Friday, August 28, 2020

Comparison of the films Psycho and Scream Essay Example

Correlation of the movies Psycho and Scream Essay Example Correlation of the movies Psycho and Scream Paper Correlation of the movies Psycho and Scream Paper Paper Topic: Film The film Psycho would have stunned the crowd when the film was first discharged in 1960, and because of the very much idea out story line and capricious closure, despite everything would have the crowd enthralled in the year 2002. Hitchcock continued pushing the limits regarding how far a blood and gore movie could go. This kept the crowd in stun and fervor as this sort of symbolism had at no other time been seen as of now. The nakedness appeared on screen would likewise have stunned the crowd on the grounds that ordinarily at that point, (1960) the watcher would not be utilized to such realistic symbolism, anyway gentle it might give off an impression of being today. Hitchcock utilized many no-no subjects in his movies and furthermore realistic scenes. I accept that these scenes were truly adept at making exposure and giving an extremely one of a kind out-look on his work, as it seperates him from different chiefs. Hitchcock prevails with regards to making anticipation all through the film Psycho, particularly the shower scene. This would need to be one of Hitchcocks most well known scenes. Hitchcock needed the crowd to accept that Marion Crane was really getting wounded, yet needed to utilize restricted impacts because of blue pencils and spending plan. Hitchcock utilizes many recording and sound procedures to get the best arrangement across to the crowd, without making it excessively savage. Hitchcock utilized around seventy-eight diverse camera points to accomplish the most ideal homicide shot. He additionally utilized a wide range of sorts of camera shots to add with the impact of the scene. Hitchcock shifted the lengths of the shots, to give a progressively distracted feel to the scene, for example, a nearby, firmly followed by a medium close-up. Another intriguing part of the cutting is the way the crowd never really sees the blade entering the skin. I feel that the scene was progressively compelling without the genuine wounding as it caused the watcher to envision what was going on. I accept that Hitchcock had a great deal of devotion to his movies, as he was eager to experience such huge numbers of various stages and shots to express what is on his mind, and make anticipation and tention with the visuals as well as the sound. Another piece of the film which an advanced watcher may not believe was extremely surprising, was the principal scene, which indicated Marion laying down with Sam, notwithstanding not being hitched to him. Ordinarily during the 1960s it would be considered as off-base for a lady to lay down with a man who she isn't hitched to. This demonstrated more proof of Hitchcock facing challenges and conflicting with regular good old ethics. I unequivocally accept this started mordernising the film business. I have decided to look at Psycho to,Scream, as I accept that the two chiefs where attempting to break out of the anticipated blood and gore film cycle, which had been wild during thses times. Shout had an a lot bigger spending plan than Psycho, and was discharged numerous years after the fact in 1996. Since it was discharged in October of 1996, it has made over $86 million dollars, and two spin-offs have been discharged. Wes Craven (The chief of Scream), is likewise popular for other blosckbuster films, for example, I realize what you did the previous summer, I despite everything recognize what you did the previous summer and The brain ripper. Timid has in each kept up a holding commitment to the class that he was put on the map for, repulsiveness. Cowardly is a current chief and is in this way ready to utilize things like sex, bareness and realistic scenes of brutality, unreservedly and without the same number of limitations as Hitchcock. Who needed to work around these issues. Cowardly additionally utilizes numerous capricious story lines and plots in his movies to make anticipation, similarly as if Hitchcock did in a considerable lot of his movies. Cravens films chiefly comprise of an executioner, casualties, a rationale and point of fact, dread. Blood and gore films in the past may have appeared to be truly unsurprising, so an eager or experienced thriller watcher, would have some preconseptions of an adolescent blood and gore flick. As most present day youngster blood and gore movies are normally unsurprising and have indistinguishable or comparable story lines as those made already. Numerous cutting edge adolescent thrillers as a rule contain essential endurance rules. For example, the principle character staying a virgin, and not drinking or ingesting medications. These kinds of characters are chiefly portraid as solid disapproved of people, who possibly wind up being executed in the event that they participate in any of the recently referenced exercises. A great deal of current teenager blood and gore movies contain phrases like, whos there? or then again Ill be directly back, incidentally if an individual says them, they will definitely be killed. Timid surrenders these anticipated out comes in Scream when the principle character, Sydney Prescott, loses her virginity, drinks and really lives to be in the two sequals. These new thoughts and relinquishing old ways while getting new show, make more anticipation and leave the film truly eccentric to the crowd. Similarly just as Hitchcocks Psycho did. All in all I accept that without Hitchcock beginning, what I would call an upset in the film business; by pushing the cutoff points and utilizing minimal effort impacts to make an increasingly reasonable artistic experience. The film business would not be as decensortised as it is today. I likewise accept that Wes Craven has a major influence in advanced movies as he seems to be, similar to Hitchcock, designing new and less unsurprising thoughts, in this way moving chiefs to think of increasingly inavative movies.

Wednesday, August 26, 2020

Essay on My Life Achievement Essay Example

Article on My Life Achievement Paper My Life Achievement Essay Numerous individuals judge others by their life accomplishments, for example, instructive level and material belonging. Some clichã © of individuals contends that an individual’s life accomplishment shows their degree of difficult work and devotion. In any case, it is imperative to pass judgment on individuals by their past accomplishments, yet in addition by the things they seek to accomplish in the coming days (Pajaczkowska, 2013). Starting there of view, I seem to have accomplished a real existence accomplishment by moving on from school. The vision and objectives I plan to accomplish in life urges me to focus ready so as to achieve them sooner rather than later. In this paper, I would address my own accomplishment, which is moving on from school. For certain understudies, going to a school is an approach to improve expertly while it is an approach to improve one’s circumstance for other people. For some, understudies, going to a school is a way that will assist them with improving their family’s circumstance and make the network glad for them. I chose to join a school to increase proficient abilities that will permit me to find an average line of work. I had objectives that I needed to accomplish, and I thought getting a certificate will permit me to arrive at those objectives. I likewise accepted that a decent school will upgrade my socialization abilities. I am glad that I figured out how to graduate regardless of different difficulties that I experienced as a foreigner understudy. We will compose a custom exposition test on Essay on My Life Achievement explicitly for you for just $16.38 $13.9/page Request now We will compose a custom exposition test on Essay on My Life Achievement explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom exposition test on Essay on My Life Achievement explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer I express gratitude toward God that I graduated, however it was difficult for me. I was a foreigner understudy and the main individual from my family to be in a school. There are numerous difficulties that face immigrants’ understudies; they think that its difficult to get charges help from organizations that help understudies and furthermore they may confront social difficulties. There are times I may have felt to surrender, however I urge myself to go ahead and make an accomplishment. I was unable to permit those difficulties to prevent my desire to graduate one day since I was resolved to succeed. My family gave me moral help that was instrumental during my school days. As the main individual in my family to join school and graduate, I plan to be a good example for other relatives and companions who try to join school. I buckled down so as to graduate. I went to each talk so I was unable to miss any data from the educators. Aside from a couple of school mates, a lion's share of them were instrumental in my examinations since they gave a decent domain to learning. The commitment of my speakers can't be overlooked; they were consistently prepared to offer direction concerning different inquiries that I posed to them. At the point when I see my recognition, I consider myself to be an effective individual, and I consider it an actual existence accomplishment. The school life allowed me a chance to meet numerous understudies from various different backgrounds and improve my socialization abilities. I trust my graduation from school will serve to spur other youngsters from my family and network. I trust they will gain from my steadiness and be spurred to concentrate hard. Since I am presently an alumni, I can go after any position that I qualify in light of the fact that moving on from school has given me a key to open the entryway for employments. I plan to affect my family, network and the whole world in a positive manner. References Pajaczkowska, A. (2013). Jan Czochralski: Brief sketch of his life and accomplishments. Diary of Crystal Growth.

Saturday, August 22, 2020

The human society today Essay Example for Free

The human culture today Essay There are a few reasons of bias in the human culture today. Unquestionably the differing circumstance among the human populace in the general public today makes the said circumstance a lot harder to manage. This is the motivation behind why a movement to propose a program that will deal with the troubles that few people experience on account of partiality will be introduced thus. The said program application will be founded on a specific report that will be founded on the investigates that had been utilized and performed by different specialists before to reinforce the explanation that bias is in reality an immense issue in the general public. The joining of meeting systems inside the examination procedure will likewise be among the most accommodating components that will be used by the specialist of this investigation in order to fortify the approval of the informations introduced in this. II. Survey of Literature At present, one of the most concerning and disturbing sociological issues is the idea of partiality between every individual or social gathering. Preference is essentially like segregation as this idea includes the unfavorable view and interactional relationship or treatment between the prevailing and latent social orders. In a real sign, preference can cause wrongdoings and brutality between the social gatherings and even outcome a sociological or political burden of approval against one specific culture. The idea of partiality is essentially brought about by the distinctions in the general public in at least one critical concern. For instance, in the physical level, stylish physical worth can either cause a positive or negative impact on the social view towards that person. Other comparable elements are the issues of genealogical foundation or race, societal position, monetary demeanor, strict association and others can likewise cause a comparable situation coming about to partiality towards an individual or social gatherings. Contrasts in the individual or social perspectives in these fields can cause strife and segregation in the general public coming about to unfriendly perspectives and social origination towards the other social gathering or individual. Bias can either posts constructive or adverse effect on the general public when all is said in done or in close to home level. Thinking about the positive outcome. Unfriendly judgment or perspectives can result to social boundaries specific to a particular individual or social gathering, which can see as preventions and testing obstructs over the span of accomplishment of the concerned party. In this situation, by taking a gander at the segregation perspective as without a doubt a test, prejudism can advance quick turn of events and improvement especially on the beset party as the person in question of them battle to defeat that antagonistic judgment. Then again, prejudism can likewise cause social useless and further isolation of the individuals for the most part on the off chance that it is practice in increasingly close to home level. Prejudism can create additional contention and uniqueness as the individuals respond adversely on the issue mostly whenever done in a closer vicinity. Consequently, the impact of prejudism is generally subject to the individual perspectives and social point of view of the individuals as they respond and towards the said and how they battle to defeat the antagonistic judgment towards them. III. Subjects for Interviewing For the procedures of this investigation, there would be four people who might be the essential interviewees for the subject. Every one of the said four have a place with a specific race and are getting harsh responses from the general public that they are living with. (A) John is a 30-year old, white, a secondary school graduate, utilized as a handyman who is hitched to a Mexican-American spouse, and the dad of two children† or (B) Sarah is a multi year-old young ladies who is single, an understudy, and an African American dating a white understudy from a similar school. (C) Michael is a 25-year old person who is filling in as a bellboy in a lodging, a youthful Filipino man who is right now wedded to a Latina and is living at a little loft in California. (D) Myrna is a 31-year old woman who was initially arranged in China. She is at present hitched to an American man and a mother to a kid who is simultaneously dating a white American. IV. Instrumentation The essential instrumentation used for this examination are the inquires about that had been introduced previously by different aficionados of the issue. Through inspecting the literary works that were fundamentally used to think of the significant cases in this investigation, the introduction of the issue is somewhat fortified and performed with lucidity. Later on, the joining of the meeting results further fortifies the methodology of the examination as far as fact and life-exactness of the cases and data introduced thus. V. Discoveries: Summary of the Literature From the writing checked on, it could be noticed that partiality is in fact a social ‘cancer’ that needs abundant consideration and guideline in order to standardize the circumstance that most minors experience from managing the locals of the land that they are living in. No doubt, the written works that were audited thus make the informations of the examination progressively solid and explained for better peruser getting purposes. VI. Discoveries: Summary of Interviews The meetings performed by the scientist in this paper further explains the issue in a realized view that normally builds the information on the perusers dependent on life-based encounters that were connected by the interviewees themselves. The effect of the said issue to them suggests the genuine score of the circumstance in a real proportion of the social issue being managed. VII. â€Å"Prejudice Checklist† †¢ Education †¢ Racial Affiliation †¢ Religion and convictions †¢ Economical Diversity †¢ Age and Gender VIII. Youth Program to Overcome Prejudice During the gatherings, the territory where it would be held is relied upon to have at any rate 15 seats to hold the specific number of the individuals from the gathering. Moreover, release sheets and conversation sheets ought to likewise be available to have the option to introduce the advancement of the program to the individuals from the whole gathering. (Marton, 1997, 32) The guidelines are straightforward; individuals who are to join the tasks ought to be noted to have their consideration centered upon the advancements of the people that they are supporting. The motivation that they are experiencing their crowd ought to be showed through the demonstrations of the youthful ones. The individuals who are taking care of the down to earth use of the program should monitor the improvements of the people and how they are straightforwardly influencing the lives of the individuals in their locale.

Writing a Good Writing Paper

Writing a Good Writing PaperBest writing paper is a requirement to get into college or university. A good composition in essay form is required to finish the project, or be awarded with a good grade. This article will teach you how to prepare for the best writing paper.For getting good grades in school or college, a good composition in essay form is always required. However, this needs preparation. First of all, writing a good composition is dependent on many factors. One of those factors is your ability to construct a good thesis statement.There are few ways to write a perfect composition. First of all, one needs to know their topic area. You can use a topic area generator to help you determine what subject you are going to write about. Once you know your topic, the next step to writing a composition is to organize your thoughts and ideas.One of the best way to organize your thoughts is to list down all the different things that you need to write. In the first paragraph, it would be useful to have a short statement to describe your topic. Then, list down all the different things that come into the topic. In the next paragraph, you should list down the best arguments of each argument that you have listed down in the previous paragraph. For example, the statement 'If I am a dog then ...' should be written by starting with the words 'if I am...' and moving through the different topics that you have listed down in the first paragraph.Finally, you should think of the things that you want to say. In this case, you should write the abstract before the main body of the essay. In the abstract, you should not worry about elaborating on what you want to say but you should try to express the important points that you want to make. In the final paragraph, you should include your research and as many facts as possible.In writing a thesis statement, you should try to put your ideas and thoughts in the right angle. You should have a very good knowledge of the topic that you a re writing about. One thing you can do to gain the right angle is to look for the specific words that are used in a dissertation or thesis.Another way to gain the right angle is to look for the names of main subjects, sub-topics, and chapters. By looking at the names, you can find the key words that you can use in your writing. Just make sure that the key words are used properly in your composition.After practicing the techniques above, you will be able to write a good composition. Practice writing and revise until you are satisfied that your composition is as good as it can be.

J.K. ROWLINGS HARRY POTTER SERIES FANTASY FOR CHILDREN AND NOTHING MORE essays

J.K. ROWLING'S HARRY POTTER SERIES FANTASY FOR CHILDREN AND NOTHING MORE papers Inside the most recent eight years or something like that, the artistic works of J.K. Rowling, specifically her profoundly famous arrangement of dim dream books focused on the character of Harry Potter, has created a lot of social debate dependent on her utilization of divination and mystery so as to relate the fabulous experiences of Harry, a best in class wizard and specialist of the supposed dark expressions. as anyone might expect, the most vocal adversaries to Rowling's Harry Potter arrangement can be found inside the strict network which has seen Rowling's works with much doubt, because of what they see as an unmitigated endeavor by Rowling to present naive youngsters to expressions of the human experience and practice of enchantment, divination, black magic and otherworldliness by means of the activities and quandaries of Harry Potter. Be that as it may, this perspective, taken predominately by the Christian people group, is in light of the conventional beliefs of sorted out religion which for a considerable length of time has endeavored, absent a lot of progress, to dismiss individuals from any artistic work that conflicts with the lessons and beliefs of Christian idea and Incredible writing, as spoke to in Rowling's Harry Potter arrangement, is one of the most convincing of every single abstract kind, for as E.F. Bleiler brings up, the embodiment of the incredible for the most part requests from the peruser a specific level of creative mind and a limit with respect to separation from regular day to day existence (12). For some perusers, dim dream is the kind of story which is absolutely unessential to this present reality, and, generally, manages enchantment and the extraordinary. In contrast to sci-fi, it isn't in view of logical research yet unadulterated creative mind and requires the peruser to absolutely suspend his/her skepticism. Likewise, generally incredible enchantment and the otherworldly which will in general illuminate the peruser that the occasions The plotlines in most fantast... <!

Friday, August 21, 2020

4 pieces of career advice no one will give you

4 bits of profession guidance nobody will give you You’ve heard all the works of art previously (counting from us!): revamp constantly your resume. Practice your non-verbal communication. Keep your system evergreen, since no one can really tell when you’ll need it. These are exceptionally significant and helpful hints for anyone’s vocation, regardless of what the business. However, on the off chance that you’re simply beginning, there are some more†¦off-the-record things that everybody learns the most difficult way possible, yet individuals don’t truly talk about. Let’s take a gander at a portion of the things that happen to the majority of us, yet aren’t essentially in the vocation guides. 1. You’re going to fall flat (sometimes)That sounds too unforgiving and critical, isn't that so? In any case, it’s additionally obvious. You’re not going to bomb constantly, or more often than not don’t stress. However, now and then, things will go severely, and you will run into the large â€Å"F.† It happens to us all the straight-An overachievers, the person who doesn’t care, the prepared proficient. Once in a while things just aren’t going to work out positively. And keeping in mind that it very well may be upsetting, particularly on the off chance that it prompts negative criticism or expert results, you must have the option to ingest it, take what exercises you can, and proceed onward. Also, when it occurs, recollect that you’re not the only one, and that probably the most significant exercises originate from falling all over once in a while.2. Set work-life limits earlyAt the beginning of any new position or profession way, you need to set an incredible early introduction. The person who begins early (or is flawlessly on time each day), remains late, deftly reacts to a night-time email. Here’s the issue with that approach: it can transform into business as usual rapidly, as individuals begin to expect t hat your hard-charging ways are only the manner in which you work and what they can anticipate from you. This isn't to state you should relax, or attempt to set desires low. Or maybe, ensure you’re marking out close to home limits and that you have individual outlets that equalization out the activity. On the off chance that you don’t have an exercise schedule, or de-focusing on movement, or something that keeps you upbeat and satisfied outside of work, that’s a most optimized plan of attack to burnout.3. Don’t take everything so seriouslyYes, your profession is significant. Indeed, you ought to be a solid supporter for yourself and not take poop from anybody. In any case, if you’ve got your Game Face on constantly grinding away, you risk distancing colleagues, supervisors, anybody on the less than desirable finish of your â€Å"don’t play with me† vibe. Being adaptable (and ready to make a stride back and relax) when fundamental will assist you with keeping a sort of harmony at work.4. It’s alright to have sham syndromeYou’ve most likely caught wind of â€Å"imposter syndrome,† where individuals feel like they’re insufficient at their occupations and that every other person is on the cusp of making sense of that they don’t have a place there. Turns out, a little frailty can go far toward helping your vocation. In the event that you feel a staggering feeling of mediocrity, that could imply that you need all the more preparing or direction. However, in the event that you sense that you could take that feeling and direct it into proficient turn of events, or working all the more effectively, at that point it very well may be a help to your career.No matter what your identity is, regardless of what work you do, the most significant vocation counsel of everything is â€Å"don’t worry.† As long as you’re striving to develop yourself at each progression of your p rofession, you don’t consistently need to stress over whether you’re following the correct guidance it simply must be appropriate for you and your objectives.

Definition and Examples of Stasis in Classical Rhetoric

Definition and Examples of Stasis in Classical Rhetoric In traditional talk, balance is the procedure of, first, distinguishing the focal issues in a contest, and next discovering contentions by which to address those issues adequately. Plural: staseis. Additionally called balance hypothesis or the balance framework. Balance is a fundamental asset of development. The Greek rhetorician Hermagoras of Temnos recognized four significant sorts (or divisions) of balance: Latin coniectura, guessing about the reality at issue, regardless of whether something had been done at a specific time by a specific individual: e.g., Did X really kill Y?Definitiva, whether a conceded activity falls under the legitimate meaning of a wrongdoing: e.g., Was the conceded killing of Y by X murder or homicide?Generalis or qualitas, the issue of the nature of the activity, including its inspiration and conceivable support: e.g., Was the homicide of Y by X here and there legitimized by the circumstances?Translatio, issue with the lawful procedure or transference of locale to an alternate council: e.g., Can this court attempt X for a wrongdoing when X has been given invulnerability from arraignment or cases the wrongdoing was submitted in another city? See Examples and Observations underneath. Additionally observe: ArgumentationDissoi LogoiExigenceInventionJudicial RhetoricMetastasisTopoi EtymologyFrom the Greek, position. putting, position Models and Observations In spite of the fact that he perceived the need to characterize the inquiry at issue in a preliminary, Aristotle didn't build up a hypothesis to cover the different prospects, nor did he utilize the term balance. . . . The word actually implies stand, standing, position, depicts the position of a fighter toward an adversary, and maybe was moved from that setting to the stand taken by a speaker toward a rival. Quintilian (3.6.23) saw the impact of Aristotles argumentative classifications of substance, amount, connection, and quality on ideas of balance, which in Latin is called constitutio or status.(George A. Kennedy, A New History of Classical Rhetoric. Princeton University. Press, 1994)Hermagoras was the most significant supporter of balance hypothesis before the second century AD and made balance hypothesis a substantially more significant piece of the logical educational plan. Be that as it may, just pieces of crafted by Hermagoras have been safeguarded. Present day information o n the development of balance hypothesis is gotten essentially from Rhetorica promotion Herennium and Ciceros De Inventione.(Arthur R. Emmett, Hermogenes of Tarsus: Rhetorical Bridge From the Ancient World to the Modern. Rediscovering Rhetoric,â ed. by Justin T. Gleeson and Ruth C. A. Higgins. Alliance Press, 2008) The Stasis SystemIn Book One of De Inventione, Cicero examines a framework for thoroughly considering a legal case, called the balance (battle or halting point) framework. A hopeful rhetorician could get familiar with the expertise by examining a case by separating the discussion into the imaginable issues of contention, or halting focuses. . . .Understudies examining a balance framework figured out how to thoroughly consider cases by following the focuses at which contradictions were probably going to emerge. These purposes of balance, or battle, . . . separated a mind boggling case into its segment parts or questions. Contentions applicable to inquiries of certainty, definition, and quality were practiced and therefore incorporated into the understudies example of thinking.(James A. Herrick, The History and Theory of Rhetoric. Allyn Bacon, 2008)The Stasis Doctrine: Three QuestionsThe balance regulation, a methodology for deciding pertinent issues, was a staple idea for the Roman rh etoricians. As indicated by the least difficult translation of this precept, three inquiries are engaged with the essence of a given case: (1) Did anything occur? an approximate inquiry replied by physical proof; (2) What name ought to be applied to what was the deal? an inquiry replied by exact definitions; (3) What kind of an activity right? a subjective request permitting the speaker to indicate relieving circumstances.Additional material could be illustrated by utilizing the topics.(Donovan J. Ochs, Ciceros Rhetorical Theory. A Synoptic History of Classical Rhetoric, third ed., by James J. Murphy and Richard A. Katula. Lawrence Erlbaum, 2003) The Stasis Doctrine Applied to Yogi BearTo return for a second to Jellystone Park, theoretical balance would have us approach whether Yogi Bear was answerable for the vanishing of the cookout crate, definitional balance whether he snatched it and snaffled the substance, subjective balance whether the local laws of Jellystone Park preclude the robbery of outing containers, and translative status whether the supposed burglary ought to be attempted in a human court or whether this stealing wild creature ought to be immediately shot by a recreation center ranger.(Sam Leith, Words Like Loaded Pistols: Rhetoric From Aristotle to Obama. Fundamental Books, 2012)Stasis hypothesis has right up 'til the present time practiced significant impacts on the advancement of Western law, regardless of whether the degree of express consideration regarding the conventions of balance in the explanatory just as the legitimate writing has vacillated greatly.(Hanns Hohmann, Stasis, in Encyclopedia of Rhetori c, ed. Thomas O. Sloane. Oxford University Press, 2001) Elocution: STAY-sister Otherwise called: balance hypothesis, issues, status, constitutio Exchange Spellings: staseis

I Love Lucy Continued

I Love Lucy Continued Post continued from my last post. But first, an interesting remark: I said BRB, homework, and it took a week. Thats not unusual, for MIT; running into consecutive deadline after deadline until you dont know what happened to your week. Fortunately, its not most weeks of the term that you have such an experience; if you plan your schedule right, those weeks are far enough apart that its worth it. So, now, a post about keeping a car in the city. I love to drive; Ive for a long time been very comfortable behind the wheel, and I relax most when Im listening to the radio and driving (in a still-fully-attentive sorta way). Ive grown up on the stations in MA; my presets are ordered such that 104.1 is between 93.7 and 100.7. If that makes no sense, you havent been living in MA quite long enough :) Ive had my share of driving mishaps, but nothing too egregious; before coming to MIT, I had one ticket to my name and one towing. It was little enough that I decided I would try to bring my car here and keep it in the city. However, MIT parking is prohibitively expensive, with good reason: space is limited in the city, and MITs priority is to provide spaces for commuting faculty. Its not in their best interests to have students driving from East Campus to LaVerdes, after all; however, in the cold of winter, or the near-flash floods of September, some students such as myself like to be able to run errands in moderate comfort. Plus, its nice to only go grocery shopping once every other week rather than twice a week, because a car lets me carry back far too many gallons of orange juice. Thats not all I keep the car around for; having moved twice this summer (!!), its almost a necessity to be able to drive to and from my house on my own schedule. And when a friend suggests a trip to Maker Faire NYC, its more fun to split the cost of gas than it is to pay to sit for four hours on a bus (more on that to come). Ive also been known to make many a 5am trip to a local IHOP (about which I suspect one certain commenter will have something to say (cough cough Amy)). Instead of paying for MIT parking, though, I keep my car on the street. Its a bit of a dance, avoiding parking tickets; knowing what days they do street sweeping, knowing which spots will be free at which hours, and knowing where to park your car between safe periods. Most of the time, I can make it work out, but I think it requires a certain lifestyle that not everybody is willing to have. Sometimes, I cant. I was originally planning on finishing this post on Wednesday. Between a work deadline and the start of my next assignment, however, something came up. I was heading to my car to drive to the mall when, thirty feet away, I see a different car parked in the spot. Immediately I stopped and turned around, $140 lighter. Things I should put on my calendar: street sweeping. It wasnt all bad, however; I got to hop on my shiny new bicycle (thanks, Microsoft! For paying for near half of it, anyway) and ride into Allston to pick up my vehicle, cash in hand. Since Id been itching to get in some time on the new bike before the cold really sets in, I was moderately grateful; on top of that, I found a voucher for $50 in my rain coat pocket that Id lost seven months ago! It reminded me a little bit of the episode of Seinfeld in which Jerry discovers he always breaks even, minus $90 from my savings account. Oh well. I paid the $115 for my car, put my bike in the back (another reason I love my 98 Ford Explorer), and drove home (MIT, that is; home wouldve been 10 minutes further in a different direction). By the way, the other $25 of the $140? That comes from one of the greatest scams in the area: DCR parking tickets. If you get a parking ticket from the Department of Conservation and Recreation, youd better hope you can find a checkbook; if not, youre screwed. Although most parking tickets in Cambridge are handled by the city and can be paid over the phone or online with a credit card, parking tickets on Memorial Drive are handled by the *state*. If you get towed on a state road, then after you pay for your car you get that wonderful Christmas-morning feeling when you see the parking ticket on your windshield in the tow lot. The state must still be programming their systems with punchcards, too, because not only do you have to pay this ticket in cash if you dont have a checkbook, that is, or cant find it you have to pay it in person, at an office with very little parking nearby before 4PM on a weekday. This means you have to somehow get over there on foot, before 4PM as if you don t have classes with mandatory attendance, or as if you dont have a job with exact change. If youve been busy for the last 3 weeks, and its been more than the 21 days youre given to pay your ticket? No big deal, theres just a late fee. Want to know how much it is? Better consult your Ouija board. Your only hope is to call the office and get the exact number from them, but whenever I try it that seems tough to do two days in one week I was told that the only person who could help me was either out for the day or had left early (at noon!). Whats that? Youll just bring extra cash? Oh, they dont make change. *edit: it might be 5PM, actually. I forget. They dont even list the open hours online; you have to call to find out. Whatever. Grumble, grumble, grumble. So maybe that rant was a little over-the-top; try asking me about it again when I dont have to try to make it over to the middle of Boston between German (12-1PM) and math (3-4PM) on one of two busy weekdays. My answer will probably be a little more reasonable. Anyway, its frustrating to keep a car in the city. I feel that Im pretty good about it, driving several times a week and keeping close track of street sweeping and other such emergencies. I get towed about twice a year, and maybe earn myself one or two parking tickets on top of that. It still comes out to a heck of a lot less than the MIT parking charges, though (with much less reliability, timeslot availability, peace of mind, etc etc etc), but its a luxury I still decide is worth it to me, and one Im still willing to pay for. However, for those of you thinking about bringing a car into the city, think carefully about it. (I just secretly want all the street parking for myself). By the way, the title? When, a number of years ago, my family bought the car that I currently own, my mom gave it the name Lucy. Yours, Grumbly Old Man Cam

Wednesday, July 1, 2020

Intersectionality in Literature from Postcolonial Countries - Literature Essay Samples

Sacrifice in women’s writing often revolves around two different definitions of the word. The first definition is to voluntarily give something up of value, while the second definition is to offer or kill, often in a ceremonial fashion. Women’s writing has a recurring motif of sacrifice where female characters are the object of a sacrifice or sacrifice something of their own, and in either case these sacrifices are usually overseen or ordered by men for the benefit of men. What differs, however, is the nature of women’s sacrifice and this difference is often dependent on their individual circumstances, these circumstances creating different environments and practices for the treatment of women. In Anita Desai’s Clear Light of Day, for example, the Indian middle class Bimla Das partially sacrifices her autonomy to care for her autistic brother. Contrastingly, in Ahdaf Soueif’s Aisha the Egyptian lower class Zeina is sacrificed through the practice of child marriage. These two texts show that the nature of a woman’s sacrifice is dependent on her individual circumstance. This essay will argue that Clear Light of Day and Aisha exemplify how an individual’s circumstances in life change the meaning of sacrifice in relation to women, looking at how Bim of a Clear Light of Day voluntarily chooses to participate in her sacrifice while Zeina of Aisha, due to the community she is a part of, has no such choice. Judith Butler writes: ‘By conforming to a requirement of representational politics that feminism articulate a stable subject, feminism thus opens itself to charges of gross misrepresentation.’[1] Butler is talking about the issue of intersectionality and how feminism, through ignoring intersectionality, disenfranchises a large number of women. The idea of a ‘universal woman’, the supposed ‘stable subject’ of feminism, is ludicrous. Butler critiques feminists who fail to see the ways in which issues of class, race, sexuality, disability, and religion overlap with the issue of sexism. There is no ‘universal woman’ but rather an array of women whose circumstances differ and who face sexism in different ways. Virginia Woolf’s feminist essay A Room of One’s Own is most likely of little significance to a member of the Dalit, or ‘untouchable’, caste in India as Woolf writes to a universal woman who is like her: w hite, middle class, and intellectually interested. If we are to write about how women sacrifice or are sacrificed we must acknowledge that the degree of sacrifice will differ pertaining to the woman’s circumstances. An upper class woman in England may not sacrifice less than her lower class counterpart, but what she sacrifices will none the less be dependent on her class. The same can be said when referring to nation, the lower class women of England sacrificing differently than the lower class women of Egypt. To compare the significance of sacrifice in Clear Light of Day and Aisha is thus to cross examine differences of women’s individual circumstances. The Das family of Clear Light of Day are presented by Desai as living on the cusps of middle class comfort. Bim, the oldest of four siblings, works as a school teacher to provide for herself and her autistic brother Baba and they now live in their now crumbling family home. During her childhood Bim showed a vitality for life, an interest in poetry and sports and she admired historically strong female figures: ‘Bim of course worshipped Florence Nightingale along with Joan of Arc in her private pantheon of saints and goddesses’.[2] Though her life is not as full of noteworthy events as those of Nightingale or Joan of Arc were, Bim is shown to dream of becoming an independent heroine figure just like them. This dream, however, is sacrificed due to the greater and more aggressive dreams of her brother, Raja. Raja dreams of living a life beyond his family who, as he grows up, he comes to see more and more as dysfunctional and withholding: ‘He felt there could be no hous e as dismal as his own, as dusty and grimy and uncharming. Surely no family could have as much illness contained in it as his’. [Desai, pp. 49] Instead Raja aspires to a world of poetry and intellectual interest, his life directed ‘towards society, company, applause; towards colour, song, charm.’ [Desai, pp. 49] When Raja leaves the Das household to live in Hyderabad, and with her parents and aunt already dead, Bim has to become the head of her household and as such abandons her dreams of living independently from her family. Bim is, according Elaine Yee Lin Ho, representative of a trope in Desai’s works of women who ‘have accepted the grind of domesticity in a familial and cultural situation where other choices do not seem available or the opportunity for seeking them out does not arise’.[3] Bim’s sacrifice of her independence can be read as a knowingly selfless act. Dr. Biswas, the family doctor who attends to Raja while he is ill, sa ys to Bim ‘You have dedicated your life to others – to your sick brother and your aged aunt and your little brother who will be dependent on you all his life. You have sacrificed your own life for them.’ [Desai, pp. 97] But despite the selflessness of her actions Bim resents Raja for making her sacrifice her own life so that he could live as he wishes and Baba has someone to care for him. Though Bim sacrifices her dreams of heroine scale greatness and fame she is never faced with the danger of homelessness, starvation, or a truly measly existence. Her home is guaranteed to her when Raja becomes the owner and landlord of the property, writing to Bim in a letter that ‘you may continue to have it at the same rent, I shall never think of raising it or of selling the house as long as you and Baba need it.’ [Desai, pp. 27] In fact, Bim’s main complaint in life is not that she never got to live a heroic life like that of Florence Nightingale or Joan of Arc, but rather that she is dependent on her brother’s charity to have a home and she thus sees herself as pitied by Raja. When Tara implores Bim to join her in coming to the wedding of Raja’s daughter, Bim says ‘How can I? How can I enter his house – my landlords house? I, such a poor tenant? Because of me, he can’t raise the rent or sell the house and make a profit â€⠀œ imagine that. The sacrifice!’ [Desai, pp. 29] Bim interprets Raja’s promise that she and Baba will be safe as an insult to her sacrifice, insensitive to her considering the fact that she has given up her life to care for Baba. Bim fails to see the honour in her sacrifice, she sees her abandoning her ambition of heroinism as a failing on her part and a consequence of Raja’s selfishness rather than an example of a selfless and caring personality. Jenni Valjento writes that Bim’s ‘martyr-like claiming of home and responsibility [are] the defining components of her personality.’[4] Bim sees living as martyr for her brother as a disgrace, showing a torn mentality as she is able to live selflessly so as to help her family but is unable to respect or appreciate this selflessness. Perhaps Bim’s perception of herself as a wasted martyr for her brother’s aspirations stems from the fact that she had the aspiration and potential to lead a successful life. Guaranteed a stable and safe life due Raja’s owning of the house and her job, Bim sacrifices her lofty aspirations of heroinism knowing that she will never live without. Her socio-economic status allows her to make the selfless sacrifice, it is simply her misconception of her sacrifice that disallows her from living a happy and fulfilled life. Whereas Bim knowingly, albeit bitterly, sacrifices her independence knowing full well that she will never live a life wanting of anything other than said independence, Zeina in Aisha is sacrificed involuntarily. Zeina, the nurse of the titular character Aisha, is married at the age of fifteen to her nineteen year old cousin and the marriage is shown to depersonalize Zeina as a person in her own right. In the marriage Zeina seems secondary to her husband. When her grandmother describes what marriage will mean to her Zeina is told that ‘You’ll be his wife and he’ll be you husband and you’ll serve him and do what he tells you.’[5] The tone in which this is said and the absoluteness of the statement show that Zeina, only a teenager at the time who admits later that ‘I knew nothing of marriage’, has no choice in the matter. [Soueif, pp. 85] Already Zeina has had her independence taken from her, different to how Bim willingly gives it up. Zein a shows very little worry about the marriage, instead becoming wrapped up in the romanticism of marriage and the supposed glamour of the ceremony. She says that ‘My bridal box had been ready for years’, and, as she is only fifteen at the time, this shows how Zeina’s whole life, what little of it there has been so far, has been gearing up for the moment of her marriage. However, the romanticism of the marriage ceremony is soon overruled by what comes to resemble a sacrificial ceremony centered around Zeina’s virginity. Zeina’s recounts the involvement of a Mashta, who Zeina describes as ‘the woman who comes to adorn the bride’. [Soueif, pp. 86] Zeina is prepared for the marriage ceremony by having her body stripped of hair so as to make her more sexually appealing to her husband: ‘The hair on your legs and your body, to make you nice and smooth for the bridegroom.’ [Soueif, pp. 87] Zeina describes the process as horrible and painful, saying that ‘I struggle up but they held me down and the Mashta went on spreading the paste and tearing it off while I cried and screamed until I was completely clean.’ [Soueif, pp. 89] Zeina, who earlier looked at the marriage as exciting and romantic, is clearly shown not to be the subject of the marriage. The marriage is not at all about her marrying for her own in terests but rather her husband having his needs met. The ceremony itself continues this presentation of cruelty and barbarism when Zeina’s virginity is tested: ‘I lay there squirming and crying in gasps as he knelt down and forced his bandaged finger into me, working it round and round and in and out as I screamed and scream. Finally he took it out. The bandage was soaked with blood.’ [Soueif, pp. 91 – 92] The whole of this sacrificial scene is normalized in Zeina’s narrative as if it were totally ordinary. Zeina is presented as being lower class through her job as a nurse to Aisha, as well through her husband’s inherited family business: ‘He was a butcher like his father’. [Soueif, pp. 85] Later on she almost seems to look back nostalgically at the scene. ‘â€Å"They told me to undress and I was so shy,† said Zeina, laughing.’ [Soueif, pp. 87] The fact that she laughs remembering how she was cruelly humiliated during the Mashta’s waxing suggests she feels she was naà ¯ve back then; she undermines her own shyness, apprehension, and fear. Her protests, her displays of independence or secession from the marriage, are dismissed by her aunt: ‘Come on, Zeina, don’t be a spoilt child.’ To protest against an unwanted marriage and stand up for oneself is shown to ‘spoilt’, therefore suggesting that a gratef ul child, or one who is aware of their own place, should accept the marriage and be thankful for it. Zeina’s story shows that being symbolically sacrificed through a violent marriage ceremony is normalized within her community, rural lower class Egyptians. She shows little awareness that she completely lacked autonomy during the process and that her life is defined by her husband. Zeina’s circumstances, drastically different and noticeably harsher than Bim’s, puts her in no position to make sacrifices, but rather only be the sacrifice. Though Clear Light of Day and Aisha show that a woman’s individual circumstances are integral factors to the nature of the sacrifice that she will make or be made of, both texts also show that sacrifice permeates the life of women despite issues of intersectionality. As sacrifice is a constant factor in their lives, women are not only the subjects of sacrifice but often are the instigators or partakers of sacrifice. The French philosopher Simone de Beauvoir writes that ‘Patriarchal society, for example, being centered upon the conversation of the patrimony, implies necessarily, along with those who own and transmit wealth, the existence of men and women who take property away from its owners and put it into circulation.’[6] By writing ‘men and women’ Beauvoir acknowledges how women, just as much as men, are integral to the continuation of patriarchal processes, sacrifice being no exception. Still, even when women are not the subject of sacrifice, inte rsectionality plays a role in how they relate to it. Tara, Bim’s younger sister, is presented as more stereotypically feminine, meek, and unambitious than her sister: ‘Tara did not tell her that she hoped never to have to do anything in the world, that she wanted only to hide under Aunt Mira’s quilt or behind the shrubs in the garden and never be asked to come out and do anything, prove herself to be anything.’ [Desai, pp. 126] Tara has no ambition or dream in the world other than escape her life in Old Dehli and she achieves this through marrying Bakul who becomes a foreign diplomat. By marrying, much like Raja, Tara leaves Bim to care for Bakul and is therefore equally as implicit in necessitating Bim’s sacrifice of her ambition as Raja is. As can be seen in Zeina’s marriage ceremony, women are also involved in the more brutal elements of symbolic female sacrifice. The women that Zeina trusts, her aunt and her grandmother, are involved with the humiliating act of the Mashta’s waxing: â €˜I held on to my grandmother, but she pulled up my shift and my aunt took it off me’. [Soueif, pp. 87] They are then involved in the even crueler marriage ceremony along with other women: ‘Suddenly four women surrounded me and pulled me to the floor. One pinned down my shoulders while the other held on to my waist and my aunt and grandmother pulled off my knickers.’ [Soueif, pp. 91] As Amin Malak writes, Zeina is ‘shocked by the violence and force used by female family members present in the wedding chamber to help the groom penetrate her with his bandaged finger so that the blood-soaked bandage can be exhibited as a sign of the virginity of the bride’.[7] It is clear to see that women are active in necessitating the sacrifices of other women and partaking in the sacrifice of women, yet differences of intersectionality once again arise. Tara’s marriage is not the single cause of her sister’s sacrifice. Much like Bim, she perceives Raja as the main cause and urges Bim to forgive their brother through disposing of the insulting letter: ‘Don’t put it back there to take out and look at and hold against Raja. Tear it up, Bim, throw it away’. [Desai, pp. 29] Tara’s leaving of her family through marrying a man whose careers means he must spend nearly all of his time away from his home country make her just as much a cause in the sacrifice made by Bim as Raja; she too abandoned her sister and brother. However, due to the passive nature of her involvement in necessitating Bim’s sacrifice, something as normalized within society as marriage, Tara seems totally unaware of this involvement. This is in stark contrast to the women who aid in the brutal sacrifice of Zeina who are instinctively aware of what they are doing to her and actively partake. Tara’s involvement in Bim’s sacrifice can go unnoticed as her socio-economic status deems marrying and leaving the family unit as an integral part of her female identity, while in the much lower socio-economically positioned family of Zeina the family unit is an active participant in sacrifice. The individual circumstances of women, once again, is shown to be intrinsically linked with the nature of female orientated sacrifice. The difference in a woman’s individual circumstances in relation to sacrifice is the difference between making a sacrifice and being a sacrifice. Bim, due to the safety net put in place for her by her brother and through the income of her teaching job, has the freedom to make a sacrifice so as to selflessly support her elder brother and care for her younger one. Meanwhile Zeina, due to customs of her community, is made a sacrifice of against her will. To say that the issue of intersectionality changes the way in which women sacrifice or are sacrificed is not to negate the experiences of some women. Bim’s sacrifice, though voluntary, is not fair. Rather, to note the differences that arise from intersectionality is to provide validity to the experiences of all women, to recognise that issues of sexism range much wider than the simple notion that ‘women are oppressed’. Raising the issue of intersectionality in feminist thought is to attempt to limit the level of disenfranchisement within that school of thought, and to include all women in a discourse that seeks to liberate them. Works Cited [1] Judith Butler, Gender Trouble, (New York: Routledge, 1999), pp. 8 [2] Anita Desai, Clear Light of Day, (London; Penguin, 1980), pp. 126 [3] Elaine Yee Lin Ho, Anita Desai, (Devon; Northcote House, 2006), pp. 21 [4] Jenni Valjento, ‘Staying, Leaving, Returning: The Interconnectedness of Female Identites in Anita Desai’s Clear Light of Day’, in Critical Responses to Anita Desai, ed. by Shubha Tiwari, (New Dehli; Atlantic Publishers and Distributors, 2004), pp. 186 [5] Ahdaf Soueif, Aisha, (London; Bloomsbury, 1995), pp. 85 [6] Simone de Beauvoir, ‘The Second Sex’, The Norton Anthology of Theory and Criticism, ed. by Vincent B. Leitch (New York: W. W. Norton Company, 2010), pp. 1266 [7] Amin Malek, ‘Arab-Muslim Feminism and the Narrative of Hybridity: The Fiction of Ahdaf Soueif’, Alif: Journal of Comparative Poetics, Issue No. 20 (2000), pp. 142

Tuesday, May 26, 2020

Humorous Informal Essay Samples

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

Development Of Government Bond Market In Nigeria - Free Essay Example

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. Don’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 à ¢Ã¢â€š ¬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 firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ 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 analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ 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 à ¢Ã¢â€š ¬Ã…“middlemanà ¢Ã¢â€š ¬? 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 banksà ¢Ã¢â€š ¬Ã¢â€ž ¢ 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 à ¢Ã¢â€š ¬Ã…“the 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 areasà ¢Ã¢â€š ¬?. 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 governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢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 countryà ¢Ã¢â€š ¬Ã¢â€ž ¢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 à ¢Ã¢â€š ¬Ã…“Market participants need to evaluate the critical success factors to determine which ones constrain their marketà ¢Ã¢â€š ¬Ã¢â€ž ¢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.à ¢Ã¢â€š ¬? Although, there is no one size fits all framework to build a market, emerging markets should try to learn from one anotherà ¢Ã¢â€š ¬Ã¢â€ž ¢s experiences for guidance on how to develop from à ¢Ã¢â€š ¬Ã…“emergingà ¢Ã¢â€š ¬? to à ¢Ã¢â€š ¬Ã…“emergedà ¢Ã¢â€š ¬? 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 à ¢Ã¢â€š ¬Ã…“unablingà ¢Ã¢â€š ¬? 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), à ¢Ã¢â€š ¬Ã…“governments 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 investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ 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.à ¢Ã¢â€š ¬? World Bank (2001,b) further states that à ¢Ã¢â€š ¬Ã…“a sound and prudent debt management operation is also central to the governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s credibility as an issuerà ¢Ã¢â€š ¬?. 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 à ¢Ã¢â€š ¬Ã…“benchmark yield curveà ¢Ã¢â€š ¬?. 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 agentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ 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 sectorà ¢Ã¢â€š ¬Ã¢â€ž ¢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 governmentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ 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 governmentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ 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 à ¢Ã¢â€š ¬Ã…“If 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.à ¢Ã¢â€š ¬? The reasons behind for Mr Sonakulà ¢Ã¢â€š ¬Ã¢â€ž ¢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 à ¢Ã¢â€š ¬Ã…“hot moneyà ¢Ã¢â€š ¬? 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 Asiaà ¢Ã¢â€š ¬Ã¢â€ž ¢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 Russianà ¢Ã¢â€š ¬Ã¢â€ž ¢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 marketsà ¢Ã¢â€š ¬Ã¢â€ž ¢ confidence in roubleà ¢Ã¢â€š ¬Ã¢â€ž ¢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 governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢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 à ¢Ã¢â€š ¬Ã…“buy and holdà ¢Ã¢â€š ¬? 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 regionsà ¢Ã¢â€š ¬Ã¢â€ž ¢ 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 à ¢Ã¢â€š ¬Ã…“buy and holdà ¢Ã¢â€š ¬? 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 à ¢Ã¢â€š ¬Ã…“buy and holdà ¢Ã¢â€š ¬? 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.