MPH522 - Public Health Law and Policy, Mod 2 Case Assignment Essay

MPH522 - Public Health Law and Policy, Mod 2 Case Assignment - Essay Example More than two-thirds of the elderly live independently in a family setting. Twenty-seven percent live in modified but not institutional setting, including senior citizens housing, group homes, and apartments, or with family members. Elderly individuals will often try to keep their homes despite the physical or economic difficulties in doing so. A house is more than just a physical shelter; it represents independence and security to most. For some elderly people, keeping the family home is not a sensible option for several reasons. However, some elderly remain in their homes and refuse to give them up and they find themselves facing several challenges such as living expenses, chronic or acute medical conditions, social isolation and limited mobility. Most of the elderly find themselves living on a fixed income therefore neglecting their lifestyles such as eating healthy and seeking medical care. This is one of the areas that needs more attention for public health policy. It has been accepted that these elderly people should leave their homes and go to nursing homes at the expense of Medicare and Medicaid (Fielding, Marks, Myers, 2002). This is the last thing they want and Public Health policy should be developed making them more able to stay in their homes until they die. It is hard to imagine that it is not cheaper and healthier, as well as better quality care for them to be in their own houses. Another issue is emergency preparedness. Most people think the government means for them to have a couple of bottles of water and some dried foods available in case the lights go out. There should be some greater public policies on what should be prepared and for whom and how much for what sized family. The public will never understand this thoroughly if there is not better education and interventions along with policy to help them. This could make a huge difference if there is another major disaster

Child and young person development Essay Example for Free

Child and young person development Essay Task 2 – Explain the difference between sequence of development and rate of development and why the difference is important. The sequence of development is the order in which development takes place. Although some stages of development may be missed (for example some babies do not crawl and go straight from shuffling to walking) the sequence is usually followed by children and the order usually remains the same. The rate of development is the time-frame given for the average development of a child expected at a certain age, i. e. at one has started to walk. All children are unique and will develop at their own rate. The rate of development is just a guideline. For example: some babies start teething from 6 months and some of them start at 9 months. Some babies can start making sentences at around 1 year; others can only speak few broken words. Read more: Rate of development  essay The sequence of development generally remains the same. The rate of development can change considerably and many other factors such as individual growth patterns, social background, health and nutrition, disability and learning difficulties can have an effect on it. It is important to know the difference between the sequence and rate of development as it helps to meet the children’s individual needs. It helps you recognise if any children have special educational needs and helps you plan to make sure they are getting the help and support they may need. Practitioners must have a good understanding of the child development rates. Practitioners should: †¢Carry out assessment and observation effectively. It is required for practitioners to make development comparisons between a child’s actual development stage and expected development rates. †¢Offer appropriate activities and experiences. This will be informed by  observation, monitoring and assessment of individual children. †¢Anticipate the next stage of a child’s development. This allows the practitioner to provide activities and experiences that will challenge and interest children, therefore, stimulating the child’s learning development. †¢Notice when children are not progressing as expected. Although children develop at different rates, significant delays in one area or many delays in several areas can be an indication that children need intervention and extra support.

Deformations of the Deformed :: Creative Writing Essays

Deformations of the Deformed In my search of inspiration for creative writing projects I was sent to this Website by a professor. This was not just any Website it was THE Website for creative writers of any kind. From Andy Warhol to the boy next door their work is on this site and it’s quite different than what you find in any book at the local Borders. The site is ubu.com it’s dedicated to experimental writing with mixed media. The writers combine sound, images, and text to create works of literature that may change the face, or cover if you will, of any book ever made. The most unique aspect of this genre is that there can be very little actual writing. While yes, you can go on this site and see works you find in any book there are a vast number of projects that could never be in a book for various reasons most being sound. When I first came to this site I thought, wow how cool, I could look at this stuff forever. Then I read and read and listened and looked and read some more until s uddenly I realized my eyes killed. Not only that but I couldn’t really remember what the hell I just read. I had spent approximately three hours staring at my computer screen and could not grasp anything I took in. I also found the whole time I was reading I wanted to hold on to something; there was even a point when I grabbed the sides of my laptop to give the work a physical feeling. How awful! These were really good works of literature and I had just skimmed over them. No matter how hard I tried to read them in depth my mind would have nothing to do with it. Could this be an epidemic? Am I so conditioned to having books, physical entities I can smell, feel, and yes taste, that I cannot comprehend art on a screen? Or worse have I become one of those old people who refuse to adapt to new technology and cherish the way things used to be? I’m beginning to think so. I tried to fix this problem quickly. I thought of printing everything off and reading it that way but I’m not rich.

A Comparison of Two Paintings from the Renaissance Period Essay

A Comparison of Two Paintings from the Renaissance Period Introduction   Ã‚  Ã‚  Ã‚  Ã‚  This paper will compare the themes found in the paintings â€Å"Madonna and Child with St. John the Baptist and an Angel† by Domenico di Bartolomeo Ubaldini (Puligo) and â€Å"Madonna Enthroned† by Giotto. Both paintings deal with fables from the Christian faith but were executed during different periods in art. The Giotto painting was created around 1310 and the Puglio painting was executed between 1518 – 1520. Here, these two paintings have similar themes both at the extreme beginnings and endings of the Italian Renaissance, and as such they serve to present an exceptional example of the developments in art that occurred within that time. This paper shall compare these two paintings through addressing a series of questions on the subject. Subject Matter or Iconography   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Madonna Enthroned† is the earlier of the two works to be surveyed in this paper, and as such there is a great deal more popularity surrounding this work. The image is simple: The subject matter is religious and concerns a host of holy figures surrounding the Madonna with an infant figure of Christ on her lap. â€Å"Madonna and Child with St. John the Baptist and Angel† is similar in that other holy figures are gathered to pay their respects to Christ but the scene is more open and less focused on just the two central figures. â€Å"Madonna and Child†¦Ã¢â‚¬  in my opinion is therefore a more complex composition, where instead of having two recogn...

No Longer at Ease Essay

One of Chinua Achebe’s main socio-political criticisms in No Longer At Easeis that of corruption in Nigeria. From the moment the book begins the main character, Obi Okonkwo, is confronted with the issue of bribery. From the moment he arrives at customs to the point at where he gives in to taking bribes himself, the voice of Achebe lingers in the backdrop through the words. At first Obi is as critical as Achebe of bribery. He refuses to take bribes and also finds it necessary for himself to be a â€Å"pioneer† in Nigeria, bringing down corruption in government and instigating change. It seems that corruption runs rampant and that everyone in Nigeria from the â€Å"white man† to the Umuofian Progressive Union participates in â€Å"seeing† people about what they need done. Men offer money, and women offer their bodies, in return for favors and services. Obi believes that by not taking brwhile at the university in London, a paper in which he theorized on what would change the corruption of high positions in Nigeria. He believed that the â€Å"old Africans† at the top of civil service positions would have to be replaced by a younger generation of idealistic and educated university graduates, such as himself. Achebe, however, is not as optimistic as Obi because he has Obi fail. Achebe takes us through the path of how someone like Obi can come to take bribes. The book begins on a negative note: starting with Obi’s trial. It is as if Achebe, by beginning in the end, is saying that Obi was doomed from the start. Obi’s position is a difficult one. He is born in Ibo, but he has been educated in England and often feels himself a stranger in his own country. He has lost his love because of a rule of the past, he has suffered under great financial distress, he has exerted himself because of the expectations others have placed on him, and he has lost his mother. All of this brings the protagonist of the novel to fall into what he once had believed was a terrible and corrupt act. Still, Obi always feels guilt at taking a bribe, and he had decided to stop ibes he can make a difference. He had written, them. By having Obi get caught, even amid an aura of repentance  and guilt, Achebe further illustrates the hypocrisy of all who have participated in bribes and now throw stones at Obi. And, at the same time, it tells us that, although he got caught, Obi is still a pioneer because he has sworn to not do it again. It may be that his beginning as a â€Å"pioneer† is a rough one, one that has taken a curved path, but it does not definitely mean that he cannot still lead toward change. Still, perhaps Achebe may be saying that this is not true, and that Obi, ultimately, has failed at the task he set before himself. Whether the book is a tragedy (an unresolved situation) in Obi’s definition of the word or not is up to whether we believe that it is Achebe who is the greatest â€Å"pioneer† in the novel. In other words, it is the author’s critical voice that will lead others out of such corruption, if not by only making the world and younger generations of Nigerians aware of it. The Influence of Education One of the most important aspects of Obi’s life is that he was educated in England. This small fact molds the way others treat him and shapes what others expect of him. At the same time, the education he holds dear is also one for which he has felt guilt and one which has often made him a stranger in his own Nigeria. Upon his return from England, Obi is secured a position in the civil service, given a car, money, and respect. At the same time, however, he seems to be making constant mistakes because of what he has learned to be like, what he has come to understand, and what he has never learned. For instance, when Obi first arrives, he is given a reception by the Umuofian Progressive Union at which he makes several mistakes. He has forgotten how to act in his home or simply does not agree with its ways: he wears a short-sleeved shirt and sees nothing wrong with it, for it is hot, and he speaks casually in English, instead of the kind of heavy English that the Umuofians admire in the president of the Union. His education has brought him status and has placed him in a position where others expect the most and best of him. No one can understand, in the end, how a man of â€Å"his education and promise† could take a bribe. Of course, Achebe, says this cheekily since many who have accused him and who also hold high positions are guilty of similar transgressions. Ironically, the only thing his â€Å"education† did not teach him was how not to get caught. Another important aspect of education, aside from the contradictions mentioned above, is the  fact that Obi’s generation uses its education as a tool, paradoxically, against colonialism. Sam Okoli, the Minister of State and also an educated man, verbalizes the position of the populace by saying that, yes, the white man has brought many things to Africa, but it is time for the white man to go. In other words, a man like Obi can use his education to take his country back into his own hands, even if his education is something that the colonizer gave him. It is important to remember that the only way to survive in a world where two cultures have met is to allow a certain amount of mixture to be used in a positive regard. Tradition versus Progression While Obi is in England he misses his home, longs for his family, and writes nostalgic poetry about Lagos and the sun and the trees of his homeland. He even begins to feel a certain degree of guilt, at times, for studying English and not being in Nigeria with other Ibo people. Nevertheless, this â€Å"English† has become a part of him, one that he cannot erase when he arrives back in Nigeria. Obi is in love with his native tongue, and it holds a place in his heart. At the same time, however, he is also comfortable with the English language. The struggle of language is just one of the many examples of how African tradition and English culture collide in this novel. Obi loves his family dearly, and since his family is symbolic of his roots, it can be said that he loves his roots dearly. This is not to say, however, that he will not rebel against his roots because of things he has learned elsewhere. Obi possesses the more liberal, and even â€Å"European,† belief that he may marry anyone he wishes, even though his family and his countrymen are opposed to it. And, even though he wishes to marry Clara in the end, despite her history, he is tied to his mother a symbolic traditional root †¦ his blood. It is this struggle between tradition and European ways that is evidenced throughout and that is further amplified by the European presence of characters like Mr. Green. And, aside from the obvious Mr. Green, there are also the more subtle presences of Europeans at lounges and restaurants throughout Nigeria serving English food and importing European beers. Some of these colonial importations and introductions are good, as is evidenced by the scene about the radiogram between Obi and the Minister of State. Nevertheless, the  struggle exists, and it is obvious that Achebe has a strong negative opinion about colonialism as a whole. Motifs Songs and Poetry Throughout the novel there are songs and poetry that mean different things at different moments in time. When Obi is away at school his poetry is a kind of pull toward Nigeria, a calling and remembrance of home and yet, he writes these poems in English. While he is in Nigeria, there are many songs sung in his presence, some of which Obi also dissects using the English language but not without the Ibo pulling at his heart. It is as though, however, all of this poetry and song represents his desire for home and his heart’s need for it. He has studied poetry in England, but poetry also links him to home—these poetic contradictions are all appropriate to the novel’s ultimate struggle, which is that of the young man living under the end of a long colonial reign. Proverbs If allusions to English literature are what are constantly driving us toward England, it is the constant allusion to proverbs that drives us back to Africa. Achebe peppers his novel with proverb after proverb, making the novel specifically and strategically African. Achebe, like Obi, is using the tools of colonialism for his own purposes; he is making the European form of the novel his own. Language The issue of language is omnipresent in the novel and is simply one of the many issues that arise out of a colonial society. Obi struggles between two tongues (Ibo and English) just as he does between two cultures. He was born into one language, and he obtained â€Å"knowledge† in the form of the other causing one of the basic problems throughout No Longer At Ease. Symbols Mr. Green Mr. Green is symbolic of the European presence in Nigeria, as he is the epitome of the â€Å"paternal colonizer,† who has brought some good but mostly arrogance. He is very much the kind of Englishman who believes in the good of empires and thinks he can, as Obi points out, tell people how to live their lives. The Umuofian Progressive Union If Mr. Green stands for Europe in Obi’s struggle between tradition and European ways, then the UPU stands for the stubborn traditional ways of the past. Mr. Omo  Omo stands for what Obi calls the â€Å"old African,† which is representative of a more submissive, (to the British) older generation of Nigerian. It is a generation that has more â€Å"fear† of the British than the younger generation, which longs for independence and freedom. ————————————————- Analysis of Major Characters Obi Okonkwo The protagonist of the No Longer at Ease, Obi Okonkwo, is a young man born in Ibo in the Eastern Nigerian village of Umuofia. He was well educated and eventually sent to study law in England, a course of study he eventually changed to English. He stays in England for nearly four years, at times longing for the warm weather of home and all the other nostalgic qualities his memory supplies him during long winters abroad. Nevertheless, his arrival is less than what he has expected. Because he is educated, he is given a â€Å"European post,† and he works in an office whose ethics he finds repulsive. He stands firmly against the bribery that goes on and is opposed to his boss, a very old, white, and English colonial man named Mr. Green. Obi finds himself in a constant battle between traditions of the world into which he was born (that of the village and his traditional African roots), represented by the Umuofian Progressive Union, and the conventions of a changing world. Obi finds himself at the beginning of a generation of change, caught between two worlds. He is unable to marry the woman that he loves because she is considered an outcast. He claims to want to marry her anyway because by the time he has children, the world will have changed, and it will not matter, just as it does not matter now that his father is a convert to Christianity (a conversion that was once quite scandalous). Still, Obi loses his fiancà ©e, his mother, and finds himself in serious debt throughout the course of the novel. He must pay back his scholarship loan and is responsible for sending money home. Eventually, Obi breaks under all of this pressure and gives in to the bribery he had stood against so  idealistically, but he does not give in without guilt. At the end, he even claims to be finished with bribery, right before he is caught. Somehow it is too late, and his situation, his position of being caught between two shifting worlds, becomes almost impossible. Obi’s birth name is Obiajulu which means â€Å"the mind at last is at rest,† and this naming is a looming irony, considering the title of the novel and Obi’s predicament. Obi is ill at ease in both of his cultural experiences—he lies in the middle, a difficult place. Clara Clara is another character in the novel that is struggling in the changing world of pre-independence Nigeria. She is educated abroad, like Obi, and has a career as a nurse. She has a mind of her own and is often stubborn but shows herself to be quite caring, nevertheless. The first one-on-one conversation she has with Obi was regarding Obi’s seasickness (she had gone to his cabin, on their voyage home, because she had seen that he was feeling ill). She is also willing to compromise, and, although she finds Obi’s poetry boring, she is willing to listen to it. She is also willing to meet with friends of Obi’s that she dislikes. While she seems quite spoiled at times, she does her shopping in the slums and is willing to genuinely give Obi money to save him from trouble, even if he is unwilling to take it. However, the truth remains that she is a difficult person, perhaps because she finds it difficult to let go of her past. She is strong-minded though not intellectual and finds herself bound to a tradition that seems unfair to both her and Obi. She is burdened by the fact that she is an osu, which means that because of her ancestral past, she is an outcast. It is for this reason that she cannot marry the man she wishes to marry. Though Obi claims he does not care, he respects the ultimatum of his mother, which is that he must wait until she is dead, or she will kill herself if he marries Clara while she (his mother) is alive. This upsets Clara, and it is after this that they have their final break-up, after which Clara is hospitalized because of complications during an abortion. During this time Clara refuses to see Obi. From the beginning Clara’s romance with Obi was on unstable ground. Symbolically we need only to look at where Clara and Obi first began their relationship: in the water, on turbulent and fluctuating grounds. William Green The character of Mr. Green is representative of the white, European presence in Africa that resulted from the spread of England’s empire and its colonial hold on Nigeria. He is an arrogant man, who believes that the African is â€Å"corrupt through and through† and that it is the British who have brought Africans civilization and education. Nevertheless, Mr. Green seems to be committed to Nigeria, and there are characters in the book such as his secretary, Miss Tomlinson, who constantly support him in spite of his â€Å"strangeness.† Miss Tomlinson, however, is also a white Englishperson living in Nigeria. The narrator tells the reader that Green works long and hard hours, but this â€Å"quality† is constantly being uprooted by reminders of his colonial attitude and superiority complex. He thus has a problematic relationship with Obi, who is an educated African in a European post. Still he believes in education, which makes it both ironic and fitting that he pays for the education of his steward’s sons. Mr. Green finds it a problem that Africans ask for weeks off at a time for Mr. Green finds it a problem that Africans ask for weeks off at a time for vacations. However, this tradition was actually started by the very Europeans who held these high posts in civil service prior to the Africans themselves. These contradictions are constantly arising out of the character of Mr. Green. He is an archetypal figure of patriarchic colonialism that finds it difficult to relinquish such a position. In fact, when he thought Nigerians would attain independence, he had threatened to resign. Significantly, Mr. Green is a figure of an older world that is constantly present in the Nigeria of the late fifties, which Achebe portrays, only several years before its eventual independence, when a figure like Green will remain a problem but eventually become obsolete. ————————————————- Plot Overview Obi Okonkwo is a young man, about twenty-six years old, who returns to Nigeria after studying in England at a university for four years. No Longer At Ease, begins with a trial against Obi that takes place a while after his return, and the novel then works its way backward to explain how Obi has come to be charged with accepting a bribe. The Umuofia Progressive Union  (U.P.U) has given Obi a scholarship to study law in England, a scholarship that Obi has to pay back upon his return. And, thus, he leaves for England, stopping in Lagos on the way out. While in England, several things happen to him. First, he changes his course of study to English and abandons law. Secondly, he finds himself nostalgic for home, writing poems about Nigeria. Finally, he meets a girl named Clara at a dance in London but fails to make a good impression. However, the girl is Nigerian also, and on Obi’s boat ride back home, after nearly four years in England, he meets Clara once again. This time, they begin a relationship. Once back in Nigeria, Obi stays, once again, in Lagos with his friend Joseph, trying to find a job and a place of his own. He also visits his own home village of Umuofia. Obi is quickly given a post on the Scholarship Board of the Civil Service and is also quickly introduced to the world of bribery, which is a world he wholeheartedly rejects with a strong idealism at first. This is indicated early on when a man offers Obi money in order for Obi to â€Å"pull strings† for his little sister’s scholarship. Obi is appalled and rejects the offer, only later to be met at home by the little sister herself who offers Obi her body in return for the scholarship favor. Again, Obi rejects this offer. Although Obi begins his life in Nigeria in an honest way, events do not go as he has planned. First, Clara tells him that she cannot marry him because she is an osu, an outcast. Obi decides to ignore this and go against what most of his fellow countrymen believe to be a major transgression of custom, and he decides he will marry her anyway. Still, his economic hardship worsens, given that he has to send money home and that he is in debt. Obi then receives a letter from his father telling him that he must go home. When he arrives at home he sees that his mother is very ill. And, his parents tell him he must not marry Clara because she is an osu. In fact, Obi’s dying mother gives him an ultimatum: she tells him that if he insists on marrying Clara, he must wait until she is dead because if he marries Clara while she is alive, she will kill herself. Obi, therefore returns back to Lagos and tells Clara all that has transpired. Clara becomes angry and breaks off the engagement, afterwards hinting at the fact that she is pregnant. It is at this point when Obi arranges an abo rtion. He does not have the money and needs to borrow it. Complications arise out of the operation, and Clara is hospitalized, after which she refuses to see Obi. Obi then returns to work,  only to be notified that his mother has died. He does not go home for the funeral, and the U.P.U. discusses this failure on Obi’s behalf as a sign of his not having cared about his mother’s death. The truth, however, is that he was terribly saddened by her death, feels terrible remorse and guilt, and has entered into a state of mental unrest. However, Obi awakes from this unrest with a new sense of calm. He feels like a new man, and it is at this point that he takes his first bribe, not without a certain degree of guilt. Obi allows this acceptance of bribes to become habitual. He continues to take bribes until the end of the novel, when Obi decides he cannot stand it anymore. He has paid off all of his debts and can no longer be a part of the corruption. It is at this moment, however, when he has taken his last bribe, that he is caught, which brings us back to the beginning of the novel. Discuss the Significance of the novel’s title: No Longer at Ease. Answer for Study Question 1 >> The title of the novel relates mostly to Obi and his predicament. He finds that he is â€Å"no longer at ease† inside African society, where bribes are taken, where he is shunned for wanting to marry the woman he loves because of his ancestry, and where he is looked down upon because he has trouble relating the people from the village where he was born. He is not â€Å"at ease,† either, however, within British sectors of society. He is able to speak fluent and good English, he is able to analyze and discuss, but he is unable to relate to someone like Mr. Green. He also feels himself, like other Nigerians, as is evidenced in the retrospective scene about London, a stranger in a strange land while in England. He misses Nigeria and is in fact nostalgic for her when he is away. He understands what he must do for his country and that she is important; however, his return is different from memory. Memory is, in many ways, shattered when he revisits Lagos and his old home of Umuofia. Furthermore, by the end he finds himself uneasy with his lot in life: he is broke, he has lost Clara and his mother and has given in to taking bribes. Finally he feels guilt for this but it is too late. There is also the irony of Obi’s name, which means â€Å"the mind is at last at rest.† It is supposed to mean that his father’s mind is at rest because he was born a boy after so many girls; however, when juxtaposed against the title of the novel it becomes the greatest irony of the novel because Obi  is, of course, never, himself, â€Å"at rest.† The title is perfect because it describes a generation of Africans, in this case Nigerians, that find themselves living in between worlds, cultures, and on the verge of a post-colonial world. Close Discuss the problem of language in the novel. Think about the problem as it relates to the characters of the novel as well as to Chinua Achebe. Answer for Study Question 2 >>  Language is an issue that arises out of all colonized countries because the colonized are educated in the â€Å"language† of the colonized. The issue arises time and again in Achebe’s novel. When Obi returns from England, the members of the Umuofian Progressive Union are not impressed by Obi’s English because it is too casual. They like to listen to English when it is full and spoken in all its purple prose, in the way that the president of the UPU speaks it. This kind of English is a kind of class token. There is a certain amount of pride, ironically, in the language of the colonizer. This may be, however, because those admiring this English are from an older generation. When Obi is discussing eating yams with his hands he says that the younger generation can do this because they do not fear being called â€Å"uncivilized†Ã¢â‚¬â€the same may apply to their mode of feeling regarding language. The younger generation of Obi and Christopher, Obi’s friend, plays with language much more easily. For instance Christopher speaks different kinds of English, depending on what he is talking about and to whom he talking. Obi claims that most educated Africans participate in this playfulness with language. Obi has his own problems with language as is evidenced when he attempts to speak or read for his family in his own language and finds it difficult. His mother tongue, although never replaced sentimentally, is often replaced by an English that comes with more â€Å"ease. He is able to translate into English and understand. Nevertheless, Ibo is still a special language—the language of home. It is the language that Clara speaks to him when they are alone for the first time, and it is the language he longs for while he is across the sea in England. Close What are the main reasons for Obi’s change of opinion toward bribery? Answer for Study Question 3 >> First of all, Obi never really believes that it is all right to take a bribe, he always seems to do so with a sense of guilt. Nevertheless, there may have been moments where it was simply a fall into complacency or even an act that arose out of the aftermath of desperation. Obi’s financial situation was poor, he owed money to many people, he had his scholarship to pay back, he had to take care of himself, and he had to send money home. The temptation to take a bribe was always present. However, what seemed to put him over the edge was not his financial burden but his loss of hope. He had lost his mother and his lover, plus he found himself constantly out of place and ill at ease. He longed for complacency and contentment—for the kind of attitude that Christopher, an educated friend much like himself, was able to take on. Perhaps he even took the bribes to illustrate that he knew the way things worked that he, too, even if he had gone away for four years, knew how the ways of the Civil Service functioned. Still, this bribery was never something he was comfortable with but his feelings of unease only amplify by his guilt and his being caught.

Free Essays on A Brief Analysis Of The Declaration Of Independence

By understanding the framework of time that the Declaration of Independence was written in, we can see its impact upon the peoples of early America and how they dealt with this famous writing. This paper will explain the basic ideas contained in the Declaration of Independence, the impact of the Declaration upon the American War of Independence, and the reasons the Declaration was considered a "radical document". These themes will be discussed and analyzed to demonstrate the premise of the Declaration of Independence, as well as to explain why and how it worked within the time it was written in. When Thomas Jefferson wrote the Declaration of Independence, he foresaw the coming of great changes within the times that he lived in. The Declaration embodied many of the ideas that separated the colonies from England and thus began the process of creating a new country out of the fray. One of the ideas that Jefferson wrote about was the freedom of religion. This was a core idea that made the basis of a republican society work, via separation of church and state. This caused many schisms in the many faiths that were already implanted in the colonies. Moreover, it took a long time to separate the church from the state because of the old foundations set by England. Jefferson set the trend for freedom in this writing to give everyone a fair chance to be â€Å"whomever they wanted to be regardless of race, creed or religion† (Zinn p.77). Another idea entrenched in the Declaration of Independence is that men should not be subject to the hierarchy that was the foundation for a monarchical government such as the one that England had used unsuccessfully with the colonists in the new world. A king could do as he pleased and thus wreaked havoc within the colonies by taxing without representation. This started the whole â€Å"windfall of rebellion by the colonists from the North to the South† (Maier p.236). Jefferson wrote that all people were creat... Free Essays on A Brief Analysis Of The Declaration Of Independence Free Essays on A Brief Analysis Of The Declaration Of Independence By understanding the framework of time that the Declaration of Independence was written in, we can see its impact upon the peoples of early America and how they dealt with this famous writing. This paper will explain the basic ideas contained in the Declaration of Independence, the impact of the Declaration upon the American War of Independence, and the reasons the Declaration was considered a "radical document". These themes will be discussed and analyzed to demonstrate the premise of the Declaration of Independence, as well as to explain why and how it worked within the time it was written in. When Thomas Jefferson wrote the Declaration of Independence, he foresaw the coming of great changes within the times that he lived in. The Declaration embodied many of the ideas that separated the colonies from England and thus began the process of creating a new country out of the fray. One of the ideas that Jefferson wrote about was the freedom of religion. This was a core idea that made the basis of a republican society work, via separation of church and state. This caused many schisms in the many faiths that were already implanted in the colonies. Moreover, it took a long time to separate the church from the state because of the old foundations set by England. Jefferson set the trend for freedom in this writing to give everyone a fair chance to be â€Å"whomever they wanted to be regardless of race, creed or religion† (Zinn p.77). Another idea entrenched in the Declaration of Independence is that men should not be subject to the hierarchy that was the foundation for a monarchical government such as the one that England had used unsuccessfully with the colonists in the new world. A king could do as he pleased and thus wreaked havoc within the colonies by taxing without representation. This started the whole â€Å"windfall of rebellion by the colonists from the North to the South† (Maier p.236). Jefferson wrote that all people were creat...

Importance Of Physical Fitness In Life Essays - Physical Exercise

Importance Of Physical Fitness In Life Essays - Physical Exercise Importance Of Physical Fitness In Life If a sensible man is asked to answer the question as to what he does prefer, health or wealth, naturally he will answer without much hesitation 'Health' because wealth without a good health becomes useless. The westerners pay more attention to their health than the people of the orient. In bBritain they have the Central COuncil of Physical Recreation, the Scottish Council of Physical Recreation, the National Playing Fields Association. THe function of these various bodies is to keep the nation fit, not only physcially but mentally alert also. In modern education, physcial education and training forms part of the curriculum. In singapore schools, physical training is imparted to the young with the view to keep the young fit so that the future citizens of the country will be healthy. Only by enjoying good health can we think of enjoying wealth. Physical fitness is a must to both the young and old. THe best time to have exercise is early in the morning and late in the evening. If we cannot have a strenuous exercise, it is better to have at least a free hand exercise daily. In som countries like India and Britain, the yoga exercises are practised by some people. It is said that the best form of physical exercise is to stand on one's head. Experiments have proved that this exercise enables the man to get the required movements of the inner as well as outer organs and the result is man is also made mentally alert. People who do not take regular physical exercise are the ones who easily fall ill. The diseases such as diabetis and rheumatism can be prevented if we take regular physical exercises. A body without exercise can be compared to a machine that is kept inactive. Inactivity will lead to the machine getting rusty and in the long run becoming ueseless, so also is it the case with human body. The Japanses are an envy to the rest of the world. From a very young age the children of Japan are trained in Physcial fitness and the result is tremendous. Japan has one of the healthiest populations in the world and the mortality rate in Jpaan is low. Needless to say, physcial fitness is imperative evn among women and many of them do not seem to realise the importance of this. It is a folly to be so.

The Inferno Essays - LZ 129 Hindenburg, Paul Von Hindenburg

The Inferno Essays - LZ 129 Hindenburg, Paul Von Hindenburg The Inferno Subject: History The Hindenburg The Inferno The arrival of the Hindenburg, thirteen hours behind schedule, at Lakehurst, New Jersey, on the evening of May 6, 1937, promised to be routine. The ship had an unblemished safety record on eighteen previous Atlantic crossings. In fact, no passenger had ever lost his life on any commercial airship. Still, because this was the beginning of the most ambitious season yet for airship voyages, reporters, photographers and news reel cameramen had their eyes and lenses focused on the great dirigible as it approached. When disaster struck it was sudden. Without warning flames gushed from within the Hindenburg's hull; thirty-two seconds later the airship lay on the ground, ravaged. Never had the sights and sounds of a disaster in progress been so graphically documented. Within a day, newspaper readers and theater audiences were confronted by fiery images of the Hindenburg. Radio listeners heard the emotional words of newsman Herb Morrison, sobbing into his recorder, "It's burning, bursting into flames, and it's falling on the mooring mast and all the folks. This is one of the worst catastrophes in the world. . . . Oh, the humanity and all the passengers!(Marben 58)" When this floating cathedral, called the Hindenburg, burst into a geyser of flaming hydrogen there was a tremendous impact on the public, although two thirds of the people on board survived. Two theories about why it happened surfaced and this tragedy put an end to the short age of these massive airships. The demise of the Hindenburg had a searing impact on public consciousness that far surpassed the bare statistics of the calamity. Men and women escaped, even from this inferno. One elderly lady walked out by the normal exit as though nothing had happened and was unscratched. A fourteen-year-old cabin boy jumped to the ground into flames and smoke. He was almost unconscious from the fumes when a water-ballast bag collapsed over his head. He got out. One passenger hacked his way through a jungle of hot metal using his bare hands. Another emerged safely, only to have another passenger land upon him and cripple him. One man, at an open window with every chance to jump to safety, went back into the flames to his wife, both died. The final count was 36 dead, including 13 passengers. Nearly two thirds, of the 97 persons on board survived, but that fact was forever obscured, and the name Hindenburg became comparable only to the name Titanic(Abbott 69). Of all airship crashes, Hindenburg's remains the most mysterious and the most contentious, partially because of its fame. Many theorists were attracted to the idea of sabotage. An incendiary device could have been positioned at the place the fire started. There was an access ladder from the keel as well as a ventilation shaft to fan the flames(124). The most attractive aspect of the sabotage theory is timing. Had the airship arrived on time at six o'clock in the morning a bomb timed for after seven p.m. would not have caused the horrifying casualties(125). In the absence of any real evidence to support the theory, some have been tempted to provide the villain instead. Max Pruss, captain at the time of the crash, eventually came to suspect a certain passenger(125). Others have chosen members of the crew. But not only did the American investigators fail to find any evidence of sabotage, the Gestapo investigation was equally negative. Unconvinced by this, some of the sabotage theorists have made the whole thing into a Nazi plot(Marben 87). Many explanations fit the circumstances without the "sensational" solutions. The presence of free hydrogen deep inside the ship can be attributed to various causes. The very slow approach-speed of the airship, after valving gas, might well have left some gas residue in the shafts. The tail heaviness, noticed by the elevator man, might have been the result of a gas leak(Abbott 251). The only other necessary ingredient is the spark. Both American and German investigators agreed that some form of static discharge was the source of the fire(250). The burning of the Hindenburg made it clear once and for all that dirigible travel was merely a blind alley in the evolution of flight. The giant airships' remaining loyalists were abandoned, along with Gill Robb Wilson, the landing supervisor at Lakehurst that fateful evening, "Those of us long in the air know what it is to reach out in salute to the embodiment of our hopes, and suddenly find our fingers filled with ashes(Marben 59)."

Strategic Management Degree Case Study Example | Topics and Well Written Essays - 1000 words

Strategic Management Degree - Case Study Example The Company has started manufacturing some of the products such as dairy and baking items. The products available at Wal-Mart are a symbol of quality and variety. Price: "There is a very sensitive relationship between price and the placement of a product. Cheap is easy to sell, or so says history, but expensive can be easy to sell too" (Barac, 2005). Lower prices and discount offerings are the cutting edge benefits of the company. "The giant retailer's low prices often come with a high cost. Wal-Mart's relentless pressure can crush the companies it does business with and force them to send jobs overseas. (Fishman, 2003) Placement: The presence of the Wal-Mart stores at every important place in the country is the evidence of the effective placement of the stores. Wal-Mart is getting by having a dense network of stores is to facilitate the logistics of deliveries. People: Wal-Mart is famous for its effective recruiting and training of the staff. Although the company remains in news for its controversial policies sex discrimination and labour law violations but the customers are catered with efficient services and best knowledge provision by the staff. The depth of Wal-Mart's management team allows the managers to tap into tremendous internal talent. Physical evidence: Physical evidence is an essential ingredient of the service mix, consumers will make perceptions based on their sight of the service provision which will have an impact on the organisations perceptual plan of the service. The environment at the Wal-Mart stores are clean and user friendly which adds to the uniqueness and competitive advantage of Wal-Mart. Word count: 418 References Barac, R., The Marketing Mix: The 4P's, The Basics, 16 December 2005, retrieved as on June 13, 2006 from http://www.marketingroots.net/p=4 Fishman, C., (2003). Wal-Mart you don't know, Issue 77, December 2003, Page 68Q2: Compare and contrast promotional mixes or communications strategies of two companies. How can a change of positioning affect the effectiveness of the companies' strategies. Promotion is aimed at informing customers about the presence of the goods or services in the market and persuading them to buy these products and services. For a promotional campaign to be effective it is important for the company to use most effective combination of the communication channel to reach the consumers. The best blend of these channel is Advertising, Personal selling, Publicity and sales promotion. Another trend, which is gaining importance, is the societal marketing concept. In this age of environmental deterioration, declining resources, increasing population and increasing economic and social issues, the awareness in the people is also increasing. Most of the companies are now aiming towards satisfying the customers and improving the society's well being. The two

Gun control Assignment Example | Topics and Well Written Essays - 250 words

Gun control - Assignment Example I feel that a more inquisitive process on the history of the buyer should be carried out to make sure that weapons do not land in the hands of malicious people. Guns are used to kill or injure people or animals. Buyers buy guns to protect themselves or threaten potential attackers (Cefrey 29). Weapons should be sold to people who live in dangerous neighborhoods or have threats from family or friends. Guns are dangerous weapons to own as they can push a mere argument, a moment of desperation or a child’s curiosity into a fatal situation. In nutshell guns cause more harm than good. The government should set very high standards for acquiring a gun. It would reduce the crime rates as research has shown that most of the shootings happening in the United States are caused by weapons being in the wrong hands. Therefore, the debate on whether having guns is good for protection or will cause more harm in the long run continues to show that guns are not the solution to protection and home

Describing a situation where leadership was properly exemplified or Essay - 1

Describing a situation where leadership was properly exemplified or not - Essay Example One of the recent incidents provides a clear piece of information about the implementation of the leadership strategies and plan of actions to contribute in the declination to the war on terrorism that is the ‘assassination of the mastermind of terror, Osama Bin Laden’ (Granderson, 2011). The killing of Osama Bin Laden is a recent occurrence of an event under the leadership of Barack Husein Obama, the current president of the United States of America. If one tries to look at different aspects of this event, it is an observation that although this event became one of the most talked-about events of the history, and media of the whole world counted it as greatest victory of Obama’s leadership. However, it is very important the one should look at different effects of this leadership while considering the case study of Osama’s killing. While analyzing it on ethical basis, study indicates that the Obama’s leadership decided to carry out killing of Osama b ased on different allegations, most common, 9/11 attacks on World Trade Center in 2011 (CNN, 2011).

High Voltage Coursework Example | Topics and Well Written Essays - 3000 words

High Voltage - Coursework Example Voltage stability at the design level on the other hand can be described as the systems deliberate measures to ensure that a steady voltage is maintained throughout the conditions as well as demand. Voltage control measures are the intervention strategies introduced for purposes ensuring that the power system remains stable throughout (Kundur, 1994, p17). Voltage control is aimed at ensuring minimum disturbances by maintaining voltage within the acceptable limits and must satisfy the following; voltage utility at the terminals is always within the required limits, system stability issues are minimized and that reactive flow is maintained at a very low magnitude to facilitate low RI2 and XI2. Voltage stability is maintained if for every system bus, V (voltage magnitude) increases by increases in the utilization at the other end of Q (reactive power injection). However, voltage instability occurs if as a minimum, one bus has V decreasing while Q increases. Otherwise put, voltage stability will be achieved if for all buses V-Q sensitivity is positive or instability will occur if negative for one bus as a minimum. Transient stability is the capacity of a power system to sustain synchronism is exposed to strong transient instabilities or disturbances. The most defining characteristic of the instability that the system is meant to overcome is a system failure that requires a very short critical clearing time. This type of instability is however serious since the generator rotors experience a rapid kinetic energy accumulation so huge that the first power swing is not enough to release it. High voltage power cables require high quality insulation due to the nature of the high electric strength of the currents they transmit. To ensure that the insulation system meets the standard for high voltage involved, several attempts have been made since a long time ago. One

Psychology Essay Example | Topics and Well Written Essays - 1500 words - 6

Psychology - Essay Example rts claim that mental illness is nothing but a brain disorder like other illnesses, and there are no causes of mental illness such as ill-fated or bad deeds in the past/previous life. Analysis of the material (Corrigan & Watson, pp. 162-179, 2003) related to mental illness has indicated that mental illness has now become a usual notion in contemporary era, and most of the studies have specified that mental illness does not have a physical existence, and thus, it always required support of a theory or concept for its justification. For instance, during ancient and medieval periods, and even today in some parts of the globe, people relate magic, fate, witches, and unseen forces as causes of mental illness. Such perspective has increased the efforts of organizations and experts (Corrigan & Watson, pp. 162-179, 2003) to claim that mental illness is a brain disorder and that people with mental illness should acquire treatment accordingly rather than confront detestation, isolation, and magical interventions. Further analysis has indicated that experts (Farmer, pp. 40-46, 2001) have related intoxication of brain, and particularly, syphilis of brain as the major cause of mental illness in humans. Although very few experts (Stein, pp. 37-41, 2004) have accepted this notion, however, introduction of recent technologies in medical science has resulted in efforts made to prove such intoxications. In psychology, experts (Nestler, pp. 61-68, 2008) believe that abovementioned intoxications enforce patients to confront certain disorders in their thinking patterns that justify the unpredictable behavior of people confronting mental illness. In addition, experts have indicated that usually all types of brain disorders cause alterations in thinking and behavior patterns similar to mental illness, and thus, mental illness is a brain disorder that has been able to influence an enormous number of experts and psychologists globally. On the other hand, adversaries (Corrigan & Watson,

High Voltage Coursework Example | Topics and Well Written Essays - 3000 words

High Voltage - Coursework Example Voltage stability at the design level on the other hand can be described as the systems deliberate measures to ensure that a steady voltage is maintained throughout the conditions as well as demand. Voltage control measures are the intervention strategies introduced for purposes ensuring that the power system remains stable throughout (Kundur, 1994, p17). Voltage control is aimed at ensuring minimum disturbances by maintaining voltage within the acceptable limits and must satisfy the following; voltage utility at the terminals is always within the required limits, system stability issues are minimized and that reactive flow is maintained at a very low magnitude to facilitate low RI2 and XI2. Voltage stability is maintained if for every system bus, V (voltage magnitude) increases by increases in the utilization at the other end of Q (reactive power injection). However, voltage instability occurs if as a minimum, one bus has V decreasing while Q increases. Otherwise put, voltage stability will be achieved if for all buses V-Q sensitivity is positive or instability will occur if negative for one bus as a minimum. Transient stability is the capacity of a power system to sustain synchronism is exposed to strong transient instabilities or disturbances. The most defining characteristic of the instability that the system is meant to overcome is a system failure that requires a very short critical clearing time. This type of instability is however serious since the generator rotors experience a rapid kinetic energy accumulation so huge that the first power swing is not enough to release it. High voltage power cables require high quality insulation due to the nature of the high electric strength of the currents they transmit. To ensure that the insulation system meets the standard for high voltage involved, several attempts have been made since a long time ago. One

Statistics Term Paper Essay Example | Topics and Well Written Essays - 1250 words

Statistics Term Paper - Essay Example Interpretation of data and results is one fundamental concern of using statistics in the fields of business and economics. One important statistical tool that for many years has become proven to help businessmen and economists is the analysis of variance (ANOVA). Analysis of variance is a significant component of inferential statistics and it tries to measure the difference between two or more independent groups or variables. In this paper, the proponent tries to discuss ANOVA as a significant statistical tool for business and economics especially in inferential statistics and in tests of difference for three or more independent groups, variables or data. Analysis and interpretation of data are important roles associated with inferential statistics. This statistics has different statistical tools or test for the analysis of interval, ratio, nominal and ordinal data. For making inferences from or conclusions on larger groups or populations, or even in generalizing information gathered in one or more samples, inferential statistics has been proven effective in doing so. The goodness of samples is very important to consider in order so as to ensure effectiveness of inferential statistics. In addition, sampling techniques or procedures are necessary or of great importance prior to the use of inferential statistical tools. In reality, the only way to find what specific tool in inferential statistics is necessary for any research problems or studies depends on the nature of data. It is in this reason that inferential statistics is subdivided into two groups: parametric and non-parametric tests. Non-parametric tests are tests that do not require normal distribution and they utilize both nominal and ordinal data (Bajpai 678). One could say that the distribution is not normal when the value of skewness is either positive or negative. Skewness is positive when the mean is greater than the median and

Working at Mcdonalds Essay Example for Free

Working at Mcdonalds Essay In the essay, â€Å"Working at McDonald’s,† Amitai Etzioni talks about his belief that working, especially at fast food chain restaurants can be bad for teenagers. Working, for teenagers under some circumstances can be bad for them but sometimes its good depending on the daily schedule of whomever is working. If the teen is still in school, working is bound to affect their involvement and attendance in negative ways. Though it’s true that while working you gain on the job experience, Etzioni believes it can’t really help if it comes at the cost of education while teens think the opposite. Fast food jobs do have an advantage earning money while also learning how to manage the money they make. It boils down to whether or not risks outweigh the benefits when working jobs like this which all depends on the current situation of the teen. To begin, the Etzioni writes how he believes jobs don’t go well with keeping up schoolwork and can get in the way of attendance. This is the same for nearly all extracurricular activities most are after school so it’s likely to get in the way. When I was in high school I had a friend John who tried to juggle a job, schoolwork and a football altogether but in the end he chose to give up football because he couldn’t make it to any of the practices. The author also takes into account that if students don’t have enough time to study their grades will drop without question. It comes down to the decision of which activity to give up to make room for work. More than half the time students will abandon the sport to find more study time like in my friend John’s case. Second, the author addresses the problem that I think has two sides to the coin. He believes that jobs generally don’t give any training that would help outside of the work they would be currently doing. This is true because most of the skills taught in fast food restaurants are for the simple things like running the register or working the fryer. Many of the jobs themselves could be done as good or better by a nine-year-old because of how simple the work is. Most aspects of this type of job wouldn’t help anyone in the future much less a teenager. Once they no longer work there  anymore, the skill is useless unless they still plan on working in the same type of job. There are a couple of things that can be learned from a fast food job that might help with other jobs the future. If you’ve ever been to a McDonald’s or any other fast food restaurant and had a bad worker serving you, you might have gotten a little annoyed. Work ethic is very important at a fast food place or any workplace for that matter. In other jobs, if you are not quick and efficient, you might not make it very far in your work. Also, workers learn how to work with different types of people this helps them in later experiences in a work force. Getting an impatient customer is a good example, when presented with a problem like this it helps prepare you for other situations like it in the future. This is not always easy but will serve as great experience for jobs in the future. Lastly, Etzioni explains that working doesn’t teach teens how to manage their money. This however is where I disagree, the best thing about having a job as a teen is that you learn the value of a dollar from your own mistakes. Having money and working for that money helps teens to understand that money isn’t free and shouldn’t be wasted. When teenagers want to buy something they’ll simply go buy it only to find later that they could have gotten it at half price had they waited on a sale. Also teens will try to rent things they want from â€Å"pay later† businesses like rent a center instead of buying it when they have the money to do so just to learn that not only is it more expensive this way but if they miss a payment the rightful owners could repossess it at any time. Often times this could lead to debt, but if they are lucky their parents might help them out. â€Å"Students who worked at least 25 hours per week while in school, their unemployment rate four years later was half of the seniors who did work.† This means that most of those that began in fast food jobs stayed in that area of work or simply became unemployed. There are plenty of pros and cons to working at an early age, while it could interfere with school it can also help teens develop a good work ethic and learn from their mistakes. If they don’t get the chance to make these mistakes before they move away, the consequences could be alot more devastating. The question the author wants the reader to consider in all this is, can the risk worth the reward?

Effect of Metabolic Disorders on Rumen pH

Effect of Metabolic Disorders on Rumen pH The effect of metabolic disorders on rumen pH and production performance of Holstein dairy cows Ondrej HanuÃ… ¡ovskà ½1, Daniel Bà ­ro1, Milan Ã…  imko1, Branislav Gà ¡lik1, Miroslav Jurà ¡Ãƒâ€žÃ‚ ek1, Michal Rolinec1 Abstract The main goal of this research was to evaluate the health condition of dairy cows in relationship with milk production and milk composition using continuous monitoring boluses in cooperation with University Experimental farm in Oponice. Totally, 7 Holstein cows had implemented bolus for monitoring rumen pH and temperature every 15 minutes with accuracy  ± 0.1 pH and  °C. Milk production test-day records by Breeding Services of Slovakia, s. e. 5 times per each cow with bolus during 27 weeks of lactation were realised. Dairy cows were divided into three groups (NORMAL, SARA, KETOSIS) according to average daily pH. After that test-day records with the selected group were paired.   In the NORMAL group in comparison with the SARA group statistically significant higher pH by 9.81% (p

Job Requirements of an Addiction Counselor Essay -- Career

The job of an addiction counselor specializing in, but not limiting my choice to substance abuse is the job profession I have chosen. The opportunities for this field are very open in my area of the country and throughout the Unites States. The counselors that work within range of me are very busy, and have little time to offer to a person in training. I was able to arrange an email interview with a particular counselor working at a rehabilitation facility for alcoholics and drug addicts. His job entailed monitoring the day-to-day progress of several people assigned to his case load. These clients were monitored for coping skills, stress levels, emotional stability, and general state of health. These areas were not limited to whether it was personal, romantic, or job related, but covered all aspects of the client’s day. The interview consisted of a brief explanation of each of the five questions and was performed via email. The counselor replied stating that his job duties included; group and individual therapy sessions. Other areas of responsibility were taking notes, treatment planning and management of each case including referrals and all documents. The counselor mentioned the most difficult obstacle was resistance from the client and being able to carry out a treatment plan. He also mentioned there is always the difficulty of emotional detachment. This is also one of the reasons the job is rewarding. The fact that this is a very engaging and challenging job, but there are times it can be sad. With alcoholics and addicts you never know what they will do next, since they can be unpredictable. This can be a fun and interesting profession, and is one that keeps you on your toes. The counselor explained that these are the t... ...lenging and rewarding, and yet sometimes they would bring sadness. One has to be a strong and caring person to work with people who have addictions. In the end, the result would be for the patient to feel better about their self and gain the desire to succeed. Works Cited Kartha, D. (2010). Substance abuse counselor job description. Retrieved December 16, 2010 From http://www.buzzle.com/articles/substance-abuse-counselor-job-description.html Smith, J. (2010). Addiction counselor careers. Retrieved December 16, 2010 from http://www.ehow.com/list_7191834_addiction-counselor-careers.html Thompson, E. L. (2010). The role of substance abuse counselors. Retrieved December 17, 2010 From http://www.ehow.com/about_6630288_role-substance-abuse-counselors.html

Dreams Rem :: essays research papers

Dreams are a form of cognitive activity that occur during sleep. Like vivid memories and daytime fantasies, dreams involve visual images in the absence of external visual stimulation. Some dreams are so realistic and well organized that we feel as though they must be real-- that we simply cannot be dreaming this time. Dreaming has always been the subject of controversy. Egyptian papyrus documents dating back to 2000 BC discuss dreams and their interpretations. In ancient Greece the dreamer was believed to be in contact with the gods. In 1900, Sigmund Freud ushered in the modern age of dream research in his monumentally original book The Interpretation of dreams. According to Freud, dreams have a meaning which can be deciphered if one looks deeply enough. In his view, the dreams concerns the dreamers past and present, and it arises from unknown regions within. He saw the dream as significantly analogous to a hysterical symptom. On the surface, they both appear meaningless and bizarre, but they become understandable when understood as veiled expressions of an unconscious clash between competing motives. Freud developed an elaborate theory and how the mind works while asleep. In 1953 sleep researchers led by Nathaniel Kleitman made the important discovery of rapid eye movement--or REM-- sleep. Curious about the long-standing observation that the eyeballs of sleeping subjects in both humans and animals periodically move during sleep, they connected laboratory subjects to equipment that measured their brain waves, muscle tone, and eye movement. About 90% of the time when subjects were awakened during REM sleep, they reported a dream. Prior to laboratory REM research, it was unknown how frequently Humans dreamed. Some theories even held that dreaming was a signal of mental disturbance. With laboratory REM research, however, subjects can be awakened after each REM period in order for researchers to extensively sample most mental activity that occurs during sleep. It was discovered that humans, and all mammals--except the echidna or spiny anteater, and perhaps the duckbill platypus-- dream every night. In adult humans these dreams begin about 90 minutes after the sleep begins and recur about 90 minutes apart with increasing length, for a total of nearly 2 hours of REM dreaming per night. With approximately five dreams a night, humans will have about 136,000 dreams in a lifetime, spending the equivalent of six years in a REM dream state. For a newborn, REM sleep constitutes 50% of sleep.

Report on Inflation

EVOLUTION OF EXCHANGE RATE REGIME: IMPACT ON MACRO ECONOMY OF BANGLADESH by Liza Fahmida A project submitted in partial fulfillment of the requirements for the degree of Professional Master in Banking and Finance Examination Committee: Dr. Sundar Venkatesh (Chairperson) Dr. Juthathip Jongwanich Dr. Yuosre Badir Nationality: Bangladeshi Previous Degree: Master in Finance and Banking University of Dhaka Bangladesh Scholarship Donor: Bangladesh Bank Asian Institute of Technology School of Management Thailand May 2012 ACKNOWLEDGEMENT The dissertation paper entitled â€Å"Evolution Of Exchange Rate Regime: Impact On Macro Economy Of Bangladesh† has been prepared for the partial fulfillment of Professional master in Banking and Finance (PMBF) program conducted by School of Management, AIT, Thailand. I would like to offer my wholehearted gratitude and respect to a good number of people who offered encouragement, data and information, inspiration and assistance during the course of co nstructing this dissertation paper.It would be difficult to prepare the paper and to present it in a lucid manner within stipulated time without the help of my guide teacher Dr. Sundar Venkatesh, Adjunct Faculty, School of Management, Asian Institute of Technology, Thailand. His utmost care, constant support and meticulous supervision guided me through the process. I am indebted to Begum Sultana Razia, General Manager, Monetary Policy Department, Bangladesh Bank, whose sincere co-operation and valuable advice help me to prepare this paper.I would like to thank all of my colleagues and other employees of Foreign Exchange Policy Department and Monetary Policy Department, Bangladesh Bank for their assistance in this regard. I would like to thank all of fellow course mates who contributed through their comments and suggestions to prepare the report in a comprehensive manner. ii ABSTRACT Bangladesh had two different exchange rate regimes- a fixed exchange rate system from January 1972-Ma y 2003 and a floating exchange rate regime since June 2003. After adopting the floating exchange rate regime Bangladesh experienced positive impacts on macro economic development.The variables of the macroeconomic factors have been considered as foreign reserve, workers’ remittances and export proceeds to evaluate the impact of exchange rate over them in this paper. But the ongoing challenges for the country are the depreciating trend in local currency in a highly inflationary economy. The objective of the paper is to evaluate the macroeconomic performance over the regimes and to analyze present currency situation of Bangladesh. iii Table of Content NO. 01 Title page Acknowledgement Abstract Table of contents List of Figures List of Abbreviations Chapter-01 02 1. 1 Rationale 1. Scope 1. 3 Objectives of the study 1. 4 Methodology 1. 5 Limitations 1. 6 Organization 02 Chapter-02 Literature Review 03 Introduction 3. 1 Factors Affecting Exchange Rate 3. 2 Performance of previous and current FX-Regime in Bangladesh rate of GDP 3. 2. 1 Growth Unde 3. 2. 2 Current Account Balance 3. 2. 3 Inflation Situation 3. 3 Justification of Floating Exchange Rate 3. 4 The Transition from Fixed to Float 04 Chapter-04 Performance of Floating Exchange Rate System On Macro Economy of Bangladesh 4. 1 The Export On Macro Economy of Bangladesh Situation 4. 2 Enhancement of Workers Remittance 4. Reserve Position 4. 4 The Growth Rate of GDP 13 14 14 15 7 8 8 8 9 10 10 Chapter-03 Exchange Rate Evolution in Bangladesh 7 Introduction 1 1 1 2 2 2 3 3 SECTION Page I ii iii iv V vi iv 4. 5 Relationship among variables 05 Chapter 5 Preset Exchange Rate Situation Preset Exchange Rate Situation 5. 1 Exchange Rate Movement 5. 2 Reasons for Currency Depreciation 5. 2. 1 High Inflation 5. 2. 2 Low Foreign Direct Investment 5. 2. 3 Trade Deficit Chapter 6 06 Recommendation and Conclusion 6. 1. Control Inflation 6. 2. Reduce Trade Deficit 6. 3 Enhancing Foreign Direct Investment 6. 3 Effective Capital Market 6. Short Term Foreign Borrowings 6. 5 Effective Capital Market 6. 6 Derivatives Market 6. 7 Formation of Domestic FX Market 6. 8 Autonomy of the Central Bank 07 08 References Appendix Trade Deficit of Bangladesh Yearly Reserve Position Yearly data of Workers Remittance Yearly data of Inflation Yearly data of Export, Remittance, Reserve and Exchanger Rate Monthly data of Remittance and Exchange Rat Regression Analysis FDI In Bangladesh 16 17 17 17 18 18 19 21 21 21 21 21 21 21 22 22 22 23 24 25 26 27 28 29 30 31 v LIST OF FIGURES TITLE 3. 4 3. 5 4. 1 4. 2 4. 3 4. 4 5. 1 5. 2 5. 3 5. Exchange Rate Movement immediately after inception of Floating Comparison of month end Real Effective Exchange Rate The Export Volume in US$ The Workers Remittance The Foreign Reserve Position (REER) and Nominal Exchange Bangladesh GDP Growth Rate Rate between 2003-2004. Exchange Rate Movement Figure: Inflation Growth Rate of Foreign Direct Investment Trade Deficit of Bangladesh PAGE 11 11 13 14 15 16 17 18 19 20 vi LIST OF ABBREVIATIONS AD ADB BB FDI FPI FX FY GDP IMF LC Authorized Dealers Asian Development Bank Bangladesh Bank Foreign Direct Investment Foreign Portfolio Investment Foreign Exchange Financial YearGross Domestic Product International Monetary Fund Letter of Credit NEER OANDA REER USD Net Effective Exchange Rate Website of exchange rates information. Real Effective Exchange Rate Us Dollar vii Chapter 1 INTRODUCTION At the preamble of the Bangladesh Bank order, 1972, it is stated that â€Å"Whereas it is necessary to establish a central bank in Bangladesh to manage the monetary and credit system of Bangladesh with a view to stabilizing domestic monetary value and maintaining a competitive external par value of the Bangladesh Taka toward fostering growth and development of country’s productive resources in the national interest. To maintain a competitive external par value of the Bangladesh Taka, as per Foreign Exchange Regulation Act, 1947, Bangl adesh Bank as a central bank of the country, regulates the foreign exchange on behalf of the government 1. 1 Rationale: Exchange rate indicates the global position of economy of the country. The country’s economic development is closely related with it’s foreign exchange system. Foreign exchange rate is a vital component for the country’s economic activities too. Bangladesh has been experienced the floating exchange rate regime since May 2003 and passed a number of Pons and cons in the overall economy.Due to the utmost importance of the exchange rate in the economy, the study has been conducted in this area. 1. 2 Scope: This paper covers the comparison of the fixed and floating exchange regime of Bangladesh. The key factor of this paper is the evaluation of the impact of exchange rate on the fundamental macroeconomic indicators of the economy. Three main fundamental factors have been identified to measure their impact with exchange rate. Those are export, worker s remittance and foreign exchange reserve. The empirical data of 2000 to 2012 has been used to ustify the whole thing. To get an idea about the Bangladesh’s position, some neighboring country’s experience also been compared here. 1. 2 Objectives of the study 1. To evaluate the exchange rate regimes in Bangladesh economy: Fixed and Floating 2 To evaluate the floating arrangement's performance in three macro economic variables: Export, Workers Remittance and Foreign Reserve. 3 To understand the reason for currency depreciation 1 1. 4 Methodology To obtain the objectives of the study, secondary data have collected.The sources of data are Bangladesh Bank, Board of Investment, Export Promotion Bureau, Websites of IMF, ADB, OANDA and other related links. Statistical analysis correlation has been calculated to understand the exchange rate’s significance on the economic variables of Export, Workers Remittance and Foreign Reserve . 1. 5. Limitations There were some limit ations to conduct the study. Being, sensitive, new one, problems were faced to relate with various components and linking with them. And for its very nature, primary data was not available.Since the exchange rate regime is a vast area, it was also challenging to prepare this report within a limited time. 1. 6. Organization There are six chapters in this report. Chapter I is the introduction that divided into six sub sections. Literature Review is in Chapter 2. Exchange Rate Evaluation in Bangladesh has been covered in Chapter 3. Chapter 4 covers Performance of Floating Exchange Rate System On Macro Economy of Bangladesh. Present exchange rate situation is describing in Chapter 5. The last chapter covers recommendation and conclusion. 2Chapter 2 LITERATURE REVIEW The basic policy variables of country is foreign exchange rate that ensured trade, business, long term funding, foreign direct investment, inflation, foreign exchange reserve, inward remittance etc. Various economists opined that the policy of the exchange rate system had a crucial impact on 1990’s economic catastrophe. Nevertheless, it is yet to be proved either theoretically or empirically regarding the role of exchange rate on the indicators of macroeconomic variables. Whatever the case may be, different countries adopt different exchange rate policies.Bangladesh, the focus of this paper, had a fixed exchange rate system in place since January, 3 1972. After more than 31 years, the Central Bank of Bangladesh (Bangladesh Bank) changed it into a floating exchange rate system in June 2003. Bangladesh has been pursuing a floating exchange rate system since then. Dr. Mirza Azizul Islam, the former advisor, Ministry of Finance of the Caretaker Government of Bangladesh, presented a paper in January 2003, right before the shift from fixed to floating regime, explaining the overall performance of the fixed regime and the probable implications of the floating regime on Bangladesh economy.He suggested t hat the experiences of other countries in the region show that floating regime generates greater volatility in exchange rates and this sort of uncertainty is likely to affect adversely the overall trade and investment climate which is already afflicted by many unfavorable elements in Bangladesh (See Islam, 2003). Bangladesh pursued a ‘fixed exchange rate’ regime upto 1979. After that, from 1979 to mid-2003, it followed a managed floating exchange rate system.Repeated depression of the home money, for maintaining a steady real exchange rate as well as keeping away from overvaluation of the local taka, were the prime factors for taking new system of the foreign exchange system. From May, 2003, Bangladesh took almost a new policy known as ‘clean floating’ exchange rate policy by creating fully convertible current account. But capital account convertibility is not yet done. The main reasons for all the policies that Bangladesh took were due to improve export si tuation, decrease import liability with the aim of improving balance of trade.The evidences in favor of the above mentioned opinion have been placed below. Islam( 2003) told that the regulators of the monetary policy decides the exchange rate policy of the country in order to obtain two basic goals. The first one is â€Å"domestic target† that covers preventing inflation rate of inflation, the growth of credit both in Government and Private levels, and also the growth in liquidity and M2. The second reason is â€Å"external target† which considers foreign exchange reserve hike, declining current account balance, prevent exchange rate volatility in the country’s nterbank foreign exchange market as well as balance the exchange rate flow with neighboring countries like India, Bhutan, Sri Lanka, Pakistan etc. Hossain (2005) referreing Rahman and Bayes that Bangladesh took floating exchange rate system due to: (i) global competitiveness; (ii) improve export dimension s ;(iii) eliminate subsidy from export; (iv) reduce import pressure; (v) increase the substitutes products for export. Aziz (2003) showed that according to the statements of the finance ministers for 3 ast decades, the prime causes of devaluation of taka in our country (i) rise in export;(ii) reduce import;(iii) improve local newborn industries; (iv) promote the inward remittances trough pursue wage earners, and (v) increase foreign exchange reserve. As per the â€Å"Financial Sector Review(2006)’ of the central bank of the country, the major reasons of exchange rate policy covers: (i) export promotion; (ii) encourage inward remittances;(iii) keeping the price level stable, and (iv) preserve a variable account situation externally.As a result, all the publications and write-ups have illustrated both directly or indirectly the export-growth and import reduction as the key reasons of the exchange rate policy of the country. Prior to adopting floating exchange rate regime, Isla m (2003) argued that the economic and institutional prerequisites of a floating exchange rate regime are not met in Bangladesh. Some recent studies have tried to explain the behavior of nominal exchange rates of Bangladesh after its transition to the floating rate regime.By doing a correlation analysis, Rahman and Barua (2006) explore the possible explanation of the exchange rate movement. They found that there is a strong correlation (-0. 40) between depreciation and export-import gap as a share of reserves; L/C openings for imports also have a positive correlation (0. 45) with volatility of the exchange rate, which implies that the higher the L/C openings the more volatile is the exchange rate.They conclude that high seasonal demand for foreign currency because of increased import bills, systematic withdrawal of excess liquidity by Bangladesh Bank, relatively faster expansion of credit and higher interest rates on various national savings instruments are the reasons behind the int erest rate hike in the money market and depreciation of the nominal exchange rate. William Miles, 2006 discussed about the effect of exchange rate system (both fixed and floating) on the long term growth in the economy.The effect of fixed rate, pegged rate and floating rate has been discussed here briefly on the basis of several literature reviews and the finding is that fixed and intermediate regimes have a clear, significantly negative impact on growth (holds only for emerging markets not for industrial nations. ) In this paper, the author has given an approach to determine if exchange rate regime itself truly extracts an independent effect on growth.Results here indicate that the effect of fixed exchange rates on growth in emerging markets is not direct, but rather contingent on the existence of macroeconomic imbalances and other distortions in place in the domestic economy. These results seem to conform more closely with exchange rate theory, which posits mostly positive, and fe w negative channels for pegged currencies to impact growth over the long run. Asad Karim Khan, June 2009 examines whether the floating exchange rate regime has any impact on the value of Bangladesh taka i,e does it make any lose on the value of the currency.He shows that regime change has no statistically significant impact on the value of Bangladesh currency once foreign exchange reserve is incorporated in the regression model. Younus and Chowdhury (2006) made an attempt to analyse Bangladesh's transition to floating regime and its impact on macroeconomic variables. They find that output growth in Bangladesh performed well in the intermediate and floating exchange rate regimes. Inflation is lower in the intermediate regime despite higher money supply and exchange rate depreciation. They also find that currency depreciation boosted export growth in the floating regime.Chowdhury and Siddique (2006) have analysed the exchange rate pass through to domestic inflation in Bangladesh. 4 Th e experiences of some countries in the region which implemented major changes in their exchange rate regimes in recent years can provide useful lessons for Bangladesh. I have tried to focus the comparison among different economic indicators between Bangladesh and some of the South Asian Countries (Afghanistan, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka) all of which adopted independently floating exchange rate regimes.Trade and financial policy measures are very important for the country’s economy and out of that consideration, Bangladesh has taken a new exchange rate policy according to the obligations of IMF (article number: VIII), as on 24th March,1994 introducing current account fully convertible. At the same time, Bangladesh was under pressure since it is the member of IMF. As a result, Bangladesh took floating exchange rate system in current account on 31st May, 2003. After that, IMF agreed Poverty Reduction and Growth Facility (PRGF) for our country with a new exchange rate system i,e, floating exchange rate system.However, Younus et al (2006) showed that free floating exchange rate system can arrange the prevention of overvaluation of local currency as it might make the export unattractive in the international world as well as alternative items of importable goods became difficult to bit with import goods. He illustrated that the prime goal of free floating system of exchange rate is supposed to avoid the main misalignment of exchange rate, specially, to stop unpredictable appreciation of real rate of exchange that might affect the demand of the total export of the country.The illustrations also included the encouragement of the export situation and decline the shortfall of the current account, control inflationary situation, and increase the position of inward remittances. Since the independence of the country, Bangladesh is following an dynamic exchange rate system that has been replicated in the nominal exchange rate that were de clared by the central bank of the country time to time. Islam (2003) stated 89 modifications in the exchange rate of Bangladesh currency with USdollar since 1983 and among them, 83 were depression.Aziz (2003) illustrated 41 depreciation in nine years (1991-2000). Younus et al (2006) showed that 130 times depreciation took place between 1972 to 2002 in Bangladesh Taka that also reduce balance of payment deficit. So, this paper, correctly identifies the exchange rate as the main important thing for economic changes of the country. After independence, Bangladesh fixed its Taka’s value with British Pound Sterling on 3rd 1972. Since 1972 to 1990 the Taka was overvalued. So there was a huge deficit in Balance of payment that hurt the economy badly.From 1990 the gap began to narrow down. The exchange rate regime worked quite well in terms of balance of payment, inflation, export and remittance. So there were some debate about incipience of this floating and criticism also rose about competence and preparation of Bangladesh Bank. But Bangladesh Bank performed well in managing the ‘new born’. But there is some volatility in the market in recent past. Bangladesh Bank, as a central bank of the country intervened prudently to curve the volatility and market became stable though Taka remains undervalued.The experiences of South East and South Asian countries showed that they had to intervene in the market for smooth moving. The experience supports the Mr. Kindleberger beliefs that â€Å"market work well on the whole† but occasionally â€Å"will be overwhelmed and 5 need help† from a lender of the last resort. (The Economist, July 19th 2003). So the regulator should be watchful about the market’s behavior and intervene when needed without hesitations. In the developing country these kind of intervention should be proactive rather than reactive.Naeem and Rasheed analyzed another important issue of whether stock prices and exchange rat es are related or not has received considerable attention after the East Asian crises. They said that during the crises the countries affected saw turmoil in both currency and stock markets. If stock prices and exchange rates are related and the causation runs from exchange rates to stock prices then crises in the stock markets can be prevented by controlling the exchange rates. Moreover, developing countries can exploit such a link to attract/stimulate foreign portfolio investment in their own countries.Similarly, if the causation runs from stock prices to exchange rates then authorities can focus on domestic economic policies to stabilize the stock market. If the two markets/prices are related then investors can use this information to predict the behavior of one market using the information on other market. They also claimed that most of the empirical literature that has examined the stock prices-exchange rate relationship has focused on examining this relationship for the develo ped countries with very little attention on the developing countries.This paper will assess whether the exchange rate regime change indeed has created any significant impact on the economy of the nation as well as the comparative analysis with the neighboring countries situation. There are some potentialities as well as difficulties in market based system, so in this study there are some recommendations for the regulator and for the market players. To manage the floating exchange rate, full automation as well as transparency is essential in banking sector. As the capital account of our economy is not convertible there is little scope of capital flight.If the inception of floating exchange rate is the beginning to liberalize capital account immediately that won’t be a wise decision. 6 Chapter 3 Exchange Rate Evolution in Bangladesh Introduction: The world economy experienced some sort of fixed and flexible exchange rate. Before 1875 there was Bimetalism of exchange rate and th en the Gold Standard (1875-1914). During Interwar period (1914-1944) the classical Gold Standard broken down and in July 1944 representatives of 44 countries succeeded to establish the ‘Bretton Woods’ system.Again the oil shock in the early 1970s and the dampen of demand broken down this system and world economy shifted to flexible exchange rate. Bangladesh has been experienced two major exchange rate regimes since the country’s Independence from 16th December1971. A Fixed Exchange Rate Regime from 1972 to 1979 and a Floating Exchange Rate Regime since May 2003. Among the time frame from 1971 to 2003, there were different exchange rate arrangements in terms of the currency mechanism, like: Pegged to Pound Sterling (? :1972-1979;Pegged to a basket of major trading partners’ currencies(? as the intervening currencies):1980-1982;Pegged to a basket of major trading partners’ currencies(US$ as the intervening currencies):19831999;Adjusted Pegged System:2 000-2003;Floatig Exchange Rate System: May 30, 2003Present. All the policies of exchange rate system Bangladesh implemented, with the objectives of accelerating exports, reducing import pressure and improve the balance of trade. After independence, Bangladesh fixed its Taka’s value with British Pound Sterling on 3rd 1972.Since 1972 to 1990 the Taka was overvalued. So there was a huge deficit in Balance of payment that hurt the economy badly. From 1990 the gap began to narrow down. The exchange rate regime worked quite well in terms of balance of payment, inflation, export and remittance. 3. 1 Factors Affecting Exchange Rate: Under Floating Exchange Rate Arrangements Exchange Rate is primarily determined by demand for foreign currency and Supply of foreign currency where demand and supply of foreign currency is also affected by some other sensitive factors.According to Jeff. Madura, (International Financial Management) theoretically demand for foreign currency is determined by several factors like, import payments, service payments which includes income payments, debt service payments, foreign investment (outward) and foreign investment (outward). The supply of foreign currency is composed of export Receipt, service receipts which includes income receipts, debt service receipts, foreign aid (inward) and foreign Investment (inward).Besides those some other factors affect the exchange rate movements. The factors are a)Purchasing Power parity; b)Interest rate parity; c) Relative income differential; d)Government Control; e)Expectations etc. 7 3. 2 Performance of previous and current FX-Regime in Bangladesh To evaluate the performance of Bangladesh considering the two different exchange rate regimes, some data comparison have been made among three neighboring countries in South Asia. Those are India, Pakistan and Sri Lanka. 3. 2. Growth rate of GDP Comparing the percentage of growth rate with major neighboring Countries, the following table shows that Bangla desh was more or less in a similar situation before the adoption of floating exchange rate regime. Since 2003 with the new floating exchange rate system, there is also a positive trend of the GDP growth rate except 2009-2010. The global recession affect the overall growth of the country at that time. Table 3. 1: Growth rate of GDP (% per year) Y Country Banglades h India Pakistan Sri Lanka 2001 5. 3 5. 8 1. 8 -1. 5 2002 4. 4 4. 0 3. 1 4. 0 2003 5. 3 8. 2 5. 1 5. 9 2004 5. 7 7. 4 5. 5 5. E 2005 A 2006 R 200 7 6. 4 9. 2 6. 8 6. 8 6. 0 6. 6 7. 6 9. 7 5. 8 5. 8 5. 5 7. 7 200 8 6. 2 6. 7 3. 7 6. 0 200 9 5. 7 8. 0 1. 2 3. 5 2010 5. 8 8. 6 4. 1 7. 6 2011 6. 3 8. 2 2. 5 8. 0 Source: Asian Development Outlook-2004 and 2011, ADB 3. 2. 2 Current Account Balance In comparison to other major South Asian countries, the table no. -2 shows that Bangladesh's achievement in terms of containing current account balance is better after the adoption of floating exchange rate regime (since 2003). It has d one consistently better than some of the neighboring countries like Sri Lanka, Pakistan, and India in all recent years excepting 2005.Table No. 3. 2 Current Account Balance as Percentages of GDP Y 2003 0. 5 0. 7 5. 9 -2. 2 E 2004 0. 0 0. 3 3. 0 -3. 0 A 2006 1. 3 -1. 2 -3. 9 -5. 3 R 2007 1. 4 -1. 4 -4. 8 -4. 3 Country Banglades h India Pakistan Sri Lanka 1999 -1. 5 -1. 1 -3. 0 -3. 6 2000 -1. 1 -0. 8 -0. 4 -6. 4 2001 -2. 3 0. 2 0. 6 -1. 5 2002 0. 4 0. 8 4. 6 -1. 8 2005 -1. 5 0. 3 2. 1 -3. 5 2008 0. 9 -2. 4 -8. 5 -9. 5 2009 2010 2. 7 3. 7 -2. 8 -5. 7 -0. 5 -3. 0 -2. 2 -3. 8 2011 0. 2 -3. 5 -1. 7 -4. 0 Source: Asian Development Outlook-2011, ADB 8 3. 2. Inflation Situation Exchange rate regime and inflation are relevant because a change in the exchange rate is almost certain to cause a change in the domestic price of tradable and indirectly the price of non-tradable also. The international competitiveness of the economy is badly eroded by inflation. It generally encourages capital fligh t, exacerbates income distribution, gives rise to inequities in income distribution and aggravates poverty. The relevant data are presented in the following table no. -3. Table 3. 3: Inflation in Bangladesh and Selected South Asian Countries Y 2002 200 3 2. 8 4. 4 3. 4 3. 5 10. 2 5. 3 3. 1 2. 6 E 200 4 4. 5. 0 4. 0 A 2005 5. 2 5. 0 6. 2 2006 7. 2 5. 2 7. 9 10. 0 R 200 7 7. 2 5. 0 7. 8 15. 8 Country Banglades h India Pakistan Sri Lanka 1999 8. 9 3. 3 5. 7 5. 9 2000 3. 4 7. 2 3. 6 1. 2 2001 1. 6 4. 7 4. 4 11. 0 200 8 9. 9 8. 7 12. 0 22. 6 200 9 6. 7 2. 1 20. 8 3. 4 2010 7. 3 9. 2 11. 7 5. 9 2011 8. 0 7. 8 16. 0 8. 0 Source: Asian Development Outlook-2011, ADB It is showing that there is an increasing trend of inflation since the adaptation of floating exchange rate regime. Data on inflation rates represent period averages. Except for India, which reports the wholesale price index, inflation rates presented are based on consumer price indexes.The higher inflationary situation take plac e due oil and food price hike in the international market as well as several natural disaster like, Sidor, flood etc. 3. 3 Justification of Floating Exchange Rate: From the above mentioned data analysis, it can be said the previous regime performed quite well in certain criteria. The major reasons behind the adoption of new exchange rate system is mainly the government’s commitment to the liberalization of the country’s economy and to take the appropriate steps to create suitable environment of the economy for entering into capital account convertibility regime.Rather than this, there was IMF's ‘conditionalities' to enter into new floating exchange rate regime. 3. 4 The Transition from Fixed to Float: To meet up the economic demand and to fulfill the IMF conditionality, on 29 May, 2003 Bangladesh Bank issued a circular stating- effective from 31st May, 2003, Bangladesh Bank floated its exchange rate and followed a fully market based exchange rate for Taka. Under this arrangement, exchange rate is determined on the basis of demand and supply of the respective currencies.Immediately after the inception of floating exchange rate banks, economists, currency traders and businessmen have welcomed the deregulation of the exchange rate saying that 9 the country's foreign trade and remittance would get a boast up due to it and it would make the currency market more efficient and effective. Since the introduction there is no unusual raise of exchange rate till mid 2004. Most of the time Taka maintains appreciating position during this period and Bangladesh Bank show a tremendous performance managing the ‘new born' exchange rate system.During mid 2004, Taka faced significant volatility against USD and it continued up to August 2004. After that period, the volatility of exchange rate of Taka against USD eased but resulting to appreciated USD till mid January 2005. In recent times, Taka has depreciated significantly against USD in the inter-bank m arket. This has happened as because of price hike in oil price and scrap vessel in the international market created a surge on import settlements. Figure3. 4: Exchange Rate Movement immediately after inception of Floating Exchange Rate Movment 58. 7 58. 65 58. 6 58. 55 58. 5 58. 45 58. 4 58. 35 58. 3 58. 25 58. Exchange Rate TK/$ Jun'-01 Jun'-04 Jun'-08 Jun'-11 Jun'-15 Jun'-18 Jun'-22 Jun'-25 Jun'-29 July'-03 July'-07 July'-10 July'-14 July'-17 July'-21 July'-24 July'-28 Banking days Source: Bangladesh Bank Unpublished Data Behavior of Real Effective Exchange Rate (REER) and Nominal Exchange Rate: REER is considered as a guiding FX-rate to the policy maker as well as the market participants and it also shows the international competitiveness of countries goods and services. The policy makers are always tried to keep the Nominal Exchange Rate near to the REER. Before 1990 Taka was overvalued (see table no-01,02 and 03. that distorted our international competitiveness and that was the causes of prolonged Balance of Payment crisis. Figure3. 5: Comparison of month end Real Effective Exchange Rate (REER) and Nominal Exchange Rate between 2003-2004. 10 July'-31 62. 00 61. 00 60. 00 Behavior of REER and Nominal FX-Rate Rate TK/$ 59. 00 58. 00 57. 00 56. 00 55. 00 54. 00 REER-2003 53. 00 Nominal TK/$-2003 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec REER-2004 Nominal TK/$-2004 Months Source: Bangladesh Bank Unpublished Data After 1990, Taka remained undervalued. The gap between Nominal Exchange Rate and REER were widened over the period.Before inception of floating exchange rate Taka was almost running on a free float for the last 12-15 month as rates were decided according to demand-supply situation and liquidity in market. Bangladesh Bank was also not virtually selling any dollar that time. This means the market has already factored in floating exchange rate. Moreover, before inception Bangladesh Bank took some measures for strengthening regulation, such as, keep ing close observation of Authorized Dealer’s (AD’s) daily activities; especially on ‘Open Position’, gave pressure for reconciliation of NOSTRO account balance, encourage every bank to set up dealing room and ressurized to make payment in due time etc. So we can obviously say that way to the floating exchange rate was prepared. 11 Chapter 4 Performance of Floating Exchange Rate System On Macro Economy of Bangladesh Introduction of floating exchange rate was debatable issue and also there were some criticisms about the competence of Bangladesh Bank's from some corner. But Bangladesh Bank performed a tremendous performance. There was no volatility; no speculation in price and market behaves rationally. If we consider the market statistics, we find that macro economic variables have positive performances over the period of time.Three major variables have been considered for evaluating the impact of exchange rate with them. The variables are Export, Workers Re mittances and Foreign reserve. 4. 1 The Export Situation: The export trend from 1998 to 2011 shows an increasing trend. It is shown here that there is upward trend of export after 2003,i. e, after adopting the floating exchange rate regime, the export has a robust growth in the economy. Figure:4. 1: The Export Volume in US$ Source: Bangladesh Bank Quarterly, January-March 2011 During the global recession, the export trend of Bangladesh was not that much affected mostly for the RMG sector.In the FY 09 and FY 10, the export volume increased significantly. 4. 2 Enhancement of Workers Remittance: The Inward remittances from Bangladeshi nationals working abroad remained strong in FY10 even in the face of global economic slowdown and continued to play an important role in strengthening the current account. Receipts on this sector increased by 13. 4 percent to USD 10987. 40 million in FY10 from USD 9689. 26 million in FY09. The underlying reason was that Bangladesh Bank has simplified the approval policy of drawing arrangements between foreign exchange houses and domestic banks.As a result, 40 banks 12 have been allowed for establishing 885 drawing arrangements with 300 exchange houses all over the world for collecting remittances, (of which approximately 650 drawing arrangements with 250 exchange houses are operative now). Figure-4. 2: The Workers Remittance Source: Bangladesh Bank Quarterly, January-March 2011 Considering the growth rate of workers’ remittances, it has been observed that the rate is quite higher after the free floating exchange rate regime that is 20. 52 % (2003-2010) than that of fixed exchange rate regime of Bangladesh which is calculated as 11. 9% (19932002). The increasing amount of workers remittance helps to balance the trade deficit in a prudent manner. 4. 3 Reserve Position: The amount of foreign exchange reserve has been increased significantly over the last couple of years. During the FY 2003 to FY 2005, the trend was quite steady and flat. But, it has an upward trend after FY 2007. The main sources of foreign reserve are workers remittance, foreign loans and grants and exports. 13 Figure-4. 3: The Foreign Reserve Position Period Reserves($) 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 469. 6 2705 2930 3483. 8 5077. 2 6148. 8 7470. 9 10749. 7 10911. 6 Source: Bangladesh Bank Quarterly, January-March 2011 After the inception of floating exchange rate regime, the foreign exchange reserve boosted up due to huge amount of workers remittance and increasing trend of export. 4. 4 The Growth Rate of GDP: The GDP growth rate reaches upto 6. 7% during FY 11. From 1994 to 2010, the average growth rate of GDP was 5. 47% reaching at high of 6. 63% in June 2006. The record low rate was 4. 08% during June 2004. For the last couple of years the growth rate was 5% above and Bangladesh is onsidered as a developing country. Figure-4. 4: Bangladesh GDP Growth Rate Source: Bangladesh Bureau of Statistics,2011 14 4. 5 The relationship among the variables: The relationship between the exchange rate and three variables i,e, export, remittance and reserve reflects quite positive in correlation. The correlation has been computed considering the data from 2002-2011. Correlation Exchange Rate Export 0. 928315219 Remittance 0. 859373146 Reserve 0. 825444493 One regression analysis has been done with workers remittance and exchange rate.The purpose of the quantitative analysis is to identify if there is any relationship between exchange rate and workers remittance of Bangladesh. The monthly data of workers remittance from the financial year 2007-2008 to financial year 2011-2012 has been taken for the calculation. The regression model, exchange rate is independent variable and remittance is dependent variable. The regression model is: Y=66. 15+. 010385 remittance The value of R square is . 37 which means that the regression model explains 37% variation in exchange rate. T he coefficient is very low which is and P value is quite high that is 3. 74.So, the remittance does not show any significant impact on foreign exchange rate. 15 Chapter 5 Exchange Rate Situation 5. 1 Exchange Rate Movement: In the recent Taka depreciates against US$ drastically: Over the period, July 2010-January 2012, from Tk 70 to Tk 86 — a depressing 23% fall down. Figure-5. 1: Exchange Rate Movement Source: Website OANDA The sharp fall of taka against US dollar continues for last couple of months. US dollar has been weakening against many other strong currencies like Euro, SF, Yen and GBP but getting stronger against Bangladesh Taka. Exchange rate depreciation creates the economy in a challenging situation.Continuous depreciating tendency higher the inflation rate that ultimately increase the trade deficit. The ongoing depreciation of Bangladeshi taka is becoming the challenge for the central bank as well as the Government. The increasing trend of the trade deficit (figur e: 7) also shows the possibility of the shortage of supply of the foreign currency i,e, US$ in the market. 5. 2 Reasons for Currency Depreciation: The reasons behind the currency depreciation are influenced by economic fundamental, exchange rate regime and Trading rules. There is a slow trend of capital inflow in the country for the last couple of years.The main reasons for that are low tendency of foreign direct investment and increasing trend of trade deficit. 16 5. 2. 1 High Inflation: Inflation is appearing as a major threat in the economy in the recent past. Inflation had a moderate trend upto 2003 within 6%. It started increasing from 2004 and got sharp rise in 2008-2009 and the increasing trend is still continuing. The main cause of high inflation in Bangladesh is oil and food price hike in abroad. Figure 5. 2: Inflation Source: Monthly Economic Trend-Bangladesh Bank, January 2012 The high level of inflation in the economy leads to lower the value of local currency taka.To co ver the deficit budget, Government borrowings from the Central Bank (BB) and overall money supply increased leads to high inflation in the market. 5. 2. 2 Low Foreign Direct Investment: The growth rate of foreign direct investment is showing a declining trend. The data has been used from 1996 to 2011. After 1998 and so on, the trend started to decline sharply. It increased a little bit during 2004-2005 but again has a very declining trend. 17 Figure-5. 3: Growth Rate of Foreign Direct Investment Source: Monthly Economic Trend-Bangladesh Bank, January 2012 In the recent past, the FDI growth rate is severely low.So, proper steps are supposed to be taken by the government authority. 5. 2. 3 Trade Deficit: Though the export volume has an increasing trend since the inception of floating exchange rate regime, there is huge amount of trade deficit with an increasing trend. 18 Figure: 5. 4 Trade Deficit of Bangladesh Source: Monthly Economic Trend-Bangladesh Bank , January 2012 The amount o f import has been increased sharply after 2006-2007. The gap between export and import becomes huge during the last financial year 2010-2011. Due to huge import payment, government debt has increased significantly in the country and demand for foreign currency increased. 9 Chapter 6 Recommendations and Conclusion Considering the above mentioned discussions, some recommendations have been formulated in order to bring stability in the foreign exchange market in the short run and long run for the Government and Bangladesh Bank i,e, the central bank of the country. Those are discussing as follows: 6. 1. Control Inflation: Effective measures are needed to be taken by the central bank to control inflation by reducing money supply in the economy. The formulation of the tighten monetary policy by the central bank is an important factor for controlling inflation.But the deficit budget of the Government creates huge Government Debt and prolong inflationary atmosphere. The related factors for reducing deficit budget 6. 2. Reduce Trade Deficit: One of the important components to reduce the trade deficit is to enhance export volume of goods and services. Bangladesh is a import depended country. The main importable items are petroleum and food. Local industrialization is utmost important specially in the food sector (substitute food items production) and other exportable items to reduce huge liability of the Government. 6. 3 Enhancing Foreign DirectInvestment: Sufficient inflow of foreign direct investment could enhance the capital inflow in the country for long term. Bangladesh Government has specific policy for inviting FDI. Ensuring good governance, Infrastructural development, Utility, political stability will help to promote more investment from abroad in the country. 6. 4 Short Term Foreign Borrowings: Borrowings from abroad is another option for supplying liquidity in the market. But the problem of short-term borrowing is that the country may fall into â€Å"Debt-tr ap† due to be unable to pay the money on time.Once the foreign currency injects in the market, it is difficult to recollect form the market as well. The Central Bank of Philippines in early 1990 can be remembered here. Due to short-term borrowing to meet the local market demand, got huge foreign liability. Continuous losses eroded it’s capital base and made it bankrupt in 1993. It took 25 years to reestablish the new central bank in that country. So, Instead of foreign borrowings, Concessionary loans at a low interest rate from World Bank and ADB and other bilateral donors might be a better option to meet the ongoing gap in the market. . 5 Effective Capital Market: The capital market development is utmost important in order to bring the steady situation in FX market. Ensuring enough flow of Foreign Portfolio Investment (FPI), good governance and security in the capital market is time demand. 6. 6 Derivatives Market: Introduction of various derivative products as options , currency swap, interest cap, interest swap, futures, forwards etc, as well as ensuring huge portfolio investment might bring the positive impact in the exchange rate market. 20 6. Formation of Domestic FX Market: A formal forex market forum should be created, with the participation of independent professional bodies and with representation from the dealers association, Bangladesh Bank and other relevant government officials. This forum would provide the logistic support and platform for the forex market. Ideally, this forum would develop a secured web-based market to which only the members or participating organizations would have access. From this website, all the logistic support required for completing the forex dealings among the members/participating organizations could be provided. 6. Autonomy of the Central Bank: The autonomy of the central bank is desirable issue for the economy. The central bank should operate and perform independently with full automation. Conclusion: Th is study shows that floating exchange rate regime has constructive effect on economic growth. The transition period from Fixed rate regime to Floating rate regime was quite smooth and stable. There is significant growth in the fundamental economic variables on the long path of the new exchange rate regime. The trend of export, workers’ remittances and foreign reserves have been analyzed and found considerable growth on these variables.Nevertheless, the ongoing exchange rate depreciation along with high inflation is becoming a challenging issue for the regulators and Government as well. The gap between demand and supply of foreign currency in the market is getting bigger in the high inflationary economy which lead continuous loses in the value of the local currency. The key reasons have been found for the currency depreciation are inflation, government debt, trade deficit, low FDI etc. The study recommended some issues for Government’s and Central’s bank’s part. The regulation should be proactive rather than reactive.There are some potentialities in this new regime; to reap this potentiality, Government as well as regulators should take effective steps. 21 REFERENCES Asian Development Bank. 2011. Asian Development Outlook 2010 Update. Asian Development Bank. 2006. Asian Development Outlook 2005, ADB: Manila, Philippines. Asian Development Bank. Manila,Philippines. 2005. Asian Development Outlook 2005, ADB: Asad Karim Khan Priyo, June 2009,Impact of the Exchange Rate Regime Change on the Value of Bangladesh Currency. Bangladesh Bank Annual Reports. 2010.Dhaka Bangladesh. Bangladesh Bank Monthly Economic Trend. January 2012 Bangladesh Bank, Scheduled Bank Statistics. July-September 2011. Financial Sector Review, 2006, Bangladesh Bank. Hossain, Akter. 2002, Exchange Rate, Capital flows and International Trade. Hossain, M. A. , and Alauddin, M. , (Fall 2005), Trade Liberalization in Bangladesh: The Process and Its Impact on Macro Variabl es Particularly Export Expansion, The Journal of Developing Areas, Volume 39, Issue 1, 127-150. Jeff. Madura, International Financial Management, 10th edition. Islam, Mirza A. 2003): â€Å"Exchange Rate Policy of Bangladesh – Not Floating Does Not Mean Sinking†, Keynote Paper presented at dialogue organized by Centre for Policy Dialogue, Bangladesh – January 2, 2003. Nusrate Aziz . June 2008. The Role of Exchange Rate in Trade Balance: Empirics from Bangladesh. The IMF, Annual Report 2010, Financial operations and transactions, The International Monetary Fund. Younus, S. and Chowdhury, M. I. , (December 2006), An Analysis of Bangladesh’s Transition to Flexible Exchange Rate Regime, Working Paper Series. 22 APPENDIX I Trade Deficit of Bangladesh Export Import Year (in million USD) (in million USD) 1994-95 3472. 5250. 6 1995-96 3882. 4 6237. 9 1996-97 4418. 3 6436. 8 1997-98 5161. 2 6768. 0 1998-99 5312. 8 7205. 4 1999-00 5752. 2 7536. 6 2000-01 6467. 3 840 1. 5 2001-02 5986. 1 7686. 0 2002-03 6548. 4 8691. 8 2003-04 7603. 0 9812. 9 2004-05 8654. 5 11832. 1 2005-06 10526. 2 13271. 7 2006-07 12177. 9 15441. 0 2007-08 14110. 8 19481. 4 2008-09 15565. 2 20291. 4 2009-10 16204. 7 21388. 2 2010-11 22928. 2 32398. 4 Source: Monthly Economic Trend-Bangladesh Bank , January 2012 Trade Deficit (in million USD) -1778. 1 -2355. 5 -2018. 5 -1606. 8 -1892. 6 -1784. 4 -1934. 2 -1699. 9 -2143. 4 -2209. 9 -3177. 6 -2745. 5 -3263. 1 -5370. -4726. 2 -5183. 5 -9470. 2 23 Yearly Reserve Position In million USD Reserves($) Period 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 Source: Monthly Economic TrendBangladesh Bank , January 2012 2469. 6 2705 2930 3483. 8 5077. 2 6148. 8 7470. 9 10749. 7 10911. 6 24 Yearly data of Workers Remittance: Remittances Year/Month 2011-2012* 2010-2011 2009-2010 2008-2009 2007-2008 2006-2007 2005-2006 2004-2005 2003-2004 2002-2003 2001-2002 2000-2001 1999-2000 1998-1999 1997-1998 199 6-1997 1995-1996 1994-1995 1993-1994 1992-1993 In million In million US dollar Taka Growth Rate 2117. 7 11650. 32 10987. 4 9689. 26 7914. 78 5998. 47 4802. 41 3848. 29 3371. 97 3061. 97 2501. 13 1882. 1 1949. 32 1705. 74 1525. 43 1475. 42 1217. 06 1197. 63 1088. 72 944. 57 157668. 7 829928. 9 760109. 59 666758. 5 542951. 4 412985. 29 322756. 8 236469. 7 198698 177288. 2 143770. 3 101700. 1 98070. 3 81977. 8 69346 63000. 4 49704 48144. 7 43549 36970. 4 Average Rate Growth 13. 39772078 22. 41982721 31. 94664639 24. 90541207 24. 79334977 14. 12586707 10. 12420109 22. 42346459 32. 8903884 -3. 448382 14. 28001923 11. 82027363 3. 389543316 21. 22820568 1. 622370849 10. 00349034 15. 2609 20. 51706112 11. 89409131Source : Foreign Exchange Policy Department, Bangladesh Bank Bangladesh Bank Annual Report 2009-2010 Growth rate is self calculated 25 Yearly data of Inflation Year 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Point to Point 1. 66 3. 58 5. 03 5. 64 7. 35 7. 54 9. 2 10. 04 2. 25 8. 7 10. 17 11. 59 12 months average 1. 94 2. 79 4. 38 5. 83 6. 48 7. 16 7. 2 9. 94 6. 66 7. 31 8. 8 10. 91 Source: Monthly Economic Trend-Bangladesh Bank , January 2012 26 Yearly data of Export, Remittance, Reserve and Exchanger Rate (In million USD) Workers Year FX Rate Export Remittance in mil US$ (in mil US$) 62. 691 2501. 13 FY02 5985. 89 63. 2216 3061. 97 FY03 6548. 54 64. 0869 3371. 97 FY04 7602. 99 68. 0508 3848. 29 FY05 8654. 52 73. 9865 4802. 41 FY06 10526. 16 74. 1681 5998. 47 FY07 12177. 86 73. 4636 7914. 78 FY08 12685. 4 73. 8228 9689. 26 FY09 14170. 7 74. 5518 10987. 4 FY10 14763. 8 79. 1877 11650. 32 FY11 20313. 8 Source: Monthly Economic Trend-Bangladesh Bank , January 2012 Reserve (in mil US$) 1582. 9 2469. 6 2705 2930 3483. 8 5077. 2 6148. 8 7470. 9 10749. 7 10911. 6 27 Monthly data of Remittance and Exchange Rate Year Month Remittance ( In million USD) Ex rate (average) Year Month Remittance ( In million USD) Ex rate (average) 007-08 2008-09 2009-10 July August September October November December January February March April May June July August September October November December January February March April May June February March April May June July August September October November December January February March April May June 567. 11 470. 95 590. 67 559. 05 617. 39 635. 34 710. 74 689. 26 808. 72 781. 71 730. 26 753. 58 820. 71 721. 92 794. 18 648. 51 761. 38 758. 03 859 784. 47 885. 67 840. 99 895. 3 850. 5 784. 47 885. 67 840. 99 895. 3 850. 5 885. 38 935. 15 887. 57 900. 70 1050. 4 873. 86 952. 39 827. 96 956. 49 922. 16 903. 05 892. 15 73. 6518 73. 4389 73. 5663 73. 3004 73. 2946 73. 473 73. 4672 73. 4063 73. 2738 73. 4847 73. 2841 73. 3473 73. 38 73. 4947 73. 2884 73. 6468 73. 7971 73. 691 73. 7961 73. 8126 73. 8073 74. 1052 73. 9459 73. 9413 73. 8126 73. 8073 74. 1052 73. 9459 73. 9413 73. 9214 73. 6394 73. 7567 73. 7551 73. 5378 73. 8549 73. 8181 73. 9592 74. 2051 74. 0648 74. 4125 74. 6026 2010-11 2011-12 July August September October November December January February March April May June July August September October November December 57. 31 963. 92 837. 71 923. 85 998. 64 969. 10 970. 54 986. 97 1102. 98 1001. 97 998. 42 1038. 91 1015. 58 1101. 79 855. 44 1039. 48 908. 79 1147. 22 74. 5447 74. 4778 74. 5078 75. 0673 75. 3246 75. 5892 75. 8669 76. 0948 76. 8504 77. 8919 78. 42 78. 843 79. 6805 79. 534 79. 7888 80. 9414 81. 9104 84. 1857 28 Source: Monthly Economic Trend-Bangladesh Bank , January 2012 Regression Analysis: Exchange Rate and Remittance SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 0. 610778 0. 373049 0. 360993 2. 020275 54ANOVA df Regression Residual Total 1 52 53 SS 126. 2866232 212. 2385435 338. 5251666 Standard Error 1. 622261594 0. 001867047 Lower 95. 0% 62. 90219774 0. 006638903 Upper 95. 0% 69. 41280968 0. 014131912 MS 126. 2866 4. 08151 F 30. 94114904 Significance F 9. 36275E-07 Coefficients Intercept X Variable 1 66. 1575 0. 010385 t Stat 40. 78103 5. 562477 P-value 3. 7402E-41 9. 36275E-07 Lower 95% 62. 90219774 0. 006638903 Upper 95% 69. 41280968 0. 014131912 2 FOREIGN DIRECT INVESTMENT (FDI) INFLOWS AND STOCKS BY COMPONENTS IN BANGLADESH (In million US$) Inflows Period 996-97 Jul-Dec Jan-Jun 1997-98 Jul-Dec Jan-Jun 1998-99 Jul-Dec Jan-Jun 1999-00 Jul-Dec Jan-Jun 2000-01 Jul-Dec Jan-Jun 2001-02 Jul-Dec Jan-Jun 2002-03 Jul-Dec Jan-Jun 2003-04 Jul-Dec Jan-Jun 2004-05 Jul-Dec Jan-Jun 2005-06 Jul-Dec Jan-Jun 2006-07 Jul-Dec Jan-Jun 2007-08 Jul-Dec Jan-Jun 2008-09 Jul-Dec Jan-Jun 2009-10 Jul-Dec Jan-Jun 2010-11 JulyDec. Jan-Jun Source : Stocks Total 366. 85 157. 63 209. 22 603. 30 366. 07 237. 23 394. 10 339. 23 54. 87 383. 22 254. 25 128. 97 563. 92 449. 67 114. 26 393. 76 240. 21 153. 56 379. 18 174. 75 204. 43 284. 16 145. 82 138. 34 803. 78 322. 06 481. 72 744. 61 363. 54 381. 07 792. 4 411. 41 381. 33 768. 69 285. 03 483. 66 960. 59 602. 65 357. 94 913. 02 342. 22 570. 80 Equity Capital 136. 71 40. 79 95. 92 349. 02 236. 14 112. 88 195. 54 167. 63 27. 91 152. 98 109. 56 43. 42 372. 27 306. 76 65. 51 230. 11 168. 27 61. 84 163. 98 71. 97 92. 01 111. 23 64. 13 47. 10 361. 14 108. 79 252. 35 447. 22 173. 24 273. 98 464. 50 229. 67 234. 83 545. 69 166. 78 378. 91 535. 42 430. 34 105. 08 515. 14 113. 47 401. 67 Reinvested Earning 151. 27 79. 92 71. 35 181. 31 92. 10 89. 21 120. 71 100. 67 20. 04 80. 71 56. 19 24. 52 81. 00 53. 25 27. 75 84. 66 37. 26 47. 40 164. 97 69. 42 95. 55 161. 38 74. 58 86. 80 297. 1 152. 99 144. 12 198. 64 103. 36 95. 28 281. 00 169. 46 111. 54 197. 71 101. 70 96. 01 336. 61 149. 72 186. 89 331. 10 178. 05 153. 05 Intracompany Loans 78. 87 36. 92 41. 95 72. 97 37. 83 35. 14 77. 85 70. 93 6. 92 149. 53 88. 50 61. 03 110. 66 89. 66 21. 00 79. 00 34. 68 44. 32 50. 23 33. 36 16. 87 11. 55 7. 11 4. 44 145. 53 60. 28 85. 25 98. 75 86. 94 11. 81 47. 24 12. 28 34. 96 25. 29 16. 55 8. 74 88. 56 22. 59 65. 97 66. 78 50. 7 0 16. 08 Equity Capital †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ 1010. 45 968. 83 1010. 45 1182. 07 1215. 54 1182. 07 1408. 98 1325. 97 1408. 98 1579. 15 1472. 70 1579. 15 1854. 10 1818. 86 1854. 10 2123. 50 1940. 7 2123. 50 2468. 63 2268. 39 2468. 63 2857. 96 2736. 50 2857. 96 3719. 99 3068. 07 3719. 99 3909. 60 3823. 32 3909. 60 5014. 96 4426. 69 5014. 96 Reinvested Earning †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ 505. 89 492. 80 505. 89 470. 44 470. 37 470. 44 505. 13 494. 15 505. 13 637. 75 550. 10 637. 75 708. 43 649. 08 708. 43 880. 01 822. 04 880. 01 974. 18 904. 81 974. 18 1146. 22 1133. 87 1146. 22 873. 76 1109. 59 873. 76 903. 65 742. 04 903. 65 544. 21 474. 06 544. 21 Intracompany Loans †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ 459. 04 428. 96 459. 04 454. 29 475. 85 454. 29 448. 82 382. 08 448. 82 410. 64 427. 89 410. 64 321. 16 408. 03 321. 16 362. 10 328. 7 362. 10 322. 72 363. 95 322. 72 364. 23 316. 86 364. 23 210. 68 221. 12 210. 68 325. 94 250. 66 325. 94 410. 29 378. 17 410. 29 Total †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ 1975. 38 1890. 59 1975. 38 2106. 80 2161. 76 2106. 80 2362. 93 2202. 20 2362. 93 2627. 54 2450. 69 2627. 54 2883. 69 2875. 97 2883. 69 3365. 61 3090. 68 3365. 61 3765. 53 3537. 15 3765. 53 4368. 41 4187. 23 4368. 41 4804. 43 4398. 78 4804. 43 5139. 19 4816. 02 5139. 19 5969. 46 5278. 92 5969. 46 118. 31 211. 57 12. 64 131. 64 233. 62 71. 26 Statistics Department, Bangladesh Bank. 342. 52 436. 52 5196. 21 5143. 70 533. 65 612. 69 342. 21 462. 67 6072. 07 6219. 06 3