different cultural artifacts. To document your analysis and research, you will develop a reference list. In preparation for the presentation you will develop in
Theme: Human Culture, you will also consider how you would present your research to a specific audience.
Specifically, the following critical elements must be addressed:
I. Describe the cultural artifacts that you chose. Consider questions such as these in your response: What is the name or title of the artifact? Who is the
author or artist? What is the date or time period when the artifact was created? What is the cultural location or physical setting of the artifact? In
addition, you could consider including a photograph or image of each cultural artifact, if they are visual artifacts.
II. Identify at least one common theme that will serve as the framework of your exploration document. How is the theme expressed in your artifacts?
III. Explain how the theme you identified is related to your personal experience. For instance, you could discuss how the expression of the theme in your
cultural artifacts is connected to you personally.
IV. Discuss a profession that could be impacted by the theme you identified. In other words, how is the theme you identified related to professional
experiences? How could a working knowledge of the humanities be useful in this field?
V. Describe at least three humanities resources that you could use to investigate your theme and artifacts. Your sources must be relevant to your theme
and of an appropriate academic nature. In your descriiption, consider questions such as the following: What are the similarities and differences in the
content of your sources? What makes them appropriate and relevant for investigating your issue? What was your thought process when you were
searching for sources? How did you make choices? Did you encounter any obstacles and, if so, how did you overcome them? If you did not, why do you
think it was so easy to find what you needed?
VI. Use the humanities resources that you selected to research your theme and cultural artifacts, making sure that you cite your sources. Based on your
research, do the following:
A. Discuss the relationship between each cultural artifact and its historical context. In other words, what were the circumstances under which each
artifact was created?
B. Explain the similarities and differences that you observe in the cultural artifacts you selected, in relation to the theme. For instance, do the
artifacts contain any symbolism? If so, how are the symbols both similar and different? What do the symbols tell you about each artifact?
C. Discuss the medium—such as literature, music, or sculpture—through which your cultural artifacts were created. For instance, how did the
creator or creators of each artifact use the medium to convey something about the meaning of the artifact?
VII. Based on your research, develop a thesis statement that conveys the claim you plan to make about your theme and artifacts. Your thesis statement
should be clear, specific, and arguable.
VIII. Based on your research, identify an audience that would be interested in your theme and thesis statement. For example, who would benefit most from
hearing your message?
IX. Describe how and why you can tailor your message to your audience, providing specific examples based on your research. For example, will your
audience understand the terminology and principles used by humanities scholars, or will you need to explain these? How will you communicate
effectively with your audience?
X. Provide a reference list that includes all of the humanities resources you used to research your artifacts, theme, and thesis statement. Ensure that your
list is formatted according to current APA guidelines (or another format with instructor permission).
Rubric
Guidelines for Submission: Your exploration document rough draft should adhere to the following formatting requirements: 3 to 5 pages in length, doublespaced, using 12-point Times New Roman font and one-inch margins. You should use current APA style guidelines for your citations and reference list.
Chosen artifacts are “Andromache Mourning Hector” by Jacques-Louis David and “Death in the Sickroom” by Edvard Munch. The common theme to write about is death/ grief.
The main structure of this essay is used MBV,RBV,OBV,CORP,INT to analyze case
The main structure of this essay is used MBV,RBV,OBV,CORP,INT to analyze case to get some iusses.
MBV,RBV,OBV,CORP and INT have some small points. You should mainly write mvb,rbv and obv, and you can add some another points. Do not need to write all points, but you must write it above 80% points. I have sent you a sample, please refer to it. About corp and int, you can pick some points to write, but you can not do not write it.
Finally, you need to choose two serious key issues to analyze. Every issue should write two strategic options. Use SAF to analyze. (I have sent you a PPT of saf, please read it). Then please choose the best strategic option as action plan and recommendation. Action plan must have long-term and short term plan and divide it with the using of time. （About two key issues, it is the theme of our presentation.I have sent you speech draft of our group. You can write two issues in our presentation, which includes strategic option, action plan and recommendation. If you are unwilling to use it, you can also write it by yourself.
The two main part of the essay: write MBV,RBV,OBV,CORP,INT respectively and key issue，
Suitability, external factors, government, culture and so on
Acceptability. Risk and return, the shareholder and customer response and so on Feasibility, internal factors, capital, technology, experience, and so on
论文总字数8000以上，正文不能超过3000+20%，也就是3600字，正文中表格里的字数不算在正文字数里面，但是算在总字数里面。所以你可以看情况放表格里有的内容，多的字数和一些图标放在appendix，必须要有appendix，
正文放比较重要的东西，不那么重要的文字放appendix。
The word should be more than 8000 words. The main body can not exceed 3600 words. The table is not in the text word, but in the total number of words. If the tables are too much, You can put some table that is not important in the appendix.
I will send you saf analysis. And each small points of mbv,rbv,obv,corp,int. About two key issues, I will send you each mbv, rbv, obv, corp, int that are analyzed by my classmates.
Question 1 Using appropriate IT tools (e.g. Excel, Stata) investigate the existence
Prompt: Analyze your two chosen artifacts. Then, identify a common theme and compare your examples to one another as Management Assignment Help Question 1
Using appropriate IT tools (e.g. Excel, Stata) investigate the existence of a momentum effect for the 3×3, 6×6, 9×9 and 12×12 investment strategies and for all year ends in your sample data. Test the statistical significance of your analysis using a simple one sample t–test with H1: Returns-W minus Returns-L equals 0.
Attached excel file shows all the workings for the task.
Hypothesis Testing
H1: Returns-W minus Returns-L equals 0.
t-Test: Two-Sample Assuming Equal Variances
0.086189309
0.199626
Mean
0.102393209
0.144851
Variance
0.000608859
0.000262
Observations
19
19
Pooled Variance
0.000435507
Hypothesized Mean Difference
0.05
df
36
t Stat
-13.65543997
P(T<=t) one-tail
4.15352E-16
t Critical one-tail
1.688297714
P(T<=t) two-tail
8.30703E-16
t Critical two-tail
2.028094001
From the results as shown in table above, the t-test is less than the critical value (4.15352E-16<1.688297714) and therefore we accept the null hypothesis since the t-test value is less than the critical value. We therefore conclude that the difference between the returns of the winners and losers equals to zero.
FINANCIAL LIBERALIZATION 5 FINANCIAL LIBERALIZATION Financial liberalization Name of Author Institutional Affiliation
FINANCIAL LIBERALIZATION 5
FINANCIAL LIBERALIZATION
Financial liberalization
Name of Author
Institutional Affiliation
Table of Contents
Introduction3
Theoritica argument………………………………………………………………………………………………………………………………..4
Short-term pains4
Long term gains6
Empirical argument…………………………………………………………………………………………………………………………………9
Conclusion11
References13
Appendices14
Introduction
Financial liberalization refers to the deregulation or changing the existing domestic financial market rules and regulations. This aspect has been experienced in the several economies in the world, and it has largely contributed to economic growth in the developing countries. The deregulation process in the emerging economies in the world such as Morocco and Poland has largely contributed to the economic growth since they have experienced financial development. Even though liberalization has negative impacts on an economy in the short run, it also has many advantages to the markets since it improves the functioning of the financial systems, increases the availability of funds and allows cross-country risk diversification. This report provides a clear analysis of the various ways in which financial liberalization has enhanced short-term pain and long-term gains or benefits. The argument is based on various types of financial liberalization such as Equity market, Capital account, and banking sector liberalization. Equity liberalization gives foreign investors the chance or opportunity to invest in domestic equity securities and domestic investors to be able to transact in foreign securities. Capital account liberalization is whereby country’s government can move from a closed economy capital account regime or period to an open capital account system. This deregulation enables movement of capital in various economies. On the other hand banking sector liberalization is a situation where no rules and regulations are prohibiting free flow of funds in the global system. This report’s discussion is based on two parts; theoretical argument and empirical arguments. In the theoretical argument section, some theorists such as Stiglits (2000) and Klein and Oliver (2008) points of view will be reviewed. The empirical section will provide a prove on how financial liberalization has impacted on the emerging economies growth rate. Primarily, the report will provide clear arguments on various ways which financial liberalization has impacted on emerging economies in short run and long run too.
Theoretical argument
This section provides various arguments by some authors on the ways in which financial liberalization has impacted on economies in the short term and long run. Some of the authors’ views to be used in this argument are Stiglits (2000) and Klein and Oliver (2008). The two authors have to contradict, and varying points of view as the impacts of financial deregulation is concerned. The section provides clear points and discussion on how financial liberalization has boosted the economic growth rate of some emerging economies such as Morocco and Poland.
Short-term pains
According to Stiglitz (2000), Firms cannot engage in long-term investments by short-term funds. Investors in emerging economies such as Morocco cannot access adequate funds to finance their projects since the capital accounts have been deregulated to pave the way for globalization. This aspect has led to slow economic growth since the investment rate decreases. The only capital which investors in this economy can access is short-term funds which have timed schedule for repayment. As per the argument of this author, it is clearly portrayed that financial liberalization is long term gain, but it has negatively impacted to small business. As we know, investment is core pillar to economic growth and the fact that, investors in the developing countries cannot access adequate funds to finance their businesses portrays how the process is negatively impacting on the economic growth rate (Stiglitz, 2000).
Slight (2000) argues that deregulating the capital account led to flow of capital outside the economy or country rather than accelerating capital flow in the country. The economic growth rate is mostly initiated by the availability of capital domestically. The fact that, the capital account is open for all investors in the world has led to increased demand and locals in Morocco cannot access them. Domesticating capital flow is the best aspect in the short run since it will benefit the local investors first since the competitive level will be low. Deregulating the capital account enabled foreign investors to access securities in the domestic market without any restrictions. This aspect has contributed to increased competition for domestically available securities, and the locals cannot easily access them since foreign investors can afford adequate funds to purchase all the securities at the set price. This aspect clearly portrays why some developed economies such as the United States of America remain to be the best invest and powerful financial controller in the globe since they invested heavily in the recently open financial systems such as Morocco (Stiglitz, 2000).
Abrupt financial liberalization leads to destabilization of the financial systems. In most emerging economies such as Poland, financial deregulation was carried out abrupted, and this led to rising of interest rates hence inducing financial crises. This aspect clearly portrays how financial liberalization has negatively impacted in some markets since a rise in interest rates leads to reduced investments since investors can access loans at a higher cost than normal. The fact that the investment rates declines in an economy lead to poor performance of the local markets hence reduced gross domestic products (Kaminsky& Schmukler, 2003).
Detragiache, (1998) argues that financial liberalization initiates some market failures problems and can lead to stagnation of the financial market. This aspect is evident in some developing economies which have imperfectly developed financial markets and where removal of interest rates and direct credit controls or regulations and reserves requirements have been evident. This aspect clearly portrays how, financial liberalization is not of great importance to the emerging economies since it may lead to stagnation of their financial markets (Detragiache, 1998).
Alleviation of interest rates initiates some dangerous economic circumstances such as the poor flow of capital in the domestic market. In the past years, some developing financial markets have not been able to provide adequate funds to investors and some important taxpayers. This aspect has largely contributed to poor economic growth rate since the investment levels decrease annually. This aspect has been evident in some emerging economies such as Morocco and Poland in the early stages of financial liberalization process. This argument clearly portrays how financial liberalization has led to poor performance of some countries while benefiting others such as Japan and the United States of America (Stiglitz, 2000).
Long term gains
Klein and Oliver (2008) argues that financial liberalization promotes efficiency and development of financial intermediation. Financial deregulation has been of great importance to emerging economies such as Morocco and Poland since investors, and other lenders can access funds from banks any time. The fact that, funds are easily accessible impacts positively on countries economic growth since it boosts other critical pillars of gross domestic product. This aspect has been experiencing after a long term since the capital flow is allowed in the global financial markets. During the closed economy period, emerging economies struggled to access adequate capital to offer investors, but because of deregulation of the global financial systems, all investors demands can be fulfilled in the shortest time possible (Klein and Olivei, 2008).
Financial liberalization has largely contributed to enhanced efficiency in the domestic financial systems through introduction of international standards and policies. According to Klen and Oliver (2008), domestic financial systems efficiency has been initiated by the exposure to competitive environment which was brought about by some foreign intermediaries. The domestic financial systems have to boost the standards of their services for them to be able to coop with the ever rising competitive levels in the financial markets. All financial institutions should meet the international standards for them to be able to attract more customers. Klein and Oliver (2008), also argues that the domestic financial systems are changing since they are influenced by the ‘flight to quality.’ The financial systems since the introduction of financial liberalization are implementing the best policies to meet the standards portrayed by their competitors in the market. This aspect clearly describes that in most of the domestic financial systems are after offering quality services and products for them to be able to coop with the rapidly changing competitive levels in the market. These author’s argument clearly portrays how, financial liberalization has positively impacted on the domestic financial systems even though after an extended period of time (Klein and Olivei, 2008).
The introduction of subsidiaries or foreign banks branches in the domestic market is an aspect which has been brought about by financial liberalization. Since the introduction of financial deregulation in the global market, many foreign banks have invested in other countries hence being able to serve the neglected market niches by expanding the national banking systems. This aspect has led to efficiency and effectiveness in the financial markets since investors and other lenders can easily access capital for their investments. This issue clearly portrays how financial liberalization has largely contributed to the development of financial markets in the emerging economies such as Morocco hence initiating economic via growth and development accelerating investment rate (Klein and Oliver, 2008).
Financial liberalization has led to the introduction of financial innovation in the emerging economies in the world hence broaden the services offered. The fact that, foreign banks have been able to establish its branches or subsidiaries in other countries has largely contributed to the introduction of the best financial innovations in the developing economies. This aspect has lead to spread of innovation in the banking sector in the emerging economies hence boosting its effectiveness and efficiency in offering services to clients. The spread of innovation has also led to broadening of services which banks in the emerging economies offer to its clients (Klein and Olivei, 2008).
Functioning of the financial systems in the emerging economies such as Morocco has improved since the introduction of financial deregulation in the country. The financial systems in this country can offer some services which they could during the closed economy period. Some of the services which the financial institutions can offer are mortgages and large amounts of loans to its clients since capital is transferred freely globally. This aspect has largely contributed to the expansion and growth of the economy since the tax pool has increased at the same time too. This aspect clearly portrays how financial liberalization has contributed to the improvement of financial systems in the emerging economies in the world. This aspect has also contributed to increased national productivity rate since investors can access capital to finance their investment plans (Munduch & Weinberg, 1979).
The Increased availability of funds is an aspect which has been brought about by the financial liberalization globally. The fact that, capital deregulation enables a free flow of capital in the financial systems globally; it has enabled investors and other lenders to be able to access finances all the time. Before the introduction of capital liberalization in the closed economies such as in Morocco, banks and other financial institutions were not able to offer loans to its clients because of lack of adequate funds but since its introduction lenders can access any amount of cash which they require for their investments. This argument clearly portrays that, capital liberalization has boosted economic growth since investors can access capital any time hence boosting the annual gross domestic products of the country (Ito, 2006).
Financial deregulation has contributed to cross-country risk diversification since the industry is globally based. Since the introduction of financial liberalization, risks facing financial systems have been shared across all financial institutions in the world. This aspect has been enabled by the fact that the institutions share common standards and policies hence they can have a joint solution to the problems which face the system. This issue has enhanced smooth operations and management of financial systems in the globe hence initiating economic growth rate in the emerging economies such as Poland. During the closed economy period in Poland, the financial system in the country was facing a lot of challenges such as rapid change of interest rates, but since the introduction of financial liberalization, the financial institutions can solve some serious risks facing the industry (Law, 2009).
Empirical argument
The data and information used in this argument section are based on various studies by different authors and research institutions in the world. The researchers” arguments used in this part are from Lee and Shin (2008) and Sahay et al.(2015). The researchers have provided evidence on how financial liberalization has positively impacted on economic growth of various emerging economies in comparison to developed countries or economies such as Japan and the United States of America. Both researchers prove the fact that, financial deregulation have positively impacted on the emerging or developing economies after a long term period. This aspect supports the argument by other authors such as Klein and Oliver (2008) by proving that, financial liberalization was meant to enhance changes in the emerging economies after a certain period (See Appendices 1 and 2).
Lee and Shin (2008), provides data and information for 58 countries in the world in which some are emerging economies while others are developing economies. The data is for 19 years that is from 1980 to 1999 (Lee and Shin, 2008). These authors use the data for the 58 countries to portray how financial liberalization has positively impacted on emerging economies economic growth. The data also reflects how financial liberalization is of great importance in the modern world since it has contributed a lot to the growth and development of financial systems (see Appendix 1).
Sahay et al. (2015), provides a clear diagram based on International Monetary Funds organization (IMF) in which it portrays how financial development has positively impacted on the growth of various sectors in the global and national financial systems. The diagram represents financial development index which is used by IMF to measure the impacts of financial liberalization in the world more so the emerging economies. The aspects which financial development index measures on how financial deregulation influences are financial institutions and financial markets (Sahay, Čihák, N’Diaye and Barajas, 2015). The process should enhance efficiency, accessibility and financial deepening. Those aspects are used to measure how the financial liberalization has impacted on the emerging economies in the world such as Morocco and Poland (See Appendix 2)
Sahay et al. (2015) also provide non-linear graph inverted U-shaped in nature, which shows the relationship between financial liberalization and economic growth. The graph has two variables in the x and y-axis which are effects on economic growth and financial development respectively. The comparison portrayed in the figure is on the impacts of financial liberalization on emerging economies such as Morocco, Poland, Ecuador and Gambia and developed economies. The developed economies used in the graph are the United States of America, Japan, and Ireland (Sahay, Čihák, N’Diaye and Barajas, 2015). The graph is inverted U-shaped since financial liberalization is mostly positively impacting on the emerging economies and negatively affecting developed countries such as the United States of America (See Appendix 3).
Conclusion
Financial liberalization is based on three types which are; equity market, Capital account, and banking sector liberalization. The terminology refers to the deregulation or changing the existing domestic financial market rules and regulation to allow globalization in the financial sector. This aspect has been experienced in the several economies in the world, and it has largely contributed to economic growth. As per the arguments made by several authors such as Stiglits (2000) and Klein and Oliver (2008), financial liberalization has impacted via various ways. Stiglits (2000) argues that financial deregulation has short-term pains to economies and it negatively impacts on the economic growth rate of emerging economies such as Morocco, Poland, and Ecuador. On the other hand, Klein and Oliver (2008), argues that financial deregulation has positive impacts on the emerging economies. The empirical argument also supports Stiglitz, Klein, and Oliver arguments by the reviews conducted on data and information gathered by Lee and Shin (2008) and Sahay et al. (2015). The research clearly portrays that, financial liberalization has positively impacted on emerging economies such as Morocco and Poland.
References
Demirgüç-Kunt, A., & Detragiache, E. (1998). Financial liberalization and financial fragility.
Ito, H. (2006). Financial development and financial liberalization in Asia: Thresholds, institutions and the sequence of liberalization. The North American Journal of Economics and Finance, 17(3), 303-327.
Kaminsky, G., & Schmukler, S. (2003). Short-run pain, long-run gain: the effects of financial liberalization (No. w9787). National Bureau of Economic Research.
Klein, M.W. and Oliver, G.P., (2008). Capital account liberalization, financial depth, and economic growth. Journal of international money and finance, 27(6), pp.861-875
Lee, I. and Shin, J.H., (2008). Financial Liberalization, Crises, and Economic Growth. Asian Economic Papers, 7(1), pp.106-115.
Law, S. H. (2009). Trade openness, capital flows and financial development in developing economies. International Economic Journal, 23(3), 409-426.
Mishkin, F.S., (2009). Globalization and financial development. Journal of development Economics, 89(2), pp.164-169.
Munduch, G., & Weinberg, C. B. (1979). Aspects of a new world development strategy I: Financial transfers from developed to developing nations. Journal of Policy Modeling, 1(3), 343-357.
Sahay, R., Čihák, M., N’Diaye, P. and Barajas, A.,( 2015). Rethinking financial deepening: Stability and growth in emerging markets. Journal of Institutional Economics, 17 (33), pp. 73-107.
Stiglitz, J.E., (2000). Capital market liberalization, economic growth, and instability. World development, 28(6), pp.1075-1086.
Appendix 1
Appendix 2
Financial development Index
Efficiency
Efficiency
Depth
Depth
Access
Access
Efficiency
Efficiency
Financial markets
Financial markets
Financial institutions
Financial institutions
Depth
Depth
Access
Access
Financial development
Financial development