International finance Essay Example | Topics and Well Written Essays - 500 words

International finance - Essay Example By actually knowing the exchange rate of the other currency (one year from the base year), banks and individuals earn an effective interest rate rather than the simple interest rate that would have been earned if the funds are left deposited in the bank. Using the theory of purchasing power parity, explain how inflation impacts exchange rates. Based on the theory of purchasing power parity, what can we infer about the difference in inflation between Ireland and the USA during the year your lottery winnings were invested? First, in order to explain how inflation impact exchange rates, it is necessary to define purchasing power parity. The Dictionary of Economics defines purchasing power parity as â€Å"a theory which states that the exchange rate between one currency and another is in equilibrium when their domestic purchasing powers at that rate of exchange are equivalent†. Since after one year, the rate of exchange became US$1 = Euro 1.30, there was a 4 per cent inflation in Ireland which caused a devaluation in their exchange rate. The inflation rate was computed as follows: (1.30 – 1.20)/1.20. While there was no mention of any change in exchange rate in the US, it can be inferred that there was no inflation increase. Therefore, the value of its currency remained the

Data Communication Using the Top-Down Approach Essay - 2

Data Communication Using the Top-Down Approach - Essay Example According to Hicks (2004), this the top down emphasizes on planning as well as a total understanding of the system and in this case coding does not begin until a sufficient level of detail has been attained. This design was promoted by Harlan Mils who was an IBM researcher and Niklaus Wirth in the 1970s. Â  Equity first a mortgage brokerage company located in New England has a centralized operations center. This center which is located in Exeter, New Hampshire, is the center of all operations and it, therefore, controls all the operations of the other ten branches in Maine and Massachusetts. It is also the administrative center as it hosts departments such as accounting, human resources, executive management, and support staff. The operations center maintains a central database used to store customer information, such as loan applications, credit check information, and approval status. This fulfills the first requirement that the top-down model needs to have a central office that manages all the operations. Â  Computer networking using the top-down approach focuses on new short interlude and eventual ‘putting it all together’ that follows the coverage of the network, data link layers, transport awe well as application (Hicks 2004). Each office at Equity first is now self-reliant as they do not rely on the main office to ensure maintenance as well as effective communication. It is also responsible for the decrease in errors when it comes to operations hence no delays or breaks downs in communication takes place because each operation takes place separately. It is also quite easy to maintain because the errors are few and are easy to identify and correct.

Editorial ON Afro-Caribbean Diaspora, how the Jompy can provide Essay

Editorial ON Afro-Caribbean Diaspora, how the Jompy can provide convenience and speed in the UK and Health and Wealth in Africa and the Caribbean - Essay Example To keep you outdoor rejuvenating exercise safe, you should never use the untreated wild water for drinking purpose. The Jompy portable heater is a great option to take out with you while camping or BBQing. It has been developed by Scottish inventor David Osborne. The Jompy has a frying pan shape comprising of lightweight metal tubing bent into flat coil with side by side joined ends. When the water source is attached on one end of tubing, the water flow through the coil and then exits from the remaining end of the tubing. The jumpy could be placed over fire or any type of burning fuel to generate maximum heat. The water will boil in the tubing and will become purified for drinking and other uses. It comes in three different sizes to suit different water needs of people. Jompy is not simply aimed to help the campers and people seeking outdoor fun but it has even wider applications because it could help people in the deprived area to make water pure and usable for drinking and cooking purpose. Jompy makes it possible for you to have safe outdoor adventure while helping your countryman living with contaminated water problems. When you take one jompy with you during your outdoor activity you got the chance to send another one to the people living anywhere in the Afro-Carrabin region. There is a great deal for the people who want to add ease and safety to their lives as well as to the lives of people living at their homeland. The Jompy portable heaters not only make the outdoor activities safe and convenient but it also allow people living in the Afro-Caribbean Diaspora to make their health qualities better by purifying the water using this innovative and useful product. It is found that over one billion of people of world have no access to clean water for drinking due to which they are suffering from various life

Dupont Analysis Assignment Example | Topics and Well Written Essays - 1500 words

Dupont Analysis - Assignment Example HZO is, however, performing well in leverage with only 1.70%, as can be seen in table 1 below (Annual Report: MarineMax Inc., 2014) WMAR is the least preferred stock from the investor’s viewpoint due to the lowest return on equity of just 0.13%. The firm’s ROE is affected due to its low profit margin of 0.06%. The high operating expenses of the company have suppressed profits of the company that have eventually casted a negative impact on its ROE. The company needs to have strict control measures in this area. Equity multiplier is the weakest indicator of WMAR with the lowest in industry at 1.32% as can be seen in the table 1. As seen in the table below, HOG is performing best in terms of operating efficiency with the highest profit margin of 15.18%, which is the main element contributing towards its high return on equity of 27.43%. HOG is, however, required to give attention to its asset management, specifically to managing its receivables, which are overall affecting the company’s performance and returns and causing them to be below than expected (Annual Report: Harley Davidson Inc., 2014). KMX is also performing average in terms of the profit margin and currently, it is the best in asset management among its competitors, which makes its returns attractive at 16.20% as shown in the table 1. Improvement is required in the leverage position of the company as it is relying heavily on debt financing. Annual Report: Carmax Inc. (2012); Annual Report: Carmax Inc. (2013); Annual Report: Carmax Inc. (2014); Annual Report: Harley Davidson Inc. (2012); Annual Report: Harley Davidson Inc. (2013); Annual Report: Harley Davidson Inc. (2014); Annual Report: MarineMax Inc. (2012); Annual Report: MarineMax Inc. (2013); Annual Report: MarineMax Inc. (2014); Annual Report: West Marine Inc. (2012); Annual Report: West Marine Inc. (2013); Annual Report: West Marine Inc.

Prejudice vs Discrimination Essay Example for Free

Prejudice vs Discrimination Essay Typewrite a 1 ? to 2 page paper comparing and contrasting prejudice and discrimination. Relate the use of stereotyping and racial profiling to prejudice and discrimination. Merriam-Websters Dictionary defines prejudice and discrimination as: Prejudice (1) : injury or damage resulting from some judgment or action of another in disregard of ones rights; especially : detriment to ones legal rights or claims (2) a. (1) : preconceived judgment or opinion (2) : an adverse opinion or leaning formed without just grounds or before sufficient knowledge b : an instance of such judgment or opinion c : an irrational attitude of hostility directed against an individual, a group, a race, or their supposed characteristics. Discrimination (1) a. : the act of discriminating b : the process by which two stimuli differing in some aspect are responded to differently (2) : the quality or power of finely distinguishing (3) a. : the act, practice, or an instance of discriminating categorically rather than individually b : prejudiced or prejudicial outlook, action, or treatment The main distinction between prejudice and discrimination is found in Michael LeMays definition of discrimination, where he says Discrimination is applied prejudice. As in the definition above, prejudice is some preconceived notion about an individual, a group, or a race that demonstrate some sort of judgment upon them. This idea of prejudice is usually kept inside of the individual, so as to have a quiet judgment among people. Discrimination, however, is prejudice put into practice. Those who discriminate actively practice prejudice; it is no longer kept inside, but rather openly practiced against the people. Prejudice is best described as an attitude towards a certain group of peoples based solely on their membership in that social or ethnic group, whereas discrimination are actions taken against those members, the behavioral manifestation of prejudice. The practices of prejudice and discrimination stem from an individuals perception of a certain group ?these predetermined perceptions of a group usually come from stereotypes of a people, or racial profiling. LeMays definition of stereotypes is this: Oversimplistic and Overexaggerated beliefs about a group, most often acquired second hand. These images are highly resistant to change. Stereotyping often derive from social categorization and the idea of ? in group vs. ?out group. Social categorizations is sort of the lumping or classification of people into groups based on common characteristics among them, while the concept of the ? in group versus the ? out group is based on a ? we vs. ?they view, by Peter Rose. The difference between the two is that in social categorization, the person removes themself from their judgment, whereas in the ? we vs. ?they approach, the person is included among others in their judgment, but those judged are not part of their own majority group. This process of thought views ? we in favorable terms, and ? they negatively. The impact of stereotypes, as I have stated, directly affect the perceptions of a people in a negative light; when we think of those people, these traits come to mind ? when we meet people from this group, we will focus more on those traits and process them before others. Stereotyping affects our social judgments about a group of people: how much we like the person, our mood and attitudes toward the person, as well as our expectations from that person. Racial profiling is not much off from the principles of stereotyping. Racial profiling is the use of race as a consideration in suspect profiling or other law enforcement practices. This ties into stereotyping in that we suspect suspicious activity from a particular race or people based solely on their ethnicity. A common example of racial profiling would be DWB or driving while black. This is the practice of police or other law enforcement officers targeting African Americans for traffic stops because they believe that African Americans are more likely to be engaged in criminal activity (racial profiling, www. ethnicmajority. com). Overall, one could say that one instance leads to another. Stereotyping can lead to prejudice, which can lead to discrimination. Stereotyping fuels prejudice, though people are not willing to admit this ? they will not admit to stereotyping or being prejudiced, nor discriminating, yet all practices and beliefs of these are rampant today.

Effects of the Stock Market on Economic Development

Effects of the Stock Market on Economic Development Over the last few decades world stock markets are growing enormously and the stock markets particularly in developing countries represent a large share of this boom. Investors are venturing into the world s newest markets and some are seeing handsome returns but are developing countries themselves reaping any benefits from their stock markets? The evidence indicates that they are. Over the past 10 years, the total value of stocks listed in all of the world s stock markets rose from $4.7 trillion to $15.2 trillion, while the Share of total world capitalization represented by the emerging markets jumped from less than 4 percent to almost 13 percent. Trading in the emerging markets also surged: the value of shares traded climbed from less than 3 percent of the world total in 1985 to 17 percent in 1995. The emerging markets have attracted the interest of international investors while raising a number of critical questions for policy makers in developing countries: Do stock markets affect overall economic development and, if so, how? What is the relationship, between stock markets and banks in fostering economic growth? And, how can developing countries benefit from stock market growth? Impact on development: Do stock markets affect overall economic development? Although some analysts view stock markets in developing countries as casinos that have little positive impact on economic growth, recent evidence suggests that stock markets can give a big boost to economic development. Stock markets may affect economic activity through the creation of liquidity. Many profitable investments require a long-term commitment of capital, but investors are often reluctant to relinquish control of their savings for long periods. Liquid equity markets make investment less risky and more attractive because they allow savers to acquire asset equity and to sell it quickly and cheaply if they need access to their savings or want to alter their portfolios. At the same time, companies enjoy permanent access to capital raised through equity issues. By facilitating longer-term, more profitable investments, liquid markets improve the allocation of capital and enhance prospects for long-term economic growth. Further, by making investment less risky and more profitable, stock market liquidity can also lead to more investment. Put succinctly, investors will come if they can leave. There are alternative views about the effect of liquidity on long-term economic growth, however. Some analysts argue that very liquid markets encourage investor myopia. Because they make it easy for dissatisfied investors to sell quickly, liquid markets may weaken investors commitment and reduce investors incentives to exert corporate control by over- seeing managers and monitoring firm performance and potential. According to this view, enhanced stock market liquidity may actually hurt economic growth. The empirical evidence, however, strongly supports the belief that greater stock market liquidity boosts or at least precedes economic growth. To see how, consider three measures of market liquidity three indicators of how easy it is to buy and sell equities. One commonly used measure is the total value of shares traded on a country s stock exchanges as a share of GDP. This ratio does not directly measure the costs of buying and selling securities at posted prices. Yet, aver- aged over a long time, the value of equity transactions as a share of national output is likely to vary with the ease of trading. In other words, if it is very costly or risky to trade, there will not be much trading. This ratio is used to rank 38 countries by the liquidity of their stock markets in four different groups. The nine countries with the most illiquid markets are in the first group; the nine countries with the most liquid markets that is, with the largest value-traded-to-GDP ratios are in the fourth group; the second and third groups, each of which contains 10 countries, fall between the two extremes of liquidity. As Chart 1 show, countries that had relatively liquid stock markets in 1976 tended to grow much faster over the next 18 years than countries wi th illiquid markets. The second measure of liquidity is the value of traded shares as a percentage of totals market capitalization (the value of stocks listed on the exchange). This turnover ratio measures trading relative to the size of the stock market. Chart 2 indicates that greater turnover predicted faster growth. The more liquid their markets in 1976, the faster countries grew between 1976 and 1993. The third measure is the value-traded-ratio divided by stock price volatility. Markets that are liquid should be able to handle heavy trading without large price swings. As Chart 3 shows, countries whose stock markets were more liquid in 1976 countries with higher trading-to-volatility ratios grew faster over the next 18 years than countries with less liquid markets. As demonstrated in the series of papers on which this article is based (see back- ground note), the strong link between stock market liquidity and economic growth continues to hold when controlling for other Economic, social, political, and policy factors that may affect economic growth, and when using instrumental variable estimation procedures, various periods, and different country samples. The basic conclusion that emerges from this statistical work is that stock market development explains future economic growth. What is important is that other measures of stock market development do not tell the same story. For example, stock market size as measured by dividing market capitalization by GDP is not a good predictor of economic growth (Chart 4), while greater stock price volatility does not necessarily predict poor economic performance (Chart 5). Empirically, it is not the size or volatility of the stock market that matters for growth but the ease with which shares can be traded. Countries may be able to garner big growth dividends by enhancing the liquidity of their stock markets. For example, regression analyses suggest that if Mexico s value-traded-to- GDP ratio in 1976 had been the same as the average for all 38 countries in our sample (0.06 instead of Mexico s actual ratio of 0.01), the annual income of the average Mexican would be 8 percent higher today. This type of forecast does not explain how to enhance liquidity, but it does give an indication of the potentially large economic costs of policy, regulatory, and legal impediments to stock market development. Is there really a link between stock market liquidity and economic growth, or is stock market liquidity just highly correlated with some nonfinancial factor that is the true cause of economic growth? Multiple regression procedures suggest that stock market liquidity helps forecast economic growth even after accounting for a variety of nonfinancial factors that Influence economic growth. After controlling for inflation, fiscal policy, political stability, education, the efficiency of the legal system, exchange rate policy, and openness to international trade, stock market liquidity is still a reliable indicator of future long- term growth. Stock markets versus banks: Is there and independent link between stock market development and growth, or is stock market liquidity correlated with banking development and is the latter the financial factor that really spurs economic growth? Although countries with well-developed banks as measured by total bank loans to private enter- prises as a share of GDP tend to grow faster than countries with underdeveloped banks (Chart 6); the effects of banks on growth can be separated from those of stock markets. To evaluate the relationship between stock markets, banks, and growth, our 38 sample countries were divided into four groups. Group 1 had greater-than-median stock market liquidity (as measured by the value- traded-to-GDP ratio) in 1976 and greater- greater-than-median banking development. Group 2 had liquid stock markets in 1976 but less-than-median banking development. Group 3 had less-than-median stock market liquidity in 1976 but well-developed banks. Group 4 had illiquid stock markets in 1976 and less-than-median banking development. Countries with both liquid stock markets and well-developed banks grew much faster than countries with both illiquid markets and underdeveloped banks. Furthermore, greater stock market liquidity is associated with faster future growth no matter what the level of banking development. Similarly, greater Banking development implies faster growth no matter what the level of stock market liquidity. Thus, it is not a question of stock market development versus banking develop- mint each, on its own, is a strong predictor of future economic growth. Why might stock markets and banks both, independently of each other, boost economic growth? Although the empirical evidence is consistent with the view that stock markets and banks promote economic growth independently of each other, the reasons are not fully understood. One argument is that stock markets and banks provide different types of financial services. Stock markets offer opportunities primarily for trading risk and boosting liquidity; in contrast, banks focus on establishing long-term relationships with firms because they seek to acquire information about projects and managers and enhance corporate control. (There is, of course, some overlap. Like stock markets, banks help savers diversify risk and provide liquid deposits. Like banks, stock markets may stimulate the acquisition of information about firms, because investors want to make a profit by identifying under- valued stocks to invest in; stock markets may also help improve corporate governance by simplifying takeovers, providing an incentive to improve managerial competency.) Is greater stock market liquidity associated with more or better investment? Both Chart 7 shows that countries that had more liquid stock markets in 1976 enjoyed both faster rates of capital accumulation and greater productivity gains over the next 18 years However, although liquid equity markets imply more investment, new equity sales is not the only source of finance for this increased investment? Most corporate capital creation is financed by retained earnings and bank loans. Although this phenomenon is not wholly understood, greater stock market liquidity in developing countries is linked to a rise in the amount of capital raised through bonds and bank loans, so that corporate debt-equity ratios rise with market liquidity. Stock markets tend to complement not replace bank lending and bond issues. Economist believes differently regarding the importance of financial system and its impact on economic growth. Walter Bagehot (1873) and John Hicks (1969) viewed role of financial system as a critical factor for the mobilization of capital. Joseph Schumpeter (1912) explains that a well developed financial system stimulates funding for entrepreneurs; According to his view, Economic development fabricates demand for financial arrangements, and the financial system automatically counters these demands. Besides this, some economists just do not believe the role of finance development is crucial to economic growth. Among those (Robert Lucas, 1988) reasoned that economists poorly over-stress the role of financial development for economic growth. A growing body of work would push even most skeptics toward the belief that the development of financial markets and institutions is a critical and inextricable part of the growth process and away from the view that the financial system is an inconsequential side show, responding passively to economic growth and industrialization. There is even evidence that the level of financial development is a good predictor of future rates of economic growth, capital accumulation, and technological change. This research paper is based on an existing papers by (Garcia and liu; 1999) and (Julia Losseva, 2006). The main objective of this paper is to find the relationship between stock market development and the economic growth in developed economies. However there is an effort made to address the role of liquidity in the development of stock market which hasn t been given much of the attention. Some researchers argue that there is no influence of stock market development on economic growth. Recent evidence confirmed that Stock markets may affect economic development by providing liquidity to the market. Usually a profitable investment require long term commitment of the capital however Investors are apprehensive in holding up there capital for long time. Liquid equity market makes facilitates investment and offer quicker ways to alter portfolios so it s vital to both the investor and stock market development. (King and Levine, 1933) provide mechanism to enhance the economic activity they highlighted that financial system is better able to evaluate and finance the profitable prospective investor. The study explicate that financial institution provide the mechanism of evaluation and monitoring less costly and more efficiently, than the individual investors. Additionally the financial system provides better mobilization of capital and financing to the investors. Therefore promotes the growth by productivity improvements. Besides this financial system also assist in risk diversification for investor in relation to uncertain innovative improvements despite of the fact that financial system distortion result in a reduction over the rate of economic growth. It is stressed that the more developed financial system including banks and stock markets enhances the productivity and stimulate economic growth. Government policy on financial systems may have crucial influence on long run growth. (Levine and zervos, 1998) proposed that a well functioning stock market and banks enhance long run economic growth. In light of these conflicting views, this paper uses existing theory to organize an analytical frame work of the finance-growth nexus and then assesses the quantitative importance of the financial system in economic growth. In light of these conflicting views, this paper uses existing theory to organize an analytical frame-work of the finance-growth nexus and then assesses the quantitative importance of the financial system in economic growth. Although conclusions must be stated hesitantly and with ample qualifications, the preponderance of theoretical reasoning and empirical evidence suggests a positive, first-order relationship between financial development and economic growth. Broad problem area Is there a Causal relationship between stock market development and economic growth? Literature Survey: Financial development and economic growth: the role of stock markets: Economists Hold startlingly different opinions regarding the importance of the financial system for economic growth. Walter Bagehot (1873) and John Hicks (1969) argue that it played a critical role in facilitating the mobilization of capital. Joseph Schumpeter (1912) contends that well functioning banks spur technological innovation by identifying and funding those entrepreneurs with the best chances of success. In contrast, Joan Robinson (1952, p. 86) declares that, economic development creates demands for particular types of financial arrangements, and the financial system responds automatically to these demands. The relationship between financial development indicators and economic growth has received a considerable attention in recent empirical literature. Many authors have concluded that the development of the financial system has a positive effect on the rate of economic growth. And the volume and efficiency of investment Fry, (1997), McKinnon (1973) Shaw 1973, and others such as Kapur (1976), Matheson (1980) and fry (1989) and (1997) have presented the theoretical backward of the relationship . Financial intermediation has positive effect on economic growth. McKinnon, 1973 and Shaw, 1973; emphasis the role of financial liberalization to increase saving and investment they argued that financial deepening improve not only productivity but also capital and saving. Therefore it improves prospects for investments and growth. Second by reducing the information and transaction cost the financial intermediaries. The main policy implication of the McKinnon/ Shaw frame work is that government restriction on the financial sector such as interest rate ceilings, high reserve requirements and directed credit policies distort the process of financial development and reduce economic growth. Greenwood and Jovanovic (1990) and king and Levine (1993) argue that the government intervention in the banking system reduces the growth rate of the economy because of the high transaction cost. Gurley and Shaw 1955, 1960, 1967; centred their theme on the importance of financial intermediation to direct saving to investment. Further to their research Atje and Jovanovich; 1993, link stock market development as a positive sign for economic growth and efficiency. Similarly Levine and zervos; 1998 and Singh; 1997 proposed stock market development as a positive function to the long term growth. (Gold smith; 1969) emphasized that the well structured financial system facilitates the growth economy and explained the overall positive impact of financial structure on economic growth. Pagano, 1993; identify that there is an increased risk sharing benefits in larger stock markets through market externalities while Levine and bencivenga smith and Starr, 1996; show that the stock market may affect economic activity through the creation of the liquidity similarly Devereux and Smith, 1994; and obstfeld 1994 shows that the risk diversification through internationally integrated stock markets is another vehicle through which the stock markets can effect economic growth. In the early researches carried out by (Greenwood and jovanovic s, 1990) emphasized the argument that well functioning financial markets lowers the transaction cost which help in directing the capital to most favourable project in terms of returns therefore promotes growth. Both (McKinnon/ Shaw and Gurley and Shaw 1955, 1960, 1967) stress the role of financial intermediaries on economic growth and they concluded that the easy transfer of funds gears the high social return for economic growth. (King and Levine, 1933) provided empirical evidence by observing financial intermediaries and their role in economic growth by using a cross country data of 80 different countries establish a direct relationship between a well developed stock market, banking system promotes economic growth. (King and Levine, 1933) provide mechanism to enhance the economic activity they highlighted that financial system is better able to evaluate and finance the profitable prospective investor. The study explicate that financial institution provide the mechanism of evaluation and monitoring less costly and more efficiently, than the individual investors. Additionally the financial system provides better mobilization of capital and financing to the investors. Therefore promotes the growth by productivity improvements. Besides this financial system also assist in risk diversification for investor in relation to uncertain innovative improvements despite of the fact that financial system distortion result in a reduction over the rate of economic growth. It is stressed that the more developed financial system including banks and stock markets enhances the productivity and stimulate economic growth. Government policy on financial systems may have crucial influence on long run growth. (Levine and zervos, 1998) proposed that a well functioning stock market and banks enhance long run economic growth. Joseph Schumpeter s view financial intermediaries are crucial for innovation and economic development and the same argument was concluded in the empirical work by Goldsmith, 1969; McKinnon, 1973); However some economist like Lucas, 1988 believe that financial development is not important for economic growth and describe the relationship of financial development and economic growth as over stressed. King and Levine strongly hold the view that there is strong relationship between among financial development and real per capita GDP growth and the rate of capital Allocation. They also determined the financial development is robustly correlated with future rates of economic growth. As a result King and Levine supported the idea which was proposed by Schumpeter 80 years back. In another article (Levine, 1933) develop an endogenous model to clarify the relationship between growth finance and entrepreneurship. The study the role entrepreneurs in initiating economic activity there are two views of Schumpeter; the first one which states that innovation are the motivation to seek temporarily monopoly profit. The second view which less popular is financial intermediary play a vital role in economic growth because of the fact that these financial intermediaries provide fund to the entrepreneur for their innovative activity and facilitate development of new product in the market. Previously the economist such as (Schumpeter, 1911) and (Walter Bagehot, 1873) emphasize the role of banking system in economic growth. Beside this historical emphasize on banking system there are few researches on the relationship between stock market and long run growth. Therefore (Levine and zervos, 1998) focused on stock market by using 47 countries data from (1976 -1993). The study empirically investigates whether banking and stock market indicators are strongly correlated with the current and future rate of economic growth, capital accumulation and productivity growth. Te evidences are consistent with the views that service provided by financial institution and markets are noteworthy for long run growth as argued by (King Levine, 1933) finally the study summarizes that financial environment plays crucial role in the economic growth process. In recent papers by (Rajan and Zingales, 1998) contribute to the finance and growth literature by examining whether industrial sector requiring external finance, in countries with well developed financial markets grow faster compared to those less developed financial market. The results are consistent with the theory that financial markets and institution reduce the cost of external finance. For firms and promote industrial growth a emphasized this would imply that an industry in need of external finance such as pharmaceutical grow relatively faster than tobacco industry requires little external finance in countries with well developed financial system Rajan and Zingales ,1998. Similarly Demirguc-kunt and Maksimovic, 1966 found consistent results with Rajan and Zingales, 1998 that firms in countries with well functioning banking system and equity markets grow faster than it was predicted to sum up the study suggest that financial development may cause the rise of new firms and can improve the growth indirectly and also finding provide evidence that financial market imperfection have an important role in on investment and growth. Moreover, some economists just do not believe that the finance-growth relationship is important. Robert Lucas (1988, p. 6) asserts that economists badly over-stress the role of financial factors in economic growth, while development economists frequently express their skepticism about the role of the financial system by ignoring it (Anand Chandavarkar 1992). The link between liquidity and economic development arises because some high-return projects require a long-run commitment of capital, but savers do not like to relinquish control of their savings for long periods. Thus, if the financial system does not augment the liquidity of long-term investments, less investment is likely to occur in the high-return projects. Indeed, Sir John Hicks (1969, pp. 143-45) argues that the capital market improvements that mitigated liquidity risk were primary causes of the industrial revolution in England. The critical new is capital market liquidity. With liquid capital markets, savers can hold assets-like equity, bonds, or demand deposits-that they can sell quickly and easily if they seek access to their savings. Simultaneously, capital markets transform these liquid financial instruments into long-term capital investments in illiquid production processes. With liquid capital markets, savers can hold assets-like equity, bonds, or demand deposits-that they can sell quickly and easily if they seek access to their savings. Simultaneously, capital markets transform these liquid financial instruments into long-term capital investments in illiquid production processes. Informational asymmetries and transaction costs may inhibit liquidity and intensify liquidity risk. These frictions create incentives for the emergence of financial markets and institutions that augment liquidity. Liquid capital markets, therefore, are markets where it is relatively inexpensive to trade financial instruments and where there is little uncertainty about the timing and settlement of those trades. Before delving into formal models of liquidity and economic activity, some intuition and history may help motivate the discussion. Demirguc kunt and Levine; 1996 identifies the relationship between stock market development and financial intermediary development. They find that better developed stock markets also have better developed financial intermediaries. Levine and Zervos; 1998; proposes that liquidity of the stock market is significantly correlated with current and future rates of economic growth. They also discovered that stock market liquidity and banking development significantly predict future areas of growth. Demirguc kunt and Levine, 1996; investigated the relationship between stock market development and financial intermediary development they also found that those countries having well developed stock markets have better developed financial intermediaries. Therefore they concluded that stock market development goes hand in hand with financial intermediary development. The financial development and its impact on new firms creation are investigated by (Beck, Demirguc-kunt and Levine, 2001) and the impact of economic development and financial structure on industry growth are examined by using country industry panel based on work by Rajan and Zingales, 1998 it is questions that whether industries that heavily depend on external finance grow faster in market or bank based financial system. Whether the level of financial development is a matter for economic development , beck Demirguc kunt and Levine, 2001 found that the banks non banks financial intermediaries and stock market are larger more active and more efficient in richer countries. These characteristics of financial system develops as countries become wealthier also the result indicates that while countries become wealthier stock markets become more active and efficient relative to the banks the more important finding of the article is that externally dependent industries grow relatively faster in countries with better developed financial systems which is consistent with the financial services view predicting that industries that dependent on external finance grow faster in economies with a higher level of financial development grow relatively faster in countries with better developed financial systems, which is consistent with the financial services view predicting that the industries that dependent on external finance grow faster in economies with a higher level of financial development. Further to their research by using 44 industrial and developing countries they investigated that institutionally developed market with strong information disclosure laws, international accounting standards and unrestricted capital flows are larger more liquid markets with less volatility and are internationally integrated with smaller markets. (Levine and Renelt, 1992; Arestis and Demetriades, 1997; Luintel and khan 1999) regarded the presence of endogeneity which weakens the estimated effect of stock market indicators (Harris, 1997) as in case of cross country regression to establish the relationship between stock market development and economic growth. Thus our results may be indirectly valuable for less developed economies in way that may help policy decision relating to the adoption of specific types of financial system. Informational asymmetries and transaction costs may inhibit liquidity and intensify liquidity risk. These frictions create incentives for the emergence of financial markets and institutions that augment liquidity. Liquid capital markets, therefore, are markets where it is relatively inexpensive to trade financial instruments and where there is little uncertainty about the timing and settlement of those trades. The ability to acquire and process information may have important growth implications. Because many firms and entrepreneurs will solicit capital, financial intermediaries, and markets that are better at selecting the most promising firms and managers will induce a more efficient allocation of capital and faster growth (Jeremy Greenwood and Boyan Jovanovic 1990). Bagehot (1873, p. 53) expressed this view over 120 years ago. Acquiring Information about Investments and Allocating Resources It is difficult and costly to evaluate firms, managers, and market conditions as discussed by Vincent Carosso (1970). Individual savers may not have the time, capacity, or means to collect and process information on a wide array of enter-prises, managers, and economic conditions. Information acquisition costs create incentives for financial intermediaries to emerge (Diamond 1984; and John Boyd and Edward Prescott 1986). Assume, for example, that there is a fixed cost to acquiring information about a product-ion technology. Without intermediaries, each investor must pay the fixed cost. In response to this information cost structure, however, groups of individuals may form (or join or use) financial intermediaries to economize on the costs of acquiring and processing information about investments. Information costs, however, may also motivate the emergence of money. Because it is costly to evaluate the attributes of goods, barter exchange is very costly. Thus, an easily recognizable medium of exchange may arise to facilitate exchange (King and Charles Plosser 1986; and Williamson and Randall Wright 1994). The financial systems ability to provide risk diversification services can affect long-run economic growth by altering resource allocation and the saving rates. The basic intuition is straightforward. While savers generally do not like risk, high-return projects tend to be riskier than low-re-turn projects. Thus, financial markets that ease risk diversification tend to induce a portfolio shift toward projects with higher expected returns (Gilles Saint-Paul 1992; Michael Devereux and Gregor Smith 1994; and Maurice Obstfeld 1994). Furthermore, a growing literature shows that differences in how well financial systems reduce information and transaction costs influence saving rates, investment decisions, technological innovation, and long-run growth rates. If we will consider the discussion exist on the relationship between the financial system and economic growth; financial markets development is always considered as pivotal element for growth of economy through the diverse contribution of stock markets and banks. Stiglitz (1985) argues that, because stock markets quickly reveal information through posted prices, there will be few incentives for spending private resources to acquire information that is almost immediately publicly available. The absence of financial arrangements that enha

Social Work Case Study | Essay

Social Work Case Study | Essay Case study: Jenny Eleanor This essay will focus on the current situation of Jenny, a single parent, and Eleanor, her six year old daughter, who currently live on a large local authority housing estate. Whilst close attention will be paid to their situation and the needs arising out of it, it is not the substantive function of this paper to prescribe specific courses of action in their case only. Rather, it is to identify and discuss the issues raised by their case, considering the appropriate social work processes, policy, and legal framework. Overall, it will be argued that there are two significant issues to be explored through the circumstances of Jenny and Eleanor’s case. Firstly, the nature and effectiveness of multi-agency working in education and the human services, and secondly, the problems faced by these professionals when adults, either deliberately or through incapacity, are not fully cooperative in ensuring the appropriate care of their child. As McCullough points out, ‘Throughout th e UK, provision and means of delivering children’s services have been changing profoundly. Predominant among the reasons driving these changes is concern about the way in which children are kept safe.’ (McCullough 2007: p.27) The paper will therefore discuss these issues, taking into account how such issues may be dealt with in a context of evidence-based and anti-discriminatory practice. In the first instance it may be helpful to include a brief synopsis of the known facts about Jenny and Eleanor’s situation, as a guide to identifying their needs. The case study reports that they are from a White British background: they live in a local authority housing estate which, it is stated, is regarded as ‘rough’, i.e. socially problematical and economically deprived. This categorization is not supported by any objective assessment, such as referral to any social scales or indices, and so appears rather unscientific and possibly discriminatory. Jenny and Eleanor have experienced five different housing placements in the last seven years. Jenny has been the victim of domestic violence, both in previous relationships and from Derek, her current partner and Eleanor’s father. Eleanor was unfortunately the witness to many of the assaults on her mother, and is herself thought to have been the subject of violence from her father. As the result of one of the assault on Jenny, Derek was awarded two year custodial sentence, and is currently expected to be released in four months time: he requested contact with Eleanor whilst in custody. Eleanor is enrolled at a local primary school, where records reveal that her attendance is low and represents a cause for concern: she has appeared withdrawn, and on occasions been violent towards other pupils. Furthermore, the school nurse has registered concerns about Eleanor’s development. In the light of these facts, it is now up to the relevant services to make the appropriate arrangements, using such measures as the statutory and policy frameworks allow. One of the principle factors in their immediate future the matter of Derek’s release from custody is beyond the control of those agencies immediately involved in Jenny and Eleanor’s welfare, so it is up to them to make their dispositions accordingly in the light of this contingency. What follows is a discussion of the relevant issues as they arise out of the jurisdictions, expertise, and responsibilities of the various agencies involved. This discussion will start with the subject who is likely to be of most concern to the educational and human services, i.e. the most vulnerable individual, Eleanor. As a six year old, she is the only person in the situation who does not have self-determination, is consequently reliant on the various agencies appointed for her care: it is now up to them to ensure this is ensured. As Myers-Blair points out, ‘The basic equipment for emotional development (physical and neural) is present at birth, and in a very diffuse way emotional behaviour begins at birth, or perhaps even before.’ (Myers-Blair, 1975: p.60). The immediate concerns over Eleanor’s welfare devolve upon two separate but related spheres: her school and home life. The relevant professionals must unravel the intertwining requirements and responsibilities inherent in this situation. However, as the Department for Children, Schools and Families itself acknowledges, ‘The professional background of workers is both a strength and a barrier to multi-agency working. As each profession has developed its own language and body of knowledge, it not only serves to provide a professional identity but can alienate those outside the profession who do not share their language or way of thinking. Professionals also develop a different way of working in order to achieve their aims.’ (DCSF, 2007: p.5) Obviously, all of these considerations must proceed from the basis that Eleanor is physically safe, with possible physical abuse from Derek, the previously violent partner, being the most obvious threat to this. If sufficient evi dence of this threat is assembled, then the multi-agency effort is largely irrelevant, since the Local Authority, through the Social Services Directorate, will have a clear responsibility to act accordingly under sections 27 and 17 of the Children Act 1989, and remove her from the situation. The decision as to whether any contingent arrangements involve Eleanor only, or Eleanor and Jenny, will depend on the perceived or actual threat, and Jenny’s position in relation to this. As Asen pointedly reminds us, ‘When professionals are unable to decide whether to let the children remain with its natural family or not, this indecisiveness can be abusive in its own right: it leaves the child in a situation of limbo – which in some cases can last years – further adding to the child’s emotional or physical suffering.’ (Asen, 2000: p.227) Depending upon how matters proceed in relations between Jenny and Derek, Social Services will also be responsible for the next level of care, i.e. ensuring that Eleanor is not suffering from any forms of neglect or subsidiary abuse arising out of the situation. Assuming that this situation is being monitored, the weight of responsibility shifts back into the educational environment: this is not to say that the social worker loses control of the situation, or becomes less relevant to Eleanor’s care: quite the contrary. In fact, by virtue of the serious nature of Eleanor’s home situation, they may well become the ‘lead professional’ within the multi-agency effort, as will be discussed below. It is simply the case that the all the professionals involved effectively have their actions governed by overlapping and interlocking statutes. At present, the latter stipulate that Eleanor should be in school: that school will almost certainly be a mainstream school, i.e. not a PRU (Pupil Referral Unit) or other specialized facility: furthermore, the law provides that every professional effort should be made to ensure that Eleanor is supported in achieving the expected educational progress. This in essence is where the social w ork and educational efforts will interact: since achievement of the expected progress will hinge upon Eleanor’s mental and physical well-being, as well as her innate cognitive ability, the home and school environments will become linked around this effort. The essential point here is that the social services case worker will be reliant on the judgment and expertise of the school based professionals with respect to Eleanor’s learning and emotional well-being. This is very much an open-ended process: a number of successive measures and support systems will have to be put into place before any alternative or specialized provision is even considered. In the first instance, the school’s Child Protection Officer – usually the Headteacher in the context of a Primary school like Eleanor’s – will feedback directly to Social Services, if there is any evidence of abuse. The school Special Educational Needs Coordinator will subsequently be responsible f or ascertaining whether or not Eleanor has any educational or emotional special needs: if so, she must have an IEP (Individual Education Plan) classified as Step One, Two or Three, depending on their severity. The latter will also determine whether or not Eleanor may require a Statutory Statement of Educational Needs (usually referred to simply as a ‘statement’). If so, she may qualify for additional support through the Local Educational Authority’s Statutory Assessment Office. This in turn will involve the Educational Psychology Service, who will have to make a formal assessment based on observation of Eleanor in a school context. If it is deemed appropriate, she will also be referred to the Primary Behaviour Support Service, the School’s Pastoral Support Service, the Family Support Service, and the Primary Mental Health Service. What are the implications of these potential multiple referrals from a practical point of view? As the DCFS guidance advises, ‘It is the processes involved in building relationships between agencies and between providers of services and the communities they serve, which is vital, because this is where the real work has to be done. It is a real challenge to us all, not least finding the time and space to work on these issues when many services are provided from at least 8 am to 6 pm, five days a week.’ (DCSF, 2007: p2). What this euphemizes is the attempted integration of services which proceed from a series of parallel and successive statutes. This include the Children Act 1989, the Children Act 2004, the Education Act 2002, the Learning and Skills Act 2000, the Disability and Discrimination Act 1995, The Special Educational Needs Code of Practice 2001, the Special Educational Needs and Disability Act 2001, and the Data Protection Act 1998. The school based effort, into which the social worker must be integrated, is built around the role of the Inclusions Officer, who must in turn convene a school-specific inclusions team comprised of all the practitioners involved. Whilst all of this sounds fine on paper, the practical challenges of coordinating the support and care of a child in Eleanor’s situation cannot be underestimated. Take, for example, the role of the Lead Professional itself. As the Children’s Workforce Development Council concedes, ‘A lead professional is not a job title or a new role, but a set of functions to be carried out as part of the delivery of effective integrated support.’ (CWDC, 2007: p.5). In other words, the role is titular only and attracts no timetabling facility or resources, but must run parallel – and crucially, in addition to – the practitioner’s other responsibilities. As the CWDC frankly puts it, ‘†¦clear communication is necessary between both services so that the individual is not overwhelmed with lead professional and caseload responsibilities. Speak to your manager to ensure that they take account of any lead professional responsibilities in setting yo ur workload, and that your performance in delivering the lead professional functions is recognized and recorded.’ (CWDC 2007: p.2, para 3.14). This is far more than a Human Resources issue however. The whole rationale of the multi-agency movement and Every Child Matters initiative is to mitigate the kind of short-circuits, doublings-up and straightforward mismanagement which contributed to the Victoria Climbie tragedy. As McCullough reminds us, ‘In Laming’s detailed and damning report, twelve different occasions were identified when appropriate intervention by one or more of these agencies could have saved Victoria’s life†¦in his summing up, Laming noted that â€Å"the legislative framework for protecting children is basically sound. I conclude that the gap is not a matter of law but in its implementation.†.’ (McCullough 2007: p.28). The problem is that whilst the role of the lead practitioner is non-statutory, the responsibilities accru ed by the incumbent are not. As the CWDC again concedes, ‘†¦There are particular implications for staff who may be working part-time in a multi-agency setting and part-time in their home agency.’ (CWDC 2007: p.2, para 3.14). Arguably then, the same issues which underlay Victoria’s death are potential factors in any such case, including Eleanor’s. The mere creation of a job title, i.e., Lead Practitioner, or mechanisms such as the Common Assessment Framework, guarantees nothing if the staff involved are overstretched, unsupported and undirected. The fact that Jenny has cancelled two possible contact appointments so far is disappointing, and may well represent an impediment to the advancement of Eleanor’s care in the future. At present however, it does not constitute an insurmountable barrier to the coordinated effort of the multi-agency team, and definitely is not a pretext for inaction on their part. As the school has noted, Eleanor’s emotional well-being is questionable, indicating a serious potential impediment to her progress. As Meadows indicates, ‘Certain emotional states are frequent and salient, and become parts of feeling about the self, so that they can then influence a wide range of behaviours, such as perception, emotional expression, cognitive processing and social relations.’ (Meadows, 2006: p.438) Instruments in an around the curriculum, such as the SEAL (Social and Emotional Aspects of Learning) programme may be used to help Eleanor externalize and come to terms with the events whic h have shaped her experience: essentially these means must be tried in order to redress any lack of emotional support she is receiving at home. As Maslow points out, ‘†¦thwarting of these needs produces feelings of inferiority, of weakness, and of helplessness. These feelings in turn give rise to either basic discomfort, or else compensatory or neurotic trends.’ (Maslow, 1970: P.1) Also, as Samuels reminds us, ‘Basically, if the child’s needs are not met appropriately at each developmental level, the psyche becomes unable to adequately regulate self-esteem by the use of adequate mechanisms.’ (Samuels, 1977: p. 35). The problem is that, whilst the statutory framework stipulates that the school is currently the focus of support for Eleanor’s needs, the latter obviously do not stop there. As Schaefer et al. observe, since behavioural problems in the home usually precede those occurring elsewhere, part of the focus has to be behaviour in the home.’ (Schaefer et al. 1984 p.96). Consequently, whilst ‘Inter-Professional Collaboration’ has to be an overriding consideration for the social worker, it is likely to be the case worker themselves who initiates much of the strategic action, such as the proposed ‘cold-call’ home visit. The focus on Eleanor does not of course mean that Jenny’s needs, as an individual or as a parent, can be overlooked. A holistic approach, encapsulated within an action plan and developed with the Family Therapy or Support Service will be required. However, for environmental as much as professional reasons, as will be discussed below , Eleanor must remain the primary concern within this case. As this conclusion is being written, the manifest weaknesses of the supposedly revamped multi-agency framework have been revealed in the most devastating manner: through the death of a seventeen-month child, who was in the Child Protection Register’s ‘at risk’ category. Whilst any legislative or policy outcome of this tragedy is obviously some way off, some commentators have been quick to apportion responsibility to the inter-agency working framework. ‘When procedures become so exacting and time-consuming, the exercise of judgment is deemed neither necessary nor possible. Indeed, it will get you into trouble, because it is not part of the procedure.’ (Dalrymple 2008) Calls for less weight to be given to parental wishes and rights, and more to be placed on the safety of the child, are already being heard. The outcome of such debates, it may be argued, may have significant effects on the conduct of cases such as that of Jenny and Eleanor. Bibliography Adams, R., Dominelli, L. Payne, M. (2002) Social Work Themes, Issues and Critical Debates, Basingstoke, Palgrave Anning, A., and Edwards, A., (2006), Promoting Children’s Learning from Birth to Five: Developing the New Early Years Professional, Open University Press, Maidenhead. 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