to 5% in Latvia (Latvia, with its close trading ties to Russia, has a particular strategy of selling itself as a stable financial services center to CIS depositors: see IMF, 2003(b), ibid). The supervision system has also substantially improved, and, following recent international-and EU- best practice, is now centered in independent universal supervisory agencies in the most advanced of those countries (Reininger et al., 2002, ibid., estimate that the formal regulatory environment for the Czech Republic, Hungary and Poland is actually above the EU, and that its actual enforcement level is at its average;Liive, 2003, gives a description of the Estonian experience that culminated in the creation of the EFSA -Estonian Financial Supervisory Authority- in January 2002). 3.1 BANKING CRISES IN EASTERN EUROPE The Baltic bank crises were, to different degrees, linked to liquidity difficulties related tolerations with Russia (in the November 1992 Estonian case, by the freezing of assets held by some Estonian banks in their former Moscow headquarters, while the Latvian and Lithuanian episodes of, respectively, March and December 1995, were caused by the drying-up of lucrative trade-financing opportunities with Russia, whose export commodities, at that time, were still below world price levels) and regulatory tightening (Latvia, Lithuania), compounded by the elimination of credit opportunities with the implementation of the Estonian and Lithuanian CBAs (Currency Board Arrangements). In Lithuania, as in Bulgaria, the financing of the budget deficit also played a role. In the Estonian and Latvian cases, around 40% of the assets of the banking system where compromised, in the Lithuanian and Bulgarian cases, around a third. The Bulgarian 1996-1997 crisis eliminated a third of its banking sector, and led the country to hyperinflation (reaching over 2000% in March 1997, see Yotzov, 2002). Its roots lie in the political instability that preceded it (which, on its turn, led to inadequate real sector reform, with state-owned, loss making enterprises being financed via the budget deficit or through arrears with the, at the time, still mostly state-owned part banking sector: those arrears were, in turn, partially monetized by the Bulgarian National Bank -BNB- and the largest state bank, the State Savings Bank -SSB). Periodic foreign exchange crises (March 1994, February 1997) and bank runs (late1995, late 1996, early 1997) were part of this picture. The implementation of tighter supervisory procedures during 1996 (giving the BNB the power to close insolvent banks), and a tightening of policy actually led to more bank runs. A caretaker government in February 1997 (before a newly elected government took power in May) paved the way to longer lasting reform and the implementation of t he CBA, with its tighter budget constraints towards both the government and the banking sector. This reform process happened with the support from multilateral institutionsamely, (namely the IMF). 4. STOCK MARKETS The existence of stock markets is assumed to be beneficial for economic performance. In principle, it provides a way for companies to raise capital at lower costs than through simple banking intermediation, and because it is not as restricted a source of capital as internal financing. Also, it is assumed that the existence of alternative modes of finance may reduce the likelihood of credit crunches caused by problems with the banking sector (see Greenspan, 2000). Additionally, the existence of external ownership is (or was, given the recent problems with market-based governance in the US and the EU, and the shift towards a more regulated environment) assumed to provide better governance for the management of firms. The majority of economic analyses seem to support the position that a diversified financing mix is positive for economic growth and stability. As described in the previous section, all the financial sectors in the Member States are bank-centered, with stock markets playing marginal roles in most of them (and, in some, a very marginal role: in Bulgaria, Slovakia and Romania, their average market capitalization in GDP terms is below 5%: see Figure I below). All of these countries had (re-)established stock markets by the mid-90s (see Table III above). About half of the future Member States used them to drive the initial process of re-privatization, either via mass issues of voucher certificates for residents (the most famous case of this strategy was the Czech Republic), or via IPOs (Initial Public Offerings) re-privatization processes, to lock-in domestic and foreign strategic investors (see Claessens at al., 2000). In the voucher-driven privatization, the initial large number of investors and traded stocks in those stock markets was soon concentrated in a rather limited number of institutional investors-domestic and foreign- and â€Å"blue chip stocks. In the IPO-driven markets, the number of stocks and investors actually tended to increase with time, albeit from a rather concentrated base. Even in the largest ones, nevertheless, market capitalization, as a GDP share, was and remains rather low (see Figure I below), and far below the EU average (around 72% of GDP). Only in the Czech Republic, Estonia, Hungary and Slovenia the average market capitalization is above a 20% GDP share, while in Romania is below 1% in several years. Also, the average market turnover is equally below the one observed in comparable EU economies. Similarly to what is observed in the banking sector, the initial regulatory environment was deliberately lax, and the regulators were plagued by much the same problems of inexperience and limited number of staff and resources. This does not mean that domestic agents in those countries lack access to the financial services supposed to be provided by stock markets: the very process of opening up, the increase in cross-border trade in financial services, the harmonization of rules for capital trading with the EU (including the ongoing efforts of the Lamfalussy Committee towards a single European market for securities: according to the current proposal, small and medium size firms would be able to use a simplified prospectus valid throughout the EU and choose the country of its approval), plus the development of information technology, all imply that is not actually necessary-nor economically optimal, given economies of scale-for each individual country to have its own separate stock market. One must also recall that the current national stock markets in the mature developed economies are themselves the result of process of consolidation-and closing-of smaller regional stock markets (as was observed in Bulgari a in the early 1990s), which still today coexist with larger, dominant national stock exchanges even in some mature markets, like Germany and the US. Nevertheless, the observed tendency of domestic larger companies, with presumed better growth prospects, to list abroad (see Table IV below), due to the obvious cost and liquidity advantages of the larger international stock markets, does seems, on balance, to deprive those stock markets of liquidity (see Claessens at al., 2003). On the other hand, nonresidents seem to play a major role in most of those markets (accounting for 77% of the capitalization in Estonia, 70% in Hungary and half of the free-float capitalization in Lithuania). All the specific questions described above concerning the way those stock exchanges were founded and their later developments, plus their relative smallness and shallowness, affect the dynamics of their stock market indexes (SMI), and are clearly reflected by them (as one may see in Figure II, below). This, coupled with the rather limited duration of the series, may affect their adequacy as proxies of financial cycles. Source: Datastream, modified by the authors. The price indexes here were converted to US Dollars and re-based to a common reference period were they equal 100, May of 1998. The country codings are as described in the Annexes. 5. ESTIMATED INDEXES The construction of the index for this new sample of countries was the core of this work. A comprehensive effort was done to crosscheck the information collected from papers and publications with national sources. Below we present the estimated monthly index, for the period January 1990 to June 2003 (see Figure III). The base data for its construction was collected from IMF and EBRD publications, and then exhaustively verified both with national sources and with works written about the individual countries and the region. This is an index that falls with liberalization, where maximum liberalization equals one and minimum three (in this sense, one could actually see it as an index of financial repression). As an additional robustness check, the year-end value of the index here constructed was regressed on the combined EBRDs yearly indexes of banking sector reform and non-banking financial sector reform. The results from a panel regression with the index constructed here on the LHS and the EBRD index on the RHS yield a coefficient of .60, and correlations among the individual country- specific index series range from -0.91 to -0.35. As one may see from Figure III above, the process of integration and liberalization was almost continuous throughout the 1990s and early 2000s. The spikes in the â€Å"Full Liberalization Index in the early 1990s do not indicate reversals: the merely reflect the entry into the sample of the newly independent Baltic republics. As former members of the Soviet Union, they â€Å"enter the world as highly closed economies, but those countries introduced liberalization reforms almost immediately from the start. After this, a slight increasing trend, that does reflect a mild liberalization reversal, is observed, starting mid-1994 and lasting until early 1997, from when a continuous liberalization trend is observed. Noteworthy here is the fact that virtually none of the obvious candidates for a reversal of liberalization (the 1997 Asian Crisis, the collapse of the Czech monetary arrangement in 1997, the collapse of the Bulgarian monetary arrangement in 1996/97, the 1998 Russian Crisis, the 1999-2001 oil price shocks-as all those economies are highly dependent of imported energy sources) seems to have driven these mild liberalization reversals. Comparing the Full Index constructed here with the one constructed by KS, for similar time samples, one may observe that the ACs start substantially below the average level of other emerging markets- i.e., they are more liberalized, but both the â€Å"entry of the initially less liberalized former Soviet republics, plus continuous liberalization efforts in the emerging market KS set reverse this situation. A similar liberalization reversal trend in both the ACs and the merging market set is observed from early 1994, but it is actually slightly stronger on the ACs sample, until its reversal in 1996. By the end of our sample, the ACs are clearly below the final value for the emerging set in KSs sample. This sort of remarkably fast pattern of the ACs â€Å"leapfroging towards best international practice is also observed in several types of institutional frameworks, like, for instance, monetary policy institutions and instruments (see Vinhas de Souza and Hà ¶lscher, 2001): a process that virtually took decades for Western central banks was compressed in a half a dozen years in the Future Member States. Nevertheless, by the end of the sample, both emerging and ACs are still above the level of mature, developed economies. Analyzing the individual components of the index (see Figure V), one may see that, abstracting again from the initial spikes in the index, which are, as explained above, caused by the addition of new countries to the sample, the 1994/1997 reversal of liberalization was essentially driven by the Financial Sector liberal ization component. As will become clear with the country specific analysis below, this was related, in most cases, to-and here it must be stressed that those were rather limited reversals-to the banking crises that plagued several countries in our sample in the early to mid 1990s. Comparing now the individual components of the Full Index constructed here with the ones from KS, again for emerging and mature economies, it becomes clear that the reversals observed in Figure IV were driven by different sources in the emerging set (increase in capital account restrictions) and ACs set (financial sector): see Figure VI. All the indexes for mature economies are, again as one would expect, substantially lower. One could, in principle, aggregate the countries in our sample in three different groups: rapid liberalizers (the ones that followed a â€Å"big bang early approach, without major reversals: Bulgaria, Estonia, Latvia, Lithuania), consistent liberalizers (the ones that followed a more delayed path, but also without major roll backs: the Czech Republic, Hungary, Poland) and cautious liberalizers (the ones whose liberalization path was either openly inconsistent or downright mistrustful: Romania, Slovakia, Slovenia). 5.1 COUNTRY-BY-COUNTRY LIBERALIZATION PATH. In Bulgaria, virtually no sign of a liberalization reversal is observed, even during the substantial stress experienced by the country during the banks runs of 1996/97 and the ultimate collapse of the floating regime in 1997 (beyond ad hoc restrictive measures adopted by the banks themselves). As in most of the countries in my sample, the stock market is the last one to liberalize, but does so in a faster fashion. Nevertheless, this is in most cases a data quasi-artifact that arises from the later (re-)constitution of the stock exchange itself. In the Czech Republic, a limited reversal of the financial sector liberalization is observed from late1995 to late 1997, namely, via the imposition of limits on banks short-term open positions towards on-residents, as a way to limit the exposure of the financial sector to the inflows brought about by the hard peg and the potential gains with interest rate differentials. After the peg was replaced by the current float regime, this restriction i s duly removed. In Estonia, again, virtually no sign of a liberalization reversal is observed, even during the bank runs of the early 1990s, the unwinding of the 1997 bubble, nor during the 1998 Russian crisis. Again, the stock market is the last one to liberalize, but one more time, this arises from the later constitution of the stock exchange. In Hungary, also no signs of any liberalization reversal are observed. Hungary was an early reformer, introducing some liberalization measures already during the late 1980s, but the profile of its reform path is much more discounted through time, as compared, for instance, with the Baltic countries. In Latvia, a rather limited reversal of the financial sector liberalization is observed from mid 1996all the way to early 2003: resulting from the 1996 banking crisis, specific aggregate lending limits to regions (i.e., limits on exposure to non-OECD countries, bar the other Baltic republics) are imposed. In Lithuania, a limited reversal of the f inancial sector liberalization is observed from early 1998, also resulting from the experienced banking crisis: reserve requirements on deposits on foreign accounts by non-resident are introduced; In Poland, no signs of any liberalization reversal are observed. Similarly to Hungary, the profile of its reform path is much more discounted through time; In Romania, no signs of any liberalization reversal are observed, but the reform path is a decidedly slow and cautious one: at the end of the sample, it has the highest (i.e., less liberalized) score for the â€Å"Full Index of all countries in the sample: 1.60 (see Table V). In Slovakia, no signs of any liberalization reversal are observed. Here, the reform path is characterized by a broad stagnation since the Czechoslovak partition till 1998/1999, when, after a change in the political leadership, reforms are re-started, reaching after that levels similar to the other â€Å"Vise grad countries in a rather quick fashion. In Slovenia, one of the most consistently cautious Member States concerning the advantages of integration and liberalization, reversals are indeed observed in all three indexes, since early 1995in the capital account and financial sector components, and from early 1997 in the stock market one. Since early 1999, with the entry in effect of the EU Association Agreement, across-the-board further (re)liberalization measures have been introduced. 6. FINANCIAL CYCLES AND LIBERALIZATION The financial cycle coding which is used by KS defines cycles as a at least twelve month-long strictly downwards (upwards) movement, followed by a equally upwards (downwards) 12-month movement from the through (peak) of a stock market index, measured in USD, as they should reflect returns from the point of view of an international investor. As described in the stock market section of this work, one must be warned that there are specific factors in the countries in our sample that may affect the effectiveness of a stock market index as an adequate proxy of financial cycles, at least for the sample here considered. Beyond that, these series have a rather limited time extension (our sample covers the 01:1990-06:2003 period). Adapting KS criteria to the limited time dimension of our sample, we use a less stringent definition of â€Å"cycle, the same algorithm as above but with a 3-month window for the cycle (Edwards et al., 2003, use a 6-month window). With this we get 118 observations for all countries in our sample. Of these 118 cycles, 61 are upward, with an average of 7.51 months duration, and 57 are downward, with an average of 8.20 months of duration. 7. CONCLUSION The main aim of this paper was to extend the index developed by Kaminsky and Schmukler, 2003, for a specific sample of countries, namely, the previously centrally planned economies from Central and Eastern Europe, and to perform a similar analysis on them. Our results do lend some support to the basic assumption of this study: in spite of all the limitations of the time series used (their shortness, the fact that they were buffeted by several country-specific and common shocks), a re-estimation of KSs core regressions strongly supports the notion that financial liberalization does generate benefits both in the short and in the long run, measured via the extension of the amplitude of upward cycles and its reduction for downward cycles of stock market indexes. Importantly, these results diverge from KS, as in their work â€Å"emerging markets experience a relative short run increase in the amplitude of downward cycles. Another noteworthy feature is that only minor liberalization rever sals, led by the financial sector component, were observed in the aggregate index. Also, those reversals do not seem to be driven by â€Å"contagion from shocks in other emerging markets (like the Asian or Russian crisis), but reflect country-specific shocks. When considering the individual components of the index separately, again signs of minor reversals in financial sector liberalization are observed, related to temporary reactions to the several banking crisis observed in the region. Concerning the importance of institutions and of the EU Accession, this papers initial assumption was that the mostly positive results above would come about due to the anchoring of expectation provided by the perspective of entry into the EU already by mid-2004 (or 2007, in the case of Bulgaria and Romania) for the countries here analyzed, and by the imposition of a more robust macro and institutional framework by the requirements of the Accession process itself. Signs of this are not found in the KS regressions, perhaps because the liberalization index itself captures the effects of the EU Accession process. Finally, using a different framework than KSs to assess the affects of liberalization on financial, real and nominal volatility, most of the econometric results seem to support the previous ones, but they seem to indicate that the capital account liberalization is the element that most consistently and significantly reduces volatility. On this final section, the majority the econometric results seem to support some specific role for the EU Enlargement process in reducing volatility. Benefits of Financial Liberalisation Benefits of Financial Liberalisation A EUROPEAN POLICY ABSTRACT: This paper extends to test if the short and in the long run. Weak indica- the same short-run increase in cyclical tions are found that this may happen par- volatility arising from financial integration tially due to the anchoring of expectations is observed in this specific sample of â€Å"emerg-provided by the EU Accession, and to the ing markets. This work finds signs that, more robust institutional framework contrary to other emerging markets, this imposed by this process onto the countries in does not happen: for the future Member question. States, financial integration, similarly to the KEY WORDS: Enlargement, European outcome observed in mature market Union, financial liberalization, booms, 81 economies, reduces cyclical volatility both in busts, cycles, volatility. 1. INTRODUCTION Financial and capital flows liberalization can play a fundamental role in increasing growth and welfare. Typically, emerging or developing economies seek foreign savings to solve the inter-temporal savings-investment problem. On the other hand, current account surplus countries seek opportunities to invest their savings. To the extent that capital flows from surplus to deficit countries are well intermediated and, therefore, put to the most productive use, they increase welfare. Liberalization can, however, also be dangerous, as has been witnessed in many past and recent financial, currency and banking crises. It can make countries more vulnerable to exogenous shocks. In particular, if serious macroeconomic imbalances exist in a recipient country, and if the financial sector is weak, be it in terms of risk management, prudential regulation and supervision, large capital flows can easily lead to serious financial, banking or currency crises. A number of recent crises, like those in Ea st Asia, Mexico, Russia, Brazil and Turkey (described, for example, in IMF (2001)), and, to some extent, the Argentinean episode of late 2001, early 2002, have demonstrated the potential risks associated with financial and capital flows liberalization. Central and Eastern Europe has a somewhat different experience, when compared to other emerging regions, concerning the financial liberalization process, as the process there seems to have been much less crisis-prone than in, for instance, Asia or Latin America. This maybe, at least partially, because the current high degree of external and financial liberalization in the Central Eastern European countries (CEECs), beyond questions of economic allocative efficiency, must be understood in terms of the process of Accession to the European Union. The EU integration process implies legally binding, sweeping liberalization measures-not only capital account liberalization, but investment by EU firms in the domestic financial services, and the maintenance of a competitive domestic environment, giving this financial liberalization process strong external incentives (and constraints). Those measures were implemented parallel to the development of a highly sophisticated regulatory and supervis ory structure, again based on EU standards. This whole process happened also with the EUs technical and financial support, through specific programs-like the PHARE one, for these so-called Accession, and the TACIS, for the former Soviet Union ones- and direct assistance from EU institutions, like the European Commission, the European Parliament and the European Central Bank (also, on a very early stage of the transition process, the influence of the IMF in setting up policies and institutions in several countries in the region-an intervention widely considered to haven been successful-was important: see Hallerberg et al., 2002). Additionally, EU membership seems to act as an anchor to market expectations (see Vinhas de Souza and Hà ¶lscher, 2001), limiting the possibilities of self- fulfilling financial crises and regional contagion (see Linne, 1999), which had the observed devastating effects in both Asia and Latin America (even a major event, like the Russian collapse of 1998, had very reduced regional side effects). Several regional episodes of financial systems instability did happen (see Vinhas de Souza, 2002(a) and Vinhas de Souza, 2002(b)), but none with the prolonged negative consequences observed in other region (which was also due to the effective national policy actions undertaken after those episodes). This studys main aim is to expand the Kaminsky and Schmukler database (see Kaminsky and Schmukler, 2003), from now on indicated as KS, to include the Accession and Acceding Countries from Eastern Europe (namely, for Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania , Slovakia and Slovenia). In their original work, KS build an extensive database of external and financial liberalization, which includes both developed countries and countries from emerging regions (but not from Eastern Europe). With that, they create different indexes of liberalization (capital account, banking and stock markets: see Table I below) and using them individually and in an aggregate fashion, test for the effects and causality of this process on financial and real volatility, for the existence of differences between regions, and for the effects of the ordering of the liberalization process. One underlying hypotheses of this work is that the existing regulatory and institutional framework in Eastern Europe, plus a more sustainable set of macro policies, played an important role in enabling liberalization to largely deliver the welfare enhancing outcomes that it is supposed to. Such an â€Å"anchoring role of the European Union in the CEECs, through the process of EU membership, and through the effective imposition of international standards of financial supervision and regulation, may indicate that, beyond multilateral organizations like the IMF or the OECD, a greater, pro-active regional stabilizing role in emerging markets by regional actors, for instance, the United States, or by some regional sub-grouping, like Mercosur, may also be welfare enhancing for other â€Å"emerging regions. 2. CAPITAL ACCOUNT The achieving of capital account liberalization happened rather swiftly in most of the countries in our sample: by the mid 1990s, all bar Bulgaria and Romania had been declared Article VIII compliant (for those two countries, this happened in 1998: see Table II below). One of the main driving forces behind this was the process of European Integration, for which external liberalization is a pre-requisite: in the early to mid-1990s, all the countries had signed Association Agreements with the European Union (frequently preceded by trade liberalization agreements with the EU, also called â€Å"Europe trade agreements, usually with years given to the countries to prepare for their full implementation) and formally applied for EU membership. Another additional factor supporting liberalization was IMF and OECD membership: four of the larger countries in our sample became OECD members during the second half of the 1990s. Another factor to be considered, is the endogenous decision process to liberalize in a sustainable fashion. 3. BANKING SECTOR Financial integration, in the form of the opening up the banking sector to foreign banks, is seen as being positive, on a micro level, as foreign banks are usually better capitalized and more efficient than their domestic counterparts (of course, the domestic banking sector eventually catches-up: for an indication of this process at the ACs, see, among others, Tomova et al., 2003). Also from a macroeconomic perspective, financial integration maybe positive for the Eastern European countries, both for long run growth and, as there are indications that foreign banks do not contract either their credit supply nor their deposit base, in helping to smooth the cycle (see de Haas and Lelyveld, 2003: they find some indication that this is linked to the better capitalization base and prudential ratios, as better capitalized domestic banks behave similarly to foreign banks). Given the bank-centered nature of virtually all the financial systems of the future Member States, this is particularly important for them. In most of the member states, the initial stage of the creation of the two-tier banking system, modeled on the Western European â€Å"universal bank system, was characterized by rather liberal licensing practices and limited supervision policies (aimed at the fast creation of a de novo commercial, private banking sector: see Fleming et al., 1996, Balyozov, 1999, Enoch et al., 2002, Sà ¶rg et al., 2003). This caused a mushrooming of new banks in those countries in the early 1990s. Parallel to this, a series of banking crises, of varied proportions, affected most of those de novo banking systems, due to this lax institutional framework, inherited fragilities from the command economy period (the political need to support state-owned, inefficient industries, with the consequent accumulation of bad loans and also the financing of budget deficits), macroeconomic instability, risky expansion and investment strategies and also sheer inexperience, both from the investor s and from regulators. Progressively, the re-capitalization, privatization and internationalization of the banking system (mostly into the hands of EU financial conglomerates), coupled with the implementation of a more robust, EU-modeled institutional framework, did away with most of those problems. Two of the worst cases where the set of Baltic banking crises and the Bulgarian episode, which are described in more detail below. Other smaller banking crises happened in Estonia in 1994 and 1998, and in Latvia in 1994. Caprio and Klingebiel, 2003, report smaller episodes of â€Å"financial sector distress in the Czech Republic (94-95), Hungary (93), Poland (91-93), Romania (98-00), Slovakia (97) and Slovenia (92-94). The initial proliferation of banks was, quite naturally, followed by a process of consolidation and strengthening-parallel to the privatization of the remnant state-owned components of the financial system- of the banking sector in most of those economies (in Bulgaria, from 81 banks in 1992 to 35 in 2001, in the Czech Republic from 55 in 1995 to 38 in 2001, Estonia, from 42 in 1992 to 7 currently, while Hungary had 33 banks in 2002, showing only a very slight decrease from the early 1990s, Latvia from 56 in 1994 to 23, Lithuania from 27 in 1993 to 13, in Poland from 8 1 in 1995 to 71 in 2001, in Romania from 45 in 1998 to 41 in 2001, in Slovakia from 22 in 2000 to 19 in 2001, and in Slovenia, where the number fell from 25 to 21 during 2001 alone). This consolidation process was frequently led by foreign companies, which now hold the majority of the assets of the banking system in virtually all of them-contrary to the situation in the current EU Member States-bar Slovenia. This process now has a component of regional expansion of the Eastern European banks themselves, or, more precisely in most cases, the regional expansion of Western banks via some of their locally-owned subsidiaries (see Sà ¶rg et al., 2003, ibid). The share of banking assets to GDP, nevertheless, is still far below the Euro area average (which stood at around 265% of GDP by end 2001), compared with 47% in Bulgaria, 136% in the Czech Republic, 72% in Estonia and Latvia, 32% in Lithuania, 63% in Poland, 60% in Hungary, 30% in Romania, 96% in Slovakia and 94% in Slovenia (data also for 2001). Another peculiar feature of the banking system in the region is that foreign currency lending -usually euro-denominated-to residents is very high, especially in the Balti c republics: with 80% of total loans in Estonia, 56% in Latvia and 61% in Lithuania. Also, the Baltic countries have substantial shares of deposits by non-residents, with over 10% in Estonia and Lithuania and close to 5% in Latvia (Latvia, with its close trading ties to Russia, has a particular strategy of selling itself as a stable financial services center to CIS depositors: see IMF, 2003(b), ibid). The supervision system has also substantially improved, and, following recent international-and EU- best practice, is now centered in independent universal supervisory agencies in the most advanced of those countries (Reininger et al., 2002, ibid., estimate that the formal regulatory environment for the Czech Republic, Hungary and Poland is actually above the EU, and that its actual enforcement level is at its average;Liive, 2003, gives a description of the Estonian experience that culminated in the creation of the EFSA -Estonian Financial Supervisory Authority- in January 2002). 3.1 BANKING CRISES IN EASTERN EUROPE The Baltic bank crises were, to different degrees, linked to liquidity difficulties related tolerations with Russia (in the November 1992 Estonian case, by the freezing of assets held by some Estonian banks in their former Moscow headquarters, while the Latvian and Lithuanian episodes of, respectively, March and December 1995, were caused by the drying-up of lucrative trade-financing opportunities with Russia, whose export commodities, at that time, were still below world price levels) and regulatory tightening (Latvia, Lithuania), compounded by the elimination of credit opportunities with the implementation of the Estonian and Lithuanian CBAs (Currency Board Arrangements). In Lithuania, as in Bulgaria, the financing of the budget deficit also played a role. In the Estonian and Latvian cases, around 40% of the assets of the banking system where compromised, in the Lithuanian and Bulgarian cases, around a third. The Bulgarian 1996-1997 crisis eliminated a third of its banking sector, and led the country to hyperinflation (reaching over 2000% in March 1997, see Yotzov, 2002). Its roots lie in the political instability that preceded it (which, on its turn, led to inadequate real sector reform, with state-owned, loss making enterprises being financed via the budget deficit or through arrears with the, at the time, still mostly state-owned part banking sector: those arrears were, in turn, partially monetized by the Bulgarian National Bank -BNB- and the largest state bank, the State Savings Bank -SSB). Periodic foreign exchange crises (March 1994, February 1997) and bank runs (late1995, late 1996, early 1997) were part of this picture. The implementation of tighter supervisory procedures during 1996 (giving the BNB the power to close insolvent banks), and a tightening of policy actually led to more bank runs. A caretaker government in February 1997 (before a newly elected government took power in May) paved the way to longer lasting reform and the implementation of t he CBA, with its tighter budget constraints towards both the government and the banking sector. This reform process happened with the support from multilateral institutionsamely, (namely the IMF). 4. STOCK MARKETS The existence of stock markets is assumed to be beneficial for economic performance. In principle, it provides a way for companies to raise capital at lower costs than through simple banking intermediation, and because it is not as restricted a source of capital as internal financing. Also, it is assumed that the existence of alternative modes of finance may reduce the likelihood of credit crunches caused by problems with the banking sector (see Greenspan, 2000). Additionally, the existence of external ownership is (or was, given the recent problems with market-based governance in the US and the EU, and the shift towards a more regulated environment) assumed to provide better governance for the management of firms. The majority of economic analyses seem to support the position that a diversified financing mix is positive for economic growth and stability. As described in the previous section, all the financial sectors in the Member States are bank-centered, with stock markets playing marginal roles in most of them (and, in some, a very marginal role: in Bulgaria, Slovakia and Romania, their average market capitalization in GDP terms is below 5%: see Figure I below). All of these countries had (re-)established stock markets by the mid-90s (see Table III above). About half of the future Member States used them to drive the initial process of re-privatization, either via mass issues of voucher certificates for residents (the most famous case of this strategy was the Czech Republic), or via IPOs (Initial Public Offerings) re-privatization processes, to lock-in domestic and foreign strategic investors (see Claessens at al., 2000). In the voucher-driven privatization, the initial large number of investors and traded stocks in those stock markets was soon concentrated in a rather limited number of institutional investors-domestic and foreign- and â€Å"blue chip stocks. In the IPO-driven markets, the number of stocks and investors actually tended to increase with time, albeit from a rather concentrated base. Even in the largest ones, nevertheless, market capitalization, as a GDP share, was and remains rather low (see Figure I below), and far below the EU average (around 72% of GDP). Only in the Czech Republic, Estonia, Hungary and Slovenia the average market capitalization is above a 20% GDP share, while in Romania is below 1% in several years. Also, the average market turnover is equally below the one observed in comparable EU economies. Similarly to what is observed in the banking sector, the initial regulatory environment was deliberately lax, and the regulators were plagued by much the same problems of inexperience and limited number of staff and resources. This does not mean that domestic agents in those countries lack access to the financial services supposed to be provided by stock markets: the very process of opening up, the increase in cross-border trade in financial services, the harmonization of rules for capital trading with the EU (including the ongoing efforts of the Lamfalussy Committee towards a single European market for securities: according to the current proposal, small and medium size firms would be able to use a simplified prospectus valid throughout the EU and choose the country of its approval), plus the development of information technology, all imply that is not actually necessary-nor economically optimal, given economies of scale-for each individual country to have its own separate stock market. One must also recall that the current national stock markets in the mature developed economies are themselves the result of process of consolidation-and closing-of smaller regional stock markets (as was observed in Bulgari a in the early 1990s), which still today coexist with larger, dominant national stock exchanges even in some mature markets, like Germany and the US. Nevertheless, the observed tendency of domestic larger companies, with presumed better growth prospects, to list abroad (see Table IV below), due to the obvious cost and liquidity advantages of the larger international stock markets, does seems, on balance, to deprive those stock markets of liquidity (see Claessens at al., 2003). On the other hand, nonresidents seem to play a major role in most of those markets (accounting for 77% of the capitalization in Estonia, 70% in Hungary and half of the free-float capitalization in Lithuania). All the specific questions described above concerning the way those stock exchanges were founded and their later developments, plus their relative smallness and shallowness, affect the dynamics of their stock market indexes (SMI), and are clearly reflected by them (as one may see in Figure II, below). This, coupled with the rather limited duration of the series, may affect their adequacy as proxies of financial cycles. Source: Datastream, modified by the authors. The price indexes here were converted to US Dollars and re-based to a common reference period were they equal 100, May of 1998. The country codings are as described in the Annexes. 5. ESTIMATED INDEXES The construction of the index for this new sample of countries was the core of this work. A comprehensive effort was done to crosscheck the information collected from papers and publications with national sources. Below we present the estimated monthly index, for the period January 1990 to June 2003 (see Figure III). The base data for its construction was collected from IMF and EBRD publications, and then exhaustively verified both with national sources and with works written about the individual countries and the region. This is an index that falls with liberalization, where maximum liberalization equals one and minimum three (in this sense, one could actually see it as an index of financial repression). As an additional robustness check, the year-end value of the index here constructed was regressed on the combined EBRDs yearly indexes of banking sector reform and non-banking financial sector reform. The results from a panel regression with the index constructed here on the LHS and the EBRD index on the RHS yield a coefficient of .60, and correlations among the individual country- specific index series range from -0.91 to -0.35. As one may see from Figure III above, the process of integration and liberalization was almost continuous throughout the 1990s and early 2000s. The spikes in the â€Å"Full Liberalization Index in the early 1990s do not indicate reversals: the merely reflect the entry into the sample of the newly independent Baltic republics. As former members of the Soviet Union, they â€Å"enter the world as highly closed economies, but those countries introduced liberalization reforms almost immediately from the start. After this, a slight increasing trend, that does reflect a mild liberalization reversal, is observed, starting mid-1994 and lasting until early 1997, from when a continuous liberalization trend is observed. Noteworthy here is the fact that virtually none of the obvious candidates for a reversal of liberalization (the 1997 Asian Crisis, the collapse of the Czech monetary arrangement in 1997, the collapse of the Bulgarian monetary arrangement in 1996/97, the 1998 Russian Crisis, the 1999-2001 oil price shocks-as all those economies are highly dependent of imported energy sources) seems to have driven these mild liberalization reversals. Comparing the Full Index constructed here with the one constructed by KS, for similar time samples, one may observe that the ACs start substantially below the average level of other emerging markets- i.e., they are more liberalized, but both the â€Å"entry of the initially less liberalized former Soviet republics, plus continuous liberalization efforts in the emerging market KS set reverse this situation. A similar liberalization reversal trend in both the ACs and the merging market set is observed from early 1994, but it is actually slightly stronger on the ACs sample, until its reversal in 1996. By the end of our sample, the ACs are clearly below the final value for the emerging set in KSs sample. This sort of remarkably fast pattern of the ACs â€Å"leapfroging towards best international practice is also observed in several types of institutional frameworks, like, for instance, monetary policy institutions and instruments (see Vinhas de Souza and Hà ¶lscher, 2001): a process that virtually took decades for Western central banks was compressed in a half a dozen years in the Future Member States. Nevertheless, by the end of the sample, both emerging and ACs are still above the level of mature, developed economies. Analyzing the individual components of the index (see Figure V), one may see that, abstracting again from the initial spikes in the index, which are, as explained above, caused by the addition of new countries to the sample, the 1994/1997 reversal of liberalization was essentially driven by the Financial Sector liberal ization component. As will become clear with the country specific analysis below, this was related, in most cases, to-and here it must be stressed that those were rather limited reversals-to the banking crises that plagued several countries in our sample in the early to mid 1990s. Comparing now the individual components of the Full Index constructed here with the ones from KS, again for emerging and mature economies, it becomes clear that the reversals observed in Figure IV were driven by different sources in the emerging set (increase in capital account restrictions) and ACs set (financial sector): see Figure VI. All the indexes for mature economies are, again as one would expect, substantially lower. One could, in principle, aggregate the countries in our sample in three different groups: rapid liberalizers (the ones that followed a â€Å"big bang early approach, without major reversals: Bulgaria, Estonia, Latvia, Lithuania), consistent liberalizers (the ones that followed a more delayed path, but also without major roll backs: the Czech Republic, Hungary, Poland) and cautious liberalizers (the ones whose liberalization path was either openly inconsistent or downright mistrustful: Romania, Slovakia, Slovenia). 5.1 COUNTRY-BY-COUNTRY LIBERALIZATION PATH. In Bulgaria, virtually no sign of a liberalization reversal is observed, even during the substantial stress experienced by the country during the banks runs of 1996/97 and the ultimate collapse of the floating regime in 1997 (beyond ad hoc restrictive measures adopted by the banks themselves). As in most of the countries in my sample, the stock market is the last one to liberalize, but does so in a faster fashion. Nevertheless, this is in most cases a data quasi-artifact that arises from the later (re-)constitution of the stock exchange itself. In the Czech Republic, a limited reversal of the financial sector liberalization is observed from late1995 to late 1997, namely, via the imposition of limits on banks short-term open positions towards on-residents, as a way to limit the exposure of the financial sector to the inflows brought about by the hard peg and the potential gains with interest rate differentials. After the peg was replaced by the current float regime, this restriction i s duly removed. In Estonia, again, virtually no sign of a liberalization reversal is observed, even during the bank runs of the early 1990s, the unwinding of the 1997 bubble, nor during the 1998 Russian crisis. Again, the stock market is the last one to liberalize, but one more time, this arises from the later constitution of the stock exchange. In Hungary, also no signs of any liberalization reversal are observed. Hungary was an early reformer, introducing some liberalization measures already during the late 1980s, but the profile of its reform path is much more discounted through time, as compared, for instance, with the Baltic countries. In Latvia, a rather limited reversal of the financial sector liberalization is observed from mid 1996all the way to early 2003: resulting from the 1996 banking crisis, specific aggregate lending limits to regions (i.e., limits on exposure to non-OECD countries, bar the other Baltic republics) are imposed. In Lithuania, a limited reversal of the f inancial sector liberalization is observed from early 1998, also resulting from the experienced banking crisis: reserve requirements on deposits on foreign accounts by non-resident are introduced; In Poland, no signs of any liberalization reversal are observed. Similarly to Hungary, the profile of its reform path is much more discounted through time; In Romania, no signs of any liberalization reversal are observed, but the reform path is a decidedly slow and cautious one: at the end of the sample, it has the highest (i.e., less liberalized) score for the â€Å"Full Index of all countries in the sample: 1.60 (see Table V). In Slovakia, no signs of any liberalization reversal are observed. Here, the reform path is characterized by a broad stagnation since the Czechoslovak partition till 1998/1999, when, after a change in the political leadership, reforms are re-started, reaching after that levels similar to the other â€Å"Vise grad countries in a rather quick fashion. In Slovenia, one of the most consistently cautious Member States concerning the advantages of integration and liberalization, reversals are indeed observed in all three indexes, since early 1995in the capital account and financial sector components, and from early 1997 in the stock market one. Since early 1999, with the entry in effect of the EU Association Agreement, across-the-board further (re)liberalization measures have been introduced. 6. FINANCIAL CYCLES AND LIBERALIZATION The financial cycle coding which is used by KS defines cycles as a at least twelve month-long strictly downwards (upwards) movement, followed by a equally upwards (downwards) 12-month movement from the through (peak) of a stock market index, measured in USD, as they should reflect returns from the point of view of an international investor. As described in the stock market section of this work, one must be warned that there are specific factors in the countries in our sample that may affect the effectiveness of a stock market index as an adequate proxy of financial cycles, at least for the sample here considered. Beyond that, these series have a rather limited time extension (our sample covers the 01:1990-06:2003 period). Adapting KS criteria to the limited time dimension of our sample, we use a less stringent definition of â€Å"cycle, the same algorithm as above but with a 3-month window for the cycle (Edwards et al., 2003, use a 6-month window). With this we get 118 observations for all countries in our sample. Of these 118 cycles, 61 are upward, with an average of 7.51 months duration, and 57 are downward, with an average of 8.20 months of duration. 7. CONCLUSION The main aim of this paper was to extend the index developed by Kaminsky and Schmukler, 2003, for a specific sample of countries, namely, the previously centrally planned economies from Central and Eastern Europe, and to perform a similar analysis on them. Our results do lend some support to the basic assumption of this study: in spite of all the limitations of the time series used (their shortness, the fact that they were buffeted by several country-specific and common shocks), a re-estimation of KSs core regressions strongly supports the notion that financial liberalization does generate benefits both in the short and in the long run, measured via the extension of the amplitude of upward cycles and its reduction for downward cycles of stock market indexes. Importantly, these results diverge from KS, as in their work â€Å"emerging markets experience a relative short run increase in the amplitude of downward cycles. Another noteworthy feature is that only minor liberalization rever sals, led by the financial sector component, were observed in the aggregate index. Also, those reversals do not seem to be driven by â€Å"contagion from shocks in other emerging markets (like the Asian or Russian crisis), but reflect country-specific shocks. When considering the individual components of the index separately, again signs of minor reversals in financial sector liberalization are observed, related to temporary reactions to the several banking crisis observed in the region. Concerning the importance of institutions and of the EU Accession, this papers initial assumption was that the mostly positive results above would come about due to the anchoring of expectation provided by the perspective of entry into the EU already by mid-2004 (or 2007, in the case of Bulgaria and Romania) for the countries here analyzed, and by the imposition of a more robust macro and institutional framework by the requirements of the Accession process itself. Signs of this are not found in the KS regressions, perhaps because the liberalization index itself captures the effects of the EU Accession process. Finally, using a different framework than KSs to assess the affects of liberalization on financial, real and nominal volatility, most of the econometric results seem to support the previous ones, but they seem to indicate that the capital account liberalization is the element that most consistently and significantly reduces volatility. On this final section, the majority the econometric results seem to support some specific role for the EU Enlargement process in reducing volatility.