Country Risk Ananlysis Research Paper Example | Topics and Well Written Essays - 2250 words

Country Risk Ananlysis - Research Paper Example Some risks can be diversified away through investing in portfolios of investments which diversify each other’s risk. The risk that can be diversified away is called diversifiable risk or unsystematic risk. On the other hand systematic risk cannot be diversified and is thus also called un-diversifiable risk. Economic and political risk is inherent risks of operating in a country. The economic risk is the risk that economy of that country would change for the worse. This change could be due to bad management or uncomprehend able natural causes, such as reduction in oil prices for a country which has oil as its primary export. Political risk on the other hand points towards the stability in the country. This is the risk that there would be political turmoil in a country which would result in loses on investment. The recent changes in the Arabian Peninsula are changing the shape of Arab politics for ever. There have been major political changes in countries like Egypt, Libya and S yria. These political changes would in due course of time bring positive changes in the region and contribute to the economic stability and wellbeing of local. However these changes have also created a sense and environment of uncertainty in the political environment of the region. There is confusion as to which country would be affected by this political upheaval next. Amongst this political turmoil lies a country of 1.7 million people known as Qatar. The State of Qatar is located in the Middle East and shares its borders with the Gulf and Saudi Arabia. The country is a monarchy controlled by the Al Thani family. Other monarchies in the region are threatened by political upheavals; Qatar is no different due to its political system. However Qatar is still a peaceful country and there have been no apparent signs of any political upheavals. One of the reasons is the sound economic situations of the country. The economy of Qatar is growing rapidly and is considered one of the fasted gr owing economies of the world. The nation has a per capita annual GDP of 97,000 dollars, which is one of the highest in the entire world. The nation is rich with oil and gas reserves. However instead of simply consuming these resources like many other Arab nations, Qatar has strived to build itself as a strong economic power through development of infrastructure and industry. The economic growth is stable due to a strong inflow of foreign capital due to oil exports. This stability plays a primary role in reducing the financial risk of the country. The purchasing power parity of Qatar according to CIA Fact-book is estimated to be $123 billion. This is an increase of approximately 20% from previous years. Due to a rick economy the locals are not an active part of the country’s workforce. However efforts are being made to bring about a change in this department. The main hindrance in these efforts is the availability of an excellent social welfare system, which allows people to l eave lives near 0 % present of poverty. This can be seen by the high per Capita GDP of Qatar which makes it one of the richest nations in the world. The country risk of Qatar has been defined as CRT-3. Risk tier 3 is defined as Developing legal environment, legal system and business environment with developing capital markets; developing insurance regulatory structure. This means that the country has very low economic risk. This low risk is due to the rapid growth of GDP

Close Critical Commentary Essay Example for Free

Close Critical Commentary Essay Thetis is a poem written by the British poet Carol Ann Duffy in her collection The Worlds Wife. Unlike most of the other poems in this collection, Duffy has not titled the poem as Mrs (such as Mrs Lazarus and Mrs Tiresias) but as just Thetis. This may be making the point that in this case, it is Thetis herself who was famous, not her lover, and this shows female independence. The poem shows the transformations of Thetis, a Greek goddess and sea nymph, as she attempts to escape her mortal lover, with whom she is destined to have a child. Duffy uses the poem to celebrate the adaptation and flexibility of women, just as she does with Mrs Lazarus- who moves on after her husband dies- and Mrs Midas, who moves her husband out and remodels her life without him. The poem is written in free verse, which helps keep the pace of the poem fast, and reminds us of the freeness of Thetis form. She is a slippery, darting creature, being a sea-nymph, and often changes her form rapidly. Despite this, the poem is in eight sestets, a regular shape, and this is to remind us of Thetis bonds, and her inescapable fate. The poem is written as a dramatic monologue, as are the other poems in the collection, and this means that we are seeing the world from the imagined view of one person- in this collection, always a woman. The sporadic rhyme- such as in stanza four where the majority of words rhyme, and the last stanza, where there are only two rhymes, one of which is internal- is again reminding us of freedom, and also speeding up the pace to match Thetis frantic changes of shape. Duffy uses enjambment freely here, running lines on to create pace and free movement. She only once uses a caesura in the poem, and this again creates fluidity, which is a reflection of not only her freedom of form, but her connections to water and the sea. Duffy varies her language throughout the poem to express thoughts and highlight her key ideas. By using religious metaphors such as shouldered the cross and [carried the cross] up the hill she brings in the idea of Christian suffering, and ties it to the suffering of Thetis. Similarly, the albatross and the squint of a crossbows eye are also images of suffering- that of the mariner in The Rhyme Of An Ancient Mariner- and could also signify the suffering felt by her suitor as he tries to capture her, only to be cursed by her hatred. The suitor is described in varying ways throughout the poem. He goes from being a charmer (the snake charmer image gives us the idea that she is under his power) to a strangler (a powerful image) in stanza three, and this shows his two personalities- the powerful man and the lover. The sudden change in description also gives the premonition of a sudden change in her feelings. In stanza four he is coldly described as the guy- an impersonal reference. This lets the reader see the development and progression of her feelings for him. Throughout the poem we perceive the suitor to be violent and powerful, particularly in the line I sank through the floor which sounds as though he forces her to sink, it is not through her choosing, and this exaggerates his power, and the line I felt the squeeze of his fist, which again suggests his violence and power. At the end of the poem, the suitor becomes the groom, and this sudden acceptance and a more personal feel shows the change in her emotions towards him. A chatty and conversational tone is used throughout the poem. This is a common feature of Duffys monologues- in Queen Kong the language used suggests a chatty American interview or real life story in a magazine, and in Mrs Midas, the poem is written as though it was being spoken to a close friend. In this poem the chatty tone helps to evolve a fast pace, and reflects the freeness of Thetiss form using the freeness of her language. Lines such as I changed my tune and his hook and his line and his sinker are clichi s used to give the end of the poem a tiresome feel, which reflects Thetis exhaustion at changing shape. They allow Thetis to seem bored of running from her suitor, as they are over-used phrases, and they are used in a satirical manner, which also shows humour. Similarly Stuff that is a chatty, every-day phrase, and Duffy also uses it humorously as a pun, referring to the art of taxidermy. Interestingly, the lines I shopped for a suitable shape. Big Mistake suggest a criticism of todays society, where size 8 is a perfect size to be. Duffy is criticising men for forcing women to be slim, and women for giving in to them, and this fits well with Duffys theme of being forced to change. The Big Mistake line shows Duffys contempt for the conformers. The internal rhyme speeds up the pace, and this fast pace mirrors the speedy lifestyle of women today, especially their high street shopping, which is frantic but ultimately meaningless, just like Thetiss changes. Duffy is making a joke of the ultimate shape and appearance so valuable to women in todays society. The last verse of the poem is different to the others. Thetis is no longer running from her suitor but embracing him. The references to fire -flame, burned, and asbestos- can be interpreted in many ways. Perhaps this is the heat of her passion, brought on by the relentlessness with which he has pursued her, or perhaps it is Thetis again trying to have an effect on him, by burning him, but he is still impervious to her- the groom wore asbestos. Perhaps when she says my kisses burned she means that it hurts her to be kissing him, and to have given in to him. The line between passion and destruction here is all but invisible, and this adds an interesting twist to the poem. The last two lines deal with the birth of Thetiss child, Achilles, and are fairly violent and almost visceral. The reference to her having turned inside out could reflect her change in opinion from hating him to loving him.

Impact of the SDP on British Politics

Impact of the SDP on British Politics How much lasting impact has the SDP had on British Politics? On August 1st 1980 Shirley Williams, David Owen and Bill Rodgers published their famous ‘Gang of Three’ statement: an open letter in the Guardian ‘rejecting class war, accepting the mixed economy and the need to manage it efficiently’ (Glover, 2006). Following the Wembley conference of 1981 which passed rule changes strengthening the power of left-wing activists over candidate selection and the party leadership, the Gang of Three was joined by President of the European Commission, Roy Jenkins to form a new centrist party, the Social Democratic Party which threatened to change the nature of British politics (Bill Jones and Philip Norton , 2013). Nicholas Watt argues that: â€Å"The SDP transformed the Labour Party without winning many parliamentary seats, or by creating a major political force at Westminster.† (Watt, 2013) The Oxford Concise Dictionary of Politics defines the term ‘social democracy, social democrat’ as: ‘The title taken by most Marxist socialist parties between 1880 and 1914†¦ In Britain, the Social Democratic Federation (SDF) was a late nineteenth century Marxist group which was eventually absorbed into the Communist Party’ (McLean, 2009, p. 490). The conventional view is that the SDP split the anti-Tory vote and helped to keep Margaret Thatcher in power for a decade. However, the party’s history as argued by Ivor Crewe and Anthony King concluded that this transient new force, if anything, reduced the Tory majority (Ivor Crewe and Anthony King, 1995). Furthermore, an ‘Alliance’ between the old Liberals and new SDP was a potent electoral force at two general elections in the 1980s. Together, in 1983, they garnered 25.4 per cent of the vote but less than 4 per cent of the seats. The attempted breakthrough in 1987 failed when they mustered only 22.6 per cent of the vote (Bill Jones and Philip Norton , 2013). However, after 1989 the newly merged party, the Liberal Democrats, has fought to resist a classic third-party squeeze, as the two main parties converged to the centre ground after Thatcherism (Ivor Crewe and Anthony King, 1995). Additionally, as a result of the 1997 general election, it can be argued that the Liberal Democrats are faced with a series of fundamental questions regarding their electoral future and party profile, which may have a wider impact upon the nature of British politics (Andrew Russell and Ed Fieldhouse , 2013). Accurately evaluating the impact of the SDP and the Liberal-SDP alliance on British politics is not an easy task. Ivor Crewe and Anthony king argue that it was negligible (Ivor Crewe and Anthony King, 1995). Labour’s transformation, they suggest, ‘owed almost nothing to the SDP’ since it occurred largely after the demise of the Alliance in 1987 and it was arguably a response to election defeats in 1983 and 1987 which would have happened regardless of the SDP’s existence (Robert Garner and Richard Kelly, 1998, p. 171). It can be argued that the existence of the SDP did not prevent Conservative election victories nor did it alter the policies pursued by the Thatcher governments. Furthermore, it can also be argued that the party which arose following the merger between the Liberals and the SDP differed little, in character or electoral performance, from the old Liberal Party (Robert Garner and Richard Kelly, 1998). The SDP wished to ‘break the mould of British politics’ (McLean, 2009). It can be argued that it proposed a new, or at least rarely articulated amalgam of strong social liberalism with fairly strong economic liberalism, under the slogan of ‘the social market economy’. In addition, in conventional terms, it was left-wing on social matters and right-wing on economic matters (McLean, 2009). However, this strategy faced two problems: Firstly, although there was no increasing group of voters to whom this mixture appealed, typically well-educated people in professional rather than commercial occupations, it can be argued that they were not numerous enough to be electorally significant (McLean, 2009). Secondly, it can be argued that some members of the SDP preferred to present themselves as the continuing Labour Party when the real Labour Party was seen as having moved far to the left. This was the basis of an appeal to a quite different sector of the electorate; but it arguably involved much stronger support for corporatism and the traditional left in economic matters (McLean, 2009). There is an alternative, more generous, interpretation of the SDP’s contribution to British politics in the 1980s. Firstly, although the Alliance arguably failed to break the mould of British politics, it can be argued that it failed to do so only because of the electoral system which above all, gave Labour the time to reorganise after the 1983 election (Robert Garner and Richard Kelly, 1998). Furthermore, the fact that the large number of votes won by the Alliance were not converted proportionately into seats brought the issue of electoral reform firmly on to the political agenda, where it has remained. Secondly, it can also be argued that the organisational structure of the new Liberal Democrat Party was influenced by the SDP, which made it much more centralised and efficient (Robert Garner and Richard Kelly, 1998). It is largely true that the Alliance’s direct electoral impact on Labour was minimal. The formation of the SDP raised the prospect of a viable attack on Labour strongholds, something which the Liberals had been unable to do (Robert Garner and Richard Kelly, 1998). The Alliance, therefore, hoped to fulfil a realignment on the left with a new centre-left party replacing Labour. It can be argued that this strategy had not been successful in the past because the electoral strength of the Liberal Party had been concentrated in Conservative areas. Additionally, it can also be argued that Liberal revivals, therefore, in the early 1960s and between 1970 and 1974 – had occurred largely as a result of discontent with Conservative governments. The effect was to benefit the Labour Party, such as in February 1974 (Robert Garner and Richard Kelly, 1998). The SDP never looked likely to fulfil the task of realigning the left. Like the Liberals before them, the electoral strength of the Alliance was in primarily southern – Conservative seats. Indeed, survey evidence suggested that, as Ivor Crewe argues: â€Å"SDP supporters place not only their party but themselves in the centre; they are, in fact, fractionally to its right. Typically SDP supporters do not see themselves as moderate but left of centre-voters abandoned by a leftwards drifting Labour Party. They see themselves as ‘middle of the roaders’.† (Bogdanor, 1985, p. 54) Ironically, it can be argued that the Alliance was a bigger threat to the Conservatives, coming second in about two-thirds of seats won by that party in 1983, and had the Alliance achieved marginally better results in 1983 and 1987, a hung parliament at the very least could have resulted, with Labour being the likely beneficiary. However, despite this, many in the Labour Party perceived the Alliance as a threat and its existence, therefore, provided one incentive for hastening the speed of the party’s transformation. Furthermore, had Labour not begun the process of transforming its images and policies, it is plausible to argue that the Alliance would have become a serious threat to Labour’s position as the major party on the centre-left of British politics (Robert Garner and Richard Kelly, 1998). Luke Akehurst argues that: â€Å"It was not the SDP that provided Britain with a landslide centre-left victory and 13 years of progressive government, but a renewed and regene rated Labour Party. Labour’s best days were ahead of it, not behind it.† (Akehurst, 2012) Most SDP members who joined the Liberal Democrats still remain in the party. However, Roger Liddle rejoined Labour and went on to become Chairman of the international think tankPolicy Network and he has arguably had a major impact on modernising the Labour Party’s political philosophy. Liddle also became Special Adviser on European matters to Tony Blair. Danny Finkelstein, joined the Conservative party and became a close aide of bothJohn MajorandWilliam Hague (Bill Jones and Philip Norton , 2013). In conclusion, it can be argued that the SDP has had a lasting impact on the Labour Party in the twenty-first century, as Steven Fielding argues: â€Å"The party at the start of the twenty-first century may be a highly cautious social democratic organisation; but recognisably social democratic it remains. If the state has advanced modestly and in novel ways since 1997, Labour’s purpose in office is the same as it ever was: to reform capitalism so that it may better serve the interests of the majority.† (Bill Jones and Philip Norton , 2013, p. 83) However, arguably most important of all, the SDP strengthened the political reputation of the Liberals. The national status of Owen and Jenkins helped the Liberals become somewhat more than a foundation of surprise by-election results and a party for people who live in rural areas such as the Western Country and theScottish Highlands. Finally, the SDP also assisted the Liberals in attracting attention from the media for their policies. Bibliography Akehurst, L., 2012. Labour vs the SDP: 31 years on – who was right?. [Online] Available at: http://labourlist.org/2012/03/labour-vs-the-sdp-31-years-on-who-was-right/ [Accessed 26 March 2014]. Andrew Russell and Ed Fieldhouse , 2013. British Elections Parties Review: Volume 10. Oxon: Routledge . Bill Jones and Philip Norton , 2013. Politics UK. 8 ed. Oxon: Routledge. Bogdanor, V., 1985. Three Political Systems: A Reader in British, Soviet and American Politics. Manchester: Manchester University Press. Glover, J., 2006. At that stage we really did see the possibility of winning the next election. All of a sudden we thought, its tomorrow, wow. [Online] Available at: http://www.theguardian.com/politics/2006/jan/25/past.julianglover [Accessed 23 March 2014]. Ivor Crewe and Anthony King, 1995. SDP: The Birth, Life, and Death of the Social Democratic Party. USA: Oxford University Press. McLean, I., 2009. Oxford Concise Dictionary of Politics. 3 ed. New York: Oxford University Press Inc.. Robert Garner and Richard Kelly, 1998. British Political Parties Today. Manchester: Manchester University Press. Watt, N., 2013. Ukip will change face of British politics like SDP, says Nigel Farage. [Online] Available at: http://www.theguardian.com/politics/2013/may/03/nigel-farage-ukip-change-british-politics [Accessed 25 March 2014]. .

Factors on Stock Market Development in SAARC Region

Factors on Stock Market Development in SAARC Region The Impact of Institutional and Macroeconomic Factors on Stock Market Development in SAARC region Fayaz Ahmed Soomro Problem Statement There are many researches concerned about the relationship between the Macroeconomic variables and the stock market performances[1]. Researchers have analyzed many different factors of Macroeconomic variables like GDP, Savings, Credit facilities, Shares traded, interest rates, remittances from abroad, trade deficit, consumer banking, production of industrial goods, liquidity and more macroeconomic factors having significant impact and are the major contributors in stock market development[2]. Researches also claim that there is one way relationship between stock market development and macroeconomic variables[3]. Researchers have also concentrated on the impact of quality of institutions on the development of equity market in developing countries specially[4]. However there is has been not much interested directed towards institutional quality having impact on stock market development in SAARC region. This research is focused on testing the theory and adding empirical evidence from in terms of impact of quality of institutions on the development of equity market. This research might help the respective countries of SAARC in understanding better the factors contributing in the development of stock market in the SAARC territory and May helps the policy makers to devise better and effective policies for the whole region. Objective To determine the impact of the quality of institutions with macroeconomic factors are having on the development of stock markets in SAARC region. Research Question What is the impact of quality of institutions with macroeconomic factors on the performance of the stock markets? Literature Review Development of the Stock markets and the growth of the economy There has been found that stock market development and economic prosperity are highly correlated Levine and Zervos (1996). The study adopted positivist approach and correlational in nature and based on 41 countries in the period 1976- 1993, the quantitative method was adopted. It was deduced based on the hypothesis taking sample population of 41 countries in the period 1976- 1993 that there exist a high correlation among stock market and growth of economy. Unidirectional effect of Macroeconomic Variables Macroeconomic factors affects the stock prices in the unidirectional way that is stock prices does not affects the Macroeconomic variables to change Hussain and Mehmood (2001). The approach adopted is quantitative in nature and falls in the domain of positivist research paradigm. The deduction was based on sample population of Pakistan by considering the period of 1959-60 to 1998-99. Stock Market and Economic Prosperity Evidence from India Economic prosperity is highly related with the stock market performance in the economy Deb and Mukherjee (2008). He analysed by the quantitative research methods and hence within positivism research paradigm that in India economic prosperity leads to the better stock market performances. He deduced that there is a relationship between economic prosperity and the stock market development in India by taking sample population of India from the period of ten years. It was also found that there exists a bidirectional causal relation among the said variables. Development in the Stock Market of Pakistan Liquidity and the prices of the stocks do not have any relation in any direction Ali et al. (2010). This research falls into the Post Positivism research paradigm because it is refuting the generalization made in the literature that money supply and stocks prices have no relation at all in any direction. This was tested by using Granger-causality test, Augmented Dickey Fuller, Unit Root Test and the test of co-integration (Johansen) have been applied. He also found that there is no causality effect among the liquidity and stock prices, industrial production , exchange proportion, rising prices, balance of trade and prices of the shares in Pakistan. Foreign Direct Investment is highly related to stock market development Raza et al. (2012) this research adopted quantitative and hence followed the positivism research paradigm that is, it tested the theory in consistent with the literature. The factors like savings, rising prices and money exchange rates were also considered and were found significant. Savings were in line with stock market however inflation and money exchange rate were found to have a negative impact. The research found that 70 percent of the increase in development of stock market is caused by the one percent change in FDI inflow. This is a huge impact so the government of Pakistan should be looking forward to protect the foreign investors and facilitate them as much as possible. There should be framework under which the foreign investors can take the easily their part and keep on investing in order to promote the stock market activities in the region. Stock Market development in Bangladesh The stock market of the Bangladesh is not mature yet and it’s not up to the standards of international markets, however this research identified many factors affecting the stock market development in Bangladesh Rrahman and Rahaman (2011). The research adopted quantitative and followed Positivist approach. Data was collected from the period 2001 to 2008 and was collected from various reliable sources of Bangladesh. Many different statistical techniques were used like descriptive analyses, correlation analyses were applied. All the variables were found to have significant impact. It was also suggested that Bangladesh stock market is highly volatile and there has much to improve in order to make it up to international standards. Stock Markets and the Institutional Quality Insitutional quality plays important role in the development of various sectors of the economy. Its implication has been tested and proved significant in the non banking financial sector in the Middle East and African regions Creane et al. (2004). The proxies that were used are Banking Industry, Money Supply, yearly monetary and fiscal policies, industrial regulations, financial corruption and the quality of institutions. Recommendation made in this report is about to increase the quality of institutions. Yartey (2008) Institutional factors including the political stablity, quality in bureaucracy, stability of democracy, corruptions, general regulations and laws with other macro economic factors were found to have a significant effect on the stock market activities because it usually increases financial facility to the general public and they tend to invest in the equity market. The data was collected from the period 1990 until 2004 that is total 14 years of 42 emerging economies. The data was analyzed through regression analysis. However risk in the political stability was suggested a major contributing in the stock exchange market enhancement. In other Burhop et al. (2011) tried to find the regulatory body as the important components of the stock exchange market. In his studies he considered London equity market and the stock market of berlin and quantified as in the form of IPO- initial Public Offerings. However he could not conclude whether regulatory body plays an important role in the stock market activities but he found that long term profits and survival in the competition as the important factor in the successful market. Research Methodology Epistemology This research tries to identify the Institutional factors and other macroeconomic factors that lead to the development of stock market, this knowledge already exist and justified in the region of Middle East in the International Monetary Fund’s working paper of Billmeier and Massa (2007). Nature of Knowledge This research tries to test already existing knowledge in the literature Billmeier and Massa (2007) which was specifically applied in the regions of Middle East and Central Asia. The theory has been tested quantitatively that exist in literature and adopted Positivism approach. This research adds the empirical proof from the SAARC region. Methodology- Positivism This research is also quantitative in nature and follows the positivism approach because it’s in consistent with the existing literature and follows the systematic scientific approach to find its applicability in the SAARC region. The gap in the empirical evidence was identified and in order to fill the gap same propositions were developed but in different context of its application Validity The method, approach, statistical technique and the measurement of the variables are in consistent with the International Monetary Fund’s working paper. That means theory already exist but it has been applied in the different context that is in SAARC region. Institutional quality has been measured as a index of Economic freedom by Heritage Index of Economic Freedom and other macroeconomic variables has been measured and reported by the World Bank and the data has been collected from their published reports. The detailed measurement is as follows Market Capitalization: This is has been measured as total value of the shares outstanding in the stock markets which is the total sum of shares prices multiplied by the no of outstanding securities. For this research it has been taken as the percentage of GDP. IQ: Institutional Quality: Institutions are the formal governing bodies in any country which look after the overall governing structure of the economy. These institutions guide the economy about political activities, social activities and the economic activities. Quality of institutions is enhanced with efficient and effective working of institutions. Quality is measured by Heritage Foundation as score from 0 to 100, the lowest value being the poorest form of quality and higher the score the higher the quality. INC: Income: It is represented as the total value of production within the country and has been measured at constant base of year 2000 US $ in Billions. INV: Investment: It is represented by the addition in the aggregate value of fixed assets with any inventories. This has been taken in this research as capital formation percentage of the GDP SVT: Stock value traded: It is represented by the shares total value in the specific period. This has been also taken as percentage traded over GDP DC: Domestic credit: It is represented by the total value of lending to the customers in the private sectors. This has also been taken as percentage of GDP. Reliability This theory has been applied in the region of SAARC region from the period 1996 to 2012. It is suggested the this theory will produce more or less the same results if carried out in the different period of time in the SAARC region Generalizability This same theory was applied and proved in the region of Middle East. This research also proved and produced the same results in the SAARC region hence It can be concluded that this theory is applicable to the regions with similar conditions of economy like in Middle East and Central Asia. Synthetic a posteriori proposition The proposition in this research says that Institutional Quality and macroeconomic factors have significant and positive impact on the stock market development in the SAARC region. This proposition is a synthetic a posteriori and subject to empirical verification from the above region. Deduction Reasoning General statements 1: Quality of institutions affects significantly on the development of stock market. 2: GDP affects significantly on the development of stock market. 3: Domestic credit affects significantly on the development of stock market. 4: Stock traded value affects significantly on the development of stock market. 5: Gross capital formation affects significantly on the development of stock market. Hypotheses Ho1: Quality of the institutions affects insignificantly on the development of stock market. Ha1: Quality of the institutions affects significantly on the development of stock market. Ho2: GDP affects significantly on the development of stock market. Ha2: GDP affects insignificantly on the development of stock market. Ho3: Domestic credit affects significantly on the development of stock market. Ha3: Domestic credit affects significantly on the development of stock market. Ho4: Stock traded value affects significantly on the development of stock market. Ha4: Stock traded value affects significantly on the development of stock market. Ho4: Gross capital formation affects significantly on the development of stock market. Ha4: Gross capital formation affects significantly on the development of stock market. Conclusion 1: Institutional quality does impact significantly on the development of stock market 2: GDP does impact significantly on the development of stock market 3: Domestic credit does impact significantly on the development of stock market 4: Stock traded value does impact significantly on the development of stock market 5: Gross capital formation does impact significantly on the development of stock market Falsification As this research is in consistent with the existing theory and has been only tested without amendments hence it is not refuting any theory of knowledge but adds empirical evidence in the literature from untested region that is South Asian Association of Regional Cooperation (SAARC) countries. Data Collection and Source In this research secondary data has been used. Data of institutional quality collected from the Index of Economic Freedom of Heritage Foundation. Data of macroeconomic variables collected from the World Bank. Target Population The research focuses on the regions of SAARC economies in particular countries Pakistan, Bangladesh, India, Nepal and Srilanka. Sample Size The dataset of 5 economies has been considered. The year 1995 to 2010 that is for 15 years of 5 countries of the SAARC region making it a total observations of 75 has been taken as the sample size. Statistical Technique The sample data of dependent variable and independent variables will be analyzed by ordinary least square method of multiple regression analyses technique. Research Model MCP = ÃŽ ± + ÃŽ ²1 IQ + ÃŽ ²2 INC + ÃŽ ²3 INV + ÃŽ ²4 SVT + ÃŽ ²5 DC + e Where MCP:Market Capitalization IQ: Institutional Quality INC: Income INV: Investment SVT: Stock value traded DC: Domestic credit 1 [1] Deb and Mukherjee (2008) Mustafa and Cagatay (2012) [2] Ali et al (2010), Raza et al (2012) [3] Hussain and Mehmood (2001) [4] Billmeier and Massa (2007), Lombardo and Pagano (2000), Yartey (2008), Burhop et al (2011)

Near-Earth Objects and Their Impact on Society Essay -- Space Explorat

Ever since the beginning of human history, people explored. Man, woman and child alike had opportunities to see the beauty and magnificence of Earth. They have seen the vast outstretches of Earth’s land, from the lush green plains of America, to the brilliant golden sands of Africa, and the roaring deep blue oceans. Over time, humans settled, leaving their nomadic past behind. Yet, their thirst for exploration continued. Magellan, Columbus, and Lewis and Clark, for example, quenched this thirst by going on expeditions to find new pathways for land, riches, or both. The Chinese were also pioneers of exploration. According to the National Aeronautics and Space Administration’s (NASA) Chief Historian Steven J. Dick, the Chinese once commandeered massive and elegant ships many times bigger than Columbus’s. He notes that their technology eventually staggered because of their later isolation and xenophobia towards the rest of the world. As a result, other countries, li ke the United States, later surpassed Chinese innovations. Throughout the golden age of exploration, however, there were also drawbacks. Dangers, risks, conflicts, and infectious diseases plagued explorers and their companions, but they continued to wander in hopes to improve efficiency and human life. Eventually, human expansion and exploration dwindled. Still, the spirit to press on sustained; people looked for new ways to explore. The Cold War era opened up a new frontier of exploration: space. Dubbed â€Å"the final frontier,† space holds many mysteries and secrets incomprehensible to the layperson. Space is unfamiliar and foreign. A dark shroud masks the dangers of space from the public majority. However, scientists, engineers and researchers know many potential dangers o... ...extinction." AccessScience. McGraw-Hill Companies. 2011. Web. 23 Mar. 2012. Delgado, Laura. "When inspiration fails to inspire: A change of strategy for the US space program." Space Policy. 27.2 (2011): 94-98. High Technology Research Database with Aerospace. Web. 18 Mar. 2012. Dick, Steven. â€Å"The Importance of Exploration.† Exploring our Solar System. NASA. 22 Nov. 2007. Web. 14 Mar. 2012. Felton, John. â€Å"Space Program.† CQ Researcher. 24 Feb. 2012: 177-204. Web. 7 Mar. 2012. Morrison, David. "FAQs About NEO Impacts." Asteroid and Comet Impact Hazards. NASA. Sep. 2004. Web. 25 Mar. 2012. Norris, Guy. "Close Encounters." Aviation Week & Space Technology. 173.42 28 (2011): 51-52. Applied Science & Technology Full Text. Web. 23 Mar. 2012. Webster, Bobby. "Space Exploration." International Debate Education Association (IDEA). IDebate. 23 Oct. 2008. Web. 25 Mar. 2012.

Telecommunication :: essays research papers

Fuzzy Sets and Systems Lotfi A. Zadeh, The founder of fuzzy logic comp.ai.fuzzy New fuzzy archive by thread. Fuzzy Logic Tools and Companies. General sources of fuzzy information. Maintained by Bob John. Conferences and Workshops on Fuzzy Systems: 1990-2001 From the Parallel and Distributed Processing Laboratory of the Department of Applied Informatics, University of Macedonia, Thessaloniki, Greece World Federation on Soft Computing Artificial Intelligence-related Frequently Asked Questions Professional Organizations and Networks International Fuzzy Systems Association (IFSA) IFSA is a worldwide organization dedicated to the support and development of the theory of fuzzy sets and systems and related areas and their applications, publishes the International Journal of Fuzzy Sets and Systems, holds International conferences, establishes chapters and sponsors other activities. Japan Society for Fuzzy Theory and Systems (SOFT) Established in 1989. SOFT has 1,670 individual members and 74 company members, publishes an official bimonthly journal and organizes fuzzy systems symposiums. There are 8 regional branches and 8 research groups in SOFT. Berkeley Initiative in Soft Computing (BISC) BISC Program is the world-leading center for basic and applied research in soft computing. The principal constituents of soft computing (SC) are fuzzy logic (FL), neural network theory (NN) and probabilistic reasoning (PR), with the latter subsuming belief networks, evolutionary computing including DNA computing, chaos theory and parts of learning theory. North American Fuzzy Information Processing Society (NAFIPS) As the premier fuzzy society in North America established in 1981, our purpose is to help guide and encourage the development of fuzzy sets and related technologies for the benefit of mankind. Please mail questions/comments to the NAFIPS president (president@nafips.org) or to the NAFIPS web site maintainer (webmaster@nafips.org). Spanish Association of Fuzzy Logic and Technologies Promotes and disseminates the methods, techniques and developments of Fuzzy Logic and Technologies; Establish relations with other national or international Associations with similar aims; Organizes seminars and round tables on Fuzzy Logic and Technologies. Fuzzy Research Groups in Spain. The European Society for Fuzzy Logic and Technology (EUSFLAT) Established in 1998. The main goal of EUSFLAT are to represent the European fuzzy community of IFSA. To become a member of EUSFLAT please fill in the registration form. Hungarian Fuzzy Society Established in 1998. Honorary president: Tibor VÃ ¡mos. President: Imre Rudas. EUROFUSE Working Group on Fuzzy Sets of EURO Established in 1975. The purpose of EUROFUSE is to communicate and promote the knowledge of the theory of fuzzy sets and related areas and their applications. Telecommunication :: essays research papers Fuzzy Sets and Systems Lotfi A. Zadeh, The founder of fuzzy logic comp.ai.fuzzy New fuzzy archive by thread. Fuzzy Logic Tools and Companies. General sources of fuzzy information. Maintained by Bob John. Conferences and Workshops on Fuzzy Systems: 1990-2001 From the Parallel and Distributed Processing Laboratory of the Department of Applied Informatics, University of Macedonia, Thessaloniki, Greece World Federation on Soft Computing Artificial Intelligence-related Frequently Asked Questions Professional Organizations and Networks International Fuzzy Systems Association (IFSA) IFSA is a worldwide organization dedicated to the support and development of the theory of fuzzy sets and systems and related areas and their applications, publishes the International Journal of Fuzzy Sets and Systems, holds International conferences, establishes chapters and sponsors other activities. Japan Society for Fuzzy Theory and Systems (SOFT) Established in 1989. SOFT has 1,670 individual members and 74 company members, publishes an official bimonthly journal and organizes fuzzy systems symposiums. There are 8 regional branches and 8 research groups in SOFT. Berkeley Initiative in Soft Computing (BISC) BISC Program is the world-leading center for basic and applied research in soft computing. The principal constituents of soft computing (SC) are fuzzy logic (FL), neural network theory (NN) and probabilistic reasoning (PR), with the latter subsuming belief networks, evolutionary computing including DNA computing, chaos theory and parts of learning theory. North American Fuzzy Information Processing Society (NAFIPS) As the premier fuzzy society in North America established in 1981, our purpose is to help guide and encourage the development of fuzzy sets and related technologies for the benefit of mankind. Please mail questions/comments to the NAFIPS president (president@nafips.org) or to the NAFIPS web site maintainer (webmaster@nafips.org). Spanish Association of Fuzzy Logic and Technologies Promotes and disseminates the methods, techniques and developments of Fuzzy Logic and Technologies; Establish relations with other national or international Associations with similar aims; Organizes seminars and round tables on Fuzzy Logic and Technologies. Fuzzy Research Groups in Spain. The European Society for Fuzzy Logic and Technology (EUSFLAT) Established in 1998. The main goal of EUSFLAT are to represent the European fuzzy community of IFSA. To become a member of EUSFLAT please fill in the registration form. Hungarian Fuzzy Society Established in 1998. Honorary president: Tibor VÃ ¡mos. President: Imre Rudas. EUROFUSE Working Group on Fuzzy Sets of EURO Established in 1975. The purpose of EUROFUSE is to communicate and promote the knowledge of the theory of fuzzy sets and related areas and their applications.

American Racial Discriminations against Middle Easterners and the effect it has on Middle Easterners since 911

â€Å"Middle Easterns† is not just a race residing in several countries around the world; it has evolved to depict different semantic meanings as to the term of people born in the Middle Eastern culture and way of life. (Wikipedia) The Middle East is composed of countries in the territory of Turkey, Cyprus, Syria, Lebanon, Iraq, Iran, Palestine (now Israel), Jordan, Egypt, The Sudan, Libya, and several states belonging to the state of Arabia (Saudi Arabia, Kuwait, Yemen, Oman, Bahrain, Qatar, and the United Arab Emirates).Geographically characterizing Middle Eastern communities, it has enlarged over the years to include three other countries in the North Africa region which is Tunisia, Algeria and Morocco with associated foreign policies. The Middle East is a territory that is surrounded by the southern and eastern shores of the Mediterranean Sea, extending from Morocco to the Arabian Peninsula and Iran. (Wikipedia) Middle Eastern is a modern term coined by Americans for Arabs and for people who reside in the region of the Middle East.These are Semitic people speaking the Arabic language and are generally not specified to particular residency in the Middle East. The distinction of Arabs must be clearly defined as the common perception of Arabs is that they are Muslims. Not all Arabs are Muslims, and not all Muslims are Arabs. Arabs are considered by the short lived Arabian league to be those of Arabic descent and speaking the Arabic Language. They must have originated from an Arabic country and strictly follow the rules and tenets of Arabic culture. (â€Å"Poll: Majority of US Muslims suffered post September 11 bias†, 2002)The paper will discuss the implications of the perception on Middle Easterns and the changes after the September 11 attacks in the United States. In this exposition, discrimination against Middle eastern will be evaluated and the extent to which it happened after the 9/11 attacks. The study shows what life was for Middle Eastern s before the attacks, and what they had to experience after. The study will not only focus on discrimination against Middle Easterns but also to discrimination per se on people belonging to different races.Discrimination happens due to decisive factors which differentiates one person belonging to a race from another. It is a way to make clear distinctions and act towards another person based on prejudice. It can happen through in three different ways; either base on their appearance, language, and religion. MIDDLE EASTERN DISCRIMINATION The society will more likely discriminate an individual because of what he looks like. Visual discrimination is the easiest way to discriminate someone. This is because appearance is readily available for a person to judge on especially when people base their perception on skin pigmentation.Even on how a person dresses constitutes formation of prejudices against them. Difference in religion also contributes to discrimination, not just the religion Is lam, but also other religious orientations as well. Religious discrimination is a one rampant occurrence after the 9/11 attacks. This is acting of ones bigotry against persons’ beliefs, rituals and customs in the particular religion he holds. Finally, the distinction between the different languages people speaks also accounts for discrimination to happen. Differences in language or in accent can generate misunderstanding among people.Discrimination is carried through many ways an(â€Å"DISCRIMINATION INFORMATION FROM LITERATURE REVIEW†)d forms. Middle Easterns are not just the ones affected by this act of prejudice, but all those other nationalities perceived as different. The stereotypes that greatly motivate discrimination can be attributed to how the American media portrays people. The media has adverse perpetuations in people who are different from the Americans. The American media affects how the people perceive Middle Easterns, whether physically, by religion or with language.Discrimination takes on different forms and is carried out to unlimited extent, from hate crimes to employment discriminations. (â€Å"DISCRIMINATION INFORMATION FROM LITERATURE REVIEW†) DISCRIMINATION BEFORE SEPTEMBER 11 2001 Discrimination against people with Middle East cultures is known even before the 9/11 event. But this had escalated dramatically over the years, particularly after the 9/11 attacks. They have been the subject of hate crimes, assaults and harassments due to their difference in color, race and religion.The perception of Arabs as terrorist is believed to have started in 1973 with the Arab- Israeli war and oil-embargo. The Iran hostage crisis in 1979, the hijacking of TWA Flight 847 in 1985 and the beginning of the Persian Gulf crisis added to the hostility of the American society against the Middle East culture. Prior to 911, Middle eastern were already a subject of contempt and distrust. Their portrayal in mainstream media as either lying vi llains or evil warlords has vilified their image to the American public. Fictional books, particularly after 1973 exhort American and Israeli courage under the face of their Arab oppressors.Middle Easterns were tagged as terrorists due to the perception that they are oppressors in their war against Israel. The American interest over Israel had contributed to the terrorist perception it generated. Even cartoons, like Aladdin imprint in American children the image of those coming from the middle east as liars and villains. (EEC, 2002) Before, little was known about the world that middle Easterns came from. The only feedback that the general public had was when the media reports that another terrorist attack has been perpetrated by Arab terrorists, or another take on the deemed inequalities in their culture and religion.In particular, Anti Arab sentiments have already taken hold before 911, due to the perception that these middle easterns are the oppressors in their war against Israel. The American interests in Israel have led them to promote the state at the same time portraying Muslims and the Arab world as oppressors and terrorists. Each terrorist attack by the Muslim world was broadcasted with the effect of making them the new pariahs of the world. The media and the government were very instrumental in defacing the image of middle easterns. And these acts further intensified after the tragedy that occurred on September 11 2001.THE TRAGEDY ON SEPTEMBER 11 2001 The September 11, 2001 attacks often referred to as just 911 was composed of a series of terrorist suicide attacks against the United States of America. On the morning of September 11, 2001, nineteen terrorists whose were purportedly with the al-Qaeda terrorist organization hijacked four commercial passenger airplanes. The hijackers took control of the aircraft using small knives to scare and immobilize the passenger and crew. Two of the planes (United Airlines Flight 175 and American Airlines Flight 11) were crashed in the twin towers of the World Trade Center in New York.In Arlington County, Virginia a third airplane (American Airlines Flight 77) was crashed into the United States Pentagon, the headquarters of the United States Department of Defense. The fourth airplane crashed into a field adjacent to the town of Shanksville in Pennsylvania. The plane did not reach its reported desired objective of crashing into the U. S. Capitol due to the attempt of some passengers and crew members to regain control of the plane. In addition to the19 hijackers, 2,973 people died; another 24 are missing and presumed dead. (Wikipedia) DISCRIMINATION AFTR SEPTEMBER 11Nine days after the terrorist attacks, President George W. Bush declared to the nation that â€Å"no one should be singled out for unfair treatment or unkind words because of their ethnic background or religious faith. † His words were a little too late and apparently ineffective. After 911, there have been a large number of r eported incidents of discrimination against Middle Eastern people in the United States. Security checks in airports were tightened and Middle Eastern personas well as persons perceived to be Middle Eastern were unjustly subject to more stringent security measures.(CNN, 2001) In the three days that succeeded the 911 terrorist attacks, CNN reported that at least 300 reports of Middle Eastern being harassed and abused were received by the Council on American-Islamic relations. This number tripled the amount of received reports in the year before September 11. The most common complaints were people yelling verbal abuse like â€Å"Get out of our country! Go back to your own†, as well as the calling of insulting names like Arab dogs, whores, and other vile monikers. (CNN, 2001)The FBI also reported an increase in Muslim crimes in the US in the year 2001. The US government is also said to have detained about 1200 Middle Eastern and South Asians with the assumptions that they are ass ociated with the terrorists. A report on the study by the Council on American- Islamic Relations (CAIR) released in September 18 2005, showed an increase of more than 30% of discrimination, harassment and violations complaints against Muslim. The CAIR, the country’s largest Muslim organization had evaluated the implications of the 9/11 attacks to the Muslim community.Such incidents of discrimination, harassments and violation complaints were reported to be 1, 972 in 2005, more than what is reported in the previous year. The organization concluded the report as the highest statistic since it started doing reports on anti-Muslim activities in 1995. The organization began its yearly reporting of crime incidents towards Muslim in the year 1995 after the Oklahoma bombing. The bombing of the federal government building in Oklahoma, pointed by the mass media to have done by Arab radicals, triggered the anti-Muslim perception of the people and as a result tagged the Muslim community as villains of peace.The year 2005 reported 153 cases of anti-Muslim hate crimes and marked a 10% increase of hate crimes over the year 2004, and a dramatic 50% increase from the year 2003. Hate crimes are acts of discrimination against persons belonging to a certain race, culture or religion. (cite source) These crimes involve murder, attacks on religious institutions, shootings, vehicular assaults and verbal threats against the person. This become evident after the 9/11 attacks as the whole Muslim community were scrutinized for their involvement with the attacks.(â€Å"Class action lawsuit filed against the US government†, 2002) There were several hate crimes reported after the 9/11 attacks. Balbir Singh Sodhi in Mesa Arizona, associated with a different religion from Islam, was killed with no reason at all. It has been reported that the reason for his death was just mere association with terrorist, particularly the assumption that he looks the same as the terrorist therefo re he too is a terrorist. There has been similar incidents like what happened to Sodhi after the 9/11 attacks. In Dallas Texas, Waqar Hassan was shot to death in his own convenience store.The 46 year old Pakistani was apparently mistaken for an Arab following the 911 tragedy. His murderer, Mark Stroman, was also found guilty of killing another man, Vasudev Patel, with the same motive. (BH. , 2002) Murders without regard to affiliation, actual race and citizenship were committed after the Sept 11 attack. The list includes Adel Caras a Coptic Christian who originated from Egypt, American citizens Amil Almansoop and Jawed Wassel and Abdo Ali Ahmed among others. It would seem that the pain of the tragedy of 911 was enough reason for the murderers to perform their act.The aftermath showed that some people felt it was ok to target Middle Easterners and even people who look like them either as revenge or just as an object to vent their rage. Most murderers did not even attempt to camouflag e their act. Marks Stroman was rumored to have bragged that he just that did what every American wanted to do but didn’t have the nerve. After 911, the amount of reports of employment discrimination against Middle Easterns showed an increase. In a report of the US Equal Employment Commission in May 2002, they showed that 488 complaints were received regarding post 911 employment discrimination.Additionally, 301 of those reports were about Middle Easterns being forced out of employment. Numerous reports also abound of people ostracizing Middle Eastern co workers in the office. The united states government also aided in portraying the Middle Easterns as having direct links to terrorists. After the September 11 tragedy, the United States detained 1200 people. These were of Middle East and South Asian descent, further fueling the perception that the Arabs and the Muslims had something to do with the September 11 attacks. What’s more troubling is that in Sept. 17, 2001, int erim regulation issued by the U. S.Department of Justice allowing detention without charge for at least 48 hours in emergency situations. This regulation was used in great effect in detaining those of Middle Eastern origin. The rule was invoked in the immigration of Middle Easterns following the attack. About 763 individuals were detained and about half of them were deported. Jorge Martinez of the United States Department of Justice explains that they did not single out Arabs, they were simply following up on leads and clues. However, the proceedings regarding these immigration cases are shrouded in a veil of secrecy. Identities and charges were not officially released.According to the Justice Department, this is simply to protect the privacy of the proceedings as well as the persons involved. Most of the information that were obtained showed that those detained were held on minor visa violations and on other terrorist unrelated criminal charges. The immigration judges presiding in the trials were allowed to hold their court proceedings in secret. The release of some detainees accompanied the news that rough treatment and solitary confinement were being used in these persons. (HRW, 2003) The effect of the attacks on Middle eastern communities across the country is even more troubling.Fear and paranoia has changed the way of life that these people were accustomed to. The numerous reports of physical injury and verbal abuse against Middle Easterns have induced some to refrain from showing signs of their ethnicity. The wearing of scarves and other telltale signs of their culture has made them visible targets to public contempt and most were not willing to undergo the risk that that entails. Withdrawal from civic life also came as a result of the 911 attacks. Middle Easterns stayed at their homes, and went out only when necessary due to fear of being a recipient of abuse.Muslim communities avoid congregating in order not to be subject to suspicion by others. Middl e eastern children were ostracized in their schools, most were bullied, called names and physically assaulted. (HRW, 2003) Prior to the 911 attacks, Muslim Middle Eastern families gave generously to charities and fundraisers. This is in accordance to the practice of zakat, one of the five pillars of Islam. However, the U. S government had a crack down on Muslim charities and charity benefactors, saying that they were a front for fundraising by terrorist organizations.In Chicago, two local Muslim charities, the Global Relief Foundation and Benevolence International Foundation, were investigated and shut down due to alleged terrorist links. A wave of paranoia has been sweeping Middle Eastern communities since the 911 attacks. Reports of the government’s methods in obtaining intelligence information from these communities have resulted in a feeling of fear and dread among individuals. Many has reported having been followed, eavesdropped upon, and watched. Federal agents have bee n known to search Middle Eastern residence without due notification or even the necessary warrants.Questioning by these agents without regards to the rights of the individual has made Middle Easterns wary and afraid. Reports of new faces in Mosques and in internal gatherings have made many wary. Islam is a religion based on tolerance and love. Because of this, Middle Easterns which have grown in this culture silently suffer the indignities and abuse being shown to them. However, a new generation of middle easterns, those who have grown in American soil, are rising up and asserting their rights as individuals and as Americans. Communities have begun to band together and combat the discrimination against them.Groups like The American-Arab Anti-Discrimination Committee (ADC), the Alliance of Iranian Americans (AIA), the Council on American Islamic Relations (CAIR), and the National Council of Pakistani Americans (NCPA) have provided a voice to those victim to racial discrimination. The y have acted by providing data, reports, denouncing claims and by filing suits against the perpetrators. But to some this is not enough. Many young middle easterns who have experienced this discrimination have talked about fighting back. CONCLUSION Discrimination against a particular people, religion or culture is a widespread occurrence even in these times.Discrimination comes in many forms. The Middle Eastern people have suffered discrimination on American soil before and after the September 11 attacks. Prior to 911 they have endured verbal abuse, harassment, racial profiling and even hate crimes. And after the tragedy, they suffered and are still suffering much more of these. They have been treated with distrust, unearned hate and contempt. Their rights have been trampled on and their liberties taken away from them. They have known fear and paranoia. And most have resolved to be victims no longer and fight back. The September 11 attacks struck a painful blow to the American natio n.The wounds of the victims and survivors are now healing. But the wound that its effects have wrought on the Middle Easterns in America still bleeds. References BH. (2002). 9/11 Fuels Anti-Arab Crime. Boston Herald. Class action lawsuit filed against the US government. ( 2002). Retrieved October 23, 2006, from http://www. adc. org/index. php? id=1540 CNN. (2001). Hate crime reports up in wake of terrorist attacks. Retrieved October 24, 2006, from http://www. cnn. com/2001/US/09/16/gen. hate. crimes DISCRIMINATION INFORMATION FROM LITERATURE REVIEW. from http://www. d. umn. edu/~lbelote/srseminar/mideast/PAPER4.HTM EEC. (2002). EEOC Provides Answers About the Workplace Rights of Muslims, Arabs, South Asians, and Sikhs. Retrieved October 24, 2006 from http://www. eeoc. gov/press/5-15-02. html HRW. (2003). We Are Not the Enemy. Human Rights Watch: A Journa, l(14(6)), 1-39. Poll: Majority of US Muslims suffered post September 11 bias. (2002). Retrieved October 24, 2006 from http://www. cairnet. org/asp/article. asp? articleid=895$articletype=3 Wikipedia. September 11, 2001 attacks. Retrieved October 25, 2006, from http://en. wikipedia. org/wiki/September_11,_2001_Terrorist_Attack#_note-CBS