Critically evaluate the concepts of the uncovered interest parity and Essay

Critically evaluate the concepts of the uncovered interest parity and covered interest parity conditions in explaining changes in exchanges rates. Discuss their - Essay Example The principal function of FEM is the transfer of funds or purchasing power from one country or currency to another. When we consider exchange rate determination, the factors that significantly concern time dependence, become extremely important. It is somewhat reflected in the interest rates which themselves are prices of present-future substitution (abstinence); this influences savings, consumption, demand for goods, and so, money (both domestic and foreign) and hence the related prices. Thus exchange rate being a price of foreign currency in terms of the domestic currency, becomes influenced by interest rate and inflation over time. The sections below are titled along sub-themes with a critical note at the concluding section. As stated above, the exchange rate is in turn governed by a currency's interest rate and hence the question of parity and differentials become extremely important. Interest rate parity is said to occur when deposits of all currencies offer the same expected return. Two types of such parity have been envisaged in the literature Covered and uncovered that we discuss below. In the floating exchange rates regime exchange rates are market determined. Since Early Mundell-Flemming days (i.e. early nineteen sixties), it has been established that the degree of capital mobility is crucial in determining the open economy macroeconomics of participating countries. In this context when perfect international capital mobility occurs, bonds that are free of default risk domestically become free of default risk internationally also. With capital mobility of this degree, domestic bonds become perfect substitutes of foreign bonds on which forward cover has been taken and arbitrage brings about equality between domestic interest rate i and foreign interest rate i* plus the forward premium on foreign exchange 'f '.This is covered interest rate parity (cip) given by : i = i* + f (1) 2.2 Uncovered Interest Parity A stronger definition of capital mobility incorporates additional criterion that attitude towards exchange risk be taken as risk neutrality because that is nearly common among investors and exchange risk is perfectly diversifiable. In that case speculation turns the forward premium into equality with the expected rate of appreciation of the foreign currency: f = [(Et+1 - Et) / Et]e (2) where E is the exchange rate that the price of the foreign currency in terms of domestic currency (superscript e refers to expected status of the associated variable).Then equation (1) changes into i = i* + [(Et+1 - Et) / Et]e (3) This is the condition known as uncovered interest parity (uip). 3. Relationship between Covered and Uncovered Interest Parity In the case of perfect foresight and perfect capital mobility the two conditions will be the same. The relationship between the two lies in the characteristic of future expectation orientation of the uip that one does not take care of in the perfect capital mobility, perfect information and perfectly rational expectations. Form empirical standpoint,

International business strategy report Vodafone Essay

International business strategy report Vodafone - Essay Example Vodafone is a British multinational telecommunication company headquartered in London. The company was formed 1984 named as Recal telecommunication Company which was a subsidiary of Rach Electronics Plc. In 1991 the company was fully demerged from Recal and named as Vodafone Group. According company’s disclosed data in 2009; it has a direct market presence in 52 countries with over 302 million of mobile customers. It is the world’s largest telecommunication company in terms of revenue and second largest in terms of customers behind China Mobile. Identification of strategic issues through analysis To analyse the current strategies that the company has been following, there need to analyse the different area of its business like external environment, internal resources and internality operations of the company. There are some important tools which need to be analysed with respect to the company’s business for analysis of market base values of the company’s external business environment. Past key successful factor of the company was its global networks. Since the early 1990s, after the demerge form the Recal, Vodafone started international expansion in the European countries. In 1995, it earned 20 % of its total turnover of billion from its international business only. The company’s expansion strategy was opportunistic and aggressive and it started acquisition of the leading foreign companies or some stake of those to start operation in different countries including Germany, Spain, Italy, France etc. The current key successful factors of the company are highlight by the company’s CEO Vittorio Colao’s on his interview to Financial Times on November, 2008. The company has emphasised on its shift from expansions growth to consolidation in the existing market. Due to the increased competition in the domestic market of UK, it has taken strategy to buy the rival companies in UK to stay in leading position. The most tangible element of the companyâ€⠄¢s current strategies is improving its bottom line performance i.e. is the local autonomy through effective regional coverage in the existing market. It also has concentrated on the packaged services i.e. fixed and wireless services for individuals as well as for the business customers. It has started development of its stores by collaboration with Softbank. Five forces analysis is the most important tool to analyse the company’s external environments. Capital intensiveness of the new companies, new advanced wireless technology and new regulations of the different government in foreign markets have been acting as moderate threat of new entrants for the company. Vodafone has emphasised on the internet services for mobile users which is facing a strong threat of its substitute, Wi-Fi services. The company has been facing moderate bargaining power of its supplier due to the influence of distinctive mobile phone producers like Apple and Samsung. Google has also integrated its su pply chain which also has an

Analysis of Pearl Harbor Address to the Nation Speech

Analysis of Pearl Harbor Address to the Nation Speech The Day of Infamy On the seventh of December, 1941, the lives of many people drastically changed. In that particular afternoon, all American radio broadcasts were interrupted with important news. Pearl Harbor had been attacked by an unforeseen Japanese air raid. The results of the attack were devastating and, according to the National WWII Museum, killed 2,403 U.S. personnel, including 68 civilians, and destroyed or damaged 19 U.S. Navy ships, including 8 battleships (A Pearl Harbor Fact Sheet). The following day, December 8th, 1941, Franklin Delano Roosevelt, the president at the time, gave an address to the distressed nation regarding the attack. His speech consisted of an explanation of what had taken place at Pearl Harbor, evidence that the attack was in fact predetermined, and a request for the United States of America to wage war against Japan. Currently neutral in regards to the second world war, the United States of America was close to entering the war but was hesitant. In his speech entitled the Pearl Harbor Address to the Nation also known as the Infamy speech Franklin D. Roosevelt persuaded the government and the people through word choice, design, and appeal, to declare war against Japan. One of the most important parts of any speech is how the speaker structures it. The ingenious way that Roosevelt structured his speech held a major part in how it, as Braj Mohan reflects, proved a turning point in the course of the Second World War (68). Roosevelt used various methods in structuring his speech in order to form a better argument. A method that Roosevelt utilized when structuring his speech was repetition. For example, when reporting the various places that had been attacked by Japan on December 7th, he says: Last night, Japanese forces attacked Hong Kong. Last night, Japanese forces attacked Guam. Last night, Japanese forces attacked the Philippine Islands. Last night, the Japanese attacked Wake Island (Roosevelt). The use of repetition in this paragraph of Roosevelts speech proved to be very clever and useful, as it provides a much greater emphasis for the point being made. Throughout Franklin D. Roosevelts speech, he structures his argument by first stating that what happened at Pearl Harbor was evil and unpredicted. Then he goes on to state how the United States of America needs to secure itself and provide defense. Finally, he completes his argument with a call to action in response. Another, and probably just as important, part of a speech is word choice. The speaker has the ability to portray many different emotions and meanings to the audience, if the words are chosen in a clever way. When analyzing his speech, it is evident from the beginning that Roosevelt was careful when choosing his words. Roosevelt opens his speech by immediately delivering the devastating news about Pearl Harbor: Yesterday, December 7th, 1941 a date which will live in infamy the United States of America was suddenly and deliberately attacked by naval and air forces of the Empire of Japan (Roosevelt). In this opening phrase, there are multiple strong words that were chosen to describe what had taken place. Roosevelt used the word infamy very wisely in the beginning of speech when he describes December 7th as a date which will live in infamy. The word infamy literally means being well known for some bad quality or evil deed, and Roosevelt picked it precisely to portray how evil the Japanese bombing of Pearl Harbor was. Continuing on in his opening, Roosevelt couples the words suddenly and deliberately to describe how Pearl Harbor was attacked. These words were used by Roosevelt to portray that the bombing of Pearl Harbor was definitely no accident, and that the United States of America was in no way prepared for it. Throughout the speech, Roosevelt utilizes two rhetorical modes of ethos and pathos, in order to further complete his argument as a whole. Looking at the speech in a larger context, it is evident how Roosevelt uses these appeals when writing his speech to the intended audience. Since he is speaking mainly to the citizens of the United States of America, one of the main appeals Roosevelt uses is Pathos which is the appeal or evocation of emotion. For example, Roosevelt mentions in his speech that the Japanese government has deliberately sought to deceive the United States by false statements and expressions of hope for continued peace (Pearl Harbor Address to the Nation). By stating that the United States, which implies the nation as a whole, was deceived by Japan into thinking that the Japanese had similar goals of peace in mind, Roosevelt awakens the feeling of betrayal by Japan in the hearts of the American citizens. Roosevelt also backs up his argument with the use of ethos, the ap peal to ethics or morals. Towards the ending of his speech, Roosevelt assert that, in regards to Japan, the American people in their righteous might will win through to absolute victory (Pearl Harbor Address to the Nation). In this phrase, Roosevelt incorporates religion into the argument which further inspires the audience, and assures them that it is morally right to wage war against Japan. In Summary, the impact of Franklin Delano Roosevelts Pearl Harbor Address to the Nation was enormous. At the time that the speech was given, the USA had been recuperating from the first world war. Since the United States of America was trying to uphold a stance of neutrality in the second world war, it was hesitant to engage in any warfare. Because of this, Franklin D. Roosevelt formulated his speech in such a way, with particular word choice, design, and appeal, to not only reveal the evil of Japans deeds but also to persuade the nation to declare war. The USA was at its tipping point, and after the shocking news broke out that Pearl Harbor had been attacked, the United States of America finally entered the second world war. Works Cited A Pearl Harbor Fact Sheet. National WWII Museum. www.nationalww2museum.org/assets/pdfs/pearl-harbor-fact-sheet-1.pdf. Accessed 24 Mar. 2017. Mohan, Braj. A Demonstration of the Discourse Dissection Model (DDM) with an analysis of FD Roosevelts Pearl Harbour address to the nation. SKASE Journal of Theoretical Linguistics, vol. 13, no. 1, 2016, p. 62+. Academic OneFile, db06.linccweb.org/login?url=http://go.galegroup.com.db06.linccweb.org/ps/i.do?p=AONEsw=wu=lincclin_dbccv=2.1it=rid=GALE%7CA469757333asid=311032f9663020836acc9d055f4f8632. Accessed 24 Mar. 2017. Roosevelt, Franklin D. Pearl Harbor Address to the Nation. American Rhetoric. Web. 23 Mar. 2017. .

Free Euthanasia Essays: Oregon, Assisted Suicide and Right to Life :: Free Euthanasia Essay

Oregon, Assisted Suicide and Right to Life The reader of this paper will learn how the Right to Life movement is getting involved in a dramatic way in the assisted suicide battle in the state of Oregon. The NRLC(National Right to Life Committee), as well as the state RTL group, is participating in the court battle resulting from Oregon's November, 2001 judicial challenge to Ashcroft's decision -- initiated to keep assisted suicide practices functioning smoothly in Oregon. The National Right to Life Committee and Oregon Right to Life filed a friend of the court brief in the case challenging the recent decision of U.S. Attorney General John Ashcroft that the Controlled Substances Act does not permit the use of federally controlled drugs for assisted suicide. Under the Ashcroft decision, physicians who prescribe controlled drugs for assisted suicide could lose their licenses to prescribe any federally controlled drugs, which would effectively end the medical practice of many doctors. The brief supports the position of the United States, arguing that the Ashcroft decision should be upheld. (Oregon) In November of 2001, the State of Oregon brought suit against the Ashcroft ruling charging that it effectively nullifies Oregon's law permitting physician-assisted suicide for the terminally ill. Oregon is the only state to have legalized physician-assisted suicide. Oregon was joined in the suit, Oregon v. Ashcroft, by a number of persons seeking assisted suicide, a physician, a pharmacist, and an assisted suicide advocacy organization. Federal district court judge Robert E. Jones in Portland, Oregon, enjoined enforcement of the Ashcroft ruling pending prompt resolution of the case in his court. The National and Oregon Right to Life brief argues that Ashcroft's decision was fully justified because the federal government can choose to protect all human life through its laws even if the State of Oregon has chosen not to do so. "Just because Oregon allows its doctors to prescribe lethal drug overdoses to patients doesn't mean that the federal government has to agree that this is a legit imate medical use of the drugs," said James Bopp, Jr., General Counsel of the National Right to Life Committee. "The Oregon tail doesn't wag the federal dog. The U.S. government can protect all human lives even if Oregon turns its back on some of them." The brief also argues that the Ashcroft decision avoids constitutional problems by refusing to discriminate against terminally ill persons in enforcement of federal drug laws.

Epic Poetry and Beowulf

British Literature Beowulf Character Analysis Beowulf Beowulf is an epic poem set in Scandinavia during the sixth century. This epic was originally handed down through generations in spoken form by traveling minstrels. It was finally put in writing during the eleventh century. The poem reflects the culture of the time and the Anglo Saxon era. Beowulf is well known in Great Britain as a hero and great warrior. Beowulf exemplifies the traits of the Anglo-Saxon warrior code which include courage, confidence, and pride. Beowulf is a very courageous character and recounts his acts of courage to every person who will listen.In the poem Beowulf tells of his previous courageous actions in destroying a tribe of giants, defeating sea monsters in the night and returning from battle covered in his enemies blood. Beowulf has come to King Hrothgar to fight an ogre. A monster that has brought misery and death to the Danes for many years. This ogre, Grendel, killed thirty of Hrothgar’s men an d caused the great mead hall of Herot to be closed. Beowulf tells King Hrothgar â€Å"the monster’s scorn of men Is so great that he needs no weapons and fears none.Nor will I† (lines 262-264) Therefore Beowulf intends to fight the Grendel without his armor or his sword. Beowulf may be so courageous because he believes so strongly in fate shaping his successes in the past. Beowulf believes that if it is his fate to win against Grendel then he will win. If it is his fate to die during the fight then that is just as God plans it to be. He tells the King that â€Å"my hands Alone shall fight for me, struggle for life Against the monster. God must decide Who will be given to death’s cold grip†(lines. 267-269). Beowulf will accept death if it is his fate. Beowulf does fight Grendel and wins.Then Beowulf must fight Grendel’s mother who is seeking revenge for her son’s death. These battles are described in detail as brutal and savage. Beowulf kills both monsters despite their strength and demonic powers. When Beowulf returns to the king holding Grendel’s head as a trophy his courage awes everyone in attendance. Beowulf is very confident in his ability to defeat anyone or anything he fights. His great physical strength and enormous size contribute to his being seen as a confident warrior. His recounting of his success in previous battles reinforce the attribute of confidence.The description of his going into battle with Grendel and then with the vengeful mother reflects his confidence in battle. Even as Beowulf enters into old age he ‘utters his final boast: â€Å"I’ve never know fear, as a youth I fought In endless battles, I am old now, But I will fight again† ’(lines 622-626). He intends to fight a dragon even in his old age without fear because fate will decide the outcome. He tells his followers â€Å"no man but me Could hope to defeat this monster. No one Could try† (lines 645-647 ). In his confidence he explains that no one is as strong and courageous as himself.Then he enters the dragon’s lair and â€Å"lowered His sword and roared out a battle cry, A call so loud and clear that it reached through the hoary rock, hung in the dragon‘s Ear†(lines 662-666). Beowulf is warning the dragon that he is about to face a fierce battle to the death. The character of Beowulf is also very prideful. Throughout the epic Beowulf’s pride in himself is evident. He boasts of his background and success in battles. When Beowulf enters the port belonging to King Hrothgar the sentry questions his purpose. Beowulf then goes into his history saying â€Å"My father Was a famous soldier, known far and wide as a leader of men.His name was Edgetho†¦Wise men all over the earth surely Remember him still† (lines 174-179). He wants men to know that he is the son of someone famous. Then when he greets King Hrothgar he informs him that â€Å"the days Of my youth have been filled with glory† (lines 237-238). He boasts of his glorious successes of youth. He goes on to say â€Å"My people have said, the wisest, most knowing, And best of them, that my duty was to go to the Danes’ Great king. They have seen my strength for themselves, Have watched me rise from the darkness of war, Dripping, with my enemies’ blood†¦Ã¢â‚¬ (lines 244-246).He recounts his success in battle against giants and hunting monsters in the ocean. He tells the king â€Å"Now Grendel and I are called Together, and I’ve come† (lines 254-255). He is saying that his own people know that only he can defeat such an enemy and that it is fate that brings him to battle Grendel. His pride caused him to display trophies such as Grendel’s torn arm which he hung high for everyone to see. Then he presented the head of Grendel’s mother to the king. Later in life Beowulf’s last battle is against a dragon.The pride of Be owulf made it necessary for him to explain why he had to use weapons to kill the dragon rather than killing it with his bare hands. He explains to his men â€Å"I’d use no sword, no weapon, if this beast Could be killed without it, crushed to death like Grendel, gripped in my hands and torn Limb form limb. But his breath will be burning Hot, poison will pour from his tongue† (lines 630-634). Beowulf wants his men to know that if he could kill the dragon without weapons he would. He then tells them â€Å"No one else could do What I mean to, here, no man but me Could hope to defeat this monster, No one Could try† (lines 644-647).Beowulf is the shining example of what it is to be an Anglo Saxon warrior. He is everything that a hero should be. He is courageous going into battle and during battle. His character battles the worst enemies in the most brutal conflicts. He is confident that he can defeat men and monsters. He is proud of his heritage and his accomplishmen ts in battle. He boasts about previously won battles and must display trophies of current defeats. He dies as a hero should die in a battle with a dangerous enemy.

Psychsim 5: Operant Conditioning

Classical Versus Operant Conditioning: Classical and Operant differ in when an event takes place. Classical conditioning involves an event, and then a conditioned response, while Operant relies on a decision, knowing what the following event may be. Reinforcement and Punishment: Reinforcement increases the likelyhood of the behaviour repeating. Giving a dog a treat for coming in after going to the bathroom outside. Removing chores when a teenager obeys their curfew. Punishment decreased the likelyhood of the behaviour repeating. Giving a child time-out for hitting a kid in class. Continuous Versus Partial ReinforcementThe behaviour could likely stop as well. Schedules of Reinforcement Giving reinforcement after a constant number of responses. Paying a teenager after they complete 5 chores. Giving reinforcement after a response, after a constant amount of time has elapsed. Letting a child take a 15 minute break for every hour of homework they do. Giving reinforcement after a changing number of responses. Gamblers at a slot machine don't know how often they'll be reinforced. Giving reinforcement after a response, after a changing amount of time has elapsed. Fishermen don't have a constent reinforcement after casting their line.Simulated Experiment: Variable ratio is the most resistant to extinction long term. In any constant situation, the subject may notice a pattern in the number of responses they must provide, or how long they must wait for a reinforcement. In a variable interval senario, it's true they will respond more because they don't know how short the interval may be, but they won't be constantly responding. In a variable ratio schedule, the subject would have to keep responding, and after a changing amount of responses finally be reinforced. This would keep the subject responding at a higher rate.