Does Hong Kong Recovered from the Subprime Crisis Free Essays

Foundation In 2007, the taking off home loan wrongdoings and dispossessions in the United States set off the sub-prime emergency and before long spread over the world. In this report, significant reasons for the sub-prime emergency and its effects on Hong Kong’s economy will be analyzed. Various estimates made by controllers and budgetary organizations to handle this emergency will be examined moreover. We will compose a custom paper test on Does Hong Kong Recovered from the Subprime Crisis or on the other hand any comparable subject just for you Request Now In conclusion, proof about the recuperation of Hong Kong will be given. The sub-prime emergency In 2007, the breakdown of subprime contract upheld protections (MBSs) brought to a gigantic misfortune among contract banks. Numerous enormous budgetary firms including New Centaury Financial Corporation and Lehman Brothers Holdings Incorporation bowed out of all financial obligations, which brought about a downturn in the worldwide money related market and a progression of chain responses spreading over the world a while later. Effect of the sub-prime emergency on the Hong Kong money related establishments After the episode of the subprime emergency, the Hong Kong monetary market shrank alongside the worldwide financial downturn. The securities exchange in Hong Kong declined from recorded high of 31,000 in October 2007 to 20,700 in March 2008 (Diagram 1) as financial specialists misfortunes their certainty and pulled back cash from the market. Additionally, numerous banks recorded enormous measure of cash for various sub-prime related protections. For instance, HSBC discounted US$17. 284 billion for potential misfortunes in MBS or MBS related ventures (HSBC 2008). Bank of China (Hong Kong) additionally recorded HK$550m subprime-connected resources (Liu 2008). In conclusion, there was a credit smash because of the vulnerability about the measure of MBS related resources held by banks and insurance agencies. Therefore, numerous money related organizations diminished advances to one another and expanded the loan fee in view of high credit chance. Numerous new organizations and enterprises couldn't get store to additionally create and improve liquidity. Measures attempted by the controllers and money related foundations In request to reinforce the certainty of the residents and balance out the financial framework, the Hong Kong Deposit Protection Board fortified and altered the Deposit Protection Scheme Bill in 2011. The 100 % store security plan of HK $100,000 was first propelled in 2008. The measure of assurance was expanded to HK$500,000 in 2011. In addition, the Hong Kong Monetary Authority has made certain measures to manage the issue. Initially, HKMA reported a brief strategy which permitted authorized banks to access to liquidity help through the Discount Window with US dollar resources and broadened the length of liquidity help as long as a quarter of a year on 30th September 2008. These measures assisted with improving liquidity inside the financial framework and further straightforwardness pressures in the interbank advertise (HKMA, 2008). The Hong Kong Interbank Overnight Offered Rates dropped from 3% to 0. 3% in half a month time after the declaration of these measures (HKMA, 2010). Also, the HKMA actualized a full scale pressure testing of the banking sector’s powerlessness to stuns, for example, the sub-prime emergency. In the interim, HKMA utilized the macroeconomic credit chance models to improve the pressure testing of banks’ private home loan advances and other advance portfolios (Carse, 2008). The target of this testing is to help HKMA screen the financial area and dodge issues like sub-prime emergency from occurring in Hong Kong. Budgetary organizations discounted huge measure of cash and attempted to fund-raise in the market to improve their liquidity. In 2009, HSBC declared a USD$17. 7 billion rights issue. Investors were offered five new conventional offers for each 12 existing offers at a cost of HK$28 per new offer (HSBC, 2009). This caused HSBC to reestablish its capital-obligation proportion and permitted it to go over awful occasions without government help. Has Hong Kong economy completely recuperated? As per the measurement in 2011, the genuine GDP development rate was reestablished to 5% from - 2. % in 2009. What's more, the joblessness rate was dropped to pre-emergency level, it diminished from 5. 4% in January 2009 to 3% in December 2011 (Hong Kong Census and Statistics Department , 2012). The gracefully of cash is in an expanding pattern also. Both M3 and residential credit were having a 10% expansion in 2010, contrasted and a lessening in 2008 and 2009. What's more, the between bank offered rat e dropped to a low degree of 0. 09% (Hong Kong Census and Statistics Department , 2012). These figures show that Hong Kong economy has reestablished progressively to pre-emergency level. Be that as it may, there are sure shrouded issues. Right off the bat, controllers stress over the expansion issue in Hong Kong after the infusion of trillions of assets into the market from the Federal Reserve. Since HK dollar is connected with US dollar, the huge increment in cash flexibly in U. S dollar will thus quicken the swelling in Hong Kong. Also, the instance of Lehman Brothers Mini Bond has demonstrated that present guidelines on money related items are not adequate, little individual speculators can be deceived without any problem. Further guidelines and observing on money related items is fundamental. Ultimately, after the â€Å"lesson† of subprime emergency, numerous individuals lost their faith in money related speculation which therefore confined the improvement of monetary market in Hong Kong. To close, the subprime doesn't just purpose numerous unfavorable outcomes to the worldwide money related market including Hong Kong, yet in addition brings some shrouded issues. The collaboration among government and budgetary organizations is indispensable to help Hong Kong economy recoup from the sub-prime emergency. The most effective method to refer to Does Hong Kong Recovered from the Subprime Crisis, Essay models

Buy me buy me Essay Example | Topics and Well Written Essays - 500 words

Get me get me - Essay Example Less spotlight on the school commercialization doesn't demonstrate a conclusion to it, rather it very well may be a sign of expands acknowledgment of this showcasing practice. Molnar’s crowd here is the region governemnt, instructive establishments, guardians and understudies. Molnar additionally impliedly conveys to the network and government on the loose. In the article we discover an absence of administrative strategies and their suggestion alongside a comparative visually impaired inner voice of network. By making this inadequacy obvious in his article, Molnar underscores for the advancement of a functioning obstruction on all levels. His enticing argumentation is throwing a solid flicker of censure for the promoting enterprises. The goal of the article is to bring out a functioning opposition against the school corporate greed and to clarify that school corporate greed has not vanished at this point. In the help of his position against the overall misperception, as he explains that it might have just been because of the acknowledgment of expanding commercialization in instructive establishments, as he makes reference to that Of specific note again this year was the absence of voice in the training media on commercializing action in schools (Molnar and Reaves, 2001). The article’s reason likewise is to shock the specialists of instructive foundations and the locale governments to mix their moral instructive inner voice. The school advertising is misdirecting the youthful age and in this manner imperiling the eventual fate of our nation. Molnar means to feature the as yet winning dishonorable expense of such commercialization, just like the instance of Philio Morriss course book program that was promoti ng smoking at a subconscious level (Molnar and Reaves, 2001). The article means to bring out mindfulness in schools and foundations against the enticing methodologies of the enterprises, to make the establishments mindful of the pitiful advantages and rich

Individualistic Cultures and Behavior

Individualistic Cultures and Behavior Theories Social Psychology Print Individualistic Cultures and Behavior By Kendra Cherry facebook twitter Kendra Cherry, MS, is an author, educational consultant, and speaker focused on helping students learn about psychology. Learn about our editorial policy Kendra Cherry Updated on August 19, 2019 More in Theories Social Psychology Behavioral Psychology Cognitive Psychology Developmental Psychology Personality Psychology Biological Psychology Psychosocial Psychology Culture is one factor that can have an influence on how people think and behave. One factor that cross-cultural psychologists often study involves the differences and similarities between individualistic cultures and collectivist cultures. Individualistic cultures are those that stress the needs of the individual over the needs of the group as a whole. In this type of culture, people are seen as independent and autonomous. Social behavior tends to be dictated by the attitudes and preferences of individuals. Cultures in North America and Western Europe tend to be individualistic. Illustration by JR Bee, Verywell A Closer Look at Individualistic Cultures Chances are you have probably heard the terms individualistic and collectivist cultures before, often in the context of noting behavior and attitude  differences between the two types of societies. So what exactly makes individualistic cultures different from collectivist ones? A few common characteristics of  individualistic cultures include: Individual rights take center stageIndependence is highly valuedBeing dependent upon others is often considered shameful or embarrassingPeople tend to be self-reliantThe rights of individuals tend to take a higher precedencePeople often place a greater emphasis on standing out and being unique In individualistic cultures, people are  considered good if they are strong, self-reliant, assertive, and independent. This contrasts with  collectivist cultures where characteristics like being self-sacrificing, dependable, generous, and helpful to others are of greater importance. A few countries that are considered individualistic cultures include the United States, Germany, Ireland, South Africa, and Australia. How Do Individualistic Cultures Differ From Collectivist Cultures? Individualist cultures are frequently compared and contrasted with the more collectivist cultures. Where collectivism stresses the importance of the group and social cooperation, individualism prizes things such as: UniquenessIndependenceSelf-sufficiencyAutonomy Where people in collectivist cultures might be more likely to turn to family and friends for support during difficult times, those living in more individualist cultures are more likely to go it alone. Individualistic cultures stress that people should be able to solve problems or accomplish goals on their own without having to rely on assistance from others. People are often expected to pull themselves up by their bootstraps when they encounter setbacks. This tendency to focus on personal identity and autonomy is a pervasive part of a culture that can have a profound influence on how a society functions. For example, workers in an individualist culture are more likely to value their own well-being over the good of the group. Contrast this with a collectivist culture where people might sacrifice their own comfort for the greater good of everyone else. Such differences can influence nearly every aspect of behavior ranging from the career a person chooses, the products they buy, and the social issues that they care about. Approaches to health care, for example, are influenced by these tendencies. Individualist cultures stress the importance of each person taking care of his or her self without depending on others for assistance. Those in collectivist cultures may instead stress sharing the burden of care with the group as a whole. The Effects of Individualistic Cultures on Behavior The effect that culture has on individual behavior is a major topic of interest in the field of cross-cultural psychology. Cross-cultural psychologists study how different cultural factors influence individual behavior. They often focus on things that are universal among different cultures of the world, as well as differences among societies. One interesting phenomenon that cross-cultural psychologists have observed is how people from individualist cultures describe themselves compared to how those from collectivist cultures describe themselves. People from individualist society have self-concepts that are more focused on independence rather than interdependence. As a result, they tend to describe themselves in terms of their unique personal characteristics and traits. A person from an individualistic culture might say I am analytical, sarcastic, and athletic. This can be contrasted with self-descriptions from people living in collectivist societies, who would be more likely to say something like, I am a good husband and loyal friend. Just how much do these self-descriptions vary depending upon culture? Research conducted by Ma and Schoenemann found that while 60 percent of Kenyans (a collectivist culture) described themselves in terms of their roles within groups while 48 percent of Americans (an individualist culture) used personal characteristics to describe themselves. A Word From Verywell Psychologists have become more aware of the powerful influence that culture can have on individual and group behavior. In order to understand just how strong these influences can be, it is essential to look at both the similarities and differences between collectivist and individualist cultures.

Eccos global value chain management - 1730 Words

ECCO A/S-GLOBAL VALUE CHAIN MANAGEMENT ANALYSIS 1. Describe the competitive environment of ECCO and determine how well ECCO is positioned (vis-à  -vis the competitors) to take advantage of changes in the industry. http://wulibraries.typepad.com/files/footwear.pdf 2. Analyze ECCO’s global value chain. How well does this configuration match the drivers in the industry? Analyze ECCO’s global value chain. High demand for quality and reduced lead times led the company to a self-sufficiency approach on streamlining its entire value chain from raw hides to finished shoes unlike its major competitors who only designed and marketed their products without in house manufacturing. In having a global network of tanneries, production facilities,†¦show more content†¦How well does this configuration match the drivers in the industry? Ownership of tanneries, factories and leather research centers maintained the firm’s brand of commitment to quality and boosted the company’s ambition and confidence in delivering products that met customer expectations In reducing the number of vendors, the company was able to maintain high quality levels through close quality control measures and maintain its brand image of working to create the perfect shoe. The firm also made compromises to its approach in some cases by outsourcing its production for shoes that could not benefit from its in-house technology. Most firms in the shoe industry outsourced production as a way to cut production and vendor logistic costs. 3. ECCO has a fully integrated vertical value chain. What are the pros and cons of this strategy? What economic and strategic factors should be analyzed to answer this question? Pros: Higher demands of quality can be achieved (e.g. through better quality control) supports the company’s vision of high quality products Core Technology stays within the company You have more price control (= less exposed to price fluctuation) Eliminate the intermediaries (and obtain the margin of supplier / intermediaries) Higher economies of scale Ability to access leading expert knowledge about tanning Implement shoe and company specific Research Development (for example less pollution = can be used forShow MoreRelatedEcco a/S – Global Value Chain Management1709 Words   |  7 PagesFirm in a Global Economy ECCO A/S – Global Value Chain Management Question 1: 1. Relate the Ecco case to the conceptualization of the organization as a global factory. What similarities and dissimilarities with the global factory conceptualization do you see and what solutions may it present? Similarities: As ECCO had been very successful in the footwear industry by focusing on production technology and assuring quality by maintaining full control of the entire value chain, ECCO grewRead MoreEssay Ecco Case Anwers1256 Words   |  6 PagesECCO Case Study - Question 1 ECCO has a fully integrated vertical value chain. What are the pros and cons of that strategy? What economic and strategic factors should be analyzed to answer this question? The pros of a having a fully integrated vertical supply chain for Ecco include the following: * Improved supply chain coordination between tanning, manufacturing and distribution. This would ultimately help maintain quality and improve operational efficiencies such as logistics. Read MoreEcco Analysis3773 Words   |  16 Pagesachieved the highest surplus in the company’s history with a profit before tax of DKK 904 million. This highly satisfactory result was particularly due to successful new collections and improvements in sales in most of ECCO’s markets. The outcome could have been even better, if ECCO’s shoe factory and tannery at Ayutthaya in Thailand had not suffered catastrophic flooding in October with considerable human and commercial consequences. Many of the 3,500 employees in Ayutthaya lost both their home andRead MoreMarketing Strategy - Case Analysis (Ecco)2681 Words   |  11 PagesMarketing Strategy Case Questions (Galka) ECCO A/S Global Value Chain Management Marketing Strategy Term 4 2011 Team #6 03 August 2011 1. Perform a Porter’s Five Force Analysis Force 1: Barriers to Entry | |Questions |Answer |Reason for Barriers to entry | |1. |Do Larger firms have a cost/performance |Yes (Positive) |Larger firms like ECCO have resourcesRead MoreMarketing Strategy of Ecco1859 Words   |  8 PagesCompany Background ECCO, the world leading brand of shoes, was found in Denmark by Karl Toosbuy in1963. ECCO’s philosophy -â€Å"the shoe must follow the foot†. Karl was the shoemaker realizing that shoes had to be made to fit the foot, as a result, functional, comfortable ECCO shoes were launched in the 1970s and became a huge success. ECCO is the only major shoe manufacturer to own and manage every step in the shoemaking process. ECCO produces leather and has its own tanneries, their design and productionRead MoreEcco Case Essay2047 Words   |  9 Pagesï » ¿Ecco Case ECCO A/S – GLOBAL VALUE CHAIN MANAGEMENT Executive Summary: ECCO A/S is one of the most prominent player in the global shoe industry and is also one of the leading footwear manufacturer in the world. Since its inception in 1963 it aspires to produce top quality, casual comfort shoes with a perfect fit which are pleasant to wear in all weather conditions. The company’s USP is top quality of its product with a coupled production of, manual and machine. The production of their leather wasRead MoreEcco and Turkish Market2882 Words   |  12 Pageswell-known company with good brand and mission to globalize. During the report we figure out how Ecco can be profitable in turkey which is nonwestern with Islamic culture country. In this report we use theories like swot, porters five fore, and value chain to determine our problem statement and as a results we analysis the advantages and disadvantages, strength and weakness as well as threat and opportunities Ecco may encounter before and after it enters Turkish market. We have been able to comeRead MoreEcco2521 Words   |  11 Pageslong term plan of action or execution designed to achieve particular objectives, such as achieving competitive advantage for an organisation. It reflects the values, expectations and goals of those who are in power within the organisation.† (RDI course material-Strategic Management module; Unit 1-Nature and scope of strategic management; Lesson 1-Nature) Strategic decisions direct the company towards the path of growth. A company formulated and undertook decisions in such a way that a strategicRead MoreGlobal Value Chain Management1307 Words   |  6 Pagesunprofitable customers someone else will  » ECCO A/S – Global value chain management case study Wednesday, August 31st, 2011 at 8:27 am My operations management coursework was based on the ECCO A/S – Global Value Chain Management case study which is an interesting paper on ECCO A/S (ECCO) who have been very successful in the footwear industry by focusing on production technology and assuring quality by maintaining full control of the entire value chain from â€Å"cow to shoe.†. ECCO follow a differentiationRead MoreEcco Case5429 Words   |  22 PagesECCO CASE – PROJECT 1 Table of contentsî ¿ ¿ Table of contents Question Theory used in this report Data collection Company description Financial situation SW - Internal Value Chain Ramp;D Production Sales and Marketing Service Core competences Benchmark Ansoff’s matrix of growth GAP-analysis OT - External Porter’s 5 forces Force 1: The degree of rivalry Force 2: The threat of new entrants Force 3: The threat of substitutes Force 4: Buyer power Force 5: Supplier power Porter’s

Mark Twain’S Novel, The Adventures Of Huckleberry Finn,

Mark Twain’s novel, The Adventures of Huckleberry Finn, is a pivotal piece to American literature that furthers realism and the exploration of the countryside. The novel follows fourteen-year-old Huck on his journey down the Mississippi River accompanied by Jim, a runaway slave. Huck and Jim’s journey down the Mississippi River allows the readers a very personal look into Huck’s life as he matures and begins to think for himself, rather than complying with what society has told him is correct; it is Huck’s journey to find his own morals and ideas through his experiences that really make this book a lasting piece of American fiction. A major aspect of Huck’s journey to find himself is the fact that he must get away from his father to do†¦show more content†¦Ã¢â‚¬Å"’I—I run off.’† (156). At this point in the novel, Huck is faced with his first, big moral dilemma. During the time that the book takes place, slavery i s legal and anyone who helped a slave would be jailed. Huck, at fourteen, had to decide if he wanted to follow what the law and society would consider right by turning Jim in to Miss Watson, or what he felt was right. Jim pleads, â€Å"‘But mind, you said you wouldn’t tell—you know you said you wouldn’t tell, Huck.’ ‘Well, I did. I said I wouldn’t and I’ll stick to it. Honest injun I will. People would call me a low down Ablitionist and despise me for keeping mum—but that don’t make no difference. I ain’t agoing to tell, and I agoing back there anyways,’† (157). Huck’s actions in this scene set up the relationship with Jim that will develop throughout the remainder of the novel. Jim has already placed a large amount of trust in Huck because he does not report back to Miss Watson that her slave has run away as well as helping him move north. Huck’s trust and reliance on Jim is still minimal at this point, but will continue to grow as the two continue their trek down the Mississippi. While on the raft, Huck, in the canoe, and Jim, on the raft, lose each other due to a large amount of dense fog covering the river. Huck says, â€Å"I see the fog closing down, and it made me so sick and scared I couldn’t budge for most a half a minuteShow MoreRelatedDynamic Character in a Stagnant Time in Mark Twain’s classic Novel The Adventures of Huckleberry Finn594 Words   |  2 PagesMark Twain’s classic novel The Adventures of Huckleberry Finn took place during a tense period in U.S. history. Heated debate over the mora lity of slavery had sparked and deep divisions were emerging between the northern and southern states. Born in Missouri, a slave state, the novel’s protagonist Huckleberry Finn was raised on values of racism and prejudice. He adhered to these principles as they were all he knew. However, over the course of his journey, Huck’s formerly provincial morality was challengedRead MoreMark Twain and The Adventures of Huckleberry Finn1575 Words   |  6 Pages Mark Twain and The Adventures of Huckleberry Finn Controversy Mark Twain, born Samuel Langhorne Clemens, is a highly recognizable figure in American literature. Born in Florida, Missouri Mark Twain and his family moved to Hannibal, Missouri where Twain discovered and fell in love with the mighty Mississippi River. The river and his life in Hannibal became his inspiration and guiding light in most of his writing. Although Twain loved the river and did a great deal of traveling, he eventuallyRead MoreHuckleberry Finn Persuasive Essay1571 Words   |  7 Pagesthe right word is really a large matter- ‘tis the difference between the lightning bug and lightning.†(Mark Twain). Mark Twain, the author of an extraordinary yet controversial novel; The Adventures of Huckleberry Finn had a great way of capturing moments in time and bringing them to life through the use of meaningful and direct diction. The Adventures of Huckleberry Finn has been a vexed novel for it s a use of the â€Å"N-word†. However, many scholars and associations have devised a â€Å"solution† forRead More The Importance of Friendship in Mark Twains The Adventures of Huckleberry Finn829 Words   |  4 PagesThe Importance of Friendship in Mark Twains The Adventures of Huckleberry Finn Aristotle was once asked what he thought friendship was. His response was, One soul inhabiting two bodies. This was the kind of relationship that Huckleberry Finn and Jim shared in Mark Twains epic novel, The Adventures of Huckleberry Finn. This novel is a tool that Mark Twain, whose real name was Samuel Langhorne Clemmons, was using to impress the great benefits of friendship upon society. However, others feelRead MoreMark Twain : Seeing America s Flaws1593 Words   |  7 PagesMark Twain: Seeing America’s Flaws â€Å"You don’t know about me, without you have read a book by the name of The Adventures of Tom Sawyer , but that ain’t no matter. That book was made by Mr. Mark Twain and he told the truth, mainly. There was things he stretched, but mainly he told the truth† (qtd. in Jones 237). That was the very first line in Mark Twain’s controversial book, The Adventures of Huckleberry Finn. Samuel L. Clemens, as a young boy, grew up on the Mississippi and learned the ways of southernRead MoreMark Twain s The Adventures Of Huckleberry Finn2015 Words   |  9 Pagesfamous author Mark Twain, less commonly known as Samuel Clemens, produced The Adventures of Huckleberry Finn. A few years prior to the publishing of The Adventures of Huckleberry Finn, Mark Twain released possibly his most famous book, The Adventures of Tom Sawyer, which is very much an adventure novel. In the early chapters of Twain’s sequel, it appears that ¬Ã‚ ¬Ã‚ ¬Ã‚ ¬ The Adventures of Huckle berry Finn is another adventure novel, and that it is just following a different character from Twain’s earlier worldRead MoreHuckleberry Finn and the use of Satire Essay1109 Words   |  5 Pages Huck Finn and the use of Satire Mark Twains The Adventures of Huckleberry Finn has been controversial ever since its release in 1884. It has been called everything from the root of modern American literature to a piece of racist trash. Many scholars have argued about Huck Finn being prejudiced. In The Adventures of Huckleberry Finn, Mark Twain uses satire to mock many different aspects of the modern world. Despite the fact that many critics have accused Mark Twain’s novel of promoting racismRead More The Public Reception of Mark Twains Adventures of Huckleberry Finn963 Words   |  4 PagesReception of Mark Twains Adventures of Huckleberry Finn Upon its publication in 1884, Mark Twains Adventures of Huckleberry Finn was met with mixed reviews. Some reviewers called it flat, trashy, and irreverent. Others called it Twains best work yet, hailing his humor and style throughout the novel. Though obscure at first, reviews began to appear in many newspapers throughout the country as more and more became interested in the novel as a result of these reviews. Huckleberry Finn was publishedRead MoreCommentary on Mark Twain ´s Huckleberry Finn742 Words   |  3 Pagesbook by Mark Twain; Adventures of Huckleberry Finn.† Mark Twain’s historical fiction, Adventures of Huckleberry Finn, is about a boy, Huckleberry, and a runaway slave, Jim. Huck decides to fake his death and runaway. Eventually, Jim and Huck run into each other and together they travel down the Mississippi River. They encounter many obstacles in their way, but overcome anything that comes their way. Although this book has been rejected by many schools, The Adventures of Huckleberry Finn is essentialRead MoreRacism of Yesterday and Today Essay1655 Words   |  7 PagesThe Adventures of Huckleberry Finn was written by Mark Twain in the middle of the nineteenth century. Much of the inspiration for the book came from Mark Twain’s own encounters. Twain’s experiences as a steamboat pilot from 1835 to 1845 provided a great deal of the historical context for his work. The novel revolves around a southern boy, Huck, and a slave named Jim who both reject society by running away in hopes of finding freedom. The Adventures of Huckleberry Finn highlights and portrays the

Study of Basel II and Financial institution strategic management Free Essays

INTRODUCTION Banks play an important role in central importance for economic growth, credit allocation, financial stability, and the competitiveness and development manufacturing and service firms. The features of Sweden banking systems have changed significantly around the past 20 years. The increased availability of credit has been the corollary of the dismantling of barriers of trade in Sweden financial services. We will write a custom essay sample on Study of Basel II and Financial institution strategic management or any similar topic only for you Order Now Sweden banking and finance sector went through many considerable changes in recent years which results in competition, not only between old big banks but also among new Swedish and foreign financial institutes. The main characteristics are that banking and finance has been liberalized and deregulated in Sweden. In Sweden banks have long experience in international business and International banks are now highly active. Before entering into the details of the above given reasons, we will be looking at the main structure of the Sweden’s banking system. In Sweden there are three different types of banks: commercial banks, i.e., limited liability banking companies, savings banks and a few cooperative banks. All these types of banks are entitled to participate in all types of banking activity. Because of mergers the number of banks has declined sharply, a tendency that has been most marked among the savings banks. From some 450 savings banks of the 1950s, the number had decreased to 85 by the late 1990s. Since the middle of the 1980s, however, numerous new banks have been established in Sweden. The two tired market structure can be described as with five large banks (Handelsbanken, Skandinaviska Enskilda Banken, Nordbanken and Forenings Sparbanken as well as the Swedish subsidiary of a major Danish bank) having a combined market share of about 75–85 percent; the rest market is shared among around 100 smaller banks. The home market for Swedish banks has to a greater extent been seen to cover not only the traditional Nordic area but also the whole region surrounding the Baltic Sea. The four major Swedish banks are very broadly held. The largest owners are the Swedish government (less than 20 percent in Nordea), the Wallenberg-led investment company Investor (some 10 percent in SEB), the employees’ pension fund (some 10 percent in Svenska Handelsbanken), and the former savings banks foundations (some 20 percent in Swedbank, which was earlier a savings bank, which merged with a cooperative bank and became a commercial bank). Approximately one third of bank shares are held by non-Swedes. The medium and small-sized banks are generally held by one dominating owner, which in turn may have a widely spread ownership, such as Skandia. All savings banks are non-profit organizations and they are held by foundations. The Swedish Financial Supervisory Authority is a government authority responsible to the MoF. It exercises supervision over banks, credit market companies, and additionally e.g., insurance companies, insurance brokers and securities companies. The Central Bank Act assigns to the Riksbank the responsibility to ensure a stable and efficient payment system. It also assigns to the Riksbank the responsibility for monetary and exchange rate policy (including the management of the gold and currency reserves), as well as managing the issue of notes and coins, providing a clearing function for banks as well as accepting deposits from banks and granting them loans. The Central Bank also functions as lender of last resort providing financial aid to banks experiencing liquidity problems. Early 1990s, Sweden was in the middle of the most serious economic crisis. During that crisis unemployment has increased dramatically in the course of a few years and as a result the central government finances dropped. The reason behind this was assigned to deregulatory measures taken in 1985 which added to overly repaid credit expansion which contributed to a banking crisis followed by a currency crisis in 1990. The deregulation result was obvious. In just five years, the credit to GDP ratio for private sector moved up from 85 to 135 per cent (Governor Backstrom, 1997). Credit market deregulation in 1985 was important in it, meant that the monetary conditions became more expansionary. This co-occurred, moreover, with rising activity, comparatively high inflation expectations and tax system that favoured borrowing, and remaining exchange controls that held investment in foreign assets. In the absence of a restrictive economic policy to block all this, the free credit market headed t o a quickly growing stock of debt. The credit boom coincided with rising share and real estate prices. In the second half of the 1980s, real aggregate asset prices increased by over 125 per cent. A speculative bubble had been yielded. As time goes on the Swedish economy became increasingly insecure to shocks. In the late 1980s, competitiveness had been eroded by the relatively high inflation which results in an overvalued currency. This made exports to weaken and intended that the fixed exchange rate policy began to be questioned, heading to periods with relatively high interest rates. On the other hand, the tax system was rectified in order to decrease its harmful economic effects but this also added to higher post-tax interest rates. Economic activity turned downwards and asset prices started to fall. From 1990 to 1993 GDP dropped by 6 per cent. Unemployment hit up from 3 to 12 per cent of the labour force and the public sector; grow worse to 12 per cent of GDP. A wave of bankrupt cies was a great blow to the banking sector, which in this period had to plan for loan losses equivalent of 12 per cent of annual GDP. After this crisis when Basel II came into practice than Sweden banking sector’s golden period began, as common International regulation and model for the banking industry, the reliability and development of financial systems and also important for countries’ economy. One such framework is Basel II which was introduced in 2004. It is grounded on Basel I which comprised of a credit risk measurement guideline and minimum capital requirement. Basel II dwells of three pillars in that minimum capital requirement, the supervision process, and market discipline are regulated (Finansinspektionen 2002). The main purpose of Basel II is to lessen banks capital requirement, by offering them the ability to choose the methods that reflect their calculating risk (BCBS, 2004). A study called the fifth quantitative impact study (QIS 5) presented in 2006 by the Basel committee on banking supervision(BCBS) that was based on data from the fall of 2005 (Finansinspektionen 2006 )and the purpose was to analyse how Basel II affect bank with regard to their capital requirements. The study showed that if we compare Basel I and Basel II, minimum capital requirement could be reduced in Basel II. After QIS 5 BCBS had not presented any other study showing how Basel II had affected the banking industry and mainly study aspires to fulfil part of that gap by analysing how capital ratio, the net credit loss level and the degree of disclosure have progressed for the four largest banks in Sweden during the implementation of Basel II as this has not previously been looked at. Hypothetically the impact Basel II has had on these variables will be presented based on these observation. The Swedish financial market and other factors Efficient and reliable systems for saving, financing, mediating payments, and controlling risk are vital for the well-being of the Swedish economy. These systems are managed by banks, insurance companies, securities companie; other types of enterprise and other credit institutions in the financial sector. The financial industry account for just over four per cent of the country’s total output, defined as its Gross Domestic Product (GDP). More than 90,000 people, about two per cent of the country’s total working population, work in the Swedish financial industry. The financial sector has expanded dramatically during the past decade. Established companies have extended scope of their business, and many new companies have started entering the markets. One crucial change is that banks and insurance companies interfering into each other’s areas, and as a consequence, all of Sweden’s major banks are now in the life insurance business and some insurance companies own their own banks. On the other hand customers are banking more and more via the internet or the phone. These new facilities have changed the development of new services and compounded competition on the banking market through the establishment of new banks. Moreover, Swedes are investing mostly in funds and insurance policies as they turn away from traditional bank saving. Approximately more than 85 per cent of the population in Sweden have some of their savings in funds or equities, which is a very high proportion by international standards. Deposits and lending The core activity of a bank is to accept deposits and provide credit. At the end of 2002, bank deposits from the public (i.e. mainly households and non-financial enterprises) amounted to 1,242 billion kronor. The bulk of these deposits – approximately 42 per cent – come from Swedish households. Swedish companies account for around 32 per cent of total deposits and foreign depositors for some 22 per cent. Bank lending has increased in recent years, to reach 1,360 billion kronor by the end of 2002. 47 per cent of this lending to the public goes to the Swedish business sector, while households and foreign borrowers account for 21 per cent and 27 per cent respectively. Interest rates The interest rates banks set for their deposits and credit are largely dependent on the rates prevailing on the money market. Other factors that influence interest rates include the creditworthiness of the borrower, competition among credit institutions, and competition for different types of saving. The average rate of interest paid and charged by the banks has been declining steadily since the beginning of the 1990s. The interest spread – the gap between the average interest rate received on credits and that paid on deposits – has also tended to narrow during the same period. Safe and efficient payment mechanism Another important function of a bank is to provide a means of payment. The Swedish payment system, which includes the bank giro service and the postal giro, is technically rather advanced, and has a reputation for efficiency. This means that payments are transacted quickly, securely and at low cost. Mortgage market In Sweden, mortgage loans are usually provided by specialist credit market companies known as mortgage credit institutions. The total volume of outstanding loans of these institutions amounted to SEK 1,200 billion at the end of 2002. For many years now, lending by mortgage credit institutions has exceeded the volume of bank lending in Sweden. The mortgage credit institutions provide credit primarily for residential property, but also for commercial and office buildings and municipalities. Mortgage loans are secured by collateral, normally in the form of a mortgage on the property. The lending consists of a first mortgage, which involves pledging the property for up to 70-80 percent of its value. Additional credit is then often provided in the form of a second mortgage by the bank that owns the mortgage institution or by another bank with which the institution co-operates. Mortgage institutions offer a wide range of credit facilities at variable or fixed interest rates. Internet banking Swedish banks are among the most advanced in internet banking services. All major banks in Sweden offer online status on accounts and other assets, online payments, and the possibility to buy and sell units in funds and shares. Corporate customers have been able to bank via the internet for many years. At the end of 2009, there were a total of around 50, 00000 internet banking users and approximately 15million internet payments. Internet surveys show that customers are very pleased with the Bank’s online service. This was confirmed by IBM and Interbred, which ranked FSB as number one in Europe and number two in the World (Swedbank Annual Report, 2009). Monetary policy update The Swedish economy is performing well, and GDP grew by almost 7 per cent in the third quarter of this year, compared with the same quarter last year as the fig shown below. The strength of the Swedish economy is also reflected in the labour market statistics. The labour market has been recovering throughout 2010 and indicators point to a continuing rapid improvement. The world economy is expected to grow by a good 4 per cent a year in the coming years. Economic activity remains good in the emerging economies in Asia and Latin America. In both the United States and the Euro zone, economic prospects look slightly better in the short run than was forecast in the October Monetary Policy Report. At the same time, the global imbalances remain and concern over public finance in several countries has increased. Despite the relatively divided international outlook, the indicators for the Swedish economy point to continued strong growth in the coming period. GDP growth is expected to amount t o 5.5 per cent in 2010 and to over 4 per cent in 2011, and then to decline. The recovery has been relatively rapid and Sweden is also expected to experience higher growth than many other countries in 2011. As the graph below shows that resource utilisation is currently lower than normal, but is expected to be normal or slightly above normal towards the end of the forecast period. Underlying Inflation measured as the CPIF was 1.9 per cent in November. It is expected to fall at the end of 2011 and then rise again towards 2 per cent. Higher mortgage rates will lead to the CPI rising slightly faster than the CPIF and it is expected to exceed 2.5 per cent in 2013. In the longer run, when the repo rate stabilises, the two measures of Inflation will coincide. To stabilise Inflation close to the target of 2 per cent and avoid resource utilisation becoming too high, there is a need to gradually raise the repo rate towards more normal levels. The repo rate is therefore being raised to 1.25 per cent. The forecast for the repo rate remains largely unchanged in relation to the forecast in the October Monetary Policy Report. Environmental factors in Sweden banking Sweden is a democratic monarchy. It is the largest Scandinavia country with over 9 million inhabitants. Sweden has been known for its neutrality and policy of non-alignment with either NATO or the Warsaw Pact. It is a member of most international organizations (UN, UNESCO, WHO etc). Sweden has been a member of the European Union since 1995 but decided not to join EMU. A referendum in 2003 rejected the euro by a decisive margin – against the advice of the government and the wishes of business. The Prime Minister stated it was unlikely there would be a new referendum before 2010. Key economic indicators for 2008 estimates (Source: Central Intelligence Agency Country Profiles) 69.6% of the economy is in the services sector, 28.9% industrial and 1.5% agriculture. Population: 9,045,389 GDP: USD 358.4 billion Per capita GDP: USD 39,600 Real GDP growth: 0.9% Unemployment: 6.2% Public debt/GDP: 36.5% Cash Management Features Activity is highly automated with major activity inside the Bankgirot and Plusgirot systems. Rather than hold accounts in both and maintain liquidity in both, it is possible to hold accounts just at the Nordea group, into which the Plusgirot has been subsumed. The EUR has emerged as a parallel domestic currency for business, notwithstanding Sweden’s rejection in 2003 of EUR membership. The old E-RIX system that was connected to TARGET and used to settle domestic EUR trade has been abolished. EBA is now used to settle EUR transactions. Group account (Balance netting) is the preferred Liquidity Management technique domestically, and can be used for both single and multi-currency. Zero balancing is also available domestically and is getting more common than earlier due to multinational corporate customer Payment infrastructure in Sweden Most Swedish companies have a business account in a Swedish bank. The majority of domestic non-cash payments are affected through the two giro systems, PlusGirot and Bankgirot. PlusGirot -: The PlusGiro system is a part of Nordea. Thus, Nordea is the only bank in Sweden that can provide a connection to both PlusGirot and Bankgirot in SEK or EUR, meaning an all-in-one account for all the payments regardless if they are routed through the PlusGiro or the Bankgiro system. Bankgiro -: The Bankgiro system is operated by Bankgirocentralen AB (BGC), a bank-owned subcontractor of payment processing services. All banks in Sweden participate in the Bankgiro system. It functions as an automated clearing house (ACH). Payments can be made in SEK or EUR. Payment Instruments The vast majority of activity clears electronically: there is a high degree of automation. This is supported by very high usage of internet for payment initiation. There is still a form of paper-based credit transfer but the clear growth is in electronic initiation. This extends to electronic bill presentment, where the debtor can initiate a credit transfer in their electronic banking by clicking through form the bill itself. In terms of volume, credit transfers and debit cards are the most used, whilst in terms of value it is credit transfers. Sweden has a high density of ATMs and EFTPOS, and this is the part of the payments market that is growing most dynamically. 1) Cheques 2) Electronic payment ( The RTGS system in Sweden is operated by the Riksbank) 3) Cards 4) Internet banking These all are the factors in the Sweden banking environment which make the Sweden banking system much stronger than any other banking system. Sweden is capable of providing all the facilities to its consumers and its partners domestically and internationally and Sweden is having the biggest usage of internet banking amongst all other countries and more advance at this moment. Future Aspects of Sweden The Riksbank’s financial stability works in 2011 was largely characterised by the financial crisis and its aftermath. After having stabilised in the winter of 2010/11, unease again increased in the financial market in springs 2010 as consequence of the state of the public finances of several countries in the southern Europe. The unease became acute in May in connection with the downgrading of the Greek government’s credit rating. The aftermath of the financial crisis is the extensive work continued of reforming national and international regulatory codes and improving supervision of the financial crisis. An important part of this work in Sweden is to clarify the Riksbank’s responsibility for financial stability. New international regulatory frame work A large part of the Riksbank’s stability work was focused during the year , as in 2010, on studying and influencing the framing of the future financial regulatory framework of future financial regulatory framework and supervision .since Swedish banks and financial institution are governed by law framed at EU level, which in turn to a great extent are based on guideline drawn up by other international bodies, the Riksbank participated in continued discussions both at EU level and within the bank of international settlement (BIS). During the year a new regulatory framework for financial institution called Basel III was established. Increased cross-border work The financial crisis has shown that there are great differences in the legislation at national level. Because of these differences, during the crisis it was difficult to handle problem in banks that operates in several different countries. Consequently several international projects are in progress that, address how banks with cross border operations are to be dealt with (For Example, First Deputy Governor of the Riksbank Svante Oberg). In 2010 the Riksbank also took part in the preparatory work ahead of the start-up of the new European system risk board (ESRB) in 2011. A coherent regulatory framework and cleaner division of roles between authorities in Sweden In view of the lessons learned from the financial crisis and the extensive regulatory work that is in progress in the international arena, the Riksbank believes that it is important to carry out a thorough overhaul of the financial regulatory framework in Sweden as well. The general Council of the riksbank and the executive board of the riksbank and the executive board of the Riksbank accordingly proposed in a joint submission to the Riksdag that one or several inquiries should be set up to review the regulatory framework in the financial sector. The Swedish banks’ resilience continued to improve in the second half of the year as a result of the economic recovery the situation of the Swedish bank continued to improve. The economic recovery had become stronger than previously expected. Consequently, the Swedish banks loans loss continue to fall and according to Riksbank forecast in the financial stability report in December they were lower than the Riksbank had expected in June. References: Anonymous, (May 2010). Sweden: financial sector assessment program –detailed assessment of observer of standard and codes, international monetary fund Washington DC. Dec 2010, Monetary policy updates, SVERIGES RIKSBANK. Ekstrom , F., Johansson, E. (2011). The development of the Swedish banking industry during the implementation of Basel II Rai , S. (2007). Central Banking System. A bench marking study of India and Sweden. Sweden Banking Environment www.ibosassociation.com/en/countries/western/europe/sweden (Accessed on 07 April 2011). 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Paranormal Activity Essay Example

Paranormal Activity Paper Paranormal Activity: Analysis and Critique Rick Mitchell September 12, 2011 ENG 225: Introduction to Film Instructor: Alene Morrison Paranormal Activity was a movie that everyone wanted to see as soon as the previews hit the movie screen. The previews showed the viewer small pieces of the movie so they would be left wondering and want to go see the movie as soon as they could. Paranormal Activity was based on a true story about a young couple dealing with a paranormal entity. The young woman,Katie, was the one being haunted while her boyfriend, Micah, made home videos of all the mysterious things that were happening in the house. The different camera angles, cinematography, editing and the way the story unfolds in front of the audience are the things that make this movie so captive. Storytelling A film will have more success if it starts with a good story. (Goodykoontz, 2011) Paranormal Activity is a film that not only starts with a good story but keeps that story going through the entire movie. The story being told in a film is what draws the attention of the audience. It evokes emotion in the audience and makes them care about the story, watching to know how it ends, and it makes them care about the characters. In Paranormal Activity, the audience gets attached to the couple hoping that they rid their lives of this entity and â€Å"live happily ever after†. In the end the boyfriend, Micah, dies and the girlfriend vanishes without a trace. It leaves everyone wondering what happened to her and at the same time they are saddened by the death of Micah. We will write a custom essay sample on Paranormal Activity specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Paranormal Activity specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Paranormal Activity specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Acting Paranormal Activity was made to look like nobody was acting, everything is natural. It is home video footage collaborated together into a movie to be viewed by an audience. When the audience is watching the story unfold, they can relate to the fear that the characters are feeling. Every movement, expression and reaction to events is so real that the viewer can’t help to feel the emotions of the characters and have an instant reaction of fear throughout the entire film. Sound Throughout the movie the only sounds you hear are natural sounds. There are no sound effects or music playing. By doing this I think that it help the audience focus on the story that is being told. If there were any special sounds effects then the audience would not be able to focus on the sounds that are being made by the paranormal entity and that would take away from the film. In most cases, the sound effects or a score added at a certain point would add to the movie but with this particular film anything extra would ruin the movie. Editing, Style and Directing What makes this film so great and captive is the lack of any obvious editing or directing. There were some moments in the film where some minimal editing was done. When watching the home videos shot at night they speed up time and obviously not all of the footage is shown, only the parts that help tell the story. There is absolutely no sign of any directing being done. A director’s job is to direct the characters in a way that helps the writers original story come to life. In Paranormal Activity, everything is more natural. The characters in the movie are reacting to situations in a natural way and telling their own story without the help of a director to tell them what to do. This movie follows the style of reality television. Everything is raw and unscripted and the only editing done is when the unimportant, unrelated scenes are cut out. Critique Paranormal Activity is an all-around amazingly made film. The story being told unfolds so well which is usually the result of a well-written story that is skillfully directed. The complete lack of a written story and directing is what makes this film so attractive. When the movie came out on DVD for home viewing they added an alternative ending. Adding the alternative ending was probably the worst part of the home viewing experience and almost made the movie less interesting. Because the viewer has the option of changing how the story ends that takes away from the realism that is portrayed in the film. It leaves people wondering if the movie was actual footage that was found and made into a movie or if it was a movie that was made to look like home video footage. The alternate ending adds confusion to a movie that was intended to be straight forward rather than confusing. Everybody that worked together to make this film possible did an amazing job. When the hauntings are going on there are no obvious special effects which leaves the audience wondering how it was done. Everything is so incredibly real that it leaves the audience wondering if it is in fact actual home footage or if it was just a genius director and screen writer and amazing actors. If this movie was made exactly the same but used well-known actors it would take away from the realism that is being conveyed. Conclusion Although the opening credits of Paranormal Activity state that the following movie is actual footage found after the death of Micah and disappearance of Katie, there is in fact a director. This movie was made in the simplest fashion using camera angles, lighting and the pure lack of acting to make it believable for the audience. References: Goodykoontz, B. (2011). Film: From Watching to Seeing retrieved from https://content. ashford. edu/books/