The New Way We Look At Things - 967 Words

3-D The New Way We Look at Things Did a soldier ever think of printing his missing hand that was amputated while in combat? Or did that surgeon ever thought of printing that patient’s matching heart that’s been on the national organ donor list for the past two years? And how about printing the most want it toy for Christmas for your child? Well now you can, by using a 3-D modeling technology printing concept. 3-D (Three-Dimensional) modeling technology in the medical field has been an innovation since the 1980’s. This technology has come a long ways. 3-D modeling technology printing is a method of additive manufacturing and built-up technique where a three dimensional object is shaped by laying down consecutive layers of material to create an object in a 3-D aspect. Recently, there has been an increase in the number of companies providing personalized three dimensional printed models of objects that have been scanned and reduced to a 3-D shape with the assista nce of computer software, and then printed to the customer’s requests. This technology has developed into many branches, in which has opened doors leading to a new form of imagery in the world of printing. While some may argue this technology may result in a trend of piracy and with its non-proprietary software, some individuals may gain profit by manufacturing counterfeit pharmaceutical products. Society should invest in the 3-D modeling technology concept as many individuals have been creating toys at home andShow MoreRelatedPhysical Education Reflection824 Words   |  4 Pagesresources that I will probably have in the future. This allowed me to look at physical education in a new perspective and really take a look at how crucially important it is for children to get the right amount of physical education so they can be as healthy as possible. I feel like I learned a lot of valuable things in this class, that I will be able to apply in my future classroom one day. Some of those things are the way we planned the in-class teachings, I feel like using all the different templatesRead MoreIf you have to trade and animal for a human, why not keep the animal? Animal testing is used around600 Words   |  3 Pagesdogs†, yet now we are just starting to realize the animals and how they might be hurt. Animals, they do a lot more to help us than most people never realize. They are the only other living thing closes to humans to be tested on. They have shortened life cycles so it won’t affect them so long term if anything were to go wrong, unlike humans. And to be frank they have no real rights, so it’s partially ok. What about all of the medical breakthrough that we have had over the last 100 years? We have a lotRead MoreHas Google Changed Us For The Worst?847 Words   |  4 Pagesus for the worst? Is Google numbing our minds? Carr claims that we are so heavily reliant on Google, that it is impeding our own mental thinking and capacity; he says that we need to rely less on Google and we need to start to rely more on our own thinking. As a result of Google, it has become the focal point of our thinking in today’s society. We no longer use our own knowledge and understanding to look up information, but rather we use Google to do our own dirty work according to Carr. EssentiallyRead MoreInvention and Inlfuence of the Microscope Essay798 Words   |  4 Pagesmy essay is going to talking about Chemistry and Technology, and has a focused on the invention and influence on the microscope. Chemistry has helped people look at technology in a different way, such as by the way we use it and how easy it is to find data faster. Technology has also changed Chemistry several ways. Some examples are finding new viruses and finding cures to prevent diseases from spreading around the worl d and. The microscope has been a very important part of Chemistry since it wasRead MoreMedia s Influence On Society1256 Words   |  6 PagesThe media are full of countless things, they have completely changed the world we live in and are now a part of our everyday lives (Bookman, 64). With television, radio, newspapers, books, etc†¦ working their way into our everyday lives it is almost impossible to live without the media. Along with it being persuasive, informative and a great source for entertainment, it also has a large binding influence on societies all over the world. Media aspects are radically reshaping the world (Marina 240)Read MoreThe Medias Portray of African Americans Essay examples596 Words   |  3 PagesNow a day African Americans have a growing culture in our community so they play a big roll in society. This cuases them to be on the media more often. That said they are shown both in good and bad ways. Some ways they are shown is undermining to some people and othe r ways show them in a brighter light. It could go from showing them in gang violence or showing them in a political aspect. Even though they are shown in on media there are social sites they are shown very stereotypical. This socialRead MoreMedia s Influence On Society1269 Words   |  6 Pages The media is full of countless things, it has completely changed the world and is now a part of our everyday lives (Bookman, 64). With television, radio, newspapers, books, etc†¦ working their way into our everyday lives it is impossible to live without the media today. Along with it being persuasive, informational and a great source for entertainment it also has a large binding influence on societies all over the world. Media aspects are radically reshaping the world (Marina 240) and though someRead MoreThe Effects Of Pornography On Society, An Up And Coming Monster Slowly Awakening From Its Deep Slumber1471 Words   |  6 PagesHolle Dietzman Ms. Maggert Honours English III 09 December 2016 The Effects of Pornography There is a new threat to society, an up and coming monster slowly awakening from its deep slumber. Pornography is this monster and it is a problem. Pornography has been around since the mid-1600’s, during the 1970’s the industry was revolutionized by the beginning of the internet and the changes in social mores, allowing them to create more uncommon and risque media. Since that time though it has only grownRead MorePilgrim at Tinker Creek After the winter, people look forward to having all the flowers begin to1000 Words   |  4 PagesPilgrim at Tinker Creek After the winter, people look forward to having all the flowers begin to bloom again and birds begin to fly, announcing the start of spring. The grass turns green and people begin to be outside without five layers of clothing on and snow falling from the sky. Spring is when everything comes alive after the winter hibernation. My favorite time of the year is spring, when you wake up to the birds chirping outside of your windows. It is the time of year when you walk outsideRead MoreReflections upon Urbans Lifes Greatest Lessons779 Words   |  3 PagesLessons: 20 Things That Matter by Hal Urban, the author describes how we as human beings must be able to look at the funny side of life. Urban tells the readers that one major key to life is to make your life funny. By making life funny, we relieve or forget about problems that are occurring in everyday life. From being a tension breaker, to having health benefits that include creating endorphins, laughter as the author put it is th e â€Å"tonic of life† (p.24). Laughter puts our minds at ease and we use it

Is Foster Care The Best Place For A Looked After Child

Is foster-care the best place for a looked after child? Every child is entitled to feel respected, safe, loved and feel that they belong. It must, however, be recognised that society and families are changing and become acquainted with the life-changing impact these changes have on children. Every 22 minutes, a child comes into care in need of a foster family. But is foster-care the best option for these children or is foster-care becoming a cost-effective blanket approach for children requiring state care, regardless of what’s best for child. As White and Lane (2008) so eloquently state, â€Å"it would be a brave – if not foolish – person who advocated one form of care for all children and young people, regardless of circumstances†. â€Å"Children†¦show more content†¦The Children Act 1989 and the United Nations Convention on the Rights of the Child (UNCRC; United Nations Charter for the Rights of Children 1989) and the Children and Families Act 2014 have driven a theoretical and policy shift in the attitudes and understandings of children’s involvement in the services relevant to them (Goodyer, 2012; Simpson, 2015). Goodley, (2012 p394) argues children’s rights under the UNCRC are based on the three premises of rights: the rights to protection, provision and participation. This distinction can contribute to the ways in which welfare provision in England operates different models, simultaneously creating tensions between parallel provisions. The child development model underpinning the current child and family practice enables the provision and protection aspects of children’s right to be addressed. Child and family social work has been extremely preoccupied with providing childre n with a safe and protected childhood, with looked-after children being deemed a low priority in the participation, design, delivery and monitoring of their services (Goodyer, 2012). According to Cocker and Allian (2012 p36) â€Å"the philosophy of the Children Act 1989 is that the best place for children to be brought up is within their own family, and that children in need can be helped most effectively if the local authority – working in partnership with parents – provides an

Animal Testing Should Not Be Banned - 1077 Words

Did you know that in the United States alone 26 million animals are used in testing each year? Did you know the Federal Animal Welfare Act (AWA) does not protect 95% of animals in experiments and testing and that over 97 thousand animals that experience pain are not given drugs to ease the pain? That the United States and Gabon are the only two countries that allow testing on chimpanzees? Animal testing has been used worldwide and for many different matters, but does the use of it really help and benefit us and them? Or does it damage both of us? Animal testing has been used for centuries; it has been traced back to 500 B.C.E. but did not become popular or common until the late 1800’s. At that time, UK government passed Cruelty to Animals Act of 1876 hoping it would reduce animal testing and pain placed upon the animals but sadly the bill did fail. When the United States passed the Animal Welfare Act (AWA) in 1966 animal’s wellbeing were started to be taken in a serious manner. Animal Welfare Act does state that â€Å"The term ‘animal’ means any live or dead dog, cat, monkey (nonhuman primate) mammal, hamster, rabbit, guinea pig, or such other warm-blooded animal† (Title 7- Agriculture 16) which excludes birds, some rats and mice, and cold-blooded animals. With that being said, the laws that are being placed to help â€Å"animals† are not helping all animals; those laws are not protecting turtles, fish, lizards, or any reptiles. The first step in fixing the issues of animalShow MoreRelatedShould Animal Testing Be Banned?844 Words   |  3 PagesShould animal testing be banned? Nowadays, a lot of animals has been tested on a range of experiments over the world. You could be supporting animal teasing cruelty without knowing it. Have you ever check if there’s animal testing on the cosmetics before you buy it? Today, a lot of cosmetics has been testing on helpless animals and there are about 1.4 million animals die each year from animal testing ( CatalanoJ, 1994). Most of the experiments that are completed in the laboratories are very cruelRead MoreAnimal Testing Should Be Banned880 Words   |  4 Pagesdepending on animals testing. Therefore, if people talk about laboratories, they should remember animal experiments. Those animals have the right to live, according to people who dislike the idea of doing testing on animals; the other opinion, supports the idea of animal testing as the important part of the source of what has reached medicine of the results and solutions for diseases prevalent in every time and place. Each year huge numbers of animals a re sacrificed for the science all these animals, whetherRead MoreAnimal Testing Should Be Banned776 Words   |  4 PagesAnimal Testing Should be Banned  ¨Over 100 million animals are burned, crippled, poisioned and abused in US labs every year ¨ ( ¨11 Facts About Animal Testing ¨). Imagine if that was someones animal getting tortured in labs just to test things such as beauty products and perfume. Animal testing was first suggested when,  ¨Charles Darwin evolutionary theory in the mid 1850s also served to suggest that animals could serve as effective models to facilitate biological understanding in humans ¨ (Murnaghan)Read MoreAnimal Testing Should Not Be Banned940 Words   |  4 Pages1). Over 100 million animals are burned, crippled, poisoned, and abused in US labs every year. 2). 92% of experimental drugs that are safe and effective in animals fail in human clinical trials. (DoSomething â€Å"11 Facts About Animal Testing†). There are currently no laws combating the testing of cosmetics on animals, but the practice is harmful and must be ended. As evidenced by the statistics above, millions of animals are tortured and murdered in the United States every year for virtually no reasonRead MoreShould Animal Testing Be Banned?1665 Words   |  7 PagesTesting Cosmetics on Animals Companies around the world use animals to test cosmetics. Animals, such as rabbits, guinea pigs, hamsters, rats, and mice, are used to test the effects of chemicals on the eyes and skin. While animal testing is not mandatory, many companies use it. About Cosmetics Animal Testing by the Humane Society International talks about the different options companies have that do not require the cruel use and eventual death of animals. The article also talks about the overallRead MoreAnimal Testing Should Not Be Banned1572 Words   |  7 PagesAnimal Testing Every year, over two hundred million innocent animals are injured or killed in scientific experiments across the world. Of those animals, between seventeen and twenty million are used in the United States alone. It is said that an animal dies in a laboratory every three seconds (Animal Testing 101). Those in favor of animal experimentation say they are taking animals’ lives to save humans. It is not necessary to subject animals to torturous conditions or painful experiments in theRead MoreAnimal Testing Should Not Be Banned1581 Words   |  7 PagesAnimal testing is being used by different organizations all over the world to prevent specific diseases, especially cancer. Americans see animal testing having a harmful effect but it is one of the main reasons why society has most cures for some illnesses. This topic is important because people need to know what goes on during animal testing and why it is very beneficial. Animal testing needs to be used to find all cures. Some ani mals such as chimps/ monkeys have 90% of the same DNA humans haveRead MoreAnimal Testing Should Not Be Banned1721 Words   |  7 Pages † Today, more animals are being used in experiments than ever before: around 100 million in the United States alone† (3). Animal testing is now an international issue, and it is becoming a major story. Currently, animals are often used in medical testing, make-up testing, and other consumer product testing. Animals used in such product testing are often abused and suffer from serious side-effects. Animal testing can be painful for the animals, testing results are usually not even useable forRead MoreAnimal Testing Should Be Banned1364 Words   |  6 Pagesbenefit. Using animals for these experimentations usually does not come to mind. Animals are often abused, suffer, and even die during laboratory testing for the benefits of people to make sure medications, household products, newest procedures, and cosmetics are safe and effective for human use. Humans have benefited from animal testing for years while these animals suffer consequences with no positive outcomes for themselves. Even if a product or procedure is deemed successful, these animals are frequentlyRead MoreAnimal Testing Should Be Banned Essay1632 Words   |  7 Pages Animal Testing Should Be Banned Throughout the decades, animals have been used in medical research to test the safety of cosmetics including makeup, hair products, soaps, perfume, and countless of other products. Animals have also been used to test antibiotics and other medicines to eliminate any potential risks that they could cause to humans. The number of animals worldwide that are used in laboratory experiments yearly exceeds 115 million animals. Unfortunately, only a small percentage of

World Religion Christianity the Most Widespread Religion...

All over the world, there are many people who believe in something or someone of a higher power. There are about five billion people who believe in a higher power (Tiemann 526). There are six world religions that have followers all around the world. The six world religions are Christianity, Islam, Judaism, Hinduism, Buddhism, and Confucianism. Many of these religions are monotheistic, which is the belief of only one god or one higher power. There are also polytheistic believers, which is the belief in many or more than one god. These six world religions have a lot in common and they also have their differences that make their certain religion or belief special to them. Christianity is the most widespread religion in the world with two†¦show more content†¦Muhammad is a prophet of God. The book that Muslims read is called the Qur’an and Muslims believed it to be the word of their God, Allah. This religion is also an example of monotheism. One of the practices that believers of this religion do is ritual prayers which they pray five times a day. There are five pillars Muslims do to prove that they are true believers. They must recognize Allah as the one true God and Muhammad as God’s messenger, practice ritual prayers, give to the poor, fast during the month of Ramadan and make a pilgrimage to the Mecca (Alkouatli 72-82). The actual word for making a pilgrimage to the Mecca is called the hajj. The hajj is made over five days in the twelfth month of the Islamic lunar calendar. They are required to make the pilgrimage at least once in their life if they are physically and materially able to do so. The Ka’bah is a cube shap ed structure made of stone which is known as God’s house (Islam Orgins). When Muslims perform their ritual prayer, they must pray in the director of the cube where ever they are in the world. Another world religion is Judaism. This religion is a predominately practice in Israel with about fifteen million followers. This religion makes up the majority of the population in Israel. Judaism is the oldest monotheistic religion and it influenced both Christianity and Islam religions (Wool 9). The sacred texts the Jews read are called the Torah, Tanakh, andShow MoreRelatedChristianity And The Rise Of Christianity1395 Words   |  6 PagesChristianity is the historical religion stemming from the teachings of Jesus Christ in the 1st century AD. â€Å"Of all the great religions Christianity is the most widespread and has the largest number of adherents.† It is the world’s largest and most influential religion in history. Christianity can be found on every corner of the globe with nearly two billion followers at the beginning of the 21st century. It is the predominant religion in Europe, the Americas, and Southern Africa. This religion basedRead MoreChristianity And Buddhism And Christianity1468 Words   |  6 PagesChristianity and Buddhism exist as two of the predominant religions throughout the world. While Buddhism ranks around fifth in number of followers of religions, it is the third most widespread religion behind Christianity and Islam. Buddhism and Christianity are arrantly distinct in their principle standpoints: Buddhism rejects the existence of a greater being and Christianity proudly professes the power of a universal God. However, despite this rigid dissimilarity, both religions developed and spreadRead MoreChristianity And Its Effect On The World1128 Words   |  5 Pages Since the religion of Christianity was first practiced, it has been spread to the far reaches of the world. The spread of the religion has led to some major political, social, and economic consequences. Christianity started as a small sect of Judaism and has become the most practiced religion in the world. Aided by cultural diffusion, missionaries, and wa r, the church expanded and more. There have been many causes for the spread of Christianity, and it has led to numerous effects. Many of theseRead MoreComparison And Contrast Of World Religions1194 Words   |  5 PagesComparison and Contrast of World Religions The religions of the world, while differing greatly in their specifics, are surprisingly similar. The three most prevalent religions in the world are Christianity, Islam, and Hinduism, in that order. All believe in a higher power that presides over and created man. Islam originated in approximately 609 C.E., or Common Era, and Christianity originated around 33 C.E. which is supposedly when Jesus Christ was crucified. The main prophet of Islam, MuhammadRead MoreDiffusion And Diffusion Of Diffusion1645 Words   |  7 Pagesto the new location. Examples of traits that some people bring with them are their languages, certain mannerisms, religions, their dress and even their diet. One example of a trait that is highly diffused is Christianity. We can see from the map on page 28 and 29 that Christianity is a religion that is highly diffused throughout many countries. From the map it shows that Christianity is found in locations such as Australia, Brazil, USA and Russia (Smith 28,29). Another type of diffusion is expansionRead MoreReligion Is An Important Part Of Life For Many People1397 Words   |  6 PagesReligion can be defined as a philosophy based on spiritual beliefs. Religion is an important part of life for many people. For many years, people from all across the globe have looked at religion as a way of having a method of understanding the unfathomable. Religion sets a guideline for individuals to have a set of beliefs that influence their daily lives, including how they perceive things, and how they act. No matter what someone believes in it is important to understand different religions becauseRead MoreEvolution of Abrahamic Religions 1022 Words   |  5 PagesEvolution of Abrahamic Religions â€Å"Neither shall thy name any more be called Abram, but thy name shall be Abraham; for a father of many nations have I made thee.† Genesis 17:5. This is a direct excerpt from the king james Bible where God is renaming Abram to Abraham. Abraham became the father of many nations and to day three of the most popular religions that span many people groups and ethnicities can trace the roots of their beliefs back to Abraham. Three main religions sprouted from AbrahamicRead MoreReligion: The Kerosene that Enlarges the Fire943 Words   |  4 Pages Religion has been utilized by many cultures throughout history not only as a venue for people to find a higher power to call on, but it also allows societies to create communities that serve a central purpose. Religion has given communities the ability to have distinct moral guidelines, appoint leaders and followers and set a standard for every member of the religion. Although religion creates order in our world, it has initiated some of the worst divisions amongst mankind. At the root of all conflictsRead MoreThe Various Religions in Africa and Religions African-Americans Preach1030 Words   |  5 PagesThe Various Religions in Africa and Religions African-Americans Preach My assignment is to write about the various religions that are situated in Africa and religions African-Americans preach. There are many different religions in Africa because there are various regions and countries in Africa. Also Africa and its inhabitants have been around for many, many years. One reason that there are so many different religions. The first and most widespread religion I am going to talk about is ChristianityRead MoreReligion Is A Spiritual Way Of Life1266 Words   |  6 PagesReligion is a spiritual way of life that tells you how to act in this life and ultimately affects life after death. It is something that is completely faith-based because there is no way to prove whether or not it is real. It doesn’t matter what religion you choose to follow; it is imperative to have an understanding of other religions of the world. The knowledge of other religions gives you the understanding needed to not be afraid of the unknown. A great example of this is after 9-11, our country

Exchange Rate Policies In Developing Countries Free Essays

string(87) " challenging for finding a lasting solution for the monetary exchange these countries\." The monetary exchange in most developing countries is unstable due to the high level of inflation and weak currencies. The monetary policy of a country usually is affected by its monetary exchange rate. A country can attempt to engage on a reductive or expansionary monetary policy depending on the amount of money that is actually in circulation. We will write a custom essay sample on Exchange Rate Policies In Developing Countries or any similar topic only for you Order Now A country with more amount of money in circulation with increasing inflationary rate tends to adopt a reductive monetary policy where bank interest rate is increased and expenditure on capital infrastructural goods is limited. On the other hand, an expansionary monetary policy encourages the increase in money supply to the economy by reducing interest and bank lending rate, and engaging more in capital expenditures. No matter the monetary policy embarked on by a government, this goes to influence the monetary exchange rate of such country. According to Svensson (2000) the significance of exchange rate on a country’s monetary policy lies in the additional channel that exchange rate provides for the transmission of monetary policy. Secondly, the exchange rate involve a forward looking variable in which case it provides valuable information in the designing and implementation of monetary policy. Thirdly, monetary policy is enhanced through foreign shocks that are mainly propagated thoroughly in exchange rate. A country can utilize either a fixed monetary exchange rate or a flexible exchange rate, depending on the supply rate of money and the monetary independence it choose to stick with. In a developing country, with weak institutions, the exchange rates of such countries are determined by relaying in comparative measure with currencies from other strong and stable economies. Thus, it is difficult for these developing countries to operate flexible exchange rates. As a flexible exchange rate requires that solid financial structure is laid, and consolidated, fiscal and monetary policy institutions are in place. Developing countries engages in fixed rate to operate its exchange rate. In operating, a fixed rate for monetary exchange entails that the country’s central financial institution, i. . the Central Bank buy and sell the domestic currency at a given rate. Furthermore, the viability of such monetary operation is entirely tied to the country’s level of international reserves held by its authorities. ECONOMICS INDEXES ASSOCIATED WITH A DEVELOPING COUNTRIES Most developing countries are consumers’ society with little production. Most revenue and means for generating foreign exchange for this category of country are on primary goods in form of exploration of natural resources and agricultural activities. Agrarian economies and exploration of primary products are mainly source for generating foreign exchange in developing countries. In other words, the economies of most developing countries are tied down to the apron strings of advanced economies. Electronics, technological products, consumable products and finished goods are the main items of import for developing countries. The costs for importing these finished goods are more costly when compared with the amounts that are paid for exports of primary goods and raw materials from developing countries. The inequalities in the pricing regime in the international market are unfavorable for developing countries. This variable contributes to the foreign reserves of developing countries. Invariably, it affects the values of currency and its exchange rate. The monetary values of developing countries are weak when compared with those of vibrant economies. Inflation affects the economic growth and development of developing countries. In a situation where there is much money in the economy pursuing little goods in the economy, this situation leads to increase in inflation rate. Inflation reduces the purchasing power of people in a given economy. This weakens the value and use of money as a medium of exchange (especially in a galloping inflationary situation). To Ogbokor (2004), â€Å"Inflation, in a developing country, encourages inventory accumulation in the form of raw material, excessive investment in merchandise building and landed property. As a result, capital is prevented from being utilized for projects required for economic growth†. The implication of information in developing countries is that there brings about dearth of infrastructural amenities and the reduction of purchasing power of people for embracing a meaningful living. Financial institutions in developing countries, such as in Africa, are highly underdeveloped culminating in lack of depth financial consolidation, extensive inefficiency and over populated urban areas. The stock exchange markets in African countries are still in their embryonic state. They are just beginning to gain ground. In recent times, the Nigerian Stock exchange market (NSE) is making progressive growth in capitalization and growth in stock indexes. The growth in the Nigerian market especially in 2007 financial operation year in the public reform policy taken in the country’s financial sector has aided the stock exchange market in the country. In 2005, the consolidation of the Nigerian banking sector through the recapitalization has brought great improvement in the banking sector and financial institution (Njoku, 2006). The great feet attained in the reform, policy has led the government to introduce this recapitalization policy in the insurance sector. In the past the Breton institution, such as the International Monetary Fund (IMF) and the World Bank have recommended several medicines for the ailing economies of third world and developing economies. Such measures to embark on a structural adjustment programmed that will involve the devaluation of their currencies, among other measures such as privatization of public enterprises, removal of subsidies on public goods and less government intervention in their countries economies inter-alia. Even though these developing countries have put the structural programmed into use there situation economically still remain the same, sometimes made worst. â€Å"This SAP-induced inflation has resulted in adverse income redistribution, leading to increased personal insecurity and lessened personal satisfaction, while heightening interpersonal and institutional tensions and deterring investment and inhibiting consumer spending† (Anyanwu 1992). MONETARY EXCHANGE POLICIES IN DEVELOPING COUNTRIES The move to find an appropriate policy for monetary rate for developing countries has being on for decades now. But the volatile capital situation in these category of countries have made it more challenging for finding a lasting solution for the monetary exchange these countries. You read "Exchange Rate Policies In Developing Countries" in category "Papers" In these view, Velasco (2000) argued, â€Å"a significant conclusion that is shared from the volatile monetary exchange rate from developing countries is that adjustable or crawling pegs are extremely fragile in a world of volatile capital movements. The pressure resulting from massive capital flow reversals and weakened domestic financial systems was too strong even for countries that followed sound macroeconomic policies and had large stocks of reserves†. Since the 1970s, the volatile nature of the exchange rate of poor and developing countries is seen to be pervasive; as there are no stable, developed and consolidated financial institutions to peg exchange rate for countries and partners that these developing countries transact international business. The concern here according to Collins (1995) was that â€Å"the market for the developing countries currency were so thin, creating a volatile exchange rate that would be disruptive for economic activity†. The missing link for developing countries for a lasting solution for its exchange rate has being on the lack of a consolidated financial institution and stable economy. This situation for developing countries is made worst during the 1970s and 80s. â€Å"Prior to the 1980s, it was widely believed that operating a competitive floating exchange rate regime required a level of institutional development that developing countries did not possess† (Quirk, 1994: 135). The volatile nature of the exchange rate as recognized in the economy of developing countries is not entirely an inherent cause sometimes the activities of foreign and developed economies. For instance, the emergence of the European currency bloc has aided in rendering the exchange rate more volatile in developing countries. This according to Collingnon (1999) cited in Kawai Takagi (2003) â€Å"has made exchange rates between the three major world currencies more volatile and thereby contributed to the reduction of cross-border investment worldwide†. The economic structures in developing countries in term of its embryonic and underdeveloped financial institutions are contributory factors that are making them have an unstable and unpredictable monetary exchange policy. The explanation for the long run inflationary trend in developing nations, according to the Structuralists, is in terms of certain structural rigidities. These include market imperfections and social tensions in those nations, including the relative inelasticity of the food supply, foreign-exchange constraints, protective measures, a rise in the demand for food, a fall in export earnings, hoarding, import substitution, industrialization, and political instability, inter-alia† (Ghatak 1995). The devaluation of currency of developing country is done with the aim to create a real basis for measuring feasible and accurate exchange rate between imports and exports of transactions in the international market. However, â€Å"the usefulness of real devaluation in stimulating growth may seem self-evident; this view is not uniformly supported either by prior theoretical research or by the experience of countries implementing exchange rate devaluations† (Kamin Rogers 1997). Devaluation of currency of developing countries have it untold hardship and high cost for goods and services. Looking at the devaluation of the Nigerian currency, Anyanwu (1992) argues, â€Å"†¦the continued naira depreciation has encouraged the smuggling out of goods (especially food stuffs) leading to local scarcity and higher prices. It has also encouraged a brain drain, partly in an attempt to reap the benefits of naira depreciation, the remittances from which are mainly used for consumption activities, again aggravating local prices†. THE SIGNIFICANCE OF A FIXED EXCHANGE RATE FOR DEVELOPING COUNTRIES In recent times, some scholars have conducted research to analysis the use of a fixed exchange rate as basis for structuring the exchange rate regime in developing countries. â€Å"Probity analysis is used to study the determinants of exchange rate regime, build their empirical models around a framework in which the political cost associated with devaluation under fixed exchange rates plays a major role† (Frieden et al 2000). In a fixed exchange rate regime, the government of the developing country directly set the nominal exchange rate. Given the constraints and undeveloped financial institutions in developing countries, the practice of a fixed monetary exchange rate for developing countries is made difficult. The advantage of engaging a fixed exchange rate is to help stabilize a country’s economy. This is aimed at bringing structural change that would integrate the country’s economy into the world economy order in the quickest time possible. This has made currency board of most developing countries to take the move of attaining a fixed exchange rate as a priority that should be attain (Mart, 2004). Before the fall of the Bretton Woods system in 1973, many countries including many Latin American developing countries had adopted a fixed exchange rate regime. The reason for adopting this exchange rate regime measure is to control inflation, reduce exchange rate volatility or to improve competitiveness (Frieden et al 2000). In addition a fixed exchange rate regime tend to enable government of developing countries be disciplined in that they cannot fix any fiscal rate that would be excessive to cause the end or currency collapse. Fixed exchange rate sometimes is used as a short term corrective to harness a developing country’s monetary policy and help it gain credibility. For some developing countries like Poland, Mexico and Vietnam in the 1990s, the fixed exchange rate was utilized as a temporary measure to re-establish these countries policies to gain credibility (Ohno, 1998). Thus, a fixed exchange rate is acceptable in certain circumstances for developing countries, especially where there are unexpected real and financial shocks. However, this should not be permanently used as a measure for operating a developing countries monetary exchange. The flexibility exchange rate is more adequate for revamping the ailing and volatile exchange rate of developing countries. â€Å"In an unstable world economy, they must retain the ability to combine stability and flexibility as circumstances change. For the same reason, currency boards and permanently fixed exchange rates (with no escape clause) are not to be recommended† (ibid). In a galloping inflationary situation in a developing country, the exchange rate policy to adopt is a flexible one that allows currency to float and depreciate. After the tightening of the macroeconomic policies in such a country, it becomes useful to adopt a fixed exchange rate as a measure. As Ohno (1998) puts it, â€Å"As inflation subsides to a more manageable level (say, 10 to 20 percent per year), the fixed exchange rate becomes a symbol of monetary and fiscal prudence and its abandonment becomes politically too costly†. Invariably, it means that the utilization of a fixed exchange rate should come in when the inflationary rate of a developing country is becoming low and at a manageable level. Furthermore, the utilizing of a fixed exchange regime in developing country is significant in the sense that it provides stability of price to local economic agents. This is especially in the case where a country operates an open economy, in which exchange rate volatility may have substantial costs within itself (Frieden et al 2000). As earlier stated a country has the option either to choose a fixed monetary exchange rate or one that is flexible. For developing and emerging economies that want to choose a policy of a permanently fixed exchange rate this can be done through its currency board with it could adopt a common currency (‘Dollarisation’). On the other hand, developing countries can adopt a flexible policy, which according to Taylor (2000) is â€Å"†¦the only sound monetary policy is one based on the trinity of a flexible exchange rate, an inflation target, and a monetary policy rule†. However, the benefits and the cost implication of fixed exchange rates depend on the country and those variables and characteristics it is associated. For instance, a country with exceedingly high level of inflation with the urgently need to stabilize its economy will be beneficial to utilize a fixed exchange rate. â€Å"The higher the rate of inflation; i. e. one below some hyperinflationary threshold, the more a fixed rate will impose competitive pressures on tradable producers and more generally pressure on the balance of payments† (Frieden et al 2000). According to Collins (1995), a government of developing country should opt for a fixed exchange rate regime when it sense and anticipate a small misalignment cost from maintaining the existing peg. In addition, the need for government to adopt a fixed exchange rate is when she believes that discrete nominal exchange rate adjustments have only small political costs, when the government perceived her ability to manage a flexible exchange rate as low, or when the government attempt to stabilize a very high inflation. Third world countries usually are faced with political instability. During period of political instability, the adopting of fixed exchange rate by a developing country is more pronounced (Frieden et al 2000). The drawback associated with a fixed exchange regime for developing country is that an inflation differential between the pegging country and the anchor generates an appreciation of the real exchange rate, which in the absence of compensating productivity gains, hurts the tradable sector and might generate a balance of payments crisis (ibid) THE NEED TO ADOPT A FLEXIBLE EXCHANGE RATE FOR DEVELOPING COUNTRIES For a country adopting a flexible exchange rate, the government of such country has imperfect control over the nominal exchange rate in its monetary policy. In this case, â€Å"the actual exchange rate is influenced by some shocks both at home and abroad The greater the variance of these shocks the less control policy makers will have over the actual nominal exchange rate† (Collins, 1995). The right situation for a government of a developing state to adopt a flexible includes when it perceives and anticipate a large misalignment costs from maintaining a pegged rate, when the political costs to discrete nominal adjustments are high flexibility exchange rate is conducive in such situation. Furthermore, when the government believes her ability to manage a flexible rate was high, and when the government of the state is not planning to stabilize very high inflation (ibid). In the same vain Velasco (2000), argues, â€Å"If shocks to the goods markets are more prevalent than shocks to the money market, then a flexible exchange rate is preferable to a fixed rate for developing countries†. On the other hand, when every movement in the nominal exchange rate is quickly reflected in an upward adjustment in domestic prices, then the insulation provided by flexible exchange rates is nil and thus not expected to provide a satisfactory exchange rate regime (ibid). Under a flexible exchange rate, the change in relative price quickly takes place, unlike the situation in fixed exchange rate where it changes slowly. Thus, there is advantage for developing borrowing under a flexible exchange rate. A flexible exchange rate gives borrowers an incentive to hedge that may be absent under more rigid regimes† (Velasco 2000). With the advantage that accomplish flexible exchange rate, it is still expected that each developing countries should choose and adapt to its own exchange rate system with respect to common basket. â€Å"Whatever the formal arrangement that is adapted; be it a flexible exchange rate regime or a managed float, the important point is that each country in the region should stabilize the real effective exchange rate at normal times by targeting a common currency basket† (Kawai Takagi 2003). The need for developing countries to adopt a flexible exchange rate is more on the volatile nature of the countries with weak financial institutions. The negative effect of exchange rate volatility for developing countries on trade is more obvious when compared to those of developed economies. Taking on comparison between the difference in exchange rate volatility between developing countries and developing countries, it is seen that work on Pakistan’s exports to Germany, Japan, and the United States for 1974-85 suggests that exports were significantly adversely affected by variability in nominal bilateral exchange rates. On the other hand, the effect of real exchange rate variability on the exports of Chile, Colombia, Peru, the Philippines, Thailand and Turkey have attained the clear evidence of generally considerably negative and substantial impact (ibid). Scholars have advocated more of flexible exchange rate for developing countries than a fixed one, however there are demerits associated with the use of flexible exchange rate. According to Collins (1995), â€Å"flexible exchange rates make it very difficult to alter domestic price and wage setting behavior so as to reduce inflation†. More flexible exchange rate regimes may result in higher equilibrium levels of inflation because they do not effectively discipline central bankers (ibid). CONCLUSION The monetary exchange rate of developing is characterized by a highly volatile and unstable exchange rate regime. Thus, it becomes difficult to adopt a fixed exchange rate regime, given the weak financial institutions in this category of countries. Furthermore, the embryonic state of capital market and other financial institutions in developing country further weakens the currency of these countries. Inflationary rate in developing countries are on the increase thus to stable the economy within shorter period, anticipating a short misalignment costs will be adequate for a government of a developing country to adopt a fixed exchange rate. On the hand to correct, a flexible exchange rate regime is suitable for a developing country in managing its economy currency stability over a longer period. The development of financial institutions and the consolidation of capital and money markets of developing country will aid them to embrace a feasible regime that would contribute to strengthen its currency value and ensure a vibrant economy. How to cite Exchange Rate Policies In Developing Countries, Papers

Duo Singapore Exchange Fellowship Award free essay sample

Application Essay – DUO-Singapore Exchange Fellowship Award First of all, I am glad that to be given a chance to exchange to Germany for my studies in NUS. Germany is a great place with many world-class universities. Through the exchange programme, I will increase the value of my degrees, as study overseas is an evidence of independence, adaptability and a willingness to take on a challenge. The DUO-Singapore Exchange Fellowship Award will definitely valuable and helpful as the living expenses in Germany is quite high. This award will help to reduce the burden of my parents as I will not have to worry about the finances on my exchange. The DUO-Singapore Exchange Fellowship award will certainly create the strongest bond between the students from Europe and Asian ASEM member countries. With the help of this award, I will be able to open my sights by travelling and studying in Germany in the coming semester. We will write a custom essay sample on Duo Singapore Exchange Fellowship Award or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As we all know, education is the one of the pillars linking Singapore and Germany, especially at the university level. I believe that students in Germany will have a great interest in Singapore as the lives in Singapore are a mixture of West and the East, where you cannot find in everywhere else. With the exchange programme and the help of DUO-Singapore Exchange Fellowship awards, I will have the chance the share ideas to the students and lecturers in Germany regarding the new programme in Singapore, which is first introduced in Asia. Besides, as I am now working on a three-year project about the future transportation in Singapore, I may gain some insight about the technologies in Germany through discussion or researches with the professors and student regarding on my project. Being an exchange student, it is not just about personal experiences, but in a bigger context, I am representing my university, NUS and also Singapore. Most of us do not have the opportunity to study or travel overseas often to have a feel of different cultures of other countries. Through the exchange programme, I will have the chance to immersed fully into a new culture and improve my German with the locals through daily interactions. I believe that the precious experience of living in a foreign country must be rewarding and memorable. I hope that strong bond of friendship will be developed during my exchange in Germany and we can freely exchange ideas and views. Representing NUS and Singapore, I will try my best to introduce the background or uniqueness of Singapore since it is a potential place to stay and work here. It is my responsibilities, as an exchange student, to promote Singapore to the people in Germany. It is definitely a life-changing experience to be an exchange student to Germany, but it is only made possible with the help of DUO-Singapore Exchange Fellowship Award.