The Role Of The Imf In Financial Crisis Finance Essay - Free Essay Example

Sample details Pages: 4 Words: 1180 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? INTRODUCTION The International Monetary Fund came into formation in July 1944 when representatives of 45 countries met together in the town of Bretton Woods, New Hampshire in north-east of United States. They agreed to establish a framework for the international economic cooperation after the Second World War. It was believed that such a framework for the economic cooperation was necessary to avoid the recurrence of the disastrous economic policies which lead to the great depression for the countries  [1]  . Don’t waste time! Our writers will create an original "The Role Of The Imf In Financial Crisis Finance Essay" essay for you Create order In December 1945 International Monetary Fund formally came into existence when 29 member states signed the articles of agreement and on 1st March 1947 IMF began its operations. The main purpose of IMF was to guarantee stability of economic growth and the maintenance of living standards and therefore to accomplish this purpose it was very important for the countries to exchange goods and services from each other. The IMF if also known as a social institution, whose central role is to provide primary social goods: access to currency reserves, cost to such access, exhaustible social resource and trade currencies.  [2] ROLE OF IMF In 1970s the banks lent billion of dollars to the poorer nations specifically to Latin America and Asia but this process of lending of money lead to crisis. In 1982 Mexico announced that it could no longer pay the money owed until a special arrangement had been made that allowed it to postpone the payment and borrow back part of its interest. Following Mexico, Brazil, Argentina and other small countries also found themselves self caught in the same problem. If we see the position from a broader perspective it could be observed that the developments on the international economic in 1970s exposed the economic difficulties which were being faced by developing world. Both the internal and external problems of the developing countries were exposed; the internal problems of the developing countries manifested themselves in growing economic deficits and rising in external current account deficits. External factors included sharp increase in the real prices of the energy products, fluct uations in the world market prices of primary products produced by the non oil developing countries and slow growth in the industrial countries.  [3] In this situation the Bretton Woods institutions, World Bank and International Monetary Fund (IMF) argued that the problems were being caused mainly by mismanagement in the developing countries. As a result of this sufferance of economic instability by the developing countries the institutions launched stabilization and structural programs to overcome the problems of macroeconomic distortions and to strengthen the economic structure in these countries. The role of IMF has been transforming vigorously since 1970s, when the gold standard fixed rate system was changed to a flexible exchange rate the original purpose of IMF to maintain the exchange rate alignment was departed. In 1980s IMF gave more attention towards the Latin America debt problem via structural adjustments. In early 1990s it was forced to play a role by helping to form market- based economies, by the end it was also dealing with financial sector reforms and systems financial crisis. However now IMF in poorer developing countries has been assisting to establish macroeconomic conditions for the poverty reduction. With the vigorously changing role of IMF the client base has also been affected; the membership has increased from 45 to 185 countries today. However the new countries which joined the IMF membership are more economically diverse and have wider needs and priorities than the existing members. Initially IMF was operating as a Credit union, all the members states use to borrow from time to time, Nowadays the IMF have structural creditors and debtors. The developed countries are less likely to borrow from the IMF and prefer to borrow directly from the private market, which does not allow IMF to interfere in their policies. Where as the developing countries are more likely to borrow continuously from IMF and must submit to their poli cy demands, however nowadays the IMF programme is mostly conducted in developing countries and emerging market countries. CRITICISM ON ROLE OF IMF IMF plays a vital role to improve and stabilise financial crisis, however its role has been under great scrutiny and has been criticised for many reasons. It has come into discussion that IMF loan causes more harm than good to member states. Many criticised on the IMFs insistence on deflationary fiscal policy  [4]  and higher interest rates.  [5]  It was argued that IMF turned a minor crisis into a major one by creating economic recession with unemployment rates in the countries like Thailand, Indonesia and Malaysia. IMF has been demanding for the same economic policies for everyone regardless of the situation. Devaluation of the exchange rates may help many countries but it doesnt mean its always the solution. Some policies like privatisation and deregulation may work better in developed countries but will be more difficult to be implemented in the developing countries. It has been argued that IMF takes away the political autonomy of the countries. Countries such as Jamaica states that it takes away ability for the member states to decide their national policies, instead they have to follow the economic dictates of an unelected body. IMF has also been criticised by free market economist, they argue that IMFs intervention creates moral hazard  [6]  . They intervene on the bases of poor information and fail to deal with economic problems; it is argued that countries should take the responsibilities themselves rather than giving their responsibilities to IMF. ARTICLES OF AGREEMENT The IMFs fund authority is based on an international treaty called Articles of Agreement  [7]  which came into existence in December 1945.The articles of agreement outline the main purpose of the fund  [8]  , however the articles of agreement have been amended three times in the last 47 years  [9]  but article one which states the main purpose has never been altered. IMF observes the compliance of its members states with certain obligations specified in the articles of agreement; it is regulatory in nature rather than financial.  [10]  These articles lay down the rules which are of great importance in structural growth and function of the IMF , the funds keeps a check that rules are not only being followed by the member states but also the fund is working in compliance with the rules. By laying down a complete set of rules in the articles of agreement the fund makes sure that its main purpose and procedure is straight forward without creating any confusion for th e members states. Article one states the purpose of the IMF in a very wide prospect as it was states by Lastra: the broad record has authorized the institution to endure over the years, adjusting and re adjusting its role in response to varied economic circumstances.  [11] By joining the IMF and accepting the articles of agreement member states accepts the obligations that limit their monetary sovereignty and in return they receive benefits, however if the member states comply with the required conditions of the agreement they receive financial assistance in crisis situations. However it could be seen that there is a mutual responsibility on the both sides to deal with the circumstances as required by IMF procedure, which helps for international cooperation.

Dr. Stephen Laberge s The Art Of Lucid Dreaming Essay

-dream ========================== Dreams have always occupied a curious place in human history. Granted, the modern day westerner might look at dreams as simply fantasies, hallucinations, illusions of the mind that rapture us in the night. But throughout history we find no shortage of cultures who have held an interesting relationship to dreams. Countless tribal cultures (such as the Aborigine’s of Australia, for one) found tremendous value in dreams; giving dreams an especially important place in their society and its rituals. And of course Sigmund Freud and Carl Jung, the founding thinkers of psychoanalysis, saw dreams as expressing â€Å"the language of the unconscious†; and (for them) it was through dreams that we came to work out our psychological struggles, or confront our most primal impulses. Still others such as Dr. Stephen LaBerge (author of â€Å"The Art of Lucid Dreaming†) see dreams as avenues for our continued conscious development—even when we are sleeping. Lucid dreaming (a term denoted by LaBerge) is the practice of becoming conscious in one’s dreams—without physically waking up from them—enabling one to â€Å"take control† of their dreams. And still others will go so far as to assert some sort of â€Å"paranormal† significance to dreams, at least in cases when (for instance) someone dreams about a relative in trouble, only to find upon wakening that, in real life, they were. ========================== Are they omens? Prophecies? Are they the language of our

Act One Scene One of Measure for Measure Free Essays

Act One Scene One of ‘Measure for Measure’ is a scene surrounded in ambiguity and complex character motives. In this scene the Duke of Vienna meets with his aged advisor Esacalus to discuss his immediate and unexplained departure from Vienna and his plans to appoint Angelo to rule in his stead. The play simply starts with the Duke saying â€Å"Esacalus†[1]. We will write a custom essay sample on Act One Scene One of Measure for Measure or any similar topic only for you Order Now Using the noun in an almost imperative form is an indication of how much power the Duke really has and how much power the Duke will be handing over to someone as inexperienced as Angelo. This instantly begs the question why is he not leaving Escalus in charge? One opinion, which I support, is that the Duke is a Machiavellian Character who is hoping that Angelo fails so that when he returns the people will love him. Due to this manipulative attitude he cannot select Escalus as he may believe that Escalus may actually do a better job than him, something he cannot risk. This concept of deceit and manipulation is backed up by the fact that throughout the initial speech by the Duke he seems to actively aim to make Escalus feel of less value than he is worth. An example of this is â€Å"But that, to your sufficiency, as your worth is able†[2]. The use of words such as â€Å"sufficiency† appear to be designed to make Escalus feel like he is only just good enough and nothing more than that. That way the Duke does not disenchant him completely with the world of politics but instead keeps him in his place. This theory is backed up once more by Escalus’s response to the dukes rhetorical questioning in which he says â€Å"If any in Vienna be of worth [†¦] It is Lord Angelo†[3]. This line, I believe, would be read in an almost sarcastic way as if he is mocking Angelo and the Duke. Once Angelo arrives; the Dukes tone, while no less powerful and demanding, becomes more focussed on flattering Angelo than it does demoralising Escalus. The Dukes attempts at flattery such as, â€Å"Thyself and thy belongings are not thine own so proper as to waste†[4], promote the idea that the Duke really wants Angelo to take the position; perhaps he fears that if Angelo won’t then he will have to promote Escalus to the position instead. This section of the scene also introduces the idea and theme of Actions versus Words. This is primarily shown when Angelo says â€Å"Let there be some more test made of my metal†[5] implying that, while he is simply employing fake modesty, he is saying he should be tested further before he is given this position. The way the Duke says â€Å"We have with leavened and preparà ¨d choice proceeded to you†[6], I believe, is his way of saying we have talked enough on the matter brings the play back to Actions versus Words. Some people are of the opinion that the Duke is simply a bad leader who is fleeing when times turn bad. â€Å"Our haste from hence is of so quick condition that it [†¦] leaves unquestioned matters of needful value†[7] is one such occasion where this point is made as the Duke is leaving them and it appears he has not even come up with a valid reason to tell even his closet advisors and Lords. I believe that, while one cannot escape the fact that he is displaying all the qualities of a terrible ruler, this is not the primary reason for him leaving. On balance I believe that the Duke’s departure in this scene is due to the manipulative nature of his character and is driven by his desire to be loved by the people. The Duke does however claim that he does â€Å"not like to stage [himself] to their eyes†[8] but I believe this to be simple lies told by him to make himself look better and more modest in front of the other Lords, more people who he wants to love him. I believe this theory encompasses other plausible theories such as the idea that he is simply a bad leader and the theory that suggests he fears the people do not need a Duke anymore as through this theory the people would think him a great leader and they would realise that they did need a Duke. Due to this I believe it is the best theory to explain the Duke’s sudden departure. How to cite Act One Scene One of Measure for Measure, Papers

Verbal and Nonverbal coding worksheet free essay sample

Is a smile a universal nonverbal form of communication? Why or why not? Provide specific examples in your answer. Yes a smile is a universal nonverbal form of communication. A smile is a facial expression that shows happiness. People can smile for several reasons such as happiness, excitement, if something is funny, or even out of embarrassment. For the most part across the globe, smiling is a natural reaction to a happy feeling. However, in some cultures babies are taught to smile at strangers, while other babies are taught to smile only in certain circumstances (Lustig Koester, 2010). Culture is taught at an early stage such as teaching babies of when to smile. Cultures should remember this when speaking to others from different cultures. Although, here in America we smile at everyone as a courtesy, it doesn’t mean a woman from another culture is being mean if she doesn’t smile back. It could be that in her culture woman do not smile to strangers. The answer to the question is yes it is universal and communicates a form of happiness, but we still need to be mindful of other cultures and their non-verbal communication. 2. What are some of the ways that you, as an American or an international student, have been taught, or unconsciously learned, to synchronize your nonverbal behaviors? If I am understanding the question the right way I think I learned nonverbal behaviors such as shaking my head no when I say no or nodding it yes when I say yes. You learn these things at a very young age of 2 or 3. I also learned to point at someone (although my mom always said don’t point at people) it was a natural thing that you learned as a kid. Another thing I know I do is I talk with my hands. My family is a big Italian family and with loud talking comes big hand motions. The louder the conversation the bigger the hand motions. In chapter eight of the text book, it describes the awkwardness between an American and Japanese as they bow. The Japanese bow is very synchronized and when and American bows it becomes awkward because we do not have the same synchronization they do circumstances (Lustig Koester, 2010). Part B: Verbal Instructions: There are five interrelated sets of rules that combine to create a verbal code or language. In the middle column, define the five verbal rules that create the verbal code in a minimum of two sentences for each rule. In the last column, provide an example from both American culture and an international culture for each of the five rules of verbal codes. Then answer the questions on the following page. Rule set Definition (2 or more sentences) Examples (1 American culture example and 1 international culture example) (1) Phonology (rules for word sounds) Phonology is the rules for combining phonemes in a language. Phonemes are the basic sounds units of the language. An American example would be â€Å"K† it makes a hard K sound. An international example would be the Spanish â€Å"LL†. Take my last name is Castillo. Because I am American I would pronounce the two L’s together as L, but it is a Spanish word so my name pronounced phonetically would be: Ka-Stee-YO†¦. The two L’s sound like YO. (2) Morphology (units of meaning in a word) Morphemes refer only to meaning units. Morphemes are the smallest units of meaning in a language. All words have a least one morpheme (meaning) while others can have three. The Chinese use the word â€Å"ma† which can mean four different things depending on how you pronounce it. It can mean mother, toad, horse, or scold. In America, the word SWEET can be used in the context of taste, or meaning â€Å"kind†. Such as Miranda is such a sweet girl. Or the candy is very sweet. (3) Semantics (distinct meaning of words) The study of the meaning of words. It is the study of the relationship between words and what they stand for or represent. In America, the word Boot refers to a shoe, however in Britain, Boot refers to the trunk of a vehicle. (4) Syntax (relationship of words to each other) This is the study of the relationship of words to one another. This is learning to combine words together to create phrases or eventually sentences. The order of the words help build the accuracy meaning of the phrase or sentence. In English we would say â€Å"The red rose†. In Spanish, its â€Å"La rosa rojo† – which translated just like that would be: â€Å"The rose red. † Different cultures have different placement of their words to create a phrase. For us Americans, the phrase seems reversed, but for people who speak Spanish this is the right way. (5) Pragmatics (effect on human perception) Pragmatics is the effect language on human perceptions and behaviors. This can include how language effects taking turns in conversations, organizational communication, or casual language. In America, we use phrases like how are you? , or what are you doing? In almost the beginning of every conversation, whether we really want to know or not. This is the culture of our communication and may be rude if you didn’t ask how someone was doing. In other cultures, saying no can be considered rude – especially when it comes to food. In the Hispanic culture they are always serving you and always want you to eat more. Even if you say you just ate or your not hungry – it is in the culture to serve you a plate of food. No is almost unacceptable when it comes to food. 1. What is one possible drawback of phonology if a nonnative speaker has poor accuracy? What might be done to master a new phonology? The drawback of phonology for a nonnative speaker who has poor accuracy would be they might be using the wrong pronunciation of words. When you are learning a new language you are reading the new language but thinking of how you would pronounce in your culture. It is a hard transition to remember to consciously think about how this new language pronounces the letters. The best way to master this new phonology is to recognize and differentiate between the different sounds. Once you can recognize the different sounds you can begin to picture them as you learn to pronounce the new words. I think also learning how to pronounce every letter in the alphabet is a must and will help with understanding the language phonology. 2. What happens in the course of conversation when semantics causes confusion between you and the receiver? Provide a recent example. A conversation can take a turn for the worse and end up going out into left field. If worse came to worse one of the parties would end up offended. A recent example was with my husband and he didn’t understand the meaning of human trafficking. I was trying to tell him that I had a training at work coming up next month and it should be interesting because it was about human trafficking. We started talking about it and then he made a comment and I realized we were not on the same page because he wasn’t properly informed on what human trafficking was. It was actually very funny. My husband was thinking that human trafficking was transporting people back and forth illegally from Mexico to here. After we discussed it, he said he did know but in his had he had things mixed up. For us, this was a casual conversation where no one was offended. I do wonder if it could have been a cultural mix up as well. My husband is Mexican so maybe he was thinking of the term in Spanish and was confusing it in our conversation. 3. Based on the examples in your text, what do you think Ludwig Wittgenstein meant when he said that â€Å"the limits of my language are the limits of my world†? I think by this he means that the ability and limit in his language will limit what can happen in his life. We think in language and therefore our thoughts are constrained by the frame of the language of what we think of. His phrase reminds of another one which is: KNOWLEDGE IS POWER. Just like that phrase language can be seen in the same fence. If we don’t know something then we don’t know. If we don’t know language, how can we go further through life? The only good thing about language is we usually associate with people from all cultures whether its at work, the bank, or the Dr’s office. We are constantly picking up language whether we are trying to learn or not.