Strategic finance issues Free Essays

string(159) " inventory into sales shows a possible reason for this question arising as the number of days taken to convert inventory into sales has risen in 2013 from 52\." This analysis will financially compare Santos Limiter’s financial performance for the year ending 31st December 2013 with the previous year’s results, by way of ratio analysis. It will also benchmark the latest result with that of Woodside Petroleum for the same period using the same ratio analysis of the 2013 financial statements of each company. A copy of these ratio analysis are attached to this report as appendix 1, which contains a through time comparison for the last two years for Santos Limited ND the across time comparison with Woodside Petroleum for the most recent year. We will write a custom essay sample on Strategic finance issues or any similar topic only for you Order Now As Basely and Hancock (2013 p. 358) depict there are certain factors relevant to selecting an appropriate benchmark. Woodside Petroleum has been selected as the benchmarking company as Woodside also operates in oil and gas production, focusing operations within the Australian area. While Woodside operations are larger than that of Santos, the relative size of these companies is comparable and both follow the accounting policies required by the Corporations Act 2001 , Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting standards board. Both companies are listed on the Australian Stock Exchange (ASS) which provides comparative data for the ratios analyzed and presented in Appendix 1 with the following tables; Table 1 – Profitability ratios Table 2 – Efficiency ratios Table 3 – Short-term solvency ratios Table 4 – Long-term solvency ratios and Table 5 – Market-based ratios A copy of Santos Limiter’s 2013, 2012 and Woodside petroleum ‘s 2013 Annual reports are attached to this report as Appendix 2, Appendix 3 and Appendix 4 especially, for reference to the findings and suggestions outlined in this review. One limitation of the comparison is that Santos Limited reports their financial data in Australian (ALL’S) dollars, while Woodside Petroleum report their financial data in American (US) dollars. This is overcome by using ratios for a majority of comparisons and converting the US dollar amounts into ASS dollars when required. 2. 0 Ratio Analysis To look at the relationship between figures presented in the financial statements, this report uses a ratio analysis technique. To fully understand the ratios developed e will look at them in context of other information provided in various reports and the overall goals of the company. From these ratios the report will then compare these against the benchmark and ultimately identify areas for improvement and, if necessary, change. 2. 1 Profitability. As we can see from Table 1 – Profitability ratios, the net profit margin and the gross profit margin fell 1 . 74% and 4. 26% respectively in 2013. While sales increased 1 1 . 76% for the year, the gross profit margin decreased as previously stated which, was the main driver for the decrease in net profit margin for the year as the interest expense o sales remained consistent. There was a slight drop in return on assets, however asset turnover remained fairly constant, highlighting that the drop in net profit margin is due to the drop in gross profit margin and not a lower turnover of assets. The reduction in gross profit margin is due to the increase in financing costs like depreciation and depletion (up 1. 5% of sales for 2013) and third party product purchases (up 5. 6% of sales). The reduction in financing income also played a major part in pushing down profits. In comparison Woodside has a higher return on assets Han Santos due to the 16. 8% higher profit margin and they turnover assets more efficiently. Also, Santos’ continuing capital growth strategies in projects such as the Papua New Guiana Liquefied Natural Gas (PING LONG) and the Gladstone Liquid Natural Gas (GLEN) transformational projects which are outlined in the 2013 Annual report, are still in the developing phase, therefore not producing to generate sales until the following years. Woodside had a low commitment to capital expenditure for the same financial year and after selling off major capital in 2012 their use of debt as far less (shown as the leverage ratio in Table 4). The return on ordinary shareholder’s equity (ROE) ratio shows the return for the shareholders who supply equity to the business. The ROE is higher for Woodside due to their higher profit margins however, the higher financial leverage ratio in Table 4 will benefit Santos’ shareholders when the return on assets increases compared to the financing costs. This will happen when the above mentioned projects begin production. This is congruent with the statement in a press release by Managing Director (M. D) and Chief Executive Officer (C. E. O) Mr. David Knox on 21st of February 2014. â€Å"In particular, our natural gas reserve and resource base in eastern Australia, combined with our leading infrastructure position, leaves Santos strategically well placed to meet growing market demand,†. 2. 2 Efficiency ratios For the 2013 fiscal year the sales and also the number of debtors increased. The use of efficiency ratios helps determine whether the increase in debtors is due to the increase in sales alone or that it is caused by the debtors taking longer to pay. These ratios show this by providing statistical relations on how effectively Santos Limited is electing its outstanding owing money and converting the inventory into sales. From Table 2 we see that comparing the last two fiscal years for Santos Limited has made improvements in their debt collection practices. The number of days taken to collect debtors accounts has reduce from 78. 71 to 65. 53 days but is still outside Santos Limiter’s standard 30 days for settlement of accounts. The closing balance is showing more debtors accounts being past the 65. 3 day average for 2013 fiscal year. Comparing these figures to Santos’ competitor Woodside, whose debtor recovery is loser to the standard 30 days terms at 31. 63 days. An article in the Sydney Morning Herald depicts that the question has been asked whether there is a gas reservation policy by shareholders, of which Santos Chairman Mr. Board denies. The ratio analysis of days taken to turn inventory into sales shows a possi ble reason for this question arising as the number of days taken to convert inventory into sales has risen in 2013 from 52. You read "Strategic finance issues" in category "Papers" 19 to 53. 62 days. This is only a slight increase and with an expected increase in demand, this slight rise in inventory would be expected to cover n increase in demand. However, when comparing this level to the benchmark, Woodside inventory turnover is far less at 30. 46 days for a higher sales volume. 2. 3 Short-term solvency ratios While the previous ratios focus on performance of the company solvency ratios focus on assisting the company with decisions, short term and long term. Table 3 shows the short-term solvency ratios which assist in the short term decision making. The current ratio is the most basic test as to how liquid a company is. It expresses a company’s ability to meet its short-term liabilities with its short-term assets. A current ratio greater than or equal to one indicates that current assets should be able to satisfy short-term obligations. A ratio less than one indicated an inability to meet short term requirements. The quick ratio calculated for 2013 compared to 2012 shows the company’s ability to pay is has reduced to below the 1:1 ratio, expressing that should the company be required to pay all current debts immediately, they could not do so. Due in part to the reduction in cash levels reducing the current assets from 34. 6% to 20. 3% of net assets. Also increases in the amount of short term interest bearing borrowings increases the current liabilities from 13. 6% of net assets to 16. 9%. With the less cover to pay the increase in short-term liabilities, there is a higher financial risk. When comparing these ratios to that of Woodside, Canton’s short term debt paying ability is carrying greater risks, but comparable with this benchmark. While the quick ratio decline to . 3:1 is cause for concern, the Cash flow from operations to current liabilities ratio shows that 94% of current liabilities can be covered with operational cash flow. Compare this to Woodside, which can easily cover rent liabilities with 141% of its current liabilities covered with operational cash flow. 2. 4 Long-term solvency ratios As the short-term financial risk has previously been expressed, the long term decisions can be assisted by the long- term solvency ratios expressed in Table 4. The debt to equity ratio compares the total liabilities of Santos Limited and compares it to the each dollar of shareholder’s equity. During 2013 Santos’ reliance has risen due to the increased borrowings and interest bearing loans, so for every $1 of shareholder’s equity there is $1. 02 worth of debt obligations. This level of debt is double than that of our benchmark, Woodside Petroleum however, the debt to total asset ratio suggests there is enough assets to cover the debt long term. This might put the company under financial risk and indicate high use of debt compared to shareholder’s equity and a greater financial risk long term. This increases the cost of interest in operation, effecting negatively on profitability. The interest coverage while currently is below the industry benchmark, there is sufficient coverage to ensure interest payment obligations will be met. The amount contributed to the long term room each $1 of operating cash flow has also been significantly reduced, moving further away from the benchmark company. This will increase interest costs long term however, also effecting profit margins. 2. 5 Market-based ratios The price per earnings ratio shown in Table 5 show how much the market would pay for shares of stock of the company per dollar of reported profit. About. Coma’s business finance reporter Rosemary Palaver suggests that the average price to earnings ratio is around 19 with Santos’ ratio higher at 27. 68 and the benchmark, Woodside, ratio marginally lower at 17. 49. Reasons for Santos’ higher than average price per earnings ratio would be due to the potential for Santos increase earnings per share in the foreseeable future and investors are trading accordingly. Other reasons for a high ratio are when companies are in a growth phase, which Santos’ financial statements suggest it currently is not. A high ratio also suggests that the company has financial risk which was expressed in the short-term and long-term solvency ratios. While the market is willing to pay a higher price for investment in shares per dollar Santos reports as profit, the earnings yield assists in evaluating whether returns on investment compensates the risk adequately. The yield of 3. 61% for 2013 is down on sass’s 4. 53% and short of Woodside 5. 72%, which is at a lower risk. Thus, Santos’ shares did not perform to the industry benchmark and shareholders are not getting the yield expected for their investments. Dividends are also low, reflecting the company’s growth positioning for the coming few years. 3. 0 Recommendations The increase in growing demand as expected by Mr. David Knox in a release and the move into production phase of the PING project will generate extra operating ash, primarily with already obtained assets. Therefore the focus moving forward should be reducing the financing costs involved in the cost of goods sold. This will in turn increase profit margins, giving a greater return on assets due to lower interest costs, moving margins closer to that of the benchmark Woodside Petroleum. The rate at which inventory is used to generate sales should be reviewed as it is slightly behind the benchmark. One suggestion to come from these ratio findings is that debtor control needs to be tightened which in turn will improve operations cash flow. Steps have been taken during the last fiscal year to reduce the number of days to collect outstanding debtor accounts, further improvement will also increase operating cash flow which will reduce the financial risk of the company to pay its current liabilities. The inventory level should be reduced to be more comparable to Woodside and increasing the quick assets level used to repay current liabilities. Further to assist in reducing the risk associated with the company’s short-term solvency would be a focus on reducing the current interest-bearing loans and borrowings. 4. Conclusion. Through the usage of ratio analysis this report has analyses Santos Limiter’s financial performance over the last two years and benchmark it against Australia’s largest oil and natural gas producer. There are several other factors influencing position and performance like international economies, competition and major long term growth projects etc. These play a decisive role in the changes in profits, earnings yield and dividend yield. The last two years have seen Santos’ profits and stock performances below industry averages but this is large in part to the investment in growth opportunities, which will begin production in the near future. Some findings and recommendations have been made to improve the financial position of the company so the entity and the shareholders that have invested in it can prosper. Although the companies are in the same field, factors like subsidiary companies or having some different end product can create problem in comparing the companies. The economic condition in the different region and the accounting techniques adopted by these companies while computing ratios and financial tenement also decreases the credibility of the calculation (Charles and Patricia, 1983) 5. 0 References Charles H. Gibson Patricia A. Brush-off. 1983. Z ND Edition. Kent Publishing Company. How to cite Strategic finance issues, Papers

Financial Accounting Business and Society

Question: Discuss about the Financial Accountingfor Business and Society. Answer: Introduction The modern world constitutes of very complex business structure with the changing time and taste and preferences of the consumers. Therefore, every enterprise functioning within this economic structure tries to optimize its production and service unit by taking out the best out of all the factors of production. One of the most important factors of production is labor or the employees working in an industry. The proprietor of the business always tries to keep their employees satisfied by providing lucrative remunerations and rewards from time to time in order to get the best out of them. The idea of corporate governance was introduced within an organization in order to look after the employees and their desires. An industry even has the role of keeping their stakeholders happy and satisfied, as they are the central nervous system of an organization by providing capital and finance to the firm to keep their production process smooth. It is of great importance for any firm to keep a str ong governance and ethics structure so that the stakeholders and the employees are satisfied. In the present study it is seen that Cocoa Ltd is a large departmental store which uses a straight line method from its inception. The company has been making a record profit and it is expected that the profit would continue to last for the next two years of 2016 and 2017. The economists are in a prediction that an economic slowdown might occur in 2018 and 2019 which might lead to a fall in the profit of the firm. The manager of the firm in order to maintain a consistent profit for the next few years has asked the accountant to establish a strategy so that this profit can be maintained and the confidence of the stakeholders can even be kept towards the organization. The current paper tries to analyze and discuss the ethics, governance and stakeholders along with the change in the depreciation method that can bring about changes in the structure of the firm and keep a consistent profit within the firm. Discussion This part of the paper tries to analyze the case study with respect to the changing depreciation methods along with concentrating on the ethics and governance of the organization. The firm even tries to satisfy the interests of the firm by keeping a consistent profit and creating a reputation in the market. Cocoa Ltd is a consistent profit making departmental store, which has even estimated that it would be making a profit for the next two years as well. The economists on the other hand have predicted that there might be a economic slowdown in the year 2018 and 2019. The economic slowdown will lead to the fall in the profit of the firm which will not only hamper their market reputation but will even discourage the stakeholders to make further investments in the firm. The general manager of the firm Max Cocoa therefore, came to the accountant Andrea Andy and asked her to find a way out to reduce the profit of the next two years so that there can be a consistent profit distribution even during the years when there is an economic slowdown. Max Cocoa is asking Andrea to initiate such a process so that the stakeholders are happy with the performance of the organization and they stay with the organization even in the future (Tricker, 2015). The accountant of Cocoa Ltd, Andrea Andy was not justified with the reason shown by the general manager but she decided to do the same, as she was afraid that the firm might terminate her contract. The accountant therefore, decided to change the calculation of depreciation method from straight-line method to sum-of-years digits method (McConnell and Qi 2016). By altering the depreciation method, the firm will be able to decrease its profit, which will be essential in distributing the profit for the next two years to come. It is seen that Andrea did not disclose the changes she made in the financial statement as she thought that such a change in the accounting method might not satisfy the stakeholders and will even not give a good impression. It is seen that corporate governance and ethics play an important role in the functioning of an industry. It is seen that the ideology of ethics and governance of an industry determine the how they function and how much they value their stakeholders (Denis 2016). Ethics and governance is one the vital components of the skill base and knowledge of professional accountants in the modern world. As they are the important decision makers, it is essential that they must be experts in the regulatory regimes, governance techniques and compliance needs to make sure that effective and lawful operations and corporate behaviors are performed. With respect to Cocoa Ltd, it is seen that a proper understanding of the ethics and corporate governance structure and techniques bridges with the variety of responsibilities and roles shown in the accounting techniques. From the point of view of Andrea, the matter of ethics and governance provides the decision-making and analytical talent and knowledge to resolve and identify ethical and professional issues. Andrea does the same thing by listening to Max even when she felt that his idea was not justified. She felt that it is important for the organization to satisfy their stakeholders, as they are the core of the b usiness (Joseph, Ocasio. and McDonnell 2014). The ethics and governance and is helpful in gaining knowledge as it is vital for the matters that specialize in the functional disciplines of accounts. It is seen that with respect to the other professional accountants, Andrea is also less involved with the traditional accounting methods and is more focused with the leadership and management. Andrea like the present accountants is leaders in their field and assists support to the senior management and therefore are involved in many crucial decisions regarding the business. Therefore, it is important for Andrea to have a proper knowledge about the governance and ethics to the play the role of a person who will support the senior management of the organization (Acharya et al. 2013). This matter not only enhances the chances of awareness corporate governance but even the members in distributing their functions. It is important for Andrea to understand the matter of governance and ethics as it provides skills and knowledge that is essential for her to function effectively in the dynamic and universal business structure. This process is structured to make sure the development in a variety of professional ethics, attitudes and values among her and even in the accountants working globally (Bushee, Carter and Gerakos 2015). The subjects of governance and ethics is essential in providing skills and knowledge to the accountants so that they can work efficiently in the complex economic environment and even understand the needs of the management (Harijono and Tanewsk 2015). These subjects are framed to enhance development for a variety of professional values, ethics and attitudes in the professional accountants so that they can understand the problem of the management and concentrate on making decisions that will satisfy the stakeholders involved with the organization. (Carroll and Buchholtz 2014) On proper understanding of the matter of governance and ethics Andrea will be able to understand and explain the factors from a global perspective and the style of accounting profession and their function as an accountant. It is crucial to apply for the important duties of the accountant, in this case Andrea from the point of view of a member of the CPA in Australia. These processes even points out the importance of professional judgments and ethics and explains the crucial regulatory and governance frameworks, which is inclusive of the international viewpoint on corporate governance and their effect on the variety of stakeholders involved. These factors are even important for accountants like Andrea as it explains the estimations based on the external and stakeholders coming up from the organizational responsibilities of the governance (Larcker and Tayan2015). It even ascertains different compliance and regimes, which effects the international business environment. Governance and et hics involved in the business is essential in finding out h leadership, strategic and international problems, which has an impact on the accountants, like in this case Andrea and her profession of accounting. It even describes the role, nature and importance CSR (corporate social responsibility) which is inclusive of the sustainable development and the change in the climate (Chun et al. 2014). The module of ethics tries to discuss about the practical implementation of the ethics based on the notions of public interest and the stakeholders. It shows an overview of the ethical approach that is helpful for Andrea to solve the problems of ethical dilemmas, which in this case is the unjustified explanation of the Cocoa Ltds general manager Max. The problem is helpful in providing a detailed evaluation of the Code of Ethics for Professional Accountants and reveals the process to gain the code when addressing the ethical issues (Weber and Wasieleski 2013). The process even explains the factors that are essential to Andrea to influence the ethical decision-making and provides an outline of a proper approach of decision n-making that may be essential to make better decisions like Andrea did by changing the method of depreciation by not disclosing in the financial statement (Simmons, Shafer and Snell, 2013). The theory of governance can be well explained by examining the corporate governance framework. It includes the consideration of relationship between the stakeholders, managers and the organization. It is seen that there are vital guidance and codes on governance which Cocoa Ltd have seen in the country like Australia which are thought as a crucial role which affects the differentiation in the cultural approaches with respect to corporate governance (Chen 2013). The process tries to end with the discussion on the governance failure that have been found out it is seen that problems like this unjustified reasons of Max may arise in future and therefore recommendations for improvements can be seen. The process tries to limelight those professional accountants, as Andrea needs to have strong understanding of the concept of governance so that a successful fulfillment of the duty and obligations can be maintained (Javid and Ahmad 2014). According to the current scenario, it is important for Andrea to understand the ethical behavior with respect to the corporate governance, which requires the analysis in two levels namely the internal concerns of the corporate agency and the growth effects on the welfare of the society or the stakeholders who are connected to the organization (Carroll 2015). Recommendation It is seen that the governance is based on the premise that the managers, employees need to behave in their most effective interests to satisfy the stakeholders and the owners. There are two factors that restrict the ideology and they are the interest of the managers while going over with the stakeholders. There are instances when the agents can help themselves in various ways that can hurt the stakeholders. The second part includes the fact that the stakeholders have neither the skill nor the knowledge, which the management possesses. This can establish a dynamism where the accountants like Andrea may be forced to short termism which means behaving in ways that look to the stakeholders and that is how Andrea had behaved by not disclosing the change in the depreciation method in the financial statement. However, such process undermines the value creation over time thereby decreasing the profit of a year so that the profit can be distributed over a few years more. Variety of transpare ncy, oversight and remunerative mechanisms has grown and are still growing to enhance and restrict the agency cost. Conclusion The evaluation of the current study reveals that the organization Cocoa Ltd even being a profit for the last few years have predicted that due to economic slowdown there can be a decrease in the profit for the firm. The manager of the company asked the accountant Andrea to initiate a process that will reduce the profit for the current year so that there will be a consistent growth in the profit even during the time of economic slowdown. The idea of ethics and governance with respect to the stakeholders hold an important part as it is helpful for Andrea the accountant to understand vitality of the stakeholders. The paper even shows the ethical and governance structure, which has helped her to make financial decisions by changing the depreciation method without mentioning it in the financial statement so as to retain the impression of firm and even understanding that unjustified decision of the general manager to be effective and taking the decision same. Reference List Acharya, V.V., Gottschalg, O.F., Hahn, M. and Kehoe, C., 2013. Corporate governance and value creation: Evidence from private equity.Review of Financial Studies,26(2), pp.368-402 Bushee, B.J., Carter, M.E. and Gerakos, J., 2013. Institutional investor preferences for corporate governance mechanisms.Journal of Management Accounting Research,26(2), pp.123-149. Carroll, A.B. and Buchholtz, A.K., 2014.Business and society: Ethics, sustainability, and stakeholder management. Nelson Education. Carroll, C.E., 2015.The handbook of communication and corporate reputation(Vol. 49). John Wiley Sons. Chen, L.F., 2013. Denis Collins: Essentials of Business EthicsCreating an Organization of High Integrity and Superior Performance.Journal of Business Ethics,113(3), pp.557-559. Chun, J.S., Shin, Y., Choi, J.N. and Kim, M.S., 2013. How does corporate ethics contribute to firm financial performance? The mediating role of collective organizational commitment and organizational citizenship behavior.Journal of Management,39(4), pp.853-877. Denis, D., 2016. Corporate Governance and the Goal of the Firm: In Defense of Shareholder Wealth Maximization.Financial Review,51(4), pp.467-480. Harijono, H. and Tanewski, G., 2015. Does legal transplantation work? The case of indonesian corporate governance reforms.Journal of Indonesian Economy and Business,27(1). Javid, M. and Ahmad, M.S., 2014. The Corporate Ethics and Global Markets.Available at SSRN 2391380. Joseph, J., Ocasio, W. and McDonnell, M.H., 2014. The structural elaboration of board independence: Executive power, institutional logics, and the adoption of CEO-only board structures in US corporate governance.Academy of Management Journal,57(6), pp.1834-1858. Larcker, D. and Tayan, B., 2015.Corporate governance matters: A closer look at organizational choices and their consequences. Pearson Education. McCahery, J.A., Sautner, Z. and Starks, L.T., 2016. Behind the scenes: The corporate governance preferences of institutional investors.The Journal of Finance. McConnell, J.J. and Qi, Q., 2016. Just Talk? CEO Succession Plan Disclosure, Corporate Governance and Firm Value. Simmons, R.S., Shafer, W.E. and Snell, R.S., 2013. Effects of a business ethics elective on Hong Kong undergraduates attitudes toward corporate ethics and social responsibility.Business Society,52(4), pp.558-591. Tricker, B., 2015.Corporate governance: Principles, policies, and practices. Oxford University Press, USA. Weber, J. and Wasieleski, D.M., 2013. Corporate ethics and compliance programs: A report, analysis and critique.Journal of Business Ethics,112(4), pp.609-626.

HIV and AIDS an Evolving Global Response

Introduction HIV/AIDS has been ranked as one of the main killer diseases globally. It is mainly â€Å"transmitted through unprotected sex and blood transfusion† (CDC 2010). It destroys the CD4 cells and this limits the body’s ability to protect itself from infections. The use of condom has been proposed as an effective way of curbing the spread of the disease.Advertising We will write a custom essay sample on HIV and AIDS: an Evolving Global Response specifically for you for only $16.05 $11/page Learn More Despite its effectiveness in reducing the prevalence of HIV/AIDS, condom use has not been fully accepted due to socio-economic factors. This paper highlights the current situation and recommendations in regard to response and acceptability of condom usage. The Situation Most countries in the world have adopted a â€Å"national condom usage program in order to control the spread of HIV/AIDS and other sexually transmitted diseases† ( Schmiedl 2004, vol. 20, p. 17). Such programs include creating awareness about condom and its benefits. They also involve the provision of condoms at no costs or at reduced costs. There is a positive response to condom use as people realize its effectiveness in preventing HIV/AIDS. The promotion of condom use is more focused on the vulnerable groups rather than the general public. Thus condom is mostly associated with deviants such as sex workers and drug addicts (Bedimo Clark 1998, vol. 9, p. 50). This causes stigmatization in regard to condom use. The government and private agencies that are in charge of the condom usage programs usually conduct the procurement and distribution activities at the head-office level. Thus there is little involvement of the civil society in decision-making (CDC 2010). This causes alienation and underutilization of the programs. The abstinence campaign programs are also reducing the popularity of condoms. Those who support abstinence especially religi ous leaders believe that condoms encourage immorality (Bourne, Charles Francis 2010, vol. 20, p. 65). This discourages the use of condoms.Advertising Looking for essay on health medicine? Let's see if we can help you! Get your first paper with 15% OFF Learn More Recommendations In order to eliminate the stigma associated with the use of condoms, the programs should focus on the general public. Instead of targeting only the vulnerable groups, the governments should create the impression that condom use is meant for everyone (Cohen Clark 2003, vol. 87, p. 975). The civil society and opinion leaders should be involved in the programs especially when making decisions. This will facilitate the acceptance of the programs by the majority (CDC 2010). Besides, there should be more funding to support awareness programs as well as availability of condoms. Finally the governments should focus on evidence-based strategies for preventing HIV/AIDS. This includes widespread use of condoms (Hocking, Turk Ellinger 2002, vol. 22, p. 357). Counter-productive programs such as abstinence should be avoided since their effectiveness is not easy to measure. Conclusion HIV/AIDS can be easily controlled through the use of condoms since it is sexually transmitted (Bedimo Clark 1998, vol. 9, p. 5). However, a 100 percent condom usage rate is yet to be achieved due to socio-economic barriers as discussed above. Consequently, there should be more funding and intensification of condom use awareness activities. References Bedimo, L Clark, R 1998, ‘Understanding barriers to condom usage among HIV infected African American women’, Journal of the Association of Nurses in AIDS Care, vol. 9, no. 3, pp. 48-58. Bourne, P, Charles, C Francis, C 2010, ‘Psychosocial correlations of condom usage in a developing country’, Open Access Journal of Contraception, vol. 20, no. 1, pp. 64-75. CDC 2010, Condom distribution as a structural level intervention. Web.Adv ertising We will write a custom essay sample on HIV and AIDS: an Evolving Global Response specifically for you for only $16.05 $11/page Learn More Cohn, S Clark, R 2003, ‘Sexually transmitted diseases, HIV and AIDS in women’, Medical Clinics of North America, vol. 87, no. 5, pp. 971-995. Hocking, J, Turk, D Ellinger, A 2002, ‘The effects of partner’s insistence of condom usage in perception of the partner, the relationship and the experience’, Journal of Adolescence, vol. 22, no. 3, pp. 355-365. Schmiedl, R 2004, ‘School-based condom availability programs’, Journal of School Nursing, vol. 20, no. 1, pp. 16-21. This essay on HIV and AIDS: an Evolving Global Response was written and submitted by user Jaeden C. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The eNotes Blog 5 Mary Oliver Poems to Use in theClassroom

5 Mary Oliver Poems to Use in theClassroom Do you have a hard time getting students excited about poetry? The work of Mary Oliver has long been celebrated for its simplicity, beauty, and clarity. Her rich, sensory language, exploration of the line between human and non-human worlds, and the frank philosophy that accompanies them, make Oliver’s poems fast favorites with students and teachers alike. In honor of her memory, lets look at five illuminating pieces to weave into your lesson plans today: 1. The Summer Day Why its a great pick: Arguably Oliver’s most famous poem, The Summer Day is as simple and accessible as it is wondrous and profound. The poem combines metaphysical questions (â€Å"Who made the world? / Who made the swan, and the black bear?†) with the distilled image of a grasshopper in the speaker’s hand. But its the poems final lines that adorn t-shirts, coffee mugs, and the walls of countless college dorms: â€Å"Tell me, what is it you plan to do / with your one wild and precious life?† Teaching points: Study how Oliver uses sensory language to characterize the grasshopper. When the speaker describes the grasshoppers â€Å"enormous and complicated eyes,† the grasshopper’s curious gaze is personified to mimic the philosophical inquiries of the speaker. Pairs well with: To Kill a Mockingbird, Hamlet, or The Ones Who Walk Away from Omelas. 2. Wild Geese Why its a great pick: In Wild Geese, Oliver uses her iconic natural imagery to address one of life’s most challenging and common experiences: loneliness. As the speaker considers a flock of wild geese flying overhead, she describes all the events on earth that occur in the meantime. Ultimately, the poem offers solace to even the most solitary reader: â€Å"Whoever you are, no matter how lonely, / the world offers itself to your imagination. Teaching points: Discuss the way Oliver uses anaphora- the repetition of a word or phrase at the start of sequential lines- to distinguish between the three phases of the poem. The first five lines begin with â€Å"You,† with the final â€Å"yours† falling mid-line to signal the upcoming shift. Lines 6 through 12 use â€Å"Meanwhile,† emphasizing the multitude of concurrent events. The final five lines avoid anaphora altogether, signaling that the poem has reached its thematic resolution. Pairs well with:  The Catcher in the Rye, Of Mice and Men, or The Outsiders. 3. The Shark Why its a great pick: The Shark is an exciting poem with a Jaws-like plot great for attracting the attention of students who are intimidated by poetry. Oliver asks the reader to consider the essence of humanity. What is it that causes humans to hold themselves above all other animals? â€Å"Speech,† the poem answers. â€Å"The wilderness of our wit.† Teaching points: A poem with a plot provides a unique opportunity to study line breaks. After you’ve read the poem as published, present it to students in paragraph form. Then, ask students to consider how line breaks alter the reading experience and create meaning within the poem. Pairs well with: Moby-Dick, The Old Man and the Sea, Silent Spring, or The Odyssey 4. Singapore Why its a great pick: In Singapore, Oliver turns her keen powers of observation indoors, focusing them on a working-class woman scrubbing an ashtray in a toilet stall. With the same reverence Oliver uses to describe her iconic grasshopper and wild geese, the speaker in this poem studies and respects the laborer as she works. For students, Singapore illustrates a poem’s ability to imbue even dark, dingy moments of the human experience with meaning. Teaching points: Use this poem as an opportunity to study symbolism. The â€Å"bird† appears at least three times in this poem, taking on a different connotative resonance with each appearance. Ask students to consider how the meaning of the bird changes over the course of the poem, and how these shifts affect students’ understanding of the poem. Pairs well with: The Grapes of Wrath, The Color Purple, or Tess of the d’Urbervilles 5. In Blackwater Woods Why its a great pick: In Blackwater Woods reveals poetry’s capacity to philosophize, making explicit truths that readers can use to navigate the difficult experiences of life: â€Å"To live in this world / you must be able // to do three things:// To love what is mortal; / to hold it against your bones / knowing your own life depends on it; / and, when the time comes to let it go, // to let it go.† Teaching points: Use this poem to distinguish between personification and anthropomorphism. Personification gives non-human entities the thoughts and feelings of a human. Anthropomorphism gives non-human entities the form of the physical human body. For example, â€Å"the trees are turning their own bodies into pillars of light† and â€Å"the blue shoulders / of the ponds.† While the trees and pond aren’t fully characterized, the reader is nevertheless prepared for the fleetingness of nature to be linked with the fleetingness of human life by the poem’s end. Pairs well with: The Stranger, Walden, or A Tale of Two Cities

Leadership and legacy Research Paper Example | Topics and Well Written Essays - 750 words

Leadership and legacy - Research Paper Example mmarized in three slogans – â€Å"a â€Å"Harmonious Society† domestically and a â€Å"Peaceful Development† internationally, the former generated by a â€Å"Scientific Development Perspective,† which seeks integrated sets of solutions to arrays of economic, environmental and social problems, and recognizes, in inner circles, a need for political reform (though studied, cautious and controlled)† (Wikimedia Foundation, Inc.) He is known to be a transformational visionary since he initiated critical changes in the way the Chinese government is run. The openness to foreign relationships in terms of trade is one of the proofs. Since his leadership, China has also been influential in terms of international trade. As a transformational and visionary leader, he was so determined to achieve what he desired and this led to the laying off of some very senior government officials most of whom protested against his leadership style (Chu 2004). His leadership style was unique in that he first considered the areas that were earlier neglected like the poor areas in the country. In this, his aim was to reduce the inequality that existed between the GDP and the Welfare Second policies. It was also a way of equalizing the society through new policies that he would use to bring the expected change. He was determined to have a clear picture of those areas first and then work out a way of developing them. This is the reason why his style was transformational and visionary. He had a vision for his country and was determined to achieve what he desired and what he felt was the best for his people (Kahn 2005). He put the interest of others before his own and that’s why he spent most of his time assisting the poor and learning more about the poor parts of the country. He focused more on the poor parts of the country and not on the areas that had prospered economically (Lam 2006). Hu was known to be a very supportive leader. He shows supports to every Chinese citizen through his moral

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American Football - Research Paper Example The league name was changed into the National Football League. National Football League is the most popular sporting event in America. This NFL is the major football league in America. The game was originated with the concept of rugby. In the year 1960, AFL was introduced. It is known as the rival league to NFL. The full form of AFL is American Football League. Popularity of American Football and Role of Players and Coaches In the early 20th century, American Football has started to achieve popularity among the people. College and school football tournaments had also increased the awareness of professional football. Several leading popular players, coaches, and cultures or rituals associated with the game have attracted major of the Americans towards this game. Legendry player-coaches, such as Curly Lambeau and George Halas have increased the attractiveness and spirit of the game. The professional football had become more respectable at that point of time. However, the sports association and national sports authority collaboratively had brought some changes in the structure of the game. This change process has increased the popularity of the game of American Football. Presently, it is evident that, money involved in the game, fan following, attractiveness and TRP have increased significantly. Tom Landry was one of the popular players in this particular game. The National Football League is growing cont inuously. It is evident that, the popularity of the game is increasing worldwide. Several leading NFL teams generally compete with other. The national Football League of America has played an important role in the economic growth of America. This sport has become one of the major sources of advertising revenue for the television channels. Due to the intense popularity and attractiveness of the game, several sports gear brands has made huge profit. These organizations are targeting the youths and sportspersons. The brands are providing the sponsorships to the sportsman to increase their brand awareness in the market. As a whole, now-a-days the players of NFL are earning huge money and popularity through this game. In 1950s, the National Football League has adopted and implemented several strategies from American Football League in order to make the sports highly popular and attractive (Gifford 121). It is known to all that national Football League is very much different from other pr ofessional sports leagues. Recently 32 teams are representing this National Football League in America. Several popular NFL or AFL players are the role model for the American youths and kids. It is very much difficult to become a member of National Football League. This sporting event used to take place in every year. 32 leading and popular club teams compete with each other in order to win the championship. It is a league basis game. However, it is discussed earlier that, the rivals of NFL i.e. American Football League (AFL) has challenged the dominance of National Football League in the year 1960. On the other hand, the college football of America has maintained the tradition of bowl games and traditional football. College and university football league are considered to be the third most popular sports in America. American Football is referred as the tough contact sport that has dominated the sporting sense of American people. This game requires all round mental and physical fitn ess

Causes and Impacts of Inflation on Developing Countries

Causes and Impacts of Inflation on Developing Countries Introduction Economic development in low developed countries is a contested argument amongst economists, all of which are looking for the best way to enact economic growth. The discussion surrounds whether stable monetary policy will encourage economic development by encouraging foreign direct investment or will currency depreciation and inflation create the right environment for exports growth and thus economic growth? This essay will discuss the causes of inflation and its repercussions for economic growth in developing nations. The argument for monetary stability and its repercussions for economic development will also be discussed. The scenario surrounding the Asian financial crisis will be used at the conclusion of the essay to illustrate the finer points in the argument for monetary stability as a means to economic development. The Causes of Inflation Krugman and Obstfeld define inflation as the increase of prices of goods[1]. There are arguably many causes of inflation; it is a complex combination of many macroeconomic variables that work together to increase the price of consumer goods in a developing economy. Shamsul, Shyam and Kamath discuss, there are two dominant hypotheses regarding the causes of inflation; the monetarist hypothesis and the structuralist hypothesis. The monetarist hypothesis refers to an increase in the money supply which in turn causes an increase in the price of goods and the structuralist hypothesis refers to structural characteristics of a developing economy creating inflation including the nature of the tax system, foreign exchange restraints, the budgetary process, the nature of the labour market and administered prices. All result in a devaluation of domestic currency on a global currency market[2]. The forces that result in an increase in the money supply or a devaluation of domestic currency agains t foreign currency will discussed. Common economic theory states that liberalisation of financial and capital markets in developing countries results in growth and stability in those countries. However Chakraborty discusses how unrestrained opening up of an economy can result in a foreign exchange crisis. That an inflow of foreign currency through investment and fixed exchange rates will result in higher reserves in the central base, which in turn results in more money existing in the economy which causes inflation. Inflation thus can be seen as a cause of the devaluation of a domestic currency on global money markets[3]. Developing countries will often use an export oriented economic strategy to increase growth. Devaluations of a domestic currency will make exports look more attractive on foreign markets; hence governments will try and keep exchange rates down. Chakraborty continues that as prices continue to rise the demand for money similarly rises by domestic residents. It is common for residents to sell foreign b onds in order to buy local currency, which in turn puts pressure on the currency to appreciate. In order to undermine this scenario banks will sell local currency and buy foreign reserves to counteract the appreciation of the exchange rate due to the increased demand. This scenario has a cyclical effect and will in turn increase the money supply and inflation[4]. The situation surrounding a floating exchange rate can be quite different. Chakraborty discusses how liberalising the capital market will attract capital inflows from foreign investors which will increase the money supply, but will however appreciate the exchange rate. This type of policy will usually be accompanied by a contractual monitory policy that will increase demand for money and increase the interest rate. The increased interest rate will further attract capital inflows and further appreciate the exchange rate. An appreciated currency will be less attractive on foreign markets thus export demand will decrease and imports will increase, deteriorating the balance of trade deficit[5]. Large foreign debts result in a higher risk of financial instability. Inflation and currency devaluations have been a common problem in the history of developing nations. Instability in prices and foreign exchange rates discourages lenders in richer countries from investing in poorer markets due to the threat of losing money in a financial crisis or currency devaluation. Krugman et al discuss how richer nations protect themselves against this risk by insisting that poorer countries repay their loans in the lenders currency. A transfer of wealth can be directed towards foreign lenders in the event of currency devaluation as it raises the local currency valuation of the debt. This scenario can lead to developing countries inability to repay foreign debts and sometimes in default[6]. Inflation can be a result of external factors in a global economy including contagion from other trading partners. Cheng and Tan discuss that although domestic factors are important determinants of inflation, they are often not as important as price volatility being transmitted from one country to another. In the case of Malaysia, interactions in the form of trade resulted in a causality of inflation from other ASEAN nations to inflation in Malaysia[7]. This form of contagion can be very influential for a developing country liberalizing its financial and capital markets in a global economy. Instability and inflation can lead to speculation which in turn can lead to financial crisis. Krugman et al discusses contagion as the vulnerability of developing economies to suffer a loss of confidence in their financial markets which can cripple even the healthiest economies. Speculation regarding the devaluation of a local currency can result in investors pulling out of their investments (which now must be paid in the lenders currency), selling all the local currency (which has a further devaluing effect) and leaving the country with a large foreign debt. Speculation can be contagious as was seen in the Asian financial crisis where devaluation of the Thai Baht was followed by similar speculation surrounding other Asian currencies including that of Indonesia and Malaysia and eventually resulted in full financial crisis[8]. Controlling Inflation and Stabilising an Economy Methods used to counteract heavy speculation and financial instability includes information transparency. Ferreira de Mendonca and Filho discuss increasing information transparency as implying a fall in inflation bias and inflation volatility. Anxiety regarding inflationary pressures can be controlled through forecasts being released by the central banks of developing nations making policy and macroeconomic performance more predictable. There is evidence that economic transparency can reduce inflation and lower interest rates thus improving the conduction of monetary policy[9]. Wagner discusses inflation as being regarded as the signal of bad policy and political and economic instability. The variables are the relevant locational factors that determine the attractiveness of economies for investment. A loss in investors and mobile factors of production such as technology transfer and knowledge results in loss of potential production and potential output and hence growth. Local residents suffer through an increase in unemployment and a decrease in productivity[10]. Local economies become more unstable as a consequence. It can now be deduced that managing exchange rates is paramount to controlling inflation in developing countries. Wagner discusses two methods of managing exchange rates in order to control inflation; the ‘hard peg’ option and the floating currency option. The term ‘hard peg’ refers to the currency boards, where monetary policy autonomy is completely given up. Hard peg exchange rate regimes have gathered a lot of interests for developing economies over recent years as currency crises are not possible under the hard peg system. There are certain preconditions for an economy that need to be present in order for a hard peg to be possible. The recipient developing nation must have a developed, well supervised and regulated financial system; the rule of law; fiscal discipline; and wage and price flexibility. Many emerging nations lack these preconditions and hence are unable to sustain a hard peg[11]. Boyd and Smith suggest that low inflation is the central objective of developing economies in their efforts to enact economic growth. Growth is seen as having an inverse relationship to inflation and thus must be kept as low as possible. Developing countries in the Caribbean such as the Bahamas have been successful in lowering inflation and stabilising the exchange rate through using a currency board as part of their institutional structure. The currency board ties the monetary policy of the constituent countries and provides disciplinary controls on monetary and fiscal policy which in turn provides stability in their output. All the countries in the currency union experienced persistence however low rates of inflation and low variability in inflation rates therefore could be considered stable and an acceptable monetary policy performance[12]. Wagner further postulates that a floating exchange rate is similarly effective in controlling high inflation. Despite anxiety that a floating exchange rate will result in an unstable currency, floating exchange rates can be used to attract foreign investment and thus appreciate the value of the currency. Interest rate and intervention policies can be used to influence the behaviour of the exchange rate and reduce the negative effects of speculation[13]. A floating exchange rate can be flexible enough to encourage investment through appreciation however encourage exports through devaluation provided controls are in place to ward off speculative attacks. Maskooki shows Mexcio as having successfully implemented a floating exchange rate in order to control inflation. It reduced the value of the peso by gradual and frequent currency adjustments in reaction to market conditions. The slow depreciation of the peso made exports more attractive overseas and was offset by the liberalization of the capital market which was attractive to foreign investors. The combination of the two had a balancing effect on inflation and exchange rates and thus encouraged stability of prices. This had made the external market less exposed to unexpected shocks[14]. Through economic stabilization Mexico is now less vulnerable to investment reversal and thus less vulnerable to financial crisis. Stable inflation rates and exchanges rates send positive signals to global financial markets of positive financial policy in developing countries. Good corporate governance has the reflexive ability to create the positive economic environment to control inflation and also the positive outcome of successful monetary policy. Arsoy and Crowther comment that mandatory corporate governance can be achieved through the creation of capital markets in which transparency, accountability, responsibility and fairness are understood by both investors and shareholders[15]. Transparency being the proponent for fighting speculative attacks by reducing risks associated with investing in developing countries. Krugman et al discuss that governments of developing countries must create a stable environment through reducing the risk of inflation and protecting property rights in order to encourage economic growth. In protecting property rights they encourage private enterprise, investment, innovation and ultimately economic stability[16]. The conditions for economic stabilization feed off each other – stabilization encourages investment which in turn encourages more stabilization. Nsouli, Rached and Funke discuss the control of inflation as paramount to the success of any domestic economy. Here again price can be seen as a signal of economic health as price liberalization is essential for the efficient allocation of resources within and across sectors of the economy. Without a rational price system, profit and losses alone cannot signal what industries should expand and which ones should shrink. In both transition and developing economies, price liberalization led to a rapid increase in the availability of products for consumer use[17]. The Asian Financial Crisis The countries of the Asian economic boom in the mid 1990’s are a perfect example of how unstable monetary policy can bring even the most impressively growing economy down. Krugman et al tells us the Asian tigers were initially South Korea, Hong Kong, Singapore and Taiwan and then Thailand, Malaysia and Indonesia later joined the group. They had achieved incredible rates of growth through high savings and investment rates, improving education levels amongst the work force and by liberalising trade or at least a high level of openness and integration with global markets. The Asian tigers were gaining popularity as an investment opportunity as restrictions on capital inflows were lifted. However all this investment was leading to large deficits and would eventually result in financial demise[18]. Krugman et al continues that starting with the depreciation of the Thai Baht, a chain reaction of events brought the Asian miracle into financial crisis. A sharp drop in the value of the Baht as it was left to float after being pegged to the American dollar brought about speculative attacks on the currencies of its neighbours Malaysia and Indonesia and eventually South Korea. All countries had large foreign debts mostly in American dollars and as a result were facing increasing values on these debts due to the decreasing exchange rate. Many debts in Asia had the power to push banks and viable companies into bankruptcy as a result of exchange rates spirally out of control[19]. The Asian financial crisis was seen as a self perpetuating scenario based around speculative attacks on currency valuations. Lee argues that as soon as a currency peg is seen as non-defensible market participants expect that the market will move in one direction and in fact it does. Once the expectation sets in collective action takes hold (in this case investors pull out of their investments) and the result can inflict financial ruin on whole economies[20]. The Asian miracle had come to an abrupt end. Krugman further discusses the cause of such violent economic collapse can be seen through bad government policy. In Thailand and Indonesia ‘crony capitalism’ was the source of a lot of poor investment decisions. The sons and daughters of royalty or prominent politicians were the recipients of a lot of investment money regardless of the legitimacy of the project resulting in considerable moral hazard in lending. The regulatory system was ill equipped to deal with companies in danger of bankruptcy or to foster quality investments in the economy that would count towards real growth[21]. As a result the first sign of instability caused foreign investors to pull out of investments and leave the economy in crisis. The act of stabilising an economy is a complex process involving effectively monitoring the potentially volatile variables of an economy. Wagner discusses economic stability as being created through strengthening domestic banking and financial systems; providing better information and policy transparency; strengthening corporate finance, including bankruptcy laws and their implementation; taking precautions against potential capital flow reversals; and last but not least, building packages of sound macroeconomic and exchange rate policies[22]. Although the situation in South East Asia has improved over the years since the financial crisis, Low tells us that many questions still remain in Asia regarding their economic stability for the future, for example, whether effective democratic checks-and-balances in the political system, legal, judicial and institutional processes can help reinforce the moral economy[23]. It is fare to say that controlling inflation is but the tip of the ice b urg when stabilizing a developing nation’s growth. Conclusion Inflation and economic instability are a common problem for low developed countries trying to establish themselves in global markets. Inflation and currency depreciation are fundamental signals to wealthier nations that a local market is too big a risk to invest in thus leaving development and growth stagnant in those countries. Price stability on the other hand can signal to potential investors that a local financial market has strong monetary policy, that exchange rates can be controlled and that the local business environment is encouraging to growth. Countries with unstable monetary policy are vulnerable to speculative attacks from market participants as can be seen in the case of the Asian Financial crisis. Pegging local currencies to stronger currencies such as the United States dollar can result in devastation if markets forecast a currency will be overvalued. Contagion can result in a chain reaction of events that brings trading partners into similar financial crisis. Althoug h devaluing a currency can make exports more attractive on foreign markets it can also discourage foreign direct investment from investing due to the high incidence of default on foreign debt. Mechanisms have been designed to control factors such as inflation and encourage foreign investment by richer nations. A floating currency or a currency board can be used effectively to stabilise exchange rates and thus control the flow of funds in and out of a local market. Good corporate governance including transparency of monetary policy can be used to reduce the risk of speculation and forecast inflationary activity. Political stability also needs to be created through effective regulatory systems on financial and capital markets including bankruptcy laws and laws preventing capital flight in the face of financial crisis. Reference List Arsoy, A.P, Crowther, D (2008) â€Å"Corporate Governance in Turkey: Reform and Convergence,† Social Responsibility Journal, vol.4, iss.3 pp.407-422 Boyd, D Smith, R (2006) â€Å"Monetary Regimes and Inflation in 12 Caribbean Countries,† Journal of Economic Studies, vol.33, iss.2, pp.96-108 Chakraborty, D (1999) â€Å"Macroeconomic conditions and Opening Up – Argentina, Chile and India: A Comparative Study,† International Journal of Social Economics, vol.26, iss.1/2/3, pp.298 -311 Cheng, M.U. Tan, H.B. (2002) â€Å"Inflation In Malaysia,† International Journal of Social Economics, vol.29, iss.5, pp.411-426 Ferreira, H Filho, J.S (2007) â€Å"Economic Transparency and Effectiveness of Monetary Policy† Journal of Economic Studies, vol.34, iss.6, pp.497-515 Krugman, P.R. Obstfeld, M. (2005). International economics: Theory and policy (7th ed.). Boston: Addison-Wesley Longman Lee, J.Y. (2007) â€Å"Foreign Portfolio Investors and Financial Sector Stability in Asia,† Asian Survey, vol.47, iss.6 pp.850-871 Low, L (2006) â€Å"A Putative East Asian Business Model,† International Journal of Social Economics, vol. 33, no.7 pp. 512-528 Maskooki, K (2002) â€Å"Mexico’s 1994 Peso Crisis and its Aftermath,† European Business Review, vol.14, no.3, pp.161-169 Nsouli, S.M Rached, M Funke, N (2005) â€Å"The Speed of Adjustment and the Sequencing of Economic Reforms: Issues and Guidelines for Policy Makers,† International Journal of Social Economics, vol.32, no.9, pp.740 766 Shamsul, A Shyam, A Kamath, J (1986) â€Å"Models and Forecasts of Inflation in a Developing Economy,† Journal of Economic Studies, vol.13, iss.4, pp.3-30 Wagner, H (2005) â€Å"Globalisation and Financial Instability: Challenges for Exchange Rate and Monetary Policy,† International Journal of Social Economics, vol. 32, iss.7, pp.616-639. 1 Footnotes [1] Krugman, P.R. Obstfeld, M. (2005). International economics: Theory and policy (7th ed.). Boston: Addison-Wesley Longman. [2] Shamsul, A Shyam, A Kamath, J (1986) â€Å"Models and Forecasts of Inflation in a Developing Economy,† Journal of Economic Studies, vol.13, iss.4, pp.3-30 [3] Chakraborty, D (1999) â€Å"Macroeconomic conditions and Opening Up – Argentina, Chile and India: A Comparative Study,† International Journal of Social Economics, vol.26, iss.1/2/3, pp.298 -311 [4] Chakraborty (pp.298 – 311) [5] Chakraborty (pp.298 – 311) [6] Krugman et al (pg.615) [7] Cheng, M.U. Tan, H.B. (2002) â€Å"Inflation In Malaysia,† International Journal of Social Economics, vol.29, iss.5, pp.411-426 [8] Krugman et al (pg.623) [9] Ferreira, H Filho, J.S (2007) â€Å"Economic Transparency and Effectiveness of Monetary Policy† Journal of Economic Studies, vol.34, iss.6, pp.497-515 [10] Wagner, H (2005) â€Å"Globalisation and Financial Instability: Challenges for Exchange Rate and Monetary Policy,† International Journal of Social Economics, vol. 32, iss.7, pp.616-639. [11] Wagner (pp.616-639) [12] Boyd, D Smith, R (2006) â€Å"Monetary Regimes and Inflation in 12 Caribbean Countries,† Journal of Economic Studies, vol.33, iss.2, pp.96-108 [13] Wagner (pp.616-639) [14] Maskooki, K (2002) â€Å"Mexico’s 1994 Peso Crisis and its Aftermath,† European Business Review, vol.14, no.3, pp.161-169 [15] Arsoy, A.P, Crowther, D (2008) â€Å"Corporate Governance in Turkey: Reform and Convergence,† Social Responsibility Journal, vol.4, iss.3 pp.407-422 [16] Krugman et al (pg. 634) [17] Nsouli, S.M Rached, M Funke, N (2005) â€Å"The Speed of Adjustment and the Sequencing of Economic Reforms: Issues and Guidelines for Policy Makers,† International Journal of Social Economics, vol.32, no.9, pp.740 766 [18] Krugman et al (pg.620) [19] Krugman et al (pg. 623) [20] Lee, J.Y. (2007) â€Å"Foreign Portfolio Investors and Financial Sector Stability in Asia,† Asian Survey, vol.47, iss.6 pp.850-871 [21] Krugman et al (pg.622) [22] Wagner (pp.616-639) [23] Low, L (2006) â€Å"A Putative East Asian Business Model,† International Journal of Social Economics, vol. 33, no.7 pp. 512-528