Money Market India

Sample details Pages: 14 Words: 4283 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Essay any type Did you like this example? Money Market in India Money market is an important segment of the financial market (system) as it provides avenue for equilibrating the short term (ranging from overnight upto an year) demand for and supply of funds. It also plays an important role in the transmission mechanism of monetary policy, as it acts as a medium through which the central bank can influence the short term liquidity and interest rates in the financial system. Till the mid 1980s the Indian money markets was characterized by scarcity of instruments, stringent regulations pertaining to participants and interest rates, lack of depth and liquidity. Don’t waste time! Our writers will create an original "Money Market India | Finance Dissertations" essay for you Create order Another drawback in the Indian money market during this period was existence of a large number of lenders and only a few chronic borrowers. Infact the basic requirement of a liquid and deep market that the participants should rotate between borrowing and lending activity was missing. However RBI took many measures to deepen and widen the money market in accordance with the recommendations of the Committee to Review the Working of the Monetary System (Chairman: Professor Sukhamoy Chakravarty) [1985] and the Working Group on the Money Market (Chairman: Shri N. Vaghul) [1987]. These measures included the deregulation of money markets interest rates, introduction of new money markets instruments such as certificates of deposits (June 1989), commercial paper (Jan 1990) etc. Also the RBI gradually eased the barriers to entry and initiated measure to increase the number of participants in the Money Market. RBI in a ssociation with the public sector banks and financial institution had set up the Discount and Finance House of India Ltd. (DFHI) in April 1988 in order to impart liquidity to the financial instruments. Thus financial innovations in terms of money markets instruments, broadening of participants base and strengthening of institutional infrastructure were undertaking during the 1990s based on the Vaghul Committees framework. Further during the late 1990s the Narasimham committee (1998) recommended rationalization of the money market by ensuring participation of different classes of entities in various segments of money market. RBI has over the years taken many structural measures and instrument-specific measures like transformation of call money market into pure interbank market, bringing down the minimum maturity of the CDs to 7 days etc. to develop the money market in pursuance of the Narasimham committee recommendations. Also a fullfledged liquidity Adjustment Facility was introduced on June 5, 2000 which replaced the traditional refinance suppo rt on fixed terms. The LAF was operationalised with a view to alter short term liquidity conditions as per the market conditions. In wake to strengthen the payment system infrastructure the Clearing Corporation of India Ltd. (CCIL) was formed in 2001. Also the introduction of the Negotiated Dealing System (NDS) in February 2002 and implementation of the Real Time Gross Settlement (RTGS) system in March 2004 further improved the efficiency in the money market. Improve These policy initiatives undertaken over time have led to the growth and sophistication of Indian money market, making it relatively deep, liquid and vibrant. Also the activity in all the segments of the Indian money market has increased significantly, especially during last few years. Currently the major segments of the Indian money market are Call (overnight) and Short-notice (up to fourteen days) Money Market Treasury Bills Market. Repos Market Term Money Market Collateralised borrowing and lending obligation (CBLO) Commercial Paper (CP) Certificates of Deposit (CDs) Money Market Mutual Funds (MMMFs) Among these, call and short-notice money and Treasury Bills form the most important segments of the Indian money market. Let us discuss each of these in brief: Call/Notice Money market The call money market is one of the most important and active segment of the Indian Money Market. Over the years RBI has taken many measures for development of the call/term money market. During the 1990s measures were taken to widen the participation of the call money market to include primary satellite dealers corporate (through primary dealers) in addition to the existing participants like commercial banks co-operative banks, LIC, UTI, etc. However the Narasimham committee recommended the conversion of the call/notice money market in a pure inter-bank market on prudential considerations and with an objective to improve the monetary transmission mechanism. Thus in accordance with the Narasimham committee recommendations (1998), measures were taken to convert the call market into a pure inter bank market starting in 1999. Simultaneously steps were taken to develop a repo market outside the official window for providing a stable collateralised avenue for deployment of funds by the non-banks following their phased exit from the call money market. Also introduction of instruments such as Collateralised Borrowing and Lending Obligation further provided the banks and non banks with a funding alternative. Consequently the call money market was transformed into a pure inter bank market in August 2005. Reflecting the conscious decision on the part of the RBI to make the call/notice money market a pure inter bank, the average daily turnover, which stood at around Rs. 351.44 bn in FY02, almost halved to Rs. 141.70 bn in FY04. However it increased in the subsequent years and was Rs.217.25 bn during FY07. The operational efficiency in the call money market was improved with the establishment of the CCIL and operationalisation of NDS. Furthermore the RBI made it mandatory for the all the NDS members to report all the call/notice money market transaction carried out through NDS within 15 minutes of winding up of the transaction. This helped in increasing effici ency, transparency and improve price discovery in the money market. In order to further increase the transparency and facilitate better price discovery CCIL developed a screen based negotiated dealing quote-driven system for all dealings in the call/notice and the term money markets (NDSCALL). This system was made operational on September 18, 2006. Further the RBI has over the years carried out many reform measures such as adoption of Liquidity Adjustment Facilities (LAF) etc. in order to impart stability in the call money market. In the 1990s the call rates were generally stable barring a few episodes of volatility. Tight liquidity condition in the call money market, backed by high levels of statutory pre-emptions and withdrawal of all refinance facilities except the export credit, led to firming up of the call rates during the beginning of FY92. Infact the call rate touched a peak of 35% in May 1992. After that the call rates eased for some period and again firmed up to touc h 35% in November 1995. This was partly a reflection of the turmoil in the foreign exchange market. Inorder to stabilize the market the RBI injected liquidity in the system through repos, increased refinance facilities and provided some respite by reducing the CRR. With RBI sucking out liquidity to ease foreign exchange market pressure the call rates, which had eased to single digit levels, again firmed up to 29% in January 1998. The adoption of the LAF in June 2000 has helped the call rates to ease. The call rate eased significantly to a low of 4.5 percent in September 2004, backed by improved liquidity conditions on account of increased capital inflows. However on account of IMD redemptions the call rates came under some pressure in December 2005. It increased to around 7% during Feb 2007 partly influenced by the tight monetary policy stance by the RBI to curb high inflation. With the initiation of the LAF and subsequent improvement in liquidity management a considerable deg ree of stability has been imparted in the call money market. Since then the volatility in call rates has reduced significantly. According to the RBI the mean rate has almost halved from around 11 per cent during April 1993-March 1996 to about 6 per cent during April 2000-March 2007. Volatility, measured by coefficient of variation (CV) of call rates, also halved from 0.6 to 0.3 over the same period. It is important to note here that the in the pre-reform period the statutory requirements like CRR and SLR and reserve maintenance period have been the main driver of the call rates. However in the recent years the developments in other market segments, mainly the foreign exchange and the government securities market accompanied by the Reserve Banks liquidity management operations have been the major factors influencing the call rates. This signifies increased market integration and improved liquidity management by the Reserve Bank. Term Money Market Term Money Market, which is market for short-term funds of maturity between 15 days to 1 year, is not very well developed in India. Till the late 1980s, the term money market was governed by stringent norms in terms of participants, regulated interest rates etc. However the RBI has taken many measures over the years to develop this market. The administered interest rate system was dismantled in 1989 following the recommendations of vaghul committee. Further in 1993 select financial institutions (IDBI, ICICI, IFCI, IIBI, SIDBI, EXIM Bank, NABARD, IDFC and NHB) were allowed to borrow from the term money market for 3-6 months maturity, however within a fixed limit set for each institution. Also Term money of original maturity between 15 days and 1 year was exempted from the CRR in August 2001. Although many measures were taken by the RBI to develop the term money market, the activity (as reflected in the daily turnover) in this segment of money market continues to remain low. The a verage daily turnover in the term money market has increased moderately from Rs.195 crore in FY02 to Rs.1,012 crore during FY07. The development of the term money market has been impeded by confluence of factors- (i) the inability of participants to build interest rate expectations over the medium term due to which there is a tendency on their part to lock themselves in the short-term; (ii) the distribution of liquidity is also skewed with public sector banks often having surplus funds and foreign banks being in deficit in respect of short-term resources. Since the deficit banks depend heavily on call/notice money, more often, surplus banks exhaust their exposure limits to them; (iii) corporates overwhelming preference for cash credit system rather than loan generally forces banks to deploy a large amount in the call/notice money market rather than in the term money market to meet sudden demand from corporates; (iv) the steady reduction in the minimum maturity period of term d eposits offered by banks; and (v) the tendency on the part of banks to deploy their surplus funds in LAF auctions rather than in the term money market, reflecting risk-averse behaviour. Repos Market Repo is a money market instrument, which enables collateralised short-term borrowing and lending through sale/purchase operations in debt instruments. In this segment, mutual funds and some foreign banks are the major providers of funds, while some foreign banks, private sector banks and primary dealers are the major borrowers. Over the years RBI has taken many measures to reform the Repo market, which was highly regulated both in terms of participants and instruments till the late 1980s. Before April 1988 all government securities and PSU bonds were eligible for repo transactions. However with the alarmingly high growth in repos RBI became cautious and prohibited the participation of non-banks in the repo market. RBI permitted only interbank repos in all government securities between April 1988 and mid-June 1992 in order to avoid any undesirable developments on account of the large scale misuse of repos. The Janakiraman Committee, set up following the securities market irregula rities of 1992, reported that despite of being prohibited virtually all wholesale participants of the money and not only banks widely used the repos. Also many other irregularities were in the repo markets were bought to the forefront, following which the repos were prohibited in all the securities barring the treasury bills. However in wake to revive the repo market and noting the usefulness of repos in development of money market, RBI gradually bought all Central Government dated securities, Treasury Bills and State Government securities under the purview of repo market. Furthermore, with the view to broaden the repo market PSU bonds and private corporate securities have been made eligible for repos in 1997-98. Further RBI introduced the delivery versus payment system during FY96, with an aim to facilitate the repo transactions and increase transparency in the repo market. Nonbank entities which maintained subsidiary general ledger (SGL) account were permitted to participate in the repo market. Since March 2003, the non-bank financial companies, mutual funds, housing finance companies and insurance companies not having SGL account were permitted to transact in the repo market through their gilt accounts maintained with the custodian. With the increase in use of repos as money market instrument the comprehensive uniform accounting guidelines as well as documentation policy were issued by the RBI in March 2003. In addition to this the DvP III mode of settlement in government securities (which involves settlement of securities and funds on a net basis) was operationalised in April 2004. This helped the introduction of rollover of repo transactions in government securities and offered greater flexibility to participants in managing their collaterals. The Liquidity Adjustment Facility (LAF), that was introduced from June 5, 2000, has also helped in development of the repo market. Further the gradual phasing out of nonbanks (August 2005) from the call money market, has provided further impetus to the repo market. This is evident from the sharp increase in the average daily turnover of repo transactions (other than the Reserve Bank) from Rs.11,311 crore during April 2001 to Rs. 42,252 crore in June 2006. Treasury Bills Market T-Bills are issued by the RBI on behalf of the Government of India and thus are actually a class of Government Securities. Presently T-Bills are issued in maturity periods of 91 days, 182 days and 364 days through an auction based system and form one of the most active segments of the Indian money market. However prior to the initiation of reforms, only the 91-day Treasury bills were sold through fixed coupon or tap system. Also ad hoc treasury bills were issued by the government in order to meet the temporary mismatch in revenue and expenditure. Although these were meant for temporary purpose they became attractive source of meeting the central government resource requirement as they were available at an interest rate pegged at 4.6% per annum since 1974. However due to administered nature of interest rate the 91-day treasury bills could not emerge as useful instruments in the money market. But with initiation of the reform measures in the late 1980s T-bills market has emerge d as an important segment of the money market. The reform process in the t-bills market was initiated in November 1986 with the introduction of 182 days treasury bills. The formation of DFHI also helped in emergence of treasury bills market as important segment of the money market. Further impetus was provided to the development of the treasury bills market by the phasing out of the tap treasury bills and introduction of auctioning system in the 91-treasury. Another important reform in the treasury bills market was the abolition of the ad hoc treasury bills in April 1997. Further the introduction of 14-day intermediate treasury bills helped in improving the cash management of the government. Thus, Treasury bills of different tenors were introduced to consolidate the market for imparting liquidity, while yields were made market determined through auctions so that they could be used as benchmark for other short-term market instruments. Treasury Bills market has received special attention of RBI over the years as it is at the heart of the money market development. The amounts assigned for auctions are announced in advance since April 1998. Also the payments dates are synchronized on the following Friday after the auctions inorder to provide fungible stock of varying maturities and to activate the secondary market in Treasury Bills. The primary dealers provide their bid daily and offer discount rates so that the investors are able to acquire treasury bills even in between the auctions. Type of T-bills Introduced Discontinued 91 days Ad-hoc T-Bill Mid 1950s April, 1997 91 days T-Bill on Tap Mid 1950s March, 1997 182 days T-Bill on weekly auction November,1986 April, 1992 14 days T-Bill on weekly auction April, 1997 May, 2001 364 days T-Bill on fortnightly auction April, 1992 91 days T-Bill on weekly auction January,1993 182 days T-Bill on weekly auction Re-introduced in June, 1999 May, 2001 182 days T-Bill on weekly auction Re-introduced in April, 2005 The primary dealers provide their bid daily and offer discount rates so that the investors are able to acquire treasury bills even in between the auctions. Commercial Paper (CP): Commercial paper was introduced in India in January 1990, in accordance with the recommendations of the vaghul committee with an aim to provide additional avenues to the corporate to source short term funds. Commercial Paper (CP) is issued in the form of a promissory note sold directly by the issuers to investors, or else placed by the borrowers through agents such as merchant banks and security houses. Since CP is freely transferable, and highly liquid it provides the banks, financial institutions, insurance companies and others an attractive avenue to park their short term funds. Over the years RBI has gradually relaxed the norms relating to eligibility, maturity period etc. for issuing CPs. Initially, corporates were allowed to issue CP with a maturity between 3 to 6 months from the date of issue. However the minimum tenor of the CP was reduced in phased manner. Currently the minimum tenor of the CP is seven days (effective October 2004). Also the minimum amount to be investe d by a single investor, which was Rs.1 crore at time of introduction of CP, has been gradually brought down to 5 lakhs. This norm was gradually relaxed so as to align the CPs with other money market instruments. These measures helped in the increasing activity in this segment of the money market. Initially the limit of CP issuance was carved out of the maximum permissible bank finance (MPBF) limit and consequently only to its cash credit part. However reducing proportion of cash credit in the MPBF was hindering the development of the CP market and hence issuance of CP was delinked from the cash credit limit in October 1997. Further with a view to enable issuers of the service sector to meet their needs of short-term working capital, CP was transformed into a stand alone product. Initially, the individuals, banks, companies, other corporate bodies registered or incorporated in India and unincorporated bodies were allowed to issue and held the CP. Further issuance of the CP to n on-residents on a non-repatriation basis was allowed however these CPs were non transferable. Also the FIIs were permitted to invest in the CPs since October 2000, but within the limit set by SEBI. Further to improve the efficiency, rationalize standardize the various aspects of processing and reduce the transaction cost many measures such as dematerialization of CPs (effective June 30, 2001) were undertaken by the RBI. It issued draft guidelines on securitisation of standard assets on April 4, 2005, with an aim to further deepen the market. Consequently the issuing and Paying agents were required to report the issuance of the CP on NDS platform commencing from April 16, 2005. Over the years the major issuers of CP have been the leasing and finance companies. Discount rates on CPs have firmed up in line with the increases in policy rates during 2005-06 and 2006-07. It is advantageous for the corporate to raise funds through CPs during times of ample liquidity as the effective discount rates on CP tends to be lower than the banks lending rates. Also it is relatively profitable for banks to park their funds in the CPs during times of high liquidity as the interbank call rates tend to be lower than the CP rates. Thus the activity in the CP market reflects the liquidity condition in the money market. The average outstanding amount of CPs reduced from Rs. 22.80 bn during FY94 to Rs. 4.42 bn in FY96 on account of tight liquidity conditions in the money market. However the outstanding amount of CPs has increased in the recent years. It was Rs. 213.14 bn during FY07. However the secondary market for CPs continues to remain subdued as the investors prefer to hold the instrument till maturity as it gives them a higher risk adjusted return compared to other instruments in the money market. The secondary market of CPs is more profitable for the Mutual funds as they are charged higher stamp duty for issuing a CP as compared to the banks. Certificates of Deposits (CD) CD were introduced in the Indian money market in June 1989, with an view to widen the range of instruments in the money market and provide additional avenue and greater flexibility to the investors to park their short term surplus funds. During the pre reform period the CDs were governed by a number of regulations in terms of maturity, issuance amounts, maturity etc. However many guidelines pertaining to the CDs have been relaxed in the post reform period. The limit on issuance of the CD, which was earlier linked to the average fortnightly outstanding aggregate deposit, was abolished effective October 16, 1993. This was done with a view to enabling it as a market determined instrument. In order to align the CDs with other money market instruments the minimum maturity of the CDs has been reduced gradually to 7 days (April 2005). The minimum size of issuance was reduced from Rs 1 crore in 1989 to Rs. 1 lakh in June 2002. Also to provide flexibility and depth to the secondary marke t activity the restrictions pertaining to the minimum period for transferability were withdrawn over a period of time. With a view to improve transparency and promote secondary market activity the banks were instructed to issue CDs to the financial institutions only in dematerialized form, effective June 30, 2002. Since October 2002 the banks were allowed to issue floating rate CDs as a coupon bearing instrument in order to promote flexible pricing. The reduction in stamp duty on CDs, effective March 1, 2004 and withdrawal of the facility of premature closure of deposits in respect of CDs were other factors that boosted activity in the market, providing greater opportunity for secondary market trading. The activity in the CDs market is also depended on the liquidity conditions in the market as the CPs. Unlike the CPs the issuance of CDs increase in the time of tight liquidity conditions as the banks resort to issuance of CDs, often at premium, to meet their liquidity gap. For instance, the outstanding amount of CDs declined to Rs.949 crore during FY02 as compared to 1,199 crore, partly due to easy liquidity conditions on account of large capital inflows. However the average outstanding amount of CDs increased gradually during the subsequent periods. The average outstanding amount of CDs had increased to Rs.64,814 crore during FY07 as banks resorted to issuance of CDs in order to support the robust credit demand. The interest rates on CDs which had softened in the recent years in line with other money market instruments experienced some hardening during FY07. However banks offer higher interest rates on CDs as compared to other instruments and hence it is profitable for the subscriber to hold the CDs till maturity. This infact is one of the reasons for subdued secondary market for the CDs. Collateralised Borrowing and lending obligation: The CCIL operationalised CBLO as a money market instrument on Jan 20, 2003 with an aim to provide an alternative avenue to the market participants, especially those who were phased out of the call money market, to manage their short term liquidity. This innovative product developed by the CCIL facilitates anonymous order matching system for efficient price discovery. High transparency and real time basis of deals in the CBLO have assisted in enhancing efficiency of the money market. With the conversion of the call money market in a pure interbank market since August 2005 and setting of prudential limits on lending and borrowing by banks and PDs in the call money market, the activity has shifted to CBLO segment as can be seen in the below chart. The average daily turnover in the CBLO segment has registered an increase from Rs.515 crore in FY04 to Rs.32,390 crore during FY07. However the increase in turnover can be partly attributed to the increase in number of participants from 3 0 in July 2003 to 153 in March 2007. It is important to note here that the composition of market participants has also changed over the years. The mutual funds and insurance companies have emerged as the major lenders while the nationalized banks, PDs and non-financial companies as major borrowers during FY07. As borrowings in the CBLO segment are fully collateralised, the rates in this segment are expected to be comparable with the repo rates. The movements in the daily average rates in the overnight call, the repo and the CBLO markets for the period from January 2003 to March 2007 show that CBLO rates moved between the call and the repo rates up to November 2003 due to a limited number of participants. From November 2003, the CBLO rates have aligned with the repo rates on account of increase in the number of participants. Money Market Mutual Funds (MMMFs) With an aim of bringing the money market within the reach of individual investors the MMMF were introduced in India in April 1991. However a detailed scheme of MMMFs was declared by the RBI in April 1992, thereby allowing the schedule commercial banks and public financial institutions to set up MMMFs, subject to some terms and conditions. However to provide flexibility, liquidity and depth to the market these restrictions were relaxed over a period of time. For example the minimum lock in period for the units of MMMFs was brought down from 30 days to 15 days in May 1998. MMMFs were permitted to offer cheque writing facility in a tie-up with banks in 1999-2000 in order to provide added liquidity to unit holders. MMMFs, which were under the purview of RBI, were bought under SEBIs regulations Since March 7, 2000. Also it is important to note that now banks are permitted to set up MMMFs only in form of trust as a separate entity. Also the MMMFs were permitted to invest in rated corp orate bonds and debentures with a residual maturity of one year.

Should Marijuana Be Legalized Essay - 1011 Words

â€Å"Legalize every drug!†, sounds like everyone has lost there mind right? This very statement would categorize you as a crazy individual. California only recently legalized Marijuana and that has not yet taken into effect and now we’re talking about legalizing every drug? Although all of this sound like crazy talk, legalizing every drug would actually have positive outcomes. In the essay â€Å"Drugs† by Gore Vidal, the author explained that by legalizing every drug it would help the U.S stop most drug addictions. In this aspect I agree with the author, by legalizing every drug it will bring forth fundamental changes that will improve the social quality of America. In Gore Vidal essay, the author argued that there is a way to stop most drug addition and in a very short time. However, before we talk about Gore Vidal solution, we must talk about the main concern with drugs, addiction. Once a user has developed an addiction, it makes it increasingly difficult for that person to stop. 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My Dreams Essay Example For Students

My Dreams Essay Someone once said, Throw your dreams into space like a kite, and you do notknow what it will bring back, a new life, a new friend, a new love, a newcountry (Nin, The Diaries of Anais). Dreams are the result of subconsciousthoughts and desires. The other theory to dreams are random noises in theneurons of the brain without special meaning. Dreams are the mental activitythat takes place during sleep. Usually during REM sleep is when dreamsoccur (Oxford University). Normally everyone dreams several times anightsome drugs and alcohol may impair the dream process. The inability torecall dreams is not abnormal though. Dreams are communication of the body,mind, and spirit in a symbolic state. The human brains are in constant activitywhen sleeping. Different states of conciseness cause different brain waveactivity. The brain usually has ordinary sequences of imagination. For thousandsof years dreams were regarded as visions or prophesies. Dreams seemto be a way for the subconscious mind to s ort out and process all the input thatis encountered while people are awake. Dreams can also improve your emotionalwell being, reduce stress, improve creativity, and provide a playground foryour mind while your body recovers and repairs itself. Contrary to the viewthat dreams server no function one theorist suggests that, dreams are thebrains way of unlearning or removing certain or unneeded memories (Kasschall,Richard). In other words dreams are a form of mental housecleaning. Such mentalhousecleaning might be necessary because it is not useful to remember everysingle detail of your life. There are two functions of dreams: to fulfillconscious wishes, to guard sleep. Most dreams also have been recorded asunpleasant. As you begin to fall asleep your body temperature declines, yourpulse rate drops, and your breathing begins to slow and even, this is calledstage one sleep (Kaschall Richard). A more active type of sleep ischaracterized by rapid eye movement is called REM sleep. Most hum ans spend atleast one third of their lives sleeping, during that one third, people areusually dreaming also, some scientists characterize dreams as masshallucinations. The four main categories of dreams are prophetic, standard,physical, and nightmare. The amount of sleep needed varies depending on theindividual and on the different times of the day or night. Sigmund Freud was thefirst scientist to study dreams thoroughly. Although dreams contain elements ofthe ordinarythe elements are often jumbled in fantastic ways. Freud was alsothe first theorist in the modern era to argue that dreams are an important partof our emotional lives. Some scientists are skeptical of dream interpretations,Nathienal Kleiman, one of the pioneers who discovered REM sleep, wrote in 1960,Dreaming may serve no function whatsoever (Kasschall 32). Everybodydreams, not only all humans, but mammals are shown to have REM sleep, which isassociated with dreams. With just a few exceptions, all mammals go through adr eaming cycle of rapid eye movement. Since (with pets at least) this coincideswith movements of the animals all having some kind of dreaming experience. Students who get good REM sleep retain the information better and for longerperiods of time. This is because the brain needs time to process informationform a pattern out of it, and place it in long term memory. When people arerandomly awakened during REM sleep and asked what they had just been dreamingabout the reports are usually very dull or even boring, although most people donot remember what they were dreaming about. Theories about REM sleep and why wedreams are as bountiful and different as dreams themselves. Some reasonswhy we have REM sleep are, REM sleep aids the consolidation of long-term memory,cleans the brain of unneeded information, and is necessary to provide the brainwith occasional stimulation during sleep. Some scientists also say REM sleep isnecessary for brain growth. Sensual input while sleeping is incorporated intodreams. Most notably, while sleeping, you hear as well as while your awake-theears are never turned off. This leads to the consequence that what you hearwhile your sleeping, youll hear in your dreams. The sound is always comingfrom somewhere. Common experiences of this kind are a telephone ringing or musicfrom a radio. Its not important how loud the noise is to get noticed whensleeping. Even an otherwise unnoticed sound, like a mouse running over yourfloor, can wake you up if it is uncommon, or otherwise alarming to you. On theother hand, you can get accustomed to high levels of noise, like constructionwork, or traffic on the road near by. Many dreams contain the same images, andthese symbols are consistently associated with certain real life conditions andfeelings. Certain conditions, stresses and personalities seem to be associatedwith particular dream symbols. In my dreams, I am on the way to work when I,notice that I have a loose tooth. I wiggle it, and then to my horror, it fallsout, then I notice other teeth are loose and they too begin to fall out. Soon mygums are empty and bleeding, and I rush around wondering how Im goi ng tohandle this or cover it up so none notices me this way (DreamInterpretations). There is some disagreement what certain things in dreamsactually mean, for example in this dream the bleeding might represent energy orlife force, loss of blood in a dream implies that some person,situation, or relationship, is creating a drain or energy. Dreaming about teethrepresents the very roots of the self, the values of a person, dreams of toothloss often occur when a compromise is made (even for good reasons) in which theperson is not sure on the decision. Research in the area of paranormal dreamshas been well done in many cases, but despite interesting findings, thescientific community has poorly received paranormal dreams. The mindcannot deal with chaos very well, in fact it will resist and sometimesmanufacture order (The Basics about Dreaming). Dreams are easilyinfluenced by factors in life, they are also influenced by random outsidesounds, and sometimes dreams are even influenced by earli er experiences andmemories. It is normal to dream of the deceased, particularly during the firstyear after they have died. It is also common to dream of them on their birthdayor the anniversary of their death. These dreams tend to be upsetting and bizarreat first, and then take on a less dramatic state, and grow more comforting overtime. If people think they dont dream, they probably just dont rememberit. The most important reason why people dont remember their dreams isbecause they just dont care. Dream recall can be trained by thinking overwhat you have dreamed for some time and writing it down. McCarley, for example,argues, that the common experience of feeling paralyzed in a dreams simply meansthat the brain cells that inhibit muscle activity were randomly stimulated. .u4d583667db019f721f7c6342195de060 , .u4d583667db019f721f7c6342195de060 .postImageUrl , .u4d583667db019f721f7c6342195de060 .centered-text-area { min-height: 80px; position: relative; } .u4d583667db019f721f7c6342195de060 , .u4d583667db019f721f7c6342195de060:hover , .u4d583667db019f721f7c6342195de060:visited , .u4d583667db019f721f7c6342195de060:active { border:0!important; } .u4d583667db019f721f7c6342195de060 .clearfix:after { content: ""; display: table; clear: both; } .u4d583667db019f721f7c6342195de060 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u4d583667db019f721f7c6342195de060:active , .u4d583667db019f721f7c6342195de060:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u4d583667db019f721f7c6342195de060 .centered-text-area { width: 100%; position: relative ; } .u4d583667db019f721f7c6342195de060 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u4d583667db019f721f7c6342195de060 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u4d583667db019f721f7c6342195de060 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u4d583667db019f721f7c6342195de060:hover .ctaButton { background-color: #34495E!important; } .u4d583667db019f721f7c6342195de060 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u4d583667db019f721f7c6342195de060 .u4d583667db019f721f7c6342195de060-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u4d583667db019f721f7c6342195de060:after { content: ""; display: block; clear: both; } READ: Globalisation And Sustainability EssayPeople tend to remember the more important things that happen in life and on themost part forget the rest. If that theory is correct, then those things thatneed to be forgotten are included in dreams, and the very act of dreamingsomehow helps erase them. Francis Crick, Nobel Prize winner and Co.-Discover ofDNA proposed this idea. The images in a humans dream may seem strange, but theyare all parts of a story about you and your life. Nothing appears in dreamsaccidentally, each symbol presents valuable information. People may have aninstinctive sense to understand the most confusing part of the dream, which isusually the most important p art to understand. By translating the most commonmeaning of contemporary dream symbols, the dreams could become very meaningful. Shared dreaming is being reported more frequently then ever in thiscentury, shared dreaming in most common to, married couples, siblings stillliving at home, and very close friends that are living together. Although thestriking nature of shared dreaming seems to suggest that these dreams are moreimportant then others, has not yet been proven. New methods discovered toanalyze and record dreams and to determine similarities and differences betweendifferent peoples dreams. Most dreams contain references to, people, animals,physical objects, and mental objects. Most dreams interact with the objects. There is also memory, memory is very vast. During cycles of brain activity, weview dreams with out conscience mind and record them in our memory, that is whywe sometimes remember dreams. Dreams help us understand ourselves and long as weknow how to interpret them. Understanding of dreams greatly advanced in the 20thcentury, but the work of Freud and Jung., and the discovery of REM sleep byKleitman and Aserinsky. Today dreams are studied scientifically to learn moreabout mans nature. Specific purpose: To Inform people about what dreamsare and their purpose. Introduction: Throw your dreams into space like akite, and you do not know what it will bring back, a new life, a new friend, anew love, a new country (Nin, The Diaries of Anais). Thesis statement:Dreams are usually are caused by subconscious thoughts. I. Subconscious thoughtsA. Neurons of the brain B. REM sleep C. Drugs and alcohol II. Communication ofdreams A. Mind B. Body C. Spirit 1. symbolic state III. Subconscious mind A. Sort out information B. Improve emotional well being C. Reduce stress D. Improvecreativity IV. View of dreams A. Brains way of unlearning B. Mentalhousecleaning C. Purpose of dreams 1. fulfill conscious wishes 2. to guard sleepV. What happens during sleep A. Temperature declines B. Breathing begins to evenC. REM 1. rapid eye movement D. Spend one third of lives sleeping E. Fourcategories of dreams 1. prophetic 2. standard 3. physical 4. nightmare VI. Sigmund Freud A. First to study dreams thoroughly B. First to argue about dreams1. Important part of the emotional life VII. Who dreams? A. Humans B. Mammals C. House pets VIII. Theories about REM sleep A. REM sleep aids long term memory B. Clean brain of unneeded information C. Provides brain with occasionalstimulation during sleep 1. Necessary for brain growth IX. Sample dream A. Toothloss B. Bleeding X. Paranormal dreams A. Poorly received B. Cannot deal withchaos XI. Remembering dreams A. People dont care about dreams B. Dream recall1. Thinking over dreams 2. Writing them down C. Feeling paralyzed 1. Brain cellswere stimulated XII. Shared dreaming A. Reported frequently B. Most common in 1. Married couples 2. Siblings living at home 3. Very close friends living togetherXIII. Methods to analyze dreams A. New methods B. Most dreams include 1. People2. Animals 3. Physical objects 4. Mental objectsPsychology

Social Capital Literature Review free essay sample

The theory of social capital is one of the most rapidly developing social science research fields in the last 20 years. In the dictionary of classical economics, capital, mainly physical capital, is considered to be a production concept of land, labor and entrepreneurial factors side by side. In the 1980s, since the American sociologist James Coleman first introduced the word â€Å" Social Capital†, it had been widely applied gradually and is now considered as a ground contribution. The existing literature has evolved in-depth study in this theory in terms of basic concepts, measurement methods, and social economic performance of different angles. Although, there are still differences in understanding the theory, it has been widely accepted that the concept of social capital contains the core of network resources, mutual trust and cooperation behaviors. Speaking of empirical studies, most of the literature support the hypotheses theory that social capital has a positive effect on social economy. We will write a custom essay sample on Social Capital Literature Review or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Meanwhile, there are many studies have some criticism on existing empirical methods and conclusions. This paper will research the relevant results and historical literature review and make a summative comment. 1. Social Capital: Concepts, Characteristics and Classification The concept of social capital can be traced to the time when Hanifan first formally proposed, thereafter, the concept began to be popular when the famous sociologist J.Coleman published â€Å" Social Capital in the Creation of Human Capital † in 1988.(Woolcock, 2000). Having been through continuous development and expansion in various disciplines, social capital becomes the most powerful social science and popular areas of research. (DurlaufFafchamps, 2003). However, it is precisely because of the  interdisciplinary characteristics of this concept that scholars in the different field have not reached a consensus on its connotation and extension. In order to clearly sort out the concept of social capital, I will review the connotations conferred by different scholars. Here are some of the most influential definitions. Author According to these definitions, it is not hard to see that different scholars define the concept of social capital in various aspects like network organization, values and mutual trust, etc. However, some scholars believe that emphasizing only good results of social capital is not appropriate, and they have made more neutral definition. For example, Irene van Staveren defines social capital as a reflection of social relations in a shared commitment to social values. This commitment may increase or limit social dynamic efficiency. From the classification point of view, there are mainly two kinds of methods that are recently popular. The first method talks about the perspective of macro and micro. Macro level is primarily covering the social organization and system architecture aspects, such as laws and regulations, decentralization level, the political system and democratic participation in the policymaking process. (KrishnaShrader, 1999) Next to that, micro level mainly refers to org anizations and social network which contribute to the development, and it also includes values and code of conduct embedded in these networks. The second point of view divides social capital into cognitive social capital and structural social capital. The former includes subjective and intangible factors, such as commonly accepted attitude, trust and solidarity while the latter mainly refers to the objective and specific organizations and networks, including spontaneous community organization, institutions and various clubs. Further, Woolcock and Narayan classify social capital in another way. They divide it into bonding social capital, bridging social capital and linking social capital.  They use bonding social capital to describe a more close relationship between people, like the relationship between family members and the same race. Meanwhile. Bridging social capital means the relationship between people of different social status and in different racial and ethnic groups. Linking social capital refers to social relations between organizations and power hierarchy. (WoolcockNarayan, 2000) 2.The measurement of social cap ital Since there are huge differences between various definitions of social capital, it is hard to carry out a convincing social capital. However, from the current study of the overall point of view, there are two main ways. The first one is to measure the number of members in a given an association or a community in order to see its level of social capital. The second method is the direct investigation of the level of trust and participation in decision-making process within a given society or community. The level of social trust in different countries

Easy How-to Articles

Easy How-to Articles Do you enjoy writing personal essays but find there arent enough markets for your manuscripts? Dont leave them on your hard drive. Instead, use your personal experiences and turn your essays into how-to articles When reviewing the sales Ive had over the years, from the first manuscript I sold to my most recent sale, I discovered that a good portion of them were personal essay/how-to articles. In these articles, I shared anecdotes of what worked for me in certain circumstances and the insights I gained. I then gave tips on how readers could apply the knowledge to their own situations. IDEAS For example, one of my how-to articles described how my husband and I co-owned a water ski boat with another couple. I pointed out how well our arrangement worked and why it made sense because of the high cost of new boats. I then outlined what should be included in a written contract, such as how many weeks of vacation per year each person can use the boat and what to do if one person wants to sell his part of the co-ownership. I also included a photo of our co-owned boat. I sold the article and photo to a water ski magazine, followed My most recent how-to article shared how meaningful it was when friends and family waited with me during my husbands brain tumor operation and how Ive waited with friends while their loved ones were in surgery. I offered tips on providing support during this anxious time, such as bringing a snack basket, offering encouragement, and praying with them. We all have our own unique personal experiences and areas of expertise. I draw on my experiences from water skiing, parenting, church activities, volunteer work, living with a chronic illness, and working as a teachers aide. Where does your expertise lie? What experiences have improved your life? What knowledge have you gained from your experiences that you could share through tips or insights to help readers going through similar situations? THE WRITING A good way to get started in the how-to genre is Start with an anecdote of your personal experience, lead into your insight in conversational paragraphs or bullet points, and offer tips. Finally, summarize the main point of the article and leave readers with words of encouragement. You can also include a sidebar with additional information on your subject matter. When I wrote about the joys of sponsoring needy children, I included a sidebar listing organizations that offer sponsorship and included contact information, along with the associated monthly costs. SELLING HOW-TO ARTICLES How-to articles are ideal for reprint sales, bringing in extra income without a lot of extra effort. An article sharing how I improved our familys dinner hour sold to five publications one womans magazine, two family magazines, and two regional parenting magazines. As long as the circulation doesnt overlap, submit to as many markets as possible, following each magazines guidelines. You dont need to give up writing personal essays because of limited markets. Turn those essays and personal experiences into how-to articles and watch your sales grow.

Sistine Chapel Essays - Book Of Genesis, Bereshit, Adam And Eve

Sistine Chapel Essays - Book Of Genesis, Bereshit, Adam And Eve Sistine Chapel The Presence of God Michelangelo's paintings on the Sistine Chapel contain a strong presence of God. The ideas and stories of the Bible lie at the surface of the entire ceiling. All these stories are taking from the book of Genesis, which would not be possible without God. The scenes depicted are placed in a time frame of an earlier world. This period is called ante legem, and is the period before the Mosaic Law. The scenes can be analyzed in numerous ways that depend on the analyzers faith and interpretation of the beginning of time. The chapel contains nine stories divided into three trilogies: The Creation of the World, the Creation of Man, and the Story of Noah. All of these stories have a strong Godly presence, as the viewer sees the creation, progression, and, eventual, fall of man. The idea of God evolves from panel to panel by allowing the onlooker to consider God in three different situations forcing his role to change throughout each. The establishment of the vision of diverse, yet related sym bols of biblical foundations presents a sense of the supernatural and divine world. The stories embody separate motifs; but, the piece is expressed as a unified whole with God being the only consistent presence in either idea or visual portrayal. The order of the ceiling, according to the book of Genesis, should be read from the Separation of Light from Darkness to the Drunkenness of Noah, if the viewer reads in chronological order. The Creation of the World is the first out of the three trilogies. This focuses on the emergence of God's presence, arising from his creation of the earth and the cosmic environment. the Separation of Light from Darkness exemplifies the physicality of God in the beginning of his worldly universe. And God said, Let there be light, and there was light... and God divided the light from the darkness1 This story is depicted in this scene, where Michelangelo shows God whirling in a spinning motion. The shading and use of light and dark creates a feeling of the light and dark in the midst of division. God furthers his role as worldly creator in the Creation of Sun , Moon, and Planets by making two great lights; the greater light to rule the day; and the lesser one to rule the night2. God appears to be in circular motion once again; but, in this instance, he seems as if he is circulating the newly created universe. He is, at first, transpiring from the universe, and then, turns his back to the viewer to concentrate on a new object in process of establishment. The final story of the origin of the world is the Separation of Land from Water. God is perceived as an ominous being, flying above the sea, and reaching out to the heavens. He appears to be extending his arms outward to a nonexistent boundary, as if he was luring the land out of the sea. Michelangelo, in the Creation of the World, demonstrates God's limitless power by illusions of movement. The arm position, the masterful flying, and the seemingly face paced motion persuades the viewer to see a universal creator, above all fathomable beings. God appears to be traveling through all earthly dimensions, as if forcing the creation on the undeveloped world before him. The second role of God is the Creator of Man. This section is in the center of the Sistine Chapel promoting the most concentration. This is undoubtedly strategically placed, for the importance of God's role to the God creates man to rule his last creation of the universe. This section tells the story from the creation of the primarily pure to the emergence of a sinful world. The Creation of Adam delineates God giving life to Adam. This scene encompasses an intense feeling because of the naturalistic connection between Adam and God. The body language and the positioning show the events in the story. The touching fingers give a sense of the intense power traveling from God and being transported to the fingertips of Adam. Michelangelo painted this scene with a definite basis of the bible's description, so that the viewer can actually see that God

Capstone Assignment Example | Topics and Well Written Essays - 2250 words - 1

Capstone - Assignment Example Besides, it is meant to enhance moments of happiness and to make a difference by creating a holistic environment that gives customers across the world an equal opportunity for maximum satisfaction. As a global business, a mission statement has been publicity used to draw a good number of customers who feel that the organization is adhering to their demands (Lussier, 2012). The organizational vision is considered as a framework that determines and controls the business towards the realization of objectives. The Coca-Cola’s vision statement that reads â€Å"to be the best beverage sales and customer Service Company embraces people, portfolio, partners and the planet†, is aimed at achieving sustainability in anticipation of quality growth in the near future. Through the organizational mission, the company has been able to draw much attention that aims at making a difference to the society. As such, the organization focuses on strategic priorities thus sustaining long term delivery and consistent profit margin (Lussier, 2012). Ultimately, the company recognizes that it can only improve on the organizational value by building mutual relationship to stakeholders. Therefore, it listens and takes action that meets the demands of each and every stakeholder. Through engagement such as brand collaboration, international appointments and human right s conferences, the organization has created an image of inclusion and service to the community. Through the above strategy, the organization has gained more opportunity to outdo the rivals in the market by pooling together its resources. The introduction of five potter’s model offers a good framework for the organizational analysis towards the realization of objectives in a competitive market environment (Ireland, Hoskisson & Hitt, 2012). While three parts of potters models concerns rivalry effects that are felt from the outside, all parts of the model offers a considerable impact to the company thus