The American Dollar Against The Euro Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3612 Downloads: 8 Date added: 2017/06/26 Category Economics Essay Type Research paper Did you like this example? The Euro was launched on January 1, 1999, when 11 countries (Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxemburg, The Netherlands, Portugal, and Spain) came together as one European Economic and Monetary Union (EMU) with a common currency Euro. After two years Greece joined EU. A common currency and monetary policy direct was created by the European Central Bank (ECU) after which all members of European Union fixed their currency in a specific rate against the  euro. Don’t waste time! Our writers will create an original "The American Dollar Against The Euro Finance Essay" essay for you Create order During the first few years of Euro existence, it was depreciating against USD, and from 2001 for a significant period the euro began to appreciate, and only interrupted in 2005 for a short period, and reached it record level in April 2008. Various schools of thoughts have offered differing explanations for the fluctuation of euro and dollar exchange rate trend. Before the euro had been introduced United States experienced structural improvements in productivity, which is affected by the high rate of return on capital. With the higher rate of return, foreign direct investments (FDI) flowed to the United States (see appendix, figure.1), which might explain 1990s appreciation of the US dollar by almost 40% over the euro (Schnatz et. Al., 2004). In fact, the dollar appreciated and reached 0.852 dollar per 1 euro in October 2000 (Chen et. Al., 2006). Neck (2001) explains depreciation of the euro at the first stages against the US dollar. He explains that the depreciation was due to the fact that euro introduced as a cash and coins only in the beginning of 2002, the demand of the investors portfolio for the euro was low due to lack of transparency of the new currency. Moreover, many other studies believe that appreciation of the dollar in 1999-2002 happened due to other factors. Meredith (2001) poised that as equity price increased in United States, the overall market capitalization reached its highest level. This has an effect on investment and consumption boost. He thinks as demand shock exists it causes long-term interest rates to increase, which is an effect on capital inflow, for this reason, appreciation of the US dollar. Many economists believe that strong oil price rebound effected on appreciation of the US dollar against the Euro. However, Meredith (2001) argues this approach, in his research shows that the oil price change has only minor effects on exchange rate fluctuation. He proved his approach by carrying out a research based on past experience of oi l price changes. His study shows that oil price volatility does not show high changes in fluctuation of the Euro Dollar trend movements as seen in 1999-2000. However, in mid 2001, euro started to rebound against the dollar and reached a historical highest point of 1.31 dollar per 1 euro in January 2005 (Sapir, 2005). The appreciation of the euro or depreciation of the dollar can be explained by the fact that from 2001 United States experienced a current account deficit (see appendix, figure.2), which reached 5.5 percent in 2004 (Sapir, 2005). Sapir (2005) explains that economists believe that the US deficit is a product of high level of US public and private consumption, which is financed by high public borrowing and low private saving, and reached 3 percent of GDP in 2005. The appreciation of the euro against the US dollar can be also explained by increasing Euro market share in total world export of goods (see appendix, figure.3), which are 16% and significantly higher that Uni ted States and Japan market shares (Shams, 2005). During the 1990s United States owned 12% of total world export of goods and decreased up to 9.7% in 2003 (Shams, 2005). In late 2001 companies such as Enron, World Com, Tycon and many others were involved in accounting scandals (Paul, et. al., 2003). Negative signaling news affected on falling investors confidence in US stock market, mutual fund market, and bond market, which has had an impact on the depreciation of the US dollar. Stage 2: 2002 2005 3 As the Euro became a denomination currency in 2002, it started appreciating for the next 2 years. Furthermore, US were making an attempt to curtail its international trade deficit by increasing exports thus leading to depreciation of its currency (Shams, 2005). During 2003 US dollar continued experiencing depreciation against the euro, many experts explain this down movement due to Iraqs war, which negatively affected investors confidence on holding  Dollars (Dougherty, 2004). In 2004 the dollar strengthened for the first few months. However towards September, the Dollar reversed course quickly. This reversal was caused by continued spikes in the cost of oil and Lack of confidence in the US economy which was aggregated by its heavy long term borrowing lead to the depreciation of the Dollar (Dougherty, 2004). Stage 3: 2005 2006 4 During 2005 USD/EUR trend is showing positive increase, appreciation of the dollar after four years of continues depreciation against the euro. There are many issues explaining the reason of dollar appreciation, but the main explanation of this issue is that interest rate in United States expected to grow continually. During the year interest rate increased from 2.25% until 4.25% (see appendix, figure.4). US economy was starting to show positive signs of economic growth leading to appreciation of the Dollar.  [5]  Due to high yield and growing economy, foreign direct investments increased proportionally. Stage 4: 2006 2008 6 However, in August 2006 US government combined with Federal Reserve agency stopped raising interest rate while in EU the interest rate continued to raise (Le, 2006). For international traders this decision was the perfect opportunity to sell off dollars and buy out euro, which soon affected depreciation of the US dollar and appreciation of the euro (Le, 2006).  In 2007 US dollar depreciated at a record level against the euro and reached the maximum low position. Depreciation happened due to US credit-market loss, in other words, Subprime crisis, and speculative attacks due to Federal Reserves prompted to cut interest rate (Bloomberg, 2007). Macdonald (2007) ascribes the weakness of the dollar in 2007 due to continued spending of the Unites States government on combat operations in Afghanistan and Iraq, and according to the Congressional Budget Office for the June 2007 US spent around 500 billion US dollars. Stage 5: 2008 2009 7 Appreciation of the euro against the dollar continued until year 2008 reaching the record peak 1.6037 dollar per 1 euro. The rapidly increasing oil price since the end of 2007 until beginning of 2008 is the reason behind strong depreciation of US dollar over the year (see appendix, figure.5). According to Bjorland (2008) oil importing countries exchange rates are negatively related to oil price shock. Higher oil price reduces the total usage of energy in production, because it becomes more costly for the company. Hence, the net quantity produced by the company decreases, which affects net revenue and this, is followed by reduction in consumption and investment spending. However, in the late 2008 dollar started to appreciate rapidly against the euro. One of the reasons of such movement is decreasing oil price until February 2009, as oil price and exchange rate is negatively related in oil importing countries. Economists also explain these changes as highly increased demand for US Tr easury bills as it is safety investment during the crisis period (McCauley, 2009). Furthermore US banks offered the highest yield, stimulating capital inflow and appreciating the local currency (McCauley, 2009). Stage 6: 2009 2010 8 After one year of appreciation of the dollar against the euro, dollar suddenly down turned against the euro in 2009. One of the reasons for continues depreciation of the dollar in 2009 is the hiked up price for gold (see appendix, figure.6). In 2009 gold price reached its record level of 1227.50 dollars per ounce (Gold Investing, 2010). As the dollar continued to depreciate and price for the gold increase, investors switched to safer alternative investments such as gold, this affected on continues pressure on dollar depreciation (Gold Investing, 2010). Stage 7: January 2010 February 2010 9 In February 2010, EU experienced economic downturn, as Greece suffered economic troubles (see appendix, figure.7). The European Central Bank announced that Greece experienced twin deficits and lost its export competitiveness, this also affected overall European export performance. Over the year European export decreased by $ 109.1 billion. This economic shock negatively affected exchange rate and the Euro depreciated against the US dollars. (Arestis, et. al., 2010). In conclusion, since 2001, the US dollar depreciated almost by 30% against major international currencies, and one of them is Euro. After launching on January 1, 1999, the overall trend Euro against US dollar is appreciating. However, from the chart it is possible to detect that US dollar is appreciated against Euro in some time period. On De Grauwe (2000) research paper explains a change in exchange rate fluctuation is due to news in the fundamental. Hence, appreciation and depreciation of the dollar or the euro lea d to positive or negative news. For example, when Federal Reserve announced that it wants to increase its interest rate, such news is a positive signal for the investors, and action is taken immediately, as seen later dollar appreciated against the euro in  2005. Apart from investor speculation, other major factors contributed to the exchange rate volatility. These factors include introduction of Euro cash and coins, US deficit, war in Afghanistan and Iraq, oil price shocks and current financial crisis. From a long-term view, dollar is losing its position against the Euro, and Euro is promising great potential in near future. Word count: 1,592 2. Hong Kong should dismantle its fixed exchange rate peg with US dollar. Instead it should peg its currency with the Chinese Renminbe (CNY) or allow its currency to float freely. In 1983 Hong Kong exchange rate system moved from a conventional floating rate to an unconventional fixed rate linked to the US dollar (Lui, et. al., 1989). New changes in exchange rate system attracted international interest, because Hong Kong has become one of the developed and largest financial centers in the world. There exists a continuous debate on whether Hong Kong should shift to a floating exchange rate regime or continue with its fixed peg to the US dollar. We show the pros and cons of both regimes using Hong Kong and Singapore as examples. The cause for the East Asia economic crisis is currency crisis. In mid 1997 the Thai baht was experiencing heavy pressure, this instability spread to the other East Asia country currencies, the Malaysia ringgit, the Indonesian rupiah, the Philippine peso, and even to Singapore dollar. In October 1997, economic crisis reached Hong Kong, Taiwan, Japan, South Korea, and affected countries even outside Asia. (Tsang, et. al., 1999). During the Asian crisis in 1997-1998, the Hong Kong dollar, which is pegged to US dollar, survived from speculative attacks by international hedge funds. This proved that Hong Kongs exchange rate regime struggled positively to the negative turmoil. However, many economists are doubtful whether the current exchange rate regime will prevent Hong Kong dollar from cyclical speculative attacks. (Lu, et. al., 1999) After the economic crisis in East Asia, Singapore experienced fast economic and financial growth. Economists explain this success due to managed floating exchange rate regime of Singapore, and offer a valuable lesson for Hong Kong exchange rate regime. (Lu, et. al., 1999) Hong Kong and Singapores economies and the way they are developing are close to each other in the East Asia area. Both economies are small and open, both were under British Empire and applied British common law regime, and in both economies domestic private sector and public services are well functioni ng. (Rajan et. al., 2002) However, during the Asian economic crisis, the Hong Kong exchange rate regime showed its vulnerability to negative shocks. Both Singapore and Hong Kong were affected by the crisis, but in different ways.  (Cheung et. al., 2002). Singapores economy was affected mainly because half of Singapores external trade is dealing with Southeast Asia countries such as: Malaysia, Thailand, Japan, Hong Kong, South Korea and Indonesia. After July 1997 all these countries suffered from economic distress. In contrast, Hong Kongs external trade involves dealing with countries such as: Taiwan, China, United States and Europe, countries not suffered from Asian economic crisis. As Honk Kong dollar was highly used in the Asian region and as other currencies fall all over Asia, Hong Kongs dollar was viewed as unsustainable. During the Asian crisis, Hong Kongs economy experienced difficult days, because of its local currency which was pegged to US dollar, and several speculative attacks on the HK dollar. In comparison with Singapore, Hong Kongs economy went into recession half year earlier, and experienced slower recovery rate. Even though, Hong Kong government continues to peg its currency to US dollar, and local business community supports this exchange rate regime. There are two beliefs why government and business community supports fixed rate. (Lu, et. al., 1999). Firstly, Hong Kong government believes that there exist long-term benefits from pegging Honk Kong dollar to US dollar. Government and business communities believe that current system was working well and can work now, during bad times any type of regime can be negatively affected by any crisis, and changing in the exchange rate regime would destabilize the economy and create panic. (Lu, et. al., 1999). Secondly Honk Kong government and business community worry about losing leading position of being the international financial center in East Asia.   They think, if Hong Kong dollar was not fixed to a strong currency like the US dollar, the unstable and weak Hong Kong dollar would discourage investors. Hong Kong may experience a capital outflow as they have an open economy. However, experience of Singapore and Taiwan is illustrative of expose above believes.   In 1997 Taiwan changed its exchange rate regime to floating; this did not discourage investors confidence in the economy, no capital outflow, and the economy became the most flexible in the Southeast Asia region during the Asian crisis. During the crisis, Singapores dollars depreciated more that 15% against the US dollar. These changes in the economy did not discourage investors confidence, continued to be a leader on regional financial center with future potentials.  These experiences show that floating exchange rate regime can protect itself from speculative currency attack. (Lu, et. al., 1999). By analyzing economic backgrounds of both Hong Kong and Singapore countries, bot h economies were the healthiest among other East Asian countries during the East Asia crisis. To be well performed for such a negative shock, government collected enormous fiscal reserves. Both economies have been lowest regional outperforming loan ratios, largest reserve funds and highest capital sufficient ratios. During the Asian crisis, Hong Kong and Singapore showed great flexibility in quick adjustments of labor market and property price volatility control. (Cheung et. al., 2002). If Hong Kong applied Singapores exchange rate system, it would be easier to defend the own currency from speculative attack, because for speculators it would be riskier to speculate on none preannounce exchange rate.   Under the floating exchange rate regime, the speculators would not have prior knowledge on how monetary authorities will respond on volatility of its own currency.  Having a strong reserve, the monetary authorities can easily minimize losses from speculative attacks, a nd Singapore exchange rate policy and speculative attacks on Singapores dollars in 1985 is a good example. (Lu, et. al., 1999). Changing from fixed up the floating exchange rate regime, Hong Kong should considerably boost business and investors confidence in the economy. As Singapore is almost similar as Hong Kong economy, it should be enough to convince Hong Kong to adopt a floating exchange rate regime, as did Singapore in 1973 and successfully experiencing economic growth. At the end of the last century Singapores currency moved from the position to be fixed on the pound Sterling and US dollar to floating, and now Singapore is a regional financial leader.  The Singapore case shows that, by having strong economic fundamentals, sufficient reserves and strong political objectives, moving from fixed up floating regime push the economy more forward, to more efficient way and safer position from speculative attacks. In present days, Hong Kong has the better position than Singapore in 1970s; hence changing exchange rate regime would be easier and safer. (Lu, et. al., 1999). Nevertheless, ignoring the factor that Hong Kong belongs to China and at the same time being one of the important trading partners, would be inappropriate. Due to cheaper land rent and cheaper employment availability, a large proportion of Hong Kong export manufacturing industries had set up their plants in China. China being one of the biggest and fast growing economies in present days, being an important trade partner, having lots of Hong Kong manufacturing industries, question arise here should have a Hong Kong repeg exchange rate regime from US dollar to Chinese Yuan? During the Asian crisis China protected Hong Kong from heavy crisis impact by having massive foreign exchange reserve of the HK dollar, and by subsidizing Hong Kong export manufacturing industries with credit supply and VAT repayments (Kueh et. al., 2002). Therefore, analysts are suggesting repegging to Chine se Yuan in order to gain economic and political advantages. Regardless of the high trade and economic relations between China and Hong Kong, Hong Kong government is not planning to repeg to Chinese Yuan. They are supporting their decision arguing that Chinese Yuan itself is de facto fixed to US dollar with similar objectives in order to maximize export earnings from United States and other foreign markets (Kueh et. al., 2002). However, according to Yues (2008) research re-pegging HK Dollar to Chinese Yuan is impractical due to the fact that HK Dollar is a fully convertible currency where as Chinese Yuan has yet to become a fully convertible currency. Furthermore, during the crisis Hong Kong dollar showed that it is very vulnerable to economic shocks and this instability may harm economic condition itself (Kueh et. al., 2002). In conclusion, changing Hong Kong regime from being fixed to US dollar to Chinese Yuan is inappropriate, as Chinese Renminbi itself fixed to US doll ar and pursuing similar objectives as Hong Kong economy. Another reason against pegging to Chinese Renminbi is that Chineses economy is not highly developed as Hong Kong economy, hence pegging to Chinese Renminbi will push back Hong Kongs economy. However, the stability of the Chinese economy and government decision made on not to devaluate the Renminbi, have attracted attention (Wei, et. al., 2000). Singapores case showed that floating exchange rate regime is more flexible during economic shocks as currency speculative attacks are less comparing with currency under fixed exchange regime. However, during the economic boom, both regimes show good performance and high future potentials. Suggesting changing exchange rate regime to new one or remaining with the current regime is an unclear, but floating exchange rate regime more promising. Word count: 1,518 References Altman, D., 2003. Dollar faces path of deeper slide. New York Times. Arestis, P., and Pelagidis, T., 2010. Greeces economic problems and euro threats are exaggerated. Guardian. Available at: https://www.guardian.co.uk/world/2010/feb/01/greece-euro-economic-problems Bjornland, H., 2008. Oil price shocks and stock market booms in oil exporting country. Norges Bank. Available at: https://www.norges-bank.no/upload/english/publications/working%20papers/2008/norges_bank_working_paper_2008_16.pdf Chen, h., Fausten, D., and Wong, W.K., 2006. Evolution of dollar/euro exchange rate before and after the birth of euro and policy implications. Social science research network. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=924525 Cheung, Y.W., and Yuen, J., 2002. Effects of U.S. inflation on Hong Kong and Singapore. Journal of Comparative Economics, Vol.30, p.603-619. De Grauwe, P., 2000. Exchange rates in search of fundamentals: the case of the euro-do llar rates. International finance, Vol.3, No.3, p. 329-356. Dougherty, C., 2004. Dollars fall lands hard in Europe. NewYork Times. Escape artist,. What has caused the Euro to fluctuate against the Dollar and what does the future  hold? Available at: https://www.escapeartist.com/OREQ18/USDEUR.html Gold Investing, 2010. Gold price pushed the U.S. dollar depreciation. Available at: https://webodigy.com/gold-prices-pushed-the-u-s-dollar-depreciation.html Harui, R., 2007. Dollar falls to record on concern losses to spur Fed rate cut. Bloomberg. Kueh, Y.Y., and Ng, C.W., 2002. The interplay of the China factor and US dollar peg in the Hong Kong economy. Cambridge University Press on behalf of the School of Oriental and African Studies, The China quarterly, No.170, p. 387-412. Le, A., 2006. US dollar drops against euro, pound, and yen. Available at: https://www.gocurrency.com/forex-news/2006/11/28/us-dollar-drops-against-euro-pound-and-yen/ Lu, D., and Yu, Q., 1999. Hong Kongs exchange rate regime: Lesson from Singapore. China economic review, Vol.10, p.122-140. Lui, Y.H., and Peasnell, K.V., 1989. Time series behavior, predictability and speculation in the Honk Kong foreign exchange market. Journal of business finance and accounting. Macdonald, S., 2007. Who gains when the dollar sinks?. Yale Global. Available at: https://yaleglobal.yale.edu/content/who-gains-when-dollar-sinks McCauley, R., and McGuire, P., 2009. Dollar appreciation in 2008: safe haven, carry trades, dollar shortage and overhedging. BIS quarterly review. Available at: https://www.bis.org/publ/qtrpdf/r_qt0912.htm Meredith, G., 2001. Why has euro been so weak? IMF Working Paper, Vol.1, No.155. Neck, R., 2002. The euro after three years. Atlantic economic journal, Vol.30, No.3, p. 236-243. Paul, J.A., and Quenemoen, M., 2003. Fall of the dollar. Global policy forum. Rajan, R., and Seregar, R., 2002. Choice of exchange rate regime: currency board Hong Kong. Australian economic papers, p. 538-556. Sapir, A., 2005. The euro-dollar exchange rate: facts and policy. What future for Europes economic and social model?, Issue 13. Available at: https://www.epc.eu/en/ce.asp?TYP=CELV=177see=yt=42PG=CE/EN/detaill=3AI=427 Schnatz, B., Vijselaar, F., and Osbat, C., 2004. Productivity and euro-dollar exchange rate. Review of world economics. Vol.104, No.1. Shams, R., 2005. Dollar-euro exchange rate 1999-2004 dollar and euro as international currencies. Review of world economics, Vol.321. Tsang, S., Sin, C., and Cheng, Y., 1999. The robustness of Hong Kongs linked exchange rate system as a currency board arrangement. Available at: https://sktsang.computancy.com/attrachment/esem99.PDF Wei, S., Liu, S., Wang, Z., and Woo, W., 2000. The China money puzzle: will devaluation of the Yuan help or hurt the Honk Kong dollar?. China economic review, Vol.11, p.171-188. Yahoo Finance, 2010. USD/EUR (USDEUR=X). Available at: https://finance.yahoo.com/echarts?s=USDEUR=X#chart3:symbol=usdeur=x;range=19990101,20100402;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on

First in the Fmaily A Fist Generation College Student on...

First in the Family: A First Generation College Student on College Across universities throughout the United States, the presence of first-generation college students is on the rise (Stephens 1). Students whose parents do not have a degree of higher education, are being given the opportunity to shape their future for the better as they embark on a journey to receiving a four year degree unlike their parents who were not given such an opportunity. With the number of first-generation college students on the rise from the past, I became interested in seeing how the views, relationships, and ideas of these students was unique, and how they differed from the average student attending a university; an average student coming from at least a†¦show more content†¦When asked about her time so far at UM she stated, â€Å"I don’t like it here. I just don’t like school and I think the people here are too different then back home.† Further expressing a concern that she feels very isolated while at UM, a contribution to Sarah’s poor grades may derive from the fact that she was too preoccupied with adjusting to an environment that is so new to her that it is a shock. The oddity of Sarah’s comment though is that she has already built strong relationships with many people at the university, including her roommate. Sarah states her roommate is most influential in making her feel as if she is not alone as she is always there to talk to and comfort her. This scenario is not uncommon among many college students, but it is especially prevalent among first generation college students because of the strong ties to family that are often seen with these type of students. Why else do the grades of this outwardly normal appearing girl suffer so much? A large reason comes from Sarah’s plain lack of motivation. Sarah clearly stated how she â€Å"hate[s] college† and when asked why, she stated that she does not like how hard it is and how much work is needed to learn the material. Sarah especially struggles in physics and calculus, and in a follow up question to the interview, Sarah revealed that her grades currently in calculus will not let her receive any

Evaluate Critical Thinking Free Essays

My perception of our team’s metaphors as a whole is that we all are capable of expressing our thoughts about things in our lives as we see them through metaphors. Each of our metaphors allowed others to identify with our thoughts by connecting words with our senses. The metaphors that my team members have written are descriptive and easy to understand. We will write a custom essay sample on Evaluate Critical Thinking or any similar topic only for you Order Now The metaphors that the team members have written were very good and descriptive in my opinion. Personal Barriers None of our metaphors seemed to have any thinking errors in them such as, egocentric thinking, polarized thinking, or over-generalizations. Personalized barriers such as, enculturation was present in some of our metaphors and did affect the way we critically thought them through. Because most of our metaphors were based on things in our lives it was not surprising that these sources produced metaphors with enculturation. I think everyone, especially myself, has to be careful not to allow personal barriers get in the way. By not allowing their personal barriers to get in the way they were able to create easily understood metaphors. I think that the team did a good job in doing this. Language The next tool is language I think that the way the team constructed their metaphors through the use of language was clear and interesting. I do not really understand how someone could accurately communicate using metaphors. We as a society do not communicate this way and I find that it would be tough to communicate in this manner. We are meant to speak a certain way in order to communicate accurately for instance in America we speak English and in Germany they speak German. It would be difficult to go to Germany and speak English and communicate effectively if they only understood a little English. I personally could not communicate using metaphors to communicate accurately. The language in which we write, talk, and think helps for the individuals listen understand the message that we are trying to convey to them. So we must be clear in the message and the wording that we use to get our message across. The team did this well when contrasting their metaphors. I was able to understand what they were saying in most of their metaphors. One example is from Stephens metaphor about family â€Å"Constant and Changing; Joy and happiness; Frustration and confusion,† The language that he used describes the emotions that a family goes through and the language describe it well. Feelings The majority of our metaphors reflected our feelings towards family, events, and places. Our feelings were put into our metaphors to help connect our words to their meaning. In my opinion this is where the metaphor becomes powerful. It seems to me that there is a lot of feeling in many of their metaphors. One can feel it as it is read. The next tool is creativity check I believe that most of the metaphors exhibited a lot of creativity while remaining clear. Like feeling I think that creativity plays a very important role in the metaphors. The next tool used is that of organization. Creative Thinking I feel that all of our metaphors were creatively thought through. We successfully transformed our thoughts into a language that everyone could understand and appreciate. From what I can tell most of the metaphors created exhibited some kind of order. The last tool was logic. I also feel that the team’s metaphors seemed to follow this well. I would say that over all the metaphors that the team created was very creative, and fun to read. I would also say that some seemed to contain a lot of feeling, which also made them more enjoyable to read. By putting their feelings behind the metaphors and made the metaphors originally and showed that creative thinking was utilized when writing the metaphors. How to cite Evaluate Critical Thinking, Papers

Accounting Finance Analysis Ethical Report â€Myassignmenthelp.Com

Question: Disuses About The Accounting Finance Analysis Ethical Report? Answer: Introduction Liquidation can be defined as an orderly process that is meant to shut down the company operations. It is basically a process of winding up a company operation because the company is considered to be unable to pay off its debt when due. The case arises when a particular company is unable to survive in the competitive market, and the owners or the shareholders decide to go for liquidation (Biondi, and Lapsley, 2014). In this case, after the company has gone into liquidation, all the assets and properties that the company owned are sold and the funds compensated to creditors, and if there are some surplus, the shareholders are entitled to the share. Liquidation can be classified into three types; creditors voluntarily, member voluntarily and through court. When a particular creditor seeks court direction to liquidate the company, the court may grant the creditor right to initiate the process of liquidation for the company (Owen, 2003). A creditor voluntary winding up is considered to be the liquidation process in which the company by itself decides to wind up its business operations while a voluntary member liquidation is the winding up the process when members of the company feel that there is no reason for the company to continue in its operations because of certain circumstances. Role of ethical governance in financial stress companies According to CPA Australia, ethics and governance are considered to be a core element of the skills and knowledge based on the contemporary professional accountants (Mills, and Marjoribanks, 2011). Diverse professional accountants should basically contain the required skills and knowledge of the content of regulatory regimes and how the governance tool is being applied. In accounting, it is significantly vital for accountants to ensure that they are performing their activities in accordance with the set rules and ethics. CPA Australia (2012), suggests that when individuals combine the social ethics and moral norms with the standard and principles of business, this aspect can be referred to as Ethics in Financial Accounting. Furthermore, Clarke, Dean, and Oliver (2003 pp. 30) emphasize the significance of governance and ethics by providing examples of World Com and Enron companies which are often important in the day to day company operations. The fall of ABC Learning Institution ABC Learning is considered to be an institution that offers early childhood education services in Brisbane, Australia and was established in 1988. The learning institution grew up steadily in its first twelve years of business then after the child care benefit introduction in FY2000, the basic demand for the child care blew up (ABC Learning Centers, 2016). During the same year, the institution grew up to be the largest health care provider in the whole of Australia and the world. The company share price increased by 300% in the market price and the company made a profit of AU$50 Million in the financial period of 2004-2005. In FY2001, the company stocks were floated on the Australia Stock Exchange at AU$2, and by 2006, its shares had a significant increase to AU$8.60. This aspect was chiefly because of the aggressive approach that the learning institution utilized to try to a dominant benefit in the child care business (Paul, 2007). Conversely, this growth strategy initiated the learning institution to pay extra for centers purchase thus resulted to huge debts from loans and other fund advances. A combination of intricate financial reports and doubtful business decisions for expansions were the key cause of the learning institution down fall (ABC Learning Centers collapse case study, 2011). Role of ethics and governance in ABC Learning Center According to this aspect, quality of education offered by the center was another cause of downfall because there were several students in the center than the number of teachers. The key issue with the ABC Learning Center was the failure of the company accounting standards such as assets treatment. When the learning institution purchased new centers, they were prized at the value of the business and premises and the cost of the childcare authorization. In FY2007, the acquired licenses were prized at AU$58.5 Million, and conversely, they were basically reported to have worth AU$700 Million under the belief that these licenses would generate more cash flow. Another unethical aspect was that thee reported good will was valued at AU$2.8 Billion while the actual value was AU$20.2 Million when purchasing other centers (Ashley and Daniel, 2008). This huge over valuation of assets fetched several question if fair value was a correct evaluation because the child care industry was already monopolized. Failure to emphasize on the main business capability to earn revenues during its growth was another problem. Proper ethics and governance should have been employed in this particular situation so as to ensure that the company carries out its business as per the set rules and regulations. The Government of Australian set up a directive on this aspect to ASIC. (Australian Securities and Investment Commission). ABC firm claimed that these particular authorizations were of high cost but in a real sense, the licenses had no value and when investors realized the accounting malpractice done by the ABC Company, its share prices decreased. The fall of HIH Insurance Company HIH Company was the largest insurance company in Australia that basically went bankrupt in 2001 with a significant loss of approximately AU$5.3 Billion. The company was founded in 1968 that introduced several types of insurance not only locally but also globally. According to its financial statements (FY2000), the company claimed that they had reached an approximately over AU$2.5 Billion in revenues and the value of its entire assets was about AU$8 Billion. In this case, poor management was considered to be the main reason that resulted in the downfall of the company where the company portfolio of about AU$8 Billion in assets was used to offset its debt and potential claims (Matten, and Moon, 2008). The portfolio dropped to only AU$133 Million as it was basically anticipated that even 1% variation in the assets cost would basically make the firm insolvent. HIH Insurance Company liquidation of was the largest surprise collapse of any particular corporate business. In 2001, NSW law cou rt ordered for the interim insolvency of the firm so as a proper audit of the company financial condition to determine its capability to continue in its operations. Ethics and governance role in HIH Insurance Company collapse HIH Insurance Company failure resulted in a Royal commission that was established so as to determine the main reason that led to the collapse of the insurance company. The commission found out that the company was basically not following corporate governance standards set up so as to ensure that the company operations are done in accordance to the Australian Cooperate governance (Rush, and Downie, 2016). According to the pointed out report, HIH Insurance Company directors were not performing their ultimate duties in accordance with the standard, and consequently, there was no balance check for the corporate governance model system that basically indicates how the company is going on and offering proper guidelines to the management. Because HIH Insurance Company was victimized by its management, no system could check the aspect of corporate governance model if it is working correctly or not so the management could control the condition. In this case, the role of ethics and governance in the company was that it had a responsibility to exercise their duties and powers with the diligence and care so all the resolutions must be taken with concern and they could be agreed by any rational individual. HIH Insurance Company culture was not that good because the senior management was unable to communicate vital facts in front of the board of management. The company board was not aware of the significant facts. Since the company initiation, it has been controlled by one CEO and that no individual member in the company could basically challenge the decisions of the CEO whether good or bad decisions were made (Tim, 2015). The company was not following its sound corporate model that basically caused the company downfall. HIH Insurance Company management performance failed to be monitored by the company boards since the panels did not carry out its duties appropriately that had no enough independence and capability to see the aspects that should be done. The aspect of transparency was also not present at HIH Insurance Company. Customers and public shareholders were deceived by the issues that HIH Insurance Company had grieved from inability after inability in the US and UK operations besides FAI purchase. The facts were also not confined to the general public because the financial statements drafted by the company were not reliable as they did not show a true picture of the company financial statements. The fall of One Tel Phone Company One Tel Phone Company was one of the largest telecommunication firm in Australia from 1995. The company operated as an Optus services reseller where Optus compensated One Tel Phone Company AU$120 for each registered and signed up sim card. During the first year of operation, the company signed up about 60,000 customers and basically posted a profit before tax of about AU$65 Million (Daniel, 2010). In the FY1997, the company floated its shares for AU$2 per stoke and a market value of AU$208 Million with this amount rising to AU$3.8 Billion in the FY2000. Conversely, the aspect of over-confidence and an unconcerned attitude towards internal control methods and corporate systems resulted in poor accounting applications particularly the treatment of bad debts that accentuated the failure of One Tel Phone Company to take profits from customers. One Tel Phone Company downfall was as a result of its inappropriate practices in its governance. When the company collapsed, its annual sales were about AU$650 and was operating in more than seven countries. The company had severe problems in their corporate governance structure since the company CEO had a significant influence on the company and that the chairman could not control anything in its business operations. Further research indicated that the other non-executive members did not have sufficient skills and knowledge to monitor the management and thus the company collapsed because of the two most influential CEOs who made wrong decisions. The biggest issues that led to its demise was the fast growth that the company did not adjust its internal control so as to satisfy for the increasing size (Westfield, 2015). It is apparent by the company system of billing that was designed for at least 60,000 70,000 clients and when the company customers grew up to about 760,000 clients, the company systems failed because of overload. The GST introduction in the FY2000 meant for more composite charging policy that was not adjusted for also led to the company down fall. Furthermore, the conducted audit demonstrated that the company one-third of accounts receivables were over 330 days old and that only 20% of the customers were actually paying while the other 80% were unaccounted for bad debts. In the end, the aspect of poor credit checking on the customers was one major factor that led to poor cash flow and thus resulted in the fall of the company. Ethics and governance role in One Tel Phone Company Basically the quality of the company financial statements usually enhances the credibility and customers confidence (Natasha, 2012). If the company annual report is made in accordance with the set guidelines, it can bring better facts and thus the report will be reliable as it shows a true and fair view of its operations. One Tel Phone Company financial statements were no doubts that it was full or malpractices, errors and contained a lot of missing core elements. The company had significant problems in its operations, financial reporting and inappropriate composition of board members. According to One Tel Phone Company financial statement (1998), the company had four members and John Greaves, and Rodney Adler were the two non-executive board members who ensured that no one challenged their authority and power that made them being the CEOs till the end of the business (Hamilton, 2016). The company collapsed because of its poor governance among its management team. Conclusion and recommendation Corporate governance and ethics were the key factors that basically resulted to the liquidation of ABC Learning Company, One Tel Phone Company, and HIH Insurance Company. The report indicates how significant the firms were before collapse because of not utilizing the set rules and regulations on proper ethics and governance. With the support of this particular research, I can simply recommend to all corporate operations that they must utilize the aspect of Company Act and the country accounting standards so they can shun diverse ethical concerns and thus improving the company culture and hence attains its targets and goals References ABC Learning Centers. (2016). Parliament of Australia. Available at: https://www.aph.gov.au/senate/committee/eet_ctte/child_care/report/c02.htm#anc2 (Accessed on 14th September, 2016) Ashley, N, Daniel, E. (2008). Arthur Andersen Auditors and Enron: What happened to their Texas CPA licenses?, Journal of Finance and Accountancy, viewed 5th Sep 2015, https://www.aabri.com/manuscripts/11899.pdf Biondi, L. and Lapsley, I., (2014). Accounting, transparency and governance: the heritage assets problem. Qualitative Research in Accounting Management, 11(2), pp.146-164. Case Study of ABC Learning Centers Collapse 2011, viewed 4th Sep 2015, https://rayanbaaqeel.blogspot.com.au/2011/06/case-study-of-abc-learning-centers.html CPA Australia, (2012) Tel.All: An insight into the One.Tel collapse, 4th September 2015 History of the Company (2003). Authenticated U.S. Government Information, viewed 3rd Sep 2015, https://www.gpo.gov/fdsys/pkg/GPO-CPRT-JCS-3-03/pdf/GPO-CPRT-JCS-3-03-1-5-2-1.pdf Clarke, F., Dean, G. and Oliver, K. (2003). Corporate Collapse: Accounting, Regulatory and Ethical Failure. Cambridge University Press, Cambridge. https://www98.griffith.edu.au/dspace/bitstream/handle/10072/42673/74746_1.pdf Daniel, Hurst (2010). Failed ABC Learning wound up, BusinessDay.com.au. Fairfax Media. Viewed 4th September 2015. Hamilton Murphy (2016). https://www.hamiltonmurphy.com.au/members-voluntary-winding-up.htmlb (Accessed on 14th September, 2016 Matten, D Moon, J. (2008). Implicit' and 'Explicit' CSR: a conceptual framework for a comparative understanding of corporate social responsibility, Academy of Management Review,February, Vol. 33, No. 2 Mills, M Marjoribanks, G. (2011). The HIH legacy: corporate governance and shareholder value,Find Law Australia, https://www.findlaw.com.au/articles/1431/the-hih-legacy-corporate-governance-and-shareholde.aspx Natasha, B. (2012). Five-year ban slapped on ABC Learning auditor, the Australian, viewed 4th Sep 2015, https://www.theaustralian.com.au/news/nation/five-year-ban-slapped-on-abc-learning-auditor/story-e6frg6nf-1226446258458 Owen, Neville (2003). HIH Royal Commission Final Report. https://www.academia.edu/1231656/HIH_Collapse Paul, W (2007). Lessons from the Enron Debacle: Corporate Culture Matters!, INPM, viewed 5th Sep 2015, https://www.meaning.ca/archives/archive/art_lessons-from-enron_P_Wong.htm Paul, R. (2014), Case Study: HIH, Ethical Obligations and the Manager: Case Studies, viewed 4th Sep 2015, https://www.thomsonreuters.com.au/product/AU/files/720502412/chapter_13.2_case_studies.pdf Rush, E and Downie, C. (2016). ABC Learning Centers. Available at: https://docs.google.com/viewer (Accessed on 14th September, 2016) Tim, W (2015). A Report on Corporate Governance at Five Companies that Collapsed in 2001, IA research, viewed 3rd Sep 2015, https://www.law.unimelb.edu.au/files/dmfile/Report_on_Governance_at_5_Failed_Companies_0310281.pdf Westfield, M. (2015). HIH: The Inside Story of Australia's Biggest Corporate Collapse. John Wiley Sons Australia, viewed 4th September 2015 Yuhao, L. (2010). The Case Analysis of the Scandal of Enron, Huntsman School of Business,

The Development of Ability to Critical Thinking

Press Release Reedsy opens to authors on Monday October 13th 2014

Press Release Reedsy opens to authors on Monday October 13th 2014 Press Release: Reedsy opens to authors on Monday October 13th 2014 â€Å"The best editors, designers, and marketers no longer work for big publishing companies. Instead, they are striking out on their own and working as freelancers,† says trader, investor, writer and entrepreneur, James Altucher.The richness of the freelancer landscape is no secret, but many don’t understand the true impact of having so much talent, so easily accessible: authors can now achieve the same level of quality they would get with a traditional publisher, without sacrificing royalties or creative control. Navigating such a wealth of freelancer talent can be daunting; how can authors meet the quality demands of their audiences and bring their work to a level of professional polish previously unseen in the realm of independent publication?Enter Reedsy. Or rather, enter the freelancers featured on the new platform, launching this month.â€Å"Our freelancers define the difference between vanity publishing and being an independent author,† says Reedsy co-fou nd Ricardo Fayet. â€Å"They are the ones who have turned self-publishing into something serious, professional- a real alternative to finding a publisher.†Reedsy is based on the idea that great authors telling great stories must be joined by equally talented editors and designers in order to produce professional-caliber books. This is why the London-based (though global-minded) startup launched two weeks ago by privately inviting a select group of professional editors and designers to set up their profiles.â€Å"On Monday October 13th, Reedsy will make these profiles public†, Ricardo explains, â€Å"regrouping them on a marketplace. Authors will be able to browse Reedsy, filter their search according to their needs and genre, and instantly message the freelancers they want to reach out to.†Reedsy has been vetting all the freelancers invited to the site, checking their profiles and displaying only those with experience, certifications, and good recommendations.Th e â€Å"streamlined self-publishing solution† can proudly count on the support of the Alliance of Independent Authors, who recognises the work Reedsy has been doing and the value it will add to the publishing ecosystem. Reedsy’s intentions have also been approved by the Society of Authors and The Literary Consultancy.Reedsy will not stop there. CEO Emmanuel Nataf reveals that the company plans to release project management tools that aid collaboration between authors and freelancers. â€Å"Emailing manuscripts and chapter revisions is a thing of the past,† Emmanuel says. â€Å"Reedsy will provide a place to gather these documents and allow for effortless collaboration.†In the meantime, Reedsy aims at becoming what Emmanuel describes as "the trusted network independent authors automatically turn to when looking for a quality editor or designer.†Reminder: Reedsy was founded in January 2014 by Emmanuel Nataf, Richard Fayet, Matthew Cobb and Vincent Dur and, and has been financially backed by Seedcamp and DC Thomson. It has been featured in The Bookseller,  Techcrunch  and Words With JAM.

Effectiveness Of E-Learning Tools In Organisations Dissertation

Effectiveness Of E-Learning Tools In Organisations - Dissertation Example The purpose of the study is not to examine the psychological factors pertaining to a like/dislike of technology that would be present on a personal level among employees of any industry. It is to examine the particulars of the implementation of e-learning management which may be addressed through a change in strategy, approach, and program design, to provide further motivation for employees to avail of e-learning facilities in companies that most require them. The methodology involves survey by questionnaire and a case study illustrating the successful implementation of an e-learning initiative, and why employees would find certain methods and approaches preferably. Results show that despite the preference for digital communications, learners would prefer face-to-face communications rather than written, and are optimistic about the eventual results of their participation in e-learning programs. The greatest barrier to e-learning remains the resistance of the employees where it still exists, but this does not seem to be prevalent. The case study provides a successful example of e-learning application in an open network where the exchange of information through workplace learning appears highly effective. Table of Contents Abstract 2 Chapter 1: Introduction 7 1.1 Chapter Overview 7 1.2Background of the Problem 7 1.3 Statement of the Problem 8 1.4Research questions 8 1.5 Significance of the research problem 9 1.6 Scope and delimitation of the study 9 Chapter 2: Literature Review 10 2.1 Chapter Overview 10 2.2 Definition and taxonomy 10 2.3 Impact of e-learning in organisations 11 2.4 Internal marketing: How the e-learning is communicated & promoted within organisations 13 2.5 Theoretical framework 17 2.6 Synthesis and relation of literature review to the research study 18 Chapter 3: Methodology 20 3.1Chapter Overview 20 3.2Research strategy 20 3.3 Research design 21 3.4 Data description 21 3.5Population and sampling method 22 3.6Data gathering instrument 22 3.7 An alysis 23 3.8 Ethical considerations 25 Chapter 4: Discussion 26 4.1 Chapter Overview 26 4.2. Respondent Profile 26 4.2.1 According to age 26 4.2.2 According to gender 27 4.2.3 According to highest educational attainment 29 4.2.4 According to length of service 30 4.3 Factors affecting e-learning 31 4.3.1 Respondents from BPO firms 32 4.3.2 Respondents from IT firms 33 4.4 Contribution of internal communications to e-learning effectiveness 34 4.4.1 Respondents from BPO firms 34 4.4.2 Respondents from IT firms 35 4.5 Impact of e-learning 36 4.5.1 Respondents from BPO firms 37 4.5.2 Respondents from IT firms 38 4.6 Barriers to effective e-learning 39 4.6.1 Respondents from BPO firms 40 4.6.2 Respondents from IT firms 41 4.7 T-test results 42 4.7.1 Factors affecting e-learning 43 4.7.2 Contribution of internal communications to e-learning 44 4.7.3 Impact of e-learning 44 4.7.4 Barriers to e-learning 45 4.7.5 Case study of a strategic application in an actual case involving an IT company 45 Chapter 5: Conclusion 51 5.1 Summary of findings 51 5.1.1 Factors that contribute most to the successful implementation of e-learning in the organization.

Principles and Practices of Effective Leadership - Mod 2 Essay

Principles and Practices of Effective Leadership - Mod 2 - Essay Example To this end, the article recognizes the central role that will be played by emotional and cultural intelligence in developing such leaders (Hanna, 2012). There are also additional characteristics that are required for developing successful global leaders. To this end, intellectual understanding that is reflective of the global business context is one key characteristic. It refers to the ability to understand the complexities involved while conducting business globally (Hanna, 2012). The skill to overcome dominant thinking entails the capacity to appreciate the intercultural empathy and have a desire to learn about other cultures. A global leader should also have the desire for cross border partnering with teams in other countries. This skill demonstrates executive maturity in appreciating the value from other foreign and like minded corporations (Hanna, 2012). The author also states that the ability to develop and nurture local and global perspectives is a pertinent skill acquired through living and experiencing different parts of the world. The global leader also needs to have a sense of self assurance and self awareness in relation to their sense of purpose and values. Finally, the author asserts the important skill of developing internal and external networks. This aids in shifting management from a vertical perspective to horizontal collaboration. The article proposes that the global leadership qualities are developed through living in a culturally and linguistically different country. The article by Myron Curry delves into the factors that make a good leader and how an individual can develop into a good leader. To this end, the author states communication as one of the factors that establish a good leadership. The art of effective communication enables a leader to accurately articulate thoughts and ideas to employees (Curry). Evidently, the

Community Health Education Intervention Research Paper

Community Health Education Intervention - Research Paper Example In my community, one of the major obstacles that I have seen regarding health education has been the delivery of sex education. One of the most important reasons that can be attributed to poor sex education is limitation in curriculums. This has created a lot of problems for the teachers who have been assigned the role of promoting health awareness amongst the population, particularly the youth. Although education related to sexuality is being imparted since some time now, and AIDS and other sexually transmitted diseases have made the need for health education even more acute, there are still impediments in its delivery. These obstacles not only prove to be a barrier in the development of the plan but also prevent the effective implementation of the health education initiative. As a result, the aims of the initiative fall short and the plan fails to achieve its objectives. Gilbert, Sawyer and McNeill (2009) report that one in every five sex education teacher have problems in the curr iculum that they are provided. There are also other problems in the delivery of sex education such as opposition from the parents of the children that the education is aimed at, or by the community as a whole, and lack of support by the higher authorities. There are various issues that arise as a result of poorly planned or inadequate curriculums. Some of the aspects of the programs being followed by health educators are abstinence curricula. In 1981, the American Family Life Act was put into effect. The Act developed Title XX funds which were aimed to devise sexuality programs that were based on the promotion of abstinence in order to holdup the beginning of the sexual activity of the youth. A number of abstinence-until-marriage... This report approves that the writing committee should be made up of professionals who do not only have know-how of sex education but also come from the area or institution that is the target of the program. The size of the committee must be given due attention, since too small committees might not be a fair representation of the targeted population. In order to make the implementation of the program more effective, the peer leaders or teachers who are meant to deliver the course should be motivated and must show faith and interest in the plan. The sex educators should provide them with effective training to equip them with the necessary knowledge and teaching skills. This essay makes a conclusion that it can be said that curricula of the health education program is very important in the effective implementation of the program and for the achievement of productive outcomes. Failing to do so, as in the case of abstinence-only and abstinence plus programs not only negates the purpose of the program but also affects the stakeholders, i.e. the target population; such programs fail to bring about voluntary behavior changes in the population such as to promote healthy sex behavior. There is a need to develop comprehensive sex education programs since research has shown that they are more effective than abstinence-only education. The designing of the curricula can be done by first performing a needs assessment and then designating two committees, the writing and the advisory, to draft the curricula. To make the program wholly effective, evaluation must be carried out. All the health education activities are for nothing if the target population does not r eceive any benefit from it in some substantial, measurable way.

Factors Influencing Global Healthcare

Factors Influencing Global Healthcare In the here and now, the global health care sector is highly abreast in providing intervention to the health problems that may or largely affect the well-being of the people. According to Conklin (2002), the health care system in the past was as not as multifaceted nowadays like access to health services. The quality of life, the ability to provide for the family, and the capability to function as a productive individual in the workforce are associated with health. Being in a state of complete physical, mental, and social well-being is an important determiner as to how people contribute to the society, which can affect the economy. Through the help of the government, people receive the intervention or services for health promotion, prevention, restoration, and rehabilitation. This is to ensure that the workforce can be at the optimum level of functioning for the progress or success of the economy. In this essay, the factors that could motivate intervention in health care by the gover nment, which includes equity, efficiency factors and the opportunity costs of such interventions will be discussed. The word factor is broad in its very sense, but in the medical parlance factor is regarded as the determinant of health. Liberally, factors such as abode, environmental state, genetics, socioeconomic status, level of education, and social relationships have higher impact on the health of individuals and communities compared to access and utilization of health care services (World Health Organization, 2014). Moreover, these factors when combined, or not, are beyond the individuals’ control that may affect the health. Those that can cause risk, danger, harm, or potential loss require interventions to improve, maintain, or restore health. â€Å"Drugs, foods, supplements, vaccinations, screening tests, exercise, hospital treatment, and various types of care are just a few of common health care interventions† (U.S. Department of Health and Human Services, n.d.). In providing these, according to Shiell, Donaldson, Mitton, and Currie (2002), health economics play a vital role in making decisions to promote efficiency and equity. Efficiency is making the best use of available resources, while equity is about fairness in which fair allocation must be exercised especially if resources are scarce. Another equally important term in the health care system is opportunity cost. It is based on the benefit that can be generated from utilizing resources elsewhere, like resources used in one intervention are not available for use in other programs; therefore, the gains that would have been derived have been forgone (Phillips, 2009). Moreover, interventions’ opportunity costs are best assessed by the health benefits such as life years saved and quality adjusted life years gained that could have been attained had the money been allotted in the subsequent best alternative intervention or program (Palmer Raftery, 1999). According to Dupas (2012), the health sector is one of the areas where the government intervenes. There are two motivations why governments intervene the healthcare sector across the globe. Dupas stated the Universal Declaration of Human Rights under article 5 which states that access to health care services is a central right of each and every one is the primary motivation. The government as the one in authority shall ensure that this right is exercised. Another equally important motivation is that the health care sector is subject to market failures, such as consumption externalities (Dupas 2012). Externality according to Freudenberg (2012) refers to the effect of production or consumption that affects the society as a whole and not the producer or consumer. The product which generates high profits are being produced more; however, this has negative effects on the health of the society. Externalities causes a chain of â€Å"more sales, more profits, more subsidies, more diseasesâ € , according to Freudenberg (2012). For an instance, the production of fast foods, cigarettes, alcohol and sugary beverages. These generate huge amount of money and gives rise to economic progress, but slowly killing the health of the population. According to Dupas (2012), â€Å"to make remedy to a market failure and attain social optimum, public provision of health services, public provision of information, subsidies for private provision, and regulation of private provision are the four main ways†. Moreover, there are many factors affecting health which the government provides appropriate funding and attention in order to halt the problem before it becomes long term and cause a financial burden. For example, epidemic diseases such as polio and measles that can be eradicated through vaccination, the incidence of cardiovascular diseases and obesity brought about by sedentary lifestyle can be reduced by initiation of behavioral change, poor family planning methods and poor access to antenatal check-up can be improved through the provision of information and access to health services considering efficiency and equity. One factor that prompts the government to fund immunizations is the wide-spread of polio disease in every part of the world. According to the Global Polio Eradication Initiative (2010), Polio or also known as Poliomyelitis is a highly infectious disease caused by poliovirus. The virus invades the nervous system that causes permanent paralysis to the affected person. It is spread through direct contact with the person infected with it. Children under five years old are the ones who are most vulnerable to be contaminated with the infection. Mostly, those who are infected are asymptomatic. The polio virus is just one of the many cases where cure has not yet been found and the only way not to acquire this is through prevention. Two effective polio vaccines were invented as a preventive measure to protect the child for a lifetime. Thereupon, to eradicate the epidemic polio disease a routine immunization to children must be implemented by the government. Thus, the Global Polio Eradication Initiative was launched. Overall, since the GPEI was launched, the number of cases has fallen by over 99%. In 2014, only 3 countries in the world remain polio-endemic: Nigeria, Pakistan and Afghanistan (WHO, 2014). Further, despite the high cost of this health program by the government this still remains to be cost-effective. Most importantly, this saves children and their families from a lifetime burden brought about by this deadly disease. Not only that, this may also decrease the likelihood of transmitting the disease to children who did not undergo any immunization. Similarly, another potentially fatal disease called measles has become a health threat to every country in the world. According to the Immunization Advisory Centre (2013), Measles is caused by a virus known as morbillivirus. Its transmission is via large airborne droplet that can be acquired through coughing or sneezing and it can be spread quickly. Unlike polio, people who acquire this illness are symptomatic. Rashes all over the body is a much known symptom of measles. Aside from that, measles also have no cure or treatment like polio. Again, preventive measures are the best way to avoid this illness. MMR, which stands for measles-mumps-rubella vaccine was discovered to be the most effective way not to acquire measles. Two doses of measles-mumps-rubella vaccine must be given to fully protect a person from it. This immunization helps people become immune to measles, as well as prevent from spreading measles to people who have low immune system and those who are not fully immunized. This health program is cost-effective because prevention is more practical than paying for hospital and professional fees, brought about by the complications of measles. For instance, when a child who is not immunized can easily be infected with measles, which we all know has no cure but can cause complications to the child. These complications will have to be treated to avoid worsening the condition of the child, thus paying more than having the child be immunized in the first place. Another factor that alarms the government and which requires apt intervention is the effects of a sedentary lifestyle. As stated by Pate (2013), a sedentary lifestyle is defined as a type of lifestyle where an individual does not get consistent amounts of physical activity. Where physical inactivity is considered the disappointment to meet the recommendations of the Center for Disease Control (CDC), stating that every individual must partake and take actions in a minimum of 150 minutes of light exercise, or 75 minutes of a more energetic and dynamic exercise schedule. Most health professionals are also in agreement that walking 10,000 steps a day and that is approximately 5 miles, is the perfect goal to agree for having and cultivating health and lessening the health risks caused by being inactive. One effect of having a sedentary lifestyle is placing an individual at high risk to diseases and illnesses and increase all grounds of mortality, double the risk of cardiovascular diseases , diabetes, obesity, and upsurge the risks of colon cancer, high blood pressure, osteoporosis, lipid disorders, depression and anxiety. According to the World Health Organization (WHO), 60 to 85% of the population worldwide does not involve themselves in sufficient physical activity. Thus, for this reason making physical inactivity the fourth leading risk factor for universal mortality. Amid the precautionary procedures suggested by WHO are moderate physical activity for up to 30 minutes every day, tobacco cessation then leading to termination, and healthy nutrition. Adding up to individual lifestyle variations, governments and policy makers are also recommending to move for health by making and generating a helpful and supportive setting for individuals. Amongst the measures commended are executing transportation rules that make it harmless for people to walk and ride bicycles, enacting tobacco-free public buildings and spaces, creating an accessible parks, play area and public centers, and endorsing physical activity programs in schools, communities and health services. Nutrition is the consumption of food, considered in relation to the body’s dietary needs. Good nutrition is an adequate, well balanced diet joined with consistent and systematic physical exercise is a pillar for having of good health. Poor nourishment can lead to weaken immunity, high risk susceptibility to illnesses, impaired physical and mental development, and reduced productivity. According to WHO (2014), Malnutrition, presents important threats to human health. Today the world encounters a double burden of malnutrition that includes both under nutrition and overweight, specifically in developing countries. Malnourishment is connected with the underweight BMI categorization, but it is also likely to present at a normal weight and still be under nourished. Children regardless of their age and sex even though they are eating well may still be undernourished if they are not getting proper and suitable levels of fiber, protein, vitamins and minerals in their diet. For the meantime, overweight and obesity are defined as abnormal or excessive fat accumulation that usually bring risks to health. A crude population measure of obesity is the body mass index, a person’s weight (in kilograms) divided by the square of his or her height (in meters). A person with a BMI of 30 or more is normally measured obese. A person with a BMI equal to or more than 25 is consider ed overweight. Overweight and obesity are major risk factors for a number of chronic diseases, including diabetes, cardiovascular diseases and cancer. Exercise will help in managing appetite and will maximize the number of calories you burn while remaining healthy. WHO promotes actions to reduce recreational sedentary screen time among children. This finding is founded on strong evidence of efficiency in lessening recreational sedentary screen time, increasing physical activity, improving diet, and improving or maintaining weight-related outcomes. According to World Health Organization (2014), in the 20th Century Family planning is the higher health achievement in the world. The family planning services provides each individuals to achieve desired birth spacing and family size, and contributes to improved health outcomes for infants, children, women, and families. The role and responsibility of government in family planning is mainly focus on education by providing relevant information on family planning as well as access to birth control options and healthcare.Family planning is essential to all countries, which helps to decrease maternal and neonatal mortality rate, and make healthier life. In support, Keesara nad Lesser (2014) stated that one of the most cost-effective ways to reduce maternal mortality is through right family planning methods and services. However, the two pointed out that although it is beneficial, resource-constrained countries suffer from scarcity of supplies and low quality intervention programs, partic ularly in the rural area. In this case, not all countries can maximize its resources and allocate appropriate funding, efficiency and equity almost always are not met due to the highest priority of a certain demographic area. Likewise, antenatal care, the care that a women receives during pregnancy, helps to ensure healthy outcomes for women and newborn (World Health Organization, 2013).Antenatal care service includes of therapeutic interventions that would be beneficial to the woman and her infant, as well as provide education about the importance of antenatal checkup and planning for a safe birth; thus, prevent from maternal and neonatal morbidity and mortality in the world. During the antenatal visits, there are various benefit for the women from various interventions, including counselling abouthealthy living styles, providing of iron/folic acid supplements, and vaccination against tetanus toxoid to prevent newborns against neonatal tetanus as well neonatal mortality and morbidity. In rural areas, the limited availability of health services as well is also one of the major problems. Due to the lack of health services women cannot access for antenatal checkup. Therefore, the government has funded a fre e service of antenatal checkups and has also trained many skilled birth personnel like midwives in the community to provide frequently home service especially in the remote area. In conclusion, healthy people largely contributes to a happy, healthy and prosperous nation. The two main factors that the government intervene in health care sector are the basic human rights and market failures. Further, some of the health factors that prompt the government to take initiatives to implement health programs are the epidemiology of diseases such as polio and measles, the sharp escalation of cardiovascular diseases and obesity due to sedentary lifestyle or consumer externalities, and the increasing maternal morbidity and mortality rate. These factors that were provided interventions according to studies are cost-effective and achieved desirable effects, for example, reducing incidence rates. However, further studies shall be made to quantify as to how a particular intervention can be efficient and equitable. The equity of an intervention, in most cases is achieved because areas that cannot be reached do not receive the same access compared to those who live in accessible places, this is true to the third world countries. Also, opportunity cost are measured through health benefits of what has been sacrificed for another intervention. But, further studies shall be made to provide empirical evidence on how a specific intervention can be cost-efficient. Efficiency, equity and opportunity cost of health interventions vary according to different circumstances per country or demographic population such as government funds, scarce resources and priority needs.

Jerry Seinfeld :: essays research papers

Jerry Seinfield Sometimes a persons achievements can have an impact on an entire segment of an industry. In the book Jerry Seinfeld by Josh Levine this theory stands true. Jerry Seinfeld's brilliant comedy has had a tremendous impact on this segment of the entertainment industry. His clean comedy and detailed tactics have set a precedent for comedians to come. Jerry Seinfeld was voted the America's Best Male Comedian Club Performer in 1988 by a pole of night club regulars, even thought by then he had already moved up to the large concert halls and amphitheaters for most of his performances. Jerry used a form of comedy that no one had ever seen before. He was titled the clean comedian because he didn't to use profanity to make people laugh. Jerry said in one of his interviews, â€Å"My jokes are about clean subjects, and they're very thought out. Most comedians who use a lot of profanity- they' re using it for fast punchlines... I can put a joke together well enough that I don't need dirty words.†   Ã‚  Ã‚  Ã‚  Ã‚  Jerry has a role model for kids and comedians to follow. He started a new genre in comedy. Here's an example of Jerry's humor â€Å"Dogs are broke all their lives. You know why they have no money? No pockets. They see change on the street -there's nothing they can do about it†. â€Å"You go to the store to buy Grape Nuts. No grapes, no nuts. What's the story there.†. â€Å"If he's the best man why is the bride marrying the groom?† Jerry has not only contributed to his fellow comedians and the comedians to comes. He has made a difference in many peoples lives. For example, on Thursday night almost every one I know snuggles up in front of there television to watch Seinfeld, a sitcom staring Jerry Seinfeld. The next day you can hear them using dialogue from the show and laughing amongst themselves. It is as it his dialogue and situations he creates are being reenacted by everyone I know Jerry Seinfelds contribution is a great one.