How Physics Works and Why You We Study It

Physics is the scientific study of matter and energy and how they interact with each other.  This energy can take the form of motion, light, electricity, radiation, gravity — just about anything, honestly. Physics deals with matter on scales ranging from sub-atomic particles (i.e. the particles that make up the atom and the particles that make up those particles) to stars and even entire galaxies. How Physics Works As an experimental science, physics utilizes the scientific method to formulate and test hypotheses that are based on observation of the natural world. The goal of physics is to use the results of these experiments to formulate scientific laws, usually expressed in the language of mathematics, which can then be used to predict other phenomena. When you talk about theoretical physics, you are speaking of the area of physics that is focused on developing these laws and using them to extrapolate into new predictions. These predictions from theoretical physicists then create new questions that experimental physicists then develop experiments to test. In this way, the theoretical and experimental components of physics (and science in general) interact with each other and push each other forward to develop new areas of knowledge. The Role of Physics in Other Fields of Science In a broader sense, physics can be seen as the most fundamental of the natural sciences. Chemistry, for example, can be viewed as a complex application of physics, as it focuses on the interaction of energy and matter in chemical systems. We also know that biology is, at its heart, an application of chemical properties in living things, which means that it is also, ultimately, ruled by the physical laws. Of course, we dont think of these other fields as part of physics. When we investigate something scientifically, we look for patterns at the scale that is most appropriate. Though every living thing is acting in a way that is fundamentally driven by the particles of which it is composed, trying to explain an entire ecosystem in terms of the behavior of fundamental particles would be diving into an unhelpful level of detail. Even when looking at the behavior of a liquid, we look in general at the properties of the fluid as a whole through fluid dynamics, rather than paying particular attention to the behavior of the individual particles.   Major Concepts in Physics Because physics covers so much area, it is divided into several specific fields of study, such as electronics, quantum physics, astronomy, and biophysics. Why Is Physics (Or Any Science) Important? Physics includes the study of astronomy, and in many ways, astronomy was humanitys first organized field of science. Ancient peoples looked to the stars and recognized patterns there, then began using mathematical precision to make predictions about what would happen in the heavens based on those patterns. Whatever flaws there were in these specific predictions, the method of trying to understand the unknown was a worthy one. Trying to understand the unknown is still a central problem in human life. Despite all of our advancements in science and technology, being a human being means that you are able to understand some things and also that there are things you do not understand. Science teaches you a methodology for approaching the unknown and asking questions that get to the heart of what is unknown and how to make it known. Physics, in particular, focuses on some of the most fundamental of questions about our physical universe. Pretty much the only more fundamental questions that could be asked fall in the philosophical realm of metaphysics (named for being literally beyond physics), but the problem is that these questions are so fundamental that many of the questions in the metaphysical realm remain unresolved even after centuries or millennia of inquiry by most of historys greatest minds. Physics, on the other hand, has resolved many fundamental issues, even though those resolutions tend to open up whole new types of questions. For more on this subject, check out Why Study Physics? (adapted, with permission, from the book Why Science? by James Trefil).

Enrollment System Thesis - 2416 Words

OCCIDENTAL MINDORO NATIONAL COLLEGE San Jose, Occidental Mindoro Bachelor of Science in Information Technology Introduction Nowadays innovation was the primarily needs of man, that is, innovation in Information Technology that is currently getting broad and wide, the different application of technology can be seen anywhere, everywhere as a means of communication for business and other matters. With this change, human tend to look for any gadget of high technology innovation such as computer, where it can be used to provide people accurate information about the things around the environment which bring comfort and satisfaction. The San Jose Adventist Academy Automated Enrollment System has been made to ease the institution in monitoring†¦show more content†¦8 CHECK REPORT PRINCIPAL 9 SUBMITTED REPORT 6 GENERATE REPORT ENROLLMENT REPORT 5 ADD STUDENT RECORD RECORD FORM 4 RELEASE FORM ADMISSION FORM COMPLY ADMISSION FORM STUDENT’S RECORD D1 2 VERIFY REQUIREMENTS 1 FILTER FORM STUDENT SUBMIT REQUIREMENTS REGISTRATION STUDENT LIST ADMISSION FORM STUDENT OCCIDENTAL MINDORO NATIONAL COLLEGE San Jose, Occidental Mindoro Bachelor of Science in Information Technology FILE STRUCTURE OCCIDENTAL MINDORO NATIONAL COLLEGE San Jose, Occidental Mindoro Bachelor of Science in Information Technology Admin.dbf Curri.dbf OCCIDENTAL MINDORO NATIONAL COLLEGE San Jose, Occidental Mindoro Bachelor of Science in Information Technology Enrollment.dbf Faculty.dbf OCCIDENTAL MINDORO NATIONAL COLLEGE San Jose, Occidental Mindoro Bachelor of Science in Information Technology Fee.dbf Fenrollment.dbf OCCIDENTAL MINDORO NATIONAL COLLEGE San Jose, Occidental Mindoro Bachelor of Science in Information Technology Pass.dbf Profile.dbf OCCIDENTAL MINDORO NATIONAL COLLEGE San Jose, Occidental Mindoro Bachelor of Science in Information Technology sy.dbf Tload.dbf OCCIDENTAL MINDORO NATIONAL COLLEGE San Jose, Occidental Mindoro Bachelor of Science in Information Technology PROGRAM LAYOUT OCCIDENTAL MINDORO NATIONAL COLLEGE San Jose, Occidental Mindoro Bachelor of ScienceShow MoreRelatedThesis Enrollment System840 Words   |  4 Pagescomputerized working system. 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Pluto Tele Communications

Question: Discuss about the Pluto Tele Communications. Answer: Introduction Pluto Telecommunications consists of three departments - Sales, Customer Services and Marketing. The job of sales department is to sell to the customers and get their installation completed. Customer Service department consists of reception and engineering staff. The Marketing department is responsible for the product launch and withdrawal along with development of marketing campaigns. Key Issues Pluto has been losing new orders and their complaints are increasing. The reasons are: Lack of Common Goal - The three departments have their own individual goals and targets. Some work on short term goals and incentives while others on annual targets to prevent penalty. No Communication between the departments - The three departments have no interaction and work on their own. Lack of coordination/accountability in leadership team - The directors work individually for the targets of their own departments but are not accountable for the achievement of organizational goal. Department cultures prevailing over Organizational culture Sales department is individualistic, marketing works as a team, Customer Services department follows processes and is hierarchical. Analysis Pluto Communications saw rapid growth in the last few years. It started encountering problems like loss of revenue, lost clients, customer complaints etc. as it started becoming larger and larger. The company strategy is not clear down the organization. The employees of the three departments work for their own objectives. The three departments have altogether different strategies - some work on short term goals while others have annual targets. They do not have an understanding of how their individual department goals get connected to the goals of members of other departments and in turn with the organizational goals. The lack of understanding of the work and delivery time of any other department creates process and result gap in the working of the departments. Similarly, the sales department has monthly incentives whereas customer services have annual incentives. The incentives of sales department are based on individual performances whereas the incentives of marketing department are based on the performance of the organization. There isnt any communication between the three departments. They work in isolation with each other and do not respect the values of each team as well. Even the Department Heads do not communicate with each other. According to Max Webers theory of communication, bureaucracy should be practiced in the organization. It includes division of labor, rules and procedure which are same for all and formal channels of communication (Wrench, 2012). Their goals are dependent on each other and hence effective communication is required to work effectively. The incentives also differ in the three departments. While sales have huge short term incentives, marketing teams have team incentives rather than individual incentives whereas customer service department have penalties rather than incentives. This creates huge dissonance among the team members. According to the research done by Locke, specific goals are more effective as compared to team goals (Locke, 1968). Also, rewards may work in a shorter time frame; however, variable pay systems are more effective and successful in the long run and motivate employees (Pearce and Porter, 1985). There are leadership issues as well. Ms. Tsang fails to coordinate the three departments and the department heads also fail to lead their respective departments in an efficient manner. All the three department heads do not modify their leadership style as per the situation. According to the Situational Leadership theory, an effective leader is the one who changes its leadership style basis the state/situation of his/her team (Hersey, 1984). Path-goal theory states that the most successful leaders charter the role of their team members towards high performance (Evans, 1970). However, here the focus of leaders is more towards task completion rather than successful performance of their team. The directors of the three departments lack accountability of the organizational goals and are concerned about their departmental goals. The goals and ambitions of the three departments differ from each other and are driven by different attitudes and behaviors. The time orientation and parameters of incentives among the teams also differ. The organization is following functional structure currently. In functional structure, employees are divided on the basis of their functions and are governed by the top management of the function. This leads to different units like engineering, marketing, HR, sales etc. being created in the organization (Gupta, 2009). All the employees of a particular function report to the functional director as is the case of Pluto Telecommunications. The focus of the different functions/departments is more on task completion rather than achieving organizational goals (Chimoriya, 2015). Also, it restricts the view of employees/teams beyond their own function. The response time of organization to customer complaints or changing customer needs becomes slow as the functions do not respond until the problem gets broken down to the tasks of their respective functions. This kind of structure is more relevant for smaller setups. While we look a little deeper into the functioning of these departments, their culture is also very unique. Culture is defined as the unique style of working of an organization (Kilman, 1985), something that is related to the people and the way they do things. The organization does not have any strong culture of its own. Instead, all the different functions are working as smaller units having their own strategy and culture. The sales department does not prefer to work in a structured or hierarchical environment and are self-centered in their approach. They are arrogant and do not prefer to work in a team. The customer service department is very hierarchical and process oriented. Their focus is on not missing their targets rather than achieving them as they have strict penalties and very small bonus component driven by annual targets. Research has shown that this kind of stick has a detrimental effect over employees performance (Herzberg, 1968). These factors promote non-trustworthy e nvironment among the team members. Moreover, due to strict official communication channels, the employees in this department have developed resistance to change. The marketing department has a team oriented culture and prefers to work in groups. However, they do not feel the urgency to deliver results quickly as they take long time to deliver campaigns. This approach goes against the target of sales department which in turn gives rise to conflict in the organization. The employees in this department are comfortable working in their own teams and hence are resistant to connect to employees in the other department and are not concerned with the overall functioning. Alternatives The urgent need is to drive the employees in all departments towards common organization goal. Many steps can be followed. First, the leaders should communicate organization strategy and goal to all the employees. The job of employees should be enriched by making it more challenging and encouraging their full participation (Belias, 2013). This will make their work more interesting and increase their performance levels and productivity. Further, their KRAs should be designed to be linked to the organizational goals with clear Key Performance Indicators defined. Furthermore, the goals should be SMART (Cothran, 2005) in nature. Specific - i.e. should indicate the level of performance required Measurable - should measure the outcomes Achievable - should be attainable within the given market conditions and resources Realistic - with likelihood of being able to accomplish with little stretched efforts Time Bound - defined within a timeline Secondly, the organization should move to matrix structure reporting rather than functional structure. In matrix structure an employee reports into two bosses- one to the functional manager and other to the product manager. The advantages of matrix structure are that it is dependent on product rather than function. It also includes the functional expertise required for the success of the product. It encourages the employees from different departments to work together and stimulates team thinking. It also aligns the individual goals to organizational goals and makes organization more agile (Horney, 2009). Also, the Product Manager is responsible for the successful delivery of the product where as in the earlier case the focus of functional manager is only to complete the assigned tasks of his function. A product manager acts as an interface between the different stakeholders of the product and stimulates communication between them (Kuprenas, 2001). However, implementing a matrix structure is a complex process and requires commitment and dedication of the leadership team. Also, it may create ambiguity for employees in terms of their roles and task prioritization as they report to two managers. Third, the organization should set standard time frames. All the departments should work on achieving monthly/quarterly/annual targets depending on the organizations time frame and strategy. Fourth, the incentive system of the employees should also be revised to reach a common bonus scheme with equal rewards for all the departments. Feedback should be taken at regular intervals to ensure smooth functioning. To encourage communication among the employees, both formal and informal communication channels should be facilitated. Formal department meetings should be conducted to facilitate discussion of any operational issues in the organization including product launch, customer complaints, campaign execution. Also, employees should be encouraged to use other modes of communication like telephonic, e-mail, office communicator etc. Informal communication channels should be encouraged which are done by creating social break-out zones where employees can meet during the breaks. Team bonding should be promoted by engaging employees into team building activities. The organization is currently facing huge challenges in terms of the ability of leadership teams. This could be resolved by encouraging situational leadership approach (Hersey, 1979). According to the situational leadership model, effective leadership approach/style varies according to the situation in hand. The attitude, psychology and maturity of the followers determine the leadership style to be followed by a leader to be effective in a particular situation. For e.g. the newcomers in an organization may need directive leadership style (task orientation) while with experienced professionals the relationship oriented style would be more successful (Esther, 2011). Since, in Pluto Telecommunications, the attitude, behavior and values of employees in the three departments varies a lot, the leadership style to be followed by the respective departmental heads should be different. The sales team should have a participative leadership style as they lack a team culture. The marketing team should have a little more authoritative style as the team likes to be confided in their own comfort zone. Also, since the team does not feel any urgency it has to be strictly monitored with stringent targets. Last, the organizational culture should dominate and determine the cultures of the departments. In collaborative culture, employees work as team towards a common vision and set their respective goals towards the achievement of that vision (Sanchez, 2012). They respect each other and value the differences of each individual as well as team. They listen to the ideas of other employees and are flexible to change their opinion based on the feedback of others. Recommendations The organization should start working by defining organization strategy and linking organizational goals with departmental and individual goals. SMART KRAs should be defined for all employees in the organization with similar time frame and equally rewarding incentive schemes. Cross-functional meetings should be arranged so that employees can clear organizational issues arousing due to different departments. Matrix structure should be implemented so as to make the heads accountable for the success of the product. Formal and informal communication channels should be encouraged. Matrix team can create confusion among the employees and may arouse conflict between the product and functional manager. Hence, it has to be effectively implemented which results in increase in employee cost, as more people are needed to support the matrix structure. Also, people may be resistant to change so time should be given. Action Plan The recommendations will have to be implemented in a phased manner at Pluto Communications. A long term plan should be formulated with incremental changes to be implemented within a predefined timeline. First, the leadership team should immediately communicate the current strategy and goals of the company down the organization and take sessions of different workgroups to take their feedback and understand their challenges in the implementation of the same. This will help employees understand the benefits and make them more acceptable and committed towards the change. After communicating the strategy, KRAs of employees should be aligned to organizational goals in line with the principles of SMART goals. The department heads will have to play a significant role in the same. Also, the department heads will have to create a more collaborative culture and encourage their team members to communicate with each other. This is a long process which may take some time to deliver the desired results. Also, employees will also take some time to get out of their comfort zone and adapt to the changing environment. These changes if implemented will definitely help Pluto Telecommunications increase their customer loyalty and satisfaction and hence sales. References Belias, D. Sklikas, D. (2013). Aspects of job design. International Journal of Human Resource Management and Research (IJHRMR), Vol. 3, Issue 4. Chimoriya, B. (2015). Advantages disadvantages of Mechanist organization and benefit. Wise Blog. Cothran, H. Wysocki, A. Farnsworth, D. Clark, L, J. (2005). Developing smart goals for your organization. Food and resource Economics Department, UF/IFAS Extension. Eccles, H. Cordero, M. Maddux, T. (2001). Turning Points: Transforming middle Schools, Guide to collaborative and cultured leadership. Boston, USA. Frey, S.B. Osterloh, M., (2002). Successful Management by Motivation: Balancing Intrinsic and Extrinsic Incentives. Heidelberg. Springer Verlag. Gupta, A. (2009). Functional vs divisional structure. Practical Management: Designing a workplace better. Hersey, B., Blanchard, K. (1979). Hersey- Blanchard situational leadership theory. Hersey, P. (1984). The situational leader. Center for leadership studies. Herzberg, F., (1968). One more time: How do you motivate employees? Harvard Business Review. Horney, N. Oshea, T. (2009). Matrix organizations: Design for collaboration and agility. Greensboro, USA. Kavanagh, E. (n.d.). Three Leadership Models: Kurt Lewin, Hershey and Blanchard, and Edwin Friedman. University Canada West Business School. Kilmann, R. H., (1985). Diagnosing an Organization's Culture for Dysfunctional Behavioral Norms. Kilmann Diagnostics. Kuprenas, A, J. (2000). Implementation and performance of a matrix organization structure. International journal of project management. Locke, A, E. (1968). Organizational Behavior and human performance. Science direct. 3(2). 157-189. Matrix Structure. (2012). Transforming theories into practice. Murdoch, P. L. (2013).An Investigation of Path-Goal Theory, Relationship of Leadership Style, Supervisor-Related Commitment, and Gender. Emerging leadership journeys. 6(1). 13-44. Esther. (2011). Creating effective leaders through situational leadership. JAMK University of Applied Science. Pearce, J. L.; Porter, L. W. (1985). Employee response to formal performance appraisal feedback. Journal of applied psychology. 71(2). 211-218. Sanchez, M. (2012). A collaborative culture: Collaboration Is Not Something Organizations Do, But a Way of Being. OD Practitioner. Vol. 44, Issue 2. Wrench, S. J. (2012). An introduction to Organizational communication. New York.

Pop Culture Meets Hip-Hop free essay sample

Popular culture, otherwise known as Pop Culture, Is defined by Nectars Online Encyclopedia as values that come from advertising, the entertainment Industry, the media, and Icons of style and are targeted to the ordinary people of todays society. Some of the more Influencing displays of pop culture today Include movies, teen icons, clothing, celebrities, sports, and one of the most influential things, music. The music industry plays a huge role in todays society from many different angles. Most people listen to music everyday, rather it be while driving, working out, r Just relaxing.It is the biggest form of leisure for people in the world today. Music can sometimes influence the way people dress, who they hang out with or look up to, and even sometimes the way you act. The people of pop music are some of todays biggest role models here In America. When I use the word pop music, I am using it very loosely. We will write a custom essay sample on Pop Culture Meets Hip-Hop or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page By pop music, I am not Just singling out Jessica Simpson and Justine Timberline. I am using It in a broad manner, talking about all popular music, which includes anything from the last two mentioned, to raps 50 Cent and Mine, as well s countrys Kenny Cheney and Tim McGraw.I consider pop music to be any music played on the radio or on MET. Today I plan on breaking down music into pop music, and breaking that down into hip-hop music and the influence of it in todays culture. Incarnate defines hip-hop as a type of popular culture that includes rap music, dance styles, graffiti art, and fashion. According to causticitys. Com, hip-hop roots back to West Africa, to a group of traveling singers and poets, whose musical style is reminiscent of hip-hop, called grits. Todays background of hip-hop actually arose n the sasss in New York. Headband. Com states that hip-hop truly came to be when DC Cool Here bought two copies of the same record, and played them 15 seconds apart on two different record players, and mixing them back and fourth, inventing turntables. In 1976, Grandmaster Flash Introduced this technique to the world, and In 1979, Sugarplum Gang Introduced the first rap song, Rappers Delight. This was the beginning of hip-hop music. Over the past 35 years or so, hip-hop has emerged to be on of the most popular forms of music. Artists such as James Brown, theBeastie Boys, Public Enemy, Salt;N-Peppy, and especially Run;DIM recording with rock star Aerostatic, the record Walk This Way, put hip-hop on the map. Until the late sasss, hip-hop was on the good side of society after revolutionize a new, Jazzy, genre of music. Then things started to go bad. A group called NNW which included Dry. Drew, Ice Cube, and Easy-E, made a song called Cop Killers. The song eventually got banned but not before it made a huge impact on society. This was when rap began to have a bad rep. Some people started to follow this gangster approach while others protested against it.The gangster and thug approach stuck around as Tuba Shaker became the next biggest name In the hip-hop world. He eventually was considered one of the top two rappers ever, along with the late Notorious Biggie Smalls. This gangster thug Image stuck around until the East Coast and West Coast began to have conflicts. Or what the rap game Ever since the two killings, rap has mellowed out some, yet the gangster image is still around. Also during the mid-asss, a group called 2 Live Crew was introduced into mainstream rap. They were known for using very explicit lyrics.So much to the fact hat when they put out their third album titled As Nasty As They Want To Be, the song Me So Horny caused so much controversy that the ARIA, or Recording Industry Association of America, created the Parental Advisory label. According to aria. Com, this agreement specified that music releases which contain explicit lyrics, including explicit depictions of violence and sex, be identified so parents can make intelligent listening choices for their children. The hip-hop culture is not only an African American culture. Caucasians and Latin Americans are also very big into hip-hop.A few examples of that are the Beastie Boys, Mine, and Fat Joe. Those three names made a huge impact on the spreading of race throughout rap and hip-hop. This is very important because it keeps America that much farther away from racial boundaries. Another big impact hip-hop has had on American culture is through fashion. It started out with things such as M. C. Hammers baggy, neon wind-pants and box-cut hairdo. People like what they see their idols wearing and model after them. Todays hip-hop fashion has become so big that rappers are coming out with their own looting label.Jay-Z and his Rock-A-Fell label put out their clothing brand Orca-A- Wear. 50 Cent and his G-Unit crew have their own G-Unit clothing line along with Mine and his Shady Wear. Even the less mainstream rappers like The Roots have a clothing line called LARGE, which stands for Lifted Research Group and Just like their music, the more mainstream they become the more mainstream their clothing line is becoming. This line of clothing consists of Jerseys, tank-tops, big-logo t-shirts, oversized hats, and everything fitting baggy.African Americans are taking advantage f this new urban style and are making a giant market out of it. There are far more urban style clothing stores in Greenville alone now then there were even two years ago including Caps and Brick City, not to mention all of the other stores at the Colonial Mall. One of the other latest styles in hip-hop fashion now is dressing preppy. Some of the artists who started this were Kenya West, P. Tidys sidekick Bentley, Common, and Andre 3000. This line of fashion consists of sweaters, polos with popped collars, suits, and umbrellas.This has apparently been noticed as the proper fashion s of late in the eyes of the NAB Commissioner David Stern. As of this NAB season, 2005-2006, the players can no longer wear the original hip-hop gear to and from the gymnasium. This means that they can not wear Jerseys, large chains, hats, sweat suits, or any other form of hip-hop wear to and from the games. Stern is making them either wear suits or shirts and ties because he says that the NAB is becoming too accustomed to the gangster and thug image (nab. Mom). This is causing a minor controversy because the players dont feel that he should have any say on what they ear to and from work, and that it is like them telling Stern that he isnt allowed to wear suits on the way to his office everyday. The players dont get paid to come to work; they get paid for playing the game. Some of the players are calling this a form was mostly only the African Americans who wore the banned clothing styles and this was Just something that didnt need to occur.People continuously complain about racism still being around, and its because of people like David Stern making pointless rules on irrelevant subjects, knowing he was going to get on peoples bad side. So that is Just another way the hip-hop fashion has influenced society. Aside from clothing, hip-hop players have Just recently entered a new area of the fashion world. Shoes used to be made for athletes such as Michael Jordan, Grant Hill, or Lebanon James. Jay-Z and 50 Cent have Just recently signed a shoe deal with Rebook making them the first official shoe-sponsored music artists. Although this wasnt the first shoes made popular by rappers, they were the first shoes made specifically for the rappers. Prior to this, Run-DIM made the Aids Shell Toes popular by wearing only hat specific style of shoes. Another occurrence was about two years ago when Newly made the song Air Force Ones. Of course everyone was already wearing them, however he made a statement about them, and in return Nikkei gave him free Nikkei Air Force Ones for life (hippodrome. Com). There are many viewpoints of rap and the culture of hip-hop.Some people believe that it is Just music and fashion and a way of expressing opinions. Some people look at it as way for people to escape the poor reality of life, and to make it a new lifestyle, sometimes resulting in the rich and famous. There are also the people that look at it as a way of expressing unneeded violence, sex, drugs, and explicit language. They believe that kids will listen to gangster music and try to reenact it in real life by going out shooting, robbing, and raping people. This is where if FCC, or the Federal Communications Commission, plays a large part.According to FCC. Gob, the FCC regulates what can be played on radio, television, satellite and cable. This helps determine what is edited on music videos or songs on the radio. This plays a big part in which songs the artists pick to be there radio hits. Some artists go as far as to make radio-specific songs that are made to get the attention of the radio and music video listeners and watchers. So not only does hip-hop play a role on peoples culture, but people play a role on hip- hops culture.The FCC also has a lot of feelings against gun violence and hate issues. As far as the hate issues go, people have a freedom of speech and it seems as if the FCC doesnt value that as part of the Constitution. They try to ban certain lyrics from Mine when he talks about homos and fags, when all he is doing is speaking his mind and using his freedom of speech in his music. When it comes to gun violence, the FCC, as well as other people in general, needs to realize that guns dont kill people, people who dont know any better use guns to kill people. If the parents of these violent kids did their Job, then music wouldnt have that strong of an influence on them. I grew up listening to rap, listening to people say kill him, smoking weed is cool, so on and so fourth, but my parents taught me what was right and wrong, so the music never impacted me in that way. Coming back to the viewpoints towards hip-hops culture, I personally feel that hip-hop is a way of life. Yes I know that some of the rappers out today have never been in a gun fight or lived in poverty, and yet they still rap about it.Others dont rap about it because they know its not their life, and then there are those who rap about drugs, murder, and rape because these are the things they were brought up around as a child. These are their true life because it shows some people what they are fortunate enough to not have to go through, and it shows other people that they arena the only people who go through struggles and that they still have a chance to get out of that lifest yle. The majority of the rappers who went through the struggle and are now rich and famous, give back to the community, even though they rap about all the other bad things they have done. 0 Cent has given money to numerous charities to help kids get off the streets and out of the slums. Just because they make themselves have a bad image in the rap game doesnt mean they are bad people and I believe that is something other people do not see. In conclusion, it is evident that hip-hop has influenced the culture around us over the past 30 or so years. Some of the influence has been bad, such as ids turning to violence, but for the most part, hip-hop has really made a good impact on society.It gives rappers a chance to tell their life stories in a musical way so they can show people that no matter what happens there is still hope. It has opened a door to the fashion industry, giving it two completely opposite forms of fashion, rather it be the gangster look of throwback Jerseys and baggy clothing, or it be the new hip-hop preppy look of sweaters, ties, and popped collars. Hip-hop shows that even in an already super diverse society, they can stand out and be diverse in thei r own way, using their little piece of culture.

The Irish labour market and the great recession

The Irish labour market and the great recession During the recent years, the labour market in Ireland changed significantly. The causes for the fact are the global economic changes and definite transformations in the local social and legal policies. These changes resulted in creating the new situation regarding the position of women in the Irish labour market and migrant workers’ role in this market.Advertising We will write a custom essay sample on The Irish labour market and the great recession specifically for you for only $16.05 $11/page Learn More Thus, two main recent changes in the Irish labour market are the increase in recruiting women and migrant workers for different positions. It is possible to associate the changes in the Irish women’s employment with the social policies and recent tendencies in alternations of the gender roles, and the changes in hiring migrant workers are based on the new rules and laws in the working policies and on opening the borders for the migrant workers from the European Union’s countries which were joined to the union recently. As a result, the tendencies in hiring more women and migrant workers affected the human resource managers’ approach to the hiring process and influenced the aspects of people resourcing within organisations. The changes in the Irish labour market are the results of the global economic processes and alternations in definite Irish legal and social policies in relation to the work permits for the migrant workers and in relation to the terms and conditions of the parental leave for women. The increase of the employment numbers is observed in the retail trade, construction, financial services, and health industry. The change in the perspectives for the female workers is one of the main alternations which influence today the development of the Irish labour market. It is the fact that during the recent years the percentage of those women who are employed and take the positions similar to men’ s ones increased greatly. The researchers and economists determine several causes to explain these tendencies. The first factor is the general changes in the economic sphere of Ireland which can be discussed today as the definite economic stability along with the active economic growth. The economic growth resulted in the expansion of the labour market and creation more work positions.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The work of women is required in more spheres nowadays (Barrett McGuinness 2012). That is why, women are discussed as equal to men to take the positions which were traditionally considered as men’s ones. The second factor is the changes in the Irish policies in relation to the maternity leave and the introduction of the parental leave. Several years ago, the main factor which could limit the possibilities of women to take the advantageous posit ions was the inability of the organisation to hire women because of considering them as dependent on the marital status. In spite of the fact that the number and age of the women’s children are still significant for the development of the women’s career, the chances to be hired successfully grow. Those women who have children older than 12 years also have more opportunities to take good positions in the Irish companies, and the human resource professionals focus on changing the approach to hiring women (Cassidy 2004). Today, the problem of the women’s marital status in relation to the Irish labour market is being resolved as in many other European countries. Women became the active participants of the labour market, and their qualifications, education, and professional skills are more important for the contemporary labour market than their status. The next reason for changing the situation with the women’s employment in Ireland is the new tendencies in th e public’s attitude to gender roles. Those jobs which were traditionally discussed as male ones can be successfully done by women who have the appropriate education and qualification (Russell et al. 2009). The question of the women’s education and competence is more significant today because the rate of low-skilled women remains to be rather high. It is possible to concentrate on the active participation of women in the continuous employment because the attitude of employers to hiring women for the constant positions changed according to the changes in the visions of gender roles and women’s social position in general. The modern women in Ireland received more economic and social rights to participate in the labour market equally to men. Moreover, if several years ago women have few possibilities to take the positions characterised by high wages and good conditions, today the situation changes, and many women have the access to good working conditions and high-p aid positions where the high qualification is required (Vacancy overview 2011 2012).Advertising We will write a custom essay sample on The Irish labour market and the great recession specifically for you for only $16.05 $11/page Learn More The women’s access to the employment and the Irish labour market can be discussed with references to the global tendencies to attract more women to be employed because of the definite economic benefits (Russell et al. 2009). Many human resource specialists agree that women are the best workers in offices or in the service industry. However, this statement should be associated with the idea that women as employees are more appropriate for the low-paid professions. Thus, the problem of the women’s employment discrimination is resolved with references to resolving the questions of the gender equality within the Irish society. It is possible to determine the direct correlation between the increase in rates of th e women’s employment and decrease of the professions which were considered as gender oriented (Russell et al. 2009). It is not popular today to accentuate the differences in gender in relation to the labour because modern women are inclined to take the higher positions, and they are often the main breadwinner within the family. Employers increase the wage for women if they concentrate on the quality of work and the employees’ potential. Today, it is possible to determine two tendencies in relation to the migrant workers’ participation in the Irish labour market. The first trend is the increase of the number of the migrant workers who are considered as specialists in definite fields. The tendency when high-skilled professionals migrate from the EU countries to work in Ireland is rather new, and it is connected with the fact of increasing the wages and changes in the labour policies for migrants. The demands for work permits are satisfied more frequently today tha n it was several years ago. However, the negative aspect of the situation is the growth of the competition between the local and migrant workers who are high-skilled professionals in their spheres (Walsh 2004). This problem is accentuated by many human resource specialists, but it is possible today to respond to the workforce diversity and meet the needs of the organisation according to hiring the specialists. The most popular vacancies emphasize the demands for the high-skilled professionals in ICT. As a result, many persons from the neighbouring countries and territories are inclined to work in Ireland where the wages are high because of the industry’s quick development. The next tendency is the growth of the cheap workforce. The low-skilled workers from the EU countries receive more work permits today in comparison with the situation typical for the previous years. There are some changes in the labour policies which influenced the mentioned tendency.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Although the work of migrants is traditionally discussed as the necessary and significant component of the Irish labour market, today the increase of the migrant workers’ flow is more influential, and it is possible to determine the spheres in which there are more low-skilled migrant workers than it was earlier (Quarterly National Household Survey 2012; Walsh 2003). The human resource specialists work to regulate the situation in the service and building industries because the significant increase of the migrant workers’ flow is observed in these spheres. The two main changes in the Irish labour market which can be observed recently are the accents on recruiting more women for different positions with references to their education and competence and the high percentage in the employment of migrant workers. According to the case of women’s employment, such factors as the parental status or age are not influential anymore, and it is possible to speak about overcom ing definite social and gender stereotypes under the impact of the global tendencies. In relation to migrant workers, the open working borders provided more opportunities for hiring more specialists from the EU countries. In spite of the fact the positive results of the situation are obvious for many organisation, the discussion of the competition between local and migrant workers is still urgent. Reference List Barrett, A McGuinness, S 2012, â€Å"The Irish labour market and the great recession†, DICE, vol. 10 no. 2, pp. 27-33. Cassidy, M 2004, â€Å"Productivity in Ireland: trends and issues†, Quarterly Bulletin, vol.10 no. 5, pp. 83-106. Quarterly National Household Survey 2012. Web. Russell, H, McGinnity, F, Callan, T Keane, C 2009, A woman’s place: female participation in the Irish labour market. Web. Vacancy overview 2011 2012. Web. Walsh, B 2003, â€Å"How ‘Live’ is the live register and other puzzles in the Measurement of Unemploymentâ₠¬ , Quarterly Economic Commentary, vol. 11 no. 5, pp. 78-86. Walsh, B 2004, â€Å"The transformation of the Irish labour market : 1980-2003†, Journal of the Statistical and Social Inquiry Society of Ireland, vol. 33 no. 2, pp. 83-115.

The Bond Market in Bangladesh

The Bond Market in Bangladesh Free Online Research Papers The bond market is a financial market where participants buy and sell debt securities, usually in the form of bonds. Like emerging-market countries around the world, Bangladesh could benefit from having a local-currency, fixed-income securities market. At present, its main fixed-income financial products are bank deposits, bank loans, government savings certificates, term loans, treasury bills, and government bonds and corporate debt (syndicated loans, private placement, and debentures). But in general the corporate debt market is still very small compared with the equity market. Numerous factors in Bangladesh today suggest that Bangladesh will not be able to develop an active, local-currency fixed-income market. In this paper, we will discuss the current situation of our bond market, what the drawbacks are and what may be the remedy for overcoming these drawbacks. INTRODUCTION: Money Market is an integral part of the financial market of a country. It provides a medium for the redistribution of short term loan-able funds among financial institutions, which perform this function by selling these short term securities that usually are highly marketable. The money market in Bangladesh is in its transitional stage. The various constituent parts of it are in the process of formation, while continuous efforts are being made to develop appropriate and adequate instruments to be traded in the market. At present Money market instruments such as Government treasury bills of varying maturity, Bangladesh Bank Bills, Certificates of Deposits, Bankers Acceptance or L/C and Repo and Reverse etc in limited supply are available for trading in the market. However, the short-term credit market of the banking sector experienced a tremendous growth since in recent years, a total of about 6000 branches of the scheduled banks provided short-term credit throughout the country in th e form of cash credit, overdraft and demand loan. The paper first analyzes the current situation of the bond markets in Bangladesh: The bond market has played a limited role in the Bangladesh economy. The Bangladesh bond market is also rather shallow compared to the neighboring countries. Then, the paper analyzes the main impediments to the Bangladesh debt market include (I) the weak regulatory framework; (ii) supply-side constraints such as a lack of the benchmark bonds; (iii) demand-side constraints such as the limited investor base; (iv) a lack of intermediaries with expertise in debt products; (v) a lack of confidence in corporate borrowers; (vi) market distortions which are caused by the National Savings Scheme (NSS) offering above-market returns; and (vii) a lack of interest from private companies, including financial intermediaries and large business, in launching new debt products due to high fees. Finally, the paper offers a roadmap for the development of the Bangladesh bond market. BACKGROUND: Before independence, the use of bonds as a means of resource mobilization was virtually non-existent in Bangladesh. Immediately after liberation, the government of Bangladesh reissued long-term bonds accepting the liabilities of the Income Tax Bonds and the Defense Bonds of the Pakistan government held by Bangladeshi nationals and institutions. The government also issued a 5% non-negotiable bond to Bangladeshi shareholders of nationalized industries. In addition, savings bonds were also issued to pay for the value of demonetized 100-taka notes in 1974. Most of these bonds are held by Bangladesh bank. The first effort to mobilize savings for use of development expenditure was the issue of Wage Earners Development Bonds in 1981 to be sold to Bangladeshi wage earners abroad. Later, a two-year special treasury bond was issued in January 1984 to be sold to individuals, public and private sector organizations including banks. In December 1985, another instrument, the National Bond, was issued to be sold to non-bank investors. During the implementation period of the financial sector reform programmed that took effect from 1990, Nationalized commercial banks, specialized banks and development financial institutions had to make considerable provisions for huge classified loans. As a result, the capital base of those banks and financial institutions eroded severely and their viability was seriously threatened. In this situation, the government issued a series of bonds to restructure the capital base of these banks and financial institutions as well as to assume the liabilities of the bad loans made to a number of public sector organizations. The government also issued some bonds for augmenting loan able funds for specialized banks and financial institutions. Moreover, some bonds were also issued to mobilize funds for a number of public sector organizations like the TT Board, Bangladesh Biman etc. Following is the list of bonds issued by the government on various occasions: 15-year treasury bond (recapitalization and bad debt provisioning, issued 30.12.1990); 3-year Jatiya Biniyog Bond (national investment bond, issued 30.12. 1985); Interest-free treasury bond (issued 1988, withdrawn from 15.10.1993); treasury bond to specialized banks (issued 2.5.1993); 3-year T T bond (for digital telephone installation, issued 29.12.1993); 3-year special treasury bond (for reimbursement of losses on A/C of working capital, issued 1.7.1993); 15-year treasury bond (capitalization, provisioning and agricultural loans write-off, issued 16.10.1993); 25-year treasury bond (jute sector liquidation, issued 1.11.1993); 3-year treasury bond (re constitution of BSRS, issued 16.4.1994); interest free treasury bond (issued 30.6.1994) and 2-year treasury bond (issued 15.7.1995) for reimbursement of agricultural loan remission,); 3-year treasury bond (reimbursement of loss in jute sector, issued 1.7.1994); 3-year TT bond (for digital telephone installation, issued 7.8.1994); 3-year treasury bond (reimbursement of loan loss in BADC, issued 29.6.1995); 3-year treasury bond (reimbursement of loan loss in BTMC, issued 29.6.1995); 3-year T T bond (for digital telephone installation, issued 30.1.1995); 3-year jute treasury bond (for jute sector, issued 1.7.1995); 25-year treasury bond (jute sector liquidation, issued 30.6.1994); 5-year Biman treasury bond (to increase share capital of Biman, issued 29.6.1995); 3-year jute treasury bond (issued 1.7.1995); 25-year jute treasury bond (private banks jute loan liquidation, issued 1.7.1995); 15-year agriculture treasury bond (reimbursement of agricultural loan remission, issued 16.4.1996) ; 3-year T T bond (for digital telephone installation, issued 30.11.1996); 3-year treasury bond (reconstitution of BSRS, issued 19.6.1997); 5-year Biman treasury bond (share capital, issued 1.4.1997); 3-year treasury bond (reimbursement of loan loss in BTMC, issued 26.5.1996); 3-year T T bond (for digital telephone installation, issued 22.6.1999); 10-year jute treasury bond (for jute sector, issued 1.7.1995); 5-year Biman treasury bond (issued 25.5.1998); 5-year Biman treasury bond (issued 15.7.1998); 10-year BSC treasury bond (to meet the loss of BSC, issued 1.7.1998); 10-year jute treasury bond (for jute sector, issued 1.7.1995); 3-year TT bond (issued 18.8.1999); and 3 year treasury bond (bad loan provisioning, issued 1.1.2000). Marketability of bonds issued in the country is very limited. The bulk of these bonds are held by the nationalized commercial banks. The few specialized and some private banks hold a part of them. Individuals and non-bank financial institutions also hold some of these bonds. Therefore, the main market of these bonds so far is being provided by the banks which hold them due to the government allocation system, as well as to maintain statutory liquidity requirements (SLR). Many of these bonds are non-negotiable. As there is no secondary market in the country, the holders of these bonds have to wait till the date of maturity for their encashment. LITERATURE STUDY: Bond Market is a place or incidence of transaction in which any kind of bonds changes hands. References to the bond market usually refer to the government bond market, because of its size, liquidity, lack of credit risk and, therefore, sensitivity to interest rates. Because of the inverse relationship between bond valuation and interest rates, the bond market is often used to indicate changes in interest rates or the shape of the yield curve. Bond markets in most countries remain decentralized and lack common exchanges like stock, future and commodity markets. This has occurred, in part, because no two bond issues are exactly alike, and the number of different securities outstanding is far larger. The Securities Industry and Financial Markets Association classifies the broader bond market into five specific bond markets. Corporate Government Agency Municipal Mortgage Backed, Asset Backed, and Collateralized Debt Obligation Funding Bond markets link issuers having long-term financing needs with investors willing to place funds in long-term, interest-bearing security. Bangladesh has both the issuers and the investors in place but it still has not been able to link them effectively through a bond market. The positive effect of developing a domestic bond market on the economy is well-known. On the one hand, bond markets are essential for a country to enter a sustained phase of development driven by market-based capital allocation and increased avenues for raising debt capital. On the other hand, the central position occupied by domestic bond markets in markedly increasing the resilience of a country’s financial system and insulating it against external shocks, contagion and reduction of access to international capital markets is established. Capital markets are essentially about matching the needs of investors with those that need capital for development. Bangladesh has no shortage of both such parties, a young and dynamic population that increasingly wants, and is able to, make provision for lifetime events, to save for children’s education, for the possibility of ill health and ultimately for old age and retirement. On the other side of the equation, Bangladesh has a pressing need for investment resources to bolster its stretched infrastructure resources, to build more power stations, bridges, ports and gas-pipelines to empower the people in the development of enterprise and the creation of jobs. Debt markets are an extremely effective mechanism for matching the long term needs of savers with those of entrepreneurs. Term capital is a precious commodity and it has been a frustration to see the process of long term savings, such as provident funds and life insurance contracts, being invested in short term instrume nts such as bank deposits, a process we call ‘reverse term transformation’ but we could equally call it â€Å"reverse alchemy† in which the gold of term capital is turned into the lead of short term liabilities. As a development institution it is our goal to establish sustainable capacity. As Bangladesh has led the world in its development of the microfinance industry, we have impressed others with our ability to mobilize funds for productive purposes at the community level in the villages. What we need to see now is a similar degree of success at the institutional level in terms of mobilizing resources for infrastructure and other uses of long term funds. It is much more useful that Taka funds are mobilized to fund projects whose sole revenue source will be in Taka. Bangladesh should play a larger role in mobilizing its own capital resources and reducing the dependency upon donor institutions such as World Bank, IMF and ADB etc. Bond markets in most countries are built on the same basic elements: a number of issuers with long-term financing needs, investors with a need to place savings or other liquid funds in interest-bearing securities, intermediaries that bring together investors and issuers, and an infrastructure that provides a conducive environment for securities transactions, ensures legal title to securities and settlement of transactions, and provides price discovery information. The regulatory regime provides the basic framework for bond markets and indeed, for capital markets in general. Efficient bond markets are characterized by a competitive market structure, low transaction costs, low levels of fragmentation, a robust and safe market infrastructure, and a high level of heterogeneity among market participants. An important element of a domestic bond market is the government bond market. Development of a government bond market provides a number of important benefits if the pre-requisites to a sound development are in place. At the macroeconomic policy level, government securities market provides an avenue for domestic funding of budget deficits and avoids a build-up of foreign currency-denominated debt. A government securities market can also strengthen the transmission and implementation of monetary policy, including the achievement of monetary targets or inflation objectives, and can enable the use of market-based indirect monetary policy instruments. The existence of such a market not only can enable authorities to smooth consumption and investment expenditures in response to shocks, but if coupled with sound debt management, can also help governments reduce their exposure to interest rate risk – a situation that is looming large in the National Savings Certificates market, cu rrency, and other financial risks. Finally, a shift toward market-oriented funding of government budget deficits will reduce debt-service costs over the medium to long term through development of a deep and liquid market for government securities. The prerequisites for establishing an efficient government domestic currency securities market include a credible and stable government; sound fiscal and monetary policies; effective legal, tax, and regulatory infrastructure; smooth and secure settlement arrangements; and a liberalized financial system with competing intermediaries. Since pension and life insurance reform helps in the development of government securities market, starting the process of pension and insurance reform now might be prudent because of the time it takes to feel the positive impact of such reforms on the capital market. The current emphasis on local-currency bond markets stems mainly from their risk-management benefits, as highlighted by the Asia and the Tequila crises. Issuing bonds can reduce the types of interest rate, foreign exchange, and refunding exposures that created those crises and can help ensure that emerging market borrowers have more shock absorbers- more tools- to limit the impact of those exposures. Foreign investment is clearly a plus for economic development but it does create certain risks. Since financial sector crises will never be eliminated, and, at least for many years to come, flows into emerging markets will be large in relation to the markets in which they are investing, any rapid outflow will create serious problems for the borrowing country. Emerging market countries must find ways to manage the risks, and hence benefit from international capital flows. They need to be able to reduce exposures to foreign-currency borrowing and also absorb the associated shocks and volatility, so that small problems will not escalate into broadly based social catastrophes, harming people who were in no way directly involved in the markets. Local-currency bonds dampen the effect of crises created by international capital flows by locking in interest rates and local-currency funding. This allows borrowers to hold on to their funds and positions and work their way through a crisis. But, as happened in Asia, many borrowers want to rely on short-term, foreign-currency funding because when their economy and local currency is strong, such borrowing creates a double benefit to their net worth: the borrower’s liabilities fall while its assets and revenues rise. The flip side is that when times turn bad, borrowers get a double hit on their net worth: liabilities rise and assets fall, causing strains and in some cases defaults. The solution to this problem is to use funding structures that have a neutral effect on net worth, as in the case of bonds. The difficulty lies in convincing borrowers that good times may turn bad, and in getting them to incur the potential opportunity cost from locking in stable funds and rates. Local bond markets also support major trends that stem from economic and financial sector growth. For issuers, infrastructure development is creating demands throughout Asia and other parts of the world for large-scale, longer-term funds that banks cannot often provide. Privatization, securitization (particularly for housing finance), and decentralization of governments are all creating new financing demands. On the investor side, many countries are now rich enough for insurance and social security and are creating institutional investors that need long-term assets. They want to keep their interest rate (fixed), reinvestment (long term), and local-currency risks to manageable levels. With macroeconomic stability increasing in many countries, issuers and investors alike are more willing to lock in rates. Local bond markets also strengthen the financial sector by encouraging greater transparency, pushing companies to disclose in public markets and forcing them to better understand themselves and in turn improve their management (as is the case in equity markets, too). Bond markets create competition with the local banking sector, which can reduce lending rates. Ideally, countries should try to build both primary and secondary markets for bonds. Primary markets reduce the three risks noted; secondary markets, by adding liquidity and broadening the investor base, help reduce funding costs. Many countries will not be able to create secondary markets, and some will find it hard to develop public primary markets. Whatever the situation, reducing one or two of the three financing risks is worthwhile. Getting local-currency, fixed-rate, long-term funds in a private placement may cost more than a publicly traded issue but it might be all that a country can do, and will reduce the issuer’s risk. Developing bond markets can be more complicated than developing equity markets. Bond markets need supporting pricing infrastructure. They operate best when they have money market and longer-term benchmarks. Most emerging markets lack these benchmarks. The issuer’s credit risk is another major concern. The issuer has to service and repay the bonds, whereas with equity the issuer can be â€Å"incubated† from payments as it grows. Investors need to make sure issuers have the cash flow to make interest payments and redeem principal. Bond markets simply cannot grow as quickly as equity markets can. Furthermore, bond markets need more sophisticated market participants. Issuers need to be able to manage their cash flow to make repayments. Bond markets typically need dealers and market makers, which means creating a new class of intermediaries who can take positions and manage their risks. FINDINGS: The obstacles to bond market development can be divided into three broad categories: those around and across the market, and those inside the fixed-income markets. Around and Across the Market The obstacles in this group stem from the political situation, the macroeconomic situation, and the broader financial system. The Political Situation: The People’s Republic of Bangladesh has been a parliamentary democracy since September 1991. The present government is headed by the Awami League which has an absolute majority, but the opposition party has stepped up its nationwide program of strikes, processions, and mass meetings. These activities have weakened the government’s intentions to foster changes such as the development of the financial market. In addition, certain commercial and financial regulations are outdated in that they tend to focus on institutions rather than functions. Governance and accountability are lacking in certain areas, and there are elements of inefficiency in the financial system, mainly concerning the state-owned banking sector. Although the government is aware of these problems, it has been slow to improve governance and develop strong institutional capacity. The problems created by these weak institutions are compounded by an increasingly confrontational political environment. At the same time, the government has committed itself to launching financial reforms that could help accelerate the country’s rate of growth. The main goal of these reforms is to reduce the direct controls on the financial system, and to deregulate and introduce a new set of market-oriented approaches to financial sector activity. The Bangladesh National Budget for 1999–2000, for example, earmarks funds for the creation of a central depository system (CDS) to help streamline trading at the stock exchanges and improve authentication. Furthermore, a proposal is under scrutiny that would amend the Trust Act to allow provident and pensions funds to invest in the capital market. To achieve that goal, it will be essential to ease the bad-loan situation, which is draining the country of its monetary resources. But certain factions in Bangladesh oppose those aims and commitments. Since no one has stepped forward to â€Å"champion reform,† the government appears unwilling and unable to undertake the requisite changes in due time. Because the political environment is so fragile, laws and regulations are not being fully enforced. Macroeconomic Situation: Bangladesh’s macroeconomy was fairly strong throughout the 1990s, with growth rates averaging a respectable 5%, and inflation averaging a modest 9%–10%. The primary fiscal deficit during the past five years has averaged about 5.5% of GDP, which has generally been within sustainable limits. (However, the consolidated public sector deficit, taking into account losses incurred by state-owned enterprises, is much higher and underscores the need for improved fiscal management, although foreign exchange reserves have become more stable recently owing to impressive export performance and reduced imports.) Heightened foreign investor interest in the country’s natural gas sector has opened up tremendous possibilities. But despite these positive elements there are some serious constraints on the development of active corporate bond markets in Bangladesh. First, Bangladesh is one of the poorest countries in the world, with approximately 125 million inhabitants, of which ab out 60 million live below the poverty line. Although its GNP growth rates- in the range of 4%–5% year- are attractive, they suggest that it will take Bangladesh 25 years to double its per capita income. In order to reduce the incidence of poverty to about 11%, as it hopes to do, Bangladesh will have to achieve economic growth rates of 7.5% or more a year. According to several studies (see, for example, World Bank, â€Å"Bangladesh, Key Challenges for the Next Millennium,† April 1999), economy has the capacity to move out of poverty with increasing speed, but that will require decisive policy actions in several areas, not least of which is the financial market. However, a sense of urgency is missing in policymaking, despite the growing imbalances in the economy and crowding out as Bangladesh continues to channel vast monetary resources into servicing bad loans. Given that macroeconomic changes can happen in short periods of time and that non-performing loans, which account for a third of the loan portfolio, can create financial sector vulnerability, the bad-loan situation could trigger a severe liquidity crisis nationwide. It can take decades to build a fixed-income market in the wake of such crises. This issue clearly needs immediate and focused attention. If the country’s positive macroeconomic trends continue into the future, the fiscal deficit and bad-loan situation will ease up and these factors would pose less threat to the financial market. Broader Laws and Regulations: Certain omissions or drawbacks of the broader laws and regulations directly affect development of the fixed-income market. First, with regard to the ownership of land, the law provides for the registration of deeds rather than of ownership, which makes it impossible to take land as collateral for bond issuance. Second, the law makes arbitration a cumbersome and slow process; moreover, foreign arbitration awards are not enforceable in Bangladesh. Third, in terms of obtaining issuers, there is no privatization law to lend transparency and authority to the privatization process, although one is at present being drafted. Fourth, Bangladesh’s laws represent a mixture of codified British common law and legal principles from various religious heritages. Although the court system derives from a common law tradition, Bangladesh courts are limited in their ability to function effectively. In view of these constraints, the legal system can move only so fast in amending the laws and enacting new ones, even though the government acknowledges the need for such changes. Contract laws and commercial codes seem to be fair, but ensuring that they are observed is difficult because of a weak adjudication system. Broader Financial System: The broader financial system includes the banking sector, nonbanking sector, government securities market, and short-term money markets. Banking sector. Bangladesh’s banking system, which is dominated by state-owned NCBs, creates two serious problems for a local corporate bond market.First, the system provides low-cost loans to stateowned enterprises, which account for a large part of the corporate sector. This undermines development of the corporate bond market because other financial institutions are unable to compete with these â€Å"underpriced loans.† Indeed, the state-owned enterprises constitute a large part of the NCBs’ business. To complicate matters,development financial institutions (DFIs) also provide low-cost loans, priced at a small percentage over bank deposits for similar maturities. Second, the banking sector is faced with a substantial number of bad loans; nonperforming assets account for about 30% of total assets. Although these nonperforming assets can be said to create a need for an active bond market, to the extent that banks are constrained in new lending and thereby cannot meet the funding needs of corporate borrowers, they also rob the bond market of needed investors. Yet the state-owned banks just keep on making bad loans. Nonbanking sector. The nonbanking portion of the financial sector consists of two small stock exchanges (Dhaka and Chittagong),2 both of which have still not recovered from the bull market problems of 1996, which left the public suspicious of corporate institutions because it is hard to get them to disclose their figures. At that time, the stock exchange experienced a hefty run-up in prices owing to a large inflow of funds from retail investors. This inflow, drawn by the prospect of easy money, was a new experience for the Bangladesh people, but it lasted only the second half of 1996. In those six months the index soared from 500 to 3500 and the market came crashing down to about 600. The stock market has not recovered yet: in May 1999 the index hit a 63-month low, at about 465. The average daily turnover in the spring of 1999 was about US$1 million to US$2 million. The weak operating performance by listed companies and low confidence in the market overall has made it difficult for the market to recover. In sum, the nonbanking sector has not evolved in a way that would allow it to play an active role in the financial system. Nor, as discussed in the section on intermediaries, is it prepared to play an active and skilled leadership role in developing and participating in an active fixed income market. Government securities market: The government securities market in Bangladesh is small, does not provide much of a yield curve to support a corporate bond market, and does not provide intermediaries with skills and a profit base to support the corporate bond market. At present, the government issues long-term savings certificates at high interest rates and government bonds, and it only has market-oriented rates for T-bills. At the shorter end of the market, T-bills are auctioned weekly for 91 days and the Bangladesh Bank (BB) occasionally issues paper for 180 days, 365 days, and 720 days. Commercial banks participate in auctions weekly for 91-day T-bills, whereas the others are issued occasionally. Accepted bids are noted in the newspapers. The market is small, with outstandings of about US$800 million. There is no secondary market and no market for repurchase agreements (â€Å"repos†). T-bills are transferable, but settlement is manual and very slow, done through BB. On the whole, T-bills are mainly used to satisfy statutory liquidity requirements (SLRs). The past few years have seen a clear bias for short-term borrowing. Government bonds, with maturities ranging from 3 to 25 years, are issued when needed; they do not create a yield curve as T-bonds are nontransferable, mostly because they are issued to recapitalize state-owned banks. Their notable feature is that they are guaranteed by the government and are eligible for SLRs. Government savings certificates (GSCs) range in maturity from three to eight years. GSCs are offered to different types of investors in the retail sector (but small corporate are allowed to invest). The types of investors are mostly individuals and families but also include charity and provident funds. GSCs are issued in series through the year. The holder may redeem them at par at any time. Finally, GSC issuances offer significantly higher rates than local bank deposits, which create a relatively high rate for risk-free and tax-free government securities. This establishes a high benchmark rate for corporate fixed-income securities, creating a disincentive to invest in corporate securities. GSC rates are 2%–3% higher after tax compared with rates on other government paper. GSCs create a high benchmark interest rate foundation for corporate securities. That matters because it is very hard to compete with risk-free government debt. At present, Bangladesh law and the government’s fiscal and monetary policy combine to create a financial market monopoly for GSCs and NCBs, which in turn keeps alternate financial intermediation from emerging. Bangladesh needs a healthy nonbank financial institution (NBFI) sector to increase mobilization and make competitive financing available in a fixed-income market. To achieve that end, it must break the NCBs’ monopoly. Although the government is aware of this problem and has put forward some relevant reforms, there are no real incentives to speed up the process, maybe because of political considerations. Short-term money markets: Money markets provide another foundation for bond markets. The money markets in Bangladesh are quite small. There is an interbank market, in which commercial banks borrow and lend to adjust their short positions (the size of this market is not publicly known). Normal maturities range from overnight to 30 days. Bangladesh also has a forward market for U.S. dollars against the taka, but only for short maturities. There is no commercial paper market. Inside the Fixed-Income Markets The important factors to consider inside the fixed-income markets are regulators and regulations, central market infrastructure, and intermediaries. Regulators and Regulations: One impediment at the regulator and regulation level is the overlapping authority between the two financial market regulators, Bangladesh Bank and the Securities and Exchange Commission (SEC), and no clear jurisdiction over the fixed-income market. In general, BB regulates the commercial banks and their activities, while the SEC regulates the NBFIs, the two stock exchanges, and the capital market. A second problem is that the SEC has no authority to issue rules and regulations, and the procedure as a whole is long and drawn out. As a result, the SEC has not proposed any regulations for the issuance of bonds or debentures. All rule proposals must first be submitted to the Minister of Finance for approval and then passed on for approval from Ministry of Law. Furthermore, potential issuers have to look at various sets of regulations and follow a long and cumbersome procedure. Third, although the SEC requires listed companies to meet international standards on accounting and auditing, accounting information appears to be of doubtful quality and reliability. Fourth, the Securities and Exchange Act of 1993 confers vast regulatory authority on the state, and is regarded as a constraint on capital market development. There is a board of policymakers. Three of its members are appointed by the state, another is from the Ministry of Finance and one from the central bank, and the chairman is appointed by the government. Fifth, in the present system, a company can float debentures up to a maximum amount of its current asset value and has to register its assets in the name of the Trustee as Security. Hence there is no provision for floating unsecured debentures. Central Market Infrastructure: In the absence of a secondary market in fixed-income securities, no effort has been made to build up a central market infrastructure to support it. Bangladesh only has a telephone market for T-bill trading and central market infrastructure at the stock exchange for trading equities and debentures. In the T-bill market, the counterparts call each other and settle transactions without any transparency in real time for other participants in the market. At the stock exchange, the debenture market is fully automated. The debenture market has a somewhat more transparent order-matching system in that bids and offers are entered in the computer and then matched automatically. Bangladesh has no central depository system, though one is expected to start operating in 2000. Today, clearing and settlement are done manually, which creates various risks to completing a transaction. Also lacking are a credit rating agency, research and information companies, and market information on screens; market participants are referred to other media, such as the daily financial newspaper, and thus experience a delay in obtaining essential eco- nomic information. According to some participants, even that information is often unreliable. Market Participants: Market participants can be divided into issuers, investors, and intermediaries. Issuers: The foremost impediment here is that Bangladesh lacks a significant number of potential, good-quality issuers. Its economy continues to be agriculturally based; agriculture accounts for nearly 30% of the country’s GNP, and more than 70% of the labor force is engaged in agricultural activities. The industry and service sectors contribute 20% and 50%, respectively, but compared with landholdings, the average size of industrial and commercial enterprises is rather modest. Most private sector enterprises are small and owner-run, many are of â€Å"cottage size† and most are in the garment industry, which to date depends largely on short-term bank loans for financing. These enterprises could benefit from longer-term funding but are neither large enough nor well known enough to issue bonds. Most of the large-scale industrial units and commercial enterprises are state owned. Their shares are not listed, and they do not offer debentures since their financing needs are met by the government or by the state-owned NCBs. These state-owned firms generally stay outside the capital market. The privatization program for state-owned companies works too slow to influence the market. Second, although Bangladesh has a debenture market, to date only a small number of well-known issuers have used the market (see table 2). The liquidity in those debentures at the stock exchange is insignificant because of the small number of investors and their buy-and-hold mentality. The investor community does not seem to find this market too attractive owing to weak disclosure by the issuers, which in turn reduces credibility and investor confidence. Third, companies find that issuing debt is costly, both in monetary and nonmonetary terms. The interest rate distortion due to the GSCs mentioned earlier raises the ongoing cost of borrowing, while various up-front costs amount to about 7% of the value of the issue (these include registration costs- that is, stamp duties- totaling about 2.5% of the issue value). Fourth, it is difficult to persuade issuers to disclose sufficient information about their companies (although prospectus requirements for listed debentures do seem fair). Yet another problem is that most potential issuers are unwilling to take the opportunity cost involved in issuing a long-term bond. In addition, the absence of a yield curve makes pricing difficult. Investors: On the investor side, few investors are sophisticated enough to think about investing in bonds. About 80% of the base here is made up of retail investors, whose primary concerns include the equity at the stock exchange or the government savings certificate. Of the few institutional investors that could support a bond market, most are either prevented from investing in corporate bonds by restrictive guidelines or are not professionally managed. The major institutional investors are the Investment Corporation of Bangladesh- a government-owned financial institution- and the insurance companies. The mutual fund industry in Bangladesh is the exclusive domain of ICB. There are no private mutual funds to mobilize savings toward the debt market, and the ICB’s monopoly has prevented new investor companies, that is, mutual funds, from developing in Bangladesh. There are provident and pension funds (total assets managed amount to Tk 6.7 billion; see The Financial Express), self-managed by public and private corporate entities, but none are professionally managed. The pension obligations of the gov- ernment are not funded. The Trust Act of 1882 prohibits those funds from being invested in equities, corporate debentures, and private money market instruments. In addition, no protective laws are in effect to ensure that investors will get their dividend and capital back. Missing are higher audit standards together with SEC regulations on disclosure standards in prospectus along with arbitrary institutions. Furthermore, most investors lack a trading mentality and just buy and hold because of SLR requirements or because they do not know how to trade. Few foreign investors are attracted to this, mainly because of the weak disclosure by the borrowers. As for the general public, it has little understanding of debt products, and the intermediaries are not much help because few engage in research on markets, companies and industries to encourage investment. Intermediaries: Intermediaries in Bangladesh lack many of the skills needed to foster an active local corporate bond market. As mentioned earlier, commercial banks dominate the financial sector and not enough intermediaries are skilled in securities. Few are able to identify issuers and investors and bring them to the market. They provide little or no research analysis on industries or companies to encourage investment in the local debt market. Too few private merchant banks are able to conduct financial advisory and trust services. Nor do any feel motivated to become a market maker for an issue. Hence the market is illiquid, with large spreads. At the same time, the fee structure and pricing are high enough to allow intermediaries to make money, but because transactions are so limited, the intermediaries seldom make money. Even if they are able to participate, intermediaries are reluctant to take any risk in dealing. Prospects of a bond market in Bangladesh: Despite the earlier setbacks the bond markets in Bangladesh is ready to take off. The need for a bond market in Bangladesh deserves attention because of the following: Foreign aid flow is diminishing and the trend is expected to continue. Specialized banks are not in a position to supply desired level of long term fund. Commercial banks have strategically cut down their long term lending. The concept of prudent asset mix is most likely to generate demand for investment grade bonds. The Provident Funds and Insurance Companies Funds are not generally allowed to invest their funds in stock market instruments. There is a bright possibility that these funds may be permitted to invest a part of their funds in marketable instruments subject to prudential guidelines, which may necessitate supply of lucrative debt instruments. Reduction in the interest on Govt. savings instruments and withdrawal of certain savings instruments is expected to boost demand for debt instruments. The registration fee for trust deed has been reduced from 2.5% (on the amount of debentures) to Tk. 2500.00 providing a very significant incentive. There are now credit rating agencies to provide rating prospective issuer. Any interest paid by investor on money borrowed for investment in debentures is deducted from total income. Interest income not exceeding Tk. 20000 received by an individual investor on debentures approved by SEC is excluded from total income.. The interest on Zero coupon bond approved by SEC at the hand of the recipient is tax exempt upto Tk. 25000.00. Such interest exceeding Tk. 25000.00 is subjected to tax @ 10% deducted at source. Banks and other financial institutions and insurance companies which are the mainstay of demand for bonds will now pay 10% tax on interest on such bonds instead of 45% tax payable on other income RECOMMENDATIONS: Recent developments and events have already created an environment conducive to fosterage of the debt market. A number of financial institutions have sold bonds or debentures to institutions. Further, an Islami Bank has decided to issue perpetual bond subject to approval of relevant authorities. It is also expected that quite a number of institutions will float bonds through securitisation in the near further. A sustainable bond market needs enabling policies. The following actions and policy measures are seen important to promote a bond market in Bangladesh. All issues of debentures be rated by independent rating agency prior to issue. Companies issuing bonds/debentures to public may be rated periodically to keep track of issuing companys financial position. Public utilities and infrastructure projects be asked to raise a part of debt through issue of marketable bonds. Industrial companies with good track record be advised to issue marketable bonds instead of relying on bank financing. Existing public utilities and infrastructure projects be advised to securitise debts by issuing marketable bonds. Existing industrial companies be encouraged to replace a portion of bank/DFI loans with marketable bonds. To facilitate liquidity of marketable bonds, discounting facilities may be provided by financial institutions. Systems of market makers (specialists) may be evolved to facilitate market for marketable bonds. Bond maturities be diversified between one year and seven years as to give investors with different maturity profiles the option of purchasing debentures with different maturities. The methods of revolving underwriting facility (RUF) may be introduced so that companies can issue short-term debentures whenever necessity arises. RUF is a system in which a consortium of underwriters make commitment to the issuing company to purchase all the unsold portions of the short-term debentures which may be issued from time to time during a certain period (e.g. five years) up to certain maximum amount. Coupon rates and all other issuing conditions of debentures be determined by market forces. Coupon rates may differ according to the rating of the issuer accorded by independent rating agency. In order to make long-term investment more attractive, issuers may find it useful to increase the coupon rate as years go by, e.g. 9 percent in the first year, 10 percent in the second year, 11 percent in the third year and so on. Such increasing coupon rate methods will be useful, especially if the investor is given the right to call for redemption of the bonds at the end of each year so that he may choose to hold them to enjoy a higher coupon rate. Interest received by individual investors on bonds/debentures approved by SEC may be fully exempted from tax. Investment in bonds/debentures approved by SEC may be given tax-exempt status up to a certain limit. The tax rates/relief available to investors on Zero coupon bonds may be extended to all other bonds/debentures approved by SEC. If all the above things can be done, then this could pave the path for a well-functioning bond market that can change the existing bank-oriented financial system to a multilayered system, where capital markets can complement bank financing. REFERENCE: Jeff Madhura. â€Å"Financial Markets and Institutions† (7th Edition). Thomson south-western Scott Besley Eugene F. Brigham. â€Å"Essentials of Managerial Finance†(13th Edition). Thomson south-western Peter S. Rose Sylvia C. Hudgins. â€Å"Bank Management Financial Services† (7th Edition). McGraw-Hill International Edition http://en.wikipedia.org/wiki/Bond_market (Retrieved on: 14.04.2008). bangladesh-bank.org/seminar/iwdbmbd/seciia06.html (Retrieved on: 14.04.2008). http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/EXTPROGRAMS/EXTTRADERESEARCH/0,,contentMDK:20625246~menuPK:64001880~pagePK:210083~piPK:152538~theSitePK:544849,00.html (Retrieved on: 14.04.2008). ifc.org/ifcext/publications.nsf/AttachmentsByTitle/Building_Local_Bonds_Chp.14/$FILE/Building_Local_Bonds_Chp.14.pdf (Retrieved on: 14.04.2008). Research Papers on The Bond Market in BangladeshMarketing of Lifeboy Soap A Unilever ProductAnalysis of Ebay Expanding into AsiaTwilight of the UAWLifes What IfsInfluences of Socio-Economic Status of Married MalesDefinition of Export QuotasPETSTEL analysis of IndiaBionic Assembly System: A New Concept of SelfHip-Hop is ArtOpen Architechture a white paper

Italian Fascism Essay Example | Topics and Well Written Essays - 750 words

Italian Fascism - Essay Example This is due to the traditional point of view that regimes of Hitler and Mussolini represented a single force appeared to withstand communist ideology in the European countries. Mussolini and Hitler had several common features though even main adversary of European fascism - the Comintern - claimed that German fascism had more common with Soviet communism than with Italian fascism. Italian fascism had become the first experiment of a governing authority with "a non-communist party of new type" and in this sense it was a forerunner of the world fascism. (Christopher Hibbert, 24-35) So Italian regime wasn't clearly fascist one, though it was totalitarian. And I will prove this in my essay. Mussolini had a very clear objective to create a non-communist though totalitarian regime, which he had characterized in a very strict wording: "Everything in the state, nothing out of the state". The plan was to convert governing authorities by national principle and for this purpose it was important to win over population. Thus corporate system was created, one of the main distinguishing features of Italian totalitarianism. The Law, known as "Labor Charter", banned all non-fascist trade unions, which were considered as a threat for total unification, and established corporations instead of them. The new organizations were not trade unions even to some extent. They became main "underwater belt" of Italian totalitarianism. First of all, corporations inscribed in all population of Italy that significantly lightened total control over the masses and helped to conserve political activity of population, involved in the right direction. Secondly, corporations began to play a role of buff er in the political life of Italy - point was that all candidates to the Italian parliament were proposed by corporations, besides Superior Corporate Fascist Council, that replaced government of Italy, approved or rejected each candidature. In such situation institutitution of government elections still existed but it had little sense. Thirdly, corporations were to solve the most important problem for totalitarian regime - control over economy. In Italy unlike in Russia economy wasn't nationalized. (Jeffrey T. Schnapp, 151-153) Corporations included not only workers but also entrepreneurs, who were to follow totalitarian discipline and didn't have economical freedom. There were 22 corporations in different branches of the Italian economy by 1932. That let Italian totalitarian government: Interfere in economy, which nominally was free from state influence; Mobilize population, e.g. "battles for harvest, when Italian population was exploited on agricultural works; Solve economical problems with political methods. Comparing Italia to Russia and Germany we can't say that it was typical totalitarian regime as it was in the above-mentioned countries: from 1926 to 1932 Special Court-Martials of Italy convicted only seven death sentences to political criminals. 12000 persons were considered to be not guilty after arrest; it was never possible in communist Russia and fascist Germany. One of the most widely spreaded ways of political brutality was public and violent feeding of political opponents with castor oil, subsequently all opponents gained freedom and such repressions were harmful only for credibility of an