Peace Building and the Arts

World’s endeavor to cultivate harmony in Middle East with the remainder of the world stays a test in the 21st century. While the US stays hopeful in the acknowledgment of this harmony, its relationship with the locale bit by bit undermines the worldwide harmony. Studies uncover that the US approaches and techniques of harmony building are reasonably inapplicable for the locale. In light of ‘Shank and Schirch’ perusing, the exposition contends to legitimize expressions of the human experience based procedure as the perfect system for harmony working in the Middle East.Advertising We will compose a custom article test on Peace Building and the Arts explicitly for you for just $16.05 $11/page Learn More Studies show that expressions, for example, music, craftsmanship, and theater give a wide scope of assets for harmony building. Correspondence, association, instruction, and preparing are a portion of the apparatuses for harmony building, which expressions sufficientl y give. As one of the districts, which exceptionally maintain culture, expressions would effectively fill in as the productive specialized instrument for harmony manufacturers in the Middle East. Through exhibitions, specialists, for example, artists impart the messages of harmony to the general public. Truth be told, as per Shank and Schirch, Artists have utilized expressions â€Å"for hundreds of years to convey human experience† (218). It can too construct harmony in the majority of these locales. Since most pieces of the world maintain music, the Middle East comprehensive, the message substance would arrive at across the board gatherings of individuals and consequently advance harmony inside the locale. Along these lines, the US should hold onto expressions as a device for grasping of harmony instead of the military assaults to the locale. Also, expressions result into associations that go about as vehicles of harmony. Albeit Hip-bounce music dates its foundations in Amer ica, it has spread to everywhere throughout the world with the craftsmen ‘virtually organized’ to take up arms against political clashes. African specialists have utilized Hip-jump music to sort out and affect changes inside their social orders. Ghanaians for instance, through their Highlife type of Hip-jump, keep on bringing issues to light to positive outcomes on issues, for example, neediness, AIDS, and defilement. Association of youth through expressions would lessen the quantity of those engaged with brutal acts and subsequently advancing harmony in the locale. Thirdly, expressions go about as a type of training to the general public. Shank and Schirch call attention to different methods of introducing craftsmanship and among them are representations, fictions, and execution. Works of art, for example, carvings, which portray the impacts of fierce acts, offer experiences of contentions to the general public. The message substance of music and subjects of the theate r exhibitions could give a valuable base to instruction and preparing to the general public on harmony building. The harmony developers in Middle East should exploit love for culture in the area and utilize social expressions, for example, cutting, theater to instruct and thus support peace.Advertising Looking for exposition on worldwide relations? We should check whether we can support you! Get your first paper with 15% OFF Learn More Finally, individuals who need fearlessness use savagery to communicate their complaints. Compromise specialists declare that music and theater exhibitions give fearlessness to the individuals. As Shank and Schirch note, â€Å"Artists can utilize visual, artistic, execution and development workmanship as limit building systems to assemble self-confidence† (226). Expressions can in this manner give self-assurance to one’s articulation. The Middle East individuals ‘feel’ childish by the US and along these lines so as to communi cate their outrage in this way, they assault the US and their subsidiaries. The harmony developers ought to elevate expressions so as to make certainty inside the area. This will empower the individuals in that area to communicate certainty as opposed to taking part in assaults. The commitment of the Hip-bounce music to harmony working in the US is the thing that I discovered fascinating in the perusing. From this content, it is distinctive that the individuals of color utilized Hip-bounce to battle for their opportunity consequently advancing harmony in the US. Adversaries of military assaults in the Middle East utilize Hip-bounce to dissent to the legislature. Is intriguing that most current Hip-bounce music contains love and sexual data as opposed to harmony. Is this Hip-jump or an alternate sort of workmanship? Works Cited Shank, Micheal, and Schirch, Lisa. â€Å"Strategic Arts-based Peacebuilding.† Peace and Change: a Journal of Peace Research 33.2 (2008): 217-242. Web. http://www.michaelshank.tv/ This paper on Peace Building and the Arts was composed and put together by client Baylee Huffman to help you with your own investigations. You are allowed to utilize it for examination and reference purposes so as to compose your own paper; be that as it may, you should refer to it in like manner. You can give your paper here.

Ethnograph Essay Example | Topics and Well Written Essays - 1750 words

Ethnograph - Essay Example The researchers’ choice to utilize observational and subjective research strategy straightforwardly tended to the exploration addresses with the end goal that examination meet is the best decision to figure out what care resembles from the patients’ perspective though observational technique is the best decision in deciding how a patient gets help from the unit staff beside deciding the nurses’ recognition about the patient fulfillment and nature of care and how care on the unit was composed, unadulterated perception strategy was utilized in the investigation. After experiencing how the analysts led the ethnographic examination in assessing the patient fulfillment with the nature of care they got from the medicinal services experts, perusers are relied upon to have a superior comprehension about the variables that could fundamentally influence the nature of care every patient is accepting in the careful clinical unit. Ethnography is a typical research procedure utilized in the investigation of sociologies like depiction of individual societies (Dictionary.com, 2010). By leading member perception, look into interviews, circulation of research study surveys, and the assortment of valuable information like photos, estimations, and patient records, this specific research technique assembles exact information with respect to the nature and issues about the historical backdrop of human culture and social orders recorded as a hard copy (Maynard and Purvis, 1994, p. 76). Regarding natural sciences, the utilization of ethnography is like a case report or field concentrate with the exception of that the investigation centers around the examples of musings and conduct of the examination members (Berwick, 2004; Boaz and Wolfe, 1997, p. 150). Comparable to the utilization of ethnography, the article â€Å"Dance of the Call Bells† which utilizes ethnography in assessing understanding fulfillment with nature of care will be assessed regarding its exactness and proficiency in

Essay Topics on Nelson Mandela - How to Approach the Topic

Essay Topics on Nelson Mandela - How to Approach the TopicSelecting essay topics on Nelson Mandela is no simple task. He was a great leader who was instrumental in the fight against apartheid. A leader of his stature deserves an essay that is at least in part designed to educate his memory. So what types of topics are best suited for this?Begin by asking yourself, is your work a political memoir or an historical essay? There is a good chance that you will be most effective as a political memoir. It is best suited to offer commentary on the current state of affairs and reflects history in the most direct manner possible. In this way, it is much more likely to succeed in reaching its intended audience.A historical essay, however, is better suited to present the views of a respected authority. And, in truth, with Nelson Mandela and all he stands for, we have in him the ability to move history in a positive direction. For this reason, a historical essay is the best way to understand him. Of course, there are other aspects to essay topics on Nelson Mandela. In particular, it is important to consider the culture of the specific country in which the essay is to be written. Because of this, it is also wise to consider the diversity of opinions and ideas about him in the various nations and areas in which he spent his life. By doing so, you will also be well prepared to write your own piece, if there is any. It is best to keep in mind, however, that different nations will view Mandela in different ways.You should also consider the subject matter of your essay topics on Nelson Mandela. This is especially true in terms of the goals that he set in his early life and in his efforts to bring about change. These are important since they provide an insight into the principles that the man represented. You will also want to include as much as you can about the circumstances that led to his imprisonment and his time in prison.You should also consider the fact that even with your essay topics on Nelson Mandela, you may find it necessary to include some of his personal writings as well. The larger the volume of writing, the more often you will need to read them. But reading them may not be necessary if you only intend to use them for context. If, however, you intend to give a presentation of your own, then this may be an appropriate time to include them.It is also helpful to keep in mind that Nelson Mandela may not be the best choice for every writer. The fact that he was a leader of such significance means that he will be a difficult figure to approach, and it is important to approach him with caution. Nonetheless, as you work through these steps, it is important to remember that, while certain challenges may remain, Nelson Mandela's impact on us all cannot be underestimated.The essay topics on Nelson Mandela that you choose should be grounded in reality. It is true that much of what he accomplished in his life has been celebrated, but the legacy that he lea ves will be felt for many years to come. It is to be hoped that this legacy will inspire you to write wisely.

Autism Spectrum Disorder ( Asd ) - 1587 Words

Topic: Autism Spectrum Disorder (ASD) Purpose: My audience will learn the importance of recognizing early signs of Autism Spectrum Disorder in children. Thesis: It is important to understand the early signs of Autism Spectrum Disorder, and why early intervention is the best treatment. Introduction: Gain/maintain attention There is a television show I like to watch called â€Å"The Big Bang Theory, maybe some of you have seen it. This show focuses on the relationships between a group of friends, some who live and work together. One of the show’s main characters is named Sheldon. Sheldon has many behaviors that his friends and others view as odd. Sheldon is a highly intelligent scientist, but he often exhibits what some people might consider different or childlike behavior. Sheldon has a certain seat he must sit in and certain foods he eats depending on the day of the week, when he knocks on someone’s door he must knock three times while saying the person’s name. Sheldon avoids physical contact from others and often does not understand sarcasm. Relate topic presenter Some of these behaviors remind me of my son, Jacob. Jacob was diagnosed eight years ago with Autism Spectrum Disorder at age six. Relate topic audience Imagine what your life would be like if you were unable to express how you feel or know how others are feeling. Imagine if you couldn’t understand what others were saying to you. How would you feel if your actions upset those around you and you couldn’tShow MoreRelatedAutism Spectrum Disorder ( Asd )1722 Words   |  7 Pagesin every sixty-eight births are diagnosed with the Autism spectrum disorder in other words (ASD), which is about one percent of the world’s population. And that more than three point five million people in America live with a person who has the Autism spectrum disorder. We all know that Autism is a spectrum disorder in which an abnormality is developed in the brain. It is a long life condition that has no cure for itself. People who have Autism face many difficulties in their communication and theirRead MoreAutism Spectrum Disorder ( Asd )1441 Words   |  6 PagesIntroduction Autism spectrum disorder (ASD) is a hereditary neurodevelopmental disorder. Like many other psychological disorders, it is commonly misunderstood in popular culture. Many allude to it casually, often equating it with crippling social awkwardness and disability when it is in fact a spectrum disorder with many degrees of severity. It is somewhat of an enigma within the scientific community as well; there are many things we do not know about ASD and there is ongoing research to learn moreRead MoreAutism Spectrum Disorder ( Asd )1535 Words   |  7 PagesHow Autism Influences the Interactions with Others There is a little boy that gets up every morning and goes to school. He goes home to his parents after school each day. He eats, sleeps, and plays just like any other child. There is one difference. He sees the world in a unique way than most other children not affected by Autism Spectrum Disorder. The boy’s life and actions are a bit different and can be challenging for him. He needs understanding parents, family members, and teachers. Autism SpectrumRead MoreAutism Spectrum Disorder ( Asd )1444 Words   |  6 PagesAutism Spectrum Disorder Dustin S. Staats University of Central Oklahoma â€Å"Autism Spectrum Disorder (ASD) formerly known as just Autism, is a disorder that affects about 1 in 68 children here in the United States.† (Facts about ASD) This is a pretty high prevalence and the number is continuing to rise. â€Å"Autism is a developmental disability that can cause significant impairments in behavioral, communication, and social aspects of everyday life.†(Facts about ASD). The intellectual functioning ofRead MoreAutism Spectrum Disorder ( Asd )1569 Words   |  7 Pagesdiagnoses for autism spectrum disorder (ASD) occur has seen a dramatic growth in numbers. With diagnoses for ASD increasing, more siblings are also being found to have grown up with a sister or brother with autism spectrum disorder. Previous studies have shown no consensus on whether or not siblings of persons with ASD are at risk for negative effects. However, patterns of anxiety among these siblings are being examined to see if characteristics of a child with autism spectrum disorder and their parentsRead MoreAutism Spectrum Disorder ( Asd )1369 Words   |  6 PagesAutism Spectrum Disorder (ASD) Introduction I don t think people understand how unique children with Autism are or the demands of caring for a child with Autism is. In order to grasp the effect of this disability has on a child or their family it is important to understand the characteristics of a child living with Autism. So for you to understand I will be talking about Autism Spectrum Disorder (ASD) or Autism in a childs life. I will be talking about what autism is, the history and descriptionRead MoreAutism Spectrum Disorder ( Asd ) Essay1168 Words   |  5 PagesAutism Spectrum Disorder, as defined by the National Institute of Neurological Disorders, refers to a group of complex neurodevelopment disorders characterized by repetitive and characteristic patterns of behavior and difficulties with social communication and interaction (ninds.nih.gov). Autism Spectrum Disorder (ASD) is a very complex developmental disorder and the term ‘spectrum’ was added to the original term simply known as ‘Autism’ due to the wide range of symptoms associated with the disorderRead MoreAutism Spectrum Disorder ( Asd )1852 Words   |  8 PagesThe following paper is going to cover the topic of Autism Spectrum Disorder (ASD). Using research and data collected from various authors and journalists the paper will describe the different variations of autism and discuss the impa ct autism has on a person- in society, at home, in the classroom, and in their careers. Beginning at infancy, autism has a major impact on not just the child but their family’s life as well. The child’s lack of ability to interpret social cues, gestures, and expressionsRead MoreAutism Spectrum Disorder ( Asd ) Essay1240 Words   |  5 PagesAutism Spectrum Disorder Autism Spectrum Disorder (ASD) is a range of conditions grouped under the neurodevelopmental disorders in the Diagnostic and Statistical Manual of Mental Disorders (DSM-5) published in 2013 (Kress Paylo, 2015). Those who are diagnosed with autism spectrum disorder must present two types of symptoms: 1) Deficits in social communication and social interaction and 2) Restricted, repetitive patterns of behavior, interests or activities (APA, 2013). The DSM-5 merged all autismRead MoreAutism Spectrum Disorder ( Asd )1285 Words   |  6 PagesIntroductions: Autism Spectrum Disorder (ASD) is defined as a lifelong developmental condition that affects, among other things, the way an individual relates to his or environment and their interaction with other people. The word ‘spectrum’ is the description of a range of difficulties that people with autism may experience and the degree to which they may be affected. Not everyone with autism have an accompanying learning disability and require continued specialist support because some people with

What Are Examples of a Hypothesis

A hypothesis is an explanation for a set of observations. Here are examples of a scientific hypothesis. Although you could state a scientific hypothesis in various ways, most hypotheses are either If, then statements or else forms of the null hypothesis. The null hypothesis sometimes is called the no difference hypothesis. The null hypothesis is good for experimentation because its simple to disprove. If you disprove a null hypothesis, that is evidence for a relationship between the variables you are examining. For example: Examples of the Null Hypothesis Hyperactivity is unrelated to eating sugar.All daisies have the same number of petals.The number of pets in a household is unrelated to the number of people living in it.A persons preference for a shirt is unrelated to its color. Examples of an If, Then Hypothesis If you get at least 6 hours of sleep, you will do better on tests than if you get less sleep.If you drop a ball, it will fall toward the ground.If you drink coffee before going to bed, then it will take longer to fall asleep.If you cover a wound with a bandage, then it will heal with less scarring. Improving a Hypothesis To Make It Testable While there are many ways to state a hypothesis, you may wish to revise your first hypothesis in order to make it easier to design an experiment to test it. For example, lets say you have a bad breakout the morning after eating a lot of greasy food. You may wonder if there is a correlation between eating greasy food and getting pimples. You propose a hypothesis: Eating greasy food causes pimples. Next, you need to design an experiment to test this hypothesis. Lets say you decide to eat greasy food every day for a week and record the effect on your face. Then, as a control, for the next week, youll avoid greasy food and see what happens. Now, this is not a good experiment because it does not take into account other factors, such as hormone levels, stress, sun exposure, exercise or any number of other variables which might conceivably affect your skin. The problem is that you cannot assign cause to your effect. If you eat french fries for a week and suffer a breakout, can you definitely say it was the grease in the food that caused it? Maybe it was the salt. Maybe it was the potato. Maybe it was unrelated to diet. You cant prove your hypothesis. Its much easier to disprove a hypothesis. So, lets restate the hypothesis to make it easy to evaluate the data: Getting pimples is unaffected by eating greasy food. So, if you eat fatty food every day for a week and suffer breakouts and then dont breakout the week that you avoid greasy food, you can be pretty sure something is up. Can you disprove the hypothesis? Probably not, since it is so hard to assign cause and effect. However, you can make a strong case that there is some relationship between diet and acne. If your skin stays clear for the entire test, you may decide to accept your hypothesis. Again, you didnt prove or disprove anything, which is fine

Punishment in Dante’s Inferno Essay - 985 Words

Getting What They Deserve: Punishment in Dante’s Inferno Dante’s The Inferno is his own interpretation of the circles of hell. The people that Dante places in hell tried to validate their offenses and have never seen the injustice of their crime or crimes. They were each placed in a specific circle in Hell, Dante has nine circles in his hell. Each circle holds those accountable for that specific crime. Each circle has its own unique and fitting punishment for the crime committed. There are three different main types of offenses; they are incontinence, violence, and fraud. These offenses are divided into Dante’s nine rings of Hell. Each of these rings has a progressively worse punishment, starting with crimes of passion and†¦show more content†¦The wrathful are fighting each other on the surface of the Styx river while the sloths are lying at the bottom of the river doing nothing. The next three rings and sub-rings of Hell are composed of violent crimes against both ones self and others. The sixth ring is reserved for the heretics who are engulfed in flames. This symbolizes the problems that they tried to create by challenging the Christian church and its practices. The seventh ring has three sub-categories consisting of violence against people and property, suicide, and those against god, nature, and order. The sinners that were violent against people and property are punished by being immersed in boiling blood, which is equivalent to the level of violent crimes they committed. The punishment for suicide is being planted and growing as a tree, when a branch is torn off the person feels the equivalent pain of having an arm or leg taken off. This is a fitting punishment because in their life the only relief from suffering was through killing themselves and in hell they live with that agony similarly to the way people on earth are suffering over the decea sed. The third and final sub-ring of the seventh circle holds those against god, nature, and order. They are punished by either walking, sitting or lying on flaming sand while hot ashes fall from above. Their position is based on their lack of respect for what they offended. The last ring in this group of violentShow MoreRelatedTheme Of Punishment In Dantes Inferno925 Words   |  4 Pagesform of punishment for things done on Earth after death. Dante Alighieri of Florence in the 1300s created modern society’s viewpoint on hell. He wrote his Divine Comedy, which consisted of Inferno, Purgatorio, and Paradiso. In The Inferno, Dante discusses Dante the Pilgrim’s journey through the Underworld in order to reach Heaven. A leopard, lion, and she-wolf block Dante’s way to Heaven, so he follows the poet Virgil through hell in order to reach Heaven. Deborah Parker states, â€Å"Dantes Inferno, widelyRead MoreThe Just Punishments in Dante’s Inferno1041 Words   |  5 PagesThe Just Punishments in Dante’s Inferno Inferno, written by Dante in the early fourteenth century, is a poem about Dante’s, the main characters, journey through Hell and signifies the nature of sin on Earth and punishment in Hell (Gardner et al online). Those who sinned while on Earth are justly condemned to different levels of punishments in Hell, relative to their sins on Earth. Each of the nine circles of Hell represents a worse sin, and therefore, a crueler punishment. The categorized punishmentsRead MoreExamples Of Punishments In Dantes Inferno1187 Words   |  5 PagesDantes Inferno explores the nature of human suffering through a precautionary light. As Dante and Virgil move through the Inferno, Dante sees what has become of people who overindulged in things such as, lust, gluttony, violence, and bribery. Few of the punishments described in the Inferno have a direct correlation to the sin that the souls committed while they were living. Rather, they are a representation of what happens when we commit tho se crimes against ourselves and others. We create hellsRead MoreTypes of Punishment in Dante’s Inferno Essay1177 Words   |  5 Pages In Dante’s Inferno, Dante narrates his descent and observation of hell through the various circles and pouches. One part of this depiction is his descriptions of the various punishments that each of the different sinners has received.   The various punishments that Dante envisions the sinners receiving are broken down into two types. The first type he borrows from various gruesome and cruel forms of torture and the second type, though often less physically agonizing, is Dante’s creative and imaginativeRead MoreThe Consequences Of Punishment In Dantes The Inferno1250 Words   |  5 Pages â€Å"No one thinks of how much blood it costs. â€Å"The person who said this is the same revolutionary that wrote the Inferno. He is talking about war, and about what violence brings, when no one thinks about the consequences. In his poem, The Inferno, he goes through hell meeting and talking with people in the different circles. These layers get worse the longer the poem lasts, and as long as Dante traverses the unknown depths of the devil’s kingdom. In canto 12, Dante and his guide Virgil, come acrossRead MorePolitical and Religious Ambitions: Dante’s Justification of Punishments in the Inferno1928 Words   |  8 PagesIn The Inferno, Dante descends through the nine circles of Hell, encountering increasingly serious sins, most of which are crimes. The levels of Hell can be interpreted as a gradation of crimes, with penalties in proportion to their relative gravity of sin. While crimes are transgressions against human law, Dante’s Christian orthodox ambiti ons translate the treatment of these seemingly earthly crimes as sins, transgressions against divine law. For the purposes of this paper, the two terms can beRead More Dantes Divine Comedy - Symbolism in the Punishment of Sin in The Inferno4185 Words   |  17 PagesThe Symbolism in the Punishment of Sin in Dantes Inferno  Ã‚      Inferno, the first part of Divina Commedia, or the Divine Comedy, by Dante Alighieri, is the story of a mans journey through Hell and the observance of punishments incurred as a result of the committance of sin. In all cases the severity of the punishment, and the punishment itself, has a direct correlation to the sin committed. The punishments are fitting in that they are symbolic of the actual sin; in other words, They got whatRead MoreDantes Inferno How the Punishment Fits the Crime1227 Words   |  5 Pagescould best be described as an obsession. It’s an adventure, a tale, a dream (or nightmare) of different historical, biblical, and Greek gods and creatures living their lives in the afterlife of the underground world. Each level has its own form of punishment fitting the crime one has committed. Level one, Limbo: for those who have not acted upon sin to be punished for, but rather didn’t accept Christ as their savior. Those in Limbo aren’t harmed or living in suffering. They live in a deficientRead MoreAnalysis of Dante ´s Inferno Essay1606 Words   |  7 PagesDante’s Inferno is a very important piece of literature. There are many things to be learned from it, from the face value knowledge that Hell is a bad place, to a deeper understanding of how God intended us to live; but the most important lesson to be learned here is the power of allegory. Nancy Thuleen says this about it. â€Å"Dantes portrayal of Hell in the Inferno is an undisputed masterpiece of visual and allegorical imagery, enriched not only by extensive use of figurative language, but by concreteRead MoreThe Story in Dantes Inferno910 Words   |  4 PagesIn the story Dante’s Inferno we as readers get to experience hell in a whole light. Throughout the narrative we find out th at hell is not only what we know of it from the Christian bible. According to Dante Hell is a complex situation that is nothing like anything we have read earlier. There are many people who have read at least some portion of the Holy Bible. Whether it be because of personal reasons or educational ones, the holy bible most read (and sold) books in existence. Through reading

Under The Influence Essay Research Paper In free essay sample

Under The Influence Essay, Research Paper In the first volume of the trilogy, Celestine, there were many positive and negative influences in the life of Celestine. The Indian Department discouraged Celestine in many ways. Father Victor Gaudet besides played an of import function in her life. Last, Celestine faced battles with her household at place. Some of the positive and negative influences in Celestine s life were the disheartenment of the Indian Department, Father Victor Gaudet, and her battles at place. Celestine had many struggles at the Laing Center. To be admitted to rate one at the Laing Center, a kid had to hold at least one half twelvemonth of kindergarten. Sister Candida would non accept Celestine because she hadn T attended kindergarten. Then there were Celestine s brushs with Mrs. Hoffman at the Church of Christ United Separate School ( C.C.U. ) . Mrs. Hoffman disliked Indians, possibly, because her hubby had had an matter with one. She heard about it and left her hubby for a twosome of hebdomads. Celestine had arrived tardily to category one forenoon. As she walked into the schoolroom, she could experience the instructor s gross outing glimpse. After category was over, Mrs. Hoffman grabbed Celestine s arm tightly as she was approximately to go forth. Mrs. Hoffman had heard that Celestine had been to the bars so she threatened to direct Celestine to the chief s office the following clip she went to those bars. Celestine did non allow her anger get the better of her and was winning in that state of affairs. Unfortunately for Celestine, this following brush would hold a different result. During another session, Mrs. Hoffman had asked Celestine who the city manager of Battle City was. When Celestine couldn T reply rapidly, Mrs. Hoffman tried to set force per unit area on Celestine by hotfooting her. After believing about it for a piece, Celestine s answer was her gramps, Chief Moses Deer. This sent the category into an Julius tumult. Mrs. Hoffman silenced the room by shouting, Oh, you re nil but a dense Indian! ( Piepenburg 280 ) . Celestine buried her caput in her weaponries for the remainder of the category. After the session was over, other Raven schoolmates tried to assist Celestine from her depression. Celestine eventually rose, but when she tried to go forth, Mrs. Hoffman blocked her manner. Fire builded in Celestine as she struck Mrs. Hoffman on the cheek and slashed her ear. As Mrs. Hoffman cried out, Celestine fled. This resulted in Celestine s ejection from the C.C.U. Separate School. Later, Celestine, her female parent Mona Lafluer, and her grandma, Bella Deer, had planned to see the principal, Martine Sorenson. Mona went to a attorney to acquire a legalized position on the state of affairs. The attorney said that the Human Rights Act did non use to personal school clangs. It besides stated that the principal could merely throw out those whom they considered to be unwieldy. This discouraged Bel la and Mona but they were still determined to assist Celestine. Being rejected for first class at the Laing Center, threatened by Mrs. Hoffman, and provoked to assail Mrs. Hoffman were all negative influences in Celestine s life. Father Victor Gaudet, principal of the United Church of Christ St. Indian Residential School, was a important figure in Celestine s life. He had besides developed a relationship with the Marmot folk, who shared a affable relationship with the Raven folk. Father Gaudet had been a mission for the Marmots for 12 old ages. He knew their linguistic communication he was active in their mundane personal businesss, which was the most of import factor. He went along on their hunting and fishing trips, and even learned some of Marmot accomplishments that had been passed down through coevalss. Along with that, Gaudet had electric and Julius woodworking accomplishments that aided in the edifice of new houses. He besides handled the concern affairs of the head and council. Since the principal had these societal ties, his school was heaven for the Indian young persons that degree Fahrenheit ailed in the white work forces s school. Gaudet took Indian juveniles and had them accomplishing academically good. In other state of affairss, he provided emotional security for young persons that came from broken places. St. Labre Indian School is a Native American school located in Southeastern Montana. This school has slightly similar qualities as the U.C.C. Both schools provide more than merely instruction. Education is non the lone thing that St. Labre provides ( About St. Labre Indian School 1 ) . The qualities of Father Gaudet and his school were all favourable grounds for reassigning Celestine to Gaudet s school. The concluding determination being up to Celestine, she chose to travel to Gaudet s school. Ever since Celestine s brushs with Sister Candida, despite the good things she heard about Gaudet s establishment, Celestine was still disbelieving. After she met Gaudet, she became really comfy, even though she missed her household. They had a long conversation where Celesti ne talked about her ends and besides her past jobs and records. As their conversation came to a stopping point, Gaudet had achieved his intent of acquiring to cognize Celestine better. Gaudet and his school was a good influence in Celestine s life because of his ties with the Marmot folk, his academic support, and religious counsel. Last, Celestine faced jobs at place. Her male parent, Duncan Lafluer, would frequently acquire into problem and would be in and out of gaol. His last discourtesy, in August, was acquiring rummy in tavern and crushing up three husbandmans. He was released before Christmas Julius and Celestine wanted to travel place during the interruption so she could see him. After his release, as he was on his manner place, he reminisced on how he could hold avoided the problem at the tap house. He besides thought of how he left his household to support for themselves while he was off. As he arrived closer to the house, he could see that the house, which he and Mona had built, had an unfinished side. As he entered the house, there was no mark of exhilaration in the air because Duncan had ever been a adult male who had come and gone. When it came to missionaries, Duncan was really contemptuous. Despite his brainwashing experiences when he had attended the residential school, Duncan had vowed to maintain his Raven beliefs everlastingly. Crow Indians had a similar feeling toward their faith. Religion was closely tied to warfare.to do certain his success and besides to give him courage ( Cisco 355 ) . When Duncan heard about Celestine s brush at C.C.U. , he became really agitated. However, he calmed down one time he heard of Celestine s whereabouts. Duncan and Mona so discussed how to acquire the money so they could see Celestine for Christmas. Mona had suggested borrowing the money from Dick Rawlins but Duncan did non hold to that thought at all. This showed an illustration of how the household struggled. Throughout all of the battles, Mona was still a devoted, loving, and supportive married woman. Knowing how much Duncan loved and needed mukluks, she had a new brace waiting for him when he got place that she had made. Mona had besides tended to the livestock good while Duncan was gone. When it came to the topic of happening employment, a feeling of personal torture came upon Duncan. However, Mona would save him the humiliation by reminding him of his good hunting accomplishments and that he should Julius maintain meat in the house. The household struggles were negative influences because of Duncan s come-and-go position, and the household s fiscal jobs. Despite the brushs at the Laing Center and C.C.U. , Celestine managed to get the better of the subjugation dealt out by the Indian Department. Father Gaudet admitted Celestine into his school and treated her as no school had of all time done, which overjoyed Celestine. Besides due to subjugation, the Lafluers faced many battles at place. Freedom from subjugation must be demanded by the oppressed because the oppressor will neer give it out. 32e

Battle of Molino del Rey in the Mexican-American War

Battle of Molino del Rey in the Mexican-American War The Battle of Molino del Rey was fought September 8, 1847, during the Mexican-American War (1846-1848). Having advanced inland from Veracruz and won several victories, Major General Winfield Scotts American army approached Mexico City. Learning of Mexican forces in a mill complex known as the Molino del Rey, Scott ordered an attack to capture the facilities as intelligence suggested they were being used to cast cannon. Moving forward, troops led by  Major General William J. Worth assaulted the Molino del Rey and the nearby Casa de Mata. In the resulting fighting, both positions were captured, but American losses proved high. A somewhat Pyrrhic victory for Scott, no evidence was found that cannon were being manufactured in the facility. Background Though Major General Zachary Taylor had won a series of victories at Palo Alto, Resaca de la Palma, and Monterrey, President James K. Polk elected to shift the focus of American efforts from northern Mexico to a campaign against Mexico City. Though this was largely due to Polks concerns about Taylors political ambitions, it was also supported by reports that an advance against the enemy capital from the north would be exceptionally difficult. As a result, a new army was created under Major General Winfield Scott and ordered to capture the key port city of Veracruz. Landing on March 9, 1847, Scotts men moved against the city and captured it after a twenty-day siege. Building a major base at Veracruz, Scott began making preparations to advance inland before yellow fever season arrived. Moving inland, Scott routed the Mexicans, led by General Antonio Là ³pez de Santa Anna, at Cerro Gordo the following month. Driving towards Mexico City, he won battles at Contreras and Churubusco in August 1847. Nearing the gates of the city, Scott entered into a truce with Santa Anna in the hopes of ending the war. The subsequent negotiations proved futile and the truce was marred by numerous violations on the part of the Mexicans. Ending the truce in early September, Scott began making preparations for assaulting Mexico City. As this work moved forward, he received word on September 7 that a large Mexican force had occupied the Molino del Rey. The Kings Mill Located southwest of Mexico City, the Molino del Rey (Kings Mill) consisted of a series stone buildings that once had housed flour and gunpowder mills. To the northeast, through some woods, the castle of Chapultepec towered over the area while to the west stood the fortified position of Casa de Mata. Scotts intelligence reports also suggested that the Molino was being used to cast cannon from church bells sent down from the city. As the bulk of his army would not be ready to assault Mexico City for several days, Scott determined to conduct a minor action against the Molino in the meantime. For the operation, he selected Major General William J. Worths division which was located at nearby Tacubaya. Plans Aware of Scotts intentions, Santa Anna ordered five brigades, supported by artillery, to defend the Molino and Casa de Mata. These were overseen by Brigadier Generals Antonio Leon and Francisco Perez. To the west, he stationed around 4,000 cavalry under General Juan Alvarez with the hope of striking the American flank. Forming his men before dawn on September 8, Worth intended to spearhead his attack with a 500-man storming party led by Major George Wright. In the center of his line, Worth placed Colonel James Duncans battery with orders to reduce the Molino and eliminate the enemy artillery. To the right, Brigadier General John Garlands brigade, supported by Hugers Battery, had orders to block potential reinforcements from Chapultepec before striking the Molino from the east. Brigadier General Newman Clarkes brigade (temporarily led by Lieutenant Colonel James S. McIntosh) was directed to move west and assault the Casa de Mata. Armies Commanders United States Major General Winfield ScottMajor General William J. Worth3,500 men Mexico Brigadier General Antonio LeonBrigadier General Francisco Perezapprox. 14,000 men in the area The Attack Begins As the infantry moved forward, a force of 270 dragoons, led by Major Edwin V. Sumner, screened the American left flank. To aid in operation, Scott assigned Brigadier General George Cadwalladers brigade to Worth as a reserve. At 3:00 AM, Worths division began advancing guided by scouts James Mason and James Duncan. Though the Mexican position was strong, it was undermined by the fact that Santa Anna had not placed anyone in overall command of its defense. As American artillery pounded the Molino, Wrights party charged forward. Attacking under heavy fire, they succeeded in overrunning the enemy lines outside the Molino. Turning the Mexican artillery on the defenders, they soon came under heavy counterattacks as the enemy realized that the American force was small (Map). A Bloody Victory In the resulting fighting, the storming party lost eleven of fourteen officers, including Wright. With this thrust faltering, Garlands brigade swept in from the east. In bitter fighting they managed to drive off the Mexicans and secure the Molino. Haven taken this objective, Worth ordered his artillery to shift their fire to the Casa de Mata and directed McIntosh to attack. Advancing, McIntosh quickly found that the Casa was a stone fortress and not an earthen fort as originally believed. Surrounding the Mexican position, the Americans attacked and were repulsed. Briefly withdrawing, the Americans witnessed Mexican troops sortie from the Casa and kill nearby wounded soldiers. With the battle at the Casa de Mata progressing, Worth was alerted to Alvarezs presence to across a ravine to the west. Fire from Duncans guns kept the Mexican cavalry at bay and Sumners small force crossed the ravine to provide further protection. Though artillery fire was slowly reducing the Casa de Mata, Worth directed McIntosh to attack again. In the resulting assault, McIntosh was killed as was his replacement. A third brigade commander was severely wounded. Again falling back, the Americans allowed Duncans guns to do their work and the garrison abandoned the post a short time later. With the Mexican retreat, the battle ended. Aftermath Though it lasted only two hours, the Battle of Molino del Rey proved one of the bloodiest of the conflict. American casualties numbered 116 killed and 671 wounded, including several senior officers. Mexican losses totaled 269 killed as well as approximately 500 wounded and 852 captured. In the wake of the battle, no evidence was found that the Molino del Rey was being used as a cannon foundry. Though Scott ultimately gained little from the Battle of Molino del Rey, it did serve as another blow to the already low Mexican morale. Forming his army over the coming days, Scott attacked Mexico City on September 13. Winning the Battle of Chapultepec, he captured the city and effectively won the war.

Assessing the Impact of Macroeconomic Policies on the Economy Essays

Assessing the Impact of Macroeconomic Policies on the Economy Essays Assessing the Impact of Macroeconomic Policies on the Economy Essay Assessing the Impact of Macroeconomic Policies on the Economy Essay Department of industrial relations and public administration Lagos state university, Ojo, Nigeria.. Abstract The regime of banking sector reforms leading to recapitalization and consolidation in Nigeria and the consequent merger and or acquisition of existing banks into twenty five (25) by 2005, and later eighteen (18) by 2012 brought along their trails attendant labor problems in terms of educational diversity, job security and productivity, decent employment questions.The study review post consolidation performance of the banking sector to assess the extent to which the sector meets consolidation objective using post development approach. It was found that while the alliance and marriage of seemingly compatible partners are settling down, the society is at the receiving end of the severance of labor and the enlargement of the pool of reserved army of the unemployed. The fall-out therefore is double-edge for the economy and the society. Keywords: Labor reforms, recapitalization, con solidation and post development 1. 0Introduction Private and public businesses are continually being challenged by performance. Performance success is very minimal measured on the indices of what Alos (2006) catalogued as: what the customer needs and values, response to environmental changes and impact on the quality of the people. The issue of performance effectiveness or reengineering organisation has preoccupied the minds of organization practitioners, researchers and watchers since 1990s. Therefore, all over the world, many economies had carried out various reforms to ensure effectiveness of the 166 European Scientific JournalMay edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 real sectors. The performance revolution started in the private sector. Its effects spread to the public sector influenced by ideas from public management school. Nigeria as a nation is not left out in this reform revolution to ensure quality of life for its citizenry. Legal and i nstitutional frameworks were put in place to re-engineer the economy and the performance values of the real sectors. The blue print of the current reforms agenda is set out in the National Economic Empowerment and Development Strategy (NEEDS) document.Some of the reforms include (1)power sector reform; (2) ports reforms meant to ensure timely clearing of goods within forty eight hours (3) deregulation of oil and gas sub-sector to forestall perennial fuel scarcity; (4) deregulation in the telecommunication industry to reduce government participation, create employment and commerce (5) the banking sub-sector /recapitalization/consolidation to make it play its rightful role as the dominant sector of the economy in driving growth and development in other sector. The current banking sector reforms captioned as recapitalization policy was issued out on Tuesday July 6, 2004.Capitalization is setting the capital base upon which a player can set up and be licensed to operate banking function s. It is setting a capital base which was given as twenty five billion naira (N25b) as at 2005. The former capital base was two billion Naira (N2b), which many banks could not even afford. In Nigeria, empirical studies had been carried out on the relationship between banking reforms and economic growth (Balogun, 2007, Fadare, 2010); consolidation and macro economic performance (see Somoye, 2008); consolidation and adoption of e-banking (Ayo, Adewoye and Oni 2010; Chimeke, Evwiekpaefe, and Chete, 2006).The implication of banking reforms on labor has scarcely been researched. The main objective of this study is to review the banking sector reforms 2004 – 2011 and the extent to which the objectives set are met and also, the implication of the reforms on labor as regards employment: security, decent employment, employees’ satisfaction and the outcomes of these variables for the society. 2. 0 Literature Review and Theoretical Framework Consolidation simply means to build on or improve to the extent of stability Adeyemi (2007) considers it to represent the idea of investment and the coming together of firms or enterprises as a single entity.In the banking sector of Nigeria the essence of banking consolidation 167 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 is to reposition the nations banking industry for global competitiveness and also to ensure a strong and reliable banking sector that will guarantee the safety of the depositors’ money. Consolidation as a means of reducing over capacity is doubtful (Somoye 2008).The effectiveness of banking sector consolidation as a remedy for financial stability and in correcting the defects in the financial sector for sustainable development had not been corroborated by similar exercise in Europe, America and Asia in the last decade (Somoye, 2008). Rather, crises and failures as depicted by credit crises and transatlantic mortgage financial turmoi l erupted which, in Nigeria, seriously affected invested money values specifically, stock values.Rather than restructuring leading to reduction in over capacity as indicated by consolidation apologists, an improvement strategy that would accommodate the resources available and expand them is advocated by internally induced consolidation apologists. The banking sub-sector in Nigeria witnessed sharp drop in credit rate to the real sector which affected return on shareholders’ fund (Adeyemi, 2007). Credit went more to foreign exchange rather than the real sectors. The capacity of real sector to generate employment weakened.The access of small and medium enterprises (SMES) and the informal sectors to credit also dwindled (Somoye, 2008; NDIC, 2008; CBN, 2008). Structuring to the economists is adapting to the demands of increasingly global markets for greater efficiencies. Sociologist always view the social impact, specifically the social problems engendered by externalities which results in social disruption especially the negative effects on level of job security, commitment, psychological well being and turnover intentions.The effect of these on organization efficiency, contrary to reformist postulation may be negative. Matanmi (2005) saw a yawning gap between the immediate or short term effects of economic reforms and the necessary ideals of job security. He concluded that the ability of reforms to create employment in the last one decade had been very few and far between. Adeyemi (2007) also agreed that banking reforms in Nigeria resulted in job loss, variance level of compensation and remuneration package for different merging groups and board room squabbles among cliques of the merging banks. . 1 Theoretical Framework Post development approach is a reaction to the dilema of development. Instead of abundance, discourse and strategies of development produce its opposite: underdevelopment and 168 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 impoverishment, untold exploitation and repression. (Sidaway 2008). The post development apologist claim that change brought about by modernity or driven by the west would always meet with disillusionment on the part of the people of developing countries. 2. 2Banking Sector Reforms in Nigeria Banking operations began in 1892 owned mainly by expatriates (Somoye, 2008). They remained however unregulated until 1952 (Fadare, 2010). There were expansions with indigenous ownership by 1950s. However, many of the banks failed between 1947 and 1952. The first regulation of banks was put in place by Banking Ordinance of 1952. This was ineffective as there was no Central Bank until 1958 to carry out supervising or control measures. Bank ownership structure shifted by 1970s with indigenization decree. This allows more Nigerian investment in the banking industry.The Nigerian enterprises promotion Decree (NEPD) limits foreign ownership of Nigerian bu sinesses to 60% in 1972 and 40% in 1976. The 1990’s reform allowed for 100% individual ownership which was a shift from existing 10% for individual ownership and 30% for corporate ownership. This led to the proliferation of banks. Banking sub sector recapitalization policy was issued out on Tuesday, July 6, 2004. Capitalization is setting the capital base upon which a player can set up and be licensed to operate banking functions. Recapitalization is setting a new capital base.The essence is to consolidate the sector to enhance competitiveness and capacity to play important role of financing investment (Somoye, 2008). Consolidation which may result in increase in bank size through merger and acquisition has the potential of increasing bank returns through increase revenue and cost efficiency gains. It may also reduce industry risks through the eliminations of weak banks and create better diversification opportunities (Furlong, 1998). Recapitalization policies set twenty five billion Naira (N25b) as the new minimum capital base for banks operating in Nigeria.The former capital base was two billion naira (N2b) and many banks could not even meet this. The objective of recapitalization is captured in the governor of Central Bank of Nigeria (CBN) Charles Soludos words thus the banking reform is to: (1) reposition the nations banking industry for global competitiveness; (2) ensure a strong and reliable banking sector that will guarantee the safety of the depositors money; (3) play active development role in the nations’ economy; 169 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) ISSN 1857- 7431 (4) (5) make the banks less dependent on public sector fund, and be capable of financing the real sector (New Age Apri17, 2005). A time frame of eighteen months terminating in December 25, 2005 was set for prospective player to meet the capitalization line. To facilitate compliance the following carrots were offered by CB N. Banks that met the deadline shall: (1) (2) (3) (4) deal in foreign exchange; take public sector deposit; be recommended to fiscal authorities to collect public sector revenue, and; manage part of Nigeria external revenue. New Age April 12, 2005); Furtherance to this, nine billion Naira (N9b) loan write off was offered for weak banks to make them attractive for acquisition so as to protect the system, the depositors, and employees as a results of liquidation. 2. 2. 1The Need for reform: The Banking sector is one of the dominant sectors of the economy. It serves as the engine of growth for the real sector financing, Its stability and strength and consolidation will to a large extent influence other sectors.Any policies in the banking sector including its activities affect the micro-economic situation and acting as consultant with qualitative advice to the customers will drive the economy as it were. An inventory of Nigerian banks between 1994 and 2001 as revealed by Nigerian Deposi t Insurance Corporation shows that (NDIC, 2004; National Mirror 2005). (1) A total of thirty five (35) licensed banks went into distress and were eventually liquidated. Out of these, thirteen (13) were commercial banks eighteen (18) merchants and one (1) cooperative (2) The loss to depositors was two billion naira (#2. b) (3) Four thousand (4000) workers lost their job. Omeife (2005) calculated that an average of 3 banks per year was liquidated. That is spanning the period of eight years. The liquidation was as a result of in-effectiveness and inefficiency arising from (1) financial fraud, (2) insiders’ credit abuse resulting in huge non-performing credit, (3) low quality manpower, (4) inefficiency of management, (5) inaccurate reporting and non compliance with regulatory requirements(6) low aggregate credit as percentage of the GDP to the domestic 170 European Scientific Journal May edition vol. 8, No. 9ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 economy (20%) Idowu, 2006; Adeyemi, 2007; Cowry research, 2009). By 2005 the following were the status of the banks in terms of their standing Table 1 Category Sound Satisfactory Marginal Unsound 2001 10 6. 3 8 9 2002 13 54 13 10 2003 11 53 14 9 2004 10 51 16 10 Source: CBN reports and statement of accounts 2004 The impacts of these on the economy include the following: (1) There is sociological implication for the social nets of the sacked workers and the multiplier effects on other real sectors Social nets is the web of relationship established by an individual.In African setting, they include lots of extended family members that are dependent on such workers and which he/she in turn provides financial supports. (2) The confidence depositors have in banking system waned. (3) The economy became depressed as a result of loss of money. (4) Increased unemployment was witnessed. The loss of deposit definitely stalled other businesses and the spiral effect can only be imagined. At the announcement of the ba nking consolidation, not more than few banks could go it alone. Therefore, merger and or acquisition were necessitated..The existing eighty nine banks went through the process of merger and or acquisition, and twenty five banks eventually emerged by December 25, 2005 deadline. Table 1 shows the merged banks and their capital base. 171 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 Table 2 S/N GROUP MERGING BANKS Access bank, Marina Int’l Capital Bank Afribank, Afribank Merchant Diamond, Lion Bank Eco bank COMBINED ASSETS DEC. 2005, ‘N’ BILLION 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Access Afribank Diamond Eco Bank 28. 5 29 33. 25 Over 25 25 30 29 44. 62 28 34 35 51. 7 25 31. 26 Equatorial Trust Equitorial Trust, Devcom FCMB Fidelity First Bank First Inland Guaranty Trust IBTC Chartered Intercontinental FCMB, COOP Dev. NAMB Ltd Fidelity, FSB Int’l, Manny First Bank, FBN Merchant, MBC Int’l Fi rst Atlantic, Inland, IMB Int’l NUB Int’l Guaranty Trust Bank IBTC, Regent Banks Intercontinental, Equity, Global, Gateway Nigeria Int’l Bank Nigeria Int’l Bank (City Group) Oceanic Bank Platinum Skye Oceanic Bank and International Trust Platinum Bank ; Habib Bank (Bank PHB) Prudent Bank, EIB International, Cooperative 37 Bank, Bond Bank ; Reliance Bank 17 Spring Bank CITI, ENS Inter.Bank, Guardian Express Bank, Over 25 ACB Inter Bank, Omega Bank, Fountain Trust Bank ; TRANS, International Bank. 18 19 Stanbic Bank Standard Chartered Bank Stanbic Bank Standard Chartered Bank 25 26 20 United Bank of UBA, and Standard Trust Bank Africa 50 172 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 21 Sterling Bank Magnum Trust Bank, NAL Bank, Indo-Nigeria 25 Bank ; Trust Bank of Africa. 22 Union Bank Union Bank, Union Merchant, Board Bank and 58 Universal Trust Bank 23 24 25 Unity Bank WEMA Bank Zenith Bank W EMA ; National Bank Zenith 0 26. 2 38 Sources: Compiled from CBN Press Release (3/1/06), Financial Standards (16/1/06), and the Comet (3/1/06). 2. 3 Post Consolidation The Nigeria society woke up by August 14, 2009 to find out that the banks were not stable after all. The Central bank of Nigeria (CBN) intervened again purportedly to save the banking industry from imminent collapse. Five Banks were identified for rescue as a result of poor capital adequacy, high risk assets poor corporate governance tending towards CEOs corruption; erosion of share holders fund, high liquidity ratio and credit crises.Whereas the twenty five (25) banks that passed the recapitalization test were declared sound in 2005, by 2006, ten (10) were declared sound, five (5) satisfactory five (5) as marginal and five (5) unsound (CBN, 2006). Corporate governance crises, sharp practices, and corruption were also alleged. Asset Management Corporation of Nigeria (AMCON) was set up to manage the toxic debt or non p erforming loan (NPL) of ten (10) unsound banks. About N680b was injected into these banks and then top executive changed. As at 2011, three of the banks were nigerianized and their names changed.This suggests the inability of consolidation to ensure risk control, transparency and accountability among many of the banks. Two other banks intercontinental and oceanic were acquired by Access bank and Ecobank respectively by 2010. 3. 0 The Effects of Banking Sector Consolidation on labor and the Economy Banking sector consolidation through recapitalization, has these attendant economic benefits (1) The process of recapitalization and the consequent merger and or acquisition engendered many of the banks to get registered with the Nigerian Stock Exchange (NSE) and therefore get listed (publicly quoted).Ownership of the banks became widened and public. Many Nigerians can now own some stakes in the banking sector rather than private ownership that 173 European Scientific Journal May edition v ol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 were the pictures of many banks pre consolidation era. This demands that the various boards become more responsive and alive to their responsibilities. (2) Banks were able to shore up their shares, boosting both individual and corporate investments. Locally and internationally; about $652million of foreign direct investment (FDI) was attracted (Fadare, 2010). 3) Banking restructuring and strategy that are information and communication technology (ICT) driven; a shift from the manual to automated systems involving the use of various e-banking and e-payment systems. There has been users’ acceptance of this because of their convenience, time savings and they also meet transaction needs (Adesina and Ayo, 2010). It has also led to the flexibility of business on the part of the banks. (4) Enhanced customer relationships through creation of facilities and instruments that enable easy banking.Intending customers can ope rate their accounts through telephone 24 hours a day, seven days a week, and even on public Holidays (GT Bank 2006/2007 Interim Reports) (5) Best practice which have earned some of the banks conferment of the International Standard Organization (ISO) 9001: 2000 certification award by the Standard Organization of Nigeria (SON) (6) The waned confidence of the public in the banking sector is changing for the positive as shown in the average deposit rise post consolidation from 10,482. 36b Naira in 2004 to 188,478. b Naira in 2006. (See table 3). Table 3 Pre and post consolidation performance of the Nigerian Banks Macroeconomic indications N’m2004a N’m2005b N’m2006b % charge measure/decrease (-) or differences (D) (+) Average deposit (N’m) Average networth (N’m) 10,482. 36 7,708. 73 85,007. 13 19708. 88 445,008. 9 18,478. 55 38,831. 31 525,482. 0 27. 82 +1690. 0500 +403. 73% +68. 87% Credit to the private sector 311,646. 8 to private sector growth rate 26. 6 174 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431Return on equity % Assets utilization % 35. 28 33. 62 30. 8 12. 72 11. 2 11. 04 +0. 18 (D) 24. 16 (D) Source: CBN 2006 Publication Somoye, 2008 (7) Real sector -financing especially the financing of small and medium scales enterprise (SMEs) GTBank for instance sets aside #2. b for this purpose, though this is not adequate. (8) Competitiveness: Narrowing down the numbers of the existing bank evokes creativity, innovativeness service delivery, creating strategy to make the banks stay afloat in the competitive environment. The net-worth of banks grew by +403. 3% between 2004 to 2006 (see table 3 above). (9) Banking performance are also gaining the confidence of the regulatory agency as some of the banks are concluding arrangement to manage Nigeria external reserves (Idowu, 2006). (10) Banking culture is gradually expanding all over the country as the banks are expanding their point of presence. The cashless culture that will become a culture in 2013 will further reinforce this. 4. 0 Banking Consolidation: Challenges The process of recapitalization and post consolidation in Nigeria brought along its trail erger and acquisition. The following become unresolved issues. The issues can be categorized as pre and post consolidation. 4. 1 Pre-Consolidation (1) Unemployment: Rationalization during merger created unemployment. While it was not possible to confirm the number of workers disengaged as a result of the exercise (as at the time of writing this paper), the unconfirmed number has been said to be high. It is not possible though to have two Chairmen or two Managing Directors, etc,, It has not been however proved that banking sector had been adequately staffed.Efforts could be made to retrain workers for other challenges. The disengaged workers are burdens to the society, lowers national productivity, increased poverty, stress, and other psychological problems (Idowu, 2006). (2) Reneging on Collective Agreements: Many banks managements reneged on their collective agreement with the Unions. First Bank of Nigeria (FBN) for instance, sacked 1200 175 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 workers (New Age April 7, 2005).The Association of Banks, Insurance and Financial Institution (ASSBIFI) reacted by accusing the management of being insensitive and confrontational to organized labor in the country through its inconsistencies. It also accused the management of not consulting with it in line with earlier agreement on declaring redundancy. Also, the merger arising from UBA and Standard Trust promised that no members of the two banks would be retrenched. This has not been so. Many Higher National Diploma HND holders and contract staff had not been given full employment. 3) Diversity issues: The gulf between Higher National Diploma (HND) and Bachelors Degree holders rear ed its head. The HND holders were the first to be rationalized at the conclusion of the merger exercise. This has no regard for performance level of the individuals, and all other factors besides educational background that account for individual performance; factors like reward system, organization structure, organization supports (adequate tools, motivation and leadership styles).The society suffers as the pool of unemployment widened. Admission seeking into Polytechnics nosedived. Sectoral allocation to this sub sector also becomes a waste (Idowu, 2006). 4. 2 Post Consolidation (1) Perceptions of uncertainty and insecurity of tenure pervade banking landscape among the workers. This is because rationalization exercise is still on. The consequence of this is less commitment and higher propensity to quit. Many workers have already changed jobs to other sectors due to this factor.The fraud in Nigeria banks had been correlated with high level of job insecurity Omoife (2012) found that disengaged workers vent their anger on the banks using their knowledge of the workings of the banking hall to defraud banks The fraud ran into N189b. This would go a long way in capacity building and loan to real sector which can lead to employment generation and expansion. (2) Unethical/Moral questions at both the pre and post merger era, some banks engaged unqualified and inexperienced young ladies as marketers to woo big clients so as to meet the 25 billion Naira target and to shore up their capital base.Targets were given and management looked the other way not minding how these targets were met The marketers were given near impossible targets to meet Not meeting target led to job loss. The female workers were therefore exposed to sexual harassment, and all other marketers, to other unethical behaviors. This negates International Labor Organisation (ILO) advocacy for decent employment 176 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 3) Disillusionment: arising as a result of differentials in reward package and treatment for similar status and different merging groups, uncertainty of tenure, different career path for seemingly similar educational qualification, prejudices and biases expressed by the management of some of the banks against some groups (merging banks, educational: HND/Bachelors, Federal/ State universities. (4) Decent Employment: A report that has not been officially confirmed is the fact that some banks management asked HND holders to resign and reapply with their National Diploma (ND) qualification.As well, those that attained Bachelors degree or professional certificate are to re apply, serve probationary period in spite of the number of years that had been spent with the banks or the status of such individual. This is also in spite of the glass ceiling on the career path of HND or those possessing lower qualifications. Furthermore, the process of disengaging the workers were at best, immodest. Option of resigning or get retrenched: whichever becomes the lot of the workers, there were complaints of inadequate severance benefits if there was any paid.This is demeaning having no regard for best practice The consequences of all these include: I. II. III. IV. Labor has become cheapened Unions become weakened Career opportunity slowed down and Perhaps the banks gained and labor and society lost. (5). Corporate Governance Crisis Goje (2010) suggested that the weakness experienced by banking sector as regard corporate governance (CA) arrangement may have led to the current state whereby banks cannot safeguard against excessive risk taking. Recapitalization regime exposed the banks to non performing loans (NPL) and margin loan (ML) to the tune of N2. trullion Naira. The non performing loan (NPL) of some of the banks exceeded their Shareholders Funds (SHF). Eight of the banks Capital Adequacy (CA) was less than 10% and their Deposit Ratio (DR) were less than 25% (E topidiok, 2009). The diversion of deposits to foreign exchange trading including the transatlantic mortgage and financial crises led to loss of share holders fund values as many banks had to readjust shareholders stock as depicted in table 4. Table 4 177 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) ISSN 1857- 7431 INSURED BANKS’ ADJUSTED SHAREHOLDERS’ FUNDS AS AT DECEMBER, 2009 AND 2008 S/N BANKS SHAREHOLDERS’ SHAREHOLDERS’ FUND* (N’BILLION) FUND* (N’BILLION) 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Access Bank Nig. Plc Afribank Nigeria Plc Bank PHB Plc Citibank Nigeria Ltd Diamond Bank Plc Ecobank Nigeria Plc Equitorial Trust Bank Ltd Fidelity Bank Plc Finbank Plc First Bank of Nig. Plc First City Monument Bank Plc Guaranty Trust Bank Plc Intercontinental Bank Plc Oceanic Bank International Plc Skye Bank PlcSpring Bank Plc Stanbic IBTC Bank Plc Standard Chartered Bank Ltd Sterling Bank Plc Union Bank Plc United Bank for Africa Plc Unity Bank Plc Wema Bank Plc Zenith Bank Plc Total 167. 22 127. 38 243. 24 29. 40 95. 64 43. 45 32. 38 129. 55 112. 86 315. 75 137. 66 130. 03 195. 58 211. 52 96. 55 (48. 68) 67. 22 28. 47 20. 58 115. 93 191. 44 16. 94 26. 68 313. 39 2,802. 18 2009 154. 30 (221. 69) (126. 84) 31. 68 98. 31 26. 02 (46. 95) 129. 99 (123. 70) 293. 89 132. 17 141. 82 (336. 35) (192. 20) 79. 56 (94. 08) 74. 61 29. 66 20. 14 (38. 56) 114. 8 (4. 06) (3. 22) 310. 99 448. 99 178 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 Source: NDIC Adjusted Shareholders’ Fund (Bank returns) The Apex Bank Code of Corporate Governance (CCG) set in 2006 and which was mandatory for all banks in the post consolidation era to comply with could not address insider trading, ineffective risk management and control. This accounted for the NPL crisis and therefore necessitated the establishment of Asset M anagement Corporation of Nigeria (AMCON).The CBN also injected N608b and provided technical assistance by replacing the so called incapable Chief Executive Officers (CEOs) and Executive Director ED of 8 banks with new ones. The corporate governance crises also accounted for percentage decrees in return on equity (ROE) and return on assets (ROA) over the post consolidation years compare to pre consolidation as table 5 illustrates. Table 5 Pre and Post 2006 Recapitalization, Performance Evaluation Ratio for Nigeria Banks. Pre-recapitalization 2002 Net Interest Margin 11. 16 2003 14. 88 2004 9. 12 Post-recapitalization 2006 10. 7 2007 7. 71 2008 10. 21 (NM)% Yields (YEA)% Funding Return (ROE)% Return (ROE)% Source: NDIC Annual Report, Various Issues The return on equity (ROE) measuring the rate of return to shareholders that was 99. 45% in 2004 (pre-consolidation) fell to 27. 23% by 2008. Also, return on assets (ROA) that stood at 3. 9% pre consolidation (2004) reduced to 2. 58% by 200 8. This confirms post modernist/post development postulation that modernity like restructuring/reforms does not bring about organisational efficiency or capacity management loss of investment cannot lead to creation of employment.Also the purported over capacity of resources like labor that were eliminated does 179 on Assets 17. 55 4. 64 4. 62 27. 55 20. 32 18. 88 Cost on (FC)% 8. 09 Equity 86. 08 9. 42 00. 59 9. 47 99. 45 13. 05 41. 63 9. 63 29. 11 9. 66 27. 23 on Assets 4. 52 4. 13 3. 96 2. 63 2. 00 2. 58 European Scientific Journal May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 not corroborate the result pre-consolidation. Rather disillusionment, inefficiency still pervade banking sub-sector. 5. 0 Conclusion and Recommendation The banking sector is very crucial to economic growth.The consolidation period however reveal sharp practices against labor and society which would not benefit; the society and the labor but the banks themselves in terms of po sting huge profits: Organizations like banks always pay lip service to placing premium or value on their workers as usually reported in their annual reports. Human resource practices pre and post recapitalization regime does not confirm that their workers are their assets. Banking sector recapitalization carne with double edge: benefits and constraints on the economy, the people and the society.While the banks have achieved some efficiency in terms of its operations, treatment of men at work will further deepen unemployment, lead to disillusionment, uncertainty, job dissatisfaction and quitting. The Nigerian economy is still depressed. The Gross domestic products took a downward turn growing by 2. 5% in 2000 compared to 6. 9% in 2005 and further went down in 2009 and 2010 (GT bank 2006). Alo (2006) quoted wall street journal and Heritage foundation as rating Nigeria economy as worse of in August 2006 than it was the previous year and described it as repressed measured on index of Ec onomic Freedom.The rating for 2011 is no better. Nigeria ranked 106 and scored 56. 8% on index of economic freedom for 2010 and therefore grouped as unfree, unlike in the pre consolidation era. To be free means improvement in the overall quality of life and promotion of social and economic life (index of Economic Freedom, 2011). There is the need to manage people well if the objectives of recapitalization are to be met in concrete terms. Recommendations: A lot needs to be done and the following are recommended 1. Institutional machinery should be put in place to address the issue of undervaluing, under utilization of workers.Training and retraining of existing employees to improve their capacity for new demand rather than retrenchment is advocated. The banks’ net-worth and profit after tax had increased geometrically (see table 3). The capacity to employ, train and retain more workers and therefore expand employment should not be a constraint as 180 European Scientific Journa l May edition vol. 8, No. 9 ISSN: 1857 – 7881 (Print) e ISSN 1857- 7431 expansion of branches to new areas is ongoing and new facilities and instruments are also continually being introduced. 2.The federal government and its banking regulatory agencies should do more to ensure creation of employment. In a situation where institutional framework will lead to rationalization, efforts should be made to follow due process, retrain people to retain them in other capacities rather than worsen the unemployment problem. 3. Diversity management should be a best practice and this should be included by standard organization of Nigeria (ISON) in conferment of ISO award. Diversity management is a process by which the diverse elements in organization are enabled to release their potential in organizational attainment of goals.This involves valuing and rewarding people for what they are: race, sex, educational background personality disposition and ethnicity. While the presidency made proc lamation on HND/Bachelors dichotomy in 2006, legal framework and moral persuasions should be pursued to make organization embrace diversity management as best practices. 4. The best practice principle demands that banking organization in Nigeria should place value on their workers, manage them strategically to release their energy for accomplishment of organizational goals. 5.Regulatory bodies should put in place periodic monitoring to ensure compliance with code of corporate governance by banks. Stress test on banks by the CBN should be more frequent and periodic. 6. Credit to real sectors – Small and Medium Scale Enterprises (SMEs), manufacturing and agriculture to take the largest share of loan. This can lead to expansion of capacity utilization and ultimately employment generation and expansion

Fluid mechanical Coursework Example | Topics and Well Written Essays - 500 words

Fluid mechanical - Coursework Example Looking at those pipes, you might notice that they have different diameters creating an illusion (Kezerashvili & Sapozhnikov 2000, 1). This causes an imbalance when water is put in the thick end, and no water in the thinner opening of the pipe. The construction made in the pipe make the liquid not to come to equilibrium; as a result, the water in the thick end exert weight pushing the water down the thick pipe. The kilogram of water that was situated at the most elevated point on one end moves in the opposite direction to the following side, precisely as a pendulum would when swigged (Kezerashvili & Sapozhnikov 2000, 1). The overbalancing mass of water getaways from the slight end because the channel is so short, it is impractical hold 1 kg of water. On the peculiarity, you comprehend that the surge is redirected to the thick end of the channel, where it extends the measure of time required for the liquid to accomplish concordance while encountering the tight end. The structure will accomplish amicability in the unmistakable measure of time that it takes for the water to pass through the restricted tube. Note: This charm Fountain examination will certainly for two reasons: at first, it relies on upon pneumatic power, which runs out once the first holder gets filled.  Furthermore, the fundamental thing that goes to the second compartment is vaporous pressure and not water. In this manner, it moves the water in the second compartment to the third, yet nothing refills the second holder! No water ever moves into that holder. Munson, B., & Okiishi, T. (2009).Fundamentals of fluid mechanics  (6th ed.). Hoboken, NJ: J. Wiley & Sons. Kezerashvili, R., & Sapozhnikov, A. (2000). Magic Fountain. Retrieved November 13, 2014, from

Constitution Essay Example | Topics and Well Written Essays - 250 words

Constitution - Essay Example The English dictionary sees the meaning of the phrase to fall within the periphery of all those statutory protocol and social efforts that have concern to the matters of public. As such, health is just one of the aspects that fall within the phrase. Individuals such as James Madison also note that the limits of the phrase also seems infinite, considering the congress has the same authority but in a different capacity which is taxation by the federal government and the spending of the same. In the case Ferrocarril Central Argentino c/Provincia de Santa Fe, 569 held in Argentina, the court noted that the existence of the term in the US constitution is an affirmation of the authority that accrues to the federal government through its taxation and spending. In the case of a state such as Alaska, the existence of the phrase not only does imply public health, but it goes further to note that the phrase implies promoting and protecting public

Evolution Of Central Banking In India Finance Essay

Evolution Of Central Banking In India Finance Essay The term paper discusses the role that the Reserve Bank of India has played in the Indian banking system. In the start it talks about the evolution of the bank and its preliminary functions. Then the role of the bank in the last two decades has been studied taking into account structural changes made by the bank so as to adapt to the changing needs of the banks in the dynamic economic environment. It can be observed that the role of the Central bank has changed from being a mere controller to an enabler where it is in a position to make the banking industry make significant contribution to the countrys economy. The paper also discusses the supervisory role of RBI where it is trying to implement the Risk Based method to supervise banks. The paper concludes with the future outlook on the banking industry and how the RBI should evolve further when compared to Central Banks in developed economies across the world. The Reserve Bank of India Evolution of Central Banking in India Reserve bank of India is central bank of India and regulates all the banks of the country. It all started in late 18th century when first time in the history of India Warren Hastings felt that there is need of centralized bank in India. His recommendation didnt reach at a thoughtful conclusion of creating a central body to regulate the banking in India. Later when demand of central bank increased in the 20th century and Lord Keynes also recommended setting up a central bank. Three Presidency banks Presidency bank of Bengal, Presidency bank of Bombay and Presidency bank of Madras merged to form Imperial bank of India to make central bank of India. A bill was brought in the assembly to establish RBI as central bank in in India in 1927 but got refused. In the third round table conference held in the year 1933, it was recommended to set up a free body to control the banking system in India. Due to all these fresh recommendations a fresh bill tabled in the parliament on 22 December 1933 a nd got passed in year 1934. Reserve bank started its function from April 1 1935 under the Reserve bank of India Act 1934. Evolution of Role and Functions Role of RBI is evolved over the period of time. In the initial stages it performed two basic functions. First, it acted as a central point of reserves for Indian banks and timely lend to the banks as they required funds for the operations in the emergency case. Second, it functioned as a regulator for the Indian banks and made sure that they perform their activities in the interest of the depositors. In the years before the independence, banking network and scenario in India was not spread properly all over the country. They were divided in the foreign banks and domestic banks. Foreign banks mostly served to the British companies in India. Domestic banks were only engaged with domestic groups and overall banking intermediation among the banks and the customers was weak. The Reserve Bank of India (RBI) or the Central Bank is the backbone of the Indian financial system. It was set up under the Reserve Bank of India Act, 1934. RBI was initially started with 5 crores of capital and governed by directors of central bank. Since its inception in the year 1935, the functions undertaken by the bank have not only increased but have also undergone changes in accordance with the changing needs of the Indian economy. It was in the year 1949 that the bank was nationalized. The role and functions of RBI became critical after independence and worked in order to increase the saving habit in India to generate more wealth for growth of the country. More the people will save and more will be the investment in the projects. Its roles were primarily on the basis of this hypothesis that the poor were unable to save and increase funds on their own. RBI was assisting government to establish institutions to serve the public by providing funds for specific functions. After second five year plan in 1956 government of India came up with decision of establishing financial institutions with assistance of RBI. These institutions were Industrial development bank of India (IDBI), Industrial Credit and Investment Corporation of India (ICICI), Industrial Finance Corporation of India (IFCI). They will make credit available and perform their functions at central level and work as apex institutions for such state level and regional institutions. The role of RBI became concentrated after the establishment of these institutions. The Functions of RBI evolved with expansion of banking. RBI played a vital role to make the banking facilities available in the concerned areas. Banking reached to remote areas of the country. SBI was formed in 1955. Imperial bank of India was converted in State bank of India in the year 1955. Then came the period of very critical moves of the Indian banking history when 14 banks were nationalized in 1969 and in 1980 when 6 more banks were nationalized. These bold moves led to the increased network in the rural areas of the country where most of the population was based. The traditional credit was for agriculture and a specialized institution being established in 1963 with name of Agriculture Finance Corporation (AFC) which later converted into NABARD in 1982. The role of RBI expanded after these institutions as these institutions helped the country to evolve with better banking facilities. Functions of Reserve Bank of India These are some basic roles which RBI performs in the country: Issue currency notes: RBI is only authorized government body to issue notes in the country. It has one issuing department to issue notes of 2,5,10, 20, 50, 100, 500 and 1000. One rupee note is issued by the finance ministry of central government. Bank of the Government: RBI is known as the banker or Agent of central government. It holds deposit of the government and pays on the demand of government. It also gives timely advice to the government on the financial policies. RBI issues bonds for the government and manages debt for them with appropriate charges. Bank of the banks: RBI also performs the job of banker for the all the banks in India. All banks who came under RBI act, have to put their cash reserves at the rate called CRR with RBI. RBI will regulate and supervise the operations of banks as soon as they are incorporated under the RBI Act. Banking System Regulator: RBI is responsible for the regulation of Indian banking system. All banks who comes under RBI Act 1949 are bound follow the guidelines issued by RBI. RBI has powers of licensing, management, expansion, inspection and direction in this regard. Clearing House: RBI is responsible for the settlements among the banks. It runs clearing houses in major cities to for the settlements and smooth transaction of cash between banks. Credit Control: Credit Control is another important role that RBI performs. RBI performs credit control duty with the help of qualitative and quantitative instruments. Some qualitative measures are selective credit control, rationing of credit, moral persuasion and direct action. Bank Rate, Cash Reserve Ratio, Statutory Liquidity Ratio, Repo Reverse Repo and Open Market Operations are quantitative instruments to control credit. THE ROLE OF THE BANK POST 1990: In the early 1990s, the country was faced with the crisis of maintaining its diminishing foreign exchange reserves. There was a need to put in place a new economic framework and policies so as to deal with this situation. This period saw the introduction of economic reforms which made the environment more conducive for the functioning of the private sector. During this period it was the Reserve Bank of India which was entrusted with the task of regulating the new system that was put in place, bringing in technology to strengthen, modernize and make the functioning of banks more efficient, introducing varied monetary policy instruments and management of currency. As of today, keeping in line with the changes that need to be incorporated in the functioning of the Central Bank, the bank is divided into 27 departments where each department is responsible for policy making in a particular area assigned to it. Depending on the requirement the bank has in the past added new departments and closed down some of the existing departments. The Central Board has the responsibility of the proper functioning of the Central Bank. The aim of the Central Bank is to ensure stability of prices while supporting economic growth. The role of the central Bank has evolved over the years from being the implementer of the monetary policy to include other functions such as regulation and supervision of the countrys banking system. Moreover it has also gained greater autonomy in its functioning with regards to managing its own personnel, financing expenditure for the government where the RBI (rather than the government) can decide the amount of funding provided to the government, this further means that the monetary policy can be implemented independently of the fiscal policy and the new instruments introduced by RBI give it more flexibility so to better respond to changing macroeconomic environment. Post 1990, various changes have been made by the bank in its structure and operations to deal with the responsibilities thrust on it. In the year 1994 the Board for Financial Supervision was formed and was given that task of regulating, auditing and supervising banks, NBFCs, and financial institutions. Although the body exists under the RBI it is independent in its functioning which is not the case for many Central Banks across the world. In the year 1995, Bhartiya Reserve Bank Note Mudran Private Limited was formed as a subsidiary of RBI. The reason for its formation was the management of the banks two printing presses so as to handle the supply of currency in the economy when needed. The Financial Markets Committee (FMC) has been established in the year 1997 and is responsible for providing inputs on a daily basis with regards to the same. The Technical Advisory Committee (TAC) has been formed in July 2005 where its role is to advise the bank on the actions that it should take whil e reviewing the monetary policy. Also introduced in the second half of 2005 were the pre consultation meetings and resource management discussions (conducted every year) where apart from the Indian Banks Association, representatives from other banking and financial institutions are also present so as to give their opinions and views regarding which direction the economy is headed before the monetary policy review. Such interactions will make the policy review inclusive and transparent. Another area of change in the recent past is more interaction by the bank with the journalists and the media resulting in better dissemination of information. NEW MONETARY POLICY INSTRUMENTS INTRODUCED AFTER 1990: Apart from the Cash Reserve Ratio (CRR) and the Statutory Liquidity Ratio (SLR), the bank in the last decade has introduced other instruments such as Open Market Operations (OMO) and Liquidity Adjustment Facility (LAF) to manage short term liquidity requirements for banks, also introduced in 2004 was the Market Stabilization Scheme (MSS) for managing excess liquidity because of inflow of capital into the country from abroad. The portfolio of monetary policy tools that the bank has, gives it the required flexibility to deal with the changing macroeconomic conditions and make monetary policy transmission more efficient and effective. To protect the monetary policy from being impacted by the fiscal policy (fiscal deficit monetization), the Fiscal Responsibility and Budget Management Act was passed in the year 2003, this has given more autonomy and control to the bank with respect to the monetary policy. The bank has also given its view with regards to inflation where according to it the upper limit on the inflation should be around 5 %. This has influenced the acceptable level of inflation to come down. The RBI has had the freedom to make changes with respect to the mandatory provisions that banks have to make (such as CRR and SLR which are direct monetary policy tools) and the assignment of risk weights as and when needed. EVOLVING SUPERVISORY ROLE: There has been a gradual shift in the supervisory and regulatory roles that RBI had been assigned. Initially the Central bank was mainly concerned with maintaining solvency of banks operating in the system where it issued directives and guidelines with regards to granting of licenses, the level of reserves to be maintained, specifying interest rates for lending and deposits, requirement of capital. Whereas now the RBI is trying to put in place processes which take into account the countrys economic condition and are in line with those followed by Central banks across the world. The Central Bank has successfully handled the role of a supervisor for the changing Indian banking industry. Earlier Central Bank was more concerned with ensuring that the banks in the system were adhering to the all the safeguards laid down by it. The approach used gave more importance to a banks financial statements and checking for any incidence of non compliance (offsite, onsite inspections, CAMELS method). Under this approach the information that could be obtained from the banks financial statements was used as the criterion by the auditors to form any judgment about the bank. This approach had been sufficient in the recent past when the banks in the system had limited their business to lending out and getting deposits. However post 2000; the banking industry has seen the arrival of technology and the introduction of extremely complex financial instruments or products (for instance Securitization, Derivatives) which have linkages across different markets. This has made the supe rvisory role of the bank even tougher. With the complexity and the risk in the banking system increasing the earlier method of supervising the banks is no longer sufficient. It fails to take an overall view of the banks business. It does not look at how much risk the bank is facing, whether it is able to understand it and is in a position to manage it. Thus the Central bank is now focusing on the Risk Based method for supervising banks. This is still an ongoing process. Through this method the level of risk associated with a particular bank can be estimated and a specific supervisory plan can be developed for the bank. The following diagram shows the steps involved in risk based assessment. SUPERVISION CYCLE: Understanding the bank profile and developing a Risk Matrix based on inputs from offsite monitoring and surveillance, internal capital adequacy assessment, audit reports, market intelligence Planning the supervisory action to be taken, defining its scope and objective and communicating it to the management of the bank Discussion with management, Monitoring action plan, mitigation of risk, required level of supervision Surveillance Review and Evaluation Process, Assessment of Capital, onsite inspection and determining the risk rating The Risk Assessment Matrix combined with the Risk Impact Rating gives the level of supervision needed for the bank. The Risk Assessment Matrix is as given below: Risk Group Weights Risk (Net) 85% Risk(OG) 15% Risk (inherent) Risk (control) Risk associated with governance and oversight Credit Risk (CR) 30% 70% 30% Market Risk (MR) 20% 70% 30% Operational Risk (OR) 20% 70% 30% Liquidity Risk (LR) 20% 70% 30% Pillar 2 Risk (P2) 10% 70% 30% Now for any group say Credit Risk Risk Credit = 0.7 * Risk Inherent +0.3* Risk Control Similarly it can be calculated for all other groups. Now the Risk (Net) = 0.85*(0.3* Risk Credit + 0.2* Risk Market + 0.2 * Risk Operations +0.2 * Risk Liquidity + 0.1 * Risk Pillar2) + 0.15 * Risk OG Risk of Failure = 0.2*(Risk (Net)^2 + Capital available) The risk of failure is arranged on a linear scale from 0 to 4. The score obtained above is then combined with the Impact Rating (again arranged on a scale from 0 to 4) to get the necessary supervisory action to be taken for the bank. The impact rating is dependent on the following factors: Size Interconnectedness Cross Jurisdictional activities Complexity Infrastructure Each factor is again assigned a weight and is further dependent on impact indicators. Risk Impact Index Matrix Risk Failure Impact Rating 16 64 144 256 9 36 81 144 4 16 36 64 1 4 9 16 Risk Impact Index = (Risk Failure)^2*(Impact Rating)^2 For the matrix shown above in column 1 Risk Failure = 1 and Risk Impact varies between 1 to 4, similarly in column 2 Risk Failure = 2 and Risk Impact again varies between 1 to 4. Each bank will lie in one of the boxes and the different colors indicate the type of supervision needed for a particular bank. The type of supervision recommended by the Central Bank is as follows: Color Supervision Needed Baseline Monitoring Close Monitoring Active Oversight Corrective Action The level of monitoring becomes more stringent as we move down the above table. For banks with high risk of failure (say 4) the action is stringent irrespective of the impact rating. Future Outlook Comparison of RBI with other central banks of the world On comparing RBI with other central banks of the world, we see that each bank adopts different tools despite having similar objectives. The difference in the same can be seen in the structure of the balance sheet of the respective countries. Some of the salient features of major world banks are: FED In USA, the central bank controls the fund rates through Open Market Operations or OMO by infusing or absorbing liquidity through the purchase or selling of US treasuries. Other tools used are Discount rate facility and Reserve requirements which help control the banks. FED also introduced certain new tools such as term deposit facility, primary dealer credit facility etc. after the 2008 crisis where poor regulations were attributed to the market crash. USA is thus follows an active market based system. ECB ECB on the other hand follows more of a bank based approach. Though ECB also adopts OMO, it follows a different approach where it produces money and lends it to banks similar to a repo transaction where the preferred collateral is government bonds. This difference can also be attributed to the history of the nation with USA traditionally being a supporter of open market. Hence during the crisis, the FED responded by providing liquidity to entities such as Mutual funds, Primary dealers etc. while ECB s approach was centered on the various central banks. Comparison with RBI On comparison of the above banks with RBI, we clearly see certain similarities as well as differences. India being a developing nation does not hold the power of developed nations and hence RBI uses both Repo transactions as well as OMO purchases to control the financial system of the nation. India predominantly follows a bank based system where the RBI controls the banks and lays down guidelines for its operation. This has helped put in place a strong foundation for the growth of the nation but looking forward with the development of financial markets in India, the RBI would need to ease down regulations in order to help the nation progress. Currently the banking industry in India is unattractive for players to enter due to stiff competition as well as guidelines from the RBI. The comparison of the balance sheet of RBI with other central banks revealed some interesting insights. For the analysis, we compare RBIs balance sheet with balance sheets of central banks of both developed and developing nations. The banks we have taken into consideration are the USAs Federal Reserve, European Central Bank, Swiss National Bank (SNB) and Brazils Banco Central Do Brazil (BCB). For Europe, balance sheet of ECB and 17 other national banks have been combined to give a better idea. This has been named as ESCB or European System of Central Banks. From the diagram we see that central banks of developed economies rely more on bank reserves for creating liquidity (Bank Reserves 2% to 53% in 2011 for Fed). The share in currency during the period has decreased. For RBI we see that there has been no major change during the years. Analysis of the graph above shows that for developed economies, domestic assets form the largest share of assets while for India the share of domestic assets has increased over the years. From the above analysis, we see how having good regulations helped India ride out the 2008 crisis without any major loses while we see significant changes for developed nations. India is thus heading in the right direction in terms of how the central bank is molding itself to propel Indias growth in the future. Bond Market in India The corporate bond market in India is currently underdeveloped with high financing costs acting as a hindrance for firms to raise money through this avenue. On analyzing the financing polices of firms from 2000-01 to 2010-11 we see that of the total debt raised by companies the proportion of debt raised from banks has increased from 14% to 18% while the debt from bond markets has stagnated and rose only marginally from 3.5% to 3.9%. Even though the corporate bond market in India is underdeveloped at the moment, it is clear that in order for India to be a developed nation bonds markets have to be come up in order to ease the capital pressure on the banks. In this context the role of RBI going forward will change. Currently we see that there is lag whenever RBI announces a policy since banks take time in responding to directives like say a cut in interest rate while an active bond market will ensure such lag is eliminated. A cut in interest rate by the RBI will increase the bind prices in the market and thus help in faster policy implementation. ROAD AHEAD From the above analysis we see how the role of RBI has changed over the years and how it fares in comparison to other central banks of the world. The measures taken by the RBI has ensured we have a strong financial foundation which has helped propelled the growth of the nation. Going forward, with the development of financial markets (strong equity market and inevitable development of bond market) RBI should change its role to attract investors and bring in more capital to help fuel the growth of India. RBI thus needs to ease regulation in a way which would make banking attractive and promote the good institutions in the system but at the same time learn from the mistakes committed by developed nations in ensuring we have strong regulations which help prevent potential crisis. The RBI can thus ensure that the late entry of India can thus work in its favor in ensuring that the banking industry keeps pace with the growth of the nation and helps India become a developed nation in the near future.