Tuesday, May 26, 2020
Humorous Informal Essay SamplesHumorous informal essay samples can be used to illuminate the thoughts of your audience. By writing for various groups of people who have different backgrounds, you will be able to tell interesting stories that bring some wisdom and wit to life.Sometimes humorous informal essay samples are used to counter or contradict arguments made by your subject. Perhaps you are tasked with making a positive point to the effect that America is a great country. Another alternative, which can help add to the subject of your essay, is to write about the abuses committed by African Americans in the past. When one's arguments have been questioned, you can take this into account and use the humorous informal essay samples to make the point that African Americans used to be slaves.Sometimes humorous informal essay samples are used to highlight the individual skills of your subject. When writing about an athlete, you could highlight his athletic skills, thus creating an iro nic point to the effect that the athlete is lacking in some area of his skills. Many of the samples include statements from the original source (whose words were written in slang), to add a greater sense of personal humor. If this is done right, you will likely use your imagination to make the points.The humorous informal essay samples you use should be easy to understand. As with all such pieces, they should be concise and should avoid attempting to prove your points in a dogmatic way. Instead, the samples should show how the writer was able to express his point of view in a simple and informal manner. Obviously, some writers may struggle with this approach.As with most types of writing, a writer will do better when he or she has a wide range of sources. To provide a wide variety of ideas, ask your readers to provide you with different kinds of answers to your questions. Many subjects may seem very distant to them.While it is also nice to have your own sources, the informal essay s amples may seem more interesting if you are supplied with quotes from different sources. You should be able to get quotations from a wide range of sources, including business, TV, social networks, the web, and the media. Include the sources when you're preparing the material for submission.What a writer will find useful is the use of humorous informal essay samples. This is because they allow you to connect with your audience and make them laugh. Because of this, they can bring the information from which you are writing into the reader's thoughts and make the experience of reading your writing even more enjoyable. And just think of all the great uses you can make of your material for teaching!
Sunday, May 24, 2020
Sample details Pages: 22 Words: 6621 Downloads: 9 Date added: 2017/06/26 Category Statistics Essay Did you like this example? CHAPTER 1 Background Finance plays an increasingly important role in economic growth and development of nations around the world. These roles are in many different forms, they include but not limited to channelling savings towards investment. The level of sophistication of a financial system is important and to a large extent determines the overall level of overall growth and development of that economy. DonÃ¢â¬â¢t waste time! Our writers will create an original "Development Of Government Bond Market In Nigeria" essay for you Create order The financial system contributes to economic growth performance through several mechanisms and channels Ã ¢Ã¢â ¬Ã¢â¬Å" mobilising savings, allocating funds to their most productive uses, monitoring productive uses i.e. investments, transferring and sharing risk (see World Bank (2001)). In modern economies, disruptions in the flow of credit from the financial system to businesses within the economy are detrimental to economic growth and can lead to a general slowdown in the level economic activities. This in turn can lead to unemployment; drop in consumer spending, consumer and industrial economic confidence levels and ultimately a general slowdown in the economy. Capital account liberalisation in many countries and increasing levels of regional integration and globalisation add an international dimension to the flow of investments and capital around the world. These have made the transfer of funds and investment easy and accessible from one country to another. Investments and capital can be transferred around the world with fewer restrictions as barriers are being removed due to increasing impact of globalization. Since the start of the global financial crisis in 2008, the focus has increasingly been on the roles of the banking sector and the capital market in most economies. The global financial crisis caused a massive flight to safety with investor divesting from currencies, equities markets and other risky assets to the sovereign bond markets which are perceived as safe haven. Investor in major economies divested from perceived risky assets to markets where their investments are relatively safe and guaranteed. This shows one of the significance of sovereign bond market as an investment option for investors in times of crisis and how it can help to minimize the occurrence of such crisis. According to Arteta (2005), there have been many banking crises over the years in many developing countries which were very costly due to the fact that they tend to obstruct the free operations of financial intermediaries, affecting industries and the real economy. Crises can block the normal flow of credit and loans from banks to firms. The dominance of bank intermediation and the general underdevelopment of capital markets (especially the bond markets) in many developing countries aggravate the susceptibility of the real economy to episodes of banking problems. It follows that having additional sources of domestic external finance would allow firms to better withstand episodes of financial distress. By allowing firms to raise funds issuing debt securities, the existence of deep and liquid domestic capital markets would complement the availability of bank finance. By patronising this capital market option, firms would also help to deepen and broaden the market. Well diversified financial systems would lead to more efficient allocation of resources especially capital, where firms can issue bonds in domestic markets. This would enable the firms to ease maturity mismatches in their balance sheets. Thus, bond markets would lessen the effect of waning bank credit flows on firmsÃ ¢Ã¢â ¬Ã¢â ¢ financing requests during periods of banking crises. Bond market has major importance in any economy but more so in emerging economy where savings and investment opportunities are inadequate. Financial sector development (more importantly for capital market) begins with the development of a sovereign bond market in many emerging economies. This is common, not only because governments are mostly the biggest domestic borrowers with the best credit ratings but also because of how their actions and inactions affect the overall level of economic development. There have been significant changes politically, economically and socially in many developing economies particularly in Africa. The financial crises of 1997-1998 (in Asia and Russia) have pointed out how vulnerable economies are when over dependent on foreign capital or banking system (Fabella and Madhur, 2003). In many emerging economies in Africa, recently there have been changes in organizational and regulatory framework of capital markets. These countries are re-strategizing in order to broaden their capital market and investors base as well as tap into the new sources of funding such as bond markets. (Brownridge, 1998). Currently, the domestic bond markets in most African economies where they exist are narrow and largely undeveloped compared to the banking system and the equity market. There are many rationales for developing a domestic bond market especially for emerging economies. First, developing a bond market will help the government to finance fiscal deficits which was done previously by forcing local banks to hold government paper, usually to meet demanding reserve and liquidity requirements. Secondly, according to Frankel (1993) in the absence of a bond market it would be difficult to sterilize large long-term capital inflows for infrastructural development. This was a difficult challenge for several central banks during the early 1990s when they had only short-term debt instruments. Sterilization that relies entirely on issuing short-term securities tends to drive up short-term interest rates while bond issuance help to minimise this risk. Thirdly, to generate a yield curve which could serve as a benchmark for investors and borrowers in the financial markets. This enables the market participants to derive the market interest rate that reflect the opportunity cost of fund at each maturity. Also, Sokoler (2002), bond market increases the competitiveness and efficiency of the financial system, which might have been dominated by few banks before the introduction of bond market. However, the effectiveness of the bond market as an alternative source of financing depends essentially on there not being a high co-movement between bank lending, bond and equity financing in a domestic setting, and the absence of contagion in the international capital markets more importantly for countries with open accounts. Bond market debt financing is necessary for developmental projects and infrastructures like electricity generation, transmission and distribution, the fuel energy sector, transportation, telecommunication, etc. 1.2 Purpose of the Study The goal is to provide a detailed review of the progress and prospects for the development of the government bond market in Nigeria with a view to identifying how the market can be broadened and deepened from both the demand and supply sides. The supply side includes the issuers of debt securities like federal government, sub-sovereigns and corporations. The demand side of the market is made up of institutional investors like banks, pension fund administrators, foreign investors, hedge funds and high net worth individuals as well as retail investors. The paper would also examine how the issuers on the supply side can take advantage of the relatively cheap sources of funding in the market against conventional funding methods as well as how the creation of alternative investment options would affect the demand side. Also, the roles and impacts of financial intermediators who facilitate the smooth operations of the market, and the perceived benefits for them (especially primary dealers) would be examined and finally the benefits for the Nigerian economy should the market be further deepened and broaden. Research Method In an attempt to provide an in-depth, objective and balanced perspective on the development of the Nigeria bond market, this project write-up draws conclusions from the various research papers and information supplied by other authors on the development on bond markets in other emerging market economies. The main factors behind the recent development of the Nigerian bond market would be explained in details by analysing information and statistics on the market. This involves the analysis of major macro-economic changes in Nigeria, pension reform, changes in debt management strategies, consolidation exercise in the banking industry etc. Statistical information provided in the dissertation have not been tested and are quoted verbatim. Outline of the Dissertation An outline of the remaining chapters is presented below: Chapter 2 reviews relevant literature on the development of bond markets especially the importance which establishes the foundation of the dissertation. The chapter also considers the main factors, trends and forces that have contributed to the development of bond market in other emerging market countries with an in-depth look at Asian and Russian markets. Chapter 3 takes a detailed look at the timeline of bond market development in Nigeria, structure, regulatory framework, regulators, the main drivers behind the growth of the market as well as the make-up of the demand and supply sides.. Chapter 4 seeks to identify and adapt the lesson in other parts of the world and concludes with the recommendations for broadening and further development of the Nigerian bond market. Chapter 5 will again highlights the importance of the study; it concludes with an overview of the recent developments in the Nigeria bond market and considers the new challenges that would emerge going forward. Chapter Two Literature Review on the development of the bond market. 2.1 Introduction This chapter reviews the literature on domestic bond market development in several emerging economies. From this review critical success factors that are prerequisite to the development of the domestic bond market will be determined. Information has been gathered by reviewing reports from government agencies, investment analystsÃ ¢Ã¢â ¬Ã¢â ¢ reports, reports by the World Bank, the International Monetary Fund, African Development Bank, Asian Development Bank, Bank for International Settlement, the Emerging Markets Committee of the International Organization of Securities Commission and other bond market associations and debt management agencies. 2.2 The Development of bond markets in Emerging Markets This section examines the challenges and issues concerning domestic bond market development in many emerging markets as well as prerequisites for an efficient, broad and deep domestic bond market. There are several factors to consider. First, the financial crisis that happened between 1997-1998 reminded most policy makers around the world of the over-reliance of many emerging market economies on their respective domestic banking systems as a source of funding. Secondly, information on bond markets in emerging markets especially in sub-Saharan Africa is not readily available when compared to other developed markets or even other domestic market segments notably the equity market. 2.3 Rationale for developing a domestic bond market After the Asian and Russian financial crises of 1997-1998 many researchers have advocated for the development of domestic bond market as an alternative source of financing not only in the crisis-hit countries but for all emerging market economies where obvious shortcomings are prevalent. The following is a summary of the major arguments put forward: an alternative source of domestic debt finance fiscal deficit financing broadening and deepening of capital markets efficient risks pricing aids smooth operation of monetary policy etc. 2.3.1 An alternative source of domestic debt finance Witherell (2003) argued that bond markets reduce the over-dependence on bank credit for debt financing and that these markets also reduce the susceptibility of the economy to the risk of banking system failure. Banking crisis can have negative and adverse effects on the economy as a whole because firms and industries would find themselves credit constrained and be forced to jettison new investment spending, leading to a drop in aggregate demand through the multiplier effect. Harewood (2000) also opined that deep and efficient bond market enable firms to gain access to an alternative source of debt financing which could help banks in times of crisis to recapitalise through securitization by issuing bonds backed by non-performing loans. 2.3.2 Fiscal deficit financing Khalid (2007) argued that the benefits of developing domestic bond markets are both macroeconomic and microeconomic in nature. Within the macroeconomic perspective, the primary importance of the government bond market is to provide a channel for the financing of fiscal deficits. This is arguably the most important benefit for emerging market economies with historically large fiscal deficits and the failure of other possible sources of financing the fiscal deficits which are compelling governments to borrow from domestic markets. In addition, several countries both developed and developing have faced the need to finance very large extraordinary and unusual expenditure which are of long-term nature. The finance required for bank restructuring and long-term support for industries have been one recent example in many emerging markets. 2.3.3 Lower cost of borrowing IOSCO (2002) identified that governments and firms can enjoy lower cost of debt capital in the bank markets compared to high charges and rates offered on bank loans. This is achieved through the process of bank disintermediation which allows direct access to investors, thus removing the Ã ¢Ã¢â ¬Ã âmiddlemanÃ ¢Ã¢â ¬? and related costs. Also, the issuer may tailor its asset and liability profile to minimise the risk of currency and maturity mismatch thus reducing the weighted cost of capital. 2.3.4 Broadening the capital market Debt market development helps to diversify the capital markets, reducing over-dependence on banks and susceptibility within the banking system which is positive for the entire economy at large. The bond market has provided avenues for financial engineering and innovations which have broaden the financial system in general (Akhtar 2007). A well-functioning bond market provides with investment options across a wider range of instruments including sovereign, sub-sovereign, corporate bonds and securitized obligations such as mortgage backed securities and collaterized debt obligations. The wide range of investment alternatives allows investors to make optimal asset allocation decisions. This is particularly important for investor like life insurance companies and pension fund administrators because the bond market facilitates better management of the maturity structure of their balance sheets. 2.3.5 Efficient pricing of credit risks Bond markets create cost-effective and competitive capital markets by generating market yield and interest rates that reflect the opportunity cost of capital at each tenor and maturity. This is necessary for efficient and financing decisions. Herring and Chatusripitak (2000) further stated that without a developed bond market, firms and investors would lack a clear measure of opportunity cost of funds. This may lead to mispricing of funds as was evident in late 1990s in many dynamic Asian economies suggesting that the internal discount rate may have often been too low because returns on investment fell sharply. IOSCO (2002) suggests banksÃ ¢Ã¢â ¬Ã¢â ¢ interest rates are not always competitively determined so may not always reflect the true opportunity cost of funds. This is because big banks could always agree to fix rates. 2.3.6 Aids smooth operation of monetary policy The debt market is increasingly more important for the operation of monetary policy. Monetary policy now relies not only on a well functioning money market but also increasingly on indirect instruments of control like the bond market. Moreover, yields in the long-term bond market show expectations of likely macroeconomic developments and about market reactions to monetary policy moves by market regulators. 2.3.7 Promotion of financial stability The bond market provides an alternative source of funding to equity and banking financing, this alternative source enhances the stability of the financial market as a whole and efficient allocation of credit. This was evident after the Asian financial crisis the weak banking sector provided an impetus to the development of bond markets in several emerging markets. By diversifying funding sources, firms can adjust their borrowing between the banks and the debt markets (Hameed, 2007). IOSCO (2002) added that where there is no corporate bond market, a significant ratio of debt funding for corporations would come from the banking sector. By doing this, banks would assume a considerable amount of risk mainly due to the maturity mismatch between liquid short-term liabilities (deposits) and relatively long-term assets (loans). Banks cannot transfer credit risk to depositors. Herring and Chatusripitak (2000) concluded that in emerging markets where few banks dominate and account for bulk of lending activity, there is a concentration of credit risk with the banking sector. This leads to an increasing level of systemic risk in an economy. In summary, the existence of a well-functioning bond market ensures that risks are efficiently diversified within the financial system. 2.3.8 Sterilization of large capital inflows Frankel (1993), for any economy to grow and develop there is a need to sterilise large capital inflows. This was a particularly difficult challenge and difficult for several central banks in emerging economies during the first half of the 1990s. In the absence of well developed bond markets, the central bank has only short-term debt instruments at its disposal in conducting open market operations and raise fund for governments to finance developmental projects. Sterilisation that relies exclusively on issuing paper tends to drive up short-term interest rate and crowding-out effect. This risks biasing the structure of inflows towards the short end. Sterilisation through the sale of bonds reduces such risk. 2.4 Basic prerequisites for successful development of government debt markets The development of bond markets must be seen as a continuous, progressive and dynamic process in which macroeconomic and political stability are necessary to building an efficient market. Also, the credibility of the government as an issuer of debt securities must be established. World Bank (2001) noted that Ã ¢Ã¢â ¬Ã âthe prerequisites for establishing an efficient and deep government domestic currency debt market include a credible and stable government, sound fiscal and monetary policies, effective legal, tax and regulatory infrastructure, smooth and secure settlement arrangements, and a liberalised financial system with competing intermediaries. Where these basics are lacking or very weak, priority should be given to adopting and implementing stable and credible macroeconomic policy framework, reforming and liberalising in different areasÃ ¢Ã¢â ¬?. All these factors point to the creation of an enabling environment. Domestic as well as foreign investors will be unwilling to purchase government securities, especially medium- and long-term instruments when there are expectations of high inflation, large devaluations, or high risks of default like Greece recently. It is important that governments work toward macroeconomic policy framework that promotes credible commitment to prudent and sustainable fiscal policies and stable monetary conditions. Such actions will cut government funding costs over the medium to long term, as the risk premium embedded in rates and yields on government securities drop. Inflationary expectations will have impact on longer-term nominal government securities yields and affect not only government borrowing costs, but also, in countries with unstable monetary and fiscal environment, the governmentÃ ¢Ã¢â ¬Ã¢â ¢s ability to extend the yield curve beyond very short maturities. Thus a credible commitment from government to contain inflation is crucial for government securities market development. The ability to attract foreign investors to a countryÃ ¢Ã¢â ¬Ã¢â ¢s debt market is to a large extent determined by the exchange rate and capital account policies of the country. Foreign investors have a major role to play in the development of government debt markets and in hastening development of the necessary infrastructure by injecting new competition into otherwise dull markets. Foreign investors will compare the yield on domestic debt with those of international markets. They will consider the default risk and the risk of exchange rate volatility. Exchange rate, capital account policies when combined with monetary and fiscal policies can affect each of these risks, and inappropriate policies can result in increased interest rate and exchange rate volatility. Such volatility impedes development of government securities issues with long maturities and can harm secondary market liquidity when there are no derivatives or complementary markets that investors can use to hedge ag ainst the risk of price movements. The soundness of the banking system also has important implications for development of the government debt market. Investor concerns about the health and soundness of the banking system will negatively affect the ability of the government to roll over or issue new debt. Furthermore, lack of financially healthy intermediaries will cause secondary market illiquidity and inefficiency. A banking system in crisis will further impede development of a government debt market and cause significant liquidity shortages. This is because important associated markets such as those for interbank and repurchase agreement transactions are unlikely to function properly. Although the challenges involved in providing the necessary macroeconomic and financial framework are enormous, these should not deter authorities. This is because the potential benefits to the government and the economy are considerable. In its role as both regulator and primary issuer, the government is a central player in the debt market. The central bank, in implementing monetary policy, will also influence market structure and inevitably market development. Given the involvement of several government agencies and entities in the process of market development, they should interact with the private sector and other market participants as this may be a useful tool to spearhead market development efforts. Harwood (2000) adds that Ã ¢Ã¢â ¬Ã âMarket participants need to evaluate the critical success factors to determine which ones constrain their marketÃ ¢Ã¢â ¬Ã¢â ¢s growth and how to deal with them. Market development will be accelerated if regulators who are interested in market development work closely with market participants to identify problems and solutions with other regulators to persuade them to address problems and solutions and with other regulators to persuade them to address problems under their control.Ã ¢Ã¢â ¬? Although, there is no one size fits all framework to build a market, emerging markets should try to learn from one anotherÃ ¢Ã¢â ¬Ã¢â ¢s experiences for guidance on how to develop from Ã ¢Ã¢â ¬Ã âemergingÃ ¢Ã¢â ¬? to Ã ¢Ã¢â ¬Ã âemergedÃ ¢Ã¢â ¬? and on what works best in what type of environment. Harwood (2000) concludes that participation in the market cannot be forced, but it can be encouraged by an enabling environment. It can also be discouraged by Ã ¢Ã¢â ¬Ã âunablingÃ ¢Ã¢â ¬? environment. 2.5 Government securities issuance strategy and market access The process of debt issuance is an important factor in debt market development. For the market to develop, transparency and credibility of the process must be built although they take time. A market-oriented government funding strategy is an essential foundation for the growth and development of a debt market. The strategy involves the adherence to basic market principles of broad market access and transparency, a commitment to finance budget deficits through the market, and a proactive and continuous approach in developing the necessary regulatory framework to support market development. World Bank (2001,a), Ã ¢Ã¢â ¬Ã âgovernments need to improve market access and transparency by providing high-quality information about debt structure, funding needs and debt management strategies to market participants and public at large. They must solicit investorsÃ ¢Ã¢â ¬Ã¢â ¢ views on the current strategy and plans for change. In this way, the government will better understand the source of demand for its instruments and have the ability to act to remove barriers obstructing investment in them.Ã ¢Ã¢â ¬? World Bank (2001,b) further states that Ã ¢Ã¢â ¬Ã âa sound and prudent debt management operation is also central to the governmentÃ ¢Ã¢â ¬Ã¢â ¢s credibility as an issuerÃ ¢Ã¢â ¬?. Having clear debt management objectives, proper coordination between debt management objectives, prudent risk management and effective institutional frameworks are essential components of sound debt management. As part of developing and maintaining a well-functioning government securities market, authorities will have to provide clear and timely information about the structure and nature of fiscal deficits and public debt as well as other Treasury operations. The information also include but not limited to amortization schedule, issuing calendar, description of outstanding securities, schedule for buybacks or re-openings where relevant, and Treasury cash balances. 2.6 Government securities instruments and yield curve One of the essential benefits of a well-functioning government securities market is to develop a set of benchmark securities. By concentrating new issues of government securities in a relatively limited number of popular, standard maturities, governments can reduce their issuing cost and boost liquidity in those maturities. Markets, in turn, can use those liquid issues as convenient benchmarks for the pricing of a range of other financial instruments. In addition, spreading the relatively few benchmark issues across a fairly wide range of maturities and tenors is generally regarded as building a Ã ¢Ã¢â ¬Ã âbenchmark yield curveÃ ¢Ã¢â ¬?. This can help to facilitate more accurate market pricing of financial instruments across a similar maturity spectrum. 2.7 Investor base for government securities Governments in many emerging market relied on captive sources of funding whereby financial institutions are required to purchase and hold government securities, often at below-market interest rates. However, this system of raising funds is fast diminishing in many of these countries. Instead, countries are developing a diversified investor base for their government securities. Investors in developed government debt market can range from small-scale retail investor to and foreign institutional investors. A diversified investor base for debt securities is necessary to high liquidity, stable demand and reasonable spread in the market. A heterogeneous investor base with different background, time horizons, expectations, risk preferences, and trading motives ensures active trading, creating high liquidity. 2.7.1 Commercial and Investment Banks Commercial and investment banks serve as both sales agentsÃ ¢Ã¢â ¬Ã¢â ¢ usually primary dealers and investors in government securities in many developing economies. Banks provide valuable source of demand and liquidity for government securities market by providing two-way quotes for other investors 2.7.2 Contractual savings sector This group consist of life insurance companies and pension fund administrators contractual. This sector is a major player in the fixed income securities markets, as it provides a stable source of long-term demand. This is because of the long-term nature of funds that the sector controls. The sectorÃ ¢Ã¢â ¬Ã¢â ¢s demand for fixed-interest, low-credit-risk products also provides an important basis on which to develop standardized, securitized products such as mortgage bonds. Pension funds and life insurance companies are usually required to invest a large portion of their assets in so-called gilt-edged assets. This has helped to make this sector prominent in the government securities market. 2.7.3 Collective investment funds Collective investment funds, such as mutual and hedge funds, unit trust scheme etc can play an important role in the development of the government securities market, especially the shorter-term segments of the market because of the nature of funds that they manage. They offer retail and other investor alternative investment option other than investing in bank products. This helps to induce more competition in this part of the financial sector, and can be a cost-effective way for the government to reach retail investors. These collective investment funds that are established domestically or offshore help to deepen the securities market and should be allowed participate actively in the market.. 2.7.4 Retail investors Retail investors are a source of stable demand to the government securities market which could be crucial in times of high volatility. Demand from retail investors can help to cushion the impact of sales by institutional and foreign investors. In order to develop a diversified investor base for government securities the needs of retail investors should be incorporated into the overall strategy of market development. 2.7.5 Foreign investors Foreign investors are important source of demand and innovation to national capital markets, including government securities markets. They have received much attention in both mature markets and developing countries because of issues like regulation, capital flight, entry and exit barriers, etc. They have contributed positively to the development of government securities market in several countries through the positive pressure they place on the quality and services of intermediaries and their emphasis on sound, safe and robust market infrastructure. Foreign investors could be in many forms like emerging markets funds, such as some hedge funds and other specialized closed and open-end country or emerging-market funds. They also include crossover investors, such as pension funds and insurance companies not as dedicated to investing in a particular region or even country, and other more specialized investors like distressed asset funds, private capital fund etc. 2.8 Other bond markets 2.8.1 Introduction Various studies have been carried on bond market development in different parts of the world. For example Batten and Fetherston (2003) for Asian economies, Sylla (2001), World Bank and International Monetary Fund (2001), etc. BIS (2002) also reviews the experience of many emerging economies in the development of debt markets. The review shows to varying degrees the three main factors that delayed the development of bond market in most emerging economies namely: a bank-centered financial system, opaque corporate governance and borrowing in low interest rate currencies. This section will look at the experience of other bond markets both developed and developing; draw reasonable lessons on how emerging markets can deepen and broaden their domestic markets and increase efficiency. 2.8.2 Bond market development in Asia Murphy, Auster and Dean (2007) note that on July 2, 1997 the Thai baht devalued against the US dollar, the first in a series of collapses that have collectively become known as the Asian financial crisis. The crisis had many causes which highlighted the need to have effectively functioning domestic capital markets. The crisis showed the apparent risk of the absence of diversification with the over-dependence on short maturities, banks and foreign currencies. Many economies which were affected by the crisis include Indonesia, Korea, Malaysia and Thailand. Batten and Kim (2001) also highlight the major difference in the financial system before and after the crisis Asia. The main difference has been the growth and development of the domestic government and corporate bond markets. These economies have historically relied on short-term debt from banks both local and foreign to fund their long-term infrastructural and developmental needs. These economies had witnessed real growth in their real sectors with strong exports, low inflation, and low public-sector deficits. However, due to governmentsÃ ¢Ã¢â ¬Ã¢â ¢ actions and inactions as well as policies on exchange rate the capital market especially the bond market had remained underdeveloped. Instead of raising funds from the domestic bond markets, companies gambled and borrowed in low-yield currencies like yen and dollar because of the governmentsÃ ¢Ã¢â ¬Ã¢â ¢ policies of maintaining fixed nominal exchange rates. There are other factors that impeded the growth of the bond market. Batten and Kim (2001) add that factors like the family-ownership and disclosure-shy nature of most firms favours bank-centred over a capital markets option. The absence of developed government domestic bond markets to provide benchmark for private issuers was another reason. Also, the export of domestic savings from East Asian economies to economies such as the US, Australia and New Zealand represent an opportunity cost for the region. Murphy, Auster and Dean (2007) also note that in March 2000, the Governor of the Bank of Thailand, Mr M R Chatu Mongol Sonakul said Ã ¢Ã¢â ¬Ã âIf I could turn back the clock and have a wish, my list may be long. But high in its ranking would be a well functioning Thai bond market.Ã ¢Ã¢â ¬? The reasons behind for Mr SonakulÃ ¢Ã¢â ¬Ã¢â ¢s desire are clear; a functioning bond market would have been part of a domestic financial system that would have curtailed to a large extent effects of the capital flight and sudden withdrawal of the so-called Ã ¢Ã¢â ¬Ã âhot moneyÃ ¢Ã¢â ¬? from Thailand. Before the crisis, most of the countries affected tied their monetary policy stance upon a pegged exchange rate system that held the value of their local currency fixed against the US dollar. This monetary policy stance was adopted because of two reasons. First, an export-led growth model and secondly, the US their major trading partner. This approach was a cautious way to ensure the alignment between domestic and external demand, competitive prices for exports and keep domestic inflation low. Many banks and corporations became comfortable with the highly predictable exchange rate which made them to stopped hedging currency risks. Banks and corporations were funding offshore with low interest rate. The domestic capital market especially the bond market became moribund because of the mass of foreign funds available to fund local corporate activity. Prior to 1997, there were no developed derivatives markets in foreign exchange. Prior to the crisis, the total size of the bond market equivalent in East Asia was around 20% of GDP, compared to a bond market equivalent of 150% of GDP in the US at that time, and about 100% of GDP for in Mexico. Equity markets were about 65% of GDP in East Asia as a whole. In contrast, bank assets were nearly 100% of GDP and as such the banking sector was by far the most important source of funding for corporations in the affected countries. With the benefit of hindsight, it was clear in the after effects of the crisis that a funding model that combined a dominance of unhedge offshore borrowing with a pegged exchange rate allowed for the growth of imbalances that ultimately led to disaster. After the Asian crisis the governments in the countries affected started the different programmes of financial reforms and the need to develop capital markets and in particular the bond market was top on the priority list. Policies to help accelerate the rate of development of the bond markets were introduced which have helped to make bonds the fastest growing asset class in most Asian emerging markets. Administrative determination of interest rate has been jettisoned. The shift to independent monetary policy has engendered the rise of a domestic capital market and implementation of policies to reduce previous dependency upon external markets. Many governments affected emerged after the crisis with large fiscal deficits as the government recapitalised banking systems that had been made insolvent by the crisis. This ultimately transformed them from modest net borrowers to large net borrowers. However, this is helping to establish a benchmark government yield cure which is assist other issuers to price their bond issues. Also, moderate inflation and large domestic liquidity are aiding low interest rate and are expected to widening the market. Recently East AsiaÃ ¢Ã¢â ¬Ã¢â ¢s bond markets total around 60% of GDP compared to 20% in 1997, however the equity markets represent more than 150% of GDP presently as against 65% of GDP in the pre-crisis period. 2.8.3 Bond market development in Russia The Russian financial crisis started on 17 August 1998. It was triggered by the Asian financial crisis, which had started earlier in July 1997 and also aided by the subsequent decline in commodity prices. Commodity-dependent economies on the export of raw materials were among those most severely affected. Petroleum and natural gas are RussianÃ ¢Ã¢â ¬Ã¢â ¢s main exports which make the economy exposed to volatility in world prices. Issues like chronic fiscal deficit, declining productivity, artificially high fixed exchange rate and the economic cost of war in Chechnya that was estimated at $5.5 billion were the reasons behind the disaster. They all affected the Russian foreign exchange reserves negatively. Also, the weakening oil demand and prices in early 1998 made the issuance of rouble-denominated debt difficult and the government had to increase US dollar-denominated Eurobond issue, increasing the volume from $4.6 billion to $15.9 billion from March to July 1998. As the cost of coupon payment and redemption skyrocket, with oil prices at a 10-year low, the eurobond yield spread rose significantly in August 1998. The government was unable to roll-over its debt in the domestic as well as foreign bond markets. The result was massive sell-offs in the debt, equity and foreign exchange markets. There were runs on banks, interbank market liquidity dried up and a massive flight to quality. These fears quickly spread to other emerging markets with resultant sell-offs as well. The rouble got big hits and was abruptly depreciated in a series of several steps in August and September 1998 (in fact, it first fell about four times, then after some oscillations stopped at that level.) The crisis negatively undermined the marketsÃ ¢Ã¢â ¬Ã¢â ¢ confidence in roubleÃ ¢Ã¢â ¬Ã¢â ¢s stability Russia bounced back from the financial crash with unexpected pace due to rapid raise in world oil prices during 1999-2000 (unlike how falling commodity prices accelerated the crisis. This made Russia to run a large trade surplus between 1999 and 2000. After the crisis, new series of state bonds were issued and the volume of issuance grew annually and reached 850.7 billion rubles at face value in 2006. The market volume started growing as a result of the implementation of the governmentÃ ¢Ã¢â ¬Ã¢â ¢s policy of developing a liquid domestic securities market, which must give market participants effective instruments to manage liquidity and form yield benchmarks for risk-free rouble for all economic entities. 2.8.4 Sub-Saharan African bond markets A well-functioning and efficient domestic bond markets can help to achieve diversification of financing sources especially for long-term funds and improve resource allocation decisions which would boast domestic investments. This will enable African countries to attract the much needed long-term debt in local currency which could be used to finance the constantly growing infrastructure needs. This is also important because these countries are incapable of accessing international capital markets. In fact, it is estimated that Africa will require US$20 billion of infrastructure investment annually, that is, twice the present size, in order to bridge the gap with other emerging market country peers and show faster progress towards the Millennium Development Goals (World Bank, 2005a). Bond markets are largely underdeveloped in most Africa countries with corporate bond markets non-existent or in their infancy. Most African bond markets are dominated by public sector debt issuance, mainly with short-term debt instruments and activities focused on the local primary market with limited or no secondary activity. As at the end of 2006, 74 percent of countries in African issued treasury bills while only 49 percent issued longer-tenored government instrument (AfDB, 2007). While several countries have listed the bonds on their stock exchange or have them available in the over-the-counter market, secondary market trading remains limited or non-existent in many of the countries. This may be attributed to the Ã ¢Ã¢â ¬Ã âbuy and holdÃ ¢Ã¢â ¬? strategy of many local banks that hold the bulk of the debt due. This is because of the limited lending opportunities and prudential requirements like reserve requirement and liquid asset ratios in some countries. African governments are presently making frantic efforts to develop African bond markets. Different government initiatives have been undertaken to develop and improve the African bonds markets. Presently, there are 19 stock exchanges in operation in sub-Sahara Africa excluding Nigeria and only 11 have associated bond markets. Government securities form the bulk of trades in these markets with the South African market being the biggest while Swaziland has the smallest volumes of trade. In most Sub-Saharan bond markets other the South Africa, commercial banks are the primary investors and holders of sovereign securities although at varying proportions across the region. In Uganda, for instance, in Ghana commercial banks hold about 35% of the sovereign debt while in Uganda they hold almost 80%. In most of these countries, banks are mandated by regulation to purchase these government securities for reserve and liquidity requirements. Also, due to dearth of high-quality lending opportunities, banks prefer to buy government debt with reasonable returns and very low risk. However, non-institutional investors hold a very small percentage of all the sovereign bond issues. AfDB (2007) explains that the regionsÃ ¢Ã¢â ¬Ã¢â ¢ bond markets primarily comprise of narrow, illiquid and fragmented markets. The fragmentation of the market is apparent by an unwarranted number of bonds issued with no benchmarks and inadequate liquidity in each of the issues. Also, for example in Botswana, the market lacks adequate government bond issues mainly because the governments has previously run budget surpluses or have access to very cheap or free concessional donor funds. Furthermore, some argue that the primary dealership system does not work well in Africa. Also, there is a wide-ranging discontent with the Primary Dealer (PD) system among the regulators on the continent who argue that the PDs do not effectively discharge their market-marking functions of ensuring a liquid and orderly market at all times. However, some PD have also complained of insufficient incentives from the regulators and governments. The common Ã ¢Ã¢â ¬Ã âbuy and holdÃ ¢Ã¢â ¬? strategy by investors in the region together with limited corporate issues and a narrow investor base are another threats to the development of bond market in this region. The Ã ¢Ã¢â ¬Ã âbuy and holdÃ ¢Ã¢â ¬? strategy serves to aggravate the problems arising from inadequate supply of securities. The inadequate corporate issues are signs of excessive cost of issuance, competition from bank borrowings and underdeveloped corporate advisory services. The major infrastructural and structural challenges that hinder the development and contribution of the markets to the economies include credibility of issuers, lack of issuance programs, inefficient clearance and settlement system etc. These factors have continued to make most bond markets in Africa to be significantly less developed compared to other matured markets in USA, Europe and Japan. This shows that there is room for development of bond market in this region. Summary The literature review on domestic bond market development in emerging markets highlighted the issues critical to the development of the domestic bond market and what needs to be in place to have a successful and efficient market. They include a stable political environment, sound macroeconomic policies, robust regulatory environment and effective market infrastructures. The next chapter will look closely at the Nigerian market.
Tuesday, May 19, 2020
Sample details Pages: 11 Words: 3271 Downloads: 10 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? As one of Britains leading food retailers and has 586 stores throughout Great Britain and various store outside U.K. Tesco has grown greatly and increase its market share from 10.4% to 15.2%. This increase in costumers has also given Tesco a large amount of profit. DonÃ¢â¬â¢t waste time! Our writers will create an original "Organisational Theory Common Practices In Organisations Business Essay" essay for you Create order Tesco has 164,500 shareholders, its profit is about 505 million pound after the tax has been deducted; about 50% of this is then distributed to the shareholders. The rest is then set aside for investment in stores and improving services for the costumers. Tesco is a very large firm with several positions of responsibility. Being such a large organisation, it provides a lot of power as well as responsibility, Tesco has chosen the Hierarchical Structure for its level of responsibility. This structure is in shape of a pyramid. It begins at the top with the chairman where the ultimate power lies and broadens out towards the base with the lowest amount of responsibility being given to the workers. Managing Director Research and Development Administration Manager Finance Manager Personnel Manager Marketing Manager Tescos objective of product promotion is to give a large and relevant range of product promotion in their entire store. This then should be both the customers and the product. They aim to differentiate their market and they try to make the promotion strategy to the market they are aiming at. Within the organisation there are different functions areas each, which control different section of the business. It is up to the managers of each department to ensure that each member of staff within their department carries out the correct tasks to ensure that the business is run successfully. 1.2 Types of Organisational Structures There are three different kinds of organisational structures they are (Mullins, L. J. 2005): 1.ÃâÃ ÃâÃ ÃâÃ ÃâÃ Flat structure 2.ÃâÃ ÃâÃ ÃâÃ ÃâÃ Hierarchical structure or pyramid structure 3.ÃâÃ ÃâÃ ÃâÃ ÃâÃ Matrix structure Flat structure does not have more than three levels and the organisational chart is overall flat. A business with a flat structure is likely to be relatively small and in a flat structure everyone knows everyone else, they have good communications techniques because few people are working in flat structure. They will be good at responding quickly to new ideas or specific customer requests. The advantages of flat organisational structure are: Fewer tiers that means easier communication A short chain of command making the decisions to be implemented quickly Employees may be motivated to being able to make decisions. The disadvantages of flat organisational structure are: The organisations may lack direction if too many people in the organisation have a say in running the business Decisions may take time to be made if many people may wish to comment There may be confusion over responsibilities and things may not get done HIERARCHICAL STRUCTURE A hierarchical organisation is taller than a flat structure and it has many levels. The word hierarchy means systems whereby grades or classes are ranked one above the other. Sometimes hierarchical structures are called pyramid structures because they have more employees in the lower levels. In a hierarchical or pyramid structure each functional area has many staff to do a particular task and the staff that work here have specific skills and talents in their own job. In a hierarchical or pyramid structure communication can become distorted as messages pass from one level to another so staff at the bottom level receive a slightly different message than the one they should have received from the manager. The advantages of hierarchy structure are: A leader or leadership team can give the business a direction A leader or team could make quick appropriate decisions on behalf of the organisation. Employees are clear about their position and Span of control within the organisation. Employees know who to report to in events of problems instead of going to the owner directly for irrelevant issues. Employees become motivated because they get a chance to become promoted to a higher tier. Communication within the organisation can smoothly follow the chain of command up and down the structure. The disadvantages of hierarchy structure are: Decisions can often take time to follow the chain of command Employees can be demotivated if there are considered as at the bottom of the hierarchy. Decisions may be made by a few that are not in the interest of everyone on the organisation. MATRIX ORGANISATIONAL STRUCTURE Matrix is a different type of organisation structure it can be neither flat nor hierarchical. It is often found in organisations where they deal with different kind of special projects. In a matrix structure all the members need to communicate because they are from different kinds of functional areas and their input is needed to make a decision for a special project. In matrix everyone has special individual talents and skills in their specific department, this ensures the best possible outcome for their project. However there is a disadvantage because the people who work in the matrix structure only have specialised skills in one area so they cannot get wider experience. Finally, it is difficult in matrix structure to communicate effectively and respond to any changes in the organisation. Advantages of matrix structure Project managers are directly responsible for completing a project High level of motivation Easier Communications were specialist can contribute to new ideas Disadvantages of matrix structure There can be conflict between line managers and project managers over the allocation of resources. With manager having more authority it would be difficult to control them. It can increase staff costs as more mangers are created. 1.3 Tesco Organisational Culture Culture There are four types of organisational culture that can take place within a business, the term culture, describes the typical approach within a business, culture is the personality, share beliefs and the procedures that a business uses to solve any problems. The four types of organisation culture are Power culture- this type of organisational culture will be found in a business that emphasises on making individuals rather than decision-making, which enables decision to be making a lot quicker. Role culture- this is usually found in big companies where all staff have a defined job role, this culture is split into two functions that are organised in a hierarchical way, this culture works Task culture- in this type of culture, the company selects a team to work towards a specific project, there is no formal hierarchy involve in this culture. Person culture- in this type of organisation the administrative back-up for an individual to perform his or her own things, there is no formal structure at all and this are mostly practice in a professionals, e.g. architect and entertainment stars. Tescos employees practise the Role business culture, since all employees are provided with appropriate job skills training, so they follow the job description scheme. This encourages the employee to work harder, since they are giving the chance to express themselves. Furthermore Tesco treat all employees fairly and honestly regardless of where they work. All staff will have a written contract of employment, with agreed terms and conditions, including notice period s on both sides. All staff are entitled to reasonable rest, break, access to toilets, rest facilities and potable water at their pace of work, and holiday leave in accordance with the legislation of the country where they work. Any employee who suspects infringement of policy has the right to inform the authority without fear of persecution and the allegation will be investigated, and take appropriat e action as necessary. This applies to all Tesco employees whether they are in full time, part time, or temporary employment. Tesco aim is to ensure that their company is a satisfying place to work by giving their staff the opportunity to be themselves, actively encouraging their health and well- being and supporting their work/life balance needs. The staffs are entitled to various kinds of leaves such as; maternity leave, career breaks, parental leave etc. Tesco use extrinsic reward for a vast majority of employees in order to motivate them and gain as high level of output possible. Extrinsic rewards include extra bonuses based upon quantity and quality depending o the employees job. 1.4 Factors influencing individual behaviour at work There are many different factors that influence individual behaviour at work. These are: 1. Demographic Factors: The demographic factors are socio economic background, education, nationality, race, age, sex, etc. Organisations prefer persons that belong to good socio-economic background, well educated, young etc as they are believed to be performing better than the others. The young and dynamic professionals that have good academic background and effective communication skills are always in great demand. 2. Abilities and Skills: The physical capacity of an individual to do something can be termed as ability. Skill can be defined as the ability to act in a way that allows a person to perform well. The individual behaviour and performance is highly influenced by ability and skills. A person can perform well in the organisation if his abilities and skills are matched with the job requirement. 3. Perception: The cognitive process meant for interpreting the environmental stimuli in a meaningful way is referred to as perception. Every individual on the basis of his/he reference can organize and interpret environmental stimuli. There are many factors that influence the perception of an individual. The study of perception plays important role for the managers. It is important for mangers to create the favourable work environment so that employees perceive them in most favourable way. 4. Attitude: According to psychologists, attitude can be defined as a tendency to respond favourably or unfavourably to certain objects, persons or situations. The factors such as family, society, culture, peers and organisational factors influence the formation of attitude. The managers in an organisation need to study the variables related to job as to create the work environment in a favourable way that employees are tempted to form a positive attitude towards their respective jobs. 5. Personality: Personality can be defined as the study of the characteristics and distinctive traits of an individual, the inter-relations between them and the way in which a person responds and adjusts to other people and situations. The several factors that influence the personality of an individual are heredity, family, society, culture and situation. It implies to the fact that individuals differ in their manner while responding to the organizational environment. Personality can be regarded as the most complex aspect of human beings that influences their behaviour in big way. CHAPTER 2 2.1 Different Approaches to management The process of management has been useful in addressing management challenges for more than a century. Many of the challenges faced by managers during earlier periods were similar to those faced by managers today. For example, TaylorÃâÃ ´s concern for the productivity of employees is shared by managers today. Indeed, the challenge of meeting international competition is often addressed as the challenge of declining worker productivity. Among the challenges that managers have faced in the past are: Increasing worker productivity, meeting the challenge of international competition, replacing old work methods and equipment with newer, more expensive equipment, developing new products, maintaining employee motivation and morale, integrating the changes in societal values. 2.2 Early perspectives of management The first known management ideas were recorded as long as 3000-4000 B.C. One example is the building of the pyramids in Egypt. Archeologists and historians have discovered that the Sumerians in 3000 B.C. used form of recordkeeping for commerce that was a relatively sophisticated system of accounting. Throughout the history, management style was often autocratic and paternalistic. Servants, soldiers or workers who were supervised were all expected to do as they were told. The autocratic owner or manager was generous, as long as people stayed in line. Classical theory is a grouping of similar ideas on the management of organisation that evolved in the late 1800s and early 1900s. This theory contains three general branches. The most important characteristic of all three is an emphasis on the economic rationality of the individual employee at work. The rational economic assumption was an extension of the ideas developed by Adam Smith. SmithÃâÃ ´s classical assumption was that people choose the course of action that maximises their economic reward. To get employees to work hard, managers should appeal to their monetary desires. The assumptions are generally based on pessimistic views of human nature. Although these views are true to some extent, they oversee more positive aspects. These theorists recognised that humans have emotions, but they felt that emotions could be controlled by a logical and rational structuring of jobs and work. ÃâÃ 2.3 The human relations approach ÃâÃ Neoclassical theory is a group of management ideas that developed from the 1920ÃâÃ ´s through ÃâÃ the 1950ÃâÃ ´s. The predominant characteristic of these ideas is the emphasis on the social, needs, drives and attitudes of individuals. The neoclassical theorists felt that employees could not simply respond rationally to rules, authority and economic incentives. They believed that employees brought their social needs with them to the organisation and that effective management required a more-human oriented approach. 2.4 Modern management ÃâÃ The ideas of classical and neoclassical theorists have many applications in the management of todaysÃâÃ ´ organisations. However, modern management theory highlights the complexity of modern organisations and integrates ideas from the other management theories. Since individuals are complex and peopleÃâÃ ´s motives, needs, aspirations, potentials vary, there can be just a few static principles. Ãâ CHAPTER 3 3.1 Leadership styles Leadership has three specific styles. These are known as autocratic, democratic, and laissez-faire (James A. Robinson, 1983). Autocratic is when a person was to take control of the situation. The leader would decide what will be done and would make clear what the groups expectations are. This style is often used to suit dangerous situations where decisions need to be made quickly. It also seems to suit individuals who are confident (and are often task orientated) as little notice is taken of individuals when decisions are made. Democratic is when the task is person orientated. This means that the leader or captain would take advice from his/her team mates. They would listen and act on the opinions of the group. Democratic often goes as far as taking a vote with a major opinion. Laissez-faire is when the group is encouraged to do whatever they want to do. The term laissez-faire is French for let it be. There is little direction from a laissez-faire leader. Successful use o f this style depends on the members of the group. 3.2 Motivation theories Motivation is one of the most crucial skill that a manager needs to have it is the reason why it has to be studied it could be described as a leadership skill because a good leader has to be able to motivate their staff; firstly we need to know what motivation is. Motivation is a set of processes that moves a person towards a goal, thus motivated behaviours are voluntary choices controlled by the individual employee. There are two main overall categories of theories of motivation these are formal and informal theories of motivation informal theories are based on assumptions of managers these are the assumptions on what motivates staff. These are theory X and theory Y types of management the basis of these is that theory X managers believe staff are not motivated enough and dislike work and responsibility, theory Y managers believe the opposite that staff are motivated and seek responsibility. The other assumption-based theory is the social assumptions. The Fredrick Taylor the ory of motivation also falls under the assumption based theories it is assumed that by Taylor money is the only motivator and the last main assumption based theory was the hawthorn studies about the impact of social relations on motivation. The formal theories of motivation The formal theories of motivation fall under three main headings these are content theories, process theories and reinforcement theories. Content theories consist of four major theories that are going to be evaluated to give a deeper understanding to what content theories are all about. These theories are Maslows hierarchy of needs, Alderfers modified need model Herzbergs two factor theory and McClellands motivational theory. Process theories being about expectations of the individual brings in the concept of the psychological contract this is described by Mullins (2005) as the unwritten codes of conduct or expectations that individuals feel their organisations or employers should meet, these are hard to meet fully but there has to be a balance a little give and take so as to satisfy both needs of the employee and the organisation. The process theories are based on this ideology of expectation is the main driving force for individuals as long as they believe that they are working towards something that will meet their needs, and individuals are under that assumption their manager or organisation work on a similar policy of effective reward and recognition. CHAPTER 4 4.1 Groups / Team Effectiveness With the increasing awareness of the paths to achieve organisational effectiveness, the role of effective work team becomes more and more important nowadays (Willis, S. 2001). Work teams have long been considered an effective device for enhancing organisational efficiency and team work ranks near the top of the list of factors that lead to management success.(Bennett, 1999) In order to build an effective work team, managers are playing a crucial role in effective team building. It is the premise of this essay that the effectiveness of a team depends heavily on the communication skills, which include self-awareness, assertion, listening and process management skills exercised by the team members and managers Team-working is crucial in todays society due to such fierce competition from other firms within their market on factors such as productivity, quality, innovation and technology, which requires the collective inputs of individuals each with different abilities and skills to p rovide the desired product or development.Ãâ According to Willis (2001) there are seven key elements that are essential to high-performance work teams which consist of: Commitment, contribution, communication, co-operation, conflict management, change management and connections. To compete effectively, managers/leaders must design a network to consist of these factors along with skilled employees who support each other in the achievement of corporate goals.ÃâÃ However, according to Mullins, (2005) as a group or team increases in size, problems start to arise regarding communications and co-ordination.ÃâÃ Large groups are difficult to maintain and often require a high level of supervision or a strong team leader (Tuckman, B. W. 1965). When a group is over-sized there is usually an increased level of absenteeism and the group may become split into smaller groups or sub-groups which may lead to competitiveness and friction within the company.Ãâ Ãâ Conclusion and Recommendations Tescos organisational structure is a hierarchical structure. In a hierarchical structure the communication can be distorted as messages pass from one level to another, this means that the staff at the bottom level receive a slightly a different message than the message they intent to receive it. Many people have to be consulted before a decision is made so the company is slow in responding to changes and challenges. This means they cannot provides quick services to their customers and it is going to affect in terms of sales and profit but there is an advantage that if everybody is consulted they will come out with the best results. In hierarchical structure there are specific functional areas and job roles. The employees can be easily identified and given training so they can provide good services to their customers. Hierarchical structure has good delegations because they are many people with specialised skills are working here so they can easily assign their subordinates for a particular task. The span of control is less than the flat structures. In hierarchical structures they have good promotion prospectus so the staff are motivated and they provides good services to their customers.
Friday, May 15, 2020
Sample details Pages: 1 Words: 274 Downloads: 3 Date added: 2019/10/10 Did you like this example? According to the report, Nevada has been considered to have the second highest suicide rate in the United States of America. The residents have a greater probability of dying from a self-punished act than being killed at the hands of another (Szanto, 15). The new study which was released by the state Health Division indicated that there had been a long mistaken opinion that suicide cases in Nevada are highly correlated to visitors and tourists who commit suicide there. DonÃ¢â¬â¢t waste time! Our writers will create an original "Controversial issues: suicide rate in Las Vegas/ Nevada/ or Us Southwest" essay for you Create order In contrary, the study known as an injury in Nevada revealed that suicide victims are twice likely to be Nevada inhabitants than visitors (Szanto, 15). Male people are four times expected to commit suicide than their female partners. The joint report that was stated by the state Health Division and other different organizations indicates that inÃ the year 2006, the suicide rate in Nevada stood at 19.2 deaths per 100,000 locals, which was about twice the county`s average rate of 10.9 deaths per 100,000 citizens. Furthermore, Nye County had suicide rate which was comparatively high of about 34.3 per 100,000 people while Clark County had an average rate of 17.9 deaths in 100,000 locals. The report also indicated that rifles contributed in 60 percent of Nevada`s suicide cases (Romero, 40). The study also reveals that older men among 75 years had the highest rate of suicide cases. Also, women among the age of about 45-54 years had a highest suicidal rate about older men. This was majorly due to the increased risk of being detected with fatal illnesses, physical illness, and major depression (Szanto, 15). Also, the report says that the suicidal rate for Nevada surpasses the national rate due to either illegal or leg al misuse of drugs.
Thursday, May 14, 2020
Globalization is described as the process through which the regional societies, economics and cultures are becoming integrated by a global network of ideas of politics via, transportation, communication and trade. It is mostly assumed to be economic globalization or the integration of the nationally based economics into one international economy through foreign direct investment, trade or capital flow or the spread of technology. The study below concerns the advantages and disadvantages of globalization in reference to Britain Advantages and disadvantages of globalization in Britain Britain is one of the most developed nations of the world; this is in reference to its economic status compared to the international expectations. There areÃ¢â¬ ¦show more contentÃ¢â¬ ¦This entity is considered for the enhancement of marketing ideas and formulates it for the implementation of global scale (Boesak amp; Hansen, 2009). Globalization has also led to improvement in the political status of Britain because it creates an opportunity for the government to compare its leadership skills with those of the other nations and copy some of the most unique. Generally de-localization of business and other activities enables the nation to improve its performance. Globalization has led to spread of technology from one nation to the other thus resulting to improvement in the activities of the less developed ones. As a developed country, Britain compares all activities and positive moves in their competitors like the adverse technological skills in America to improve all the activities taking place (Milward, 2003). Globalization also has some negative effects in the developed nations like Britain. the economic crisis affecting one nation like America also affects Britain, this is because the process changes the world to become a one big market thus the disruption of the economic status in one corner of the world especially in the most influential nations like America affects all the other nations especially the competitors or those whose economic activities are linked. There is increased flow of the skilled and non-skilledShow MoreRelatedDisadvantages Of Globalization1284 Words Ã |Ã 6 Pages Globalization effect on the world Ã¢â¬Å"Economic globalization alludes to the expanding reliance of world economies because of the developing size of cross-outskirt exchange of items and administrations, the stream of universal capital and wide and quick spread of advancementsÃ¢â¬ . (Ã¢â¬Å" http://www.un.org/en/development/desa Ã¢â¬Å"). The quick developing importance of data in a wide range of beneficial exercises and marketization are the two noteworthy main thrusts of financial globalization. Economic GlobalizationRead MoreAnalysis Of The Scramble For Africa 1152 Words Ã |Ã 5 Pagesthat stood in the place of a mother to tell the European powers that they needed to share, the single greatest power of the time, Great Britain, surly tried to play the part of mamma. Ã¢â¬Å"The scramble for Africa is subject to countless studiesÃ¢â¬ ¦ no single event set off the scrambleÃ¢â¬ . Taking a look at two of the factors that played a massive role in the scramble, globalization, and natural resources, a picture to why the scramble for Africa took place can be better understood to modern scholars. LookingRead More6 Beer in Mesopotamia Essay822 Words Ã |Ã 4 Pagesto the taste. Chapter 9 and 10: Tea and the British Empire 1. Explain why the industrial revolution began in Britain. You can trace the history (events) of the revolution in your explanation. Be sure to include at least one role that tea played in the British industrialization. The industrial revolution began in Great Britain because of the textile industry. Britain had an abundance of cotton used in the making of textiles. When the cottage industry and the manufacturing of clothes atRead MoreThis Political Study Will Define The Reemergence Of Nationalism1513 Words Ã |Ã 7 PagesThis political study will define the reemergence of nationalism due to the failed economic policies of globalization in the Brexit EU Vote. The Brexit Vote defines the lack of economic security promised by the European Union, which had dominated much of BritainÃ¢â¬Ës global objectives in the world economy. However, the problematic banking issues of the European Central bank (ECB) and the bankruptcy of certain nation states, such as Ireland, Greece, and Portugal, have inspired a new nationalist movementRead MoreThe Invention Of Airplanes : The United States Of America And Great Britain1748 Words Ã |Ã 7 Pagesmakes them so important to talk about in society. They might be over looked sometimes, but they have added a lot to history and should not be taken for granted for what they achieve. To focus on a few countries, the United States of America and Great Britain, the invention of airplanes had some of its largest impact on them. Whether that be in terms of travel or warfare, these countries benefited more than the average. Planes made a whole new empire and became a necessity for everyday people, whileRead MoreThe Importance Of Globalization1122 Words Ã |Ã 5 PagesGlobalization is important to understand in order to determine what worked in the past and can be successful again in the future. Our many cultures, ideals and growing technology form together to create an extremely global world. We use products that were made on the other side of the world, and are taxed on practically everything. Whether the effects of our global society is good or bad, thereÃ¢â¬â¢s no doubt that the world is constantly changing and impacting our livelihoods, so we must adapt accordinglyRead MoreUuhujsdkkd1008 Words Ã |Ã 5 PagesLouise Gonzales Legacies of Historical Globalization Ã¢â¬â Hand In Assignments 1) How does the map on p.144 of Exploring Globalization demonstrate the spread of historical globalization and colonial influence? Explain using examples. The map demonstrates the spread of historical globalization and colonial influence because it represents the European Imperialism and EuropeÃ¢â¬â¢s scramble for empire. European Imperialism contributed to the spread of science, religion, philosophyRead MoreEconomic Integration and Global Markets to Uk Business Organizations1735 Words Ã |Ã 7 PagesConclusion-------------------------------------------------------8 References-------------------------------------------------------9 Introduction With the increase of the countries of the European Union, the European Union (EU), the European monetary Union (EMU), international trade, globalization, economic integration and global markets, and these nouns has come up in the line of sight of people. The report mainly analysis the international trade, the reason of international trade, the importance of international trade, economic integrationRead MoreIndia s Break From The British Raj1652 Words Ã |Ã 7 Pagespaper is, what does IndiaÃ¢â¬â¢s example of resistance show us about both imperialism and globalization? To effectively analyze their resistance movement, we must consider the many causes for the tension and need for separation, the nature of the resistance movement, and most importantly, whether or not it was effective. From my research, I learned that there were countless causes for resistance towards Great Britain due to the fact that so many issues had been building up between the two countries overtimeRead MorePositive And Negative Consequences Of Globalization1529 Words Ã |Ã 7 Pagespocket. However, if it were not for globalization we would not possess any of the things that we have to this day. Yet, what are the consequences of globalization and how do they af fect different parties? One must inquire about these concerns because it is necessary to understand both positions in order to be aware of the positive and the negative stance that globalization takes. Also there should be awareness in the policies that have arose based on globalization. Sachs, mentions that there is no
Wednesday, May 6, 2020
1. Stalins youth was surrounded by much violence. His father was an alcoholic who has mercilessly beaten his mother which instilled a sense of violence with in him. Once his dad left the family, he grew academically and was then invited to a Seminary. This was where he learned many of the marks teachings. 2. When he first began, he couldnt do much for the cause other then to go to prison. Each time the Tzars police would find them and he would be arrested and thrown into exile a numerous amount of times. 3. Stalin had gotten many of his ideas from Lenin. Lenin had even given him power in the Central Committee had placed him as an editor of their newspaper Pravada. When Lenin died, Stalin spread around about how close he had been toÃ¢â¬ ¦show more contentÃ¢â¬ ¦Many slaughtered half their cattle just so the government wouldnt get them, they were just that outraged. 7. Five million people alone in the Ukraine died of famine due to Stalins hand in taking all of their crop. 8. The groups that were hurt by Stalin ranged from clergy men, shopkeeper, to even ex-white army soldiers. I think these people were attacked due to their more free ideals. Shopkeepers working under capitalism, clergy men preaching, and the white army against the communist ideas. 9. Gulags are basically labor camps in which people were sent to be worked until exhausted of any energy. They were used to instill fear within the people, this kept them in line. Some people would come just because they were a couple minutes late for work and sometimes for stealing food. Some of this ofrced labor was used to build things, some being failures, but then used to woo the West. 10. At first, he allied himself with Germany but Hitler soon turned on them, bringing disaster along with a war. They had lost some land and half a million were lost in Kiev just because he would evacuate. 25 million people altogether died in WWII. Near the end, he stopped trying to intervene in the commanders work and that led them to winning. 11. He sent many of the soldiers to camps. His reasoning behind this was mainly because he thought they would revolt against him due to their viewings of Western Europe while away. 12. The Soviet Union had turned EasternShow MoreRelatedThe Great Purge Of The Cold War1658 Words Ã |Ã 7 Pagescompletely decimate all opposition to his leadership. Originally, Stalin was a powerless citizen of the USSR, yet he managed to quickly rise to the top of the political field. He began his role in politics by joining the Bolsheviks in 1903. Due to his thirst for power he steadily rose through the ranks of the party and was soon the General Secretary. The Bolshevik insurrection to Russian leadership was successful and placed Stalin in a position of great power. He then used his power to isolate membersRead MoreStalin s Impact On The Soviet Union977 Words Ã |Ã 4 Pages Joseph Stalin was a callous dictator who governed the Soviet Union for nearly thirty years. He rose to power as the General Secretary of the Communist Party and became the dictator of Russia after Vladimir LeninÃ¢â¬â¢s death in 1924. Stalin was known for his Marxist-Leninist ideology, but his policies soo n became known as Stalinism. He rose through the ranks and became one of the most powerful leaders and communist revolutionaries that Russia had ever seen. A few of StalinÃ¢â¬â¢s policies did in fact benefitRead MoreThe Prince by Machiavelli1057 Words Ã |Ã 5 Pagesof two states in war always pick a side and never stray away from it. These characteristics were present in a strong and merciless ruler who used the three features above to govern over an entire country. Joseph Stalin might be seen as a mass murder, but his achievements and contributions to Russia proved that by being feared rather than loved, studying war and perfecting it, and his ability to choose his allies in war, would ultimately lead to the prosperity of his nation. Machiavelli clearlyRead MoreThe Life of Leon Trotsky Essay1462 Words Ã |Ã 6 PagesThe Life of Leon Trotsky Leon Trotsky is well recognised as one of the greatest Marxists that ever lived. After being arrested, sentenced to exile twice and supporting the Mensheviks, Trotsky was deported to New York Citywhere he was to be a peaceful, productive member of society. Following the removal of the Tsar during the Russian Revolution, Trotsky returned to Russia in May 1917. In August 1917, Trotsky joined the Central Committee of the Bolshevik party whoseRead MoreThe Relation Between Stalin And Hitler1437 Words Ã |Ã 6 Pagesexpress such qualities are Joseph Stalin of the Soviet Union, and Adolf Hitler from the German Nazi regime, and these two men, different as they were, displayed symmetric roles throughout their times in control. The relation between Stalin and Hitler begins with their anonymously parallel childhoods. While pursuing the nature of any dictators dominion, it is important to review their upbringing, as the study of psychohistory often looks to the early life of individual subjects in an effortRead MoreTo What Extent Were Hitler and Stalin Similar?1405 Words Ã |Ã 6 PagesTo what extent were Hitler and Stalin similar? Hitler and Stalin were both cruel dictators around the time of WW2, but to what extent were these two men similar? Firstly they were both dictators throughout WW2; however they were both of different beliefs. Hitler was a fascist and Stalin was a communist, however they were both such extreme versions of these beliefs that they were, in many ways alike. Starting with childhood, Adolf Hitler was born on April 20th 1889 in a small Austrian town calledRead MoreCharacter Symbolism In Animal Farm705 Words Ã |Ã 3 Pagesconclude and analyze. Thus it adds depth to the meaning of the literary work. It functions as pictures and colors in art that represent thoughts and emotions. Animal Farm is a fable. A fable is a story, in which all characters are animals symbolizing real life individuals or social classes. Therefore, symbolism is prevailing throughout the story. Thus, the most appropriate way to determine the success of character symbolism in the novel is through creating a comparison b etween Soviet leaders and animalsRead MoreBiography of Lon Trotsky Essay1070 Words Ã |Ã 5 PagesLeon Trotsky (1879-1940) was a Russian Marxist politician and revolutionary in the early 20th century. His contribution to Soviet Russia was immense through his practice of Marxist and Trotskyist theory for Russia and the world. His rise to prominence in the Soviet Union was characterized by his work and partnership with Lenin. TrotskyÃ¢â¬â¢s most significant accomplishments included his leadership of the Red Army and success in the February Revolution, which consolidated Bolshevik power. TrotskyÃ¢â¬â¢s Ã¢â¬ËtalentÃ¢â¬â¢Read MoreThe Death Of An Animal Farm By George Orwell1734 Words Ã |Ã 7 PagesA. Old Major was a well respected animal on the farm who had a vision for the animals of a better life. He envisioned the rebellion the animals would later attempt to follow and motivated the animals to want change. Now, comrades, what is the nature of this life of ours? Let us face it: our lives are miserable, laborious, and short. We are born, we are given just so much food as will keep the breath in our bodies, and those of us who are capable of it are forced to work to the last atom of our strength;Read MorePersonality Study: Trotsky1643 Words Ã |Ã 7 PagesTrotsky, being the Commissar Minister for War and the second most powerful man in Russia during the reign of Lenin, was sent to exile, and assassinated by an ice pick. His life was filled with honor, pride and most importantly, confidence. His gifted talent of public speak had an overwhelming effect on the people. He believed his theory of Ã¢â¬Å"Permanent RevolutionÃ¢â¬ was the perfect structure of revolution suitable for Russia, it was suppose to bring hope and power to the Soviet Union, the communism
Johnathan Kennedy World Literature 212-WID3 Monday Wednesday 8:30pm-9:45pm Professor Thomas Carlisle Midterm Essay March 9, 2016 As in a large portion of Greek writing and the way of life of antiquated Greece, the move of the divine beings here as the higher force accepted to be in control of human predetermination. The antiquated Greeks trusted the divine beings controlled everything, from seasons and climate, to success and neediness. So we can undoubtedly acknowledge that nature works in a logical way and there is robotizing in that. Through our own particular exertion we can control nature and redirect its activity. In the Odyssey and Oedipus the king the thing they went through was very difficult times in there life. That would have them make no other choice but to call on a higher powers. But as human, when we get idea of God and we think that God controls the nature. It s like we don t look at it as something else out there has control of our happiness and determining our good and bad fortune. It does come a point we acknowledge God as that person who controls our life as well. When we pray to our high power we ask for good thing to right in our life. But as soon as, when trouble arrives we immediately we start praying and asking the higher power to take it away. There was expect changes throughout our life through celestial powers which is valid for all religions. From our exceptionally adolescence we begin finding out about God andShow MoreRelatedHeroism In Oedipus The King And The Odyssey1132 Words Ã |Ã 5 PagesDutch October 17 Heroism in Oedipus the King and The Odyssey Life is filled with a multitude of challenges and obstacles; in this case, life is often defined in relation to the ability if an individual to overcome and defeat such things. Aspects of heroism are evident in the situations and events that arise in the life of someone. This essay dives into the element of heroism that is evident is the stories: Oedipus the King and The Odyssey. Oedipus the King and The Odyssey share a multitude of similaritiesRead MoreOedipus Trilogy Analysis1214 Words Ã |Ã 5 PagesNovel Analysis of The Oedipus Trilogy Oedipus Rex, or Oedipus Tyrannus as it is in Latin, could be what we call today a Freudian work of literature. The Oedipus Trilogy was originally written by Sophocles and is meant to be told in a story-telling fashion. But this Grecian tragedy was revised and translated into English by Paul Roche and put into a novel form. The Oedipus Trilogy is a novel that deals with destiny and fate. The reader is shown a series of events plotted out from which OedipusRead More The Dichotomy of Sight in Oedipus at Colonus Essay1185 Words Ã |Ã 5 PagesThe Dichotomy of Sight in Oedipus at ColonusÃ A simple process formed the backbone of most Greek philosophy.Ã The ancients thought that by combining two equally valid but opposite ideas, the thesis and the antithesis, a new, higher truth could be achieved.Ã That truth is called the synthesis.Ã This tactic of integrating two seemingly opposite halves into a greater whole was a tremendous advance in human logic.Ã This practice is illustrated throughout Oedipus at ColonusÃ in regard to SophoclesÃ¢â¬â¢Read MoreAn Analysis of Oedipus and Aristotles Definition of the Tragic Hero2569 Words Ã |Ã 10 PagesÃ¯ » ¿An Analysis of Oedipus and Aristotles Definition of the Tragic Hero Introduction In the Poetics, Aristotle provides an outline of how the artist is to portray or represent the perfect Tragedy. A Tragedy, of course, was nothing more than a drama, in which the characters appeared better than in real life (in a comedy, they appeared worse, according to Aristotle). Aristotles Poetics makes several references to other dramatic works to illustrate his points, but he most commonly calls uponRead More Mythology in Oedipus Rex Essays3980 Words Ã |Ã 16 PagesMythology in Oedipus RexÃ Ã Ã Ã Ã Ã Ã Ã E. T. Owen in Ã¢â¬Å"Drama in SophoclesÃ¢â¬â¢ Oedipus TyrannusÃ¢â¬ comments on the mythological beginnings of Oedipus Rex: Ã Professor Goodell says: Ã¢â¬Å"Given an old myth to be dramatized, SophoclesÃ¢â¬â¢ primary question was, Ã¢â¬ËJust what sort of people were they, must they have been, who naturally did and suffered what the tales say they did and suffered?Ã¢â¬ That was his method of analysis (38). Ã The Greek Sophoclean tragedy Oedipus Rex is based on a myth fromRead More Mythology in Oedipus Rex Essay examples4094 Words Ã |Ã 17 PagesMythology in Oedipus RexÃ Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã Ã In Ã¢â¬Å"The Oedipus LegendÃ¢â¬ Bernard M. W. Knox talks of the advantages accruing to Sophocles as a user of myths in his dramas: Ã The myths he used gave to his plays, without any effort on his part, some of those larger dimensions of authority which the modern dramatist must create out of nothing if his play is to be more than a passing entertainment. The myths had the authority of history, for myth is in one of its aspects the only history of anRead MoreCharacter Analysis : The Great Odyssey And Oedipus Essay1777 Words Ã |Ã 8 PagesIn spite of the fact that neither Penelope nor Jocasta is the protagonist in the two great works Odyssey and Oedipus, the two characters both play important roles in driving the plots ahead, significantly contributing to the completely different fates of their husbands, Odysseus and Oedipus. Jocasta is a typical representative of the group of women who are passive and dependent. She inevitably falls victim to the male world, in that she fades into the background of the play and is marginalized underRead MoreRationality And Sentimentalism : Wives Heroic And Pitiful Essay1784 W ords Ã |Ã 8 PagesRationality and Sentimentalism: Wives Heroic and Pitiful In spite of the fact that neither Penelope nor Jocasta is the protagonist in the two great works Odyssey and Oedipus, the two characters both play important roles in driving the plots ahead, significantly contributing to the completely different fates of their husbands, Odysseus and Oedipus. Jocasta is a typical representative of the group of women who are passive and dependent. She inevitably falls victim to the male world, in that she fadesRead MoreRationality And Sentimentality : Wives Heroic And Pitiful Essay1784 Words Ã |Ã 8 PagesRationality and Sentimentality: Wives Heroic and Pitiful In spite of the fact that neither Penelope nor Jocasta is the protagonist in the two great works Odyssey and Oedipus, the two characters both play important roles in driving the plots ahead, significantly contributing to the completely different fates of their husbands, Odysseus and Oedipus. Jocasta is a typical representative of the group of women who are passive and dependent. She inevitably falls victim to the male world, in that she fadesRead MoreAncient Greeks and Leaders Today1114 Words Ã |Ã 5 Pagesunpretentious leadership. The book Theogeny should be analyzed according to the symbolism of each god or goddesses in accord with leadership characteristics. I WOULD DOUBLE-SPACE THE DOCUMENT. Leaders of intelligence and problem solving In Homers Odyssey, we see the role of the charismatic leader and transformative leadership. Achilles is the noble hero, handsome, strong, and virile, who through bravery and audaciousness succeed to kill Hector, but also through foolhardiness which is a character flaw