Essay on Love Relationships - 2589 Words

Abstract: In every relationship, there are two halves. One you can control, yours and the other is controlled by the other half in the relationship. This paper will emphasis on what it takes to have a true relationship with someone, rather if it is a friend or lover all the components need to be in place just like the solar system with the planets aligned. If your planets are not aligned in a relationship, it is doomed to fail. This paper will discuss the methods that are valuable to have a long lasting relationship if properly put into place. Egocentricity, have power over and fear will break almost any relationship. Kindness, independence and love will create the most beautiful relationship: an enduring romance.†¦show more content†¦Today, unfortunately friendship would not go to that level, we have close friendships but in society today not many would give up the throne for friendship. Marriage â€Å"I do† two of the life time commitment words many couples challenge. â€Å"I do†, is commitment towards your partner for the rest of your life till death do you part, in richer or poorer, in sickness and health. In today’s society marriage is very overrated, if you have a problem you go file for divorce instead of working on the issues. It’s OK to ask for help, although it is very hard for some people to ask for help. There are many good benefits for a good marriage: 1. Married people live longer; single men have mortality rates 250% higher than married men; single women have mortality rates 50% than married women. 2. Approximately 40 percent of married people have sex twice a week compared to 20 to 25 percent of a single or cohabitating men or women. 3. Married persons are more likely to report feeling hopeful, happy, and good about them. 4. Married couples have higher incomes than single men and women. 5. Married men are more successful at work, getting promoted more often and receiving reviews than single counterparts. (Maniatis, Weil, Bondy, 2006) There are some benefits of being married, marriage is complicated. You have to find the right â€Å"life partner† that has the same intellect, values, morals, and dreams and want to succeed together. You have to beShow MoreRelatedLove : Love And Relationships Essay1213 Words   |  5 PagesLove and relationships Love is a significant aspect in people’s lives that requires commitment and attention. Despite the many assumptions on love, it is important to understand that happiness in love comes from sharing not only the good but also the bad. In order to have a successful relationship, there is need to understand that love requires sacrifices as well as endeavoring to cultivate love for mutual benefit. If true love existed in the world, there would be no need for divorce. EveryoneRead Morelove and relationships1615 Words   |  7 Pagesvital elements needed for love. This anthology of poems is about the theme loving relationships. These poems allow the reader to explore the ways in which each relationship has a different overall emotion. From the thrill and passion described in â€Å"Electric Love† by Denis Glover to the overwhelming care and nurturing in â€Å"Bridge over troubled water† by Paul Simon. Readers gain an enhanced perspective of how strong bonds between one another are dominated by an overall different love. This is demonstratedRead MoreRelationship Between Love And Love1040 Words   |  5 PagesStephanie Gibson Professor Alling 1101.42 11/07/2017 Love Love has many different meanings, it can be love between a friend or family member, it can be a mother’s love for her child, a person’s love for a pet. The people that say they love these things aren’t wrong love is a very powerful emotion and feeling. 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Analysis Of Mother Tongue By Amy Tan - 1058 Words

In the article Mother Tongue, Amy Tan reveals the struggles of being the daughter of a Chinese American, and how language barriers proved to be a constant struggle. Throughout her article, she touches upon the disrespect her mother got because of her underdeveloped English, and how it affected her life as she grew up. Tan describes how she had to pose as her mother over the telephone to make sure her mother got the service she deserved. She empathizes with her mother and how her mothers intelligence was hidden behind her broken English. Throughout her article, she discloses her mothers secret intelligence and how her experiences made her a better writer and person. This explains how knowledge is power because it builds endlessly†¦show more content†¦And wrote pages upon pages showing the differences. He said in his most recent experiment, â€Å"that social intelligence is distinct from the kind of intelligence measured by conventional intelligence tests.† (Thorndike, 184). When you have a solid practical intelligence background, you have the knowledge to deal with your surroundings. This form of knowledge is extremely powerful because it can only be learned and acquired through experience. The idea of practical intelligence and family guidance is also supported by Amy Tan in her article, Mother Tongue. In the ending parts of her powerful article, she states, But I do think that the language spoken in the family, especially in immigrant families which are more insular, plays a large role in shaping the language of the child. (Tan, 14). In this excerpt from Tans article, the strength of a language is shown and highlighted in a beautiful and subtle way. The deeper your culture is, the more experiences you gain, and the more you take from your parents. Legacy is the key ingredient to experience and success. Here are two completely different writers, both portraying their beliefs in a similar and familiar way. Each one coming back to the idea that ex perience is powerful, and the power behind experience comes from your familys legacy and how they choose to live their lives. All these examples circle back to knowledge, and power. Because, an experience is gained from the wisdom of your family, which is knowledge,Show MoreRelatedAnalysis Of Mother Tongue By Amy Tan913 Words   |  4 Pages Analysis of Mother Tongue by Amy Tan In the narrative essay, â€Å"Mother Tongue† by Amy Tan, the author sets out the story between her mother, whose English is her second language, and Tan herself can speak native English very well. The essay covers the tonal shift of Amy Tan s psychological change, from grudge to understanding. Although she begins the essay saying, I am not a scholar of English or literature. 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The Logistics and Supply Chain Management Samples for Students.

Question: Discuss about the Logistics and Supply Chain Management ? Answer: Introduction The concept of logistics and supply chain management was coined by Walmart executives who, advocated for a collaborative forecasting, replenishment through giving details links for communicating a point of scale, predictions, and sharing inventory information via its known website of suppliers. The supply chain process of retail business can refer to the complete process of distributing items or products from few suppliers as well as manufacturers. Hence making the chain management more critical than as expected, which is a priority of any chain of retail (Jasti NVK, 2015). Specifics problems facing the Woolworth business can be categorized into horizontal and vertical directions as far as specific and general issues are concerned. The retailer company has several problems which include: a) Problems of identifying supply chain integration and strategic partnering. b) Different motivation and setting the strategy/distribution strategy. c) Information sharing/ IT and decision support systems. d) Vendor managed inventory. e) Outsourcing and procurement policies. Background Woolworths company is one of the biggest organizations with an approximate brand value of AUD$4700 million. The company is also among the largest thirty retailers globally. The business has however faced with various challenges due to the dynamism of rapid technology, parallel, and brand competition, and convergence of other retailers company. The momentum modeling in supply chain management has also contributed to the downside for the welfare of Woolworths business. The firm owns prominent groceries in the world though stiff competition from other substitutes companies has risen. Woolworths developed the mechanism to deal with supply chain process that ensured all partners are distributed their produce in time. The operation was attached to high-cost business operations that kept on hiking (Gunasekaran A, 2010). The retailer sector has some issues that encounter firms such as Woolworths that include expansions of individual labels, global entrants. Besides, the political, geographic al as well as ecological problems are part and parcel that affect sales and profit growth of the business. Woolworths, as a retailer firm operating in Australia, has demonstrated a focused steps and boosted by the strength of the countrys currency and the slowing of the economic development leading to a sharp focus on the reduction of a chain of supply. The company advantage though, has gone through many challenges, were it not for that the government that undertaken action plans such as integrating partners or suppliers, decreasing resources at the interface and the operational cost of doing business. The problems have affected the intent of enhancing logistics and distributing the Woolworths management obligations back to the partners as well as another area of focus (Vonderembse MA, 2012). Impacts of current inefficiencies that exist in Woolworths Problem of identifying supply chain collaboration partners The nature of integration and commitment to supplying chain cooperation of Woolworths has not enabled to collaborate with every partner. Nevertheless, the company has not allowed connecting all supply chain stakeholders in an in-depth manner. Thus creating challenges of the supply chain by determining which partner or suppliers to drive integration partnership. The company has not developed the solution to identify the level of value each and every supplier to the company as well as to the customers (Beth S, 2013). The level of value will, therefore, develop and enhance the company to pursue a collaborative partnership. Similarly, the Woolworths has not identified the general route to determine supplier value by calculating the total amount spent by the distributors. Furthermore, the business has not figured the ways in which it can become vulnerable if the vendors failed or disengaged. Woolworths has not been able to identify best practice of selecting suppliers (who will enable the business to target and reach to key customers), engaging them in creating a strong collaborative mutual partnership. Equally, the business has unable to solve any critical issues which could enable it to move to the next target of reaching to the client (Borade AB, 2013). The company has not yet to realize the benefits of collaborating supply chain members which can yield to embedment of daily practice and the need of less attention, hence focusing on building new collaborative partnerships. The problems of motivation and setting the strategy of the business The Woolworths has challenges on the motivation of the enhancing members to work as a system to compliment the supply chain process. The business has unable to pinpoint the collaborative standards that touch their corporate approach and also on the complexities of their surrounding environment, more accurate on the demand and supply features. Woolworths reality weak demand and supply uncertainties have not set strategies to aim high level of distributing their products to a great quantity to enhance and maximize the efficiencies (Holweg M, 2011). Another issue under this includes the firm not designed to achieve improvement as far as new factors escalating the higher level of uncertainties are concerned. The companys supply chain has remained inflexible and slowly adapting the changes in the market. The company correctly has not underlined the primary motivator to drive the supply chain that will enhance cooperation and hence increase the business operation efficiencies. The business primary goal is to distribute products affordable to their customers by lowering prices. Hence, Woolworths lose focus to underline the activities towards this approach leading the companys pressure increases in supply chains as retailers are competing to provide and deliver cheapest possible goods and services to the customers (Caniels M, 2015). Information technology and decision support systems Woolworths Companys SCM is much concerned with the flow and use of information among the supply partners. The company has not been able to acquire the recent technology development to enable the firm to reach and distribute information quickly to their members. The lack of sufficient IT in companys supply chain roles has crippled the company engaging in the chain the of supply management initiatives. The company has a lack of sharing the joint belief that all other partners will require to have effective collaborative effort. The company has failed to change the power from manufacturers to retailers since this has evident in the company as a critical issue (Samaddar S, 2010). The company, as retailer supermarket, has not demonstrated how information sharing should be used for mutual benefit. Equally, the company has failed to give sound information technologies, which can assure the companys share the sale information from the central management to the many retailers and other major distributors (Zhang X, 2011). Issue of inventory control Woolworths Company does not to a great percent involves the dealers in managing and taking responsibility for the retailers inventory. The essence of retailer inventory is to ensure efficiency in delivering the customer responsiveness, supporting and speeding up the supply chain process as well as curbing with limited product life cycles. Woolworths has lost many benefits that accrued in this process such as suppliers or distributors assumes responsiveness to make sure there is sufficient stock at the retailers warehouse (Mentrzer, 2010). Therefore, the vendors will not provide preference to their retailers in the case of shortages. Similarly, the retailers will miss to get the information in real-time on specific products sales, as well as lacking the detailed information needed to produce more products to replenish retail warehouses. Another issue in inventory management is that large wholesalers may fail to give stocks to single item stake as well as sharing information with other s as far as supply chain system is concerned. By not sharing information, the Woolworths do not plan for the demand and manage inventory in their respective warehouses. Instead, the company has ignored to apply most traditional retailer controlled inventory like UCCnet global registry. Both retailers and the Woolworths are not able to use the registry hence fails to synchronize product information that would help them to coordinate on replenishment of inventory (Maseeha S, 2009). Outsourcing and procurement strategies The primary issue to focus in Woolworths is what to supply and manufacture internally as well as what to purchase from external sources to complement the supply chain process. Woolworths has a primary challenge on how to make the decisions when identifying risks associated with particular decisions and reducing them. Woolworths also encounter issue to consider the effect of the internet on procurement approaches and what ways to use when dealing with suppliers and partners. The company, therefore, need to decide on whether to outsource or purchase, various optimization models may be used to set of scales of risk and payoffs. If the company fails to make appropriate decisions on outsourcing, the company may not utilize the adequate information tech elements like internet portal and procurement software (Wong, 2009). Alternatives Technology Woolworths has applied new technology to improve and as a useful tool and to enable collaboration within the supply chain system. For instance, the sharing of information, and vendor managed inventory and replenishment have optimized via new technology. The new tech significantly enhances operations effectiveness and flexibility which minimizes the waste and in return add value in overall chain of supply process. Woolworths have started to leverage the process technology to develop their operation. Woolworths consistently use the technology to boost the value to their products. The firm has implemented the Business-to- Business systems to support the partners to do business electronically. The company has the web which they share any information needed to facilitate the application of the technology. The primary goal of enhancing tech is to improve the collaborative business network, increase procurement effectiveness, and enhance service level and the entire chain of supply process (Nguyen HM, 2014) Woolworths have enhanced the procurement efficiencies. The effectiveness of acquisition has enabled by bringing the StockSmart as well as AuitoStockR systems. The two systems have allowed the firm to predict stock replacement at supply centers and warehouse. Similarly, the dual systems have contributed to the improvement of cooperation within the company which yielded in a constant increase in overall profit. Moreover, the sharing of information has made a significant contribution to the improvement of visibility in the overall supply chain as well as minimizes the bullwhip upshot . Building typical customer relationship value approac Woolworths have understood the clients value and complied the supply chain to reflect their needs. The company focuses on the needs of consumers via addressing various levels of a product, whereby the company supply not only accurately product but also augment product like rewards program and better client service. On their part, Woolworths have introduced the daily rewards program with the aim of better understanding their behavior of the customers. The program enhances the return of consumers and encourages loyalty. The company has successfully cooperated customers into their chain of supply network with the introduction of Woolworths Everyday Rewards which help the customers with fuel savings or Qantas Frequent Flyer points. Through this program, the company understand better the consumer behavior and leverage this understanding to gain operational effectiveness. Proposed Solutions Enterprise Resource Planning (ERP) ERP solution has gain competencies among other used mechanism used to solve the Companies problems. ERP has increasingly known kind of software that organizes and interconnects most day in day out the operation of business. The integration of the system enhances the successful collaboration among supplier partners. Nonetheless, the system has challenges to implement technology to the chain supply because of workers refusal to buy the idea of new tech. The company has to mobilize all stakeholders to integrate ERP systems in their operation for a long term benefit. The company should provide in-depth training and development plans (Australian Government Productivity Commission, 2011). Network configuration and flow optimization Woolworths should adapt new techniques in business competition. The techniques should range from competing as SC and other SC from groups of companies. The SC to SC competition vertically cooperates company against substitute companies. Another network confirmation is on competing on supply network capacities which majorly compete on effectiveness, efficiency, and responsiveness of the system as well as network design utilized. The company should add and integrated the network functions (Leng, 2009). Developing collaborative planning activities Woolworths should consider the significant role played by improving the collaborative planning activities. The strategy is equally imperative since it improves the effectiveness and efficiency of the overall supply chain. The need for proper integration among the supply partners should translate into the process as well as roles coordination within these company and along the whole supply chain. The approach helps to identify benefits of bleaching the gaps of information which form collaborative planning leading to inventory reduction for every supply chain partner (HL, 2012). Recommendations a) Woolworths should introduce new products in the market and enhance or upgrade the existing products to outdo their competitors. b) The company should take notice of improving the current new tech or introducing new ones to improve supply chain processes. c) The company should have a new selection of suppliers as well distributors partners who will guarantee them an efficient sharing of information and decision support system. d) Woolworths should propose the changes in demand and supply patterns for products manufactured to match the needs and specifications of the customers. e) Finally, the Woolworths Company should enhance the commitments within or among partners supply chain process Tools used to improve the Woolworths Statistical process control tool. (SPC) Statistical process manages a device is a tool designed for coping with operations. Woolworths enterprise desires to apply SPC technique for lowering the variety in offerings, distributions, gadget, strategies, and attitudes, which are the purpose of most high-quality issues. The approach will allow unveiling the whether or not a process is on top of things or out manage, and this is whether solid and displaying simplest or random version.' Also, the agency can also practice the tool to observe the tactics that are in control, using way and scales which constitute statistics, for example, income extent, clients objection, in a chain order displaying how disparities occur with time (Nahmias, 2014). Brainstorming tool Woolworths business enterprise might also as well use the tool, which requires a big institution of thinkers who has in a completely shortest time and can make use of in a ramification of situations. The crew may additionally incorporate wild ideas and not use a complaint or assessment occurs at this stage expected. Each member has equal chances to put forward an idea touching the troubles being considered. The tool may carry changes because it identifies troubled areas, determine regions for improvement, predicts possible solutions to problems, and help to broaden actions plans(Schmenner, 2015). References Beth S, B. D. C. W. G. C. L. H. L. R. . M. S., 2013. Supply Chain Challenges; building relationships. Havard Business review, 1(1), pp. 1-24. Borade AB, B. S., 2013. Domain of Supply Chain Management. Journal of Technology management and innovation, 2(4), pp. 109-121. Caniels M, G. C., 2015. Purchasing Strategies 1 the Kraljic Matrix. Journal of Purchasing and Supply Management, 11(3), pp. 141-155. Commission, A. G. P., 2011. Economic Structure and Performance of the Australian Retail Industry, Sydney: Productivity Commision Issues Paper. Gunasekaran A, L. K. E. C. T., 2010. Responsive Supply Chain Management; A competitive approach in a networked economy. Omega, 26(13), pp. 1051-1068. HL, L., 2012. Aligning Supply Chain Strategies with Product Uncertainities. California Management Review, 2(3), pp. 342-354. Holweg M, D. S. H. J. . S. J., 2011. Supply Chain Collabaration; Mkaing Sense of the Strategy continuum. European Management, 23(2), pp. 170-181. Jasti NVK, R. K., 2015. A critcal review of Lean Supply chain Management frameworks. Prod Plan control, 36(4), pp. 549-564. Leng, M. . P. M., 2009. Lead-time Reduction in aTwo-Level Supply Chain. International Journal Production Economics, 118(35), pp. 521-544. Maseeha S, P. I. P. D., 2009. Australia's Leading Retailer Woolworths' Retial Operation, Sydney: IBS Center for management Research. Mentrzer, J., 2010. Supply Chain Management. 1st ed. Califonia: Sage Publications Inc.. Nahmias, P. B. A. . A. J. V., 2014. Production and Operations Analysis. Stratwegy and Business, 15(4), pp. 52-61. Nguyen HM, . H. N., 2014. Electronic Supply Chain Orienattion and Its Competitive Dimensions. production and Planning and Control, 15(6), pp. 596-607. Samaddar S, N. S. D. M., 2010. Inter-organization Information Sharing; The role of Supply Network configuration and Partner goal Conference. European journal of operational resaerch, 174(56), pp. 744-756. Schmenner, M. L. S., 2015. On Theory in Operations Management. Journal of Operations Management, 3(5), pp. 97-113. Vonderembse MA, U. M. H. S. D. J., 2012. Designing Supply Chains; towards Theory development. International Journal Production of Economy, 100(2), pp. 223-238. Wong, O. E. ., 2009. Supply Chain Performance Evaluation: trends and challenges. American journal of Engineering and Applied Science, 2(1), pp. 202-211. Zhang X, C. J. H. Y. . H. T., 2011. Building a Dynamic Data Driven supply chain Management System. Information Technology Journal, 10(3), pp. 703-709.

Scott Rothstein - Money Laundering Synopsis free essay sample

Through the use of his law firm he fabricated court orders, forging the signatures of federal court udges, that showed that his clients had been awarded large sums of money in lawsuits in an effort to promote his credibility and pocket book. Clients were told that defendants had transferred funds to off shore accounts such as the Cayman Islands. In order for Rothstein to recover the money, his clients had to post bonds worth millions of dollars with his firm. The offshore accounts were owned by Rothstein. Rothstein would used the acquired funds to live a lavish lifestyle (cash exchange for negotiable goods). The exchanges included such items as a 1967 Corvette onvertible. a Ferrari F-40, a Ferrari F430 Spider, a Mercedes SLR McLaren, a Bugatti Veyron, and a 2010 Lamborghini. A fraudulent transaction follows certain trends. We will look at the methodology now. Incentive In this situation, Mr. Rothstein was living a lavish lifestyle. We will write a custom essay sample on Scott Rothstein Money Laundering Synopsis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page For him to afford such materialistic possessions he had to become innovative with acquiring more funds. Opportunity Circumstances exist in Mr. Rothsteins case, he was a senior partner within his law firm. His reputation had been his strongest attribute. During his laundering time, Mr. Rothstein would offer exceptional gracious bonuses to him associates. Since he was a senior partner, many took this as Mr. Rothstein sharing the firms success with the entire team. Instead of viewing it as bribe money. Those that were eventually involved in the scheme, knowingly accepted the rewards in exchange for assisting and not commenting on the fraud. Mr. Rothstein shared the attitude, character, and ethical values that allowed him to knowingly and intentionally commit these dishonest acts against his clients. Due to his necessity of living a life of luxury. It most cases, a situation like this would be unavoidable, unless the perpetrator decided to tone down his lifestyle. Rationalization/Attitude Mr. Rothsteins attitude was that of greed. It would have been easy for him to rationalize any conclusion. However, there were really only 3 outcomes: He did not commit the fraud and stay an honest lawyer. He committed the fraud and reaped the rewards of doing so. He should have cut back on his life of luxury before it became an issue. In Rothsteins case, the incentive or pressure to live in the big deals was so enticing hat he was able to rationalize the act of committing fraud. Capability Those involved are able to rationalize committing a fraudulent act. Some individuals possess an attitude, character, or set of ethical values that allow them to knowingly and intentionally commit a dishonest act. OVERVIEW: In reviewing this information, my first order would be to examine where the funds are coming from. For this I would investigate the settlement info. I would verify the validity of each settlement, followed by matching the settlement to the depositing account. I would also verify the timing of deposits, the amounts deposited and that the client received payments. As well, I would confirm and match settlement income to their respective non taxable settlement accounts on the financial statements through verifying all invoices. I would conduct a horizontal analysis of the settlement amortization. If Rothstein was creating fraudulent settlements and selling them at discounted rates, there would be an immense increase in cash as well as a substantial increase in the amortization of settlements. The paper trail would give warranted reasons for suspicion. The con revolved around the law firm settling numerous lawsuits and that the plaintiffs wanted to expedite the receiving of their funds. Rothstein would sell their settlements at a lump-sum discount so they could receive their funds up front to another individual/flrm. In return, Rothstein promised investors substantial returns on the full value of the fraudulent settlement. Alongside a financial review, I would inquire into Rothsteins personal communication with staff and external colleagues. Obtaining computer, email and telephone information would give me the greatest ccess to his communication. I would also contact all of his registered clients and confirm their information with the information Rothstein has provided. Three Step Money Laundering Process Placement Phase: Illegal puts money in. Creates fake settlements to interest purchasers out the to buy out the settlements at a discounted rate. Layering Phase: Move money around. Once he created the settlement, he would receive cash payments for them at a discounted rate. In another ploy, in order for Rothstein to recover the money, his clients nad to post bonds worth millions ot ollars with his firm. Integration: Rothstein would move the funds in several ways so that it would offer the illusion of being legitimate sources of income. In several cases, he would pay his own substantial salary with fraudulently acquired funds, offer up houses, and cars as bonuses to his employees or simply keep the cash and not record the transaction due to its illegal nature. Scott Rothstein Synopsis The 50-year prison sentence imposed on Scott Rothstein in July of this year for running a IJS$I . 2 billion Ponzi scheme from his Florida law firm, money laundering nd stealing client trust funds, is the latest in a series of high-profile money laundering cases involving lawyers in the U. S. , Canada and Europe that have raised renewed questions about the role of lawyers and the effectiveness of anti-money laundering laws. Rothstein is now in Jail but what U. S. District Judge James Cohn called the †tsunami] left in his wake is far from over Rothsteins 70 lawyer firm is bankrupt and 35 of its former lawyers are being investigated, the TD Bank, N. A. is being sued by an investor for allegedly facilitating Rothsteins laundering activities, former associates and mployees of the firm are being asked to repay lavish bonuses and gifts (that sometimes included houses and cars) from their boss by the firms receiver, and the firms COO Debra Villegas was recently received a 10-year term in prison after pleading guilty to conspiracy to launder money at the firm. After months without arrests, the Scott Rothstein investigation regained steam Friday when federal prosecutors charged two Broward County attorneys with participating in the convicted lawyers $1. 2 billion Ponzi scheme. After Rothstein, 51, was arrested in late 2009, everyone began wondering who else was in on it. So far, 14 others † including his wife, Kimberly Rothstein, among the last crop of suspects to be arrested a year ago † have pleaded guilty to charges related to his scheme of selling fabricated legal settlements to wealthy investors. Collectively, hundreds of investors from Florida, New York and Texas lost more than $360 million between 2007 and 2009, but they have recovered much of that money through civil and bankruptcy actions, including damage settlements with the Rothstein law firms former bank, Toronto Dominion. It revolved around the ruse that his law firm had settled numerous sexual arassment, discrimination and whistle-blower lawsuits and that the plaintiffs wanted to sell their purported settlements at a lump-sum discount so they could receive their funds up front. In return, Rothstein promised investors substantial returns on the full value of the bogus settlements. When major investors in Rothsteins settlements complained about his failure to pay them in April 2009, he †falsely informed] them that he was under investigation by the Florida Bar and that their investment trust accounts at TD Bank had been †frozen,] the Kitterman indictment said. To dodge them, Rothstein asked Kitterman to pose as the head of the Florida Bars Fort Lauderdale office and he supplied her with a script, according to the indictment. In a phone conversation with some institutional investors, the indictment says, Kitterman talsely said Rothsteins purported legal clients nad tiled 26 complaints against him for deceiving them about the lump-sum advances and that his investors †caused part of the problem. ] In another phone conversation, Kitterman falsely told a representative of the investors that Rothstein faced disciplinary Bar action because f his failure to pay his legal clients the lump sums, according to the indictment. She also said the investors trust accounts at TD Bank were frozen, but that Rothsteins problems could be resolved if the purported plaintiffs were paid the funds they were owed. According to the indictment, Kitterman told the representative that their millions were still needed to pay off the Rothstein law firms non-existent clients † all to keep his Ponzi scheme going. Bates is accused of arranging to have an attorney in his Plantation law firm, Koppel Bates, meet with an investment groups representative to say the firm had referred umerous civil cases to Rothsteins law firm. Based on that falsehood, the indictment said, the investors continued to sink more than $140 million into Rothsteins scheme in 2009. Bates also agreed to write a phony opinion letter saying he represented a group that invested in Rothsteins †confidential legal settlements and vouched for them. Rothstein then used the letter to lure more investors, according to his indictment. Later that year, Bates switched roles. Rothstein wrote a letter in Bates name, on the Bates law firm stationery, in which Bates falsely claimed he represented a plaintiff in purported settlement deal in order to induce investors to put more money into Rothsteins scheme. And in September 2009, one month before Rothsteins scheme collapsed, Bates switched roles yet again, according to his indictment. On Wednesday, Mr. Rothstein appeared in the federal courthouse here, a few blocks from his now-shuttered law office, and pleaded guilty to running a $1. billion Ponzi scheme from 2005 to 2009. He is charged with five counts of federal racketeering, money laundering, and wire fraud, and faces up to life in prison. A month after he returned, he was arrested. Federal agents seized as much of his assets and property as they could locate. These included the cars, waterfront homes, an 87-foot yacht, 304 pieces of Jewelry, bank accounts, and equity stakes in a long list of companies, including local restaurants. Agents even seized Rothsteins American Express rewards points: 20,920,701 of them. Federal agents are estimated to have found assets valued at about $100 million. Thats a long way from $1. 2 billion. †The rest of the money is in the Ponzi scheme,] said William Scherer, a local lawyer who has filed a lawsuit to recover money for Rothsteins victims. Ђâ€ And he probably spent a large amount living large and all that. ] Prosecutors say Rothstein specialized in selling investors a stake in confidential settlement agreements. The settlements were said to involve sensitive pre-litigation negotiations in embarrassing sexual harassment cases or whistle-blower cases that the parties wanted to keep quiet. The investments could be purchased at a discount and would be repaid to investors at full value over time. But sometimes there were no settlement agreements and no real clients . Rothste n and others allegedly created false statement agreements, bank statements, ssignments of settlement agreements and personal guarantees. Rothstein then created a fraudulent court order purportedly signed by a federal judge, prosecutors say. The order said that Rothstein and his clients had won the lawsuit and were owed $23 million. But it added that the defendants had transferred their funds to the Cayman Islands, making recovery difficult. Rothstein then told his clients that to recover the funds they would need to post bonds to be held in a Rothstein-controlled trust account. The clients wired $57 million into the Rothstein account, according to court documents. When the clients became anxious about the money, Rothstein allegedly created a false order from a federal magistrate mandating a later date for the return of the clients money. Not all of Rothsteins illicit gains went into his pocket. He had a reputation as an effective political fundraiser. According to court documents, Rothstein paid large bonuses to employees at his law firm. Before receiving the bonuses, the employees were told to make significant contributions to political candidates in their own names. The maneuver was apparently designed to bypass campaign finance laws.

The Importance of the English Language Essays

The Importance of the English Language Essays The Importance of the English Language Essay The Importance of the English Language Essay Brazer Bozlak 03113623 2011-07-20 LA 202 – OL8 The importance of the English language The English language is finally accepted as the universal language of the world and stands today as the common means of communication among members of different countries, cultures and communities. Moreover, English is also the international language of diplomacy, business, science, technology, banking, computing, medicines, engineering, tourism etc. It is understood and spoken almost everywhere in the world and it has become the key instrument of globalization. The English language is the common global language and it is very clear in many cultures that English has become more dominant around the world, a dominance that is growing for each passing day. As a result, English is widely taught around the world as a second language today, the amount of native English speakers might not be large when compared to Spanish or Chinese, but it is the common communication language spoken around the world and almost every single university in the world are conducting scientific studies trough English medium. Although, there is a lot of people around the world today that won’t admit how important English for the world I’m one of those many that understands the importance of the English language. Most people in the world agrees with what Alexander v. Sandoval claims in his essay â€Å"The importance of English† on www. eagleforum. com , â€Å"English is becoming the worlds language of the 21st century † he says and gets supported â€Å"Most of the worlds population, about 70% speak English or know him. And more than 80% of all stored information in the world is written in English or translated into it. Foreign language skills, and in particular the English are a good tool in work, school, on vacation, when building a career or promote your own business. The man who speaks fluent in English, will not get lost anywhere in the world where there are people. † (billionmindsfoundation). There are facts about English which would encourage people to learn English, †There are more people in China learning English than speaking it in North America over 200 million. English is the official language of a third of the worlds population and a working language for half the worlds population. Of the worlds four most numerous languages, Chinese, Hindi, Arabic and English, the latter owes its position uniquely to its use as a second language. A part of this pattern is the increasing reach of English in continental Europe where 91% of all secondary schools teach English and 65% of young continental Europeans claim to speak English reasonably well. † (English, The working language of the global village) English used to be a relatively unimportant language around 450 AD, when a set of Germanic tribes (mostly the Angles, Saxons, and Jutes) moved from their homelands in what is now northern Germany to what is now England. Old English was widely spoken on the island in the centuries that followed, lost status when the French-speaking Normans conquered England, and slowly regained status in the late Middle English period. At this point, still, English was just one of many languages. It was generally less respected than Latin or french among scientists and theologians, for example. It was not until the period of Early Modern English, a period also known as the Age of Discovery that English really began  to gain status. The new country England began to establish colonies around the world and exported its language and governing systems so that it could import what it wanted, e. g. spices and rare woods and also for a while, slaves. The Early Modern English period witnessed the first time that English was spoken around the world, but still it was not nearly as widely spoken as it is today. Englands and Americas triumph in the World War 2 tok the globalization of English one step further and the languages importance for the world has grown for each passing day since then. Being the second language choice for non English speaking people today all around the world is a evidence of how important it is for people to learn English. It is the language people speaks when they don’t know the language of the country they are in and even countries such Frenca and Germany have given up. Alexander v. Sandoval says in his essay â€Å"The importance of English† published on Eagleforum. com â€Å"In multilingual continental Europe, a fierce battle over language popularity appers to be ending with English as the standard for the 21st century. and â€Å"The Germans have given up trying to persuade more Brits to learn their language and, instead, are now promoting English as the language of the 21st century, with lessons for children as young as six. Germanys leading newspaper produces an eight-page English edition and declares that English is going to be the lingua franca of the next century. †. Even though it does not and will probably never hav e an official status, English is the accepted universal language on the Internet. English is typically the language of the latest-version applications and programs. Even though progresses has been made in language translation online it is very difficult if not almost impossible to properly translate each and every webpage or program into a specific language. Even manuals, installation guides and products sheets of electronic and entertainment devices are usually first available in English. With this information in mind along with that Internet is becoming very important in our daily life’s, in commerce and also in education makes the English language bounded to grow. Thus the importance of the English language is underlined. English is today the standard language for businesses and industry, knowing English can be the key that unlocks enormous amounts of job opportunities. Many companies aim to become as successful as possible in their industry, which leads them to start working internationally and this makes the employers require superb English communication skills of the employees in order to deal with suppliers or contacts all across the world. Knowing English is not a guarantee to have a well paying position in the future but it is definitely a really good help on the way. The growth of English has been huge since the World War 2 and it might not take long time before English will be a single language of the world like the single currency and the union of various nations. It is, after all, spoken by more than 300 million natives speakers, between 600 and 800 million foreign speakers. It is the common language of air transportation and shipping, science, technology, computers, and commerce, and a major language in education and publishing. For these reasons, good English communication skills is important in order get on board on the 21st centuries train. : v. Sandoval, Alexander. The importance of our English Language Eagleforum. 1 May 2001. Web 20 July 2011. ( eagleforum. org/psr/2001/may01/psrmay01. shtml) General. English: Universal Language Billion Minds Foundation. 12 July 2001. Web 20 July 2011. ( billionmindsfoundation. org/english-universal-language/) Watson, Alan. English: The working language of the global village? Lord Alan Watson. 2010. Web 20 July 2011. ( lordalanwatson. com/english2. htm)

American States With the Highest Teenage Abortion Rates

American States With the Highest Teenage Abortion Rates In a nation where abortion remains legal despite ongoing legal and legislative debate, which states have the highest rates of teenage abortion? A 2010 report by the Guttmacher Institute compiled teenage pregnancy and abortion statistics in the United States. These state by state statistics show a dramatic decrease in some states while others moved up a little on the list. However, as a whole, the U.S. teenage pregnancy and abortion rates have declined dramatically in recent years. 10 States With the Highest Teen Abortion Rates The available 2010 data for abortions among women aged 15 to 19 is ranked by state. The rate reflects the number of abortions per thousand women in this age range.    Rank State Abortion Rate 1 New York 32 2 Delaware 28 3 New Jersey 24 4 Hawaii 23 5 Maryland 22 6 Connecticut 20 7 Nevada 20 8 California 19 9 Florida 19 10 Alaska 17 More Teen Pregnancy  Statistics and Analysis Overall, of the 614,410 teenage pregnancies reported in the U.S. during 2010, 157,450 ended in abortion and 89,280 in miscarriage. From 1988 to 2010, the abortion rate for teens dropped in every state with many seeing a 50 percent reduction or more. In 2010, 23 states reported an abortion rate in the single digits. Its also important to note that the majority of pregnancies and abortions involve 18- and 19-year-old women. The District of Columbia is the only place in the report with more abortions reported in the 15 to 17 range than in the older group. Yet, D.C. does not count in state rankings. The states with the lowest abortion rates in 2010 were South Dakota, Kansas, Kentucky, Oklahoma, Utah, Arkansas, Mississippi, Nebraska, and Texas. Each reported that fewer than 15 percent of teen pregnancies ended in abortion. However, that does not account for state residents who sought an abortion in neighboring states. Only three of the states above rank in the top ten states with the highest teenage pregnancy rates of young women age 15 to 19. They are Nevada (ranked seventh with 68 pregnancies per thousand); Delaware (ranked eighth with 67 pregnancies per thousand); Hawaii (ranked tenth with 65 pregnancies per thousand). The highest pregnancy rate in 2010 was in New Mexico, where 80 in every thousand teens became pregnant. This state ranks fourteenth in the abortion rate. Mississippi had the highest teenage birthrate, with 55 girls for every thousand. The Dramatic Decrease in Teenage Abortions According to this same report, in 2010, the teenage pregnancy rate dropped to a 30 year low (57.4 per thousand). It peaked in 1990 at 51 percent or 116.9 girls for every thousand. This is a significant decrease that has not gone unnoticed.   In a 2014  report also by the Guttmacher Institute, a 32 percent decrease was found in teenage abortions between 2008 and 2014. This follows the 40 percent decline in teenage pregnancies over this same period. There are many influences that are cited as causing this change. One is the fact that fewer teenagers are having sex in general. Among those teens that do have sex, there is an increased use in some form of contraception. The increase in sex education, as well as cultural influences, the media, and even the economy, are considered to have played a role as well. Source U.S. Teenage Pregnancy Statistics National and State Trends and Trends by Race and Ethnicity. 2010. Guttmacher Institute.

IBM as the heartbeat of e-business Essay Example | Topics and Well Written Essays - 500 words

IBM as the heartbeat of e-business - Essay Example Next, listen to responses to the ideas presented. The vision may change to include some of the thinking from the employees and other corporations. In the sequence follows reshaping the vision by including the specific details that will give a responsive day-to-day meaning to the organization. That includes elaborating the steps on how to achieve the vision. It states clearly how the changes will transpire. It will push the people to be part of the technology that would revolutionize the world. The leaders are communicating the vision need to be courageous to communicate what is unjust and wrong. That is sometimes very difficult, but the people will definitely see the truth in what you are saying. On open standards, IBM faced the challenge of using the internet as a proprietary sole technology and thus to gain an advantage over the other competitors they opted to use it to respond to needs of their clients thus giving them an advantage (Smh.com.au). IBM also sought to advocate for services that could run on a neutral platform. That faces the challenge of more investment that is more costly and may need extra labor to leverage the technology. Further, the cost of carrying out the research may be expensive especially the infrastructure. As a result, the expected cost may not be as lower as expected. Investing in the Global market has the challenge of diversity in client’s needs, approach, and mode of delivery. That requires IBM to invest in diverse human resource and delivery of content in various forms to suit diverse needs.

The thoughts of King Corn Essay Example | Topics and Well Written Essays - 250 words

The thoughts of King Corn - Essay Example The argument is supported by other biologist in the movie. These biologists cover the several issues that have been highlighted in the movie. Actually, the major challenge of obesity in the American population is control of overconsumption of beef and corn products. This challenge can be addressed effectively by researching on the impact of genetically modified corn on the health of humans and animals especially cattle (Cheney and Ellis). Overconsumption of corn in the movie and the inclusion of corn in the diet of both animals and humans are illustrated effectively using the resultant health effects of the action. Genetically modified foods are an issue of great concern for the society today due to the increasing obesity and animal deaths. The movie captures the problem effectively through the agricultural journey of the two friends. In addition, the inclusion of the different perspectives of the interviewed biologist illustrates the impact of corn agriculture in America. Consequently, the increase in obesity among the American population has been linked with the excessive consumption of corn by humans and cattle. Both the direct and indirect overconsumption of the corn is considered the main threat to positive and good

Ap English Language Composition Free

Ap English Language Composition Free Response Questions Essay Would the process be worthwhile? It would. According to the Environmental Defense Fund, or EDF, â€Å"†¦ we can solve climate change, invest in a clean energy future, and save billions in imported oil† (Samuelson). Many argue that the United States government cannot afford to become involved in energy initiatives and anti-global warming legislation; to counter, what other alternatives does the nation have? With the typical â€Å"family spend[ing] about $1,900 per year on home utility bills,† energy is costing this nation a fortune (â€Å"Energy Savers†). â€Å"With 2. people ii the average household,† family spending would drop from $1,900 per year to $91. 25 per year (Samuelson). To say our government cannot afford this concept is an inaccurate, false, misguided statement. However, would America’s efforts alone be enough? After all, this is a global issue. The Energy Information Administration states â€Å"the United States, China, Russia, Japan, and India †¦ account for fifty-four percent of the world’s total carbon dioxide emissions†¦Ã¢â‚¬  (graph). In contrast, recent polls express that Americans are not the only ones interested in energy conservation (graph). The â€Å"Gallup Polls conducted in 2007 show that† America, Japan, China, Russia, and India have all attempted to reduce negative environmental impacts by the following: â€Å"using less water in [the] household†, avoiding â€Å"using certain products that harm the environment†, â€Å"voluntarily recycle[ing] newspapers, glass, aluminum, motor oil, [etc. ]†, and some have even involved themselves â€Å"in a group or organization that works to protect the environment† (graph). While Americans, Japanese, Chinese, Indians, and Russians attempt to save money by reducing energy usage, Singapore offers citizens monetary tax cuts on energy efficient cars Webber). Not only does Singapore offer tax cuts to those who keep the environment clean, they also financially punish those who pollute the environment with â€Å"gas-guzzling engines† (Webber). Innovation and inspiration—the combination that makes America unbeatable (Friedman). By drafting energy conservation and anti-global warming legislation, the American government will allow the planet to prosper. Better for the planet, better for the people, better for you—the American government needs to take an active role in promoting a â€Å"green revolution†.

The Metaphor Title of Sense and Sensibility Essay -- Jane Austen

In this novel Jane Austen uses the title of the book itself as a metaphor to illustrate the differences between the two main characters, with Elinor to represent the sense and Marianne to represent the sensibility. Sense and sensibility also indicates a split division, polar opposites, and how these opposites compliment each other, as can be seen throughout the novel. The dominant theme in this novel is sense prevailing over sensibility. It is a theme which can be seen in most of the characters; however the concentration is on Elinor and Marianne, who are two sisters and are often perceived as polar opposites. Marianne tends to be viewed as the `sensibility' and Elinor as the `sense'. Jane Austen opens the novel with the girls' father, (Mr John Dashwood) who is dying, and stressing to his son that although Mrs Dashwood and the girls are stepfamily he wants to be assured that they will be looked after. In this era it was not expected that a women should be left any inheritance, this was generally left to the man in the family. Women obtained there social class and money through marriage. It is once the fathers dies that we begin to get an understanding of the sense and sensibility. Marianne is a young girl of seventeen, and as is expected of this age she is naà ¯ve, spontaneous, and full of romantic idealism. However Marianne tends to take everything to the extreme and dramatises the slightest thing. She personifies sensibility and becomes emotionally disturbed by the events that take place in her life. It can be seen in the novel that she takes this from her mother, Mrs Dashwood, who is represented in the novel in much the same way as Marianne. She is sensitive, emotional, melodramatic, and imaginative and as Marianne she is... ...is something that develops with age and experience. There is no getting away from the fact that Marianne is sensibility and Elinor sense, and it is fairly simple to see this through Marianne's melodramatic and childish nature and Elinor's constant attention to others thoughts and feelings before her own. However on the other hand Marianne is still only a child who is under the heavy influence of a melodramatic mother. Elinor however is slightly older and one would think had an influence form someone of a more sensible disposition, (her father maybe) and therefore exerts a great deal of sense and etiquette throughout. Marianne tends to favour most of her mothers `sensibility' side and is often encouraged by her mother. Therefore in conclusion yes in many ways it is simple to say that Marianne possesses sensibility and Elinor sense, throughout the novel.

Iris By the Goo Goi dolls

And I'd give up forever to touch you ‘Cause I know that you feel me somehow You're the closest to heaven that I'll ever be And I don't want go home right now And all I can taste is this moment And all I can breathe is your life When sooner or later it's over I Just don't want miss you tonight And I don't want the world to see me ‘Cause I don't think that they'd understand When everything made to be broken I Just want you to know who I am And you can't fight the tears that mint coming Or the moment of truth in your lies When everything feels like the moviesIris was written by the and John Organize. John Organize was approached to write a song for the movie City of Angels soundtrack, and so he wrote â€Å"Iris†. This song propelled the band to stardom, as it stayed on top of Billboard Hot 100 Airplay charts for a record-breaking 18 weeks, and was nominated for three Grammas that year.According to several Interviews with Rezoned, he was experiencing serious sessions o f writer's block when he was asked to write , and was about to quit the band Just days before he wrote the song that would launch the band to worldwide fame-The song was released on April 7, 1998. Consider the song to be a part of the genre pop rock. It is slow in the verses but speeds up in the chorus. It has strong guitar and drum sounds which give it the rock feel.I think he wrote it from the perspective of an angel in love p in which the angel is completely gaga over the woman and feeling things he's never felt before but at the same time wanting to keep it private because he's afraid that if it becomes of the material world then it will lose it's purity. It's a love song about the conflict between what your heart is urging you to do and what your head is telling you is the mart thing to do. I watched the Go Go dolls on VHF talking about this song and what it meant.They said they watched the film ‘City of Angels† and that the song is about an angel who falls for a mo rtal woman. Which is why it says â€Å"I'd give up forever to touch you†, â€Å"you're the closest to heaven that I've ever been† â€Å"and to bleed Just to know you're alive†. He wants to be with her and gives up an eternity in heaven Just to spend a moment with a woman he fell in love with.Like the song because it helps me through through hard times sometimes Just slightly easing the pain and Just let me ponder about things. I do have a particular connection to it because it explains some of my feelings like â€Å"you bleed Just to know you're alive† and â€Å"when everything meant to be broken† sometimes people go through hardships in life, sometimes very small and stupid things that change your perspective in the way you see and experience things. It makes me feel sad moieties.It makes me feel like I'm not the only person that is going through hard times. I actually mostly listen to the cover of this song that is played and sung by Sleeping Wit h Sirens. Keeling (the guy who is from Sleeping With Sirens that sings it) has a very sweet voice that kind of lulls you to sleep when you listen to him. It makes me think of things going on in my life and how it relates to the lyrics. I would choose to listen to this song when I'm feeling down. Like I said before makes me think like I'm not the only person in the world who is going through hardships.

Michelangelo

Michelangelo was a man of many trades who, throughout his life, created, painted, and designed artistic masterpieces. He was a marvel of his time.. â€Å"He was celebrated as the greatest artist ever because of his great work in the areas of sculpting, painting, drafter, architecture, and poetry†. A genius with his ingenuity and thought process in the way he came up with the ideas that have now become modern masterpieces and wonders to us. Hard work and education to his true passion led to his success and fame in cities all around. He is a man who truly lived life to the fullest.He worked every day of his life and finally rested on his deathbed. Michelangelo was born on March 6, 1475 (Summers 483). His full name is Michelangelo did Ladylove Bonaparte Simmons (â€Å"Michelangelo'). He was born in a small village of Cappers in Valerie (Arizona 4). His father was Leonardo did Burrito Simons (â€Å"Michelangelo'). His mother's name was Francesca did Amanita De Sera (Arizona 4). He had four other brothers (â€Å"Michelangelo'). Due to his mother's illness he was placed with a family of stone cutters. She died giving birth to the fifth child in 1481 (Arizona 4).It might have been his grammar school friend, Francesco, six years his senior, who introduced Michelangelo to the painter Director Giordano (â€Å"Michelangelo'). His father agreed to apprentice him at age thirteen. There he was exposed to the technique of fresco. Before his apprenticeship had completed, he stopped painting and took on sculptures (Summers 483). At the recommendation of Giordano, he moved into the palace of a great paint named, Florentine ruler Lorenz â€Å"the Magnificent† De Medici was influenced by Napoleonic thought.This was a fertile time for Michelangelo. His time with the Medici family was 1489 to 1492 (â€Å"Michelangelo'). After the Medici family lost power he began to travel. During his younger years he began to study anatomy (Summers 483). He studied under sculptor Bordello did Giovanni. He obtained permission from the church to study cadavers. These combined influences led to his distinctive style: muscular precision and reality combined with an almost lyrical beauty (â€Å"Michelangelo'). His earliest surviving sculpture is a small unfinished relief of a battle, done when he was sixteen.It shows the obvious influence of ancient Roman marble sculpture belonging to Lorenz Summers 483). He lived in Rome from 1496 to 1501. As a student in Rome he was called â€Å"Universal Genius† (â€Å"Michelangelo'). His drawing career lasted over seventy years, and he was able to change his style to fit the period of time (Michelangelo'). Michelangelo was able to do as many as three projects at a time. He was a great sculpture early in life, and then he learned how to draw and paint. Like most artists of his time he painted religious scenes.He was a Catholic and most of his drawings and painting resemble his beliefs in his artwork (â€Å"Michelang elo'). His first marked success was a life size statue of the Roman wine god Bacchus held in Rome. At age twenty-three, he carved a version of the traditional Pieta (â€Å"Michelangelo'). From 1508 through 1 512, Michelangelo time was occupied by The Sistine Chapel Ceiling. Michelangelo largest and most famous paint was that on the ceiling of the Sistine Chapel (Castle, pig. L). The Pope died in 1513, and then Michelangelo signed a contract with Julius to build a tomb, but it had to be finished within seven years.However, Michelangelo attention was not on the tomb exclusively. After Leo Ax's election Michelangelo was hired to refurbish the facade on the Papal Chapel in Castle Gentleman's, Rome. Between 1514 and 1521 he signed several contracts to sculpture and paint art. Another contract was signed with Julius to build a smaller Julian Monument, and it was drawn up in 1516. Many people think that Sultan's Tomb was not Michelangelo best work, but this only the media's idea about his work. Michelangelo was also a great painter. He produced a few easel paintings.His ambition was truly seen in his paintings (â€Å"Michelangelo'). Michelangelo was painting sutures early in the 16th century. During that time he was making some cartoons, but very few were published. â€Å"One of his cartoons, Battle of Casino, was highly influential, but the cartoon somehow disappeared†. The Sistine Ceiling is one of Michelangelo greatest paintings. It is probably his most well known piece of art. The Pope asked Michelangelo to redo the ceiling because the Pope thought that the gold background with blue stars were not powerful enough to be in the Sistine Chapel.Michelangelo had many drawings to pick from, but he decided to go with the helve Apostles design. Some of Michelangelo late work was also really good, such as The Last Judgment. Gigolo Dad Fabian didn't like Michelangelo, so he tried to destroy his reputation by saying that Michelangelo painting was no good, but accor ding to most, it was one of Michelangelo greatest paintings. He also painted the â€Å"Last Judgment† over the altar in the chapel. The â€Å"Last Judgment† took 6 years for him to finish, from 1535 and 1541 Michelangelo was also able to draw with the best of them.Most people use their drawing ability to get an education, but Michelangelo used raring as a way to express his feelings. Many of Michelangelo drawings became collector items during the sass's; many people didn't accept the drawings. Michelangelo gave his drawings as gifts during special holidays. During the 20th century many people started to accept his drawings. Michelangelo was also an architect. One great piece he did was for the Medici Family. It was a miniature model for Leo Ax's Chapel at Castle Sandstone's, Rome. It looked like Julius tomb, but it didn't have that much sculpturing work. The miniature model for Leo Ax's Chapel at Castle Sandstone's, Rome took him a long time to complete, because there were so many details which need to be perfectly placed†. Michelangelo was able to do so many things at once which influenced many people, and those people didn't realize how great Michelangelo art was until his death. Many people think Michelangelo was sent by God to paint, draw, and sculpture. Michelangelo became a very powerful person during his lifetime. He was great friends with most of the kings and queens in most of the countries (â€Å"Michelangelo').Michelangelo didn't leave any teaching notes or any of his followers. Michelangelo is one of the most talented artists ever, and he was one of the creators of the Roman High Renaissance with Leonardo dad Vinci. Michelangelo drawings, paintings, sculpturing, and architecture work is still very popular in today's society. Michelangelo will still be the most influential artist leading into the 21st century. Michelangelo was also a magnificent architect. In 1560, he designed a dome to cover a massive opening, on the Sistine Ch apel. They began to construct the dome that he had designed in 1560 (The Panorama, IPPP).

Panopticon essays

Panopticon essays Knowledge and power hand in hand, but whose hand is it? Regardless from where a person comes from, one is always under constant surveillance by someone in society, which in return affects everyone's individual actions and reactions. Foucault's Panopticism proves that our ideals we have gained from society do manipulate how we act and behave without realizing it. Our society's social factors and the knowledge we possess as a society can control one's action if one comprehends how power can control other individual's actions. Foucault's Panopticism created a prison that could achieve 100% observation by one overseer in a circular building to gain the knowledge of the prisoners and give the feeling of inferiority and powerlessness. Foucault believed "all that is needed, then, is to place a supervisor in a central tower and shut up in each cell a madman...they are so many cages, so many small theaters, in which each actor is alone, perfectly individualized and constantly visible" (319). The subject is never sure when and if they are being observed at all, leaving their ideals to self regulate and unconsciously become their own guardians. This surveillance objectifies the subjects in the cells, categorizes them and creates new social norms resulting from fear of being caught acting out of line. Foucault used the plague as a good example of how in everyday life the Panopticon's principles of power could come into effect if the norms of society were taken away and one power monitored your every action. He believed that the Panopticon and the plague were two of the same and yet different. One was an evil natural disaster while the other broke people down artificially for the sole purpose to gain power. Nevertheless, both resulted in a knowledge that controlled society and subjects that conformed to the government's new power almost instantly. The Panopticon was not only used as a form of punishment but also served as "a laborato...

JUNG Surname Meaning and Origin

JUNG Surname Meaning and Origin The Jung  surname means young, and was often used to distinguish the younger of two men with the same name, such as a son from a father or the younger of two cousins. It derives from the German word jung, from the Middle High German junc, meaning young. YOUNG is the English variant of the surname, while JAROS is found in Poland. According to Dictionary of American Family Names, Jung can also be a variant of the Chinese name Rong, or Korean name Chong. It is a common surname in both countries. Surname Origin: German, Chinese, Korean Alternate Surname Spellings:  JUNK, YUNG, YONG, YOUNG, YOUNGE, JAROS Where in the World is the JUNG Surname Found? The Jung surname is most common in Germany, according to WorldNames PublicProfiler, especially in the states of Saarland and Rheinland-Pfalz, followed by Hessen and  Thà ¼ringen. Other top regions for Jung include Alsace, France, and Grevenmacher, Luxembourg. Surname distribution maps at Forebears identify Jung as the 5th most common surname in South Korea, the 35th most common surname in North Korea, and the 39th most common surname in Germany. It is also the 10th most common last name in Thailand. Famous People with the Last Name JUNG Carl C.G. Jung - Swiss psychiatrist, founder of analytical psychologyChan Sung Jung - Korean MMA fighterRudolf Jung - instrumental force of Austrian National Socialism; member of the Nazi partyJohann Heinrich Jung - German author who wrote under the name Heinrich Stilling Genealogy Resources for the Surname JUNG How to Trace Your German AncestryLearn how to trace your German roots back to the old country and beyond, from gathering information on your family to locating your ancestors German hometown to accessing vital records, passenger records and church records in Germany. German Genealogy Databases and Online RecordsResearch your German family tree online in this collection of online German genealogy databases and records.   Jung Family Genealogy ForumSearch this popular genealogy forum for the Jung surname to find others who might be researching your ancestors, or post your own Jung query. FamilySearch - JUNG GenealogyExplore over 9 million historical records and lineage-linked family trees posted for the Jung surname and its variations on the free FamilySearch website, hosted by the Church of Jesus Christ of Latter-day Saints. The Jung Genealogy and Family Tree PageBrowse genealogy records and links to genealogical and historical records for individuals with the Jung last name from the website of Genealogy Today. References: Surname Meanings OriginsCottle, Basil. Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967.Menk, Lars. A Dictionary of German Jewish Surnames. Avotaynu, 2005.Beider, Alexander. A Dictionary of Jewish Surnames from Galicia. Avotaynu, 2004.Hanks, Patrick and Flavia Hodges. A Dictionary of Surnames. Oxford University Press, 1989.Hanks, Patrick. Dictionary of American Family Names. Oxford University Press, 2003.Smith, Elsdon C. American Surnames. Genealogical Publishing Company, 1997.

Health and Safety Executive Assignment Example | Topics and Well Written Essays - 1250 words - 1

Health and Safety Executive - Assignment Example The passers-by who use the main road are also in danger. The cattle and sheep may be potentially exposed to serious peril if the chamber suddenly explodes. (c.) Evaluation of Risks: Due to the impending peril of a potential explosion of the chamber brought about by the cracks, it is best that immediate remedy shall be effected swiftly. The toxic pollutants found in the sewer system can cause a critical threat to public health. In the event that it explodes, the water system shall be affected which can harm the community that uses the sewer system. (d.) Implementation: A simple solution to fix the cracks by applying a sealant to the cracked edges is just a temporary relief. There is a need to upgrade the sewer system management plan. In order to prevent sewer overflows, it suggested that some guideline should be followed: 5. Verify the wastewater collection system has adequate capacity to convey sewage during peak flows". Details on how to achieve a sewer system management plan can be found on this website http://www.ci.san-Luis-obispo.ca.us/utilities/download/ssmpgoal.pdf. (e.) Review of Assessment : The grave problem must be acted upon immediately. There is no need to wait for the operation to take place in June. The sewer system issue must be resolved in the soonest possible time as many people shall be exposed to the danger of spreading diseases and toxic pollutants in the water system which can be caused by a broken subterranean chamber of the sewer system. (a.) Hazards: The maintenance and upkeep of growing trees, grasses and hedgerows along highway and in the vicinity of a junior school in the suburbs of a small town has become a refuge of drug traders living in the area. The possible menace that the drug dealers can cause to the innocent children, the people who reside in the community, and the motorists who traverse the highway, should be prevented. (b.) Who may be harmed: The safety and well-being of the students attending the junior school and the entire school community are in jeopardy for they may encounter misfortune with the members of the drug syndicate.  Ã‚  

Strategic Analysis of the Continental Airlines Case Study

Strategic Analysis of the Continental Airlines - Case Study Example This also means strengthening the airline's alliances and enhancing efficiency through the elimination of non-value adding processes in the value chain. Fund the future, on the other hand, encompasses the company's quest in ensuring its future growth by the reduction of interest expense, improving fleet plan, and developing hub real estate (Continental Airlines Company Profile 2008). The third component of the Go Forward Plan emphasizes the importance of customer satisfaction in CAL's success. Thus, in intends to position itself as a top player in terms of four DOT measurements namely, "on-time arrivals, baggage handling, complaints, and involuntary denied boardings" (Continental Airlines Company Profile 2008). This also means continue to project a responsible company image and improving its core product. Lastly, working together looks at CAL's relationship with its employees. Recognizing the importance of its staff in the realization of its strategic goals, the company's management spearheads in creating a fun environment to work, offer fair remuneration, and treat staff with dignity and respect. CAL is organized according to the different functional areas in the business organization. ... All of these business units are led by senior vice presidents who oversee operations and provide the much needed guidance and leadership. Recognizing the international operation of the CAL, it also opted to divide its operation according to geographic location. Thus, it also assigned vice presidents who take charge in the Newark, Houston, Cleveland, Asia Pacific, and Europe hubs. In order to facilitate efficiency in decision making, the headquarter assigns a certain level of autonomy to the leaders in these regions yet CAL can still be referred to as a highly centralized business organization noting the dependence of its satellite offices to the main office (Continental Airlines Company Profile 2008). Organizational Culture With the Go Forward Plan as its blueprint for success, CAL communicates its culture of excellence through its commitment in taking care of its financial health, future growth, employee relations, and customer satisfaction. These are the core values that the company utilizes in order to become successful in its operation. In addition, CAL also highlights its culture of environmentalism, community service, and diversity. The company promotes its corporate social responsibility through programs which enhances sustainable development through its carbon offset program, use of electric powered rather than fossil fueled ground equipment, and designing more environmental friendly infrastructure to support its operation. Though it limits its donation on in kind basis, CAL is seen to contribute to the community service. Lastly, the company honors diversity noting that individual differences in workforce should be honored. Management Style and Philosophy The management style and philosophy applied by

Writing a Business Plan Essay Example | Topics and Well Written Essays - 250 words

Writing a Business Plan - Essay Example The cell phones will be widely used by all members and for all purposes of communication as they will have been tested by the relevant authorities to ensure that they do not pose health problems to the users. The plan of starting up a cell phone recycling company was occasioned by the recent developments reported by the United Nations with regards to endangered species in various parts of the world caused by human activities conducted to encourage the production of cell phones. The cell phones produced by the company will cater for average citizens who spend heavily in purchasing phones yearly. The cell phones will tremendously help them to cut their expenses in purchasing phones while at the same time conserving the environment. Secondly, the cell phones will also cater for underprivileged individuals as they will obtain them at an affordable cost The main competitors will be other companies dealing in the same line of cell phone recycling. However, the company will have a competitive advantage over them because of highly trained staffs, more financial incentives and providing customers with a means of mailing or transporting their used cell phones and electronics within the company’s premises free of charge. The cell phones will be extremely effective as they will have the latest technology updates. The shape of the design will be different from those of existing cell phones to give it uniqueness over other phones. The cell phones will also be developed within months and will be launched in the markets in six months time by a team of highly trained engineers with a specialty in different fields. The main source of revenue for the company will be from the sales of the cell phones. It will also involve the donations given to the company by Non-governmental organizations and other well wishers keen on conserving the environment. The prices for the cell phone will be cheaper compared

Effects of Central Bank Independence on Inflation Rates

Effects of Central Bank Independence on Inflation Rates Abstract This paper analyses and explains the effects of central bank independence on a countrys inflation rates and its economic performance thereafter. It deals with the benefits believed to come along with independence and the delegation of monetary policy to the central bank, the determinants and accuracy of the index of central bank independence (CBI), and the different impact that CBI has on developed and developing countries. The studies and test conducted have shown that CBI lowers inflation in developed countries but in developing countries it might have the reverse effects, mainly due to the degree of independence, and factors like traditions, the law, and the statue of the economy which vary across countries. 1. Introduction This paper intends to study the relationship between central bank independence (CBI) and inflation levels among different countries; developing and industrialized. The main research problem that I intend to examine is whether central bank independence can lower the inflation rates of the countries that grant independence to their central banks, and whether this can lead to improved economic performance. What is discussed in this paper is not only whether central bank independence (CBI) can lower inflation and hence inflation variability, but also whether this can be achieved at low cost. The economies presented in the study include both those of the developed countries, e.g. the U.K., as well as those in transition e.g. Russia that have recently gained entrance in the EU. In this paper I analyze the impact of CBI on inflation, the benefits that are believed to come along with CBI and the factors used in measuring CBI. You will see that CBI can have different forms of measurement that produce slightly different results, hence the effectiveness of the CBI index is also analyzed. The reason for choosing this topic for further study is simply because during the past two decades there has been a considerable move towards central bank independence across several countries, with the belief that this will improve their inflation levels and thus contribute to economic growth. However, as you will see further on, this is not always the case, as some studies have revealed contradicting results, and economists and academics continue their studies to get a clerer picture of this issue. 2. The Spread of CBI and The Reasons for It To begin with, it is amazing how fast CBI has spread among countries and governments since the late 1980s. One simple explanation of this spread is A.Alesinas (1988; 845) statement: independent central banks have been associated with a lower average inflation rate and may have been responsible for reducing politically induced volatility of monetary policy and inflation 2.1 Should a central bank become independent? Folder (2005) explains that CBI was adopted to avoid possible disputes between political parties as a central bank is seen as a provider of information. Many economists have expressed their opinion on the spread of CBI; others have linked it to a way of avoiding the blame of political failure by some governmental parties (Miller, G. 1998, White 1994). Others have linked it to the infrequent changes of the government (de Haan and vant Hag, 1995). That is, central bank independence in many cases was adopted after periods of high inflation in order to reduce it, due to the inflation targeting function a central bank is capable of pursuing. It can also be associated with the attraction of foreign investment and hence economic growth as a consequence of the targets set and the autonomy with which the bank can then operate (Maxfield, 1997). In countries within the European Union, CBI is a perquisite following the Maastricht Treaty (1992) for adopting the euro currency. Overall and according to Folder (2005), independence has always been related to the adoption of anti-inflationary measures for pursuing monetary policy, but its explanation lies within the sociology of the financial elites and the politics legitimizing their policy preferences. The reasons behind achieving price stability through gaining central bank independence, Cukierman (1996) explains are several and include; the breakdown of other institutions like the European Monetary System (EMS) that had been responsible for maintaining price stability which is considered as the single and most significant objective of a central bank. Ilieva and Gregoriou (2005) suggest that in transition economies central bank independence has increased mainly due to the desire of such countries like e.g. Czech Republic, Poland, Romania, etc., to join the European Union and the acquis communautaire that applicant countries should adopt. As they continue to reason the addiction to CBI, they add that another incentive for CBI is the international financial institutions such as the IMF (International Monetary Fund) that require certain criteria to be met before making unconditional loans, and these criteria are feasibly met with the help of CBI. Also, countries are attracted to CBI as this will attract potential investors by improving the nations creditworthiness. Cukierman, A. (1996) analyses developments since the late 1980s to the legal independence of central banks and to its meaning; the measurement of CBI, the interaction of central banks with the government, its effect on the economy, its determinants, etc According to Cukierman, the trend towards CBI is due to a quest for price stability which is due to the following two reasons: First, following the stagflation of the seventies and the adverse economic performance of some high inflation countries, in Latin America and elsewhere, conventional wisdom concerning inflation and real growth has changed. Whereas during the sixties the accepted view was in line with Keynesian dogma, that some inflation is good for growth, during the eighties and nineties became that inflation and the associate uncertainties retard growth. (1996; 3) The good economic performance of Japan and Germany, countries with already low inflation added more value to the above concept. Second, the rapid growth and internationalization of capital markets raised the importance of price stability as governments and private investors sought to enhance their access to broadening world financial markets. (1996; 3) 2.2 Types of Central Bank Independence Independence with regards to central banking can be categorized into different groups, depending on the degree of freedom and the subject from which the central bank becomes independent. The major types of independence are; Legal independence, where the bank is partly accountable to the government and legislation provides a framework within which the central bank and the government cooperate on certain issues. This form of independence varies significantly among countries as it depends on how strong in the law in each country and the degree to which it is followed. However, the degree of legal independence, namely LVAW, as it will be shown below, has been used by many as a major index of measuring the degree of CBI. Goal independence refers to the case where the central bank is allowed to set its own goals, e.g. price stability, money supply, inflation targeting. However in most cases under this type of independence, the bank will decide on its goals with the confirmation of the relevant governmental departments. In this way, goal independence helps avoiding conflicts among fiscal and monetary policies, and increases the level of transparency and credibility of the central bank over its goals. Operational independence is the most common form of independence and is followed by many central banks around the world, for instance, the Bank of England since 1997. It involves the government setting the banks goals e.g. a 2% level of inflation, but the central bank being free to choose the instruments e.g. interest rates, to meet the targets set by the government. Another form of independence is managerial independence, by which the central bank has the power of appointing its own stuff, set its budget, etc. This form is a necessity for the existence of the other abovementioned forms of central bank independence and is therefore granted to all central banks that can call themselves independent. 2.3 The case for central bank independence There is a huge surge towards central bank independence by both the public and the governments, in the belief that independent central banks will not only achieve low inflation rates and price stability, but will subsequently lead to long-term economic growth and development. However CBI is an issue that needs further research before determining whether it should be adopted by all countries. This depends on the economic state of the country, whether it is a developed or a developing country or even on the demand of autonomy by the political parties within the country since by granting independence the government must pass to the bank the responsibilities of e.g. controlling the interest rates, etc. over which it used to have the power. Another issue that needs to be examined before granting independence to a central bank is the political stability and the degree of uncertainty within the country. This is because in times of uncertainty and instabilities, e.g. prior to elections, the public favours CBI as an independent central bank is more objective in its role and always forward looking without ignoring the long-term effects of its decisions. The majority of the parties affected by the actions of an independent central bank, i.e. the government as well as the general public are attracted by CBI because of the greater accountability and transparency the bank is equipped with when adopting a greater degree of autonomy. Moreover, it is expected to bring lower levels of inflation and this is the main reason why people welcome CBI and the number of central banks becoming independent has been increasing over the years. The main reason behind this expectation is because a central bank generally acts in favor of the public and in addition to the fact that it becomes free from the government and any political pressures, it is in a position to avoid short-term temptations regarding low interest rates which the government usually uses prior to electoral periods, for the sake of long-term low inflation and price stability, which in combination with other exogenous factors can result in economic growth. Moreover, when a central bank gains its independence through institutional reform it becomes capable of appointing its own governor thus it moves away from political interference, and can also set an explicit inflation target. Additionally and as Carlstrom, T.C. and Fuerst, S.T. (2006) explain independence helps a central bank in constraining the behavior of fiscal authorities. That is, it can prevent people and especially the government following fiscal policy from acting in their short-term best interests, recognizing that any actions taken in the short-term e.g. lowering the interest rates to attract investments, may become undesirable in the long-term, e.g. rising inflation levels as with higher demand from low interest rates, the prices will likely increase. In this way, CBI also prevents the fiscal authorities from inflating the short-term for delivering e.g. favorable exchange rates. Hence, monetary policy can run in a more credible way and following the targets set, markets w ill know what to expect thus shocks will be limited. However an independent central bank is also likely in extreme cases to bring so low levels of inflation that can be harmful to the economy. According to Epstein, G. (2007), the 3.5% drop in inflation levels by countries adopting an inflation-targeting monetary policy (IMF, 2006) is questionable as to whether this decline will improve economic growth. Explicitly, if the inflation level of a country is already low and the central bank adopts an inflation-targeting monetary policy then the resulting lower inflation level might prove dangerous to the economy by generating economic cycles. Cukierman (1996) has developed two separate approaches for reasoning the urge towards central bank independence and explaining the benefits that can be enjoyed from independence. These include; the theoretical approach according to which in the short-run monetary policy can be conducted in such a way that it allows for some inflation so that it can achieve employment, high economic activity and low interest rates. Hence, policy makers can expect some degree of inflation which they will present in the form of nominal wage and capital market contracts. In this way however, policy makers will have to keep inflation at a level that would balance the real equilibrium if they had been committed to zero-inflation. As a result of this discretionary use of monetary policy, this is subject to inflationary bias, and this bias can only be minimised if monetary policy is delegated to an independent central bank because only this institution is free to choose how to operate monetary policy and takes interest mostly if not only to price stability. And the empirical approach by which the case of CBI lies on empirical evidence showing that countries with an independent central bank have lower inflation rates and higher growth rates per capita output. An example of such a country is New Zealand: 2.3.1 The case of New Zealand New Zealand is a country whose central bank managed to drop the inflation level after being granted with greater independence. The Reserve Bank of New Zealand was granted independence in 1989 following the Reserve Bank of New Zealand Act of 1989 and had therefore established an explicit inflation target. The result was to reduce inflation levels from 7.6% during the years 1955-1988 from when the reserve bank was not independent, down to just 2.7%, after becoming independent, during the period 1989-2000. The latter rate is now considered one of the lowest among industrialized countries. It is obvious that among all OPEC countries, the central bank of New Zealand managed to achieve the lowest inflation rate, especially during the 1990s. What happened during the period of the inflation reduction was that the reserve bank of New Zealand went through a reform that resulted in it being granted with independence and a greater degree of autonomy, leading to low inflation. Specifically, prior to 1989 it used to be an arm of the government. Monetary policy used to be subject to the ministry of finance and therefore the government. As a result, the level of independence was one of the lowest among industrialized countries, while the level of inflation was of the highest. Even then, the relationship between central bank independence was negative, even though the results were the reverse of what is considered optimum, i.e. greater independence, lower inflation. In 1989, the Reserve Bank of New Zealand Act was passed by law. This act codifies inflation targeting and gives more autonomy to the countrys central bank in order to meet its objectives. According to the Act the central banks primary function is: to formulate and implement monetary policy directed to the economic objective of achieving and maintaining stability in the general level of prices. (Reserve Bank of New Zealand Act, 1989 as quoted in Carlstrom T.C. and Fuerst, S.T., 2006, p.3). The impact of the Act on New Zealands economy and specifically the Reserve Banks autonomy can be seen in figure 2 below, which compares the degree of independence across different time periods and among different countries. The findings of the New Zealand case show that if the country had adopted independence earlier then its average inflation rate would be 3.4% rather than 7.6% that it actually used to be, assuming all other things being equal. Following this assumption, CBI itself would be sufficient to reduce worldwide inflation levels from 5.6% down to 3.8%. Despite the considerable drop in New Zealands inflation rate it is still questionable whether this drop was caused solely by CBI, and it is difficult, if not impossible, to quantify by how much the inflation reduction was due to CBI. Firm conclusions cannot be made yet since the data used in this case is of limited sample size and comparisons would therefore be insufficient. What is true is that the relationship between CBI and inflation is similar across time. Any changes to the strength of this relationship are mostly due to macroeconomic and other factors such as the state of the economy, the state of the government, e.g. democracy, etc. and others that will be explained later in this paper. 3. Measuring Central Bank Independence The degree of CBI for each central bank varies according to the state of each country and to compliance with the law. As Cukierman explains, in developing countries where compliance with the law is poor, a suitable proxy for CBI would be the turnover of central bank governors, whereas in industrialised countries such a proxy would be legal independence. Generally, when the appropriate index of independence is used, the results indicate an inverse relationship between CBI and inflation. However, care should be taken not to mistake legal independence with actual independence, as legal independence is necessary but does not guarantee actual independence; legal independence is a necessary, but not a sufficient condition for a truly independent CB. (Cukierman, A., 2001; 7). Exceptions exist, like developed countries, where legal independence seems to be a good proxy because law is highly complied. For a clearer picture of the effectiveness of CBI on the economy, it is preferred that some variables that make up the CBI index are used in combination, or that some indices are used only for a specific purpose. For instance, legal independence is a good proxy for actual independence in developed countries rather than in developing ones. 3.1 The Cukierman Index of CBI The method that will be used the most in this paper to measure the degree of central bank independence and its relationship with inflation will be Cukierman Index (1992), the most widely accepted and used index for this purpose. Initially, the exact definition of the Cukierman Index according to Siklos, P. (1992; 65) is: An indicator of the degree of autonomy enjoyed by several central banks. Cukierman Index to demonstrate graphically the measures of CBI and inflation during two different decades, namely the 1980s and the 1990s: As can be seen in the above graphs during the 1980s even though CBI was not common across countries, there was a negative relationship between CBI and inflation level. This means that the greater the level of independence of a central bank, the lower the level of inflation within the particular country. It is thus obvious that the correlation between CBI and inflation is negative, whereas the errors overall are not fitted closely on the regression line. We should note however that the decade of 1980s was before central banks especially those within industrialized countries underwent major reforms in their statutes which then allowed them a greater degree of autonomy. During the 1990s as Siklos, P. (2002) explains, most central banks went through a reform, as there was a trend towards CBI. As a result the overall degree of CBI increased and all index values were revised upwards, the government granting more autonomy to central banks, in the belief that greater independence would just be adequate for lowering the level of inflation. However, the relationship between CBI and inflation during the 1990s turned out to be the reverse of that of the previous decade. That is, the correlation between CBI-inflation now became weaker but positive since the regression line on the scatter gram in figure 3b has an upward slope, meaning that inflation increases with the degree of independence. It is hard to explain what was wrong with the findings of the 1990s that caused the correlation to be positive, however one might argue that CBI increased for all countries during the 1990s and so it also reflects the inflation performance of the previous decade, although the more independent central banks have delivered lower inflation levels in the 1980s. Furthermore, the Cukierman Index used is believed to contain some inaccuracies concerning the measurements of the degree on independence and thereafter the relationship of that with inflation because it was extended from the 1980s towards the 1990s in a different way than the one initially specified. For this reason more tests will be carried out to explain and compare the effectiveness of measuring CBI using the Cukierman Index in contrast to other indices developed for the same purpose, for instance Alesina and Summers Index. The Cukierman Index will also be used to test the effect of CBI on inflation in transition economies, based on Ilieva and Gregoriou (2005) paper regarding inflation performance, i.e. average inflation and inflation variance, and CBI in transition economies during the period 1991-2003. 3.2 The determinants of the CBI index The degree of independence varies across countries. This is not only due to factors such as the type of independence of each bank, although the most common is operational independence, the degree of law compliance in each country, and tradition, but some other systematic factors as well. Such factors are described and categorized by Cukierman, who presents some hypotheses on these factors: Hypotheses about the determinants of CBI Initially, it is widely accepted that any form of inflationary bias raises the independence of central banks to the degree that politicians wish to grant to the CB. The main idea behind this concept is that the benefits of delegating monetary policy to an independent central bank will be higher when inflation bias is higher in instances of e.g. employment reaction to inflation shocks. This delegation according to Cukierman helps in preventing the competing political party from taking on activities not favoured by the government. Secondly, Cukierman et al (1992, 2001) make the hypothesis that: the wider are the financial markets and the more elastic the supply of funds to government with respect to the interest rate, the more likely is the CB to be independent. (2001; 19). Additionally, Maxfield (1995) supports that political authorities favour CBI where there is need for funds. When this need is high as he explains, the government delegates more authority to the central bank in order to signal the nations creditworthiness. Finally, the cases of countries that have experienced extremely high levels of inflation in the past, like Germany, Austria, and Brazil, show that such countries are more likely to delegate independence to a central bank so that politicians do not interfere with monetary policy. 3.3 The measurement of the CBI Index Due to the widespread concept that the degree of independence of a nations central bank plays a crucial role upon the policy actions and inflation, Cukierman (1992) presents an analysis of the effects of CBI on inflation and provides various indicators of CBI. However, as he explains, the degree of CBI is determined by several factors from legal to cultural some of which are difficult to measure and quantify, therefore the impact of CBI on inflation varies among countries and there is a certain degree of uncertainty about the level of CBI. As a result, the measurement and the creation of an index of CBI have been based on legal independence, as the degree of CBI also depends on the degree of independence granted to the bank by the law. Despite the variations in the degree of CBI, it can be deduced that a low degree of CBI is linked with higher levels of inflation and inflation variability, while the level of credibility of a central bank with a low degree of CBI will be lower. Cukierman presents three different sets of indicators of CBI; a proxy for legal independence and proxies for the deviations of actual from legal independence. Independence measured under these proxies is limited specifically to the Central banks ability to meet a single objective; price stability. The reason for using several proxies in measuring CBI is because each proxy is a noisy indicator that captures a somewhat different aspect of CB independence (Cukierman, 1992; 370), so using a combination of them reduces this noisiness of the overall measure 3.3.1 Measuring and Coding Legal Central Bank Independence Using a proxy of legal independence is vital in making comparisons with previous studies on the impact of CBI on economic issues because all existing attempts on the features of an independent central bank rely on the banks legal independence. Cukierman presents the indices of legal aspects of CBI by separating into four groups the variables which make for a legally independent central bank. These groups are: Chief executive officer: CEO Policy formulation: PF Final Objectives: OBJ Limitations on lending: LLand codes them by the degree of independence of each group for the central bank of each of the countries included in the study. The main assumptions made are; the central banks whose single objective is price stability are considered to be more independent, so are central banks with stricter limitations on lending from the CB. The coding involves sixteen different variables in a scale from 0 (least independence) to 1 (maximum independence), during the time period 1950-1989, separated into four different decades. Due to the narrow definition of each of the variables used and the consequent lack of precision and multicollinearity problems that may arise, these variables are aggregated into eight legal variables by just calculating the unweighted mean of the codings used. Furthermore, it is necessary to have an additional single index of legal independence for each country to assess the aggregate legal independence of the CB. This index can have two alternatives, the LVAU and the LVAW, that are computed by calculating the average of the codings of the first eight variables as described above. Table 1 in Appendix A shows the ranking of the countries according to the legal independence of their central banks as measured by the LVAU during the eighties decade. The LVAW would also give a similar picture. Looking at the table of results one can see that among the seven most highly-ranked countries four are developed (Switzerland, West Germany, Austria and U.S.), while among the seven least-ranked countries four are less developed (Morocco, Panama, Yugoslavia and Poland). Generally, the top 10% of the rankings is comprised of developed countries, whereas the bottom 10% is concentrated with less developed countries. One should also note that there had been no hyperinflation experienced by developed countries during the 1980s, while some of the Latin America countries have, e.g. Brazil and Bolivia with a rate of 230%. This according to Cukierman may suggest that legal CBI may be neither necessary nor sufficient for low inflation. (1992; 382). 3.3.2 The turnover rate of Central Bank governors as a proxy for actual independence As already explained, the legal status of the central bank is just one of the several determinants of actual CBI. There is no clear systematic indicator of actual CBI, but Cukierman (1992) presents two sets of such indicators. One is based on the actual turnover rate of the central banks governor, and the other is based on the answers given to a questionnaire on CBI. Table 2 in Appendix B shows the CB governors turnover rates for the period 1980-1989. It is assumed that the lower the turnover rate the higher the degree of actual independence. Although the results are chronologically old, it is obvious that turnover rates in less developed countries occupy a range that has never been experienced by developed countries. It is indicative that more than half of the less developed countries have a turnover rate higher than the maximum of the rate of developed countries. It is clear that less developed countries experience higher inflation rates, on the grounds of lower actual CBI. On the other hand, low turnover does not necessarily imply a high level of CB independence on the grounds that a relatively subservient governor will tend to stay in office longer than a governor who stands up to the executive branch. (Cukierman, 1992; 385) Critically assessing the results, since the maximum turnover rate for developed countries is 0.2 (.e. five years) suggests that the turnover proxy may not be effective proxies for actual CBI for the sample of developed countries, whereas this proxy can be considered indicative for the sample of developing countries since these have turnover rates exceeding 0.2. 3.3.3 Central Bank Independence from answers to a questionnaire Another aspect of characterizing CBI is the questionnaire. Under this method, answers were obtained from qualified central bankers from twenty-four countries during the period 1980-1989. The main questions asked covered the issues of; legal independence, final monetary policy objectives, monetary policy instruments, actual independence and its divergence from the law and intermediate targets and their indicators. In coding the variables of the questionnaire, the bank is assumed to be more independent, all other things being equal, if the following hold; the term of office of the CB governor is longer than that of the government, limitations exist on lending from the CB which the government is in no position of altering, and in cases where stock targets exist because these mean that the CB is more free to meet its price stability target. Table 3 in Appendix C shows the ranking of central banks by aggregate indices of independence according to questionnaire responses. The aggregate indices of QVAU and QVAW reflect the law and the way it is implemented in practice respectively, as well as important information about actual independence, and are very similar (à ?=0.99). The rankings agree to earlier studies that central banks of developed countries are more independent. However, the median of QVAU for developed countries, that is 0.6 for Britain and Lebanon, is greater than the median for less developed countries, that is 0.49 for Uruguay, and this contradicts the above findings for legal independence using the LVAU. When measuring the degree of CBI it should be taken into account that the measures used above fail to quantify all the aspects of CBI as some are difficult to quantify. Such aspects are the quality of the banks research department and its standing in comparison to other economic research institutions within the public sector (Cukierman, 1992). Independence is generally higher in countries with highly-developed financial markets according to Cukierman because the supervision of financial institutions is under the authority of the CB, so the larger the market the more wide the span of the CBs authority. 4. Central Bank Independence and Inflation Targeting In this section the impact of central bank independence on inflation, inflation variability and the economy overall is analyzed using a model to test whether CBI can actually lower inflation, and comparing the effects of CBI by using both the Cukierman and the Alesina indices of CBI. Additionally, the costs of achieving lower inflation through central bank independence are also explained. MacCallum, B. (1995) believes that it is strong will that is necessary for proper policy behaviour by central banks, not rules and regulations. A policy maker, i.e. a central banker in this case should act immediately to an inflation shock to restore the problem without letting any sp Effects of Central Bank Independence on Inflation Rates Effects of Central Bank Independence on Inflation Rates Abstract This paper analyses and explains the effects of central bank independence on a countrys inflation rates and its economic performance thereafter. It deals with the benefits believed to come along with independence and the delegation of monetary policy to the central bank, the determinants and accuracy of the index of central bank independence (CBI), and the different impact that CBI has on developed and developing countries. The studies and test conducted have shown that CBI lowers inflation in developed countries but in developing countries it might have the reverse effects, mainly due to the degree of independence, and factors like traditions, the law, and the statue of the economy which vary across countries. 1. Introduction This paper intends to study the relationship between central bank independence (CBI) and inflation levels among different countries; developing and industrialized. The main research problem that I intend to examine is whether central bank independence can lower the inflation rates of the countries that grant independence to their central banks, and whether this can lead to improved economic performance. What is discussed in this paper is not only whether central bank independence (CBI) can lower inflation and hence inflation variability, but also whether this can be achieved at low cost. The economies presented in the study include both those of the developed countries, e.g. the U.K., as well as those in transition e.g. Russia that have recently gained entrance in the EU. In this paper I analyze the impact of CBI on inflation, the benefits that are believed to come along with CBI and the factors used in measuring CBI. You will see that CBI can have different forms of measurement that produce slightly different results, hence the effectiveness of the CBI index is also analyzed. The reason for choosing this topic for further study is simply because during the past two decades there has been a considerable move towards central bank independence across several countries, with the belief that this will improve their inflation levels and thus contribute to economic growth. However, as you will see further on, this is not always the case, as some studies have revealed contradicting results, and economists and academics continue their studies to get a clerer picture of this issue. 2. The Spread of CBI and The Reasons for It To begin with, it is amazing how fast CBI has spread among countries and governments since the late 1980s. One simple explanation of this spread is A.Alesinas (1988; 845) statement: independent central banks have been associated with a lower average inflation rate and may have been responsible for reducing politically induced volatility of monetary policy and inflation 2.1 Should a central bank become independent? Folder (2005) explains that CBI was adopted to avoid possible disputes between political parties as a central bank is seen as a provider of information. Many economists have expressed their opinion on the spread of CBI; others have linked it to a way of avoiding the blame of political failure by some governmental parties (Miller, G. 1998, White 1994). Others have linked it to the infrequent changes of the government (de Haan and vant Hag, 1995). That is, central bank independence in many cases was adopted after periods of high inflation in order to reduce it, due to the inflation targeting function a central bank is capable of pursuing. It can also be associated with the attraction of foreign investment and hence economic growth as a consequence of the targets set and the autonomy with which the bank can then operate (Maxfield, 1997). In countries within the European Union, CBI is a perquisite following the Maastricht Treaty (1992) for adopting the euro currency. Overall and according to Folder (2005), independence has always been related to the adoption of anti-inflationary measures for pursuing monetary policy, but its explanation lies within the sociology of the financial elites and the politics legitimizing their policy preferences. The reasons behind achieving price stability through gaining central bank independence, Cukierman (1996) explains are several and include; the breakdown of other institutions like the European Monetary System (EMS) that had been responsible for maintaining price stability which is considered as the single and most significant objective of a central bank. Ilieva and Gregoriou (2005) suggest that in transition economies central bank independence has increased mainly due to the desire of such countries like e.g. Czech Republic, Poland, Romania, etc., to join the European Union and the acquis communautaire that applicant countries should adopt. As they continue to reason the addiction to CBI, they add that another incentive for CBI is the international financial institutions such as the IMF (International Monetary Fund) that require certain criteria to be met before making unconditional loans, and these criteria are feasibly met with the help of CBI. Also, countries are attracted to CBI as this will attract potential investors by improving the nations creditworthiness. Cukierman, A. (1996) analyses developments since the late 1980s to the legal independence of central banks and to its meaning; the measurement of CBI, the interaction of central banks with the government, its effect on the economy, its determinants, etc According to Cukierman, the trend towards CBI is due to a quest for price stability which is due to the following two reasons: First, following the stagflation of the seventies and the adverse economic performance of some high inflation countries, in Latin America and elsewhere, conventional wisdom concerning inflation and real growth has changed. Whereas during the sixties the accepted view was in line with Keynesian dogma, that some inflation is good for growth, during the eighties and nineties became that inflation and the associate uncertainties retard growth. (1996; 3) The good economic performance of Japan and Germany, countries with already low inflation added more value to the above concept. Second, the rapid growth and internationalization of capital markets raised the importance of price stability as governments and private investors sought to enhance their access to broadening world financial markets. (1996; 3) 2.2 Types of Central Bank Independence Independence with regards to central banking can be categorized into different groups, depending on the degree of freedom and the subject from which the central bank becomes independent. The major types of independence are; Legal independence, where the bank is partly accountable to the government and legislation provides a framework within which the central bank and the government cooperate on certain issues. This form of independence varies significantly among countries as it depends on how strong in the law in each country and the degree to which it is followed. However, the degree of legal independence, namely LVAW, as it will be shown below, has been used by many as a major index of measuring the degree of CBI. Goal independence refers to the case where the central bank is allowed to set its own goals, e.g. price stability, money supply, inflation targeting. However in most cases under this type of independence, the bank will decide on its goals with the confirmation of the relevant governmental departments. In this way, goal independence helps avoiding conflicts among fiscal and monetary policies, and increases the level of transparency and credibility of the central bank over its goals. Operational independence is the most common form of independence and is followed by many central banks around the world, for instance, the Bank of England since 1997. It involves the government setting the banks goals e.g. a 2% level of inflation, but the central bank being free to choose the instruments e.g. interest rates, to meet the targets set by the government. Another form of independence is managerial independence, by which the central bank has the power of appointing its own stuff, set its budget, etc. This form is a necessity for the existence of the other abovementioned forms of central bank independence and is therefore granted to all central banks that can call themselves independent. 2.3 The case for central bank independence There is a huge surge towards central bank independence by both the public and the governments, in the belief that independent central banks will not only achieve low inflation rates and price stability, but will subsequently lead to long-term economic growth and development. However CBI is an issue that needs further research before determining whether it should be adopted by all countries. This depends on the economic state of the country, whether it is a developed or a developing country or even on the demand of autonomy by the political parties within the country since by granting independence the government must pass to the bank the responsibilities of e.g. controlling the interest rates, etc. over which it used to have the power. Another issue that needs to be examined before granting independence to a central bank is the political stability and the degree of uncertainty within the country. This is because in times of uncertainty and instabilities, e.g. prior to elections, the public favours CBI as an independent central bank is more objective in its role and always forward looking without ignoring the long-term effects of its decisions. The majority of the parties affected by the actions of an independent central bank, i.e. the government as well as the general public are attracted by CBI because of the greater accountability and transparency the bank is equipped with when adopting a greater degree of autonomy. Moreover, it is expected to bring lower levels of inflation and this is the main reason why people welcome CBI and the number of central banks becoming independent has been increasing over the years. The main reason behind this expectation is because a central bank generally acts in favor of the public and in addition to the fact that it becomes free from the government and any political pressures, it is in a position to avoid short-term temptations regarding low interest rates which the government usually uses prior to electoral periods, for the sake of long-term low inflation and price stability, which in combination with other exogenous factors can result in economic growth. Moreover, when a central bank gains its independence through institutional reform it becomes capable of appointing its own governor thus it moves away from political interference, and can also set an explicit inflation target. Additionally and as Carlstrom, T.C. and Fuerst, S.T. (2006) explain independence helps a central bank in constraining the behavior of fiscal authorities. That is, it can prevent people and especially the government following fiscal policy from acting in their short-term best interests, recognizing that any actions taken in the short-term e.g. lowering the interest rates to attract investments, may become undesirable in the long-term, e.g. rising inflation levels as with higher demand from low interest rates, the prices will likely increase. In this way, CBI also prevents the fiscal authorities from inflating the short-term for delivering e.g. favorable exchange rates. Hence, monetary policy can run in a more credible way and following the targets set, markets w ill know what to expect thus shocks will be limited. However an independent central bank is also likely in extreme cases to bring so low levels of inflation that can be harmful to the economy. According to Epstein, G. (2007), the 3.5% drop in inflation levels by countries adopting an inflation-targeting monetary policy (IMF, 2006) is questionable as to whether this decline will improve economic growth. Explicitly, if the inflation level of a country is already low and the central bank adopts an inflation-targeting monetary policy then the resulting lower inflation level might prove dangerous to the economy by generating economic cycles. Cukierman (1996) has developed two separate approaches for reasoning the urge towards central bank independence and explaining the benefits that can be enjoyed from independence. These include; the theoretical approach according to which in the short-run monetary policy can be conducted in such a way that it allows for some inflation so that it can achieve employment, high economic activity and low interest rates. Hence, policy makers can expect some degree of inflation which they will present in the form of nominal wage and capital market contracts. In this way however, policy makers will have to keep inflation at a level that would balance the real equilibrium if they had been committed to zero-inflation. As a result of this discretionary use of monetary policy, this is subject to inflationary bias, and this bias can only be minimised if monetary policy is delegated to an independent central bank because only this institution is free to choose how to operate monetary policy and takes interest mostly if not only to price stability. And the empirical approach by which the case of CBI lies on empirical evidence showing that countries with an independent central bank have lower inflation rates and higher growth rates per capita output. An example of such a country is New Zealand: 2.3.1 The case of New Zealand New Zealand is a country whose central bank managed to drop the inflation level after being granted with greater independence. The Reserve Bank of New Zealand was granted independence in 1989 following the Reserve Bank of New Zealand Act of 1989 and had therefore established an explicit inflation target. The result was to reduce inflation levels from 7.6% during the years 1955-1988 from when the reserve bank was not independent, down to just 2.7%, after becoming independent, during the period 1989-2000. The latter rate is now considered one of the lowest among industrialized countries. It is obvious that among all OPEC countries, the central bank of New Zealand managed to achieve the lowest inflation rate, especially during the 1990s. What happened during the period of the inflation reduction was that the reserve bank of New Zealand went through a reform that resulted in it being granted with independence and a greater degree of autonomy, leading to low inflation. Specifically, prior to 1989 it used to be an arm of the government. Monetary policy used to be subject to the ministry of finance and therefore the government. As a result, the level of independence was one of the lowest among industrialized countries, while the level of inflation was of the highest. Even then, the relationship between central bank independence was negative, even though the results were the reverse of what is considered optimum, i.e. greater independence, lower inflation. In 1989, the Reserve Bank of New Zealand Act was passed by law. This act codifies inflation targeting and gives more autonomy to the countrys central bank in order to meet its objectives. According to the Act the central banks primary function is: to formulate and implement monetary policy directed to the economic objective of achieving and maintaining stability in the general level of prices. (Reserve Bank of New Zealand Act, 1989 as quoted in Carlstrom T.C. and Fuerst, S.T., 2006, p.3). The impact of the Act on New Zealands economy and specifically the Reserve Banks autonomy can be seen in figure 2 below, which compares the degree of independence across different time periods and among different countries. The findings of the New Zealand case show that if the country had adopted independence earlier then its average inflation rate would be 3.4% rather than 7.6% that it actually used to be, assuming all other things being equal. Following this assumption, CBI itself would be sufficient to reduce worldwide inflation levels from 5.6% down to 3.8%. Despite the considerable drop in New Zealands inflation rate it is still questionable whether this drop was caused solely by CBI, and it is difficult, if not impossible, to quantify by how much the inflation reduction was due to CBI. Firm conclusions cannot be made yet since the data used in this case is of limited sample size and comparisons would therefore be insufficient. What is true is that the relationship between CBI and inflation is similar across time. Any changes to the strength of this relationship are mostly due to macroeconomic and other factors such as the state of the economy, the state of the government, e.g. democracy, etc. and others that will be explained later in this paper. 3. Measuring Central Bank Independence The degree of CBI for each central bank varies according to the state of each country and to compliance with the law. As Cukierman explains, in developing countries where compliance with the law is poor, a suitable proxy for CBI would be the turnover of central bank governors, whereas in industrialised countries such a proxy would be legal independence. Generally, when the appropriate index of independence is used, the results indicate an inverse relationship between CBI and inflation. However, care should be taken not to mistake legal independence with actual independence, as legal independence is necessary but does not guarantee actual independence; legal independence is a necessary, but not a sufficient condition for a truly independent CB. (Cukierman, A., 2001; 7). Exceptions exist, like developed countries, where legal independence seems to be a good proxy because law is highly complied. For a clearer picture of the effectiveness of CBI on the economy, it is preferred that some variables that make up the CBI index are used in combination, or that some indices are used only for a specific purpose. For instance, legal independence is a good proxy for actual independence in developed countries rather than in developing ones. 3.1 The Cukierman Index of CBI The method that will be used the most in this paper to measure the degree of central bank independence and its relationship with inflation will be Cukierman Index (1992), the most widely accepted and used index for this purpose. Initially, the exact definition of the Cukierman Index according to Siklos, P. (1992; 65) is: An indicator of the degree of autonomy enjoyed by several central banks. Cukierman Index to demonstrate graphically the measures of CBI and inflation during two different decades, namely the 1980s and the 1990s: As can be seen in the above graphs during the 1980s even though CBI was not common across countries, there was a negative relationship between CBI and inflation level. This means that the greater the level of independence of a central bank, the lower the level of inflation within the particular country. It is thus obvious that the correlation between CBI and inflation is negative, whereas the errors overall are not fitted closely on the regression line. We should note however that the decade of 1980s was before central banks especially those within industrialized countries underwent major reforms in their statutes which then allowed them a greater degree of autonomy. During the 1990s as Siklos, P. (2002) explains, most central banks went through a reform, as there was a trend towards CBI. As a result the overall degree of CBI increased and all index values were revised upwards, the government granting more autonomy to central banks, in the belief that greater independence would just be adequate for lowering the level of inflation. However, the relationship between CBI and inflation during the 1990s turned out to be the reverse of that of the previous decade. That is, the correlation between CBI-inflation now became weaker but positive since the regression line on the scatter gram in figure 3b has an upward slope, meaning that inflation increases with the degree of independence. It is hard to explain what was wrong with the findings of the 1990s that caused the correlation to be positive, however one might argue that CBI increased for all countries during the 1990s and so it also reflects the inflation performance of the previous decade, although the more independent central banks have delivered lower inflation levels in the 1980s. Furthermore, the Cukierman Index used is believed to contain some inaccuracies concerning the measurements of the degree on independence and thereafter the relationship of that with inflation because it was extended from the 1980s towards the 1990s in a different way than the one initially specified. For this reason more tests will be carried out to explain and compare the effectiveness of measuring CBI using the Cukierman Index in contrast to other indices developed for the same purpose, for instance Alesina and Summers Index. The Cukierman Index will also be used to test the effect of CBI on inflation in transition economies, based on Ilieva and Gregoriou (2005) paper regarding inflation performance, i.e. average inflation and inflation variance, and CBI in transition economies during the period 1991-2003. 3.2 The determinants of the CBI index The degree of independence varies across countries. This is not only due to factors such as the type of independence of each bank, although the most common is operational independence, the degree of law compliance in each country, and tradition, but some other systematic factors as well. Such factors are described and categorized by Cukierman, who presents some hypotheses on these factors: Hypotheses about the determinants of CBI Initially, it is widely accepted that any form of inflationary bias raises the independence of central banks to the degree that politicians wish to grant to the CB. The main idea behind this concept is that the benefits of delegating monetary policy to an independent central bank will be higher when inflation bias is higher in instances of e.g. employment reaction to inflation shocks. This delegation according to Cukierman helps in preventing the competing political party from taking on activities not favoured by the government. Secondly, Cukierman et al (1992, 2001) make the hypothesis that: the wider are the financial markets and the more elastic the supply of funds to government with respect to the interest rate, the more likely is the CB to be independent. (2001; 19). Additionally, Maxfield (1995) supports that political authorities favour CBI where there is need for funds. When this need is high as he explains, the government delegates more authority to the central bank in order to signal the nations creditworthiness. Finally, the cases of countries that have experienced extremely high levels of inflation in the past, like Germany, Austria, and Brazil, show that such countries are more likely to delegate independence to a central bank so that politicians do not interfere with monetary policy. 3.3 The measurement of the CBI Index Due to the widespread concept that the degree of independence of a nations central bank plays a crucial role upon the policy actions and inflation, Cukierman (1992) presents an analysis of the effects of CBI on inflation and provides various indicators of CBI. However, as he explains, the degree of CBI is determined by several factors from legal to cultural some of which are difficult to measure and quantify, therefore the impact of CBI on inflation varies among countries and there is a certain degree of uncertainty about the level of CBI. As a result, the measurement and the creation of an index of CBI have been based on legal independence, as the degree of CBI also depends on the degree of independence granted to the bank by the law. Despite the variations in the degree of CBI, it can be deduced that a low degree of CBI is linked with higher levels of inflation and inflation variability, while the level of credibility of a central bank with a low degree of CBI will be lower. Cukierman presents three different sets of indicators of CBI; a proxy for legal independence and proxies for the deviations of actual from legal independence. Independence measured under these proxies is limited specifically to the Central banks ability to meet a single objective; price stability. The reason for using several proxies in measuring CBI is because each proxy is a noisy indicator that captures a somewhat different aspect of CB independence (Cukierman, 1992; 370), so using a combination of them reduces this noisiness of the overall measure 3.3.1 Measuring and Coding Legal Central Bank Independence Using a proxy of legal independence is vital in making comparisons with previous studies on the impact of CBI on economic issues because all existing attempts on the features of an independent central bank rely on the banks legal independence. Cukierman presents the indices of legal aspects of CBI by separating into four groups the variables which make for a legally independent central bank. These groups are: Chief executive officer: CEO Policy formulation: PF Final Objectives: OBJ Limitations on lending: LLand codes them by the degree of independence of each group for the central bank of each of the countries included in the study. The main assumptions made are; the central banks whose single objective is price stability are considered to be more independent, so are central banks with stricter limitations on lending from the CB. The coding involves sixteen different variables in a scale from 0 (least independence) to 1 (maximum independence), during the time period 1950-1989, separated into four different decades. Due to the narrow definition of each of the variables used and the consequent lack of precision and multicollinearity problems that may arise, these variables are aggregated into eight legal variables by just calculating the unweighted mean of the codings used. Furthermore, it is necessary to have an additional single index of legal independence for each country to assess the aggregate legal independence of the CB. This index can have two alternatives, the LVAU and the LVAW, that are computed by calculating the average of the codings of the first eight variables as described above. Table 1 in Appendix A shows the ranking of the countries according to the legal independence of their central banks as measured by the LVAU during the eighties decade. The LVAW would also give a similar picture. Looking at the table of results one can see that among the seven most highly-ranked countries four are developed (Switzerland, West Germany, Austria and U.S.), while among the seven least-ranked countries four are less developed (Morocco, Panama, Yugoslavia and Poland). Generally, the top 10% of the rankings is comprised of developed countries, whereas the bottom 10% is concentrated with less developed countries. One should also note that there had been no hyperinflation experienced by developed countries during the 1980s, while some of the Latin America countries have, e.g. Brazil and Bolivia with a rate of 230%. This according to Cukierman may suggest that legal CBI may be neither necessary nor sufficient for low inflation. (1992; 382). 3.3.2 The turnover rate of Central Bank governors as a proxy for actual independence As already explained, the legal status of the central bank is just one of the several determinants of actual CBI. There is no clear systematic indicator of actual CBI, but Cukierman (1992) presents two sets of such indicators. One is based on the actual turnover rate of the central banks governor, and the other is based on the answers given to a questionnaire on CBI. Table 2 in Appendix B shows the CB governors turnover rates for the period 1980-1989. It is assumed that the lower the turnover rate the higher the degree of actual independence. Although the results are chronologically old, it is obvious that turnover rates in less developed countries occupy a range that has never been experienced by developed countries. It is indicative that more than half of the less developed countries have a turnover rate higher than the maximum of the rate of developed countries. It is clear that less developed countries experience higher inflation rates, on the grounds of lower actual CBI. On the other hand, low turnover does not necessarily imply a high level of CB independence on the grounds that a relatively subservient governor will tend to stay in office longer than a governor who stands up to the executive branch. (Cukierman, 1992; 385) Critically assessing the results, since the maximum turnover rate for developed countries is 0.2 (.e. five years) suggests that the turnover proxy may not be effective proxies for actual CBI for the sample of developed countries, whereas this proxy can be considered indicative for the sample of developing countries since these have turnover rates exceeding 0.2. 3.3.3 Central Bank Independence from answers to a questionnaire Another aspect of characterizing CBI is the questionnaire. Under this method, answers were obtained from qualified central bankers from twenty-four countries during the period 1980-1989. The main questions asked covered the issues of; legal independence, final monetary policy objectives, monetary policy instruments, actual independence and its divergence from the law and intermediate targets and their indicators. In coding the variables of the questionnaire, the bank is assumed to be more independent, all other things being equal, if the following hold; the term of office of the CB governor is longer than that of the government, limitations exist on lending from the CB which the government is in no position of altering, and in cases where stock targets exist because these mean that the CB is more free to meet its price stability target. Table 3 in Appendix C shows the ranking of central banks by aggregate indices of independence according to questionnaire responses. The aggregate indices of QVAU and QVAW reflect the law and the way it is implemented in practice respectively, as well as important information about actual independence, and are very similar (à ?=0.99). The rankings agree to earlier studies that central banks of developed countries are more independent. However, the median of QVAU for developed countries, that is 0.6 for Britain and Lebanon, is greater than the median for less developed countries, that is 0.49 for Uruguay, and this contradicts the above findings for legal independence using the LVAU. When measuring the degree of CBI it should be taken into account that the measures used above fail to quantify all the aspects of CBI as some are difficult to quantify. Such aspects are the quality of the banks research department and its standing in comparison to other economic research institutions within the public sector (Cukierman, 1992). Independence is generally higher in countries with highly-developed financial markets according to Cukierman because the supervision of financial institutions is under the authority of the CB, so the larger the market the more wide the span of the CBs authority. 4. Central Bank Independence and Inflation Targeting In this section the impact of central bank independence on inflation, inflation variability and the economy overall is analyzed using a model to test whether CBI can actually lower inflation, and comparing the effects of CBI by using both the Cukierman and the Alesina indices of CBI. Additionally, the costs of achieving lower inflation through central bank independence are also explained. MacCallum, B. (1995) believes that it is strong will that is necessary for proper policy behaviour by central banks, not rules and regulations. A policy maker, i.e. a central banker in this case should act immediately to an inflation shock to restore the problem without letting any sp