The role of the financial sector in economic development Essays

The role of the financial sector in economic development Essays The role of the financial sector in economic development Essay The role of the financial sector in economic development Essay The topic of my essay covers one of the most distinguished areas in the theory of economics financial sector. There is an enormous corpus of literature dedicated to this particular aspect and it was my intention to review only those that are very closely related to the role of financial system and financial liberalisation. To be able to assess the role of the financial sector and financial liberalisation, it is convenient to divide the title of this paper into several categories. In a subsequent section the role of the financial sector will be reviewed. In separate sections I will introduce the present theory of financial liberalisation, its advantages and risks inherent to it. Given a constraint of a world limit it is impossible to go through all the arguments within the scope of the topic, that is why, I tried to choose only those, which were in my opinion of the most prominence. It is by now widely agreed that finance contributes to long-term prosperity. It is obvious that advanced economies have sophisticated financial systems. What is not obvious, but is borne out by the evidence, is that the services delivered by these financial systems have contributed in an important way to the prosperity of those economies. Getting the financial systems of developing countries to function more effectively in providing the full range of financial services is a task that will be well rewarded with economic growth. An efficient and stable financial sector is important for economic growth and poverty reduction. The financial crises that have afflicted many countries in recent times have been a costly and painful reminder of the disastrous consequences for development of weak financial markets. Financial stability is crucial for sustained economic growth and cannot be achieved without strong financial systems. Weak financial systems can destabilise local economies, making them more vulnerable to external shocks, and may threaten global financial markets. In practice an efficient financial system can simultaneously lower the cost of external borrowing, raise the returns to savers, and ensure that savings are allocated in priority to projects that promise the highest returns, all of which have the potential for affecting economic growth rates. 1 Holden and Rajapatirana (1995), stress the importance of financial sectors suggesting, that economic growth and, in particular, the development of the private sector cannot occur without a financial system that effectively intermediates between savers and investors. A healthy financial sector allows financial resources to be allocated toward activities with high rates of return; allows efficient intermediation, which implies lower resource costs; and yields better information processing, which allows innovative investments to be identified. 2 Gibson and Tsakalotos (1994) emphasize how crucial the organisation of the financial sector is and add that the financial sector can actively help to promote growth. 3 To understand why the financial system is so crucial to development, it is useful to outline the advantages of financial intermediaries. 4 They suggest that a well-functioning financial system might permit a higher level of saving and investment and, therefore, economic growth. For many years, governments followed a policy of financial repression, which relied on fixing interest rates below market levels and controlling the allocation of credit. The economic distortions induced by these policies were considerable. Financial systems remained under-developed, lending patterns were inefficient and failed to achieve their distributional goals. Negative real interest rates led to low savings and encouraged capital flight. Macro-economic performance also deteriorated countries with large negative real interest rates experienced lower allocative efficiency and growth rates. In the state-owned banking sector, poor lending decisions (often politically influenced) and low repayment rates led to bank insolvency and large budgetary bailouts of depositors and creditors. 5 McKinnon-Show analysis of a financially repressed economy suggests that interest-rate ceilings stifle savings by promoting current consumption, reduce the quantity of investment below its optimal level and reduce the quality of investment by encouraging banks to finance only low-return projects. The clear policy implication is the removal of interest-rate ceilings and more generally other government regulations, which prevent the loan market from operating competitively. A growing awareness of the economic costs of financial repression, led to financial liberalisation as the dominant policy paradigm over the past two decades.

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The English Patient Essay Example | Topics and Well Written Essays - 1750 words

The English Patient - Essay Example He takes fragments and paragraphs cut out of other books and includes them in his novel. There is intertextuality richness in the novel including statutes, myths, christian imagery, desert images and references to portraits. His novel is swollen with different images just like Almasys common place book swollen to twice the original thicknes. The emphasies on the importance of maps is evident in The English Patient. Books, people, faith and art work are all reduced to maps to their skeletal structure. The reduction is a form of econstruction similar to the one of bombs in the novel. For giving the germans the desert maps, Almasy is considered a traitor and his treason justifying the preoccupation of the novel with maps. In the analysis highlighting the importance of maps, the gravity of his crime is evident. As a form of knowledge, maps give power to those who have them. Almasy claims that his map drawing ability motivated the Bedouins to save him. He goes further to explain that â€Å"they kept me alive for a reason. I was useful you see... I am a man who can recognize an unnamed town by its skeletal shape on a map† (Ondaatje, p.18). The Bedouins try making use of Almasy’s vast reservoir of information. For some, he draws maps going beyond their own boundaries and for other tribes explains the mechanic of guns(Ondaatje, p.22). Almasy claims having information like a sea in him and that he knew maps of the sea floor. maps depicting weaknesses in the earths shield, charts painted on skin containing various routes of the crusades. These maps have great destruction power since they depict weaknesses in the earths shield. The weaknesses would be exploited to create a destructive earthquake or to errupt a volcano in the land of the enemy. Heble observes Ondaatje’s based character of Almasy on that of a real person. Almasy’s slippery identity is an analogue to the English patients in the novel. Totosy argues that Almasys fictional position,

Indigenous Studies 301-Assignment#2 Assignment Example | Topics and Well Written Essays - 500 words

Indigenous Studies 301- #2 - Assignment Example One needs to apply through listening skills, observation and first hand experiencing events- taking action. The learning system has its composition that includes learning directly, meditating, and rethinking. Facilitating is a major responsibility of teachers. There is another group of people that contribute by offering guidance and enhancing learning. These are the elders (Osburn-Bigfeather et al, 2004). Exploration of a person’s mind is the onset of practicing native science. There has to be a close connection of the mind and the heart as this facilitates effective learning. Native science perspective tries to explain the complex connection that exists between humans and the surrounding. This must be a healthy relationship in the sense that both have to tolerate each other with the aim of having a good future. The science perspective intends to show the importance of seeking knowledge appropriately so that diversity and humans never collide. The community has a role to play in educating the people on ways to live with harmony and spirituality. This is done through community-based learning whereby the societys beliefs and practices are the strongholds in learning. Thus, individuals are empowered giving the best reasoning they can offer. Through education, people intend to learn more about their culture and of others. However, there is the point whereby culture is ruined through the introduction of modern language. People need to practice their indigenous culture to learn it. By communicating through the native language, the community can understand the essence and importance of their culture. There has to be the presence of consistent terms and legislation at the time when the beliefs and practices of aboriginal ideas in classes. Understanding ones culture requires one to live it. This means that this will bring a clear understanding of people’s current, previous, and future situations. This means that education is a

E-Business Essay Example for Free

E-Business Essay A Brick and Mortar business is a physical store or office usually referred to by people belonging to the online network. It is very important to know that Brick and mortar establishments have several advantages compared to online businesses. They are less likely to disappear overnight, and hence people have more trust and assurance with them. People are more likely to physically meet the businessmen and respond with them in case an issue arises. In case of any problem, the customer would like to meet a senior and responsible individual from the company (such as a manager or the executive) and resolve the issue. However, having a brick and mortar business alone would have several problems. People from other areas (other than the local area) would not be able to access the services of the company. Traveling to the office and doing business could lead to a lot of stress and waste of time and resources. The process of doing an offline business is highly manual. Hence, it would be ideal if the company has both, an online business and a brick and mortar business (to supplement the needs of each forms of business) (Teo, 2003 Osgoodby, 1996). Several travel companies such as Expedia, Hotwire. com and Cheaptickets. com, operated brick and mortar services and soon began to launch their own websites. This was basically done to alter the supply chain (various processes and technologies that existed between the supplier and the customer whilst providing the services were altered in a systemic manner). The web enabled services form the center of all digital activity of the company and could provide cost-effective services. The online services provide the companies with a lot of flexibility in providing their services. The businesses are constantly in strong control over their services. Launching online services would seem to improve the efficiency and would provide a lot of benefits. Web technology provides the company an opportunity to modify the business strategy without spending much in terms of financial resources. The company is in a better position to compete with others. The speed at meeting the demands of the customers was drastically improved by having online services, as business could be conducted in an organized and efficient manner. Customers were in better control to make decisions. Studies have shown that the customer satisfaction levels drastically improved. Besides, the businesses were in better control to manage their operations and logistics. The companies were in a better position to sell their products or services faster to a much more global customer network. The paperwork required to conduct online business was minimal. Companies were also able to showcase their products better through online means (InfoScaler Technologies, 2004).

The effects of lead on childrens brains Essay -- Environment, Toxic M

Once used for varying applications, lead is now known for its toxicity in the human body. Dr. Gary Goldstein, the chief executive of Kennedy Krieger Institute wrote, â€Å"Exposure to excessive amounts of inorganic lead during toddler years may produce lasting adverse effects upon brain function (Goldstein 1990).† Lead poisoning awareness has become increasingly prevalent in the American government, with lead poisoning testing recommended as early as nine to twelve months of age (Health and Human Services 2011). This paper will explain briefly lead’s history and industrial uses, as well as give an in-depth analysis on lead’s exposure to children and how it affects their developing brains. Lead, simply put, is an element found in the earth’s crust. It is slightly soluble in water and is transported mainly through the atmosphere (Harte et al. 1991). The human usage of lead dates back to five- thousand years ago when it was discovered that small quantities of silver could be extracted from lead ore (Harte et al. 1991). The ancient civilizations of Phoenicia, Egypt, Greece, India, and China used lead for vessels, roofs, water ducts, utensils, ornaments, and weights (Harte et al. 1991). Romans used lead acetate as an artificial sweetener in their drinks. Lead acetate, known as sugar of lead, would sweeten a vintage without causing further fermentation, which would have occurred with the addition of sweeteners like honey (Le Courteur and Burreson 2003). The Romans also used lead pipes for plumbing their homes with water. The Latin name for lead is Plumbum (like the word plumbing) hence the symbol Pb on the periodic table (August 1998). Only the rich Romans had access to water in their homes through lead pipes. Lead poisoning from th... ...ead levels are above 45 ÃŽ ¼g/dL (Ginsberg and Toal 2006). In conclusion, lead is a very widespread poison that has been intertwined throughout the history of mankind. To prevent poisoning from this toxic substance, foods should be washed prior to cooking of eating. Hands, particularly those of young children, should be washed before meals (Harte et al. 1991). Flaking lead-based paint needs to be removed by a professional; intact lead paint on buildings should be maintained occasionally by painting over using lead-free coatings. Joggers and cyclists should exercise away from traffic and avoid peak driving hours (Harte et al. 1991). As a nation, strides are being made to lower contact with lead on day to day bases. On the other hand, countries around the world need to learn from history’s mistakes on lead usage; otherwise, they are just going to repeat the past. The effects of lead on children's brains Essay -- Environment, Toxic M Once used for varying applications, lead is now known for its toxicity in the human body. Dr. Gary Goldstein, the chief executive of Kennedy Krieger Institute wrote, â€Å"Exposure to excessive amounts of inorganic lead during toddler years may produce lasting adverse effects upon brain function (Goldstein 1990).† Lead poisoning awareness has become increasingly prevalent in the American government, with lead poisoning testing recommended as early as nine to twelve months of age (Health and Human Services 2011). This paper will explain briefly lead’s history and industrial uses, as well as give an in-depth analysis on lead’s exposure to children and how it affects their developing brains. Lead, simply put, is an element found in the earth’s crust. It is slightly soluble in water and is transported mainly through the atmosphere (Harte et al. 1991). The human usage of lead dates back to five- thousand years ago when it was discovered that small quantities of silver could be extracted from lead ore (Harte et al. 1991). The ancient civilizations of Phoenicia, Egypt, Greece, India, and China used lead for vessels, roofs, water ducts, utensils, ornaments, and weights (Harte et al. 1991). Romans used lead acetate as an artificial sweetener in their drinks. Lead acetate, known as sugar of lead, would sweeten a vintage without causing further fermentation, which would have occurred with the addition of sweeteners like honey (Le Courteur and Burreson 2003). The Romans also used lead pipes for plumbing their homes with water. The Latin name for lead is Plumbum (like the word plumbing) hence the symbol Pb on the periodic table (August 1998). Only the rich Romans had access to water in their homes through lead pipes. Lead poisoning from th... ...ead levels are above 45 ÃŽ ¼g/dL (Ginsberg and Toal 2006). In conclusion, lead is a very widespread poison that has been intertwined throughout the history of mankind. To prevent poisoning from this toxic substance, foods should be washed prior to cooking of eating. Hands, particularly those of young children, should be washed before meals (Harte et al. 1991). Flaking lead-based paint needs to be removed by a professional; intact lead paint on buildings should be maintained occasionally by painting over using lead-free coatings. Joggers and cyclists should exercise away from traffic and avoid peak driving hours (Harte et al. 1991). As a nation, strides are being made to lower contact with lead on day to day bases. On the other hand, countries around the world need to learn from history’s mistakes on lead usage; otherwise, they are just going to repeat the past. The effects of lead on children's brains Essay -- Environment, Toxic M Once used for varying applications, lead is now known for its toxicity in the human body. Dr. Gary Goldstein, the chief executive of Kennedy Krieger Institute wrote, â€Å"Exposure to excessive amounts of inorganic lead during toddler years may produce lasting adverse effects upon brain function (Goldstein 1990).† Lead poisoning awareness has become increasingly prevalent in the American government, with lead poisoning testing recommended as early as nine to twelve months of age (Health and Human Services 2011). This paper will explain briefly lead’s history and industrial uses, as well as give an in-depth analysis on lead’s exposure to children and how it affects their developing brains. Lead, simply put, is an element found in the earth’s crust. It is slightly soluble in water and is transported mainly through the atmosphere (Harte et al. 1991). The human usage of lead dates back to five- thousand years ago when it was discovered that small quantities of silver could be extracted from lead ore (Harte et al. 1991). The ancient civilizations of Phoenicia, Egypt, Greece, India, and China used lead for vessels, roofs, water ducts, utensils, ornaments, and weights (Harte et al. 1991). Romans used lead acetate as an artificial sweetener in their drinks. Lead acetate, known as sugar of lead, would sweeten a vintage without causing further fermentation, which would have occurred with the addition of sweeteners like honey (Le Courteur and Burreson 2003). The Romans also used lead pipes for plumbing their homes with water. The Latin name for lead is Plumbum (like the word plumbing) hence the symbol Pb on the periodic table (August 1998). Only the rich Romans had access to water in their homes through lead pipes. Lead poisoning from th... ...ead levels are above 45 ÃŽ ¼g/dL (Ginsberg and Toal 2006). In conclusion, lead is a very widespread poison that has been intertwined throughout the history of mankind. To prevent poisoning from this toxic substance, foods should be washed prior to cooking of eating. Hands, particularly those of young children, should be washed before meals (Harte et al. 1991). Flaking lead-based paint needs to be removed by a professional; intact lead paint on buildings should be maintained occasionally by painting over using lead-free coatings. Joggers and cyclists should exercise away from traffic and avoid peak driving hours (Harte et al. 1991). As a nation, strides are being made to lower contact with lead on day to day bases. On the other hand, countries around the world need to learn from history’s mistakes on lead usage; otherwise, they are just going to repeat the past.

Applying Ethical Theories Essay

Summary Plagiarism in today’s â€Å"copy and paste generation† is an unremitting, complex issue that is not yet fully understood. The paper responds to this proposition with a thesis that understanding the ethical reasoning provided by students in defending plagiarism is crucial in preventing it in student populations. The reasons can provide the basis for specific action-orientated recommendations to reduce plagiarism and to design programs to encourage originality and academic honesty within the relevant educational institutions. Moreover, the authors explain that this study has broader implications, given the link between educational plagiarism and the organisation and profitability of businesses. The paper develops an ethical framework to analyse the reasons that students use when defending their plagiarism. This framework is based on previous research into the ethical reasoning of students in different contexts. The authors explain and apply six ethical theories in the paper: Deontology, Utilitarianism, Rational self-interest, Machiavellianism, Cultural relativism and Situational ethics. The paper uses content analysis methodology to implement the ethical framework described above. Consequently, the research evaluates the recorded content found in the confidential files of students found to have plagiarised work at a US university. This includes the formal process by which the students were charged with plagiarism and how they defended their actions. To ensure the research was not biased two judges were used to evaluate the reasoning. To ensure a sufficient level of inter-rater reliability, the judges evaluated 20 identical ads before being given the cases used in the study. Their results show students used all 6 ethical theories, deontology being the most common with 41.8% of using this reasoning. Variables such as â€Å"Sex, Ethnicity and GPA† had no effect on the student’s ethical reasoning. Students who used the Internet to plagiarize were more likely to resort to Situational ethics and Utilitarianism. The  paper concludes by listing a series of recommendations for each ethical theory on how to instil ethical behaviour and help prevent cases of plagiarism. Critical Analysis of the paper’s purpose Plagiarism and the internet Granitz and Lowey describe a new ‘plagiarism epidemic’ in the paper subject to review. The analysis that they present, that plagiarism is increasing due to the ease of which information can be lifted from the internet, is justified by previous academic research. The Internet provides as huge source of information which is easily available to students for use in academic papers (Weinstein & Dobkin, 2002.) Moreover, the way that information is presented and is accessible on the Internet has made plagiarism easier (Klein, 2011). Students have the opportunity to copy and compile information from a variety of sources with speed, particularly when compared with ‘old-style’ plagiarism using hard copy sources. However, since the publication of the paper in 2006, it could be argued that many professors have become more ‘tech savvy’, particularly with the development of technology in electronic detection tools (Klein, 2011.) Consequently, it is less easy to sustain the argument that transgression may present an ‘irresistible challenge’ to students, as technology improves and if teachers in academic institutions become more technologically adept. Applying ethical reasoning to plagiarism After a historical analysis of the development of the concept of plagiarism, the paper moves on to conclude that our modern perception of plagiarism is that it is ‘morally reprehensible’. I would critique this approach using the analysis of Morality and Ethics put forward by Klein in 2011. Granitz and Lowey do not appear to consider the extent to which the moral and ethical approach of students in academic institutions may differ from the general modern perception of plagiarism that they describe. Klein describes the research which suggests that there is ambiguity on what is perceived as plagiarism among learners. Quoting Weiss & Bader (2003), ‘ [a]n example of an area of ambiguity might include peer collaboration and knowing to what extent the collaboration is considered inappropriate’. Consequently, I would argue that the paper does not fully consider the extent to which the ethical  problems posed by plagiarism may be problematic because they are non-traditional and that they may not fit easily into existing and well used categorisation systems (Clegg et al., 2007). Instead, the paper seeks to apply ethical philosophies taken from different ethical contexts (albeit ideas used by students) and it maintains the general proposition that plagiarism is considered as morally wrong, without analysing this specifically in relation to students and academic institutions. Content analysis as a research methodology The paper applies a content analysis to review student files which record the formal process by which students in a large US West Coast university were ‘charged’ with plagiarism and defended themselves. The article recognises the fact that students may disguise their true reasoning whilst providing the reasoning, but concludes that ‘they are still exposing the logic that they use to defend plagiarism – and being able to counter that logic is valuable for the faculty. This problems has been considered in the business context, in which ‘virtually every empirical inquiry of issues relevant to applied business ethics involves the asking of questions that are sensitive, embarrassing, threatening, stigmatizing, or incriminating† (Dalton and Metzger, 1992, p. 207). Furthermore, since the early 1950s researchers in organizational sciences have expressed concern that the â€Å"tendency of individuals to deny socially undesirable traits and to admit to socially desirable ones† may impair empirical studies based on questionnaires which require respondents to report on their own behaviour or attitudes (Randall and Fernandes, 1991, p. 805) Recommendations The paper outlines a basis of recommendations based on the results achieved by the content analysis. Given the above critique of the content analysis, and the limit that the context of asking sensitive or incriminating questions in a business, and I would suggest academic, context, one could critique the assumption put forward in the paper that the recommendations for each ethical theory will achieve the effect of reducing plagiarism in institutions and provide a basis for the implementation of clear academic policies. Moreover, expanding on what I have suggested above, given the critique forwarded by Weiss and Bader (2003), it could be argues that poor  public perception of plagiarism in academic institutions may make any changes difficult to implement. I would argue that a more useful critique would be to consider the reasons offered by students in a non-confrontational and stigmatizing context, which could be used to understand the specific ethical context of plagiarism and to p roduce more specific recommendations. References Clegg, Kornberger and Rhodes: 2007 ‘Business Ethics as Practice’: British Journal of Management 18: 107-122 Dalton, D. R. and M. B. Metzger: 1992, ‘Integrity Testing’ for Personnel Selection: An Unsparing Perspective’, Journal of Business Ethics Kaptein M and Schwartz S: 2008 ‘The Effectiveness of Business Codes: A Critical Examination of Existing Studies and the Development of an Integrated Research Model’, Journal of Business 77: 111-127 Klein D: 2011 ‘ Why Learners Choose Plagiarism: A Review of Literature’, Interdisciplinary Journal of E-Learning and Learning Objects 7 Randall, D., Fernandes, M. F. (1991): The Social Desirability Response Bias in Ethics Research. Journal ofBusiness Ethics Robertson, D.C. (1993). Empiricism in Business Ethics: Suggested Research Directions. Trevino, Linda K., ‘Ethical Decision Making in Organizations: A Person-Situation Interaction Model’, Academy of Management Review, 11(3), 1986, pp.601-617. Weinstein and Dobkin: 2002 ‘Plagiarism in U.S. Higher Education: Estimating Internet Plagiarism Rates and Testing a Means of Deterrence’, USA: Committee for the Protection of Human Subjects, University of California, Berkeley, USA. Weiss, D. H., & Bader, J. B. (2003) Undergraduate ethics at Homewood. Standler, R. B. (2000). Plagiarism in colleges in USA