Financial liberalisation

Financial liberalisation Financial Liberalisation refers to deregulation of domestic financial market and liberalisation of the capital account that implies removing the ceiling on interest rates. When it is in a liberalised system the competition between the different lending institutions for the deposits will increase interest rates on deposits which will increase the deposits. The availability of credit will increase and this will cause an increase in investment growth. The stages of growth increases activity in the financial markets that makes the introduction and the development of financial institutions. It is argued that financial institutions, by gathering and evaluating information from borrowers, allow the allocation of funds for investment plans to become more efficient and therefore encourage growth and investment. Banks have a role in the process of development. These banks gives the chance for individuals to hold their savings in the form of deposits, so lowing the need to hold them in the form of illiquid unproductive tangible assets, as this increases liquidity in the economy. Banks could use the deposits to invest such as currency and capital etc. While an individuals need for liquidity remains unpredictable, banks, by law of large numbers, face a predictable demand for deposit withdrawals, and this in turn allows banks to invest funds more efficiently. The rate of growth reacts positively to the interest rate but investment reacts negatively to the interest rate. Higher interest rate discourage low return investment, investors will be induced to undertake high return investments, thereby bringing efficiency to investment, which in turn will improve the growth rate to a greater extent than that which is possible under financial repression. Interest rate does not affect of saving indirectly but it is instead a role of income. The relationship linking the availability of credit and investment growth can be about interest rates which play a role more in particular, lenders and borrowers. The theory is they can be sure about the loans being repaid. The problem is that borrowers can not guarantee their repayments. With this in mind uncertainty enters into the equation in to the loan repayment so lender take measures in case borrowers plans are unsuccessful and lenders try not to lose their loan capital. So in order to cover this they use the credit standard in the loan calculation. For borrowers that mean they will have to be able get the credit standard in order to receive a loan. If liberalisation happened and the reason was a rise in interest rate this will increase the deposit and increases in the availability of credit. But a rise in deposit will affect the loan rate by increasing but in relation with the size of the loan cause increase in the repayment rate. So credit standard is set on size of the loan and when interest rate increases it does not cover the banks loan capital. So if banks would want to be covered by the credit standard they like to have zero credit risk. To achieve this they would increase the credit standard to make sure that they zero credit risk. This will mean that borrower would take a large amount or unable to meet the demand they will not be allowed the loan. This means an increase in the availability of credit will not guarantee access to the loan market. When interest rates increases, investors who want to get high returns will be attain less than they paid for and they will lose if they sell. Therefore they do not sell. Investors who invest large amount take advantage of high interest rate; these investors have a high credit risk. So the greater flow of credit makes share prices to increase and they higher profits because of the price increase. Since profit from the acquisition and the sale of shares rises, loan capital will be further attracted to the stock market, so it increases the stock market activity. This introduces the possibility of attracting a substantial portion of the loan capital to move different parts of the economy in favour of financial assets. This evidently raises a concern about the efficiency gain by means of liberalisation. In this process them return on loans will no longer be linked with the yield from shares; rather it will be inter-locked with the return from the expected change in share prices when economic activities are falling. If bad news spread that will decrease share prices. So investors will not make profit from the change in share prices. Therefore investors will find it hard to keep their debt in order. This is where a serious problem arises, and that is, if the actual price falls short of the expected price and so borrowers wont be able to keep their word that they gave to banks. In this problem arises because the banks cannot maintain their credit standard requirements for these borrowers. In other words, banks have advanced loans which exceed the aggregate value of the borrowers assets. Thus the core problem lies with banks needing to take high level of credit risk from large loans because of liberalisation. As said before any bad news that will cause banks a lot of problem and this will lead to a financial crisis. Because of this reason the crisis happens since most of loans had high levels of credit risk. The credit crunch is what economist use it means a shortage of funds for lending, which reduce the availability of loans. The credit crunch can happen for several reasons because of a shape rise in interest rates and the government has direct money controls and also funds decreasing in the capital markets. The latest credit crunch happened because of a sudden increase in defaults on subprime mortgages. The Credit crunch started in United States and eventually spread across the world. The mortgage lenders sold lots of mortgages to customers who have low income and who are first time buyers and have not got a good credit rating these customers are the called subprime borrowers. They thought that house market would boom and mortgages still reasonable but they were lax lending of mortgages to subprime borrowers. The reason they were lax is because mortgage brokers got paid to sell mortgages. These cause for more mortgages to be sold, even though it was expensive and high risk of default. Mortgages companies wanted to make more money on the subprime mortgages and they put the debt into a package and sold it to other companies. This is how it turned globally because of â€Å"package sub-prime home loans into mortgage-backed securities known as CDOs (collateralised debt obligations).† [timesonlinea. 24 Feb. 2010]. They sold it to hedge funds and investment banks because they thought they would get high returns on it. They tried to spread the risk but made the situation worst. The rating agencies gave subprime mortgages a low risk rating but they are very high risk rating and this got transferred to the lenders. In the balance sheets the risk would not be shown. â€Å"Many of these mortgages had an introductory period of 1-2 years of very low interest rates. At the end of this period, interest rates increased.† [mortgagesguideuka, 24 Feb. 2010]. So this cause mortgages repayment to become expensive after the introductory period because interest rate increased from inflation. Also â€Å"Homeowners also faced lower disposable income because of rising health care costs, rising petrol prices and rising food prices.† [mortgagesguideukb, 24 Feb. 2010]. Homeowners found it difficult to hold their houses because it was getting repossess. Many Homeowners were not able to repay the mortgage payments and so this caused an increase in default on their loans. Because of the defaults it was one of the main reasons of the end of housing boom in the US. With housing prices falling this caused further problems with mortgages. â€Å"For example, people with 100% mortgages now faced negative equity. It also meant that the loans were no longer secured. If people did default, the bank couldnt guarantee to recoup the initial loan.† [mortgagesguideukc, 24 Feb. 2010]. Many US mortgages companies went bust because of the increase in defaults but mortgage lender were not only to suffer as banks lost money in mortgage debt because of the package they got from US mortgage companies. Now Banks had to write off big losses and made them unwilling to lend, mostly in the subprime sector. This was a domino effect and the affect the rest of the world for borrowing money and raising funds. â€Å"For example, biotech companies rely on ‘high risk investment and are now struggling to get enough funds.† [mortgagesguideukd, 24 Feb. 2010]. Since the borrowing was restricted this also affected the economy with a recession very likely especially in US. But In UK mortgage lender were more controlled in lending than the US. . In the UK many problems occurred with Northern Rock who invested in subprime mortgages. â€Å"Northern rock had a high % of risky loans, but, also had the highest % of loans financed through reselling in the capital markets. When the subprime crisis hit, Northern Rock could no longer raise enough funds in the usual capital market. It was left with a shortfall and eventually had to make the humiliating step to asking the Bank of England for emergency funds. Because the Bank asked for emergency funds, this caused its customers to worry and start to withdraw savings (even though savings werent directly affected).† [mortgagesguideuke, 24 Feb. 2010]. Also another banks HBOS having the same situation. This shows that word and mouth can cause total panic in short amount of time. The events in the US caused the same problems in the UK with mortgages being expensive and the market drying up and with high risk mortgages taken away. This cause house prices to fall and homeowner facing negative equity so they default on loan, which makes bank lose more money. For example â€Å"Bradford Bingley was nationalised because it couldnt raise enough finance. The BB had specialised in buy to let loans, which are particularly susceptible to falling house prices.† [mortgagesguideukf, 24 Feb. 2010]. This credit crunch may last for a while because house price in the US as well as UK is still going down which makes mortgage loans under valued. Also interest rates are soaring especially when the homeowner finish their inductor periods. If a recession happens in US it could make more bad loans. It will be hard to get more confidence in the financial markets. In conclusion credit crunch could have been avoided if banks had a tighter restriction on access to loans, especially in the US and making sure no bad news circulates as this make people panic and making the situation worst. As for financial liberalisation it is important to introduce an interest rate ceiling on deposit rates to reduce excessive competition among lending institutions for depositors, which may minimize the possibility of financial crisis. Bibliography Books Lecture notes Basu.S. Financial Liberalisation and Intervention: A New Analysis of Credit Rationing Peter Howells and Keith Bain. (2008) The Economics of Money, Banking and finance A European text Fourth edition, Essex, Pearson limited Web Page E. Murat Ucer. Notes on Financial Liberalization, [online] Available from: http://www.econ.chula.ac.th/about/member/sothitorn/liberalization_1.pdf [Accessed 24 Feb 2010] David Budworth, The credit crunch explained, [online] Available from:http://www.timesonline.co.uk/tol/money/reader_guides/article4530072.ece [Accessed 24 Feb 2010] Credit crunch explained, [online] Available http://www.mortgageguideuk.co.uk/blog/debt/credit-crunch-explained/ [Accessed 24 Feb 2010] John Abbey, The credit crunch explained, [online] Available http://www.johnabbey.co.uk/wsb4919660101/creditcrunch.html [Accessed 24 Feb 2010]

Pestle analysis of UK mobile industry

The United Kingdom plays a very important role in the European mobile market as it accounts for a total of 12.9% market value (Datamonitor 2008). By the end of 2011 the United Kingdom mobile phone market value is estimated to gain a raise of 29.1% since 2006 valuing around $4.4 billion (Datamonitor 2008). The industry boundary could be around the manufacturing and giving the service to the mobile phone as these two complement with each other. MOBILE PHONE SERVICE PROVIDING MANUFACTURING With the increase in the technology there is always a better phone in the market with newer specifications, and because of the attractiveness of the deals the consumers are going for a better mobile all the time even if they don't use all the integrated applications. On the other hand this market is nearing its maturity which is a superior threat for all the service providers and mobile manufacturers as they need to invest in more and more for research and development. The recent data shows that just in the U.K there are 69.7 million active subscribers for the mobile phones in 2006 which are 9.7 million more than the total U.K population (Mintel 2007). This states the popularity of the mobile phones and the usage. Key Determinants of Success: For any industry to be successful there will be some key determinants of success which helps its growth, and when these determinants come together it could a successful one. And these determinants for the mobile phone manufacturing and service industry could be the Technological, Economical and Social factors. These could be the three main determinants of this industry mainly because all of these complement each other, as the better the technology in a mobile phone the higher the price will be. Even at a high price consumers would tend to buy these phones as for they are getting the latest technology in their hands and thereby they can show off their status. Technology: In this 21st century the technology is booming and all the companies in any kind of industry would like to use the cutting edge technology for their products or services. As the more technology used in any firm would determine its market capture, its consumers, mainly the price of their products or services. In the mobile phone manufacturing the technology is rapidly increasing. It's equally important for the manufacturer to produce high quality for the consumer as in the past mobile phones are only used to talk to the other person, now with the growth in the technology consumers can send and receive text messages, they can check their e-mails, take pictures with integrated camera of up to 8 mega pixels, and most wonderfully consumers can video chat. All of these explain the technological growth and consumers do pay higher prices to enjoy and experience this kind of technology in their palms. The manufacturers on the other hand are not just providing mobile phones which can do only these things; they are also incorporating other things such as touch screen, Bluetooth and infrared connectivity, wireless local area network (WLAN) which the consumers can use for wireless connectivity (internet), watching live TV, mp3 player, and for all these the consumer thinks it is worth paying the price either set by the manufacturer or the service provider. Economy: The U.K mobile phone industry plays a rather very important role in the economy of the country. The U.K mobile market has generated a total revenue of $3.4 billion in 2006 (Datamonitor 2008) As its been forecasted that the U.K economy to grow between 2.4% to 2.6% between 2007 and 2011 (Key note 2007), but over this very small percentage raise over 5 year period, the consumers are going to lose confidence in the economy but at the same time as the mobile phones are a very essential part of their day to day lives it tends to survive. The mobile penetration rate is also so high that few consumers have more than one phone, or more than one contract or connections and thereby increasing their expenditure. At the same time the mobile phone industry contributes to the economy by importing a lot of raw materials to be used in the production or manufacturing and also exporting the end products. It also contributes to the economy by increasing the employment rate, the more outlets or offices it opens by creating a series of distributors and retailers the more the more the employment rate will be. If the mobile industry has to go into recession, it has been estimated in 2004 that the total revenue the government could lose could add up to a total of around à ¯Ã‚ ¿Ã‚ ½9,864 million (O2 2004). And if we take the rate of technology growth from then to now and the price factor into consideration it could have definitely gone higher by now. Social: Social factors have a very large impact on the industry. The demand levels of the products and the sales are continuously affected by the attitudes and beliefs of the consumers. In addition people have mobile phones not just for communication it also adds peace of mind for the people who care, a lot of people have them as to organise their lives either in a social context or a business context there by making most of their time, and a majority of consumers carry for personal safety. People would like to have mobile phones as they carry them any where they want. It also provides more convenient access to other services like banking, working etc. It also improves social networking as we tend to communicate more by talking rather than just sending e-mails. Usefulness of External Environment Analysis: Any firm within the industry can increase its chances of competitiveness by doing an external environmental analysis. The managers need to use the information gained by the external environmental analysis for future planning, strategy formulation by making the environment ready for any positive changes and thereby keeping away from the negative ones and better decision making as the external environment is changing continuously. By doing this kind of analysis there is every opportunity for the firm to get its resources ready for the kind of strategy they want to develop. Managers need to keep examining the external environment as it is very dynamic as market conditions change day to day, technology is growing, and there is a prospect for them to know who their competitors are. Appendix For external environment analysis the tool which any kind of industry or firm to use is PESTEL analysis which we can be elaborated as follows: Political and Legal, Environmental, Ecological, Social and Technology. Political and Legal factors: * Any kind of industry or firm need to sick to some rules and regulations. * Trade restrictions and changes in the tax structure will affect the industry. * OFCOM- Office of Communications is an independent regulatory body for the Communications Industry. It checks that all the firms within the industry adhere to the regulations. * All firms need to stick to the guideline levels of the radiation to which anyone can be exposed, which is set by The International Commission on Non-Ionizing Radiation Protection (ICNIRP). Thereby they need to set up more base stations (which send and receive signals to connect to mobile phones). * From 2003 the Road Safety act does not permit any driver to handle the hands free set to either call, send or receive text, or access internet. If anyone opposes the law there is a fine of up to à ¯Ã‚ ¿Ã‚ ½30. In February 2007, they increased the penalty from à ¯Ã‚ ¿Ã‚ ½30 to à ¯Ã‚ ¿Ã‚ ½60 as they need to be tougher and to make driving safer. This decreases the usage of the mobile phones. * The consumer protection act * European Regulators Group (ERG) is the body appointed to investigate into the prices the service providers are charging for mobile phone usage while abroad. It tends to bring these prices lower in favour to the consumers. Economical factors: * The growth or fall of the economy can impact on the industry, as if the economy falls there won't be any new consumers willing to take contracts. * At the same time the growth of the industry contributes a lot to the economy: o It provides a lot of employment o It generates revenue for the economy thereby contributing to the GDP. o It contributes to the export and import of raw materials and end products respectively. * The other important factors which affect the industry are exchange rates, rise or fall in the inflation, and minimum wages. Environmental factors: * There is no conclusive proof that the usage of mobile phones affects the health of the consumers. * The use of mobile phones in cars can cause accidents. * At the same time there are issues still concerning that even if using mobile phones does not affect the health in a short term, it might in a long term. * There are claims that it affects the brain cells, human DNA, immune system, and might even develop cancer due to the radiations. * National Radiological Protection Board (NRPB) suggested that there is no evidence of the health problems concerning the usage of mobile phones. But it did warn that we need some precautionary measures due to the high usage of the mobile phones in the near future. Social factors: * The society is very much concerned with the mobile usage by under 18s. * It feels that they can be contacted by unknown persons who can be threat to them. * At the same time it's like an advantage as the kids can or can be contacted by their elders. * Career attitudes, social behaviour, and life style of consumers affect the industry. * Society is also concerned about the adult content on the mobile phones and violent games. It's good they have the technology but at the same time it should not lead them in a wrong path. Technological factors: * Technology has rapidly increased in context to mobile phone industry. * At the beginning the phones are only used for conversation now they are being used for send and receive text messages, multi media messages, voice mails, and even video calling. * The raise of 3g connectivity has been a great leap for mobile phone industry, as it's the very new and latest of it. * 3g mobile phones will increase the sales revenue of the firm. * Bluetooth technology is another great achievement in regards to the exchange of the information as it can be done wireless anytime anywhere.

Imperialistic Power of the Ancient Roman Civilization Essay

Introduction When one thinks of the Ancient Romans, their mind immediately envisions a vast empire led by fierce rulers and intelligent peoples, but that leaves the question of how was Rome able to proceed from a small city to an imperialistic power. On the road to becoming an empire Rome must first improve their own infrastructure through the building of vast roads such as the Via Appia and through the building of aqueducts such as the Aqua Appia in order to provide fresh water for the roman citizens and army. For this reason I decided to conduct research using the question; ‘What impact did the building of roads such as the Via Appia and aqueducts such as the Aqua Appia have on The Roman republic’s ability to keep the Etruscan city of†¦show more content†¦The twins where thrown into a river that was engorged by a flood and eventually washed up on the shore of the river. As if by chance a wolf that recently lost her cubs in the same flood and stumbled upon the twins. She then proceeded to nurse and protect them until a wandering Sheppard passed through and adopted them. The twins became Sheppard’s and Remus eventually met Numitor, the ruler of Alba Longa long before King Amulius overthrew him. Numitor realized that Remus was his grandson and planted the beginning seeds of rebellion. After the rebellion ended Amulius was found dead and the twins set off to form their own city. It was during this rebellion where the thirst for power was instilled into the twins and most likely lead to the continued development of Rome and its climb to its position as a potential military superpower of that era (CHRONICLE, 16-18). One can conclude that because of the self-determination that both twins exhibited, the future citizens of Rome where able to be molded into an independent superpower through the path that the twins set forth. In addition to this the Etruscans have had an early impact on Rome since the days of the roman kings. 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Cmo Retirar la Peticin de Green Card a Familiar

Los ciudadanos y los residentes permanentes pueden retirar la peticià ³n de una tarjeta de residencia, tambià ©n conocida por green card, que presentaron para un familiar. En este artà ­culo se explica quià ©nes pueden retirar dicha peticià ³n, cà ³mo se hace y las condiciones especiales que aplican a la green card por matrimonio y porquà © es importante cancelarla a tiempo en algunos casos y no seguir con la tramitacià ³n hasta el final. Quià ©n Puede Retirar la Peticià ³n de Permiso de Residencia para Familiar Puede solicitar la cancelacià ³n de la peticià ³n de permiso de residencia la persona que inicià ³ el proceso de pedir aun  familiar mediante la presentacià ³n del documento que se conoce I-130. Segà ºn las leyes migratorias de Estados Unidos sà ³lo pueden patrocinar una green card por parentesco: Los ciudadanos americanos, para: Esposos/as. Esto aplica tanto a los enlaces entre un hombre y una mujer como a los matrimonios entre personas del mismo sexo.Hijos/as. Establecià ©ndose tres categorà ­as segà ºn la edad y/o el estado civil de a persona pedida.Hermanos y padres, cuando el solicitante tenga al menos 21 aà ±os de edad. Los residentes permanentes legales para: El marido o la mujer.Hijos solteros, si bien hay dos categorà ­as dependiendo de la edad. Cà ³mo se Solicita la Cancelacià ³n de la Peticià ³n para la Tarjeta de Residencia Escribir una carta en inglà ©s al USCIS en la que se indique: El nombre del solicitante de los papeles para un familiar y su direccià ³n en Estados Unidos.El nombre completo de la persona beneficiada para la que se solicitaron los papeles, indicando tambià ©n su fecha y paà ­s de nacimiento.La fecha en la que la peticià ³n fue admitida a trà ¡mite por el USCIS (filed). Eso està ¡ en la carta en la que se recibe confirmacià ³n del recibo del papeleo.Una breve descripcià ³n de la razà ³n por la que se cancela la solicitud. La direccià ³n a la que hay que enviar la carta es la de la oficina de inmigracià ³n a la que se envià ³ la peticià ³n de los papeles para el familiar. Hasta Cuà ¡ndo se Puede Cancelar la Peticià ³n Como regla general, si el beneficiario de la peticià ³n està ¡ en Estados Unidos, se puede retirar la peticià ³n en cualquier momento antes de que se apruebe  el ajuste de estatus. Si el familiar que va a recibir el permiso de residencia està ¡ en otro paà ­s, se puede pedir la retirada hasta justo antes de que el beneficiario entre por primera vez en Estados Unidos como residente. Es decir, incluso despuà ©s de la entrevista en el consulado pero antes de que el oficial migratorio en una frontera de los Estados Unidos estampe el pasaporte del beneficiado, que se convierte asà ­ en residente permanente. En estos casos en los que el familiar està ¡ en otro paà ­s y el proceso de peticià ³n està ¡ avanzado y ya en và ­as de pasar a trà ¡mites consulares puede ser recomendable enviar al Centro Nacional de Visas, NVC por sus siglas en inglà ©s, o al  consulado americano competente una copia de la carta enviada al USCIS en la que se abandona la peticià ³n de permiso de residencia. El Caso Excepcional de los Matrimonios con Ciudadanos Americanos La forma mà ¡s rà ¡pida de conseguir la green card es por matrimonio con un ciudadano americano. Pero estas tarjetas de residencia pueden tener  una particularidad: son temporales por dos aà ±os antes de convertirse en permanentes cuando la residencia se recibe antes de cumplirse dos aà ±os de casados. En estos casos el ciudadano americano puede cancelar la peticià ³n del cà ³nyuge extranjero no sà ³lo hasta el momento en el que à ©ste gana la green card del modo seà ±alado anteriormente. Sino que tambià ©n puede impedir que el esposo inmigrante pueda cambiar su estatus de titular de green card temporal a permanente. Es suficiente si a  los dos aà ±os se niega a firmar conjuntamente la peticià ³n de remocià ³n o levantamiento de la condicionalidad. En estos casos el cà ³nyuge extranjero pierde la tarjeta de residencia y es muy posible que deba abandonar Estados Unidos. Los à ºnicos casos en los que se permite que el ciudadano americano no firme la remocià ³n de la condicionalidad y el marido o la mujer extranjero se conviertan en residentes permanentes son: Fallecimiento del solicitante ciudadano americano.Divorcio, en el que la parte extrajera pueda demostrar que su matrimonio fue de buena fe.Malos tratos sufridos por el cà ³nyuge extranjero en base al programa VAWA.Situacià ³n extrema, como violencia en el paà ­s de origen del cà ³nyuge extranjero o enfermedad del mismo. Una vez que el Familiar Extranjero se Convierte en Residente Permanente,  ¿Puede el Patrocinador Pedir una Cancelacià ³n de la Tarjeta de Residencia? En principio no, a menos que se pueda probar documentalmente o con otra clase de evidencia que ha habido fraude o situacià ³n similar. Es relativamente comà ºn en los casos de peticiones por matrimonio que cuando las cosas van mal haya acusaciones y reproches mutuos y que el patrocinador se pregunte si puede quitarle la green card al esposo o a la mujer con la que ahora se lleva mal. Pero hay que entender que el desamor y las peleas conyugales no son prueba de que el cà ³nyuge extranjero se hubiera casado sà ³lo por los papeles, con engaà ±o y calculadamente. Antes de hacer una acusacià ³n de que un matrimonio ha sido falso hay que ser honestos consigo mismo y pensar si uno tiene realmente pruebas o simplemente se està ¡ dolido o se tienen celos. A Tener en Cuenta por Sus Consecuencias Graves Si una persona cancela la peticià ³n de un familiar, si despuà ©s se arrepiente y desea volver a instaurarla debe darse cuenta de que debe empezar el proceso desde el comienzo, rellenar de nuevo todos los papeles y pagar los aranceles correspondientes. Ademà ¡s, hay que tener en cuenta que si no son buenas las relaciones familiares entre la persona que pide los papeles y la beneficiada por la green card puede haber problemas de carà ¡cter econà ³mico que hay que tener en cuenta. Y es que a lo largo de la tramitacià ³n de un familiar uno de los papeles que se firma es lo que se conoce como affidavit of support o declaracià ³n de mantenimiento. Los deberes que se tienen al firmar este contrato duran 10 aà ±os, en la mayorà ­a de los casos. Y no importa que solicitante y beneficiado no se hablan o, en el caso de matrimonio, que se haya producido un divorcio. Por todo ello se recomienda tomar este test de respuestas mà ºltiples que sirve para aclarar importantes dudas sobre la green card. Este es un artà ­culo informativo. No es asesorà ­a legal.