Analysis of Soldiers Home by Ernest Hemingway Essay -- Literary Analys

The story, A Soldiers Home, is about a man in conflict with the past and present events in his life. The young man’s name is Harold Krebs. He recently returned from World War 1 to find everything almost exactly the same as when he left. He moved back into his parents house, where he found the same car sitting in the same drive way. He also found the girls looking the same, except now they all had short hair. When he returned to his home town in Oklahoma the hysteria of the soldiers coming home was all over. The other soldiers had come home years before Krebs had so everyone was over the excitement. When he first returned home he didn’t want to talk about the war at all. Then, when he suddenly felt the urge and need to talk about it no one wanted to hear about it. When he returned all of the other soldiers had found their place in the community, but Harold needed more time to find his place. In the mean time he plays pool, â€Å"practiced on his clarinet, strolled down town, read, and went to bed.†(Hemingway, 186) When his mother pressures him to get out and get a girlfriend and job, he te...

The Role of Youth in Realizing Dreams of Abdulkalam

A computer network is a telecommunications network that allows computers to exchange data. The physical connection between networked computing devices is established using either cable media or wireless media. The best-known computer network is the Internet. Network devices that originate, route and terminate the data are called network nodes. [1] Nodes can include hostssuch as servers and personal computers, as well as networking hardware. Two devices are said to be networked when a process in one device is able to exchange information with a process in another device. Computer networks support applications such as access to the World Wide Web, shared use of application and storage servers, printers, and fax machines, and use of email and instant messaging applications. The remainder of this article discusses local area network technologies and classifies them according to the following characteristics: the physical media used to transmit signals, the communications protocols used to organize network traffic, along with the network's size, its topology and its organizational intent. The communication media used to connect devices to form a computer network include electrical cable (HomePNA, power line communication, G. hn),optical fiber (fiber-optic communication), and radio waves (wireless networking). In the OSI model, these are defined at layers 1 and 2 — the physical layer and the data link layer. A widely-adopted family of communication media used in local area network (LAN) technology is collectively known as Ethernet. The media and protocol standards that enable communication between networked devices over Ethernet is defined by IEEE 802. Ethernet encompasses both wired and wireless LAN technologies. Wired LAN devices transmit signals over cable media. Wireless LAN devices use radio waves or infrared signals as a transmission medium. Wired technologies[edit] The order of the following wired technologies are, roughly, from slowest to fastest transmission speed. Twisted pair wire is the most widely used medium for all telecommunication. Twisted-pair cabling consist of copper wires that are twisted into pairs. Ordinary telephone wires consist of two insulated copper wires twisted into pairs. Computer network cabling (wired Ethernet as defined by IEEE 802. ) consists of 4 pairs of copper cabling that can be utilized for both voice and data transmission. The use of two wires twisted together helps to reducecrosstalk and electromagnetic induction. The transmission speed ranges from 2 million bits per second to 10 billion bits per second. Twisted pair cabling comes in two forms: unshielded twisted pair (UTP) and shielded twi sted-pair (STP). Each form comes in several category ratings, designed for use in various scenarios. Coaxial cable is widely used for cable television systems, office buildings, and other work-sites for local area networks. The cables consist of copper or aluminum wire surrounded by an insulating layer (typically a flexible material with a high dielectric constant), which itself is surrounded by a conductive layer. The insulation helps minimize interference and distortion. Transmission speed ranges from 200 million bits per second to more than 500 million bits per second. ITU-T G. hn technology uses existing home wiring (coaxial cable, phone lines and power lines) to create a high-speed (up to 1 Gigabit/s) local area network. An optical fiber is a glass fiber. It uses pulses of light to transmit data. Some advantages of optical fibers over metal wires are less transmission loss, immunity from electromagnetic radiation, and very fast transmission speeds of up to trillions of bits per second. One can use different colors of lights to increase the number of messages being sent over a fiber optic cable. Wireless technologies[edit] Main article: Wireless network Terrestrial microwave – Terrestrial microwave communication uses Earth-based transmitters and receivers resembling satellite dishes. Terrestrial microwaves are in the low-gigahertz range, which limits all communications to line-of-sight. Relay stations are spaced approximately 48 km (30 mi) apart. Communications satellites – Satellites communicate via microwave radio waves, which are not deflected by the Earth's atmosphere. The satellites are stationed in space, typically in geosynchronous orbit 35,400 km (22,000 mi) above the equator. These Earth-orbiting systems are capable of receiving and relaying voice, data, and TV signals. Cellular and PCS systems use several radio communications technologies. The systems divide the region covered into multiple geographic areas. Each area has a low-power transmitter or radio relay antenna device to relay calls from one area to the next area. Radio and spread spectrum technologies – Wireless local area networks use a high-frequency radio technology similar to digital cellular and a low-frequency radio technology. Wireless LANs use spread spectrum technology to enable communication between multiple devices in a limited area. IEEE 802. 11 defines a common flavor of open-standards wireless radio-wave technology. Infrared communication can transmit signals for small distances, typically no more than 10 meters. In most cases, line-of-sight propagation is used, which limits the physical positioning of communicating devices. A global area network (GAN) is a network used for supporting mobile across an arbitrary number of wireless LANs, satellite coverage areas, etc. The key challenge in mobile communications is handing off user communications from one local coverage area to the next. In IEEE Project 802, this involves a succession of terrestrial wireless LANs. [6] Bluetooth is managed by the Bluetooth Special Interest Group, which has more than 18,000 member companies in the areas of telecommunication, computing, networking, and consumer electronics. 3]Bluetooth was standardized as IEEE 802. 15. 1, but the standard is no longer maintained. The SIG oversees the development of the specification, manages the qualification program, and protects the trademarks. [4]To be marketed as a Bluetooth device, it must be qualified to standards defined by the SIG. [citation needed]A network of patents is re quired to implement the technology and are licensed only for those qualifying devices. Coaxial cable, or coax (pronounced ‘ko. ?ks), is a type of cable that has an inner conductor surrounded by a tubular insulating layer, surrounded by a tubular conducting shield. Many coaxial cables also have an insulating outer sheath or jacket. The term coaxial comes from the inner conductor and the outer shield sharing a geometric axis. Coaxial cable was invented by English engineer and mathematician Oliver Heaviside, who patented the design in 1880. [1] Coaxial cable differs from other shielded cable used for carrying lower-frequency signals, such as audio signals, in that the dimensions of the cable are controlled to give a precise, constant conductor spacing, which is needed for it to function efficiently as a radio frequency transmission line. Coaxial cable is used as a transmission line for radio frequency signals. Its applications include feedlines connecting radio transmitters and receivers with their antennas, computer network (Internet) connections, and distributing cable television signals. One advantage of coax over other types of radiotransmission line is that in an ideal coaxial cable the electromagnetic field carrying the signal exists only in the space between the inner and outerconductors. This allows coaxial cable runs to be installed next to metal objects such as gutters without the power losses that occur in other types of transmission lines. Coaxial cable also provides protection of the signal from external electromagnetic interference. Twisted pair cabling is a type of wiring in which two conductors of a single circuit are twisted together for the purposes of canceling out electromagnetic interference (EMI) from external sources; for instance,electromagnetic radiation from unshielded twisted pair (UTP) cables, and crosstalk between neighboring pairs. It was invented by Alexander Graham Bell. An optical fiber (or optical fibre) is a flexible, transparent fiber made of high quality extruded glass (silica) or plastic, slightly thicker than a human hair. It can function as a waveguide, or â€Å"light pipe†,[1] to transmit light between the two ends of the fiber. [2] The field of applied science and engineering concerned with the design and application of optical fibers is known as fiber optics. Optical fibers are widely used in fiber-optic communications, which permits transmission over longer distances and at higher bandwidths (data rates) than other forms of communication. Fibers are used instead of metal wires because signals travel along them with less loss and are also immune to electromagnetic interference. Fibers are also used for illumination, and are wrapped in bundles so that they may be used to carry images, thus allowing viewing in confined spaces. Specially designed fibers are used for a variety of other applications, including sensors and fiber lasers. Microwave transmission refers to the technology of transmitting information or energy by the use of radio waves whose wavelengths are conveniently measured in small numbers of centimetre; these are calledmicrowaves. This part of the radio spectrum ranges across frequencies of roughly 1. gigahertz (GHz) to 30 GHz. TMicrowaves are widely used for point-to-point communications because their small wavelength allows conveniently-sized antennas to direct them in narrow beams, which can be pointed directly at the receiving antenna. This allows nearby microwave equipment to use the same frequencies without interfering with each other, as lower frequency radio waves do. Another advantage is that the high frequency of microwaves gives the m icrowave band a very large nformation-carrying capacity; the microwave band has a bandwidth 30 times that of all the rest of the radio spectrum below it. A disadvantage is that microwaves are limited to line of sight propagation; they cannot pass around hills or mountains as lower frequency radio waves can. Microwave radio transmission is commonly used in point-to-point communication systems on the surface of the Earth, in satellite communications, and indeep space radio communications. Other parts of the microwave radio band are used for radars, radio navigation systems, sensor systems, and radio astronomy. ese correspond to wavelengths from 30 centimeters down to 1. 0 cm. Wireless network refers to any type of computer network that uses wireless (usually, but not always radio waves) for network connections. It is a method by which homes, telecommunications networks and enterprise (business) installations avoid the costly process of introducing cables into a building, or as a connection between various equipment locations. [1] Wirelesstelecommunications networks are generally implemented and administered using radio communication. This implementation takes place at the physical level (layer) of the OSI model network structure. [2] Bluetooth is a wireless technology standard for exchanging data over short distances (using short-wavelength radio transmissions in the ISM band from 2400–2480 MHz) from fixed and mobile devices, creating personal area networks (PANs) with high levels of security. Created by telecom vendor Ericssonin 1994,[2] it was originally conceived as a wireless alternative to RS-232 data cables. It can connect several devices, overcoming problems of synchronization. Wi-Fi, also spelled Wifi or WiFi, is a popular technology that allows an electronic device to exchange data or connect to the internet wirelessly using radio waves. The Wi-Fi Alliance defines Wi-Fi as any â€Å"wireless local area network (WLAN) products that are based on the Institute of Electrical and Electronics Engineers' (IEEE)802. 11 standards†. [1] However, since most modern WLANs are based on these standards, the term â€Å"Wi-Fi† is used in general English as a synonym for â€Å"WLAN†. Only Wi-Fi products that complete Wi-Fi Allianceinteroperability certification testing successfully may use the â€Å"Wi-Fi CERTIFIED† trademark. A device that can use Wi-Fi (such as a personal computer, video-game console, smartphone, digital camera,tablet or digital audio player) can connect to a network resource such as the Internet via a wireless network access point. Such an access point (or hotspot) has a range of about 20 meters (65 feet) indoors and a greater range outdoors. Hotspot coverage can comprise an area as small as a single room with walls that block radio waves or as large as many square miles — this is achieved by using multiple overlapping access points.

Literature Review Of Graduacting Project Finance Essay - Free Essay Example

Sample details Pages: 16 Words: 4709 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The purpose of this literature review is to understand how the operational risks are managed, prevented and how much it cost by non-managing and managing it for financial establishment. To study the operational risk management of banks and the impact of the non-management of operational risks for a French financial sector, our research will particularly focuses under the certain financial regulation like Basel III and scientific articles about the management of operational risks. It will permit to have a clear idea of the positions of those companies about it. Firstly, we are going to have an overview of risks in general then operational risks for different types of business companies to then evolve on worldwide regulation towards the latest one Basel III. The literature review is going to be based on scientific reviews and the Bank for International Settlement reports for studying position of regulators and banks about operational risks. To better know of what the topic is all about, it is compulsory to explain how are define the risks for Basel committee and then go further with the operational risks. The BIS (Bank for International Settlement) has created in 1974 the Basel Committee on Banking Supervision (BCBS) in Basel in Switzerland. The aim is to create a worldwide banking regulation by publishing a set of minimum capital requirements for banks however the Committee cannot obliged countries to follow those rules. The representatives members are from central banks and regulatory authorities mainly from leader countries i.e. G 20 countries and they use to meet 4 times per year. It has been created because of the systemic impact of the bankruptcy of Herstatt Bank in Germany. Basel I in 1988 focused on the capital measurement system with the COOKE ratio where 8% of a credit has to be financed by bank equity. Then Basel II in 2004 has as goal to create an international standard for banking regulators to control how much capital banks need to put aside to guard against the types of financial and operational risks banks (and the whole economy) thanks to the Mac Donough ratio. For Jayamaha (2005), Basel II needs a separation between the capital allocations for operational risk. This ratio does not only take into account the credit risk but also the operational risk and the market risk (cf bcbs 196). In response to crises and the bankruptcy of Lehman Brothers, banks have from 2013 to 2018 to implement the new rules adopted of Basel III. For Basel committee (bcbs 222), the risk management will be part of the politic of banks and that decisions in terms of risk coverage, analysis and interpretation, scalability and comparability across group institutions will have be take to as a priority i.e. A bank should determine risk reporting requirements to best suit its own business models and risk profiles. For example, an aggregated risk report should include, but not be limited to, the following information: capital ade quacy, regulatory capital, capital and liquidity ratio projections, credit risk, market risk, operational risk, liquidity risk, stress testing results, inter- and intra-risk concentrations, and funding positions and plans As the regulation advice, managing all the risks (specific, systemic, liquidity, counterparty, interest rate, FOREX, operationalÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦) are the most important to not lose money for companies. This interrogation is very important for the financial sector because it is one of the main reasons where most of the problems come from leading a loss of money and then clients. Almost all of the banks and big brokers have a risk management department but it is still quite new in this sector. In this regard, the BIS took into account numerous factors that have an influence over the value change: volatility, credit rating, correlation with risky assets, investors confidence (the flight to quality), and the liquidity of these assets (that is, th e speed at which they can be traded without a loss of value). It has been found that these factors have a crucial impact on banks profitability and solvency, and that banks should have a tighter risk management policy regarding the counterparty risk (avoidance of exposure above 1% of the total balance sheet) and the quality of assets (they should not be pledged, nor collateralized). This study is a good start to analyze the Basel III ratio as it establishes the variables that have an influence over banks financial positions. Thus, operational risks began to be managed from Basel Agreement II in order to allocate an amount of equity. Before those companies was not managing those risks and realized that after scandals, frauds and crises that it was mandatory to take into account the operational risk in the management of the banks. This topic is actual because it has been highlighted thanks to the different crises, fraud and events that occurred this last 4 years. These events have showed that managing risk especially operating risks is essential from different point of views. Besides, operational risks are linked to people, to the management, the intra and inter-communication. A good management can avoid spending money for mistakes that you be averted and keep a good reputation. Thus it will go through a huge improvement for banks and huge development for brokers these next few years. Thereby this graduating project will be based on being efficient in case of operating problems and control at the maximum operational risks. First of all, an operational risk is defined for the Basel committee as the risk of loss resulting from inadequate or failed due to procedures, human factors and systems or from external causes. Legal risks are not included but strategic risks are (BCBS, 2003). Nonetheless, this definition evolved during the creation of Basel II because at the beginning the Basel committee didnt define it like that. However not everybody is agreed on this definition, Vanini (2004) criticized it and Wild West Semantico defined it as any risk other than credit risk and market. To come back to Basel II agreement, it structured the operational risks in 7 types : internal and external frauds, employment relation and safety at work, customer, business and product relations, damage to physical assets, business disruption and system failures and execution of operations, deliveries and process which allow us to study on different cases regarding on what face more a broker. Jobst (2007) agrees on the definition below by splitting it in two categorizes : internal and external operational risk. He spilt internal risks in various risks as people risks by attributing loss exposure to the potential for failure of people from management failure, organizational structure or other human failures, which may be exacerbated by poor training, inadequate controls, poor staffing resources, or other factors, then the process risk, with the breakdown of established processes, failure of following processes or inadequate process mapping within business lines and finally technology or system risk, which reflects the operational exposure to disruptions and outright system failure in both internal and outsourced operations. These risks are applicable in the course of regular business operations, such as breaches in internal controls and monitoring, internal and external fraud, legal claims or business disruptions and improper business practices but also goes more further by defining it as the risk of some adverse outcome resulting from acts undertaken (or neglected) in carrying out business activities, inadequate or failed internal processes and information systems, misconduct by people or from external events. This definition includes legal risk from the failure to comply with laws as well as prudent ethical standards and contractual obligations, but excludes strategic and reputational risk. On the side of external risk, Jobs (200 7) expand his point of view based on environmental factors, such as a new competitor that changes the business paradigm, a major political and regulatory regime change, unforeseen (natural) disasters, terrorism, vandalism, and other such factors that are outside the control of the firm. For Jarrow (2008), he defines the operational risks into two types which create loss processes. The first one is the risk of a loss due to the firms operating technology and the second one the risk of a loss due to agency costs. He argues that the current methodology for the determination of economic capital for operational risk is overstated. It is biased high because the computation omits the banks net present value (NPV) generating process. Although it is conceptually possible to estimate the operational risk processes parameters using only market prices, the non-observability of the firms value makes this an unlikely possibility, except in rare cases. Instead, we argue that data internal to th e firm, in conjunction with standard hazard rate estimation procedures, provides a more fruitful alternative. So the assessment and the management of operational risks are different regarding activities in the financial sector ant countries. We also have to adapt the estimation of operational risks regarding the type of companies i.e. banks, credit establishment, brokers and also on the countries where the businesses are based Spain, France, England, China, India, United StatesÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦thats why we are going to do. Operations risks are linked to internal control and analysis of internal losses of companies. To take into account the percentage of those risks, a risk mapping has been done and imposed for and by banks. For Bon Michel (XXXX 71930056) This approach is part of an effort to streamline the complexity in an uncertain world with the crisis, we had the demonstration in the financial sector where figures mean everything and nothing at the same time. So this mapping risk was created to reassure managers, regulatorsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. But for Bon Michel (XXXX 71930056) can we really trust the results of the mapping? Taleb (2009) thinks that : Rationality itself could be an obstacle to the identification of a risk often characterized by the interdependence of causes because of the complexity. Operational risks, as we saw on Basel, are linked to people so that risk by nature is strongly linked to the human component (Power, 2005). It is then in a continuous process of interaction that the construction of intelligence risks can generate a change in the perception of risk by the same individuals and thus of their actions. Bon Michel But we also have to adapt the estimation of operational risks regarding the type of companies i.e. banks, credit establishment, brokers and also on the countries where the businesses are based Spain, France, England, China, India, United StatesÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦thats why we are going to do. To begin with Hedge Funds, the definition of operational risks is slightly different. For (CAPCO 2005) it includes the operating environment of the fund i.e. middle and back office functions such as trade processing, accounting, administration, valuation and reporting. This combination of Multiple Risksspans these categories. The evidence of non managing risks has been highlighted especially for Hedge Funds From a survey  [1]  , it resulted that over 10 years (1996-2006) half of the hedge funds went to bankruptcy because of an insufficient control of operational risk only (43843882). For most of them, fraud is the main reason i.e. embezzlement or false valuations of capital. (43443142 dà ©ja rà ©f en bas) as the graph below shows (CAPCO 2005) : Figure 1: graphs showing the different types of risk failure and the detail of operational risks Breakdown of Fund Failures Attributed to Operational Risk Only by Operational Issue The opacity of the man agement of operational risk exist because those companies are not obliged to provide information to investors about the management process and risks linked to operational risks. Besides, Hedge funds have a specific structure, usually off shore companies trading on OTC (Over The Counter) in illiquid products market or by doing arbitrage so it result that operational risks are specific thus it is less easy to prevent it. Regulations tried to implement for each complex product a prospectus. However, all the operations risks cannot be mentioned on it and defined due to a lack of maturity of the industry and its opacity so these prospectus alert investors to be aware of the risks known. Risks related to the operational weaknesses of hedge funds significantly outweigh the levels of financial risk, which are usually the focus of the managers attention and investors concerns. If we assume that the universe of investable funds is 2,500, the failure rate can be estimated at 0.6%, which rep resents a very high probability of default in the context of funds of hedge funds that invest in 10 to 25 vehicles EDHEC Une meilleure prise en compte des risques opà ©rationnels sera nà ©cessaire pour retrouver la confiance des investisseurs notamment à   la suite des scandales rà ©cents SOL : managing operational risks working paper EDHEC Credit establishments have to follow Basel rules (BCBC, 2006) and regulations. For example, Power (2005) established that the operational risk assessment differs from traditional risks of the bank including the absence of known outstanding. It is diffuse, multifaceted and ambiguous. That is all the complexity of the assessment of operational risks. It is based on the probability of a risk occur. And the risks as we saw before are various so even more difficult to manage and prevent. Banks are split in different activities; traditionally it is composed of retail banking, corporate and investment banking. However, these last few ye ars banks developed a new service, the online banking specialized in stock exchange for individual investors. This was really an expectation from customers so most of the French banks have their own online brokers under a different brand name. They are doing advertising to bring the clients of the retail bank but also clients from others competitors. Those brokers had a huge development and didnt focus on risk management. Usually the Director of Operation also deals and solves the risks problems in these small entities. All the banks for traditional activities and others brokers in France or abroad particularly in the FOREX market have a risk management department because they understood it was primordial. Thereby we will focus more on what has been done and developed in those companies and how it has been treated on the research side. The operation risks are those that use the most of equities after credit risks. To solve the operating losses, three strategies have been implemen ted in the banking system : the internal controls inside the department i.e. the back office and the management control the operations, the internal audit where a specialized department checks the operations to ensure that policies and procedures are followed and external audits where it is an external and independent institution who checks the financial statements and more. Those three actions permit to reduce operational risks and its cost. To focus on internal controls, for Arnold, Larsen, Hollinger, ODoherty, and Milne (2008), the problem of banks is that they dont care about it and are done by a spawned allegations of moral hazard and for Anna Chernobai, Philippe Jorion, and Fan Yu (2011) this is the consequences of a weak internal control environment so it makes loss an enormous amount of money. In the same article, they illustrate it by taking the example of the Trader Jerome Kerviel in Socià ©tà © Gà ©nà ©rale in 2008 that made a loss of $7.2 billion due to unauthoriz ed trading and that the management did nothing by letting him trade. However, for Alberto Balestra (2006), there is existing internal control procedures but because of a lack of compliance companies makes big losses. For the internal and external audit, the approach is quite different, the first one has to be permanent and the second one is usually periodic. The Basel committee defines what the banks have to do to manage its internal audit of its operational risk like create an operational risk management function responsible for codifying firm-level policies and procedures concerning operational risk management and risk-reporting system for operational risk; and for developing strategies to identify. And for the GCAP (group of Assistance to poor) the internal control is define by checking all the following points : The financial information and operating data are accurate and reliable, the policies and internal procedures are followed, the business risks of the institution are i dentified and minimized, resources are used efficiently and economically, the institutions objectives are being achieved and the external regulations are met. J. Cernes agreed to say that Internal audit sees his expanded role, including the control of new skills related to this development. Although for Balestra (2006), the operational risk manager can have difficulties to do it so it has to ask help from rely also on reengineers for this operational auditing. From the external point of view of an independent auditor, C. Cox (2008) director of the Securities and Exchange Commission (SEC) agreed that his agency failed to act for nearly a decade on credible allegations about Bernard Madoff, whose fraudulent internal controls allowed a Ponzi scheme that cost hedge fund investors as much as $50 billion The goal of these auditors is to check the financial statements, records, transactions, and transactions of a structure by an external party to express an opinion on the financial stat ements of the IMF. However, Markus Leippold (2003) doubts on the notion of managing risk and more particularly on finding a reasonable notion of diversification but also on the evaluation and quantification of the benefits from altering value chains and work flow structures For George S. Oldfield and Anthony M. Santomero (1997) the level of effort focused on reducing these risks can be communicated to shareholders and cost-justified. To conclude, for Leippold and Vanini (2003), the operation risk occurs at low frequency but it has a high impact. Usually it comes from of human behaviors. In 2001, the Basel committee realized a survey on 89 international banks, a bank has been affected by an average of 528 instances of operational risks, mainly on retail banking, generating an average loss per unit average of 10 000 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬. It follows a gross loss average of 90 million ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ per institution. For Jeffery Atik (2010) Not all ris ks can be anticipated. Indeed, it is difficult to manage risks that cannot be imagined (those that are outside of experience) although experience teaches that unanticipated and unimagined events do occur in reference to those crises. So we can see the difficulties to understand and limit the impact of the operational risks. Lots of things have been done from the past events on how to calculate the operational risks with the Value At Risk (VaR) but almost nothing has been done yet to limit the impact of operational risks on the financial sector after the recent past events of these last four years. From what we saw, risk management has been studies on its definition or on the calculation on the VaR few years ago. However, the risk management is still quite new on the financial sector and even more for operating risks on the way how to manage it. Thanks to the past, it has to be re-studies to improve its management to avoid to repeat mistake and to find of the possible risks that i t could occur. From few examples, when one problem occurs it costs a lot for the bank but it is quite surprising that it can still happen nowadays. With the crises and recent frauds, it was obvious that nothing has been done on this topic. The Basel committee is working on Basel III thus the operation risks will be more controlled and highlighted. Like that, the banks would less suffer of the impact of a bad management of operating risks. Besides, after all the crisis and scandals like as seen earlier for Socià ©tà © Gà ©nà ©rales case in 2008 or even for Barings in 1995, Calyon in 2006 or famous internal frauds like JP Morgan Chase in 2006, Bank of China in 2007 or commercial litigation in 2006 with the Deutsche Bank or fire in the headquarter of the Credit Lyonnais in 1996, these scandals do not give a positive image of the bank. The press uses to relay it in the headline for few days or months. Clients, customers read it and after the word of mouth begin. This external com munication cannot be controlled by the bank. Generally, this is the worse for a company. The employees and managers suffer also of that so training has to be done to surpass the impact of the event and be able to give an answer to all the attack they have from the family and clients. This impact of the management of operation risks has never been studied in term of figures for the bank and from the human side. The intangible assets are a very important notion than operating risks affect for years like the brand name, the image, the reputation. Even external events affect banks like attacks because citizens do not trust in institutions, fear appearÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ During the crises, the bankrupt of a bank or a scandal like Madoffs system was able to affect the entire sector and by definition all the others banks, which lead that clients wanted to withdraw their economies. So it would be important to see what the impact of the management is in all those cases of sys temic crisis. Ethic is a bad word in finance so it has to change by re-establishing a good image of the finance sector, in what way a new culture. The change has to be done from the top of the management i.e. operational risks could be avoided if a good management, a day to day management for example, would be implementing and if the employees would care about their banks. In this globalized world, people have to be reassured; the confidence is one of key word and important data that everybody forgot because the goal was to make money without any respect and trust toward the counterparty. The aim of the management of operational risks is to reinforce transparency and restore confidence. That goal always existed but events, scandals have updated it. Operating problems majority come from an error from the machines or an error from the human. Thus to avoid it, it could be possible to implement very strict strategies to eliminate it by capitalizing the mistakes whether voluntar y or not. The banks should, as what has been done before control and audit from a restrictive point of view but also train employees. A bonus could be given if the employee reacts in a good way, do not try to fraud and promote its company simply is a good employee. In my previous company i.e. a broker, there were a risk manager and all the employees received at the beginning a training to face to potential problems. This should be compulsory because it permits to go through all the problems with clients but also in intern with the crash of the trading platformÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ In France, it is coming but not in this way, they oblige the employees to pass an internal exam to be apt to face to it, some companies ask to pass the AMF (French Market Authorities) certification. However it has to become compulsory to everybody, like that when employees know what they can or cannot do for an internal or external situation, they wont try to cheat, hide or fraud because they wi ll be aware of the damage that it can cost for them, for the department, for the company and at the end for the clients. Besides, different departments are involved in the management of operating risks, like the general inspection, IT, back office, communication, customer services, investors relationsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦so all those employees has to be trained to face to it hereby one of the solutions is to reinforce the corporate culture, like that, employees will be involved in their job but also in the improvement of their company. Sometimes, board of directors and managers are not also in the best position for that, because they can have strange behaviors and reactions i.e. panic of the management of Kerviel case. They can forget the common sense and act as individual careerists. It would be interesting to study the impact of training in time of crisis and how to react to those cases, like that companies would control the situation. Nevertheless to rebuild a go od relationship with the clients, the big famous banks created online bank with less fees and more attractive contracts, products and new names than their mother societies. Those brokers were not impacted by the crises and by the bad image of the banker. The reason why, is because there are new companies with no background like the major banks where most of population believe that they are not clear, corrupted and use to make a lot of speculation. Clients built this bad image on operating risks that occurs for banks. The managers didnt get the important of those risks so it would be nice to study it by getting information from clients, employees and managers to understand the importance of the operating risk, the management that they do, how they prevent, avoid and communicate on it from an old and traditional but also from a broker point of view. To conclude, the impact of a non-management has to be measured recently, the BIS wrote in 1998 a document on the management of oper ational risks. It has not been done since the crises and the internal events, fraud that occurred these last 5 years. Clients, customers, prospects, employees, directors are suffering of the non-management of operations risks and it has to be studied with the help of the stakeholders to find a compromise and begin to solve it. 71930056 p327 Si là ©valuation quantitative du risque a à ©tà © le premier exercice rà ©alisà © par les banques (Lamarque et Maurer, 2009), en tà ©moignent les nombreuses recherches qui se sont orientà ©es vers une approche quantitative (Frachot et alii, 2003 ; Klugman et alii, 1998 ; King, 2001), le rà ´le de la composante humaine dans le risque lui mà ªme et dans son processus didentification rend particulià ¨rement intà ©ressante toute approche de nature qualitative. Comme le soulignent Lamarque et Maurer (2009), lapproche quantitative du risque opà ©rationnel, compte tenu de sa difficile prà ©visibilità ©, est  « insuffisante pour m aà ®triser ces risques et la gravità © des à ©và ¨nements exceptionnels est extrà ªmement difficile à   à ©valuer  ». Cest gà ©nà ©ralement lapparition mà ªme du risque qui permet de le connaà ®tre et donc de le gà ©rer de manià ¨re efficace, cest-à  -dire a posteriori. Si lorganisation se caractà ©rise par sa diversità © et sa complexità © (Weick, 1995), celles-ci constituent un frein à   lidentification prà ©cise du risque futur. Sources : https://www.bis.org/bcbs Arnold M., Larsen P. T., Hollinger P., ODoherty J. and Milne R. (2008) The outsider: How Kerviel exposed lax controls at Socià ©tà © Gà ©nà ©rale, In The Financial Times, February 7th, London. Atik, Jeffery, (2010) Basel II and Extreme Risk Analysis. Loyola-LA Legal Studies Paper No. 2010-40. Available at SSRN: https://ssrn.com/abstract=1677682 Balestra A., (2006) Quantification of Operational Risk, Mohassaba S.A., Geneva. Basel committee (2006), International Converg ence of Capital Measurement and Capital Standards, A Revised Framework, Comprehensive Version of the compilation of the June 2004 Basel II Framework Bon-Michel, B 2011, La cartographie des risques : de la rationalisation du futur à   lapprentissage du risque. Cas de lidentification du risque opà ©rationnel au sein dun à ©tablissement de crà ©dit. (French), Revue Management Et Avenir, 48, pp. 326-341 Capco White Paper (2003) Understanding and Mitigating Operational Risk in Hedge Fund Investments  Ãƒâ€šÃ‚ » Carter L. F. (2011) MANAGING RISK IN OPERATIONS Academy of Information and Management Sciences Journal, Volume 14, Number 2 Chernobai A., Jorion P., Yu F. (2011) The Determinants of Operational Risk in U.S. Financial Institutions Journal Of Financial And Quantitative Analysis Vol. 46, No. 6, Dec. 2011, pp. 1683- 1725 Control sur le comità © de Bale (1998), Gestion du risque opà ©rationnel Cox C. (2008) Director of the Securities and Exchange Co mmission (SEC) SEC Press Release 2008-297 Giraud J.R (2004) The Management of Hedge FundsOperational Risks EDHEC RISK AND ASSET MANAGEMENT RESEARCH CENTER Jarrow, RA 2008, Operational risk, Journal Of Banking Finance, 32, 5, pp. 870-879, Business Source Complete, EBSCO. Jobst, AA 2007, The treatment of operational risk under the New Basel framework: Critical issues, Journal Of Banking Regulation, 8, 4, pp. 316-352, Business Source Complete, EBSCO. Leippoldy M., Vaniniz P. (2003) The Quantification of Operational Risk Vanini P. (2003) Operational Risk: A Practitioners View Journal of Risk, Vol. 5, No. 3, pp. 1-16, 2003  «Ãƒâ€šÃ‚  LES HEDGE FUNDS FACE AU RISQUE OPÉRATIONNEL  Ãƒâ€šÃ‚ » 2009, Revue Banque/Banque Magazine, 714, pp. 71-73 Weiss A., and Nikitin G. (2004), Foreign Portfolio Investment Improves Performance: Evidence from the Czech Republic, Topics in Economic Analysis and Policy, 48, 817-38 Power M. (2005),  « The invention of operational risk  », Review of International Political Economy, 12(4), p. 577-599. Taleb N.-N. (2009), Errors, Robustness, and the Fourth Quadrant, International Journal of Forecasting theory and research, Englewood Cliffs, Prenctice-Hall, p. 10-37. Don’t waste time! Our writers will create an original "Literature Review Of Graduacting Project Finance Essay" essay for you Create order

Sad Plays - Tragedies and Tear-jerkers

Have you ever noticed how some plays are such a downer? Even some plays that are supposed to be comedies, such as Anton Chekovs masterpieces, are dour and cynical and downright depressing. Of course, the theater -- like life -- isnt all about comedy and happy endings. To be reflective of human nature, playwrights often delve into the tears-soaked corners of their souls, producing literary works that are timeless tragedies that evoke both terror and pity, just how Aristotle likes it! Here is a list of theaters most hauntingly sad plays: #10 - Night Mother There are many plays that explore the topic of suicide, but few are as direct and, dare I say, as persuasive as Marsha Normans play, night Mother. During the course of a single evening, an adult daughter has a sincere conversation with her mother, clearly explaining how she plans to take her own life before dawn. The daughters miserable life has been plagued with tragedy and mental illness. However, now that she has made her decision, she has gained clarity. No matter how her mother argues and begs, the daughter will not change her mind. New York theater critic John Simon praise the playwright stating that Marsha Norman conveys the simultaneous monstrousness and ordinariness of this event: that Jessie both solicitously provides for her mothers future and abandons her, coolly matter-of-fact about what strikes most of us as the ultimate irrational act. As with many sad, tragic and controversial plays, Night Mother ends with much to contemplate and discuss. #9 - Romeo and Juliet Millions of people think of Shakespeares classic Romeo and Juliet as the ultimate love story. Romantics view the two star-crossed lovers as the quintessential young couple, forgoing the wishes of their parents, throwing caution to the proverbial wind and settling for nothing less than true love, even if it comes at the cost of death. However, theres a more cynical way of looking at this story: Two hormone-driven teenagers kill themselves because of the stubborn hatred of ignorant adults. The tragedy may be overrated and overdone, but consider the ending of the play: Juliet lies asleep but Romeo believes that she is dead so he prepares to drink poison in order to join her. The situation remains one of the most devastating examples of dramatic irony in the history of the stage. #8 - Oedipus the King Also known as Oedipus Rex, this tragedy is the most famous work of Sophocles, a Greek playwright who lived over two thousand years ago. In case you have never heard the plot of this famous myth, you may want to skip to the next play on the list. Spoiler Alert: Oedipus discovers that years ago he murdered his biological father and unknowingly married his biological mother. The circumstances are grotesque, but the real tragedy stems from the bloody reactions of the characters as each participant learns the unbearable truth. The citizens are filled with shock and pity. Jocasta hangs herself. And Oedipus uses the pins from her dress to gauge out his eyes. Well, we all cope in different ways I guess. Creon, Jocastas brother, takes over the throne. Oedipus will wander around Greece as a wretched example of mans folly. (And I assume Zeus and his fellow Olympians enjoy a mean-spirited chuckle.) Read the complete plot summary of Oedipus the King. #7 - Death of a Salesman Playwright Arthur Miller doesnt just kill off his protagonist, Willy Loman, by the end of the play. He also does his best to euthanize the American Dream. The aging salesman once believed that charisma, obedience, and persistence would lead to prosperity. Now that his sanity is wearing thin, and his sons have failed to live up to his expectations, Loman determines that he is worth more dead than alive. In my review of the play, I explain how this drama may not be my favorite of Millers work, but the play clearly accomplishes its goal: To make us understand the painfulness of mediocrity. And we learn a valuable, common sense lesson: Things dont always go the way we want them to go. #6 - Wit: There is a lot of humorous, heartwarming dialogue to be found in Margaret Edsons Wit. Yet, despite the plays many life affirming moments, Wit is filled with clinical studies, chemotherapy, and long stretches of painful, introspective loneliness. Its the story of Dr. Vivian Bearing, a hard-as-nails English professor. Her callousness is most evident during the plays flashbacks. While she narrates directly to the audience, Dr. Bearing recalls several encounters with her former students. As the pupils struggle with the material, often embarrassed by their intellectual inadequacy, Dr. Bearing responds by saying intimidating and insulting them. Yet, as Dr. Bearing revisits her past, she realizes she should have offered more human kindness to her students. Kindness is something Dr. Bearing will come to desperately crave as the play continues. If you have already experienced Wit then you know you will never look at John Donnes poetry the same way. The main character uses the cryptic sonnets to keep her intellect sharp, but by the end of the play she learns that academic excellence is no match for human compassion, and perhaps a bedtime story. Continue reading the Top Ten List of the Worlds Saddest Plays.

Should We Teach The Holocaust - 1620 Words

Should we teach the Holocaust in schools? The holocaust was a shockingly tragic event that lasted over a period of years and was basically the genocide of the Jews by the murderous Nazis, led by Adolf Hitler. It is a compulsory topic in history among schools in the UK. There are mixed opinions as to whether or not we should teach about it, the positive reasons towering over the negative views. One of the most important reasons is to discourage young children from discrimination. Although it is an extreme and scary topic, sometimes people need to be scared to see how severe situations can become. Racist beliefs usually start at a young age and are inspired by what other people have said. Prejudice can spread like wildfire once people begin to agree with a racist comment. Since beliefs start at a young age, children need to be taught that although everyone is different, that doesn’t make anyone less equal. Hitler was brought up in an anti-Semitic society where Jews were deeply hated by most people for no good reason. He was fed false lies such as a group of communists and Jews were planning a terror attack on the rest of society. He then began to hate Jews and ended up in a position where he could do anything he wanted and nobody could stop him. He made the nation anti-Semitic and formed groups such as the Einsatzgruppen to murder ‘undesirables’ – disabled, homosexuals or Jews. This is how out of hand prejudice can get. If children are discouraged from having racistShow MoreRelatedShould We Teach The Holocaust1409 Words   |  6 PagesShould we Teach the Holocaust to Eighth Graders? â€Å"Those who do not know history are destined to repeat it.† This was said by Edmund Burke. This quote strongly applies to the Holocaust. The Holocaust is a huge part of our history, and we should teach students about it so they are aware of the past mistakes. 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I will also be offering alternative literature texts that I feel are far moreRead MoreEssay about Adolf Hitler: The Invasion of Poland575 Words   |  3 PagesAmericans were in the war. That day we became mortal enemies with all of Japan, and we werent going to hold back on them. America was going to end this war. They didnt know how but they were going to. Then one day America used the first ever nuclear bombs. We bombed Japan twice and they were devestated and surrendered. America didnt stop there, they kept fighting, trying to end the war. Finally Italy and Germany surrendered and all of the remaining Jews we freed from the camps. One of the peopleRead MoreReligion Fights Back1273 Words   |  6 PagesReligion Fights Back Introduction Before the Holocaust, Jewish people had ordinary lives. Children went to school, parents went to work or owned their own business. They carried on spiritual traditions and strived for their own goals. During the Holocaust though, Jews lost the meaning of life (Michalczyk 177). They were considered useless and a burden to the Germans. This was continuously beat into their minds not only mentally but also physically (Michalczyk 177). Some were able to beat theseRead MoreMein Kaumf by Adolf Hitler Essay828 Words   |  4 PagesThe Holocaust was a very sad time for millions of people in Europe and U.S. The leader of the Holocaust was Adolf Hitler. Adolf Hitler was in prison for trying to take over German Government and while he was in there he wrote a book. The book was called Mein Kaumf, which described his struggle and how he felt the German Government should be ran. After Hitler got out from his short sentance in prison, many people had already read his book which created his po wer. Hitler felt that Jews were the mainRead MoreHolocaust Museum Reflection1266 Words   |  6 PagesThe Holocaust, as countless facts and accounts have taught us, affected the lives of millions in the 20th century and beyond. Families and friends lost loved ones, minorities took massive hits, and ethnic backgrounds were changed forever. To commemorate the undeniable changes to these lives and teach future generations about the monstrosities committed by Adolf Hitler and the Nazi Party, people domestically and internationally have created museums and monuments. Notably, the intimate Institute forRead MoreHolocaust Paper1116 Words   |  5 PagesHolocaust Paper The Holocaust was one of the most tragic events in history which ended many innocent Jewish lives. Six million Jews plus many more were completely wiped out due to the effects of the Holocaust. It is still unforgivable for the things the Nazi party did and is still a very questionable subject on how they were able to accomplish such devastation. To be able to organize the removal of an entire population of people based on their religion not only takes high intelligence, but mostRead MoreTheu.s During The Holocaust : A Model Of Democracy, Success And Freedom1070 Words   |  5 PagesThe U.S during the Holocaust was considered one of the most powerful nations in the world, economically, politically and socially, America was a model of democracy, success and freedom. During the Holocaust in the U.S more than half of all immigrants in the United States were Jewish, most of them refugees from Europe. In 1941, 45% of all immigrants to the United States were Jewish and in the U.S. the resc ue of Jews and others, targeted by Nazi Germany was not a priority for the U.S. during World

Structural Cause Of Global Financial Crisis - MyAssignmenthelp.com

Question: Discuss about the Structural Cause Of Global Financial Crisis. Answer: Introduction The purpose of this task is to provide a brief overview about the cause and impact of the Global Financial Crisis which occurred in the year 2008. The economic crisis adversely impacted the state of many nations due to which their economic growth became unstable. Further more details about the task are discussed below: Significance of Global Financial Crisis (2008) The financial crisis of 2007-2008 is also commonly known as global financial crisis. This crisis occurred in the year 2007 in the subprime mortgage market of US, this market was fully blown out with the collapse of Lehman Brothers investment bank. Further many reason were concluded for the occurrence of this event like, the US Senates Levin-Coburn Report said that this event happened because of high risk, complex financial product; secrecy in conflicts over interests and lastly the failure of regulatory bodies to regulate the activities accordingly (Scott, 2010). The Financial Crisis Inquiry commission said that the crisis was avoidable and it was a cause of failure of financial bodies in regulating and supervising the market. But the most significant reason of the subprime mortgage crisis was the imbalance in international and increase in household loan and real estate bubble as well. Further it shall be noted that many factor collectively affected the growth of the subprime mortgag e market in US and resulted in bursting out of the whole event (Crotty, 2009). The Community Reinvestment Act (CRA), a law defined by the US government assisted the low and moderate income people to get mortgage loans. Resulting to which, many subprime loans were bundled together and sold to common people to help them. Thus, this type of ending initiated by banks and government led the government to face a glut of risky lending. Further the lax regulations also led to negligence of many acts initiated in the environment. Subsequently all these activities combined to result in the financial crisis worldwide. This crisis is regarded as the worst crisis after Great Depression of 1930 (Shiller, 2012). Source: (https://www.globalissues.org/article/768/global-financial-crisis) Examples of financial and economic crisis worldwide Not as big and devastating as Financial Crisis of 2007-2008, but there were many of economic crisis which poorly affected the state of many countries. Some of them are discussed below: Irish banking Crisis of 2008: The post 2008 Irish Banking Crisis was a crisis which was occurred because of Great Recession. Many financial institutions faced insolvency after the occurrence of great depression worldwide. The Irish government in this respect activated 64 billion euro bank bailout which further led to a number of revelations about business person and banks affairs. This ultimately added to the deepening of the recession in the country. The case in the Irish banking is similar to the global financial crisis of 2007-2008. The government and the banking regulation gave ease to the people ad organizations to borrow loan from them and the lax supervision increased the credit concentration risk (Lane, 2011). Thus it shall be noted that the organization faced this financial crisis because of the irregularities in their baking system along with increasing demand of loan in the market. Increase in property price in the country Ireland showed that the economy is overheating and will result in burst out soon. Basel framework also showed the growth and the loss of the country in certain areas. The pillar one of framework explained the growth in bonding funding and strong capital adequacy ratio as well. And the pillar two explained the supervisory process of the country. Further the banking regulation and lax supervision act as a major threat for the whole nation and the cause of crisis as well (rba, 2009). Increase in real public debt since 2007 Source: (https://trueeconomics.blogspot.in/2011/03/) 201516 Chinese stock market turbulence: The Chinese stock market started with the popping of the stock market bubble in 2015 which ended in 2016. A-shares listed in the Shanghai stock market were lost within a short span of one month. Later within 3 week the stock markets of the country fell by 30 per cent as more than 1400 listed companies filed trading halt so as to overcome the loss faced earlier and prevent themselves from future losses as well (Hong, 2016). Later in the IMF (International Monetary Fund) annual meeting it was stated that turbulence in the stock market of China can trigger the new financial crisis worldwide. Further it shall be noted that Chinas stock market is one of the highest performing stock market worldwide but the country faced such turbulence because of aggressive trading at the stock market. The shares listed at the stock market were heavily overvalued in the previous weeks due to which the value of stock market also rose. Soon after which the bullish mar ket of the company turned in bearish as the traders started selling unsustainable stocks due to which the market became frothy. Resulting to which the economy of the country dropped because it was mainly based on the Shanghai stock market only (Pu, Rongbing, 2009). Possible cause of financial crisis Many factors can be linked to the global financial crisis and its effects in the market. Some of these causes are discussed below: Increase in keeping private debt level: In order to conquer the stock market crash and increase the economic value, the Federal Reserve eased the credit availability and reduced the interest rates down to the level which was not expected. The low interest rates on credit increased the debt ratio in the economy, among which most of the debts were obtained by people in order to produce household property (Claessens, et. al., 2010). Resulting to which as the people acquired debts to purchase houses due to which subsequently the prices of property increased along with increase in the stock market as well. Later unemployment and less income in hand of people to pay off the mortgage made it difficult for people to pay off debts due to which the property market rose along with crash in banking along with stock market (Rudd, 2009). Lack of transparency and independence in financial modeling: Another cause of Global Financial Crisis can be the lack of transparency and incompetency of the government to initiate the model in the market. The models used by the financial system of the countries were not effective enough to lift up the economy due to which it poorly affected the state of the countries. Less transparency further resulted in increase in complexity of the system. The credit rating agencies and the bank regulators both relied on the accountability and authenticity of the model to perform in the environment but negative effects were shown in the environment (Surez-Lled, 2011). Government lax supervision: It shall be regarded as the biggest cause of the global financial crisis which occurred in the year 2007-2008. As the governments of the countries ignored the activities implemented in the environment by the banking regulations and stock market. Due to which the crisis occurred. Apart from this, it shall be noted that the government always kept the regulation loose due to which the credit risk in the country increased. Thus, lenient regulations of the government can be regarded as a cause of the crisis (Cheung, Fung, Tsai, 2010). Source: (https://static.treasury.gov.au/uploads/sites/1/2017/06/Tas_Economic_Forum-5.jpeg) Chances of occurrence of GFC in future There are possibilities that the crisis might repeat itself because of activities initiated by the government and the market as well. The government policies are encouraging the granting of mortgages to non-credit worthy homebuyers. As mentioned above, it was one of the biggest causes due to which financial crisis occurred worldwide and still the government is initiating similar activities in the market. Apart from that lack of transparency in the market makes it difficult for the regulatory bodies to understand the depth of the issue due to which such processes rotten the environment resulting in crisis worldwide (Fidrmuc, Korhonen, 2010). Scale and impact of GFC in different countries The countries worldwide were highly impacted with the global financial crisis. The below-mentioned are some of the countries which were affected by the global financial crisis. Nepal The financial crisis in Nepal affected in such a way that it reduced the global output by 0.75per cent. The commercial banks were poorly troubled as the effect of this economy. As the country Nepal has largely insulated from the toxic assets of big investments due to which the economy of the country was indirectly affected resulting in decrease in revenue of the government (Christian, 2009). Global slowdown and recession was attracted by the Western economies, this also affected the Nepali services industry which was contributing 50.9 per cent to the GDP. Travel plans of the tourist were canceled; corporate donors limited the amount of donations in the country and manufacturing sector also suffered due to the reduction export quantity. Thus, these were the major impacts of GFC in Nepal. Source: (rba, 2009) Australia The financial system of the country faced a shock after the global financial crisis as the banks of the country has solid profits till the last year but with the occurrence of this crisis all the reserves of the country vanished. Just like many other countries fall in the property and share market abruptly declined the personal wealth of native of Australia. Due to which subsequently the deficits and loans increased in the country which destructed the capitals of many renowned banks as well. Subsequently external trade started reduced which resulted in unemployment less export as well. The gross domestic product reduced and unemployment increased (Chang, et. al., 2013). Actual and proposed reforms taken for the global financial crisis The following are the reforms which are and shall be initiated worldwide: Adoption of Basel III capital requirements: This process will help the governments to control the globally systemically important financial institutions. This has implemented strict regulations on the market. Liquidity regulation: the governments have levied regulation in the liquidity management. It reduced the flow of cash in environment as the banks started holding more liquid cash to meet the requirement of repo transaction (Davis, 2018). Proper credit rating: Adequate credit rating was initiated so as to accurately know about the value of the stock which the investor is going to purchase. Apart from that protection of the interest of the investor was also managed through various governmental measures. Conclusion and Recommendation Thus in the limelight of above mentioned events the fact that shall be noted that Global Financial crisis is one of the biggest financial crisis of all time which hampered the economic growth of many countries. The task discusses about the crisis and its causes due to which it occurred. There are many reasons of this crisis which shall not be repeated again to avoid occurrence of this event again. The report adequately discusses about the requirements of the task. The following shall be recommended to the governments so as to cure themselves from such event of crisis: The credit rating agencies shall adequately rate the shares and companies in the market. According to the authentic rating only people invest in the shares of the companies. This will increase the authenticity of the organizations due to which fraudery in the stock market will reduce. The government shall maintain control on the property and stock market, as these are the two major areas which were affected so the government shall control the activities happening in these areas. References Chang, S. S., Stuckler, D., Yip, P., Gunnell, D. (2013). Impact of 2008 global economic crisis on suicide: time trend study in 54 countries.Bmj,347, f5239. Cheung, W., Fung, S., Tsai, S. C. (2010). Global capital market interdependence and spillover effect of credit risk: evidence from the 20072009 global financial crisis.Applied Financial Economics,20(1-2), 85-103. Christian, P. (2009). Impact of the Economic Crisis and Increase in Food Prices on Child Mortality: Exploring Nutritional Pathways.The Journal of Nutrition,140(1), 177S-181S. Claessens, S., DellAriccia, G., Igan, D., Laeven, L. (2010). Cross-country experiences and policy implications from the global financial crisis.Economic Policy,25(62), 267-293. Crotty, J. (2009). Structural causes of the global financial crisis: a critical assessment of the new financial architecture.Cambridge journal of economics,33(4), 563-580. Davis, K. (2018). Regulatory Reform Post the Global Financial Crisis. Viewed on January 13, 2018 from https://www.apec.org.au/docs/11_con_gfc/regulatory%20reform%20post%20gfc-%20overview%20paper.pdf Fidrmuc, J., Korhonen, I. (2010). The impact of the global financial crisis on business cycles in Asian emerging economies.Journal of Asian Economics,21(3), 293-303. Hong, S., (2016). Chinas Crash Course: How a Turbulent Year Derailed Reform. Viewed on January 13, 2018 from https://www.wsj.com/articles/crash-course-how-chinas-turbulent-year-derailed-reform-1451714582 Lane, P. R. (2011). The irish crisis. Pu, G., Rongbing, H. (2009). Empirical Analysis of Sub-prime Mortgage Crisis's Impacts on Chinese Stock MarketBased on the Interaction between Chinese and American Stock Markets [J].Management Review,2, 65-71. rba., (2009). The Global Financial Crisis: Causes, Consequences and Countermeasures Viewed on January 13, 2018 from https://www.rba.gov.au/speeches/2009/sp-so-150409.html Rudd, K. (2009). The global financial crisis.Monthly, The, (Feb 2009), 20. Scott, H. J. (2010).Global financial crisis. Nova Science Publishers. Shiller, R. J. (2012).The subprime solution: how today's global financial crisis happened, and what to do about it. Princeton University Press. Surez-Lled, J. (2011). The black swan: the impact of the highly improbable.The Academy of Management Perspectives,25(2), 87-90.

Chocolate Cake free essay sample

Throughout my life I have always enjoyed cooking and baking. When I was little I was always stuck to my grandma and watched every move she made when she was cooking. I watched her so much throughout the years that I almost have everything she bakes or cooks memorized down to every little detail. I chose the regular chocolate cake because that was one of my grandmas most popular dessert she made. I can remember it like I was there with her right now helping her bake it. First we would go off to the grocery store and pick up the ingredients. You will need: two eggs, ? cup of vegetable oil or butter, cake mix, cake tester such as a toothpick(optional),chocolate icing(you can choose what kind you like best) chocolate chips, and walnuts(optional). The grocery store was one of my favorite parts of the baking process because at our local grocery store they had â€Å"fun size† buggys for kids that was just my size when I was younger. We will write a custom essay sample on Chocolate Cake or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page After the grocery store run we came back to the kitchen and started getting everything we were going to use and laid them out to make sure they were sanitized and ready for use. For the appliances you will need: a round cake bowl with the middle missing, a glass mixing bowl, a mixer, and a mixing spoon. Warning: Make sure your pans are clean. No one wants to use a dirty pan to cook with. My grandma, Nana, had her own certain way of doing things. If you have your own way just fill it in as we go. First she preheated the oven to 325 degrees. Next we got her mixing bowl and gathered all the food ingredients and started pouring them into the mixing glass bowl. Mix: cake batter, 1/2 cup of vegetable oil, two eggs, chocolate chips, and walnuts if wanted. Now it time for the mixer. Place the mixer inside the bowl into the ingredients and mix until all the batter is well mix with no bumps of batter in it. Usually it takes maximum of five minutes to get the batter well mixed. After Nana mixed it up well she grabbed her round cake bowl and poured a little oil on a napkin and wiped the bowl down top to bottom. She told me that this will keep it from sticking and easy to come out at the end. Now after the bowl is wiped down, she pours the mixed batter inside the round cake bowl and sticks it into the preheated oven. Most people probably have a set time they keep until the cake is done, but Nana doesnt. After about twenty minutes she goes and open the oven and takes her toothpick and sticks it in the center of the cake and pulls it out. Warning: do not open the oven before twenty minutes because it can make the cake fall. If the toothpick does not have any batter on it, it is done. If it does then it needs more time to cook. Keep checking it till you have no batter on the toothpick. When the cake I done take it out and set it in the refrigerator for the cooling process. You cant put icing on the cake while it is hot because it will just melt and run off into the center and the sides. After about ten minutes take it out and put it onto a cake plate and start adding the icing. I usually use the whole cup of icing but thats just me and my grandma. When the icing is on we have ourselves a cake! Baking cakes is always good to do with one of your relatives. Its good bonding time. Enjoy!