Financial Institutions And The Economic Growth Of An Economy

Scenario Description Financial Institutions or banks are very important and valuable for the sake of the economic growth of an economy (Gup, 1999). Therefore, the government of almost every country of the world likes to execute their growth through the existence of financial institutions. Apart from the financial institutions, there is yet another thing that needed to be there in an economy known as Financial Markets (Gup, 2003). This assignment is a Financial Market based assignment in which different provisions and elements of the financial markets would have been acknowledged and analyzed. There are three different parts of the assignment which further bifurcated into different answers. Part-1: Forecasting of Interest Rate Theoretically, an interest rate is a rate at which the borrower is liable to pay interest specifically for the utilization of money. The interest rate is basically a percentage of principal that paid a certain amount of money on the money borrowed from the financial institutions. It is important for this part to choose a country for the operations, except the United States and Canada. China is selected for this analysis (Tradingeconomics.com, 2015). China, the economic giant of Asia has the highest amount of foreign reserves and ability to become the largest economy of the world by surpassing the United States. The interest rate of China from 2005 to 2015 is as follows China is one of those economies of the world that kept a high amount of interestShow MoreRelatedEssay on Mortgage Crisis on Money Supply1480 Words   |  6 Pagesmacro economic variables in the economy. The United States of America recorded a mortgage crisis since 2007. The financial sector issued out massive amounts of money to individuals to acquire homes. This was in line with government campaigns for equitable housing of US citizens in the United States. This led to an increase in loans offered to citizens to purchase homes, leading to an expansionary monetary policy. Though this strategy brought equity in home ownership, it also brought financial imbalanceRead MoreImpact of Financial System on the Economy1408 Words   |  6 Pagesthat well-developed, smoothly operating financial markets play an important role in contributing to the health and efficiency of an economy. There is a strong positive relationship between financial market development and economic growth. For example, in Chapter 1 of their 2001 book, Financial Structure and Economic Growth, editors Demirgà ¼Ãƒ §-Kunt and Levine concluded: In particular, researchers have provided additional findings on the finance-growth nexus and have offered a much bolder appraisalRead MoreMonetary and Fiscal Policy Essay1508 Words   |  7 Pagescentral bank) controlling money in the economy so as to promote economic growth and stability by creating relatively stable prices and low unemployment. A monetary policy mainly deals with the supply of money, availability of money, cost of money and the rate of interest so as to attain a set of objectives aiming towards growth and stability of the economy. Monetary policy is said to be expansionary when it increases the total supply of money in the economy more rapidly than usual. But it can alsoRead MoreThe Moral Hazards Of A Moral Hazard1440 Words   |  6 Pagesit provides them with an incentive to practice risker business practices. In the situation of a crisis that is already underway the government is unable to let large and prominent financial institutions fail. As a result they must bail them out and in such an action they create a moral hazard. It provides the financial sector an incentive to practice riskier procedures because they know from previous experiences that they would be bailed out in a crisis situation. It also prevents them from improvingRead MoreRoles of International Financial Institutions1173 Words   |  5 PagesRoles of International Financial Institutions Marcus Jenkins MGT448 January 10, 2011 Paul Bogert Introduction When listening to the latest television report concerning global business news or world economics, names of financial institutions such as World Bank, International Monetary Funds, and Asian Development Bank may be the center of some discussion. A major player on the global forefront, international financial institutions function much differently from local neighborhoodRead MoreExcessive Growth Of Credit And Asset Prices763 Words   |  4 PagesExcessive growth of credit and asset prices can pose serious risks to an economy which has a high degree of financial integration and openness. There can be various reasons for an excessive credit growth such as excessively loose monetary policy, rapidly growing shadow banking system etc. The following essay will describe some key risks associated with an excessive increase in credit growth and asset price and some policy tools which the central bank should adopt to keep these imbalances in checkRead MoreAustralian Securities And Investment s Commission1690 Words   |  7 PagesDuring the last decade the Australian economy has experienced continuous growth and has featured contained inflation, low unemployment and a strong and stable financial system. By 2012, Australia has experienced more than 20 years of continuous economic growth, averaging 3.5% a year. Australia was comparatively unaffected by the global financial crisis (GFC) in 2008 as the banking system remained strong and inflation was controlled to a manageable point, this event has benefited Australia as a wholeRead MoreFinancial Liberalization : South Korea And Taiwan Essay1578 Words   |  7 PagesTwo Paths to financial liberalization: South Korea and Taiwan, Elizabeth Thurbon Is it insufficient financial liberalization and the legacies of economic model in which the state plays an active role in the allocation of economic resources to strategically designated ends that caused the rise of financial crises or is it excessive financial liberalization and increased exposure to volatile capital flows for the primary cause of financial crises? What kind of liberalization could deliver of the benefitsRead MoreThe Long Run Causality Direction Between Financial Markets Development And Economic Growth1716 Words   |  7 PagesThis thesis investigates the long-run causality direction between financial markets development and economic growth in Croatia, Slovenia, Serbia and China for varying time periods using VAR models and Granger Causality methods. It also explores the interrelationships between variables using the Impulse Response Function. Financial industry consists of two main parts; debt and equity (Krugman and Obstfeld, 2009). These are also called debt and equity markets. Credit markets which are primarily consistedRead MoreThe Tour Of Federal Reserve Houston Branch1510 Words   |  7 Pagesimportant role in the national economic. Many countries has their own central bank, such as England established their central bank in 1694, japan established bank of Japan in 1882. The function of central bank is supervising and regulating the bank system. And central bank is also controlling the money supply for their nation. It can issue banknotes, serve as a bank for financial institutions and government, maintain the value of the currency, supervise banking institutions, establish and conduct monetary

The World s Leading Spokesman On The Holocaust - 908 Words

Wiesel once said, â€Å"†¦I swore never to be silent whenever wherever human beings endure suffering and humiliation. We must take sides. Neutrality helps the oppressor, never the victim† (Wiesel par. 9). The inspiring man known as Elie Wiesel was born on September 30, 1928 in Sighet, Romania. He was declared chairman of â€Å"The President’s Commission on the Holocaust†. Wiesel earned the reputation of â€Å"world’s leading spokesman on the Holocaust† because of his extensive discussions about the Holocaust and the impact it had on Jews (â€Å"Elie Wiesel-Facts† par. 1). Wiesel’s early life was unfortunate; his parents and his sister died in the concentration camps that were held by the Germans. Fortunately, Wiesel survived the harsh conditions of the camps. He believed he survived because it was â€Å"nothing more than chance† instead of it being a miracle; regardless, he lived to tell his story about the Holocaust (Wiese l 7). Elie Wiesel’s efforts on portraying how bad the Holocaust was allowed him to change people’s perception by fighting against indifference and by showing the severity of his experiences. Due to the fact that the Germans created concentration camps during the course of WWII, many people were tortured and murdered to death. Wiesel’s family was captured and brought to the camps; unfortunately, his mother and sister perished before they could escape the camp. His father died as soon as the camp became liberated. However, Wiesel was able to endure the camp long enough to surviveShow MoreRelatedNehru and Partition5844 Words   |  24 PagesCongress behind him he could never rule India†. And Gandhi did indeed oblige; he made sure Nehru was elected President of the Congress in 1929, 1936 and 1946 at the expense of Patel and Subhash Chandra Bose. However during the late 1930s and early 1940’s, Nehru would begin to increasingly undermine his mentor. Nehru’s socialist beliefs lead him to believe that the Hindu-Muslim conflict was a result of economic disparities and the British ‘divide and rule’ policy, rather than dogmatic religious beliefsRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 PagesLinda Shopes, eds., Oral History and Public Memories Tiffany Ruby Patterson, Zora Neale Hurston and a History of Southern Life Lisa M. Fine, The Story of Reo Joe: Work, Kin, and Community in Autotown, U.S.A. Van Gosse and Richard Moser, eds., The World the Sixties Made: Politics and Culture in Recent America Joanne Meyerowitz, ed., History and September 11th John McMillian and Paul Buhle, eds., The New Left Revisited David M. Scobey, Empire City: The Making and Meaning of the New York City Landscape Read MoreOrganisational Theory230255 Words   |  922 Pagesinteresting and valuable. Peter Holdt Christensen, Associate Professor, Copenhagen Business School, Denmark McAuley et al.’s book is thought-provoking, witty and highly relevant for understanding contemporary organizational dilemmas. The book engages in an imaginative way with a wealth of organizational concepts and theories as well as provides insightful examples from the practical world of organizations. The authors’ sound scholarship and transparent style of writing set the book apart, making it an ingeniousRead More1000 Word Essay85965 Words   |  344 PagesPage 8 / 389  © Copyright 1999-2012 ArmyStudyGuide.com Version 5.3 2. 3. 4. 5. 6. 7. 8. 9. 10. Advanced Skills Education Program (ASEP) High School Completion Program Service members Opportunity Colleges Associates Degree Program (SOCAD) Veteran s Educational Assistance Program (VEAP)/Montgomery G. I. Bill (MGIB) Skill Recognition Programs Command Language Programs (Head start - Gateway) Defense Activity for Non-Traditional Education Support (DANTES) Education Counseling Services Learning Resource

Assessment Item Equitable Standards in Fair Dealing

Question: Discuss about theAssessment Item for Equitable Standards in Fair Dealing. Answer: Issue: in this question, the issue that arises on the basis of the present facts is if the contract created by Brad with Caltex for the purchase of 30,000 L patrol is enforceable against Tina, the owner of the business also expressly told Brad that he should not order patrol in future. In the same way, there is another issue that needs to be decided in this question. Therefore it has to be decided if Paul had made a secret profit while he was acting as the agent of Tina. Law: in view of the now the facts that have been given in this scenario, the principles of law of agency needs to be applied. According to the law of agency, an agency is an agreement that is created between the party known as the principal and the other party, which is called the agent. The agency agreement provides that an agent has the power to enter into the contracts on behalf of the principal. Therefore, such contracts also bind the principal (Watteau v Fenwick, 1893). Similarly, even if the agent has created the contrary, the lawprovides that the benefit of such a contract go to the principal. The reason is that in such a case, the contract has been created by the agent on behalf of the principle. Apart from the relationship that has been created between the principal and the agent, another relationship is created with the third-party. The acts of the agent result in the creation of a relationship between the principal and a third party (Mason, 2000). At the same time, the law provides that although the agent had entered into the contract, but in such a case, a relationship is not created between religion and the third party. The law of agency also provides that different types of authority can be given to the region by the principal (Freeman and Lockyer v Buckhurst Park Properties (Mangal) Ltd., 1964). Hence the authority of the agent can be actual authority, apparent authority or such authority can be the authority of necessity. In case of express authority, authority is provided to the agent in writing or orally by the principal. On the other hand, it can be said that the agent had implied authority when even if the authority was not provided expressly, the agent was design ated to a particular position, and consequently some authority is associated with this position (Carter, Peden and Tolhurst, 2007). The apparent authority of the agent arises in cases where the principal as not confer any authority on the agent but a representation has been made by the principle that the agent has that authority. It needs to mention at this point that for the purpose of authority, any representation that may be made by the agent is not significant, but the representation that has been made by the principal needs to be considered (Christie and Another v Harcourt Co, 1973). The law provides that the principal may make such a representation in the form of inaction also, particularly when the principal knows that on the basis of the actions of the agent, the third parties may arrive at the conclusion that such authority is possessed by the agent. In this type of cases, the law provides for the responsibility of the principal to inform the parties that such an agent doe s not have the authority. On the other hand, if the principal has not informed the third parties accordingly, it may be presumed that the liability of the principle arises regarding the acts of the agent. It has also been provided by the law of agency that the directions given by the principal should be strictly followed by the agent. On the other hand, if the agent had failed to follow these directions, it can be considered that the agent is liable to the principal. In case of an agency relationship, it is required that the agent should use his talent for the benefit of the principal. Similarly, the agent also has the obligation to exercise due care. Another duty of the agent is that the agent should act in good faith. According to other fiduciary duty of the agent, the law requires that the agent should act while keeping in view the best interests of the principal. Hence any conflicts of interest should be avoided by the agent. On the other hand, if any such conflict of interest is present, the agent should immediately informed the principle that such a conflict is present. Similarly, another important duty of the agent requires that any secret profit should not be made by the agent . In Bentley v Craven (1853) the court had arrived at the conclusion that if any secret profit has been made by the agent at the expense of the principal the law allows the principal to recover it from the agent. The agent is also under a fiduciary duty which requires the agent not to withhold any information and similarly, such information should not be used by the agent for making a profit for himself (Robb v. Green, 1895). Application: In view of the legal position that has been described above, in the present case, earlier express authority was given by Tina to Brad. So that he can order patrol. However, later on Tina withdrew this authority when she recovered from her illness and return back to business. Although the authority was withdrawn from Brad, he ordered 30,000 L of patrol from Caltex. However, at this point, it needs to be mentioned that although Tina had with John authority from Brad to purchase the patrol but Caltex did not knew regarding this withdrawn of authority. As a result, Caltex would reasonably presume that Brad still had the authority to order patrol on behalf of Tina. But in case of the second scenario, a secret prophet had been made by Paul when he was acting as an agent for Tina. In the same way, Paul had failed to inform Tina regarding the true value of that car. A conflict of interest has arisen when Paul decided that you purchase the car for himself and the later on sold the car at a profit. Therefore it can be set in this case that the duties of Paul as an agent of Tina have been breached. Consequently, the law allows Tina to recover the secret profit made by Paul. Conclusion: under these circumstances it can be concluded in this case that the contract created by Paul to purchase petrol from Caltex is binding on Tina although she had withdrawn the authority to do so and asked Brad not total petrol in future. The reason behind this conclusion is that Caltex was not aware that Tina had withdrawn the authority to purchase patrol from Brad. Consequently, in this case, Caltex can reasonably assume that Brad had the authority to create a contract for the purchase of patrol on behalf of Tina. Regarding the second issue, Paul had made a secret profit and Tina can recover this amount from Paul due to the breach of duties as an agent. Issue: the issue in this question is if the contracts entered into by Simon can be considered as binding on the other partners, George, Sara and Mary especially due to the fact that it is mentioned in the partnership agreement that while entering into a contract for more than $10,000, each partner has to inform the rest of the partners. Similarly, as the partnership was not in the business of freight business the purchase of Ute by Simon can be considered as binding or not? Rule: The Partnership Act, 1892 contains the provisions that can be applied beside the above-mentioned issues. Therefore, the Partnership Act provides that a partnership can be created by an agent or through an oral agreement. The partnership agreement will describe the powers that have been given to the partners. Similarly, this agreement will also describe the scope of express authority that has been given to the partners (Robb v Green, 1895). Therefore it is clear that when a partner has entered into a contract that is within the scope of authority, such a contract will be binding for the rest of the partners. At the same time, it has also been provided by the Partnership Act that a partner also enjoys implied authority to act as the agent of other partners (Watteau v Fenwick, 1893). However, it needs to be mentioned that the implied authority enjoyed by the partners is limited to the nature of the business (Latimer, 2006). Consequently, if an act does not comply with the business that is generally carried on by the partnership, the act cannot bind the other partners (Christie v Harcourt Co., 1973). Application: In view of the rules mentioned above, it can be said in this case that a contract was created by Simon for purchasing 500 TB storage drive from Sun Star Computer Hardware Ltd at a price of $12,000. Even if it has been mentioned in the partnership agreement that the authority of the partners is limited to contracts worth $10,000 but in view of the rules mentioned above, although in this case, Simon had exceeded his authority as a partner but Sun Star Computer Hardware Ltd was not aware of the fact that Simon did not have the authority to form this contract. The result is that this contract can be enforced against the partnership. However, in case of this second scenario where Simon formed a contract for purchasing a second hand Ute, because he was willing to divert the partnership business into freight business, it needs to be noted that the general nature of the business carried on by the partnership firm was related with information technology. Consequently, this contract cannot be treated as a part of the usual business. Hence the contract is not binding on the other partners, George, Sara and Mary. Conclusion: Therefore it can be, concluded in this case that the contract formed by Simon with Sun Star Computer Hardware Limited is binding against the other partners of the firm. The reason behind this conclusion is that although the partnership agreement provides that each partner has authority to enter into a contract worth $10,000 only, but Sun Star Computer was not aware of such a limitation imposed on the authority of the partners. Therefore, the other partners can be considered as being bound by the contract for purchasing a 500 TB storage drive. Although this contract exceeded the authority provided to Simon. However, in case of the second scenario where Simon contracted to purchase a second hand Ute for $9,000, the conclusion is that even if this contract is within the scope of authority that has been provided to the partners but still this contract cannot be enforced against the partnership. The reason is that the freight business is not the general business carried on by Computer Solutions. Therefore, this contract is not enforceable against the other partners, George, Sara and Mary. References A.F. Mason (2000)Contract, Good Faith and Equitable Standards in Fair Dealing 116 L.Q.R. 66 JW Carter, E Peden and GJ Tolhurst(2007) Contract Law in Australia, Lexis Nexis, Sydney, 5th ed Latimer, Paul (2006) Australian Business Law, 25th edition, CCH Australia Limited Case Law Christie and Another v Harcourt Co - [1973] 2 NZLR 139 Freeman and Lockyer v Buckhurst Park Properties (Mangal) Ltd [1964] 2 QB 480 Robb v Green, 1895, 2 Q. B. I AND 315 Watteau v Fenwick, [1893] 1 QB 346

Phraseological Units in Sommerset Maughams The Moon and Sixpence free essay sample

English and American linguists as a rule confine themselves to collecting various words, word-groups and sentences presenting some interest either from the point of view of origin, style, usage, or some other feature peculiar to them. These units are habitually described as idioms but no attempt has been made to investigate these idioms as a separate class of linguistic units or a specific class of word-groups. American and English dictionaries of unconventional English, slang and idioms and other highly valuable reference-books contain a wealth of proverbs, sayings, various lexical units of all kinds, but as a rule do not seek to lay down a reliable criterion to distinguish between variable word-groups and  phraseological units. Attempts have been made to approach the problem of phraseology in different ways. Up till now, however, there is a certain divergence of opinion as to the essential feature of phraseological units  as distinguished from other word-groups and the nature of phrases that can be properly termed phraseological units. We will write a custom essay sample on Phraseological Units in Sommerset Maughams The Moon and Sixpence or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The complexity of the problem may be largely accounted for by the fact that the border-line between free or variable word-groups and phraseological units is not clearly defined. The so-called free word-groups are only relatively free as collocability of their member-words is fundamentally delimited by their lexical and grammatical valency which makes at least some of them very close to set-phrases. Phraseological units  are comparatively stable and semantically inseparable. Between the extremes of complete motivation and variability of member-words on the one hand and lack of motivation combined with complete stability of the lexical components and grammatical structure on the other hand there are innumerable border-line cases. (Ginzburg 1979) Interest in phraseology has grown considerably over the last twenty years or so. While the general linguists’ view of phraseology before that time can probably be caricatured as â€Å"idiom researchers and lexicographers classifying and researching various kinds of fairly frozen idiomatic expressions†, this view has thankfully changed. Nowadays, the issues of identifying and classifying phraseologisms as well as integrating them into theoretical research and practical application has a much more profound influence on researchers and their agendas in many different sub-disciplines of linguistics as well as in language learning, acquisition, and teaching, natural language processing, etc. While translating word-groups and phraseological units, grammatical and lexical phenomena are viewed as inseparably connected. Functions of word-groups and their particular meanings are determined only in certain sentences. A word keeps its semantic identity standing in different contexts. One of the main problems in the art of translation is phraseology. In this context, it is a disheartening fact that most of the language-pair-related phraseological dictionaries are unidirectional (source language to target language) and based on a selection of the target languages phraseological units. The problem with the unidirectional approach is the very important fact that phraseological units cannot simply be reversed. It is necessary to make a new selection among the idioms of the former target language in order to achieve a central, adequate corphraseological units s of lexical units (lemmata). On rare occasions the lexical meaning of idiomatically bound expressions can coincide with their direct, i. e. , not transferred meaning, which facilitates their understanding. There is also the possibility of a non phraseological translation of an idiom. This choice is preferred when the denotative meaning of the translation act is chosen as a dominant, and one is ready to compromise as to the presentation of the expressive color, of the meaning nuances, of connotation and aphoristic form. In the case of non phraseological rendering, there are two possibilities: one can opt for a lexical translation or for a calque. The lexical translation consists in explicating through other words the denotative meaning of the phraseologisms, giving up all the other style and connotation aspects. In the case of the hammer and anvil idiom, a lexical rendering could be to be in an uneasy, stressing situation. The calque would consist instead in translating the idiom to the letter into a culture where such a form is not recognized as an idiom: in this case the reader of the receiving culture perceives the idiom as unusual and feels the problem to interpret it in a non literal, metaphorical way. The calque has the advantage of preserving intact all second-degree, non-denotative references that in some authors’ strategy can have an essential importance. It is true that the reconstruction of the denotative meaning is left to the receiving culture’s ability, but it is true as well that the metaphor is an essential, primal semiotic mechanism that therefore belongs to all cultures. Phraseologisms – or expressions that would aspire at becoming so – are formed in huge quantities, but do not always succeed. Sometimes are formed and disappear almost simultaneously. The only instances that create problems for the translator are the stable, recurrent lexical idioms, which for their metaphorical meaning do not rely only on the reader’s logic at the time of reading, but also, and above all, on the value that such a metaphor has assumed in the history of the language under discussion. Translating of national idiomatic expressions causes also some difficulties for a translator. Being nationally distinct, they can not have in the target language traditionally established equivalents or loan variants. As a result, most of them may have more than one translators version in the target language. It may be either a regular sense-to-sense variant (an interlinear-type translation) or an artistic literary version rendering in which alongside the lexical meaning also the aphoristic nature, the expressiveness, the picturesqueness, the vividness, etc. of the source language phraseologism/idiom. The aim of this term paper is to investigate phraseological units in Somerset Maugham’s â€Å"The Moon and Sixpence† and their translation into Armenian, to explore peculiarities of some translation of phraseological units in the context.