Wednesday, January 29, 2020

Capital Account Convertibility Essay Example for Free

Capital Account Convertibility Essay Capital Account Convertibility. Should India adopt full convertibility? Capital Account Convertibility-or a floating exchange rate-is a feature of a nations financial regime that centers around the ability to conduct transactions of local financial assets into foreign financial assets freely and at market determined exchange rates. It is sometimes referred to as Capital Asset Liberation or CAC. CAC is mostly a guideline to changes of ownership in foreign or domestic financial assets and liabilities. Tangentially, it covers and extends the framework of the creation and liquidation of laims on, or by the rest of the world, on local asset and currency markets. Current account convertibility allows free inflows and outflows for all purposes other than for capital purposes such as investments and loans. In other words, it allows residents to make and receive trade-related payments receive dollars (or any other foreign currency) for export of goods and services and pay dollars for import of goods and services, make sundry remittances, access foreign currency for travel, studies abroad, medical treatment and gifts, etc. Capital account convertibility is considered to be one of the major features of a developed economy. It helps attract foreign investment. It offers foreign investors a lot of comfort as they can re-convert local currency into foreign currency anytime they want to and take their money away. At the same time, capital account convertibility makes it easier for domestic companies to tap foreign markets. At the moment, India has current account convertibility. This means one can import and export goods or receive or make payments for services rendered. However, investments and borrowings are restricted. But economists say that Jumping into capital account convertibility game without considering the downside of the step could harm the economy. The East Asian economic crisis is cited as an example by those opposed to capital account convertibility. Even the World Bank has said that embracing capital account convertibility without adequate preparation could be catastrophic. But India is now on firm ground given its strong financial sector reform and fiscal consolidation, and can now slowly but steadily move towards fuller capital account convertibility. CAC has 5 basic statements designed as points of All types of liquid capital assets must be able to be exchanged freely, between any two nations, with standardized exchange rates. The amounts must be a significant mount (in excess of $500,000). Capital inflows should be invested in semi-liquid assets, to prevent churning and excessive outflow. Institutional investors should not use CAC to manipulate fiscal policy or exchange rates. Excessive inflows and outflows should be buffered by national banks to provide collateral. Prior to its implementation, foreign investment was hindered by uneven exchange rates due to transactions, and national banks were disassociated from fiscal exchange policy and incurred high costs in supplying hard-currency loans for those few local companies that wished to do business abroad. Due to the low exchange rates and lower costs associated with Third World nations, this was expected to spur domestic capital, which would lead to welfare gains, and in turn lead to higher GDP growth. The tradeoff for such growth was seen as a lack of sustainable internal GNP growth and a decrease in domestic capital investments. When CAC is used with the proper restraints, this is exactly what happens. The entire outsourcing movement with Jobs and factories going oversees is a direct result of the foreign investment aspect of CAC. The Tarapore Committees recommendation of tying liquid assets to static assets (i. e. investing in long term government bonds, etc) was seen by many economists as directly responsible for stabilizing the idea of capital account liberalization. The Reserve Bank of India has appointed a committee to set out the framework for fuller Capital Account Convertibility. The Committee, chaired by former RBI governor S S Tarapore, was set up by the Reserve Bank of India in consultation with the Government of India to revisit the subject of fuller capital account convertibility in the context of the progress in economic reforms, the stability of the external and financial sectors, accelerated growth and global integration. Economists Surjit S Bhalla, M G Bhide, R H Patil, A V RaJwade and Alit Ranade were the members of the Committee. The Reserve Bank of India has also constituted an internal task force to re-examine the extant regulations and make recommendations to remove the operational impediments in the path of liberalisation already in place. The task force will make its recommendations on an ongoing basis and the processes are expected to be completed by December 4, 2006. The Task Force has been set up following a recommendation of the Committee. The Task Force will be convened by Salim Gangadharan, chief general manager, in- harge, foreign exchange department, Reserve Bank of India, and will have the following terms of reference: Undertake a review of the extant regulations that straddle current and capital accounts, especially items in one account that have implication for the other account, and iron out inconsistencies in such regulations. Examine existing repatriation/ surrender requirements in the context of current account convertibility and management of capital account. Identify areas where streamlining and simplification of procedure is possible and remove the operational impediments, especially in espect of the ease with which transactions at the level of authorized entities are regulations are consistent with regulatory intent. Review the delegation of powers on foreign exchange regulations between Central Office and Regional offices of the RBI and examine, selectively, the efficacy in the functioning of the delegation of powers by RBI to Authorised Dealers (banks). Consider any other matter of relevance to the above. The Task Force is empowered to devise its work procedure, constitute working groups in various areas, co-opt permanent/special invitees and meet various trade ssociations, representative bodies or individuals to facilitate its work.

Tuesday, January 21, 2020

Abolish or Reform? :: essays research papers

Throughout the world, students are encouraged to attend high school and continue their education. However, many students find it worthless and become uninspired. They blame the faculty, school policies, and fellow students, when they should be blaming themselves. Unchallenging course work is most likely a sign that the student isn’t taking a hard enough course. During my high school experience, students had the opportunity to take college courses through our high school. This gave the more advanced students a chance to practice the same routine as â€Å"normal† students, but still challenge and educate themselves. Abolishing high school would not solve any problems in our educational system. There are many ways to improve upon our school system; however, we need to start at the beginning. In an essay by Harley Tong, high school is portrayed as â€Å"a waste of time and a struggle to remain interested in schoolwork.† He continues to describe his own experiences and how they led him to begin his college career two years earlier than most students. He complains of the way that he was physically and verbally abused by other students, which is the case in many high schools. High school is not only a cognitive learning environment; it is also a social learning environment. Students learn how to communicate with fellow pupils, teachers and administrators. They find out how to come independent from their parents and how to prepare for the rest of their lives. I believe that Harley Tong was simply too advanced for his surroundings. He most likely found the other students immature and didn’t fit in with them. In his case, he found a solution to attend a community college instead of his high school, which I commend him for. Many students in his situation would simp ly drop out, and that is not the answer. George F. Will’s â€Å"College President’s Plan: Abolish High School† conveys ideas that had never crossed my mind. He states, â€Å"For various reasons, some rooted in American history and others reflecting recent developments, education has become, for the moment, the most salient social concern and therefore the most potent political issue.† Will introduces Leon Botstein, who doesn’t actually option to abolish high school, just to change the structure of our schools in general. Botstein says that high school was created for 15- to 18-year-olds who were still children. In today’s society, those children are now young adults who are physiologically and psychologically more advanced.

Monday, January 13, 2020

Lives of deaf mexicans

The movie â€Å"Lives of Deaf Mexicans: Struggle and Success focuses on the issues of the Deaf Community. Specifically the lack of government funding for education, difference in opinions regarding language, and acceptance into the hearing community. It also showed how in spite of these problems many of the people in the film had â€Å"good lives† The differences in opinion regarding the language I found particularly interesting.The National School for the Deaf taught LSI and was a residential school. Once it closed, the educational standard changed and deaf students were taught using the â€Å"Oral Method†, which consists of speaking Spanish and lip reading in day school. It was not expressed as such, but it seemed to me that those advocating teaching the oral method are thinking more in terms of assimilation Into mainstream society, and that using LSI would accomplish the opposite. The film touched briefly on those living outside of Mexico City, and their lack of acc ess to any type of school at all.However, it really did not address how to solve this problem, other than the creation of residential schools. Nor did It explain why the National school closed or why the government for a period of 1 5+ years stop funding education for the Deaf. Many of the schools In the film were day schools run by various churches. On the whole, the movie did a good Job of Introducing someone such as myself to the problems faced by the Deaf In Mexico, and It Is easy to assume hat to some degree the Deaf In America also have some of the same Issues.However, in this country there Is better access to education, and being Deaf Is not synonymous with having mental deficiencies. Mexico Is making steps toward Improving the lives of Its deaf citizens, but clearly there Is more work to be done. Oral method are thinking more in terms of assimilation into mainstream society, and problem, other than the creation of residential schools. Nor did it explain why the education for the Deaf. Many of the schools in the film were day schools run by various churches.On the whole, the movie did a good Job of introducing someone such as myself to the problems faced by the Deaf in Mexico, and it is easy to assume that to some degree the Deaf in America also have some of the same issues. However, in this country there is better access to education, and being Deaf is not synonymous with having mental deficiencies. Mexico is making steps toward improving the lives of its deaf citizens, but clearly there is more work to be done.

Sunday, January 5, 2020

Case1 - 10038 Words

For the exclusive use of X. LI, 2015. HKS751 Case Number 1989.0 Budget Woes and Worse Ahead†¦ Pine Street Inn, Boston’s Iconic Homeless Shelter, Re-Thinks its Strategy In the early 2000s—after a 15-year push to create emergency shelters for the burgeoning homeless population in U.S. cities—shelter funding began to decline, nationwide. For Pine Street Inn, Boston’s foremost homeless shelter, with 715 beds in five facilities, the first sign of trouble came in the form of several consecutive years of level funding. But in 2004, the situation worsened; Pine Street’s revenue dropped from $29.6 to $26.9 million. In alarm, Pine Street Inn Director Lyndia Downie and the Pine Street Board of Directors commissioned†¦show more content†¦For the exclusive use of X. LI, 2015. While other shelters might screen out the intoxicated, the active drug users, the ex-offenders, or those with unmedicated psychiatric disorders, Pine Street prided itself on turning no one away. If all the beds were full, as they often were in winter, Pine Street made room on the floor. 2 To sleep in a shelter was unpleasant, but it was generally safer and—in Boston’s frigid winters—certainly warmer than sleeping rough, on a park bench, in a doorway, or atop a heating grate. By the early 2000s, Pine 3 Street’s five shelters collectively held 715 beds—more than a third of Boston’s shelter capacity. Some 12,000 homeless people were served at Pine Street each year. Pine Street was unwavering in its commitment to provide all guests—and they were always called guests, as a matter of policy—with respect and an unconditional welcome. The only rule was that they not harm themselves or anyone else. Pine Street’s distinctive and unstinting commitment to providing shelter with no conditions, no judgment and no strings dated back to the organization’s creation in 1968 and its first director, Paul Sullivan, appointed the following year. Sullivan had left an indelible imprint; two decades after his 1983 death, he was still routinely referenced at Pine Street. A man of local renown, Sullivan’s zeal and personal devotion toShow MoreRelatedCase16488 Words   |  26 PagesUniversity of Arizona Accounting 554 Case #1: Dow Chemical Company Goals: †¢ †¢ †¢ Become familiar with a set of financial statements including auditor opinion and significant accounting policy footnote, Perform basic analysis and interpretation of the financial statements, including common size analysis, Recognize the role of estimates in the measurement of financial statement amounts. Refer to the Dow Chemical financial statements for 2008 in answering the following: 1. 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