Confucianism In a Nut Shell

Confucianism does not have any particular belief(s) about after life. It only focuses on the earthly life, and specifically puts emphasis on cleaving Harmony. In fact, followers of Confucianism ultimate goal Is social harmony; meaning, they must know their place in the social order. In finding this (their place in the social order), they are guided by the 1) Five cardinal relations a.Ruler and subject b. Father and son c. Cubans and wife d. Elder and younger brother e. Friend to friend; and their 2) Five virtues a. Rene or humaneness; the quality of compassion for others, (may include both people and animals). Key concepts of Rene are love, mercy, and humanity. B. Yell or honesty and righteousness. C. Lie or propriety and correct behavior. D. Chi or wisdom or knowledge. E. Sin or fidelity and sincerity. [2 & 3] Also, Confucianism greatly believes that the center of everything is their family, and that it comes before the individual person.They do not necessarily ignore the Seibel exi stence of gods; it is Just that in their system, a divine being does not have any significant role in their lives. Its philosophy is man centered and relies in self- effort (In terms of Improving oneself or solving everyday problems. ) As Confucius stated, â€Å"To devote oneself earnestly to one's duty to humanity, and while respecting the splats, to keep aloof from them, may be called wisdom.

Caribbean Studie

C) The development of systems of productions: Slash and Burn, Encomienda, Slavery, Indentureship, the Plantation system. A system of production refers to the way in which an economy is organizes to provide commodities to sustain society. Slash and Burn When the Spaniards arrived the Arawaks and Caribs were producing Agricultural surpluses and trade was mostly organized around feeding and providing for the wants of the community. The arawaks and caribs used a slash and burn technique in their agricultural production.By the method they would slash (cut down) trees and bushes from the land and then burn them in order to release nutrients into the soil. They would then grow crops in these fields and when they became nutrient deplete they would move unto new plots and repeat the process. Encomienda The Spaniards however brought ideas about how the system of production should be organized. Their main motivation eas the acquisition of precious metals. The Spaniard introduced the Encomienda system of production as a way to organize the enslaved labour in the colonies for productive work.By the encomienda system, a Spanish colonist would be awarded a number of Indians to work for him in the mines and in the fields. In return, the colonist were responsible for teaching them Christian principles, paying them wages and looking after them generally Slavery and Plantation system African slavery was introduced in the 17th century to provide labour on the newly introduced sugar plantations. The Africans were kidnapped from West-Africa and forced to work on Sugar plantations in the Caribbean.Under this system the profits were then repatriated to Europe and used to promote manufacturing and industrial strength in Europe. Slavery can be considered to be a total institution because it dominated every aspect of African lives to ensure that they provided profit. They controlled what the Africans ate and what they were allowed to do. The slaves were expected to work long hours on the plantation in the sugar fields without pay and live in poor social conditions. Peasantry groups Peasants are usually small-scale farmers who own their own land, on which hey produce most of their own food; and which they produce items for internal sale in markets and in some instances export. These peasantries were usually established on the peripheries of plantation areas wherever they could find land; on abandoned plantations and in the mountainous interiors of the various territories. Different to the mono-culture nature of the plantation system the peaantry was a diversified agricultural system producing numerous crops such as cocoa, rice, bananas, citrus, coffee. )Responses of Caribbean people to oppression and genocide: Resistance, revolution, development of peasant groups. Indians The native Indians devised techniques to resist the European settlers. The earliest account of this was from 1493 when Taino men killed Spanish settlers in Hipaniola because they ill-treated native women. There were a number of leaders who would organize their people to fight back against the Spaniards. HATUEY in Cuba. However they were no match to the superior military might of the Spanish.The Caribs were much more effective in their resistance attempt. As a people the caribs were highly mobile often moving from place to place in their dug out canoes and this allowed them to elude capture. They did not fight open battles but often engaged in guerilla warfare, employing poisoned arrows, poisoning water supplies and raiding Spanish settlements. Gradually the superior weaponery of the Europeans drove them out of their islands. However, the Europeans eventually formed treaties to ensure their survival. Today they are still caribs in Dominica, Grenada, St.Vincent. Africans African slaves resisted their situations in many ways. There was non-violent resistance where the African alves would refuse to work, damage work equipment, purposely misunderstand instructions and compose song s which would mimick the white man. Where the white Christians would try to force their religion on them they hybridize there to form they own religions; Rastafarianism, shouter Baptists, Orisha, etc. Also there is the folk-lore in the form of Anansis stories which recounted African oral folklore.Maroonage; this was running away to settle in the interior away from the plantation and form native African villages Jamaica, Suriname, Guyana. These maroon villages acted as a beacon of hope for those on the plantation and also helped to maintain African customs and ways of life. Maroon villages exist to this day. They would also resist through music in the form of drums . Indians The Indians in many instances openly protested their poor living conditions and hardship. In some instances they engaged in large scale open protest and rebellion against the Europeans.One of the most notable examples of this were the Leonora Riots on Leonora estate in Guyana in 1969. Indians also simply ran away or refused to work. They would also establish small businesses on the side and engage in peasantry. This entrepreneurship was a productive form of resilience and it led to their quick independence from the plantation. Peasantry groups At the end of slavery, ex-slaves escaped to available lands in their territories as a form of rebellion against the formers masters. The Indian indentured labourers also often escaped to peasantry at the end of their periods of indentureship.Peasants are usually small-scale farmers who own their own land, on which they produce most of their own food; and which they produce items for internal sale in markets and in some instances export. These peasantries were usually established on the peripheries of plantation areas wherever they could find land; on abandoned plantations and in the mountainous interiors of the various territories. Different to the mono-culture nature of the plantation system the peaantry was a diversified agricultural system producin g numerous crops such as cocoa, rice, bananas, citrus, coffee.

Different Between Adaptive and Rational Expectation

Working Paper No. 00-01-01 Are Policy Rules Better than the Discretionary System in Taiwan? James P. Cover C. James Hueng and Ruey Yau Are Policy Rules Better than the Discretionary System in Taiwan? James Peery Cover Department of Economics, Finance, and Legal Studies University of Alabama Phone: 205-348-8977 Fax: 205-348-0590 Email: [email  protected] ua. edu C. James Hueng Department of Economics, Finance, and Legal Studies University of Alabama Phone: 205-348-8971 Fax: 205-348-0590 Email: [email  protected] ua. edu and Ruey Yau Department of Economics Fu-Jen Catholic University Taiwan Phone: 619-534-8904 Fax: 619-534-7040 Email: [email  protected] csd. edu Correspondence to: C. James Hueng Department of Economics, Finance, and Legal Studies University of Alabama, Box 870224 Tuscaloosa, AL 35487 Phone: 205-348-8971 Fax: 205-348-0590 Email: [email  protected] ua. edu Are Policy Rules Better than the Discretionary System in Taiwan? ABSTRACT This paper investigates whether th e central bank of Taiwan would have had a more successful monetary policy during the period 1971:1 to 1997:4 if it had followed an optimal rule rather than the discretionary policies that were actually employed.The paper examines the use of two different instruments—the discount rate and the monetary base—with several different targets — growth of nominal output, inflation, the exchange rate, and the money growth. The results show that most of the rules considered would not have significantly improved the performance of the Taiwanese economy. The only rule that is clearly advantageous is one that targets inflation while using the interest rate instrument. Keywords: monetary policy rule, small open economy, dynamic programming JEL classification: E52, F41 1.Introduction How well has the Central Bank of Taiwan implemented monetary policy during the past three decades? With the exception of two inflationary episodes during periods of oil-price shocks (1973-1974 and 1979-1981), as far as inflation is concerned, the historical record suggests that monetary policy in Taiwan has been very successful. Figure 1 shows that during other periods the rate of inflation in Taiwan typically has been relatively low, nearly always being between 2% and 7% per year. But could the Central Bank of Taiwan have performed much better than it actually did?That is, could it have achieved a lower and less variable rate of inflation at little or no cost in terms of lost output? Because Taiwanese monetary policy has been discretionary, rather than based on a formal rule, there is a strand of macroeconomic theory that suggests the answer to this question must be yes. If the structure of the Taiwanese economy is such that an unexpected increase in the rate of inflation causes output to increase, then policy makers have an incentive to increase inflation. This implies that a discretionary monetary policy will have an inflationary bias [Kydland and Prescott (1977) and Barr o (1986)].The existence of this inflationary bias makes it difficult for policy makers to lower expected inflation without first earning a reputation for price stability. If the only way to earn this reputation is through actually achieving low inflation, then the cost of reducing inflation is a significant loss of output. A solution to this reputation or credibility problem is for the monetary authority to follow an explicit formal rule that eliminates its discretion to inflate. It therefore follows that a monetary policy implemented according to a rule will achieve lower inflation than a discretionary monetary policy.For example, Judd and Motley (1991, 1992, 1993) and McCallum (1988) have examined the empirical properties of nominal feedback rules and find that the use of simple feedback rules could have produced price stability for the United States over the past several decades without significantly increasing the volatility of real output. 1 This paper examines whether the cent ral bank of Taiwan would have had a more successful monetary policy if it had followed an explicit rule rather than the discretionary policies it actually implemented.Of the rules considered here, only one yields both an output variance and an inflation variance appreciably lower than those actually realized by the Taiwanese economy. Hence this paper concludes that the discretionary policies implemented by the central bank of Taiwan were very close to being optimal. Svensson (1998) divides proposed rules for monetary policy into two broad groups, instrument rules and targeting rules. Instrument rules require that the central bank adjust its policy instrument in response to deviations between the actual and desired value of one or more variables being targeted by the monetary authority.Examples of this type of rule are those proposed by both Taylor (1993) and McCallum (1988). A rule that requires the Fed to raise the federal funds rate (its instrument of monetary policy) whenever the growth rate of nominal GDP is unexpectedly high (the rate of growth of nominal GDP being the target variable) regardless of other information available to the Fed is an example of an instrument rule. But because instrument rules do not use all information available to the monetary authority, as shown by both Friedman (1975) and Svensson (1998), they are inferior to monetary policy rules that do use all available information.If a monetary policy rule minimizes a specified loss function while allowing the monetary authority to use all available information, then Svensson (1998) calls it a targeting rule. If the monetary authority is following a targeting rule, then it will respond to all information in a manner that minimizes its loss function. The loss function formalizes how important the monetary authority believes are deviations of its various target variables from their optimal values. The policy rule is derived from the optimal solution of the dynamic programming problem that m inimizes the loss function subject to the structure of the economy.The resulting rule expresses the growth of the policy instrument as a function of the predetermined variables in the model. That is, the policy instrument responds not only to the target variables but also to all other variables in the model. Hence a targeting rule would not 2 always require the Fed to raise the federal funds rate when the growth rate of nominal GDP is unexpectedly high because other information might imply that the relatively high rate of growth of nominal GDP is the result of an increase in the growth rate of real GDP (rather than an increase in inflation).Although there appears to be a growing consensus that price stability should be the central long-run objective of monetary policy, there are still continuing debates about the proper selection of the policy instrument and the best target variables. But clearly the choice of the best policy instrument and the best target(s) is an empirical issue. Furthermore, the best choices can vary from country to country because the controllability of any particular policy instrument and the effectiveness of each target most likely vary across countries.Therefore, this paper examines two different policy instruments and several targets to search for the best policy rule for Taiwan. The rest of this paper is organized as follows. Section 2 discusses the instrument and the targets of monetary policy that this paper considers. Section 3 describes the method used to derive the policy rules and conduct the simulations. Section 4 describes the data and presents the simulation results, while Section 5 offers some conclusions. 2. Instruments and Targets of Monetary Policies In discussing how monetary policy should be implemented it is helpful to draw a istinction between the instruments and the targets of monetary policy. The targets of monetary policy are those macroeconomic variables that the monetary authority ultimately desires to influence through its policy actions [Friedman, 1975]. For this reason Svensson (1998) prefers to call target variables only those variables that are important enough to be included in the monetary authority's loss function. The targets of monetary policy therefore are a way to formalize the overall objectives of a monetary authority.On the other hand, the instrument of monetary policy is the variable that the monetary authority chooses to control for the purpose of meeting its overall objectives, i. e. minimizing its loss function. 3 Monetary policy instruments basically fall into two categories: the monetary base and short-term interest rates. Proponents of using the monetary base as the instrument of monetary policy argue that the base is the variable that determines the aggregate level of prices, and therefore is a natural instrument for the control of inflation [McCallum (1988)].But most central banks, including the central bank of Taiwan, use a short-term interest rate as their instrume nt of monetary policy. Proponents of an interest rate instrument point out that it insulates the economy against instability in the demand for money, that interest rates are a part of the transmission channel of monetary policy, and that no useful purpose is served by wide fluctuations in interest rates [Kohn (1994)]. This paper presents simulation results using both types of instruments. The results support the central bank of Taiwan's decision to use an interest rate instrument.This paper examines four target variables: a monetary aggregate, the exchange rate, nominal income and the rate of inflation. 1 The targeting of a monetary aggregate often is advocated by those who believe that business cycles largely result from changes in the growth rate of a monetary aggregate [Warburton (1966), M. Friedman (1960)]. Another reason for choosing a monetary aggregate as the target variable for monetary policy is its ability to serve as a nominal anchor that can prevent policies from allowin g inflation to increase to an unacceptable level.Although this allows a monetary aggregate to communicate long-run policy objectives to the general public, as Friedman (1975) points out, it is by its very nature an inferior choice as a target variable because the monetary authority is only concerned with monetary aggregates to the extent that it provides them with information about inflation and output growth. 2 1 Recent For a more complete discussion about different target variables, see Mishkin (1999). That is, monetary aggregates are intermediate targets rather than true targets of monetary policy. Friedman (1975) shows that the use of intermediate targets is not optimal. Although Svensson's (1998) idea of using forecasts of the target variable as a synthetic intermediate target is implicit in Friedman's (1975) discussion. 4 instability in the velocity of money for the time being has ended any possibility that a monetary aggregate will be used as a target for monetary policy in t he United States. McKinnon (1984) and Williamson and Miller (1987) argue that monetary policy should target the exchange rate in an open economy.For example, the exchange rate has been the sole or main target in most of the EMS countries. Pegging the domestic currency to a strong currency prevents changes in the exchange rate from having an effect on the domestic price level. But exchange rate targeting results in the loss of an independent monetary policy. The targeting country cannot respond to domestic shocks that are independent of those hitting the anchor country because exchange rate targeting requires that its interest rate be closely linked to that in the anchor country.McCallum (1988) suggests a nominal GDP targeting rule because of its close relationship with the price level. The nominal GDP target has intrinsic appeal when instability in velocity makes a monetary target unreliable. As long as the growth rate of real GDP is predictable, there is a predictable relationship between nominal GDP and the price level. However, recent studies on the time series properties of real GDP raise questions about the predictability of real GDP.If real GDP does not grow at a constant rate, then a constant growth rate for nominal GDP does not guarantee a stable price level. Recently there has been a great upsurge of interest in direct inflation targeting, a policy that has been adopted by the central banks of New Zealand, Canada, the United Kingdom, Sweden, Finland, Australia, and Spain. Although this policy has been implemented with apparent success in the above countries, there are theoretical concerns with inflation targeting.One problem with inflation targeting is that the effect of monetary policy actions on the price level occurs with considerably more delay than its effects on financial variables. The use of a financial variable such as monetary aggregates or exchange rates as the target would provide an earlier signal to the public that policy has deviated fr om its goals. In addition, attempts by the central 5 banks to achieve a predetermined path for prices may cause large movements in real GDP, but only if the price level is sticky in the short run.But the apparent success of inflation targeting, where it has been tried, suggests that these concerns are misplaced. 3 Also, because the effect of monetary policy on long-term trends in output and employment is now considered to be negligible, many economists are now advocating that monetary authorities should use only inflation (or the price level) as the sole target for monetary policy. According to this view the main contribution that monetary policy can make to the trend in real output is to create an environment where markets are not distorted by high and volatile inflation.The central bank of Taiwan appears to have accepted this position. It has repeatedly stated that its number one priority is price stability and the reaction function estimated by Shen and Hakes (1995) confirms that it has behaved as if price stability is an important policy goal. So what combination of policy instrument and target variable would result in the best rule for monetary policy in Taiwan? Would the adoption of such a rule have improved Taiwanese monetary policy during the past three decades?To answer these questions this paper experiments over two policy instruments (monetary base and interest rate) and four target variables (the rate of inflation, the growth rate of nominal GDP, the growth rate of the monetary base, and the change in exchange rate) in an attempt to find what would have been the best targeting rule for Taiwan during the period 1971:1-1997:4. The historical performance of the Taiwanese economy is then compared with the performance predicted by the â€Å"best† targeting rule to evaluate how good Taiwanese monetary policy has been.This comparison is made by comparing the volatility of the relevant variables resulting from the proposed rules with those from the historical data. 3 A careful reading of Friedman (1975) and Svensson (1998) also suggests that these concerns are misplaced. 6 Although, as noted above, by their very nature targeting rules are superior to instrument rules. Hence this paper emphasizes targeting rules. But just how much better targeting rules are than instrument rules is an empirical question of some practical importance because instrument rules are more transparent than targeting rules.Hence, for completeness, this paper also presents results for instrument rules using the rate of interest and the monetary base as instruments and the rate of inflation as the target variable. 3. The Model and Methodology 3. 1 The instrument rule An instrument rule adjusts the growth of the policy instrument in response to deviations between the actual and desired value of the target variable. That is, ? It = (? xt-1 – ? xt-1*), (1) where It represents the policy instrument, ? xt is the target variable, the superscript * denot es the target value desired by the central bank, and ? efines the proportion of a target miss to which the central bank chooses to respond. In this paper, variables are expressed as deviations from their own means. Therefore, there is no cost in terms of generality to set the targeted growth rate desired by the central bank to zero. The economy is characterized by an open-economy VARX model which includes five variables: the growth rate4 of real income (? yt), the rate of inflation (? pt), the change in the logarithm of the exchange rate (? et), the growth rate of the monetary base (? mt), and the change in the interest rate (? rt).Since the purpose of this paper only requires a model that fits the Taiwanese economy well during the sample period, we use a general VARX model with a 4 Growth rates in the empirical work are calculated by taking log-first differences. 7 maximum lag length of four and adopt Hsiao’s (1981) method to determine the optimal lags for each variable. 5 S pecifically, the general VARX model can be written as: ? Xt = A0 + A1? Xt-1 + A2? Xt-2 + A3? Xt-3 + A4? Xt-4 + i =0 ? ai ? I t ? i 4 + ? t, (2) where ? Xt is the 4? 1 vector that contains variables other than the growth of the policy instrument.The policy instrument has immediate effects on other variables if the 4? 1 vector a0 is not zero. For example, if the instrument is rt and the target is ? pt, then Xt = [ yt, pt, et, mt ] and equations (1) and (2) can be written as: ? rt = ? ?pt-1, ? Xt = A0 + A1? Xt-1 + A2? Xt-2 + A3? Xt-3 + A4? Xt-4 + (1)’ i =0 ? ai ? rt ? i 4 + ? t. (2)’ Previous studies such as Judd and Motley (1991, 1992, 1993) and McCallum (1988) estimate equation (2) and assume that the economy faces the same set of shocks that actually occurred in the sample period.The estimated equation, the historical shocks, and the policy rule (1) are used to generate the counterfactual data. Statistics calculated from the counterfactual data are then compared to the historical experiences. In these studies, the response parameter ? is arbitrarily set and the results from different ? ’s are compared. However, given linearity of the model and the variance-covariance matrix of historical shocks, one can analytically solve for the value of ? that minimizes the variance of the inflation rates. Specifically, substituting (1) into (2) yields a VAR(5) in ?Xt. For convenience, the VAR(5) system can be written as a more compact expression: 5 We tried to adopt Ball's (1998) open-economy Keynesian type model to Taiwan, but this model was not supported by the Taiwanese data. 8 ?Wt = B0 + B1? Wt-1 + ? t, (3) where Wt = [ Xt, Xt-1, Xt-2, Xt-3, Xt-4 ] and ? t = [? t, 0] are both 20? 1. Assume that ? Wt is stationary. Denote V? W as the variance-covariance matrix of ? Wt and V? the variance-covariance matrix of ?t. Equation (3) implies V? W = B1 V? W B1†² + V?. (4) Given the regression results of (2), the variance of ? t is a function of ? only. Th erefore, the value of ? that minimizes the variance of ? pt, given historical shocks, can be calculated. The advantages of an instrument rule include its simplicity, transparency to the public, and the fact that it is always operational. The central bank responds to observed deviations from the target and does not need to base its policy actions on forecasts that require knowledge of the structure of the economy. However, as noted above, instrument rules are not optimal in the sense that they do not use all available information.The policy instrument only responds to the target variables, which is usually inefficient compared to rules that allow the instrument to respond to all the variables in the model. The following section uses an optimal control problem to derive the optimal policy rule, instead of specifying the rule in advance. 3. 2 The targeting rule A targeting rule is derived from the minimization of a loss function. This loss function reflects the policymaker’s des ired path for the target variable. A commonly used one is a quadratic loss function which penalizes deviations of the target variable from its target value.The policymaker’s optimization problem can be solved with the knowledge of the dynamics of the economic structure, which is equation (2). That is, equation (2) is used as the constraints in the dynamic programming problem. To simplify analysis, equation (2) is written as a first-order system, Zt = b + B Zt-1 + C ? It + ? t, (5) 9 where Zt = [? Xt, ? Xt-1, ? Xt-2, ? Xt-3, ? It, ? It-1, ? It-2, ? It-3]. The constant vector b is 20? 1, B is 20? 20, C is 20? 1, ? t is 20? 1, and their arguments should be obvious. Therefore, the central bank's control problem is to minimize a stream of expected quadratic loss function: T 1 E0 ?Zt ‘ K Zt, T t =1 (6) subject to Zt = b + B Zt-1 + C ? It + ? t, (5) where the expectation E0 is conditional on the initial condition Z0. Again, without loss of generality, the target value is set t o zero since all the variables are expressed as deviations from mean. The elements in the matrix K are weights that represent how important to the central bank are deviations of the target variables from their target values. For example, if the central bank wants to target the inflation rates, then the [2,2] element of K is 1 and the other elements are all zeros.The loss function is equivalent to (1/T) E0 ?t =1? pt 2 . T If the central bank wants to target the nominal GDP, then the 2? 2 block on the upper left corner of K is a unity matrix and the other elements are all zeros. The loss function in this case is (1/T) E0 ?t =1(? yt + ? pt ) 2 . T Now the problem is to choose the policy instrument ? I1, . . . , ? IT that minimizes (6), given the initial condition Z0. By using Bellman's (1957) method of dynamic programming the problem is solved backward. That is, the last period T is solved first, given the initial condition ZT-1.Having found the optimal IT, we solve the two-period prob lem for the last two periods by choosing the optimal IT-1, contingent on the initial condition ZT-2, and so on. Letting T > ? , the optimal policy rule can be expressed as [see Chow (1975, ch. 8) for derivation details]: ? It = G Zt-1 + f , with (7) 10 G = -(C ‘ HC) ? 1 (C ‘ HB), f = -(C ‘ HC) ?1 C ‘ (Hb-h), H = K + (B+CG) ‘ H (B+CG), and h =[I-(B+CG) ‘ ] ?1 [- (B+CG) ‘ Hb]. The rule defines the policy instrument as a function of the predetermined variables in the model. The economy is assumed to face the same set of shocks that actually occurred in the historical period.Therefore, the estimated equations, the policy rule, and the historical shocks are used to generate the counterfactual data. The resulting statistics are compared. Even though it is usually more efficient to let the instrument respond to all the relevant variables than to let it respond only to the target variables, the ad hoc instrument rules are more widely discussed in th e literature. The reason for the preference for simple instrument rules may be that the targeting rule is more sensitive to model specifications. For example, the assumption of full information is generally maintained for the computation of an optimal rule.This tends to make the targeting rule less robust to model specification errors than are the simple instrument rules. In addition, the optimal rule may require larger adjustments of the instrument because it responds to more variables. This would in turn yield undesired higher volatility of the other variables such as output growth. Therefore, again, the choice between the instrument rule and the targeting rule cannot be determined by theory alone and is an empirical issue. 4. Empirical Results 4. 1 Data This paper uses Taiwanese national quarterly time series data for the period 1971:11997:4.The sample starts in 1971:1 because of data availability. All data are taken from two databanks: the National Income Accounts Quarterly and the Financial Statistical Databank. 11 The rediscount rate is used as rt because it indicates the policy intentions of the central Bank of Taiwan most directly. The monetary base mt is defined as the reserve money. The exchange rate target is the NT/US dollar rate. The variable yt is real GDP in millions of 1991 NT dollars, and pt is defined as the GDP deflators. Except interest rates, all variables are in logarithms. All variables are in first-difference form and expressed as deviations from their means.The Augmented Dickey-Fuller (ADF) test is used to ensure that the variables are transformed into stationary processes6. The top row of Table 1 presents the historical standard deviations of the variables in the model in order to allow comparison with the values obtained from the simulations. 4. 2 Estimation results under instrument rules Panel A in Table 1 presents the standard deviations obtained using an instrument rule with inflation as the target variable. The first row of Panel A presents simulation results under an interest rate instrument, while the second row presents results under a monetary base instrument.The simulations using an interest rate instrument yielded standard deviations for output growth, the change in the exchange rate, and money growth that are only slightly higher than those for the historical data, while the standard deviation of inflation is slightly lower than its historical value. The only standard deviation in the first row of Panel A that differs substantially from the historical data is that for the change in the interest rate, which is much lower in the simulation.These results indicate that actual policy in Taiwan achieved results almost as good as those that would have been obtained under an optimal interest-rate instrument rule with the 6 The lag lengths in the ADF regressions are determined by the Akaike Information Criterion (AIC) and the Schwartz's (1978) criterion. The maximum length is set to 12. A time trend is includ ed in the yt, pt, and mt regressions. All results indicate that the original time series are integrated of order one. The results of the tests are available from the authors upon request. 12 xception that the optimal rule would have yielded a more stable rate of interest. The simulation using the monetary base as the instrument yielded slightly higher standard deviations for all variables except the rate of inflation. Those for output growth, the change in the exchange rate, and the rate of interest were only slightly higher than the historical values, while the standard deviation of the growth rate of the monetary base was much higher than its historical value. The standard deviation of the inflation rate is slightly lower than the historical value but is higher than that in the interest rate instrument rule.These results suggest that the discretionary policy implemented in Taiwan was superior to an optimal monetary base instrument rule. They also indicate that an instrument rule u sing the rate of interest would have been superior to one employing the monetary base as instrument, though not by a large margin. 4. 3 Estimation results under targeting rules Panel B of Table 1 presents standard deviations of the variables under the various targeting rules considered here. The first four rows of Panel B present results obtained using an interest rate instrument.In the first row of Panel B the standard deviation of nominal GDP is minimized; in the second row the standard deviation of inflation is minimized; etc. The last three rows of Panel B present results under a monetary base instrument. Notice that for both instruments, if nominal GDP is the target, then the standard deviations of all variables are higher than their historical values. This implies that the growth rate of nominal GDP would not have been a suitable target variable for Taiwan. Furthermore, notice that for all targets under the monetary base instrument the standard deviation of output growth is mu ch higher than its historical value.This effectively rules out consideration of the monetary base as the instrument of monetary policy under a targeting rule for Taiwan. Now notice from the fourth row of Panel B that if the monetary base is the target under an interest rate instrument, the standard deviations of output growth and inflation are both higher 13 than their historical values. This effectively rules out the use of the monetary base as an appropriate target for monetary policy in Taiwan. Finally, by comparing rows â€Å"? pt Target† and â€Å"? t Target† of Panel B, one sees that if the rate of inflation is the target, then the standard deviations of output growth and inflation are lower than if the exchange rate is the target. Also, if inflation is the target, the standard deviations from the simulations for inflation and output are lower than their historical values. Hence it is concluded that Taiwanese monetary policy would have been better than its histor ical performance if it had used an optimal targeting rule with the rate of interest as instrument and inflation as the target. 5. Conclusion Taiwan has been very successful in using discretionary monetary policies.This paper attempts to see whether there exist policy rules that can improve the Taiwanese economy for the past several decades. This paper evaluates several monetary policy rules using Taiwanese quarterly data from 1971:1 to 1997:4. Two types of policy rules are examined. Instrument rules adjust the growth of the policy instrument in response to deviations between the actual and desired values of the target variable. Unlike those in the previous studies where arbitrary instrument rules are proposed, this paper solves analytically for the optimal instrument rules that minimize the standard deviation of the rate of inflation.Targeting rules are derived from the solution to the dynamic programming problem that minimizes a loss function subject to the structure of the economy . The rule expresses the growth of the policy instrument as a function of all the predetermined variables in the model. Two policy instruments (interest rate and monetary base) and four targets variables (nominal GDP growth, inflation rate, changes in exchange rates, and money growth rate) are examined in the paper. Simulations of a simple VARX model and the policy rules suggest that, 14 ompared to the historical policy, the use of a policy rule in Taiwan would not have reduced substantially the volatility of inflation rate. The only policy rule that would appeal to the authority is the direct inflation targeting rule with the interest rate as the instrument. This rule would have reduced the standard deviation of the inflation rate in Taiwan by 0. 7% while maintained similar volatility of the other variables to those in the historical data. 15 References Ball, L. (1998), â€Å"Policy Rules for Open Economies,† NBER Working Paper 6760. Barro, Robert J. (1986). Recent Developme nts in the Theory of Rules Versus Discretion,† The Economic Journal Supplement, 23-37. Bellman, R. E. (1957), Dynamic Programming, Princeton, N. J. : Princeton University Press. Chow, G. C. (1975), Analysis and Control of Dynamic Economic System, John Wiley & Sons Press. Friedman, Benjamin (1975), â€Å"Rules Targets, and Indicators of Monetary Policy,† Journal of Monetary Economics, 1, 443-73. Friedman, Milton (1960), A Program for Monetary Stability. Fordham University Press, New York. Hsiao, C. (1981), â€Å"Autoregressive modelling and money-income causality detection,† Journal of Monetary Economics, 7, 85-106.Judd, J. P. and B. Motley (1991), â€Å"Nominal feedback rules for monetary policy,† Federal Reserve Bank of San Francisco Economic Review (Summer), 3-17. Judd, J. P. and B. Motley (1992), â€Å"Controlling inflation with an interest rate instrument,† Federal Reserve Bank of San Francisco Economic Review 3, 3-22. Judd, J. P. and B. Motley (1993), â€Å"Using a nominal GDP rule to guide discretionary monetary policy,† Federal Reserve Bank of San Francisco Economic Review 3, 3-11. Kohn, D. L. (1994), â€Å"Monetary aggregates targeting in a low-Inflation economy–Discussion,† in J. C.Fuhrer, ed. , Goals, Guidelines, and Constraints Facing Monetary Policymakers, 130135. Federal Reserve Bank of Boston. Kydland, F. E. and Prescott, E. C. (1977), â€Å"Rule rather than discretion: The inconsistency of optimal plans,† Journal of Political Economy 85, 473-491. McCallum, B. T. (1988), â€Å"Robustness properties of a rule for monetary policy,† CarnegieRochester Conference Series on Public Policy 29, 173-204. 16 McKinnon, Ronald (1984). An International Standard for Monetary Stabilization, Washington: Institute for International Economics. Mishkin, F. S. (1999). International experiences with different monetary policy regimes,† NBER Working Paper #6965. Schwartz, S. G. (1978), â€Å"Est imating the Dimension of a Model,† Annals of Statistics 6:461-464. Svensson, Lars E. O. (1998), â€Å"Inflation Targeting as a Monetary Policy Rule,† NBER Working Paper #6790. Shen, C. H. and Hakes, D. R. (1995), â€Å"Monetary policy as a decision-making hierarchy: The case of Taiwan,† Journal of Macroeconomics 17, 357-368. Taylor, John B. (1993). â€Å"Discretion versus Policy Rules in Practice,† Carnegie-Rochester Conference Series on Public Policy, 39: 195:214.Warburton, Clark (1966), â€Å"Introduction,† Depression, inflation, and Monetary Policy: Selected Papers, 1945-1953. Johns Hopkins Press, Baltimore. Williamson, John and Miller, Marcus (1987). Targets and Indicators, Washington: Institute for International Economics. 17 Table 1:Standard Deviations of the Variables (in Percentage) Output Growth ? yt Historical Data: Simulated Data: (A) Instrument Rules: Interest Rate Instrument: ? pt Target Monetary Base Instrument: ? pt Target (B) Targeti ng Rules: Interest Rate Instrument: ? (yt + pt) Target ? pt Target ? et Target ? t Target Monetary Base Instrument: ? (yt + pt) Target ? pt Target ? et Target 5. 346 3. 862 3. 798 4. 964 1. 972 3. 449 2. 767 5. 950 2. 139 14. 63 27. 781 6. 794 0. 185 0. 198 0. 159 4. 348 2. 993 3. 047 4. 446 4. 314 2. 092 3. 064 6. 880 3. 076 2. 469 2. 361 2. 771 5. 421 4. 473 4. 281 4. 058 0. 485 0. 175 0. 332 0. 431 -2. 38 3. 308 2. 748 2. 718 6. 540 0. 178 3. 185 Inflation Rate ? pt 2. 793 Change in Exchange rate ? et 2. 415 Monetary Base Growth ? mt 4. 315 Change in interest rate ? rt 0. 162 Optimal ? : 0. 0133 3. 201 2. 633 2. 601 4. 454 0. 035The sample period is from 1971:1 to 1997:4. The variable ? yt is real GDP growth rate, ? pt is inflation rate, ? et is change in exchange rates, ? mt is monetary base growth rate, and ? rt is change in interest rates. All data are from the National Income Accounts Quarterly and the Financial Statistical Databank data banks. The response parameter ? in the instrument rules defines the proportion of a target miss to which the central bank chooses to respond. 18 Figure 1 Inflation Rate (annual rate %) 70 60 Inflation Rate (% per year) 50 40 30 20 10 0 -10 70 74 78 82 Year 86 90 94 98 19

English 105 Essay Example | Topics and Well Written Essays - 1250 words

English 105 - Essay Example According to the paper from the author's former classes he was acquainted with some theoretical knowledge and thought he is capable of differentiating between the types of writings and genres. However, when being asked to adjust his own writing to the corresponding standards, he would necessarily make a list of mistakes. At the same time, although knowing that creating a kind of a text is actually a process, he always omitted stages of writing bullet points, drafting thesis, re-reading and making possible adjustments. The problem was that the reporter did not have an opportunity to see a real use of such approach to work, did not realizing that my score can, in fact, be improved. Another problem that he has always encountered touches upon his time management skills, which are also under the constant process of improvement by him. Without a doubt, English 105 helped him with these two aspects.From this study it is clear that  he has learned to take a more systemized and more thought ful approach to writing. Today the reporter realizes that this process consists of certain concrete and steps that are to be taken in the process of creating a successful writing. They are not boring requirements, but conditions of producing a good and readable content.  Prior, his writing skills lacked the component of planning and structuring which made the process of writing quite chaotic and random.  

RES675, Version 2 - Written Assignment #1 Essay

RES675, Version 2 - Written Assignment #1 - Essay Example Each part is weighed against generally accepted methods for preparing research articles. The review concludes with the author’s thoughts about the research methods depicted in the two articles, citing appropriateness of the methods as well as limitations. Research is the cornerstone of any science. It refers to the systematic and purpose-driven process of attempting to gain knowledge about something. Research processes are often documented in journals, which describes the reason for the research, how the research was conducted and the results of the research or study made. This paper looks into two researches conducted and reviews the documented research process contained in the journal article published by the researchers. The first research article presents research done with postcards and looks into its usage as a souvenir, collectible or a means of communication from 1985 until 1920. The research was conducted by Bjarne Rogan, professor of ethnology and culture history at the University of Oslo, Norway. His article on his postcard research was published in the Cultural Analysis journal in 2005. The article describes the researcher’s purpose for conducting the research using present day postcard collections from the period mentioned above. The researcher wanted to look into other aspects of postcards aside from their picture side where more scholarly researched had been focused on. Reviews of previously published articles and literature on postcards are also used by the researcher in order to determine the reasons for the postcard’s popularity during its time, as well as to trace the development of postcards and the evolution of its design during the period. The second research article presents research regarding consumption of energy drink among college students. The research was conducted by Brenda Malinauskas, Victor Aeby, Reginald Overton, Tracy Aeby, and Kimberly Heidal, all professors at East Carolina University

Interactive and Digital Marketing Essay Example | Topics and Well Written Essays - 2250 words

Interactive and Digital Marketing - Essay Example It has huge ware houses with lots of products and the inventory keeps getting updated at a quick rate in each week. It targets the market of UK, France, Germany, Spain, Italy, Australia, USA, China and also distribution channel to other countries as well which are all generally been controlled by the two distribution channel of the company in UK. The website used by the company is very accessible and useful for all the customers. The website provides good facility for all its customers to find their product as per their needs and buy the particular product. It has the facility of different section of apparels for men’s and women’s which enables the customers to easily go into the section of their choice. The company website has got the user friendly navigation platform which helps the customers to access and buy products easily and comfortably. The best facility that the company provides is that people can access to the site and buy products from their own social networ king site like facebook without even going out of the social networking site. The company website is made based on the standards of worldwide consortium and also national institute of blind using plain English so that it is easily understandable to the customers. The website is updated on timely basis based on the new browsers and software (ASOS, 2014). Primark was opened in 1969 in Dublin, Ireland and came up with 38 stores. The company has opened 161 stores currently with its first store in Derby in 1973. The company is an Irish apparel retailer which operates in Belgium, France, Spain, Portugal, Netherlands, Austria, Germany, Ireland and UK. The company offers variety of products like men’s and women’s beauty products, confectionery and also kids’ apparel of large variety. The company website provides variety of options to access where every section is been divided like the women, men’s, kids and home, it also provides the facility to set the budget price of the customers so that

Effective Communication in Advising Workgroups on Contract Essay

Effective Communication in Advising Workgroups on Contract Negotiations - Essay Example LITERATURE REVIEW †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦5 4. RESEARCH METHODOLOGY†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦..10 OBSERVATION†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦11 INTERVIEW†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦..11 SURVEY†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦12 5. BIBLIOGRAPHY†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..â⠂¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.......................13 APPENDICES Verification of NIH Tutorial Completion IRB Form B Abstract This portfolio supports the most effective process of communicating when advising workgroups of contract negotiations to maintain a positive workplace environment through an observational study and a literature review. This association helps workers to negotiate their grievances in a way that will maintain their good performance in the work environment. The observational study reflects a system through which the Association of flight attendants communicates to their members on maintaining professional conduct and safe services to the airlines clients while negotiating their contracts. The literature review examines various unions and workgroups communication to particular member problem with a methodological discussion to help employee to maintain a positive workplace environment despite their grievan ces. Effective Communication in Advising Workgroups on Contract Negotiations Conflict Story Contract negotiations by the Association of flight attendants, its flight attendants members and the airlines itself has experienced an ongoing conflict for a long period of time. Workers union has the mandate of communicating effectively to the employees of a particular workgroup the means of negotiating contract agreements in a way that positive workplace environment is maintained. This is unlike the case where most unions threaten employers with strikes and go slow activities to force solutions to employee grievances. It is important for the workers to use an effective means of communication that will prevent development of unhealthy behavior among the workforce. I have observed that undesirable communications to employees have a significantly negative impact on the work environment since it may encourage negative attitudes towards work and the management. The most effective process that u nion representatives can use to communicate to its member’s the issues regarding to their grievances when advising them is face to face. The process of face to face communication is the most effective way that will achieve negotiation result while a positive workplace environment is maintained. Face to face communications involves a situation where a joint meeting that involves all parties holding a discussion of issues that relates to each party. The discussions help workers to maintain a positive work environment as they negotiate their grievances with employers. The employee grievances range from issues of job security for both continuing and new employees to compensation and work benefits package incase of termination of employment. The union acts as a mediator between the employer and the employees with regards to contract negotiation issue. Literature Review The Association of Flight Attendants has undertaken to come up with a means of communicating effectively to their members to ensure that a professional workforce is maintained

Week 3-Terence Coursework Example | Topics and Well Written Essays - 2000 words

Week 3-Terence - Coursework Example The main reason for these companies to adopt this technology is to have them make decisions that favor the entire global market. Having a globally distributed team comes with the challenge of mistrust among some team members. However, there are some factors that the management can rely on to create trust among these team players in different parts of the world (Allison, 2013). The first factor to be considered is having directed and reflected knowledge to be shared among the team members. Directed messages will always tell the exact information being conveyed. Due to this, members trust their fellows since there are no irrelevant stories to hide the reality. Having the information that the team share reflected in some reference point also boosts trust. Social communication is another factor that is helpful in building trust in team members who will never meet face-to-face. In this level of communication the workers will discuss informal factors such as how their holidays or weekend were spent. In the process of doing this they get to know each other more and the trust is created. For example, a worker based in America can chat with his fellow in Asia discussing the summer holidays. In the process, these workers will trust each other (Carmody, 2012). The ability of the team to combine resources despite the distance between them is also crucial for trust to exist. In this case, the team members at different points in the world they operate from get to coordinate themselves and share what the team needs to accomplish its goals. If they can do this then eventually the members will create trust among themselves (Chesebro, 2012). One of the new technologies that organizations are nowadays adopting to improve communication among their team members who are globally distributed is the groove virtual office. The technology relies on the ability of the Microsoft software that can connect many servers from different parts

Nutrition in Our Schools Research Proposal Example | Topics and Well Written Essays - 1250 words - 1

Nutrition in Our Schools - Research Proposal Example It is imperative that this problem is dealt with and addressed with the urgency it deserves. We should, therefore, emphasize educating our youth especially teenagers and use them as missionaries to educate the entire community across Florida. This will extend to the rest of America and the world as a whole about the alarming effects of this problem. Due to the lapse of nutritional sense in America, I have taken it as my agenda to the champion teaching of nutrition classes among teens in Florida. This is so that we can have a breeding ground where we can get personnel who can tackle this problem in the near future in Florida and across the globe. This will in a great way help get rid our region certain self-inflicting diseases and turn better the health of our future. With this, many people taking poor diets, one has to really ask: who is actually paying attention to what is going on persons taking poor nutritional diets?  Currently, the negative impacts on health have been predominantly caused by poor nutrition. As a result, the latest statistics are above board and stress further the need for the urgent remedy through teen education. For instance, it has been noted that 11% of high school students suffer from nutritional disorders, and 30% is the percentage of persons who die because of disabilities. It has also been noted t hat 33% of persons losing their lives due to cancer all trace their way back to poor nutrition. The teenagers that we endeavor to empower have also been revealed by statistics to have very serious problems. This is especially young women whereby 90% of those who suffer from nutritional disorders who are within the range of 12-25 years are actually women. The numbers of child deaths, which are cancer-related are about 50% (Caroldo 58).

Good Writing Essay Example for Free

Good Writing Essay You know it when you see it. It is not that hard to tell whether a piece of writing is good or bad, you just have to read it. And it is pretty important to be able to discern the difference, if you ask me. But things get more challenging if you have to explain why it is good. You might be called upon to write a report at school or you may fancy communicating your ideas online via a blog. And, of course, a well written CV with no spelling or grammatical mistakes is essential if you want a new job. Writing skills are an important part of communication and they have to be developed, since it is used in many areas of our daily life. Good writing allows you to communicate your message with clarity and ease to a far larger audience than through face-to-face or telephone conversations. If you want to write well†¦ read, read, and then read some more. Read good writing. Read bad writing. Learn to know the difference. Note for simplicity of style: noun, verb, object; noun, verb, object. It worked for Hemingway, who often said that his ultimate goal was to create the perfect sentence. Read some Hemingway, and not just his novels, but some of his early newspaper writing. Theres never been better news and feature writing, ever. When you read the works of these and other fine writers, notice the simplicity of their language and how they vary their sentence structure and length. Some sentences number two or three words; others run an entire paragraph. There are countless tips on writing well, but I leave you with this one: read first, then write. –Bill Reed Therefore, you need to take into account the next steps to produce good writing (in no particular order): 1. Clarity and focus: in good writing, everything makes sense and readers don’t get lost or have to reread passages to figure out what’s going on. Focused writing sticks with the plot or core idea without running off on too many tangents. 2. Organization: a well-organized piece of writing is not only clear, it’s presented in a way that is logical and aesthetically pleasing. You can tell non-linear stories or place your thesis at the end of an essay and get away with it as long as your scenes or ideas are well ordered. 3. Ideas and themes: is the topic of your paper relevant? Does your story come complete with themes? Can the reader visualize your poem? For a piece of writing to be considered well crafted, it has to contain clearly identifiable ideas and themes. 4. Voice: this is what sets you apart from all other writers. It’s your unique way of stringing words together, formulating ideas, and relating scenes or images to the reader. 5. Language (word choice): we writers can never underestimate or fail to appreciate our most valuable tools — words. Good writing includes smart word choices and well-crafted sentences. 6. Grammar and style: many writers would wish this one away, but for a piece of writing to be considered good (let alone great), it has to follow the rules of grammar (and break those rules only when there’s a good reason). Style is also important in ensuring that a piece of writing is clear and consistent. Make sure you keep a grammar book and style guide handy. 7. Credibility or believability: nothing says bad writing like getting the facts wrong or misrepresenting oneself. In fiction, the story must be believable (even if it’s impossible), and in nonfiction, accurate research can make or break a writer. 8. Thought-provoking or emotionally inspiring: perhaps the most important quality of good writing is how the reader responds to it. Does she come away with a fresh perspective and new ideas? Does he close the cover with tears in his eyes or a sense of victory? How readers react to your work will fully determine your success as a writer. 9. Sentence Fluency that is smooth and expressive: Fluent sentences are easy to understand and fun to read with expression. 10. Use transitional expressions to help readers understand where your message is going. Common transitional expressions include therefore, consequently, however, then, first, next, and although. To have a good writing not only is necessary to not make mistakes, but to follow some steps to enrich the work. And to achieve that, you need to have qualities in terms of patience and organization. In other words, a good writing is a complicated process that takes time. But if you follow the guidelines that are set out it will be easy and successful. For that reason, is very important to practice writing. [ 1 ]. Peha, Steve. Looking for Quality in Student Writing. Teaching That Makes Sense. 2003 . [ 2 ]. Writing Skills. SkillsYouNeed. 2012 . [ 3 ]. Reed, Bill. Developing Good Writing Skills. Academic Tips. 2008 . [ 4 ]. Donovan, Melissa. Eight Characteristics of Good Writing. Writing Forward. 2012 .

Advantages and Disadvantages of Globalization

Advantages and Disadvantages of Globalization The term globalisation has many understanding from different people. Hill, (2005) as cited in Stuart, et al (2010), mentioned it refers most countries would shift toward a more integrated and interdependent world economy by the merging of historically and separated national markets into one huge global market place. Gavin C(2009)stated that it had replace those economic expressions such asinternationalization and transnationalism. Sadegh B.,et al,(2006) citied as Cheng (2000), mentioned that nowadays of people have great opportunity to learn from other countries. The globalisation could be superior grow that main driver key is there exiting many of preferences and the need of consumers from the worldwide (Pierre,D., 2006).Catherine ,D(2005) agreed that it could be reach an unexpected phenomena with high technology , advance communication and free trade market. 124 The impact of globalization has bring success of business to new level, where many countries have been go through it(EconomyWatch.,nd). In research based on Economy Watch team that found the globalization has bring forward on each industry and meanwhile it has destroy some of industry where its cannot survival though the impact of globalization. Their research have shown the financial industry could gain more benefit after the emergence of financial markets on global rather than local market, and be more efficient entrance the finance facility at other countries. With the free trade principle exercises on worldwide, it has result in boost up the finance flow. Economy of country will also increase whereas gain more business trade and investment from foreign investments, which has mentioned by Adam Smith, as cited in Ferraro (1998). 132 What are advantage and disadvantage of globalization? In generally , globalization has give advantage to company such as opportunity of develop new market for consumers have more variance choose the best quality product. It also provides educated understanding between different nationalities(bangkoklogistics,n.d.). Besides, companies can outsourcing their part of project that reduce time, uncertain factors and fail product. They can find more profit base on manufacturing rather than charge high price on consumer. Thus, they offer reasonably price for attach different type of consumer with good quality. Government has encouraging MNE invest directly on country that reduces unemployment by new investment and industrial ventures.(bangkoklogistics,n.d.) Disadvantage of globalisation Generally, for domestic supplies have to compete with international suppliers that lose the competitive advantage even fight with price. Thus, there would a lot of stress and threat of new type of colonization comes with much power and money from foreign player. Meanwhile, with the outsourcing concept, there would be increase jobless that is working middle class in developed country such as U.S(bangkoklogistics,n.d.). Among many companies have success in financial industrial though globalization, one of company can be more precise explain how reaction on impact of globalization and create new solution at nowadays which is Hong Kong and Shangai Banking Corporate holding plc(HSBC holding plc) The case study Justify why HSBC is MNE before history. Hong Kong and Shangai Bank Cooperate is one of examples success go though globalisations effect in financial industry. Thomas Sutherland was founder the HSBC while he was working in the Peninsular and Oriental Steam Navigation Company[history]. He found that financial service management has huge demand in Hong Kong and China so that he and his group opened bank and established the HSBC in March 1865 at Hong Kong and Shangai. Chuan Li (n.d) stated that the World Bank operates the finance on worldwide but their goods, services were not satisfied, and inefficiency to local market need. Whereas, the World Bank unable afforded heavy debt and lead to a harsh economic imbalances. [111] By this lesson, Thomas had adopted the joint venture concept to operate business at different location(annual report). Thus, HSBC can reduce the uncertain from internal and begin a good relationship at local citizen and government. [35] Management of HSBC HSBC used the ethnocentric approach that easy communication between parent and subsidiary company at early stage. After subsidiary company has stability, then management structured can applied the polycentric method that efficiently and at short term to fit in the cultural and political of that country. With these approaches, HSBC has good start the step in their vision, which is the world local bank. It reminds people who want due to finance related with international and local that HSBC will be their first optional. Besides, HSBC also purchased those companies who specify area on financial field that can reduce costing, and decrease the uncertain risks. Nowadays of HSBC is one of the biggest banking and Service Company in worldwide and headquarter allocated at London. To reflect their vision, it has not ignored power of international network which has 8,000 properties in 88 countries and territories have include Europe; Hong Kong; Rest of Asia-Pacific; the Middle East; North America and Latin America.(annual report 2009)[116] With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by over 220,000 shareholders in 121 countries and territories. According to annual report 2009, HSBC has good maintained performance and well management convinced to shareholders during downturn periods. Because all shares are trading on the New York Stock Exchange in the form of American Depositary Shares(annual report2009).142 Production To fulfill consumers common need and differential preference, HSBC offer a wide range of production and diverse into four categories such as Personal Financial Services (including consumer finance), Commercial Banking, Global Banking and Markets, and Private Banking. Need shown how effect to world.Categories Personal financial services Commercial banking Global banking and markets Private banking *I will focus these three ,suit title need clear easily gopal. Impact of globalisation to HSBC [summary] Lead Emerging market , HSBC has gain excellent of results through emerging markets on past few years. HSBC has good aim on those potential countries, which would boost up the economic, after change the political and other direct factors. The brand of HSBC was not being easily for entered at foreign market because education of consumers was so weak at early century. HSBC have to send a respective for understanding on real situation and reaction on it. Thus, HSBC provided training at local citizen to build up local teams that enable reduce conflicts and create more jobs which is will accepted by their government. With a good relationship of government, HSBC has confidence gained good result and do further plan in future. Internet age, Arrive on Internet Age, HSBC has adopted IT concept, which applied on their branches. Consumers were not willing accepted the changed at begin period because the network services have not mature yet and unconvinced to consumers. For generation X, they were no confidence with unphysical of documentations and lower of education. However, generation Y has willing be learns new things and can adopt this new phenomenon. HSBC required all stuff be patetion and polite handle this type of consumers. Financial crises, HSBC has well management and be aware of worse on US shares before financial crises. Subsiders of HSBC companies have not totally full influence from financial crises especially Malaysia, and other Asian countries. Top management of HSBC believed that not all eggs should put in one basket. They have enough resource to support those other countries, which has be damaged during downturn. They also willing lend their hand to help on those companies had worst impact with limited resource. Reason why did they success on these issues? Solution those arise from Lead emerging market issues Problems: time scales, burden cost, risk on purchased company, failure response from consumers, will production enable suit to consumer need ,WTO issues, Globalization and market ?the forces of globalization would establish global market for standardised product purchased in huge volumes by consumers worldwide [ot] .while global market do indeed exist for some standardized product but where little product differentiation is feasible or wanted by users, with other product and services varying international tastes and preference mean that product differentiations vital to appeal to local markets. HSBC research team found that success in emerging market has need good timing and more information collection to make precise decision. With new tools of communication, HSBC can easily communicate to other location in efficiency that reduced costing on research, failure response based on customers. To avoid conflicts and risk, they had designed production in wide range that from common characters for general need of consumers until local differential preference. Free trade, less regulation international , Solution those from Internet Age Problem : instability network services, afraid on new technology (ATM), perception of consumer , Globalisation and production ? however it may not only be the cost based advantages of alternative production location which might lead to such outsourcing but possibly less tangible factor , HSBC believed the internet banking will became world trend by following improved the stability network services and evolution of technological. They has outsourcing the machine of auto transfer money where can launch on public in early that it will be competitive advantages. This new pattern of business transaction will increase perception of consumers toward HSBC in developed countries, but it seems need more time for developing countries citizen to adopted the change. Solution those from financial crises: Problem: confidence consumer toward HSBC , dropped expenditure suddenly, cash inefficient, Globalization and the role of the nation state? Loss of competence The impacts of financial crises have serious damaged on economic, government policy taken action for decrease influence on people. Thus, finance industrial suddenly shortage of capital, cash inefficient and withdrawn out huge amount of cash by customers. Fortunately, HSBC has well prepaid enough resource to handle this situation and still borrow out money as usual that it can proofing HSBC has capability go through this recession . There many of factor influence success HSBC on globalistion , it will used PEST analysis for details. Analysis application of theory to evidence Apply part 2 to the company in part 1 Pest analysis : why did hsbc success?[ others factors influence it ] Different used IFRS and GAAP Pest analysis: Political [need more two points] tax policy, Risk of Political Instability, 2010 Country Rating1 Australia 9.24 Singapore 8.78 New Zealand 8.76 Germany 8.49 France 8.46 United States 8.16 Hong Kong SAR 7.49 United Kingdom 7.41 China 7.12 India 7.08 Malaysia 6.90 Taiwan 6.42 Korea 5.72 Japan 5.40 Indonesia 4.94 Philippines 3.50 Thailand 1.75 Footnotes: 1: 0 = very high, 10 = very low Source: The IMD World Competitiveness Yearbook, 2010, Switzerland, www.imd.ch/wcy. According to Business in Sydeny and NSW (2010), third ranked fallen on Australia that shown has a lower risk and uncertain on political. Thus, mostly investors invest on Australia where safe and stable political framework is. United Kingdom: United Kingdom has very little on political risk because of the efficiency on the Westminster system whereby adopted by Australia government (Business in Sydeny and NSW, 2010). During recession, the government of UK has applied some incentive solution even though changed loosening fiscal policy to tightening fiscal policy that grape those attention of public finances (AMB Country Risk Report, 2010c). Malaysia: Malaysia ranked on 13th that has moderate of political risk (Business in Sydeny and NSW, 2010). Malaysia has three major groups of people likes Malay, Chinese and India who are living in peaceful and understanding on each culture(Malaysia truly Asia,2009) .They also working together handle problems that avoid happen serious conflict against on May 1969. The national front consists of UMNO is the Malaysia government which included others races parties as MCA (Malaysian Chinese Association) and MIC (Malaysian Indian Congress) are collaborating for peaceful civilization(Malaysia truly Asia,2009). However, according to AMB research (2010b), found that the government is slowly applying inventiveness which citizen enable accept public contract in more transparency, less subsidies and involvement from government. Besides, government also has encouraging foreign invest in economic sectors (Malaysia truly Asia, 2009). Thus, Malaysian can be achieving the dream of being develop country on 2020. Tax policy : company has paid 28% of tax per yearly Well structure protection employees under Employment Act 1995( stable and good frame structure and can complain labor office http://www.pesaraonline.net/eatutorial.htm) Industrial Relations Act 1967 (major manufacturing law) http://www.pesaraonline.net/ir-guides.htm Trade unions act 1959 (major shareholder and director law) http://www.pesaraonline.net/tua-guide.htm China: China has a high risk of political even ranked after United Kingdom, because it has strongly stability of government and social based on summary A.M.Best Company(2010a).In report mentioned that government look for balance toward communist central with the capitalist- style economic center where can cooperate East industrial. China is a large and huge of population, but considers as developing country with terms of GDP (gross domestic product), infrastructure, and others (A.M.Best Company, 2010a). If advance of industrial keep on expand, it will increase unemployment rate that become useless toward GDP. The government has majority power to control it that avoid happen. Legal : United Kingdom: Malaysia: China: Economics(GDP): GDP, exchange rate , inflation, FDI United Kingdom: Economy 2000 2005 2007 2008 GDP (current US$) (billions) 1,477.58 2,280.11 2,799.04 2,662.65 GDP growth (annual %) 3.9 2.2 2.6 0.5 Inflation, GDP deflator (annual %) 1.2 2.0 2.9 3.0 Agriculture, value added (% of GDP) 1 1 1 1 Industry, value added (% of GDP) 27 23 23 24 Services, etc., value added (% of GDP) 72 76 76 76 Exports of goods and services (% of GDP) 28 26 26 29 Imports of goods and services (% of GDP) 29 30 30 32 Gross capital formation (% of GDP) 18 17 18 17 Revenue, excluding grants (% of GDP) 37.1 36.9 37.4 38.3 Cash surplus/deficit (% of GDP) 1.7 -2.9 -2.6 -4.7 According table 1.a[ GDP, GDP growth, inflation ] the growth of GDP has stable increase because consumer spending more actively on these few years . Then, average of inflation is moderate. The GDP has boost up over than 200 billion which means average of business were doing well. The government has increased inflation rates during high peak of GDP, but it has decrease rate during turn down that increased consumer spending. Industrial sectors, [agriculture, industry, services ] Industrial sector has growth up after but it seems slow down before year 2008.the emerging market has bring benefit to industrial such as lower labour cost ,but them faced many competitors form worldwide. Exprorts and important of good and serives [the exporting percentage has lower than import percentage that business loss some absolute advantages, Gross capital ,revenue , cash surplus or deficit ] the gross capital allocated average 17% and 18%. The revenue percentage of GDP has reach more than 35% Economic Risk: Very Low à ¢Ã¢â€š ¬Ã‚ ¢ The United Kingdom (UK) has the second largest economy in Europe behind Germany. Service industries represent three quarters of economic production, particularly financial services and real estate activities. London is a global financial center and businesses there account for nearly half of the countrys financial services industry. à ¢Ã¢â€š ¬Ã‚ ¢ While positive economic growth has resumed in 2010, the Bank of England is unlikely to raise interest rates until late 2011 at the earliest. United Kingdom has very low in economic risk by report ABM. One of biggest industrial that service can diverse into production, finance services and real se Financial System Risk: Very Low à ¢Ã¢â€š ¬Ã‚ ¢ The Financial Services Authority (FSA) regulates the UK financial services industries, including insurance. à ¢Ã¢â€š ¬Ã‚ ¢ The UK is widely seen as a major center for international insurance and reinsurance and is home to the London Market, a wholesale market that writes risk around the world. Lloyds of London accounts for over half of the business on the London Market. Global links Merchandise trade (% of GDP) 42.9 39.4 37.9 41.0 Net barter terms of trade index (2000 = 100) 100 105 104 105 External debt stocks, total (DOD, current US$) (millions) .. .. .. .. Total debt service (% of exports of goods, services and income) .. .. .. .. Net migration (thousands) 494 948 .. .. Workers remittances and compensation of employees, received (current US$) (millions) 3,614 6,302 7,877 7,861 Foreign direct investment, net inflows (BoP, current US$) (millions) 122,157 177,405 202,071 93,506 Net official development assistance and official aid received (current US$) (millions) .. .. .. .. Malaysia: Economy 2005 2006 2007 2008 GDP (current US$) (billions) 93.79 137.85 185.98 221.16 GDP growth (annual %) 8.9 5.3 6.2 4.6 Inflation, GDP deflator (annual %) 8.9 4.6 4.9 10.3 Agriculture, value added (% of GDP) 1 8 10 .. Industry, value added (% of GDP) 48 50 48 .. Services, etc., value added (% of GDP) 51 42 42 .. Exports of goods and services (% of GDP) 120 117 111 .. Imports of goods and services (% of GDP) 101 95 90 .. Gross capital formation (% of GDP) 27 20 22 .. Revenue, excluding grants (% of GDP) 18.5 .. .. .. Cash surplus/deficit (% of GDP) -3.0 .. .. .. According to the data of the World Bank, shown that the GDP (Gross Domestic Product) is $ 191601,000,000 Financial System Risk: Low à ¢Ã¢â€š ¬Ã‚ ¢ The insurance industry in Malaysia is regulated by the central bank, Bank Negara Malaysia. à ¢Ã¢â€š ¬Ã‚ ¢ The Malaysian government continues to support the takaful and retakaful sectors as part of its strategy to make the country a global hub for Islamic financial services Source: IMF and A.M. Best Global links Merchandise trade (% of GDP) 192.1 185.4 173.8 161.2 Net barter terms of trade index (2000 = 100) 100 102 102 104 External debt stocks, total (DOD, current US$) (millions) 41,874 51,981 61,567 66,182 Total debt service (% of exports of goods, services and income) 5.6 5.6 4.8 .. Net migration (thousands) 498 150 .. .. Workers remittances and compensation of employees, received (current US$) (millions) 342 1,117 1,570 1,329 Foreign direct investment, net inflows (BoP, current US$) (millions) 3,788 3,966 8,454 7,376 Net official development assistance and official aid received (current US$) (millions) 45 26 200 158 Economic Risk: Moderate à ¢Ã¢â€š ¬Ã‚ ¢ At independence, in the 1960s, the Malaysian economy depended upon rubber and tin. Since then, the economy has transformed to become a regional manufacturing center, services provider and offshore financial center. à ¢Ã¢â€š ¬Ã‚ ¢ The government encourages foreign investment but maintains approval rights for individual investments, often opting to restrict foreign equity or encouraging the transfer of technology from foreign firms. China: Economy 2005 2006 2006 2008 GDP (current US$) (billions) 1,198.48 2,257.07 3,505.53 4,532.79 GDP growth (annual %) 8.4 11.3 14.2 9.6 Inflation, GDP deflator (annual %) 2.1 3.9 7.6 7.8 Agriculture, value added (% of GDP) 15 12 11 11 Industry, value added (% of GDP) 46 47 47 47 Services, etc., value added (% of GDP) 39 41 42 42 Exports of goods and services (% of GDP) 23 37 38 35 Imports of goods and services (% of GDP) 21 32 30 27 Gross capital formation (% of GDP) 35 44 42 43 Revenue, excluding grants (% of GDP) .. 9.7 17.0 .. Cash surplus/deficit (% of GDP) .. -1.4 .. .. Economic Risk: Low à ¢Ã¢â€š ¬Ã‚ ¢ China, the worlds most populous country, is home to the worlds third largest economy. à ¢Ã¢â€š ¬Ã‚ ¢ Rapid growth rates are driven by a strong export sector, state expenditures, construction and infrastructure development. à ¢Ã¢â€š ¬Ã‚ ¢ The government was able to respond to global economic downturn by launching stimulus programs, which brought a strong recovery in 2010. à ¢Ã¢â€š ¬Ã‚ ¢ Expansionary policies have resulted in massive increases in bank lending, stimulating the economy but bringing rise to fears of increases in non-performing loans. Financial System Risk: Moderate à ¢Ã¢â€š ¬Ã‚ ¢ The insurance industry is regulated by the Chinese Insurance Regulatory Commission (CIRC). à ¢Ã¢â€š ¬Ã‚ ¢ China is partially liberalizing its financial sector, which is a long and drawn out process but essential for the long-term sustainability of the economy. à ¢Ã¢â€š ¬Ã‚ ¢ The Insurance Law was amended in 2009 to enhance regulation in core areas such as the strength of the supervisory authority and solvency and investment guidelines. Global links Merchandise trade (% of GDP) 39.6 63.0 62.1 56.5 Net barter terms of trade index (2000 = 100) 100 86 80 74 External debt stocks, total (DOD, current US$) (millions) 145,711 283,986 373,773 378,245 Total debt service (% of exports of goods, services and income) 9.3 3.1 2.2 2.0 Net migration (thousands) -786 -2,058 .. .. Workers remittances and compensation of employees, received (current US$) (millions) 5,237 24,102 38,791 48,524 Foreign direct investment, net inflows (BoP, current US$) (millions) 38,399 79,127 138,413 147,791 Net official development assistance and official aid received (current US$) (millions) 1,712 1,814 1,487 1,489 Social or cultures:[one more points] Religions: United Kingdom: Regional Summary: Western Europe à ¢Ã¢â€š ¬Ã‚ ¢ Western Europe is a highly developed and affluent region. The European Union (EU) is an economic and political union of 27 countries that accounts for 30% of world gross domestic product (GDP). The EU is facilitating a single European market with standardized regulatory systems and free movement of people, goods, services and capital. à ¢Ã¢â€š ¬Ã‚ ¢ The euro-zone is made up of the 16 EU members that have adopted the euro as their currency. à ¢Ã¢â€š ¬Ã‚ ¢ Most, if not all, of Western Europe has been experiencing a severe economic slowdown and several countries remain in recession. While the European Central Bank has cut interest rates to spur demand, economic growth in the region has been generally modest. People Income share held by lowest 20% .. .. .. .. Life expectancy at birth, total (years) 78 79 80 80 Fertility rate, total (births per woman) 1.6 1.8 1.9 1.9 Adolescent fertility rate (births per 1,000 women ages 15-19) 28 26 24 24 Contraceptive prevalence (% of women ages 15-49) .. .. .. .. Births attended by skilled health staff (% of total) .. .. .. .. Mortality rate, under-5 (per 1,000) 7 6 6 6 Malnutrition prevalence, weight for age (% of children under 5) .. .. .. .. Immunization, measles (% of children ages 12-23 months) 88 82 86 86 Primary completion rate, total (% of relevant age group) .. .. .. .. Ratio of girls to boys in primary and secondary education (%) 100 101 102 101 Prevalence of HIV, total (% of population ages 15-49) 0.1 0.2 0.2 .. Malaysia: Regional Summary: Southeast Asia à ¢Ã¢â€š ¬Ã‚ ¢ Southeast Asia is a critical part of the world trading system and while the regions economies remain somewhat dependent on agriculture, manufacturing and services have been the engine for growth. à ¢Ã¢â€š ¬Ã‚ ¢ The region has been remarkably resilient to the global economic slowdown. While regionally growth slowed as the economies of their large trading partners (notably the U.S. and Europe) went through recession, the slowdown was in most cases moderate and the recovery in 2010 has been very strong. People Income share held by lowest 20% .. .. .. .. Life expectancy at birth, total (years) 73 74 74 74 Fertility rate, total (births per woman) 3.0 2.7 2.6 2.6 Adolescent fertility rate (births per 1,000 women ages 15-19) 15 14 13 13 Contraceptive prevalence (% of women ages 15-49) .. .. .. .. Births attended by skilled health staff (% of total) .. 98 .. .. Mortality rate, under-5 (per 1,000) 10 8 7 6 Malnutrition prevalence, weight for age (% of children under 5) .. .. .. .. Immunization, measles (% of children ages 12-23 months) 88 90 95 95 Primary completion rate, total (% of relevant age group) .. 98 96 .. Ratio of girls to boys in primary and secondary education (%) 103 104 103 .. Prevalence of HIV, total (% of population ages 15-49) 0.3 0.5 0.5 .. China: Regional Summary: Eastern Asia à ¢Ã¢â€š ¬Ã‚ ¢ Eastern Asia is home to some of the worlds largest and most advanced economies. China and Japan are both in the worlds top five countries measured by gross domestic product (GDP). à ¢Ã¢â€š ¬Ã‚ ¢ In the aftermath of the Southeast Asian financial crisis in the late 1990s, much of the region underwent a restructuring of traditional economic and financial practices to match international best practices in regulation. à ¢Ã¢â€š ¬Ã‚ ¢ The region as a whole weathered the global financial crisis well, with local demand powered by government stimulus helping to maintain positive economic growth. People Income share held by lowest 20% ..

Jaguar Strategic Analysis

Jaguar Strategic Analysis INTRODUCTION: Jaguar Land Rover Cars (JLR), is one of the largest car manufactures around the world. It was founded in 1922 by two motorcycle fanatics i.e. William Walmsley and William Lyons as Jaguar. Its products are luxurious and of high superiority.Jaguar hire above 16,000 individuals, mainly in the UK (Ford Motors, 2009). As we know that Car trading is a very lucrative business, and this is the reason that most car manufactures industries are upgrading their market mix so as to encounter their clients demand and also tie the market race. This is a developed market and there is entry fences forced mostly for the novices. This business definitely, requires sufficient resources and heavy savings as a source of resources, and also solid technological experience. (Thomson 2008) This report is an analysis of assignment 1 in order to identify the Jaguars developments and impact. The report covers critical analysis on the companys operations, structure, external environment, the strategy of the organization regarding its suitability and ability to report the macro-environmental and industry trends, product and service offerings and corporate actions, of the company OVERVIEW: Jaguar main marketing objective is to reinforce its brand fairness and to attain retailing range. The objective requirements are to tie the gap among its customers and its actual performance (Daye VanAuken, 2009). The Jaguar wishes to achieve its social responsibilities and have courage to join in in partnerships with other organizations and NGOs to aid progress; the locale and support the shareholders in building the community relations. As this report is an analysis on my assignemt1. In pervious assignment I have made following findings. The terminologies connected to business environment both micro and macro of the company JAGUAR. Their aims, market share and competitive advantage Business strategy Problems that hinder in the companys success and also suggests the best fit approach for Jaguar Report evaluates and analyses different methodologies like SWOT Analysis, PEST analysis and micro and macro environment of jaguar In my previous work i studied external environment of jaguar in which i studied aboutPESTL,PORTERfive forces andSWOT analysis. According to my study i have made following analysis of jugular company. According to PESTLE analysis Jaguar Company faces political, economic, social, technological and legal issues. According to political aspects company has stable interest in decreasing carbon emissions from vehicles and factories. So; there is increased need for any alternative of fuel sources. Economically people are less motivated to priced cares because jaguar lacks economical cars. Socially people wanted Sports cars are less wanted because they are not environmentally friendly. Technologically Jaguar have need to advance hybrid or electric carsLegallyJaguar should need to acclimatize the method in which company work to put up new rules or laws. According to porter five forces analysis buyers of jaguar want jaguar appliances and engines in their cars. Suppliers of jaguar are the people who deliver parts and machinery. New competition to the jaguar can be from previous car corporations who may investigate the luxury car market, this competition can have from companies like Volkswagen, Ford, and Peugeot. Company can face rivalry from multiple companies like BENZ, BMW, Aston Martin, Porsche, and Bentley Mercedes Benz. Potential clients who may be watching for a high performance car can be persuaded by motorcycles as an alternative.in SWOT analysis Jaguars strength is due to its status for creating a range of top cars with its outstanding workforce. It also has strong position in research and growth. Weakness is lies in the fact that jaguar is not an eco-friendly company so; it may have negative influence on the company. (Duane Michael 2011) Jaguar must some opportunities like they can improve their outstanding standing for quality if they want to keep their competitive edge in the market.(Barney 2010) Threaten Jaguars strategic position is because of growing fuel pr ices, less throwaway income and changing interest. Governmental rules will also threaten Jaguar ANALYSIS:   Ã‚   Suitability: In my previous analysis I cover most of the macro-environment and industry analysis tools here I am recommending the use of strategic option of the organization. Jaguar aspiring development plans can only be reinforced by bringing novelty in innovative engines, products, and environmental technologies. The company has a complex strategy for placing itself as a foremost producer of best vehicles. The companys success is related to its investment in product growth, and is imitated in the RD, strategic emphasis on capital spending, and product design. The strategic position of Jaguar through the earlier examines seem to be strong within their target market. Jaguars aims to keep this position by development and research are certainly, that how they are keeping this position actually. If Jaguar needs to strengthen this position, though, they must expand their image as being ecological. This could be attained through their previously firm research and development. (Gov.uk, 201 7) ACCEPTABILITY: Principal risks. Global economic and geopolitical environment: Jaguar worldwide presence raises its contact to worldwide economic and geopolitical risks and external factors for example the current UK survey to leave the EU, political unpredictability, terrorism, wars, natural tragedies, epidemics, fuel lacks, and labor strikes. Environmental regulations and compliance: Jaguar has many strategies, laws and regulations that cover its environmental features connected to production services and vehicles; for example, fuel economy and greenhouse gas emissions. Competitive business efficiency: Jaguar has started programs to enhance operating competence in response to the dynamic external setting including prevailing and developing modest challenges. Brand positioning: it is becoming gradually challenging as the broader motorized market and digital setting develops where new rivals are evolving and prevailing are growing. Product liability and recalls: This may interrupt existing and potential consumers to question about the superiority of Jaguar Land Rover products. Exchange rate fluctuations: This can drive to a important exposure to variations in foreign currency, particularly sales in US Dollars and Chinese Renminbi along with costs in Euro Global expansion: As global sales and industrial track increases company have risks as geopolitical risks, epidemics, natural tragedies, discrepancy and vagueness of economic and governmental rules, the interpretation of native laws and guidelines and taxation systems Distribution channel: A risk to consumer service could worsen. Patent and IP protection:Risks includebreach of intellectual property (i.e. copyright, designs trademarks, patents,). Unethical and prohibited business practices:As company increases global footprint they are bare to the potential risks related with diverse ethical values and cultural norms. (Bacon, 2009) (Full Issue PDF, Volume 41, Issue 4, 2016) FEASIBILITY: Use of estimates and judgments: The planning of financial statements in accordance with IFRS requires the use of definite grave accounting estimations. It also needs management to work out its judgment in the procedure of put on the companys accounting rules. Revenue recognition : It includes the quantities charged to clienteles outside the company and is measured at fair value of the concern net of discounts, receivable , sales incentives, client bonuses and rebates established, which can be recognized at the point of sale. Cost recognition: Expenditures are exploited where suitable in conformity with the policy for internally made intangible assets and signify stores and other manufacturing supplies, worker costs, and other expenditures experienced for product development assumed by the company. Government grants and incentives: Government endowments are known when there is assurance that the company will obey with the pertinent circumstances and the funding will be received. Government grants are documented in the income statement on a methodical basis when the company distinguishes, as expenses, the linked costs that the endowments are envisioned to recompense. Foreign currency: The Company has a practical and performance currency of GBP. Contacts in foreign currencies are noted at the exchange rate prevailing on the date of transaction. Income taxes: they include present and deferred taxes. People and Skills: The essential capabilities within a company can be viewed as extents where the company is very good at and therefore set them separately from the competition. One of Jaguars extremely high qualities is its team of experts and motivated staff. This outstanding staff has a positive attitude on the rest of manufacture, e.g. tasks for example assembly and maintenance of offering sturdy and consistent vehicles, for which Jaguar is famous for. This is also the jaguars vision to produce desirable cars. (Ford Motors, 2009) The companys sustainability vision targets to guarantee their business although replying to worldwide trends and stakeholder requirements. Their strategy will aid to safeguard that sustainability is rooted at each stage of the life cycle of their products and at all stages of business. CHALLENGES: Through analysis I have discover one of the chief problems is Future profitability and the faith of shareholders. Company makes great performance and best vehicles; however, they do not want to have an important environmental outline. As a rising company, its more imperative than ever that we have a complete strategy prepared to decrease impact on the environment and exploit the optimistic welfares that business can bring (Wallace and Tovey, 2017) RECOMMENDATIONS To face the challenges we must react efficiently to numerous developing worldwide trends that are influencing the future of companys business. Away from the influence of products, supply chain operations and, we have a broader duty to provide benefits to the society and the economy. Companys Global Corporate Social Responsibility strategy helps to improve solutions for social and economic challenges. Areas of focus consist of proceeding knowledge by building engineering and science skills, emerging young engineers and backup technology businesspersons. (Pierini, Eckert, 2008) CONCLUSION This report has well assessed Jaguars strategic position and also known growing technologies and their influence on this position. The external environment was assessed and it showed Jaguars position in its related market zone. Five forces, PESTL and SWOT analyses were carried out to show how strong Jaguars place in their market was. Generally, Jaguar is very securely working as a leader in their market. REFERENCES: Jaguar (2013) JAGUAR[online] available from http://www.jaguar.co.uk [2013] Thomson, R 2008, Tata Motors completes acquisition of Jaguarà ¢Ã¢â€š ¬Ã… ¸, Press release Ford Motors 2009, à ¢Ã¢â€š ¬Ã… ¸Tata Motors enter into Definitive Agreement with Ford for purchase of Jaguar Land Roverà ¢Ã¢â€š ¬Ã… ¸, Press release Daye D, Van Auken B 2009. The Benefits of Corporate Brands. From (Retrieved 15 July 2009). Duane, I, Michael, A 2011, Understanding business strategy: concepts and cases: Mason, South-Western Cengage Learning Barney, J 2010, Firm resources and sustained competitive advantage, Journal of Management, 17, pp.99 120 Bacon, N 2009, Competitive advantage through human resource management: best practice or core competencies? à ¢Ã¢â€š ¬Ã… ¸ Human Relations, Vol.4, pp. 361 372 Huselid, A 2006, Strategic human resources management: where do we go from here? à ¢Ã¢â€š ¬Ã… ¸ Journal of Management, Vol. 32, pp. 898 925 Gross, S 2009, End-of-life vehicles management in Europe: driving the change: Cases of Sweden and Germany. IIEE, Lund University Pierini, M Eckert, V 2008, Strategy-based approach to eco-design: Application to an automotive componentà ¢Ã¢â€š ¬Ã… ¸, International Journal of Vehicle Design, vol. 6, pp 156-17 Gov.uk. (2017). Jaguar Land Rover: manufacturing more resource efficient cars Case study GOV.UK. [online] Available at: https://www.gov.uk/government/case-studies/jaguar-land-rover-manufacturing-more-resource-efficient-cars [Accessed 21 Jul. 2016]. Wallace, T. and Tovey, A. (2017). UK firms from engineers to banks struggle to fill skills shortage. [online] The Telegraph. Available at: http://www.telegraph.co.uk/business/2017/03/04/uk-firms-engineers-banks-struggle-fill-skills-shortage/ [Accessed 10 Mar. 2017]. Full Issue PDF, Volume 41, Issue 4. (2016). Fisheries, 41(4), pp.157-212.