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Akshay Aravamudan Professor Parla J Palumbo Com 1101 section-04 November 19, 2014 Illegal immigration Economic impact of illegal immigration The idea of illegal immigrants has been tarnished by the media. The first thought that pops in to our minds when the topic of illegal immigrants has been brought up is the fact that these people take all the jobs and depress the economy of a country. They have always carried with them a negative connotation, especially in countries like America. This conservative view of illegal immigration has hijacked the minds of many. This conservative view is what prevents any sort of reform that helps the illegal immigrants in the United States of America. We are instilled with the idea that they corrupt our economy and must be banished. But, this point of view is absurd. We are looking at this issue with one eye open. The presence of illegal immigrants in an economically developed country actually improves the economy of the country; therefore, no action must be taken to expel them. This may be a point of view rarely witnessed in the world. But there are many mathematical and theoretical proof s that claim the above statement a certainty. Illegal immigrants in their most primitive definition are people who migrate to other countries without the required legal documents in order to obtain jobs or a safer living environment. Sure, it is conceivable to sympathize with the conservative point of view which claims that illegal immigrants take away theShow MoreRelatedThe Economic Impact Of Illegal Immigration1603 Words Ã |Ã 7 PagesAbstract This paper examines the economic impact of illegal immigration in the United States. This country was built with the help of millions of legally admitted immigrants, however today illegal immigration is a controversial topic. Despite the illegal status, millions of men and women work and contribute to local, state and national economies. An accepted idea is that most of the illegal immigrants cross the Mexico-US border, therefore most of the illegal immigrants should be Mexicans or fromRead MoreThe Economic Impact Of Illegal Immigration902 Words Ã |Ã 4 PagesThe economic impact of illegal immigrants in Texas has brought concerns for the state s economy. Such as opportunities, health care, and education. Illegal immigrants contribute both positively and negatively to the Texas economy. They contribute positively by paying for taxes such as sales taxes, health taxes and taxes imposed on items. The negative impacts these immigrants have on the Texas economy seems to overweigh these positive impacts. Their presence has made general wages go down for unqualifiedRead MoreIllegal Immigrants Are Good For The Economy Of The United States1250 Words Ã |Ã 5 PagesStates, the country has attracted immigrants from different parts of the world. Illegal immigrants form the larger proportion of the immigrants into the United St ates. Policy analysts, government officials, as well as scholars have sought to ascertain the political, social, and economic impacts of the illegal immigrants (Hanson 11). Particularly, there has been raging debate regarding the economic impact of illegal immigration to the United States of America. It has become a matter of debate and studyRead MoreImmigration On The United States1302 Words Ã |Ã 6 PagesImmigration Rights in the U.S. Immigration has occurred in the U.S. for for many years. Some say itÃ¢â¬â¢s the foundation of our country. America is the country where people leave their own country to live. People would leave due to mistreatment, hunger issues or job opportunities. America is known for starting over or accomplishing dreams, so immigrants travel over to follow those dreams. People emigrate from one country to another for a variety of complex reasons. Some are forced to move, due to conflictRead MoreWhat I Learned From The Group Project On The United States Illegally By Their Parents Should Be Deported Essay1575 Words Ã |Ã 7 Pagescitizenship which is in opposition to my thoughts. My view for path to citizenship is based more on impacts to the children and ensuring they are not negative. What surprised me first and foremost was that the research didnÃ¢â¬â¢t provide me a clear answer that supported or refuted my view. There is no clear answer, both sides have valid opinions, and there wil l be both negative and positive impacts. No matter what course of action is taken, the most important consequence is that the children are notRead MoreOpen Border Policy and Illegal Immigration1844 Words Ã |Ã 7 PagesÃ¯ » ¿Open Border Policy and Illegal Immigration Introduction Immigration is one of the contentious issues that continue to elicit mixed reactions from different parties. In most western economies, debates on immigration policies have been on the rise in the recent decades. Whereas the international human rights have confirmed that freedom of movement is one of the basic human rights and hence no one can be deprived, most governments have put restrictions on immigration. Furthermore, the enactmentRead MoreEvaluating Arguments, Opinions, And Beliefs Project Essay1633 Words Ã |Ã 7 Pagescitizenship which is in opposition to my thoughts. My view for path to citizenship is based more on impacts to the children and ensuring they are not negative. What surprised me first and foremost was that the research didnÃ¢â¬â¢t provide me a clear answer that supported or refuted my view. There is no clear answer, both sides have valid opinions, and there will be both negative and positive impacts. No matter what course of action is taken, the most important consequence I learned is that the childrenRead MoreIllegal Immigration And The United States1481 Words Ã |Ã 6 PagesPurpose Statement Illegal immigration can cause substantial tension on the current economic configuration in a country. However, it can also, assist the said configurations by providing cheap and effective manpower at the same time. Contemporary study on political opinions concerning immigration frequently pits points of view highlighting economic self-interest versus cultural or ideological rationalization. They (studies) are also based on the particular immigration policy at hand at the time,Read MoreThe Devastating Impacts Of Illegal Immigration1368 Words Ã |Ã 6 PagesDevastating Impacts of Illegal ImmigrationÃ¢â¬ If ever there was a polarizing problem growing in the U.S., illegal immigration is definitely exploding to the top. This issue is at the center of the political arena and debate. It has the heart and minds of the nation stirring. President Obama wrote, We have to deal with the 11 million individuals who are here illegally. We all agree that these men and women should have to earn their way to citizenship. But for comprehensive immigration reform toRead MoreDo Illegal workers help or hurt the economy1582 Words Ã |Ã 7 PagesÃ¯ » ¿Do Illegal Workers Help or Hurt the Economy? While growing up in Mexico, I heard many stories of people who were going to work in the United States, some illegally, so they could provide a better life for their families. To them, they were going to the land of opportunity, where jobs were plentiful for people who were willing to work hard. They planned to go to the United States and do the work that Americans didnÃ¢â¬â¢t want, while getting paid more than they could make in Mexico. Many
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Sample details Pages: 15 Words: 4554 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? This study empirically analyzes the determinants of bond market development Pakistan between 2003 and 2009. It considers the stage of development and the size of the domestic bond market, as well as the historical, structural, institutional and macroeconomic factors driving bond market development in Pakistan. In this research the study of macro-economic variables, Banking size, natural openness, Broad money (M2), money in circulation, Interest rates and Inflation rates, to inspect causal impact of each macro-economic indicator on bond market development in Pakistan, six years data gathered on monthly basis from July 2003- June 2009 for macro-economic indicators and bond market capitalization have been collected, the study applied ARIMA model as a statistical tool for data analysis.. DonÃ¢â¬â¢t waste time! Our writers will create an original "What Determines The Bond Market Development In Pakistan Finance Essay" essay for you Create order Overall, the results show that a convergence of factors matters for the development of domestic bond markets in Pakistan; these include size of the banking sector, and the money in circulation in market. Policy implications include increased efforts to strengthen the investment environment and the need for a regional approach to bond market development. Introduction The 1997-98 financial crises highlighted the problem of bond market underdevelopment in Asia. The small size and slow growth of regional bond markets, as many observers noted, left corporate borrowers greatly depend on banking finance. Given the short tenor of bank loans, a shock to confidence left Asian economies vulnerable to a disruptive credit crunch. Since banks denominated many of their loans in foreign currency, exchange-rate depreciation could result in serious balance-sheet damage and thrust highly leveraged corporations into bankruptcy. After the Asian crisis significant attention has been paid to the role of bond markets in overall financial sector stability and economic development. Several studies have found that financial market development is correlated with economic development (Levine, 1996) and Montiel, 2003)). Corporate bond markets are important for financial market because it provide long term financing, competition to the banking sector and enhancing stability of financial sector. Whenever companies need finance their project or expansion they have four sources to get money (1) retained earnings (2) bank borrowing (3) corporate bonds, and (4) equity. In emerging market most the financing is done through bank borrowing. For example in 2003 over 80 percent of corporate financing in emerging markets was in the form of bank loans (Luengnaruemitchai and Ong, 2005). Similarly, in Pakistan the majority of external financing of firms is through the banking sector. The bond market is vital to any economy. It raises the capital to build infrastructure, helps promote the economic growth, fuels investment that in turn creates jobs, and enhances market efficiency. Theoretically, bonds lower the cost of borrowing and provide an effective channel for savings. It is believed that the bond market is the one of the main instrument of the capital market and plays important role in mobilizing savings into productive investment that promotes economic grow th and development. Pakistani corporate bond market (CB) is only partly developed by international standard. Statement of Problem This thesis will be taking into account the understanding of the mechanism of the bond market and the strategies required by the government to accelerate and increasing investments in bonds market. This thesis will be also be taking into account in making strategies that will help the issuers of bond in increasing investments in the corporate and to bonds to attract investors towards the bond market. Some problems that need to address in development of bond market in an emerging economy are macroeconomic conditions and economic policies in practice and the second set of issues are related more with microeconomic development. For this research five independent variables and one dependent variable are taken to identify what are the determinate of development of bond market. The independent variables are 1) Interest Rate, 2) Inflation Rate (CPI), 3) Natural Openness, 4) Money Circulation in market, 5) Banking Size and 6) Board Money (M2) and dependent variable Bond Market Cap italization as a share of GDP Significance of the Study This thesis will be taking into account the understanding of the mechanism of the bond market and the strategies required by the government to accelerate and increasing investments in bonds market. Significance for the issuers: This thesis will help the issuers of corporate bonds in increasing investments in the bonds market to attract investors towards the bond market. This research will help in determining your financial goals which is the first step to successful investing. This is a crucial step, for many of the decisions you make later will depend on the goals you set now. Establishing investment goals will help you assess how much money youll need, when youll need it, and how much youll need to invest to reach your goal. Literature Review There has been two phases of development of the corporate bond market in the case of East Asian countries (Das 2005), i.e., before and after the Asian financial crisis. In the pre-crisis period, Korea was the leader in creating corporate bond market which was fuelled by supply of corporate bonds by a large number of chaebols and demand of Investment Trust Companies (ITC). Before crisis, share of corporate bonds in total corporate financing was 32% followed by 31% of private loans and 28% of equity during 1995-1999 (Davis Stone, 2004). But in post crisis Malaysia become the leader with the volume of bond market of 51 % of GDP in 2001. For bond issuance in Hong Kong, Singapore and South Korea financial institutions plays a very important role, but they are not so active in China and Malaysia. (Ameer, 2007). (Eichengreen and Luengnaruemitchai, 2004) finds that the country size and openness are positively related to bond market development. Distance from the equator, a proxy for en dowment theories, similarly enters with its expected positive sign. It is not possible to use colonizer mortality rates in an analysis of Asian bond markets, since relatively few Asian countries were colonized by the European powers, and colonizer mortality estimates (and logic) are based on data for and the experience of one-time colonies. On the other hand, they find that countries with more concentrated banking systems appear to have smaller bond markets, consistent with arguments suggesting that banks with market power may use it to discourage bond flotation. He also looked further at the robustness of the positive association of bank and bond market development, which runs contrary to some popular arguments and is likely to be controversial Asian economies from excessive dependence on bank loans and to foster the development of a more diversified and efficient financial sector, and there is evidence that they are growing (Fernandez and Klassen 2003). But the level of bond ma rket capitalization is low and results from the fact that bond markets are separated by country, with low liquidity, limited investor participation, underdeveloped infrastructure and few intermediaries. In the absence of bond markets in some cases complicated efforts are made to finance large infrastructure projects and enterprises with high minimum efficient scale found it hard to meet their financial needs. The amount that could borrow from a syndicate of banks which could securitize their loans, but security of that amount was too costly and very much difficult in the absence of a bond market. (Eichengreen and Luengnaruemitchai, 2004) Lummer and McConnell, (1989) and Gilson, (1990) point out that bank borrowing enables a firm to efficiently undertake corporate debt restructuring, in contrast to bond issues, where it faces the difficulty of having to communicate with a large number of creditors. To better understanding of the bank-corporate bond market relationship, along wi th other determinants of bond market development, can drop light on how best to provide appropriate policies to facilitate bond market development. The results (Dickie and Fan, 2005) is also support by the interest group theory proposed by (Rajan and Zingales, 2003) that emphasizes s that banks with market power may attempt to strangle the development of corporate bond markets. This is because the development of corporate security markets may compete for good borrowers from banks, through this the quality of bank loans may drop, the task of risk management may become harder as loans become riskier, and they may need to hire more human capital to manage the things. The ability of banks to oppose bond market development is related to the structure of the banking sector. A more concentrated banking sector is the more they will possess bond market development. (Dickie and Fan, 2005) The soundness of the banking system also has important for development of the government securities ma rket and bond market. Domestic and foreign investors are deeply concerns for the soundness of the banking system that has an adversely impact on the ability of the corporate and government to issue new bonds and securities. (Silva, 2008) Adelegan and Radzewicz-Bak (2009 in his research finds that commercial banks are more dominate in SSA countries and, they are comparatively large in size as compared to other segments of the financial sector as well as the roles that play as market makers for primary issues. According to the Eichengreen and Luengnaruemitchai, (2006) coefficients on the ratio of bank loans to total debt finance suggest that the relative importance of bond finance rises with the financial development of the host country, while country (population) size is otherwise insignificant, suggesting minimal economies of scale. Eichengreen and Luengnaruemitchai, (2006) find in his research the interest rate highlight the importance of push factors: investments do not a lways go to the countries with higher interest rates, but they clearly come from countries where interest rates are low. According to the Adelegan and Radzewicz-Bak (2009) interest rate is also having a negative significant relationship between bond market developments. This suggests that higher interest rates and interest rate volatility are related with a smaller bond market. Silva (2008) In Asian countries banks and non-bank financial institutions plays a very important role in developing bond market as the issuers, mainly raising subordinated debt to meet capital adequacy requirements, and attract investors in this market. According to Silva (2008) there are several unpleasant consequences of high and volatile inflation on the efficient functioning of bond markets. Inflation rate has a very close relationship with expansion in money supply, budget deficits and currency depreciation. High inflation is largely a result of higher growth of money and fiscal deficits financed b y banking sources, especially by central bank which increases reserve money and fuels the overall monetary growth, thereby leading to inflation. The private sector borrowing from the banking sources also creates additional pressure for monetary management, partly a result of non development of alternative sources of financing or bond market. (Silva, 2008) Maysami, Howe, Hamzah (2004) suggest that an increase in M2 growth would indicate excess liquidity available for buying securities, resulting in higher security prices. Empirically, (Hamburger and Kochin, 1972 and Kraft and Kraft, 1977) found a strong linkage between the two variables, while (Cooper, 1974 and Nozar and Taylor, 1988) found no relation. Adelegan and Radzewicz-Bak (2009) in his study considers the correlation between the share of domestic debt to GDP and M2 to GDP, which is a measure of the domestic financial development base, on the premise that a large banking sector will help the government sell its debt domesti cally. According to Adelegan and Radzewicz-Bak (2009) as most of the sub-Saharan African (SSA) countries are shallow, and have inadequate access to finance. As a result, domestic resources as an alternative source of financing are becoming increasingly important in SSA, with SSA governments focusing mainly on domestic markets in order to avoid renewed or unsustainable external indebtedness. Weak development of financial sector is meaning that firms borrow from banks instead of issuing bond in stock market. Likewise, smaller value of transaction (turnover ratio, as a percentage of GDP) in stock market shows that public prefers to place deposit in banks more than to issue bond in stock market. This condition also proved by case that broad money growth provided by quasi money growth. (LKhagvajav B., Batnyam D. and Gan-Ochir D. (2008). In his research he consider macroeconomic and bond market stability. Generally macroeconomic stability is very important factor for the development of the bond market. They expect that the higher the volatility of the underlying economic situation the less incentive firms and savers would have to participate in the market. Theoretical Framework Hypothesis Construction In this chapter we construct our hypothesis to test the whether interest rate, inflation rate, natural openness, banking size, broad money M2 and money circulation any significant association with bond market capitalization. For this ARIMA technique is applied on the 72 months period data for all the variables. Banking Size According to Dickie and Xiaoqin Fan (2005) finds that central hypothesis of this research paper is that a highly concentrated banking sector could more effectively protect itself from disintermediation caused by bond market development. These results support the hypothesis that bank concentration is significantly negatively correlated with bond market development. These finding also provides the support for (Rajan and Zingaless, 2003) interest group theory of financial development. H1: Banking size explains the causes of change in bond market capitalization. Natural Openness According to the research done by Adelegan and Radzewicz-Bak (2009) find that openness (Exports to GDP) is negatively related to bond market development. This implies that the lower the level of natural openness, measured by exports to GDP, the lower the level of access to external funding and the greater the development of the local bond market. This is opposing to findings in (Rajan and Zingales, (2001) and Eichengreen and Luengnaruemitchai, (2004) on developed and Asian markets H2: Natural openness explains the causes of change in bond market capitalization. Inflation Rate According to research done by Ameer (2007) using Granger-causality tests finds that inflation rates have no influence on primary markets activities in South Korea and Malaysia. (Silva 2008) fins as inflation increases, the duration of the government securities declines and investors preference shifts to short-term government securities. H3: Inflation rate explains the causes of change in bond market capitalization. Interest Rate Eichengreen and Luengnaruemitchai (2004) find that volatility of interest rates is not significant bond market development, their level, suggests that higher interest rates are associated with smaller bond markets. H4: Interest rate explains the causes of change in bond market capitalization. Broad Money (M2) The research done by Adelegan and Radzewicz-Bak (2009 )considers the correlation between the share of domestic debt to GDP and M2 to GDP, which is a measure of the domestic financial development base, on the premise that a large banking sector will help the government sell its debt domestically. H5: Broad Money (M2) explains the causes of change in bond market capitalization. Money in Circulation According to the money market model given by Case and Fair (1999) an enhance in the money supply (Ms) at equilibrium causes a decrease of the interest rate (r), because when ever more money is supplied, than needed, thus households will deposit their over and above money at a bank, trying to take advantage from the high interest rate of interest-bearing bonds. Following this increasing supply of money, force is put upon the interest rate, which drops until new equilibrium will form at a lower interest rate. H6: Money in circulation explains the causes of change in bond market capitalization. Data collection Now we turn from broad hypotheses to empirical implications. Data set cover the period 2003 to 2009 at monthly frequency for maximum of 72 observations. The data are for all variables are taken from the annual reports of state bank of Pakistan. Empirical Model/ Statically Tool Bond market capitalization = f (Natural Openness, Banking Size, CPI, Interest Rate, Broad Money (M2), Money in circulation) Bond market capitalization = f (NO, BS, CPI, I, M2, M) Following model is used to find the relationship between macroeconomic variables and bond market capitalization. And to test the hypothesis that Macro economic variables has significant association with bond market capitalization. Empirical Result The Parameter Estimate table 1 shows that estimate of model parameters and associated significance values; including AR and MA orders as well as any predictors the parameter representing. Non- seasonal moving-average component (labeled AR1) is significant. The variable representing the natural openness, broad money (M2), interest rate and inflation rate are not significant i.e. 0.497, 0.842, 0.947 and 0.112 respectively which means they dont have any relationship with the Bond Market Capitalization. Only two variables that predict significant are Banking Size and Money Circulation i.e. 0.001 both at 5% significance value; it means that this predictor has a relationship with the Bond Market Capitalization. The change in natural openness, broad money (M2), interest rate and inflation rate does not affect the Bond Market Capitalization, but the change in Banking Size and Money Circulation does affect the change in Bond Market Capitalization. The correlation coefficient table 2 is a measure of linear association between two variables. The values of the correlation coefficient range from -1 to 1. The sign of the correlation coefficient indicates the direction of the relationship (positive or negative). The absolute value of the correlation coefficient indicates the strength, with larger absolute values indicating stronger relationships. The correlation coefficients on the main diagonal are always 1.0, because each variable has a perfect positive linear relationship with itself. Correlations above the main diagonal are a mirror image of those below.The correlations table displays Pearson correlation coefficients, significance values, and the number of cases with non-missing values.Pearson correlation coefficients assume the data are normally distributed.The Pearson correlation coefficient is a measure of linear association between two variables. The values of the correlation coefficient range from -1 to 1. Non seasonal lags values are the previous values of t he present natural openness, broad money (M2), banking size, money circulation, interest rate and inflation rate. When natural openness is 0 then the bond Market capitalization will be -0.858, similarly when banking size, inflation rate, interest rate, board money, and money circulation is 0 then the bond Market capitalization will be 0.749, 0.505, -0.538, 0.426 and -0.525 respectively. Alpha is not in percent it is a magnitude, when natural openness, broad money (M2), banking size, money circulation, interest rate and inflation rate are zero then bond Market capitalization will be equal to intercept. The sign of the correlation coefficient indicates the direction of the relationship (positive or negative). The absolute value of the correlation coefficient indicates the strength, with larger absolute values indicating stronger relationships. The correlation coefficients on the main diagonal are always 1.0, because each variable has a perfect positive linear relationsh ip with itself. The correlation coefficient for the natural openness and banking size is -0.623 thus, these both are 62.3% negatively correlated. The correlation coefficient for the banking size and inflation rate is 0.196 thus, these both are 19.6% positively correlated. The correlation coefficient for the inflation rate and interest rate is -0.483 thus, these both are 48.3% negatively correlated. The correlation coefficient for the interest rate and broad money (M2) is -0.281 thus, these both are 28.1% negatively correlated. The correlation coefficient for the broad money (M2) and money circulation is -0.401 thus, these both are 40.1% negatively correlated. The correlation coefficient for the money circulation and natural openness is 0.4 thus, these both are 40% positively correlated. Summary Assessment of Hypothesis S. No Hypothesis Regression Coefficient ÃÆ'Ã ½ÃâÃ ² Significance Value t Value Empirical Conclusion H1 Banking size explains the causes of change in bond market capitalization. -4.141 0.001 -3.695 Accepted H2 Natural openness explains the causes of change in bond market capitalization 0.682 0.497 0.688 Rejected H3 Inflation rate explains the causes of change in bond market capitalization. -0.202 0.112 1.64 Rejected H4 Interest rate explains the causes of change in bond market capitalization -0.043 0.974 -0.064 Rejected H5 Broad Money (M2) explains the causes of change in bond market capitalization. -3.40E-007 0.842 -0.201 Rejected H6 Money in circulation explains the causes of change in bond market capitalization. 4.85E-005 0.001 3.933 Accepted Results/Findings As discussed in the earlier chapters different variables have been taken based on the secondary data of 6 years comprised on monthly basis year 2003-2008, collected from the source SBP. Each variable explains the impact of each macro-economic variable on bond market capitalization in Pakistan, for each scenario a hypothesis was constructed. The independent variables taken in the study were (Inflation rates, Interest rates, Banking Size, Natural Openness, Broad Money (M2), Money Circulation) the dependent variable is Bond Market Capitalization. The results and their findings are as follows. Results With the help of ARIMA model, investigation of secondary data it is found that banking size and money circulation are the primary source among macro-economic indicators that are able to cause a change in the performance of bond market capitalization compared to other four macro-economic indicators i.e. Inflation rates, Interest rates, Natural Openness, Broad Money (M2), it is also found that inflation rates are the second source of causing a change in bond market capitalization. While other variables are i.e. interest rates, natural openness and broad boney (M2) are able to cause a very small change in bond market capitalization. The reason this is that whenever there is excess money is supplied in market people will move out cash and checkable deposits by buying bonds, In Pakistan most of the corporate sector heavily depend on banking sector instead of issuing their own TFCs; the reason for not issuing TFCs by corporate sector is that they have to go through a long process before issuing TFCs and they have to follow certain rule and regulation for issuing TFCs. The statistical interpretations given above show the level of importance of each macro-economic indicator, the acceptance and rejection of result depends upon the significance level i.e. p 0.50 is not acceptable where as p 0.05 is acceptable. Interest rates, inflation rates, broad money (M2), natural openness result point out that they are not able to cause a change in the bond market capitalization due to the reason of no relation among their independent and dependent variables. Where banking size and money in circulation, they cause a change in bond market capitalization (positive/negative impact on bond market capitalization). Conclusion Discussion This paper has argued that the Pakistani bond market has not taken-off and there are many challenges that need to be addressed before it can be put into top gear. Indeed the development of bond market requires hectic efforts which include, corporate sector and banking reforms, the strengthening of legal environment, restore investors confidence, improvement in infrastructure, the extensive process of approving draft, issue costs, competition from other private and public savings schemes, poor understanding and lack of information about the bond market on the part of retail investors and last but not least low volume and limited supply of bond by corporate and government. This paper also finds that the slow development of local bond markets is a phenomenon with multiple proportions. To some extent the problem is one of minimum efficient scale: Pakistan have better capitalized bond markets when capitalization is measured relative to GDP as compared to some other countries. The oth er problem Pakistani bond market is facing to follow the internationally recognized accounting standards has slowed the development of bond markets. Corruption, uncertain poetical conduction, law and order and low bureaucratic quality, which are signs of unreliable securities market regulation, work in the same direction. Countries with competitive, well-capitalized banking systems, on the other hand, have larger bond markets but this is not case in Pakistan. Due to the heavily dependence on banking system and lack of money supply plays a main obstacle for the development bond market in Pakistan. Fortunately, there is little evidence that the small size of public debt markets is an insurmountable obstacle to corporate bond market development. LKhagvajav B., Batnyam D. and Gan-Ochir D. (2008) using the Auto Regression also find that macroeconomic stability (measured by the CPI) and financial intermediary development are important predicators of bond market capitalization determina tion in Mongolia. StanisÃÆ'Ã¢â¬ ¦Ã ¢Ã¢â ¬Ã ¡aw Kluza, Andrzej SÃÆ'Ã¢â¬ ¦Ã ¢Ã¢â ¬Ã ¡awiÃÆ'Ã¢â¬ ¦Ã ¢Ã¢â ¬Ã ¾ski, (2002) Using two set of data to predict the relation between NBP (National Bank of Poland) and bond market capitalization; one on daily bases and other on monthly bases, find in both cases that bond yield is a second order autoregressive process. However, both models significantly predict the role of interest rate for bond market capitalization. Implications Availability of data largely affected the statistical analysis and determination of the relationships among variables affecting the bond market in Pakistan. With the passage of time, it is expected that the data will be available through reliable sources and can be used to improve upon the quality of this study. This limitation is mitigated through the use of published works and qualitative analysis in the study. This research has also certain delimitations. It is expected that after globalization there might be more significant and different policies for the Investment in corporate bonds and Individual investors will also be able to participate in the bond Market. Inaccurate and incomplete information of companys financial position to investors are also one of the main problems. It is also not possible to find data of variables of 50 years and X no of variables. References Ananda Silva 2008, Bond market development: Monetary and Financial system stability IMF (2005), Global Financial Stabilithy Report, World Economic and Financial Surveys, April (Washington D.C.). Barry Eichengreen and Pipat Luengnaruemitchai, 2006, Bond Markets As Conduits for Capital Flows: How Does Asia Compare? IMF Working Paper WP/06/238 (European Department) Cooper, R. 1974. Efficient capital markets and the quantity theory of money. Journal of Finance 29(3): 887-908. Dickie and Emma Xiaoqin Fan, 2005, Banks Corporate Debt Market Development ERD Working Paper No. 67. Asian Development Bank. Hamburger, M. J. Kochin, L. A. 1972. Money and stock prices: the channels of influence. Journal of Finance 27(2): 231-249. https://books.google.com.pk/books?id=dYKrxExaMnMCpg=PA4lpg=PA4dq=money+market+model+of+Case+and+Fair+(1999)+an+increase+in+the+money+supplysource=blots=zsaXmxC0bMsig=AySw3bVgrSfxTvB2ABW4pR2WuMhl=enei=_34S8v0LMi9rAftk7XNDwsa=Xoi=book_resultct=resultresnum=4ved=0CBEQ6AEwAw#v=onepageq=money%20market%20model%20of%20Case%20and%20Fair%20(1999)%20an%20increase%20in%20the%20money%20supplyf=false Kraft, J. Kraft 1977, A. Determinants of common stock prices: a time series analysis. Journal of Finance 32(2): 417-425. LKhagvajav B., Batnyam D. and Gan-Ochir D. (2008), MONETARY POLICY AND BOND MARKET DEVELOPMENT: A CASE OF MONGOLIA Nozar, H. Taylor, P. 1988. Stock prices, money supply and interest rates: the question of causality. Applied Economics 20: 103-161. O. Janet Adelegan and Bozena Radzewicz-Bak, 2009, What Determines Bond Market Development in sub-Saharan Africa? IMF Working Paper WP/09/213 Rajan, R. and L. Zingales, 2003, The Great Reversal: The Politics of Financial Development in the 20th century. Journal of Financial Economics. Forthcoming. Ramin Cooper Maysami, Lee Chuin Howe,Mohamad Atkin Hamzah 2004, Relationship between Macroeconomic Variables and Stock Market Indices: Cointegration Evidence from Stock Exchange of Singapores All-S Sector Indices Jurnal Pengurusan 24(2004) 47-77 Rashid Ameer 2007, What Moves the Primary Stock and Bond Markets? Influence of Macroeconomic Factors on Bond and Equity Issues in Malaysia and Korea Stanislaw Kluza1, Andrzej SÃÆ'Ã¢â¬ ¦Ã ¢Ã¢â ¬Ã ¡awiÃÆ'Ã¢â¬ ¦Ã ¢Ã¢â ¬Ã ¾ski 2002, FACTORS AFFECTING T-BOND PRICES: FROM INVESTORS PERSPECTIVE Thomas Glaessner and Jeppe Ladekarl 2001, Issues in Development of Government Bond Markets A Handbook published by the World Bank in collaboration with the International Monetary Fund Barry Eichengreen and Pipat Luengnaruemitchai 2004, WHY DOESNT ASIA HAVE BIGGER BOND MARKETS? HKIMR Working Paper No.24/2004 Fernandez, David and S. Klassen (2003), Asian Bond Fund Crawls, but should it Ever Walk?Mimeograph, J.P. Morgan Chase, 12 June. Das, D. K. (2005). Asian economy and finance: A post-crisis perspective. Ontario: Springer. Davis, E. P., Stone, M. R. (2004). Corporate financial structure and financial stability. Journal of Financial Stability, 1, 65-91. Lummer, Scott and John McConnell. (1989) Further Evidence on the Bank Lending Process and the Capital Market Response to Bank Loan Agreements. Journal of Financial Economics, 21, 99-122.
Wednesday, May 6, 2020
Ã¢â¬Å"ShouldnÃ¢â¬â¢t you have to pass a urine test to get a welfare check since I have to pass one to earn it for you? Ã¢â¬ ThatÃ¢â¬â¢s the question many, hardworking Americans are asking themselves. In todayÃ¢â¬â¢s America, government aid is highly depended on. The US government has spent $498 billion dollars this year on welfare alone. We will write a custom essay sample on Should People Seeking Government Assistance? or any similar topic only for you Order Now Mandatory drug testing for welfare applicants is becoming a popular idea across the U. S. Many states including Alabama, Kentucky, Oklahoma and Louisiana are considering adopting laws that would require states to drug test welfare applicants. In Florida, Republican Gov. Rick Scott passed a law that required welfare applicants to pay for and pass a drug test from July through October 2011. According to the National Conference for State Legislatures, Florida was one of three states in 2011 to put a drug testing for public assistance in the books; twenty eight states in 2012 proposed similar measures. The Department of Children and Families reported that 108 people tested positive for drugs, while 3,936 adults showed no sign of drugs in their system. Another 2,306 people opted not to take the drug test, though the survey did not ask why they were refusing to take the test, so there is no data to show whether those people objected to the policy or had obtained employment and therefore canceled their application. In September 2011, a University of Central Florida student, with the help of the American Civil Liberties Union of Florida, sued the state over the new law mandating drug testing of all welfare applicants. A little more than a month after the suit was filed, a federal judge ordered a temporary stop to the drug testing. A bench trial is scheduled for March 2013 before U. S. District Judge Mary Scriven. Required drug tests for people seeking welfare benefits ended up costing taxpayers more than it saved. Of the 4,086 applicants who scheduled drug tests while the law was enforced, 108 people, or 2. 6 percent, failed, most often testing positive for marijuana. The numbers show that taxpayers spent $118,140 to reimburse people for drug test costs, at an average of $35 per screening. The state lost of Florida lost $45,780, and thatÃ¢â¬â¢s not counting attorney and court fees and the thousands of hours of staff time it took to enforce this policy. Drug testing welfare applicants was considered unconstitutional by many citizens, they claimed it went against The Fourth Amendment. The Fourth Amendment of the U. S. Constitution provides, Ã¢â¬Å"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized. Ultimately, these words strive to protect two fundamental liberty interests Ã¢â¬â the right to privacy and freedom from personal invasions. The Supreme Court has ruled out a number of incidents as to what an Ã¢â¬Å"unreasonableÃ¢â¬ search looks like. So far, it doesnÃ¢â¬â¢t look like a drug test to control how people on welfare spend their money. Supposedly, the mandatory drug tests are designed to reduce deficits, utilize tax-payer money more efficiently, and encourage Ã¢â¬Å"personal responsibility. The government now will have the power to kick people off welfare, or otherwise simply deny them welfare, should the person fail their mandated drug test. Aside from deterring these self-destructive behaviors, they believe they will also save millions of dollars because they suspect they will no longer have to subsidize the drug dependencies of a substantial amount of recipients. When Reagan became President in 1986, he began to push drug testing in the workplace, schools, and those applying for free benefits as part of the escalating war on drugs. Since then, drug testing has proliferated to the rest of society. For some businesses, it has become a major hiring tool, while for others it does not exist. For those that do use drug testing, it comes on many forms. Tests range from urine based to hair based to drug recognition experts; each test has its own strengths and weaknesses. The easiest and cheapest tests to perform are urine tests. The most basic and easiest to perform is called an EMIT test. EMIT stands for enzyme multiplied immunoassay technique and involves a urine sample from the subject. The test looks for certain enzymes that occur in the body when certain drugs are consumed. Unfortunately for employers, this test is one of the most undependable of the tests available. It can be easily beaten if the subject knows that they are being tested. Tests can be tampered with in many ways. Another urine test is the gas chromatography test. With this test the urine sample is separated into its component parts. The components are then carried by an inert gas into columns where the parts are separated by their boiling temperature. Each specific compound will be identifiable from the est by its unique separation time. This test is far more reliable than an EMIT test, but there are still instances of errors when certain legal substances are present. A test that is more reliable and harder still to beat is the RIA test. RIA stands for radio immunoassay and it uses the same process as the EMIT test except this test uses radioactive iodine as the detection method rather than an enzy me. Drug metabolite levels are inversely proportional to the level of radioactive particles present. The RIA test is much more reliable and even harder to beat than the gas chromatography test. However, the U. S. Military is the only major employer using the RIA test. This is due to the fact that the RIA test creates radioactive waste as a result which is extremely difficult to handle and dispose of. The next step up from the RIA test is the gas chromatography/mass spectrometry test. This test utilizes what the gas chromatography started, except that it takes the process further. After the urine has been separated into its basic components, the mass spectrometer analyzes the components and provides exact molecular identification for them. Since this test is the most expensive and the most accurate of the urine tests, businesses will usually only use this test to confirm a positive result on the EMIT test. The next cheapest test to perform is a saliva test. Saliva tests are becoming more common due to their relative unobtrusiveness and their ability to detect drug use in a more recent timeframe, usually within one week. The biggest problem with saliva tests is that there are no nationally accepted concentration cutoffs. Also, the saliva test is better at detecting methamphetamines and opiates but is much less capable of detecting THC and other cannabinoids. The last test on the list is the blood test. This test requires a sample of blood from the subject which is then sent to a lab for analysis. The cost of the blood test is quite high when compared to all the rest of the tests available. Businesses that are willing to pay for the blood test are getting the most accurate test that they can subject an employee or applicant to. The only problem with blood tests is that they can only detect substances that remain in the blood for a while. If a substance is easily flushed from the blood, it will not appear on a test if the subject has not used recently. Despite their reliability, blood tests are not used often. Most of the time, similar results can be obtained using a cheaper and less intrusive method of testing. Is this all fair? Many people argue it absolutely is. After all, welfare recipients receive millions of American dollars in aid every year. It would only be fair for them to be tested to ensure the assistance is dispersed of properly. Also, many places of employment practice random drug testing. If it happens in the workforce, why would it be unfair for welfare recipients? There are many pros and cons of this issue. The biggest positive outcome of this program is that it would discourage recipients from purchasing and using illegal drugs. This might mean they donÃ¢â¬â¢t even need the welfare in the first place. It could also keep children and society safer. It could help lower the demand for illegal drugs on the streets. It could possibly even save the system some money; as those who are on drugs would not receive welfare. It could even create new jobs for people to run the drug testing. However, there are many cons of mandatory drug testing for people on welfare as well. One of the biggest negatives is that it is costly. Illegal drug testing is not cheap. It could cost hundreds of thousands of dollars, even if just one of every five recipients was tested. However, this may be rationalized by saying that the cost that drugs have on our society in general would be lowered. Another negative is that some people who are on prescription medication could show false positives, and be discriminated against, even with a doctorÃ¢â¬â¢s involvement. How to cite Should People Seeking Government Assistance?, Essay examples
Wednesday, April 29, 2020
Odyssey and Aeneid are heroic poems that need no debut in the literary universe. They are considered the greatest plants of Greek and Roman literature and legion readings and analysis were already based on these two great heroic poems. Such. is besides the intent of this research paper. A brief sum-up of Odyssey and Aeneid would be presented to give a background on the beginning and apogee of their journeys. A comprehensive analysis on the personal traits of the two chief supporters. viz. . Odysseus and Aeneas. alongside their journey and the things that they encounter along the manner. would besides be given light. An analysis of the epicsÃ¢â¬â¢ subjects and their connexion with their writer would besides be presented. every bit good as the correlativity of the heroic poem with the environment or the current province of the society the writer belonged ; a historical and political scrutiny. Heroism and liminality in the heroic poems would be farther discussed every bit good as subjects runing from both menÃ¢â¬â¢s ( Odysseus and Aeneas ) relationship with adult females ; the function of Gods. We will write a custom essay sample on Odyssey and Aeneid: Comparative Analysis Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page and the significance of their journey and find. Therefore. the chief purpose of this research paper is to [ demo the difference and similarity of the two heroic poems. although created centuries apart. in different times. a connexion can be found and can be proven through the assorted cited subjects and the beginning in which the writers have found their inspirations ] . Odyssey Odysseus was portion of the 10 thousand fleets that set canvas for the metropolis of Troy to repossess a Ã¢â¬Å"kidnappedÃ¢â¬ married woman of Menelaus. King of Sparta. Helen. who was the most beautiful adult female in the universe. besides had Odysseus courting her. Thinking that Helen might take him out of the many suers. and to avoid struggle. he made all work forces swear to esteem HelenÃ¢â¬â¢s determination sing her pick for a hubby ; and to protect Helen and her hubby and to see through it that cipher would come and destroy their brotherhood. So. all the suers of Helen. who were mighty Kings and work forces of Greece. took an curse. However. Odysseus was non lucky plenty to be chosen as hubby. and alternatively. he met HelenÃ¢â¬â¢s cousin Penelope. and married her. This is merely the beginning of OdysseusÃ¢â¬â¢ show of humor through out the heroic poem. Although. he was incorrect about whom Helen is traveling to take. he displayed a character. of that of a diplomat. a smooth speaker. an eloquent and persuasive talker. Odysseus is known to be the adult male of huge self-denial and logical thinking. Odysseus was besides known as a adult male of peace. who hated bickers and firmly believes in self-preservation. A best illustration of this self-preservation was when the minister plenipotentiary from Sparta came to beg his curse to Menelaus in repossessing Helen. Thinking about his infant boy and the hereafter of his metropolis Ithaca ( for there was a prognostication that says of a long journey for him if he went to Troy ) ; Odysseus pretended to be insane. set on ragged apparels and sowed the field with salts. However. the minister plenipotentiary was besides cagey and cognizing OdysseusÃ¢â¬â¢ insanity was merely a show. he placed the infant T elemachus along the way of the Big Dipper. and Odysseus instantly stopped. scared of aching his boy. therefore demoing. he is on his right head. Odysseus went to Troy and built the celebrated Trojan Equus caballus. He convinced 20 Grecian soldiers to conceal inside its belly ( including himself ) . and leave the Equus caballus as an offering to the Gods while the remainder of the Greek fleet pretentiously sailed off. The Trojans. ferociously superstitious. took the wooden Equus caballus inside the metropolis and had a banquet observing their triumph. Then. at twilight. through the bid of Odysseus. the work forces inside the Equus caballus easy descended while the whole of Troy was asleep. They opened the Gatess and take the ground forces of Greece inside the walls of Troy. Hence. the devastation of the metropolis of Troy. Among the Trojan blue blood was Aeneas. the boy of Anchises and Venus. was hardly able to get away life from the custodies of the Greeks. if non for VenusÃ¢â¬â¢ direct intercession. He managed to get away and sailed to Latium. where he founded the City of Rome. Odysseyso begins on OdysseusÃ¢â¬â¢ journey towards place. after the 10 twelvemonth conflict with Troy. However. OdysseusÃ¢â¬â¢ had incurred the wrath of the Gods ( particularly Poseidon ) that he was condemned to sail for another 10 more old ages before making his hometown. Ithaca. Ã¢â¬Å"Unhappy Odysseus. he does non cognize the agonies that await him ; or how these ailments I and my Phrygians endure shall one twenty-four hours look to him cherished as gold. For beyond the 10 long old ages spent at Troy he shall drag out other 10 and so come to his state all aloneÃ¢â¬ ¦Ã¢â¬ [ Cassandra. Euripides.Daughters of Troy431 ] Through out the ocean trip. Odysseus and his work forces met many interesting figures. such that of the stargazers. the land of the Cyclops where Odysseus employed one of his fast ones of presenting himself as Cipher. so that when the Polyphemus ( the Cyclops who captured them ) was blinded by Odysseus and his work forces. called out to the other Cyclops for aid. They asked Polyphemus who had blinded him and he shouted Nobody. so the other Cyclops went back to their home. They met the happy male monarch Aelous who gave them a bag of fast air currents. gone to the island of the man-eaters. and met Circe and she bore him a boy ( Telegonos ) . They besides passed through a sound in which Circe advised him to sail near to Scylla a monster who had six caputs and would eat six of his work forces. than hazard droping the ship in the vortex of Charybdis. Here. Odysseus volitionally sacrificed six of his work forces to salvage the ship. They are so brought to the island where Calypso lived and kept Odysseus for seven old ages. It was so that Athena. the goddess that favored Odysseus begged Zeus to assist Odysseus acquire place. So. Zeus sent the Hermes to state Calypso to let go of Odysseus. which she did and Odysseus. after a batch more problem still from Poseidon. eventually reached Ithaca and warned against the many suers of his married woman Penelope by the goddess Athena disguised as immature male child. Odysseus concealed his individuality and disguised himself as a mendicant. Upon making the palace. he saw the many suers of Penelope and asked permission to execute the undertaking required of the suers so they could get married Penelope. to hit with Odysseus bow a consecutive pointer through the holes of 12 axes in a row. So. Odysseus. disguised as a mendicant. was able to draw his ain bow and successfully hit an pointer through the holes. after which he directed the bow towards the suers and killed them all o ne by 1. He so claimed his Kingdom and his married woman one time more. However. many says that the Odyssey does non stop at that place. but instead continued to another event that lead to Odysseus get marrieding another adult female and his decease brought about by his boy with Circe. Telegonus. who erroneously killed him when Odysseus was supporting his flocks. Telegonus was at that clip looking for his male parent. and had slain Odysseus already when he found out he was his male parent. The Aeneid Aeneid is a Latin heroic poem written by Virgil in the 1stcentury BC. The verse form was about the legendary journey of Aeneas. a Trojan escaping from the firing metropolis of Troy. along with some of his companions and boy. traveled to Italy and accordingly founded the metropolis of Rome. The verse form is divided into two. the first six of the 12 books acquaints us with his journey from Troy to Italy. while the 2nd half. relays of the triumph of Trojans over Latins when Aeneas was able to kill Turnus. The hero Aeneas is already a common figure since he foremost appeared in HomerÃ¢â¬â¢s Iliad. Virgil so continued to compose about him and as a consequence made a historical heroic poem about the initiation of Rome. Aeneas was a refugee from the firing metropolis of Troy. from HomerÃ¢â¬â¢s Iliad. With the assistance of her female parent Venus. the Roman goddess of love. he fled together with his male parent Anchises. married woman Creusa. the girl of King Priam. and son Ascanius. However. through the slaughter Creusa got separated and was neer seen once more ( until Aeneas met her in the underworld and confirms that she is dead ) . He sailed for yearss. destined by Jupiter to happen a metropolis which he will call Rome. However. due to Paris of TroyÃ¢â¬â¢s non taking Juno ( Hera ) to have the apple of strife. Juno had the biggest contempt for Trojans that she set a strong air current to whirl AeneasÃ¢â¬â¢ transport off from Italy. and do land on Carthage. through the aid of Neptune. Aeneas was the 2nd strongest warrior of Troy. and could be considered as half-god since his female parent was Venus. Venus helped Aeneas with his enterprise in Carthage and through VenusÃ¢â¬â¢ Aeneas was able to capture the bosom of Dido. Queen of Carthage. Although Dido promised fidelity to her dead hubby. she can non assist but experience love towards Aeneas and they became lovers and savored each otherÃ¢â¬â¢s presence ; until clip came that Jupiter sent Mercury to remind Aeneas of his responsibility and to travel on with his ocean trip. Dido was heartbroken when Aeneas left. that she struck her ain bosom with AeneasÃ¢â¬â¢ blade and threw herself on a pyre as Aeneas was go forthing. Turning about to see Dido. Aeneas saw merely the fume from the pyre and cognize what had happened. AeneasÃ¢â¬â¢ strong respect for responsibility is one of the RomanÃ¢â¬â¢s great properties. Through out the ocean trip. Anchises peacefully died. He so made an escapade into the underworld to talk with his male parent Anchises. and was told of the prognostication of Rome. Upon returning to land. he led his work forces to Italy. near the metropolis of Cumae. Then he guided the ship towards the river Tiber. where he would construct the metropolis of Rome. Upon reaching. the local dwellers called Latins did non prefer the aliens and a large war emerged when King Latinus of Latium. gave his girl Lavinia. who was once betrothed to the leader of the locals. Turnus. to Aeneas to be his married woman. A conflict emerged between Trojans and the local Latins. The conflict ended with Aeneas killing Turnus. for he had disgraced the armour of his friend. Pallas. whom he had killed beforehand. Historical and Political Significance Homer and Virgil The difference of Homeric heroic poems to VirgilsÃ¢â¬â¢Aeneid. HomerÃ¢â¬â¢s verse forms are crude and are orally recited. there was no unequivocal written text by Homer that vividly describes and punctuates each line or spoken poetry. Hence. the texts of Iliad and Odyssey. as we know now are simply a recording of an unwritten public presentation made centuries ago. and each recording differs since for every public presentation. assorted Ã¢â¬Å"versionsÃ¢â¬ would be introduced. The heroÃ¢â¬â¢s narratives may be suddenly cut to an stoping. excluding some parts ; while in another version. the eternal rovings of the hero would be meticulously detailed. In contrast to the Aeneid by Virgil. this was a existent written piece of art. Real. in footings that there is one bing written text in Latin about the heroic poem Aeneid by a poet named Virgil. Through this bing written text. assorted readings and supplementations would merely be added. but the chief thoughts and escapades as originally written by Virgil. remains unchanged and untasted. The ground why Aeneid remains to hold a strong influence among Roman poets and historiographers because they have a definite text to compare to. Greece by far is more artistically inclined and more originative than the sterile Romans. this is why Virgil took the narrative of Aeneas from Iliad and created their ain heroic poem I the signifier of Aeneid. Although hundred old ages apart in clip. similarities emerged between the two heroic poems. The characters used by Virgil were a by-product from HomerÃ¢â¬â¢s Iliad. This may be because Aeneid is strictly divine and derived from Iliad. Odyssey and Greece The Grecian civilization started long before the Romans. and thief civilisation performed through smaller authoritiess. They love life and are unworried. inventive and spent many at leisure hours singing and merely wondering with the beauty of life and nature. They besides believe that even though dead. their love 1s could still pass on with them. but decease is something unpleasant and feared even by Grecian heroes. They marvel with life and did everything possible to be remembered. to hold their names repeated in narratives and their lives glorified. Like in the instance of Achilles. he was given a pick to populate and decease an old adult male but no 1 would cognize who he is. or deceasing in the Trojan War but his name and fable would stay everlastingly. Achilles chose the latter. Prestige and repute are of import for Greeks ; we could state they are selfish. egoistic and self-involved. Odysseus demonstrated this trait when he volitionally let six of his work forces be eaten by t he monster Scylla as they pass through her Waterss. Another would be his deficiency of trust to his work forces that they took the bag of air current given by Aelous and misidentify it as gold and opened it. Greeks exercised individuality unwittingly. They know that work forces are non perfect and take pride whenever one would prevail over his devils ; they marvel at this ability to dance with destiny. A adult male can be barbarous and atrocious but this facet of him would be replaced of virtuosity once he had completed his undertakings. Odysseus was as selfish and self-involved adult male. but his actions were glorified and rationalized as rational schemes aimed to accomplish his ends. of continuing his life and returning to Ithaca. Aeneid and Rome VirgilÃ¢â¬â¢s Aeneid was frequently suspected as a historical heroic poem utilized by Augustus as propaganda. Since Virgil and Augustus were friends and Virgil was a devout Scribe and Roman citizen. he basically created a work that would reflect his sentiments and feelings about Rome. and the emperor. Aeneas was frequently described in many scholarly articles Ã¢â¬Å"allegedlyÃ¢â¬ as Augustus himself. That AeneasÃ¢â¬â¢ journey to Italy and found Rome is an fable of Augustus ( antecedently named Octavian ) rise to power and the aureate age of Rome. Another impression reflected by AeneidÃ¢â¬â¢s characters. is that Marc Anthony was Turnus. Julius Caesar as Anchises. Dido as Cleopatra. and the speechmaker Drances as the solon Cicero ( Glover. 1904 ) . In Aeneid. the whole of Rome was interpreted otherwise by Virgil. The architecture as he described in AeneasÃ¢â¬â¢ universe were the same structures that he had seen erected in Rome ; the nationality and nationalism that Aeneas showed is a representation of what a Roman should be like ; AeneasÃ¢â¬â¢ soldiers devotion to him is an fable of Roman soldiersÃ¢â¬â¢ respect to their generals and higher-ups. Last. the images engraved in AeneasÃ¢â¬â¢ shield was a historical word picture of Rome Ã¢â¬â from its initiation through the twins Romulus and Remus and the she-wolf. to the triumph of Augustus over Marc Anthony in the Battle of Actium. Subjects Heroism The heroic poem hero plays a really important portion in literary unfavorable judgments. His encouraging being assures the integrity of the heroic poem verse form and guides our analysis when we search for a subject. If he is non easy to pick out. there ensues a wrangle over his individuality. and the verse form in inquiry would be amorphous and episodic. missing continuity of escapade. For it was concluded by modern critics that the norm for antediluvian and besides. modern heroic poems. tends to focus on on one person. who will transport out with him the significance and the intent of the verse form. In laymanÃ¢â¬â¢s footings. we synonymously correlate the word heroic poem with escapades of great proportion. where merely one person is disposed to set about. This person would be a hero. and in him has the power to get the better of all obstructions to finish his epical journey and finish. The heroÃ¢â¬â¢s actions can be a footing for other events that happen through out the heroic poem. and it could besides be a foundation for other norms outside of the heroic poem. as interpreted by bookmans. Odysseus and Aeneas are the heroes of their ain heroic poem and the narrative revolved around them. Odysseus was a hero in the Trojan War because of his inventiveness. and became a hero of the Odyssey because it showed merely non his strength of head and organic structure. but besides his assorted personalities and tactics to get away any state of affairs. As with Aeneas. he is a hero because. he embodies in himself the Roman manner and he found the great metropolis of Rome. Both heroes achieved their ends in the terminal. killed the enemies and retrieved their wagess. For Odysseus. acquiring back his land and seeing his married woman and boy once more ; and for Aeneas. get awaying from Troy. and carry throughing his fate of edifice Rome. Supreme beings and Men ( Greek and Roman Gods ) Grecian mythology commenced ages before the Romans. The Grecian Gods are frequently depicted as arch and often interfere with human lives. They invariably play with human emotions and act merely harmonizing to their caprice. This gaiety of the Grecian Gods in portion where taken after by their Roman opposite numbers. Through Aeneid. the Grecian Gods were given Roman names and were given another function. With Odysseus. the Gods demonstrated. through Athena their helpful side. They treated adult male ( Odysseus ) as an of import being and helped him in any manner possible. However. non all Gods are every bit helpful as Athena and Zeus towards Odysseus. Through out the journey of Odysseus he was invariably attacked by Poseidon. because Odysseus blinded the Cyclops Polyphemus. who is besides a God. Poseidon sent twirling tides and strong air currents to turtle OdysseusÃ¢â¬â¢ ship. In add-on. the monsters Scylla and Charybdis exist merely to ache adult male. Most of the Gods are frequently depicted as cannibals and Odysseus. through his marbless and extra aid or advice from the other Gods. was able to get away being eaten by Polyphemus and Scylla. In Aeneid. Gods play a different function. They were helpful and sort. except for the vindictive Juno. VenusÃ¢â¬â¢ helped Aeneas flight along with his household. While in the sea. JunoÃ¢â¬â¢s wrath caught them and she tried to turtle the ship. but good God Neptune saved the ship and landed them on Carthage. After which. Aeneas and Dido had a love matter. but ended suddenly because Jupiter sent Mercury to remind Aeneas of his responsibility. Therefore. in Aeneid. Gods exist to direct and steer. Liminality Odysseus and Aeneas had to travel through escapades to be make their concluding ends. They undertook stairss and obstructions along the manner. and this could be best described as the liminality of their characters. It means a rite of transition that involves a alteration in the character. particularly sing their societal position. There are three phases of liminality as demonstrated by Odysseus and Aeneas. The first or the preliminary phase requires the separation of the heroes from their usual societal scene ; Odysseus was recruited to take part in the Trojan War and Aeneas escaped from Troy. The 2nd is the liminal phase where in the heroes are in the center of their journey. they are in between universes. more like Ã¢â¬Å"not a male child. non yet a manÃ¢â¬ or Ã¢â¬Å"neither here nor thereÃ¢â¬ . OdysseusÃ¢â¬â¢ character on his odyssey place encountered many events that tested his bravery and personality. as a leader. a male parent. a hubby and as a King. Although. he is already a King in Ithaca. he arrived in Ithaca disguised as a mendicant Ã¢â¬â no longer merely a soldier from Troy. but non yet the King of Ithaca once more. Aeneas journey to Italy besides led him to different parts of the universe. In these times. he was no longer the Trojan warrior but still non the laminitis of Rome. The 3rd and concluding phase is called the postliminal phase. a period in which the heroesÃ¢â¬â¢ societal position is already confirmed. Upon turn outing OdysseusÃ¢â¬â¢ existent individuality to Penelope and killing all the suers. he eventually re-integrated himself as the King of Ithaca. As with Aeneas. during the conflict where he killed Turnus. he eventually triumphed over the local Latins and eventually established a metropolis that will be called Rome. Womans The function of adult females in both heroic poems were polar but at the same clip unlike. Womans in Odyssey were given particular functions and they helped Odysseus through out his journey. Possibly the most helpful adult female was the goddess Athena who provided Odysseus with wisdom and at the same clip assisting Penelope ward off the many suers who had come to Ithaca. She besides helped Telemachus. OdysseusÃ¢â¬â¢ boy in his undertakings. PenelopeÃ¢â¬â¢s function as the loving and faithful married woman is the fastness that Odysseus leaned on during his long travel. Other adult females like Circe tamed OdysseusÃ¢â¬â¢ pride and love for his work forces when she all turned them into hogs. He fought valorously for them to be placed back in their human signifier ; Ino. saved Odysseus when he was submerging by giving him a charming cloak ; Calypso offered Odysseus a pick between immortality and decease. and he chose none of the above but due to his fright of her power he stayed w ith her for seven old ages. Ã¢â¬Å"Nay semen. set thy blade into the sheath. and thenceforth allow us travel up into my bed. that meeting in love and slumber we may swear each the other. Ã¢â¬ said Circe ( Odyssey. Book X ) Ã¢â¬ However. in Aeneid. adult females took a backseat. They were non given much accent or of import function through out the verse form. Aside from the tragic destiny of Dido for falling in love with Aeneas. her bad luck was further re-iterated when she committed self-destruction. Womans such as Andromache. the married woman of Hector and Cruesa. AeneasÃ¢â¬â¢ married woman. bore the load of the looted metropolis of Troy when Andromache witnessed her boy Astyanax thrown from the towers and Cruesa. separated from Aeneas during the great flight. Ã¢â¬Å"had toÃ¢â¬ dice so that Aeneas was said to get married another miss in a foreign land where in he would raise a bound metropolis. Possibly with the exclusion of the wroth Juno and the sort yet arch Venus. these adult females were non every bit strong as HomerÃ¢â¬â¢s. Probably because the Roman civilization at that clip gave less importance to adult females. supplying a really patriarchal society. While in HomerÃ¢â¬â¢s clip. Greece was merely emerging from a matriarchal society wherein adult females were regarded as peers with work forces. Although there was one character in Aeneid. that of Camilla. who demonstrated strength when she provided assistance for the falling Trojans ; and that of Lavinia. the princess fought over by Aeneas and Turnus. where in her bosom the hereafter of AeneasÃ¢â¬â¢ race lies. As was ever the issue with work forces. non merely with Odysseus or Aeneas. Just like soldiers who have lovers in every finish. possibly solitariness has something to make with them roll uping adult females through out their journey. Odysseus. although married somehow gained ardor from the assorted adult females he met and took pride from this in this transition: Ã¢â¬Å"Verily Calypso. the just goddess. would fain hold kept me with her in hallow caves. hankering to hold me for her Godhead ; and likewise excessively. crafty Circe of Aia. would hold stayed me in her halls hankering to hold me for her Godhead. But neer did they prevail upon my bosom within my chest. So certainly is at that place nought sweeter that a manÃ¢â¬â¢s ain state and his parents. even though he dwell far of in a rich place. in a unusual land. off from all that begat him ( Odysseus. Odyssey in Book IX ) . Ã¢â¬ Aeneas stayed with Dido and was merely through the message of Mercury sent by Jupiter was he reminded of his mission to happen the land of the Romans. He reluctantly bound for his ship and yearningly looked back to see the pyre that burns the flesh of Dido who committed self-destruction because of him. For Aeneas. adult females was neer a job for him. he would ever acquire them without even making anything. His married woman Cruesa was given by Priam as an grasp for his being a good Trojan warrior ; Dido was charmed by Venus into falling in love with him ; and Lavinia was given by her male parent to Aeneas as an offering of peace and fulfilment of a prognostication. Journey and Discovery Odyssey translated means ocean trip or long journey. Both the Odyssey and Aeneid were narratives of drawn-out expedition towards their terminal ends. However. aside the actual journey of the two characters. a metaphorical ocean trip besides happened that finally take them to the individuals that they became one time they reached their concluding finishs. Odysseus in his journey battled with his pride and his yearnings for his household. However. a veteran of war and hocus-pocus. he suppressed his avidity to come out and present himself to Penelope upon seeing her beauty one time once more. He kept his composure and stayed in the mendicant camouflage until that the right clip. His was besides a journey of a adult male who became wiser than he was earlier. That his journey started with 12 ships and he returned home entirely. Odysseus was speedy to recognize his errors and took duty for his and his menÃ¢â¬â¢s actions. As with Aeneas. from the prized warrior of Troy. second to Hector. he evolved into a stronger single determined to carry through his fate. A devoted boy. he cared for his male parent Anchises really much ; from transporting him out of the firing metropolis of Troy. to his peaceable decease on board his ship ; and to his following him in the underworld to seek his advise. AeneasÃ¢â¬â¢ journey had changed from merely being a soldier. to a leader of a new civilisation. Destiny Destiny or fate played an of import portion in the escapades of Odysseus and Aeneas. Fate. in portion is presumptively designated by the Gods and hence. in this sense. destiny and the godÃ¢â¬â¢s caprice are synonymous. Prophecies stated by visionaries were sent to them by the Gods who have seen what will go on. and through their actions. every bit good as the persons action. the hereafter will be set into action. unwittingly. Fate. at times were tried to be stopped by some Gods. like Juno deviating AeneasÃ¢â¬â¢ attending from of all time acquiring to Italy through offering matrimony between him and Dido ; but when Gods intervene. other Gods besides intervene. and Jupiter reminded Aeneas of his responsibility. Fate. so. as destined by the Gods. has a wont of doing itself complete. It was a portion of life of the Odyssey and Aeneid. An ineluctable certainty that shaped both of the heroÃ¢â¬â¢s lives. In general. as evidenced by the subjects discussed in this paper. Odyssey and Aeneid has more than one thing in common. aside from being merely heroic poems. They shared a commonalty in assorted subjects such as gallantry. relationship between Gods and work forces. the liminality phases. their adult females. the significance of their journey and the function of destiny. Therefore. it is sufficient to state that possibly. a small spot of Odyssey was Ã¢â¬Å"copiedÃ¢â¬ by Virgil to make Aeneid. These similarities are non coinciding as Odyssey existed seven hundred old ages before Aeneid. Nonetheless. utilizing HomerÃ¢â¬â¢s works as an inspiration for composing did non restrict VirgilÃ¢â¬â¢s capacity as a author. Yes. he may hold spun Aeneas from Homer. but he created a wholly different character. and a wholly different fortunes and environment. As is the focal point of all heroic poems. antediluvian and modern. these two plants became a footing for comparing and no 1. up to now. could of all time excel the criterions that the two poets had set. Assorted readings and supplementations were added to Aeneid but nil still beats the original. As for Homer. small was known about him but he achieved immortality. the most valued title for Greeks. for his plants. His name became a family name even 1000s of old ages after his decease. In decision. Odyssey and Aeneid are two of the most of import literary plants of all time made. Plants Cited Feeney. D. C.Epic Hero and Epic Fable. Comparative Literature. Vol. 38. No. 2. Spring. 1986. Glover. Terrot R.Surveies in Virgil. Edward Arnold. 1904. 312 pgs. Hainsworth. J. B.The Criticism of an Oral Homer.The Journal of Hellenic Studies. Vol. 90. 1970. Deneen. Patrick J.The Odyssey of Political Theory: The Politicss of Departure and Return.Rowman and Littlefield. 2003.
Friday, March 20, 2020
Buffalo Wild Wings Essays Buffalo Wild Wings Essay Buffalo Wild Wings Essay Essay Topic: Call of the Wild Wild The restaurant creates an atmosphere that includes many televisions which appeals to sports fans and families. There menu offers great variety including anything from wings, flatbeds, salads, burgers and much more. The main reason I chose Buffalo Wild Wings is because really love their wings. My favorite flavor is mild. I would love to try some of the hotter sauces, but I think the mild is hot enough. Another favorite of mine is the deep fried pickles. They are a very good appetizer. A second reason I am interested in learning more about Buffalo Wild Wings is because it is based out of Minnesota. When we were assigned this paper, I did a Google search Of Minnesota companies that are biblically traded. Had no idea Buffalo Wild Wings was based out of Minnesota. That intrigued me a little bit. The last reason that interests me is how Buffalo Wild Wings has such a good business going in Minnesota. You hear of many corporations leaving Minnesota for better tax breaks. Why is Buffalo Wild Wings staying in Minnesota? Am interested to learn more about the business side of Buffalo Wild Wings. In class, we will be comparing it with another similar company. I think a major competitor to compare Buffalo Wild Wings with could be Rooters. They offer similar food and their atmosphere is very similar as well.
Wednesday, March 4, 2020
Beatrixs Act Two Monologue from Promedy This comedic monologue is from Promedy, a teenage comedy about the senior prom, written by Wade Bradford. This monologue can be used as practice material for a performer, or as a monologue to use at an audition. It is also appropriate as a classroom exercise for drama students, especially for high school classes. Context of the Promedy Monologue In this scene, Beatrix confronts Dante, an arrogant drama-geek who has been chasing after the girl of his dreams since kindergarten, the lovely cheerleader, Kay Nordstrom. But once Kay finally falls for Dante, he freaks out and tries to run away. Fortunately, his friend and rival Beatrix talks some sense into him. BEATRIX: Hold it right there, Dante! IÃ¢â¬â¢ve watched you do this all your life, from kindergarten to the twelfth grade. But itÃ¢â¬â¢s not going to happen tonight. DonÃ¢â¬â¢t look at me like that, you know exactly what IÃ¢â¬â¢m talking about. Remember first grade? The lunchroom. YouÃ¢â¬â¢re walking around begging for a chocolate chip cookie. Ã¢â¬Å"Oh, IÃ¢â¬â¢m little Dante and IÃ¢â¬â¢m so sad. My mommy packed nothing but veggies. Oh, I wish I had a cookie. Oh if only!Ã¢â¬ Here, Dante, I said kindly, hereÃ¢â¬â¢s a chocolate chip cookie, and what did you say? IÃ¢â¬â¢m not hungry. Flash forward. Third grade, playground. ItÃ¢â¬â¢s the game of tag. YouÃ¢â¬â¢re it. A hundred kids are running around and you canÃ¢â¬â¢t catch a single one. YouÃ¢â¬â¢re desperate, youÃ¢â¬â¢re panting, youÃ¢â¬â¢re crying for someone to slow down so that you donÃ¢â¬â¢t have to be it anymore. So, feeling sorry for you, because IÃ¢â¬â¢m an idiot, I walk right up and say, Ã¢â¬Å"Here Dante, IÃ¢â¬â¢ll be it. You can tag me.Ã¢â¬ And you say? I donÃ¢â¬â¢t want to tag you. ThatÃ¢â¬â¢s too easy. Whatever you canÃ¢â¬â¢t have, thatÃ¢â¬â¢s what you want. ThatÃ¢â¬â¢s why youÃ¢â¬â¢ve said you were in love with Kay all these years. You knew, deep down that, she would never return your affection. And that made things easy and safe. Every time she ignored you, that meant that youÃ¢â¬â¢d never have to feel anything real. YouÃ¢â¬â¢d never have to know what itÃ¢â¬â¢s like to have someone who wants to be with you, which meant that you could always be alone. But is that what you want, Dante? Look at her. YouÃ¢â¬â¢ve been chasing Kay like she was some sort of dream. WellÃ¢â¬ ¦donÃ¢â¬â¢t you want it to come true? Wait, why are you looking at me like that? Exploring the Monologue Beatrix is a senior in high school who has a romantic vision of the senior prom as a special event in life that should not be missed. However, the prom is canceled and she must find a way to revive it or risk losing out on this rite of passage. In this monologue, she shows a degree of maturity in understanding Dantes habit of only pursuing desires he cannot fulfill. Once they are possible, he abandons them. The performer can choose how sarcastic and mocking to be in delivering the lines. It can be played with a mix of genuine affection for Dante as a friend as well as the need to tell him the hard truth about his behavior. Promedy is published by Eldridge Plays.
Monday, February 17, 2020
PhD - Literature review Example o V and Euro VI emission limits 116 Table of Figures Figure 1 - Forces resisting the movement of the vehicle as a function of vehicle speed sourced from (Hilliard & Springer, 1984, p.8) 6 Figure 2 - Air drag coefficient in the European countries during the period 1900 to 2000 sourced from (Pundir, 2008, p.19) 9 Figure 3 Ã¢â¬â Growth of the passenger car sector in India sourced from (Pundir, 2008, p.6) 13 Figure 4 - Petrol consumption in India sourced from (Pundir, 2008, p.7) 14 Figure 5 - The future projections of demand versus production of oil sourced from (Mi et al., 2011, p.5) 15 Figure 6 Ã¢â¬â Global carbon dioxide emissions from fuel combustion sourced from (OECD, 2004, p.43) 16 Figure 7 - Comparison of fuel consumption of gasoline and diesel engines sourced from (Pundir, 2008, p.21) 25 Figure 8 - Schematic composition of three different hybrid vehicle drive trains sourced from(OECD, 2004, p.142) 31 Figure 9 - The driving cycles used in the US, EU and Japan sourced from ( Pundir, 2008, p.14) 34 Figure 10 Ã¢â¬â Comparison to the 10-15 drive cycle used in Japan sourced from (Pundir, 2008, p.14) 34 Figure 11 - The test method for light-duty vehicles sourced from (Faiz et al., 1996, p.26) 36 Figure 12 - The footprint-based US fuel economy standards for 2011 sourced from (Pundir, 2008, p.9) 39 Figure 13 - the evolution of fuel economy in the US sourced from(Mi et al., 2011, p.8) 39 Figure 14 - The New European Driving Cycle (NEDC) sourced from (Sideris, 1998, p.4) 41 Figure 15 - The alternative NEDC sourced from (Barlow et al., 2009, p.25) 42 Figure 16 Ã¢â¬â Comparison of the NEDC with FTP-75 (Sideris, 1998, p.5) 43 Figure 17 - The Japan vehicle FE standards effective from the model year 2015 sourced from (Pundir, 2008, p.13) 48 Figure 18 - Theoretical Framework 93 Figure 19 - Theoretical Framework 93 Figure 20 - The schematic diagram of Phase 1 95 Figure 21 - Schematic Diagram of Powertrain Adopted from Pasquier et al.,2013 96 Figure 22 - The Schem atic Diagram of CAN 102 Figure 23 - Research Design 103 Hi! There are no corrections on Chapter 3. Chapter 3 is the one that I wrote. All the corrections are on Chapter 2 and I did not write it. Anyways, I made the changes that your mentor require. I do not know if I am the right person to work with you on your conference paper. My background is not engineering, but my personal research is on Ã¢â¬Ëresearch methodologiesÃ¢â¬â¢. So, I was able to work on Chapter 3 which was about methodologies. Goodluck! Regards Writer Chapter 2 Validation of Vehicle Fuel Consumption What is fuel economy? The fuel economy (FE) of any vehicle can be calculated as a ratio of distance travelled per unit volume of fuel consumed or as the ratio of fuel consumption per distance travelled (GFEI, 2013). Fuel economy standards can be of various forms such as litres of fuel consumed per hundred kilometres of distance travelled or kilometres travelled per litre of vehicle fuel (An et al., 2011, p.4). The glo bal average vehicle fuel consumption hovers around 8 litres for every 100 km corresponding to 29.4 mpg. A