Purpose Of Issuing Currency Finance Essay - Free Essay Example

In 1907, the Currency Board was established for the purpose of issuing currency and protecting its value. The World Banking Mission which examined economic situation and potential development of a country. It had recommended composing a Centre Bank and eventually the Central Bank of Malaya Ordinance was established in 1959. However, the currency issuing authority was transferred to Bank Negara Malaysia after 1967 (Institut Bank Malaysia, n.d. ). According to Intitute Bank Malaysia (n.d.), under the Financial Sector Master Plan (FSMP), the financial industry is now undergoing consolidation phase. Commercial banks are merging with their finance companies. This is to increase competitiveness of the financial institutions by providing one-stop financial services. Malaysia has three derivatives exchanges which commodities, fixed income and equity products. Besides, Malaysia is the one who introduce KLCI futures earlier than India, Taiwan and Korea. The first Malaysian derivative exchange was established at 1980 which is KLCE. The initial derivative product was the Crude Palm Oil (CPO) contract. The CPO futures contract was the only product in its category and remained as the main product (Bacha, 2004). Bacha (2004) found in 1995, Malaysia introduced financial derivatives together with introduction o f Kuala Lumpur Options and Financial Futures Exchange (KLOFFE) (which currently known as KLSE CI Stock Index Futures contracts). After two years, the Malaysian Monetary Exchange (MME) was launched and traded the 3 month KLIBOR contract. The three exchanges, KLCE. KLOFFE and MME have now been consolidated into a single exchange, the Malaysian Derivatives Exchange (MDEX). Thus, nowadays we can trade commodity, equity and interest rate derivatives on MDEX (Bacha, 2004). The relationship between the percentage changes in the spot exchange rate over time and differential between comparable interest rates in different national capital markets known as the International Fisher Effect (IFE). International Fisher Effect (IFE) attributes changes in exchange rate to interest rate differentials, rather than inflation rate differentials among countries. The International Fisher Effect, (IFE) or fisher-open, states that spot exchange rate should change in an amount equal to but in the opposite direction of the difference in interest rates between countries. International Fisher Effect (IFE) to estimate the equilibrium future spot exchange rate S*ÂÂ ¥/$ assuming International Fisher Effect (IFE) holds. Justification for the International Fisher Effect (IFE) is that investors must be rewarded or penalized to offset the expected change in exchange rates. The International Fisher Effect (IFE) predicts that with unrestricted capital flows, an investor should be indifferent between investing in dollar or yen bonds, since investors worldwide would see the same opportunity and compete it away (Moffett, 2012; Madura, 2012). The International Fisher Effect (IFE) is unpredictable due to the different short-term factors that influence the exchange rates and the predictions of nominal rates and inflation. However, the long-term International Fisher Effect (IFE) just provides a little better result. Interest rate differentials always offset by exchange rates, but error alwa ys occur when forecast the future spot rate (Shalishali, 2012). Shalishali (2012) stated that exchange rate fluctuation and interest rate difference are affecting consumers and the worldwide economy. Among others, exchange rates fluctuations can cause inefficiency and misrepresent world prices and further capture investors attention to countries inflation. In addition, the long term investment return and international trade are affected by long-term movements in exchange rates. By knowing some short-term foreign exchange movements, international businesses that deal with foreign exchange transactions on daily basis could benefit. Exchange rate movement will create higher risk. Hence, companies may utilize information available to determine how many derivative securities such as options, forwards, and futures to hedge in order to minimize risk arising from exchange rate movements. Moreover, the actual return of investors portfolio with overseas holding will directly affected by ex change rates. The world has experienced at least two financial crises that have strong contagious effects within the decade of 1997/98 and 2007/08. The Asian Financial Crisis 1997/98 began in July 1997 with the devaluation of the Thailand currency. The key financial institutions in South Korea and Japan shut down due to the worries of global fund withdrawal and at last lead to a collapse of financial market and currency depreciation in regional. In those East Asian countries, there was a dramatically increase in interest rate in 1997 since their currencies collapsed. For instance, short-term rates in South Korea rose from 12 to 30 percent within a month (Li Wong, 2011; Cho Kenneth, 2003). Figure 1 (refer to appendix) reports data characterizing the situation in some Asian countries during the 1997/98 Asian crisis. The Asian crisis is the best characterized as triggered by a mixture confidence crisis in a few countries, which then spread- through trade and depending on the co untry, also financial channels to other countries within and outside the region. It shows that, as a result of the crisis, exchange rate depreciate over the second half of 1997. Increase in interest rate move exchange rate in opposite direction. However, Malaysia was an exception. Even with capital control, the exchange rate still depreciating until it re-pegged Ringgit Malaysia against the US dollar (Sanchez, 2005). Literature Review In IMF point of view, the relationship between interest rate (also known as monetary policy) and the exchange rate is that a rise in interest rate will stabilize the exchange rate. This relationship has been frequently discussed by the World Bank, IMF and US Treasury especially during economy crisis since it is important for policy implications. Hnatkovska, Lahiri, and Vegh (2012) conducted a study and the research studies have established the relationship between the exchange rate and short term interest rates is non-monotonic. This study expressed when there is a smaller increase in the nominal interest rate, the currency will be appreciated. On the contrary, larger raise in nominal interest rate lead to the currency depreciated. Besides, some research studies stated that the nominal exchange rate has negative relationship with the nominal interest rate differential and has a positive relationship with expected long run inflation differential (Shah Rehman, n.d.). A short term interest rate is the premium policy instrument that policymakers applied in order to change currency values. There are three effects that will influence the exchange rate by increasing short term interest rate. First, the money demand effect which indicated higher interest rates will increase the demand for domestic-currency denominated assets hence appreciate the currency. On the other hand, higher domestic interest rates reduce domestic output through a credit channel and this effect will depreciate the currency which defined as output effect. In addition, fiscal effect emphasized on a rising in interest rates tends to increase the debt service burden of the fiscal authority and consequently it increases inflationary expectations and weakens the currency. Besides, physical capital can cause both appreciations and depreciations on the effect of temporary increases in interest rates (Hnatkovska et al., 2012). Other factors of no co-integration between real effective exchange rate a nd interest rate differential such as permanent fluctuation in exchange rates as a result of high inflation rate and interest rates, instable monetary policies, unemployment, poor GDP growth rate, poor administrative system, political instability and improper policies (Shah Rehman, n.d.). Shah and Rehmen (n.d) did a research on the relationship between real exchange rate and real interest rate differential on developing country. In this study, they unable found any evidence to shows the relationship between the variables. Theoretically, the relationship between real exchange rate and real interest rate should hold better in long term than in short term. MacDonald and Nagayasu (2000) have conduct a study on 14 developed countries on the similar topic, the empirical result using the single equation method of Johenson shown the existence of long run relationship, the relationship is even clearer when long term interest rate is used. According to the study of (Li Wong, 2011), on e inspiring finding is that the inter-temporal relationship between real interest rate differential and real exchange rates in Iceland, Singapore, Thailand and India is extremely low. The change in their monetary policy did not generate a significant impact on their capital movement. It suggested the interest rate of other countries has efficiently been adjusted, thus there will not be any impact on real exchange rate. Furthermore, many researchers are interested in conducting studies on countries which involved in economic crisis. Researchers had extended the study to Asian countries that other researchers never been done the research using the period Asian economic crisis. He found the relationships pattern different between pre and post economic crisis, where it changes from positive relationship to negative relationship especially for Indonesia. (Bautista, 2006) Economic crisis has strongly aroused the researchers interest to conduct study on Korea as well. Dekle, Hsiao, and Wang (2001) proved that the empirical result are supportive the traditional view. Monetary tightening and the rise in interest rate successfully appreciating Korea won. In fact, it is consistent with the expectation of IMF as they request Korea to raise their short term interest rate after a sustained period of stability depreciated precipitously. An extended study of Meese and Rogoff (1998) with the purpose to find a stable long run relationship between real exchange rate and real interest rate differentials using Korean Won exchange for US Dollar data for period 1991 to 2011, real interest rate did not affect the real exchange rate significantly before crisis (as cited in Park, n.d.). After the crisis, real interest rate differential had a positive significant effect and Korean foreign exchange reserve a negative significant effect on the real interest rate respectively. They also mentioned that the data fitted the interest rate parity theory better after crisis than before crisis , this is reasonable given openness and integration into global market of Korean financial market. The study on ability of interest rate as a defend tool during economic crisis also is a topic concerned by IMF and World Bank (Caporale, Andrea Cipollini, Panicos, 2005). They investigate the monetary tightening policy in defending the exchange rate from speculative pressure during the Asian financial crisis from 1991 to 2001 on Indonesia, South Korea, Philippines, and Thailand. They found that during the crisis period, there was a simultaneously increase in domestic interest rate in respond to exchange rate depreciation. The effects of an increase in the domestic interest rate on domestic currency, owning a higher probability of bankruptcy of highly leverage Corporation. However, during tranquil periods the nominal exchange rate appears to appreciate sharply in response to rise in the domestic interest rate. A similar study been carry out by (Chen, 2007), while the main study is f ocus on interest rate and exchange rate volatility, the empirical result presented supportive view of high interest rate would no help to defend the exchange rate. He suggested that any structural model proposed in this paper suitable to predict the relationship between real interest rate and exchange rate volatility due to all model are consistent with empirical regularity and provide one of cause and effect. Some researchers are interested to identify the pattern of relationship of fixed exchange rate and interest rate during economy crisis. G. Benigno, P. Benigno, and Ghironi (2007) revealed the relation between interest rate rules, exchange rate regimes, and determinacy of the rational expectation equilibrium of the economy. In this paper, follower country is in the exchange rate regime, it means the country that trying to peg the exchange rate, while foreign is the leader. As discussed inÂÂ  Obstfeld and Rogoff (1996), although a fixed exchange rate implies equality bet ween the domestic and foreign interest rates, pegging the domestic interest rate to the foreign one is not sufficient to fix the exchange rate in all periods (as cited in G. Benigno, P. Benigno, and Ghironi, 2007). It results in instability and indeterminacy. This paper proposed a solution to this problem in terms of interest rate feedback rules for the follower countries so that can ensure the determinacy of the fixed exchange rate equilibrium in a rational expectations setting under relatively weak conditions. The class of rules proposed by this paper is differs from other approaches in the literature (such asÂÂ  Taylor, 1994;ÂÂ  Wieland, 1996) because it does not require the specification of any point in the money supply path (as cited in G. Benigno, P. Benigno, and Ghironi, 2007). Recommendations Based on the research studies, we found that the relationship between interest rates is well explained through the International Fisher Effect, however the previous study more focus on the Purchasing Power Parity (PPP). According to Alan and Mark (2004), PPP is a disarmingly simple theory that hold the nominal exchange rate between two currencies should be equal to the ratio of aggregate price levels between the two countries, therefore a unit of currency of one country will have the same purchasing power in a foreign country. We suggest that either each of the theory should not be ignored because both also will influence the exchange rate effectively. Furthermore, previous researches more focus on their studies using the economy crisis background. So we suggest that they can do some researches on the relationship between interest rate and exchange rates under stable economy conditions. Will the results have the differences if compare to the crisis economy? In addition, we also identified that most researchers only emphasize on the inflation that will depreciate the exchange rate. We recommend that they can also take the deflation into the considerations. Actually deflation can be considered as a natural phenomenon, as far as hard currency economies are concerned. Besides that, deflation can leads to the escalation in the purchasing power parity of each unit of currency. Conclusion In conclusion, excluding factors like inflation and interest rate, the most important determinant of a countrys relative level of economic health is exchange rate. It plays an important role in a countrys trade level which is vital to most every free market economy in the world. Many research studies showed that there are negative relationship between interest rates and exchange rates. Interest rates, inflation and exchange rate are highly interrelated. The exchange rate of the currency holds the bulk of investments determine that portfolios real return. Actually the exchanges rates are established by frequent difficult reasons that often leave even the most experienced economists confused, financiers should still have some understanding of how the currency values and exchange rates play a main role in their investment.

Video Games Video Game Addiction - 2135 Words

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For example, Mary Schlimme, in her research paper, she declared, â€Å"All addictions can be dangerous and harmful to the addicted person and others around him; however, video game addiction can be particularly detrimental to children.† (Schlimme) In other words, computer games indulgence hurts people with no boundary, but especially to children. Even though a lot of researchers put forward their argument that violent video games could release one’s desire for acting violently, there is an increasing number of evidence proving that excessively playing video games can lead to a higher level of poor physical health and aggressive behavior on teens and pre-teens. 1. 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Countrywide Financial Subprime Meltdown Ethics Mandi Hash

Countrywide Financial: Subprime Meltdown Ethics Countrywide Financial: Subprime Meltdown Ethics Mandi Hash Acct 430 81E – Krupka, Joseph Abstract â€Å"Not long ago, Countrywide Financial seemed to have everything going for it. Cofounded by Angelo Mozilo in 1969, by the early 2000s it had become the largest provider of home loans in the United States. At that time one in six U.S. loans originated with Countrywide. In 1993 its loan transactions reached the $1 trillion mark. Additionally, it was the primary provider of home loans to minorities in the United States and had lowered the barriers of homeownership for lower-income individuals. Countrywide also offered loan closing, capital market, insurance, and banking services to its†¦show more content†¦Many of the baby boomers started selling their houses to fund their retirement. Disposable income was becoming nonexistent. Despite all of these warning signs financial institutions kept on making risky loans, such as the subprime loans, and builders kept on building more houses for profit. The end result was a surplus of housing and no consumers able to afford it. Banks were forced to start foreclosing on houses when the consumers stopped paying their mortgages. Foreclosure rates were skyrocketing, causing investors and borrowers to feel the full effect of the risks of the subprime loans. The surmounting number of mortgage defaults and investors pulling out of their mortgage-backed securities caused a string of bank and financial institution failures. These failures were felt world-wide, as billions of dollars were lost. Many of the larger financial institutions required government assistance to stay afloat. In just over a year Countrywide depreciated and absorbed $21 billion in losses. Eight billion in subprime loans has a seven percent delinquency rate, as well as the foreclosure rate on the loans doubled. Countrywide laid off twenty percent of its employees. When Is Making A Subprime Loan An Ethical Thing To Do? When making a subprime loan it is the responsibility of the lender to discern whether the loan is a good risk for the borrower and the lender. If the loan is going to be a poor risk to the borrower

The Economic Discourse Community For Business, Society And Environment Essay Example For Students

The Economic Discourse Community For Business, Society And Environment Essay The economic discourse community can be loosely identified as a set of shared values and knowledge in the field of economics. Different from other writings, economic discourse community usually include some technical economic terms and visual information, i.e. diagrams, tables and charts, etc. Each writing piece has its intended audience, and economists’ writing is no exception. Economists’ writing is usually targeted at economic majors or practitioners in the field of economics. Economic discourse community helps its intended readers to pick up information efficiently and effectively. Cooperated with partners and leaders in the field of supply chains and transport, the World Economic Forum’s Global Agenda Council on the Future of Logistics and Transportation started to conduct research on the supply chain. The report â€Å"Beyond Supply Chains Empowering Responsible Value Chains† analyses the impact that supply chain practices has brought to business, society and environment, and explores the issue how shared value can be made through better supply chain decisions. The report identifies â€Å"a set of 31 proven supply chain practices which provide companies with a blueprint of where they can gain both commercial and socio-environmental advantage (both environment and local economic development)—driving a triple advantage† (). In addition, the report â€Å"provides a framework for evaluating the potential value at stake behind each of these practices, and an implementation framework for†¦

Russia, History, WWI Steps Towards The Russian Revolution The Quotatio

Russia, History, WWI Steps Towards the Russian Revolution The quotation, "?I shall maintain the principle of autocracy just as firmly and unflinchingly as it was preserved by my unforgettable dead father.' (Nicholas II) In spite of the Czar's decrees and declarations, Russia, by the beginning of the 20th century, was overripe for revolution," is supported by political and socioeconomic conditions late monarchial Russia. Nicholas II was the Czar of Russia from 1896-1917, and his rule was the brute of political disarray. An autocrat, Nicholas II had continued the divine-right monarchy held by the Romanovs for many generations. From the day Russia coronated Nicholas II as Emperor, problems arose with the people. As was tradition at coronations, the Emperor would leave presents for the peasants outside Moscow. The people madly rushed to grab the gifts, and they trampled thousands in the bedlam. As an autocrat, no other monarch in Europe claimed such large powers or stood so high above hi s subjects as Nicholas II. Autocracy was traditionally impatient and short- tempered. He wielded his power through his bureaucracy, which contained the most knowledgeable and skilled members of Russian high society. Like the Czar, the bureaucracy, or chinovniki, stood above the people and were always in danger of being poisoned by their own power. When Sergei Witte acted as Russia's Minister of Finance from 1892 to 1903, attempted to solve Russia's "riddle of backwardness" in its governmental system. He is considered more of a forerunner of Stalin rather than a contemporary of Nicholas II. In 1900, Witte wrote a memorandum to Nicholas II, underscoring the necessity of industrialization in Russia. After the government implemented Witte's plan, Russia had an industrial upsurge. All of Russia, however, shared a deep-seated resentment of the sudden jump into an uncongenial way of life. Witte realized that Nicholas II was not meant to carry the burden of leading Russia to an industrial n ation as a Great Power. Nicholas II's weakness was even obvious to himself, when he said, "I always give in and in the end am made the fool, without will, without character." At this time, the Czar did not lead, his ministers bickered amongst themselves, and cliques and special-interest groups interfered with the conduct of government. Nicholas II never took interest in public opinion, and seemed oblivious to what was happening around him. He was still convinced he could handle Russia himself. By 1902, the peasants had revolted against Witte's industrialization movements, which were marked by a raise in taxes as Russia spent more than it ever had. Russia was struggling in the European and Asian markets, and with much domestic unrest, Nicholas II did not want foreign affairs muddled as well. Nicholas II dismissed Witte from the Minister of Finance in August 1903. January 22, 1905, commonly known as Bloody Sunday, was a revolutionary event only because of what followed, not of what a ctually happened on that day. A group of workers and their families set out, with the backing of several officials, to present a petition to the Czar. As they approached the Winter Palace, rifles sprayed them with bullets. This cruel act by the Czar shattered what smidgen of faith the workers and peasants still held for Nicholas II, and sparked the quickly-aborted "October Revolution." Peasants and workers revolted in an elemental and anarchic rebellion, ultimately turning a large-scale strike and bringing the government, economy, and all public services to a complete halt. By October 1905, the relations between the Czar and his subjects had come to a complete breakdown. The October Manifesto, created in 1905, caused two things. First, it granted basic civil liberties to all, despite religion or nationality; it even legalized political parties. This concession was capped by the creation of an elected legislative body, the Imperial Duma. Second, it split the revolutionary front, re conciling the most cautious elements among the moderates, who had no heart for violence, with a government which promised to end the abuses of autocracy. This formed the political party called Octobrist, which lead the Duma. Peter Stolypin was Chair of the Soviet of Ministers (1907-1911). Stolypin's goal was to seal the rift between the government and the public. His scheme was a moderate one, based

Coney Island Film Critique essays

Coney Island Film Critique essays In the documentary Coney Island produced by Ric Burns illustrates Coney Islands transformation over its existence. Basically the film is a reflection of America at the time and as America changed so did Coney Island. The over all message that Ric Burns was conveying through the film was that Coney Island was a place that offered the future to all its visitors a playful happy atmosphere with roller coasters, rides and cultural attractions. A few examples of these attractions described were the Ferris wheel, Sea Lion Park, horse races, the Blow Hole Theater, an infant incubator site and the Steeplechase. All of those attractions redefine leisure, entertainment, and, above all else, imagination for the modern era. With all of that said the directors dont just glorify Coney Island, its hardships and set backs were also documented. Through out Coney Islands history there were many set backs that almost ended its existence but some how the Island always seemed to survive and still provide a happy haven for city dwellers. I am not sure if that was Ric Burnss intent but I feel it was very well documented. A way that Ric Burns added to the dynamic of Coney Islands peaks and hardships was with the use of sound and music. Ric Burns used people laughing often to show the underlying emotion felt at Coney Island; freedom. To contrast that feeling whenever the dialogue referred to one of the parks at Coney Island that fell victim to a fire the same gloomy music was played. During those depressing times depicted at Coney Island often there was less dialogue and more pictures to illustrate the horrible aftermath the fires had on Coney Island. The director used images to convey his message, feelings and transformations of Coney Island. Often when still images were used there was an accompanying mysterious voice usually talking about the atmosphere of Coney Island. An example of this is a voice other then the ...

Green Technology Research Paper Example | Topics and Well Written Essays - 2500 words

Green Technology - Research Paper Example Cheaper energy saving and environment-friendly technologies are being proposed to ensure that new energy sources do not add to the pollution level and are used efficiently. This environment-friendly technology is referred to as the â€Å"Green Technology†. It is a process of producing alternative uses of energy that are less damaging to the environment. Alternative energy practices are hence, in demand to curtail the use of fossil fuels. Solar power, Biomass energy, Wind power, Green insulation are some of the examples of green technology that are being discovered and used (Sobha, 2007, pp.4-5). Green insulation is one of the measures of green technology that can be customized in homes which makes energy usage more efficient. The means by which today’s buildings are constructed are not only bad for the environment but also harmful to the health of people. Steel, cement and other materials that are required for the manufacture of buildings, use large quantities of energy , thereby releasing huge amounts of greenhouse gases in the atmosphere. Also, many buildings use more energy than what is actually needed, in order to light or heat them or for operating machines and other appliances. Electricity is used from coal-burning power plants and oil-burning heating systems. Also the amount of water wastage is an issue to be considered significantly. Thus, to protect the planet from the harmful effects of energy usage, green buildings are essential (Owen, 2009, pp.7-10). Here lies the main emphasis on the thesis of this report which states that green insulation in homes can make energy usage efficient and protecting the planet from the harmful effects of energies. Green insulation in houses can decrease energy consumption and can prove to be healthier, cost efficient, and good for the planet. Green Insulation in homes: A boon to the planet: There are several benefits of living in green homes, which is why people, especially the Americans prefer more to take advantage of them. Green homes are healthier, cost efficient, and also useful for the planet as a whole. Through the use of natural or mechanical ventilation, the indoor air can be kept clean. Use of toxic-free materials restricts the indoor air pollution to an immense level. Plants are natural detoxifiers, and natural light is essential for such indoor plants; along with lifting up one’s mood. Green homes are also antimicrobial, thus protecting from molds or other microorganisms. The process of green insulation is cost efficient as living in green homes makes less use of energy and less water, hence more savings. They use high standards of building materials, thus maintenance costs are also low. Green homes are, now, in high demand which makes them more valuable in comparison to any standard home, thus lending homes may bring in higher rents. It is also expected that such homes would require lesser insurance payments than standard homes with the insurance companies providin g discount facilities on their policies. Green homes in the near future may be designed in a way that would be able to produce more energy than they produce, through different energy yielding techniques like uses of solar or wind power. Efficient water usage systems also enable green homes to make less wastage of water. Non renewable resources are used less in the construction of a green home. Recycled materials that are readily renewable are generally used for the purpose, e.g., Bamboo. As a result of recycling measures, green home