To what extend the bretton woods institutions have functioned to make Essay

To what extend the bretton woods institutions have functioned to make the world economy less prosperous and less stable - Essay Example Global financial institutions were put up such as the World Bank (WB), International Monetary Fund, General Agreement on Tariffs and Trade and the International Bank for Reconstruction and Development. The ideas behind Bretton Woods were open and free markets to prevent trade blocs. Before World War II, countries competed against each other in an unhealthy manner in economic nationalism. Trade discrimination resulted in few countries getting rich while countries that did not belong to blocs were left out of the bandwagon. This paper will discuss how institutions of the Bretton Woods Conference, namely the World Bank (WB), the International Monetary Fund (IMF) and the successor to the GATT which is the World Trade Organization failed their mandates of improving the international economic order. The present economic order is based on a biased system in which strong nations imposed their preferences on other countries. The number of trade disputes pending at various arbitration bodies a re ominously increasing. These arbitration courts are perceived as favouring stronger nations in interpreting WTO rules although all members are bound to abide by the rules. The noble idea that free trade and open markets will raise the living standards of everybody, in the concept of â€Å"a rising tide raises all boats,† did not happen. Richer nations deal with weaker neighbouring countries by bilateral trade agreements (BTA) and free trade agreements (FTA) like the North American Free Trade Agreement (NAFTA), the Asia-Pacific Economic Cooperation (APEC) and Asean Free Trade Agreement (AFTA). These agreements practice discrimination by the grant of most-favoured nation status (MFN) to countries in exchange for political or diplomatic considerations. These agreements violate the non-discrimination rule in the WTO charter. Discussion The great Industrial Revolution took place in imperial England 200 years ago. Foremost among these inventions was the steam engine. This propell ed many industries such as coal mining and the iron ore and steel industries. A number of factors made England the right environment for which the Industrial Revolution took place. It has a primitive form of capitalism (in lieu of the existing feudal system in much of Europe back then), a melting pot of the greatest minds at that time which discussed novel ideas, the rise of the manufacturing and textile industries and efficient ways of raising relatively-cheap capital at that time (at 5% only versus 20%-30% in Europe). England was the right fertile ground for capitalism. Karl Marx himself believed England favoured the growth of capitalism because it had all the ingredients. Its novelty as an economic system was attractive to many sectors because England had an excess population which needed to be re-deployed from farms. Capitalism provided the saving grace for the government because people can be employed in factories in large urban areas by capitalists. The old feudal system gave way to new ways in the creation of wealth through manufacturing and exports. Capitalism became entrenched with the right combination of political and social changes (Hindess & Hirst, 1975:288). The Industrial Revolution and capitalism are being discussed here to give the reader an overview of today’s global order which is based on the economic system of capitalism. Before

Changing the system of a video library Essay Example for Free

Changing the system of a video library Essay The current system is a hand written and hand handled by Mr Roberts. It is a paper database where all details of the members, transaction and return details are stored. Mr Roberts currently operates all the system by himself and he does this to keep a record of all the bookings out of the videos, he does this by pen. He finds the page in the book allocated to the member, writes when the person needs to bring it back in, takes the payment then gives the video to the member. When a new member joins Mr Roberts takes all the details down in his book, then gives the new member a member number. Mr Roberts has to check every night for overdue videos. When a members page is full, then Mr Roberts has to get a new page, this just adds to the ever-growing file of Mr Roberts. There are lots of problems with the system, it is very slow, it would wear down with over use, he cannot cope with the growing number of customers, He has to check every night to see which videos are overdue and hand type each letter and send them off the same night. This would be increasingly difficult when lots of members join. Another problem is that the videos all have to be numbered and when a video is taken out a card is put in the original case giving the video number and return date. The new system would have to display all the details of the members on one screen and show when last rental and return was. It should be able to show all overdue videos on one screen. It should be very fast and speed up all aspects of the shop. If the database is faster and easier to manage then the number of members will increase and therefore so will the profit. Jonny Sharpe Possible solutions Mr Roberts could solve all his problems by using a filing cabinet. This would solve all his problems with information handling. The advantages of this would be that a filing cabinet is easier to cope than a filing book, the disadvantages are that it is still based on paper and they could easily be damaged or lost. Another problem is that it is still time consuming and would not be any faster, if anything slower than before. Another way to cope with this problem is putting all the files onto a computer. The computer would store all the information easily. The advantages of this are that it would significantly improve the speed and ease of running the video shop. The disadvantages are that it may cost a lot of money and all staff may not be trained in how to use a computer A computer program could be writ but expertise would be needed for this and this expertise I do not have. The next best alternative is that you could use a already existing program such as Microsoft Access. The information would be stored on multiple spread sheets, the information would consist of all the members details and the video details as well. These would be good because they can handle lots of multiplications and can search through information Mark foster System Choice Microsoft office xp professional edition. Pcworld: i 519 Inc vat Any computer could be chosen as long as it has Microsoft access and a printer for printing reports. Software Justification Justify choice of software: Word: The program needs to handle numbers but word is very good at typing letters. Excel: This program would be ok for the video shop but there would have to be 1 sheet for the videos and 1 sheet for the members details. This program would not be able to type letters up and print the letters off. Access: This program is excellent, this is because you can merge the video details and the members details together to give records of loans. This program can also produce reports in letter form and print them off. Data needed 1. This database is for the videos, it should show the number code, name. 2. Members details should be shown on this page, name, address, membership number, telephone number, current video rented and the date it is due back. Design section This shows that I have made two tables to store information, one for the members details and one for the video details. I have entered 50 videos and 5o members into the tables. I have designed the system to alert me when there are overdue videos and to be able to book out videos and book in videos with ease. I linked the two together by making a link between the membership number and the video number as shown below. These next pictures are of my queries. They are update queries which update booking in and booking out of videos. They are linked between the two tables and display the videos booked out and the membership number of the person along with some details. This is my form design. The form is for a member to fill in to automatically add his details to the members table. This is my report. This is basically to inform members that they are in possession of a overdue video and they need to return it. Members have their own membership no and each video has its own video number. This way members and videos dont get mixed up. This is an application form for the video shop, members are asked to fill out basic details. Analysis 1) What do I need from my database. I want it to store information about my members, including their name, address, telephone number, membership number, date of birth. Also in each members record will be stored the video they have rented (its code, not its title to speed things up) and also the date it is due back. Customers can only rent one video per day and it must be returned the next day. I also want the database to store information about the videos, including its code, title, price, certificate and category, eg horror, action, comedy etc. I want a system that will let me book videos in and out very quickly, just by entering the members number and the video code. I also want a system to check which videos havent been returned and create a letter that could be sent out if it hasnt been returned after 1 week. Sometimes people forget they have it so this should be a polite reminder. If they havent returned it after 2 days, then I usually phone them, so I would need it to produce a list of names and telephone numbers. I will answer the other questions at a later time as there are customers in the shop. Regards. Mr Roberts 2) To collect data from new members I have a form that they fill out. They write on it their name, address, tel. number, and date of birth. I write their new membership number on it. 3) Each member has a membership number. It is a four-digit number, starting at 1000. 4) I dont use credit card details as there is too much security needed. 5) For new members I need two forms of identification, one with their name and address, i. e. a bank statement or gas bill for example and one with their photo on, i. e. theirs drivers licence or passport. 6) I havent got a password system. If you think I should have one let me know how you think it would work. The problem is that customers would have to tell me their password and other customers could overhear it so it wouldnt be that secure. Evaluation I think the final product meets the standards set by Mr. Roberts. The only mistakes I have made is that I have given the example members, membership numbers starting at 200 and they are only 3 digit. The final product can do everything specified in the design requirements made by Mr. Roberts. The opinions of the users would be on the questionnaire I made. The only improvements that could be made to my database is that I could maybe produce an automatic report displaying all the information of the member on a report whos video is late, instead of just having a basic template.

Diffusion Of Responsibility Is A Phenomenon English Language Essay

Diffusion Of Responsibility Is A Phenomenon English Language Essay Do the following: Do emotion and our instinct to conform to society and authority affect our ability to think critically? View the following video on the Milgram Experiment: http://youtu.be/W147ybOdgpE Why did about 50% of the subjects, normal everyday Americans, deliver lethal doses of electrical shocks (it was really only an actor pretending to be electrocuted)? To be successful in this assignment, evaluate the following social biases (write one (1) page in Microsoft Word or WordPad): Evaluate the Milgram experiment from the perspective of group pressure and conformity. 1. Using Chapter 4 of the textbook, describe of how group pressure and conformity affected the outcome of the experiment. Your answer should be about two paragraphs (4-5 sentences each) in length. 2. For each example, include at least one quote (citation) from the book that supports your evaluation. Evaluate the Milgram experiment from the perspective of diffusion of responsibility. 3. Using Chapter 4 of the textbook, describe how diffusion of responsibility affected the outcome of the experiment. Your answer should be about two paragraphs (4-5 sentences each) in length. 4. For each example, include at least one quote (citation) from the book that supports your evaluation. *Be sure to include citations from the textbook using the following format- Quote from the book (Boss, 2010. Pg #) Use MS Word or WordPad to complete your assignment. Your teacher wants to know: how conformity affected the outcome of the experiment, with quotations from your text to back it up. Then they want you to explain how diffusion of responsibility affected the outcome, with more quotes from the text to back it up. Diffusion of responsibility is a phenomenon that occurs when we take credit for our successes but blame others for our failures. Taking credit for our successes and blaming others for our failures is a type of self-serving bias. Diffusion of responsibility occurs in groups of people above a certain threshold, where responsibility is not explicitly assigned to particular individuals, and where people subsequently tend not to regard those responsibilities as their concerns, or conceive of those responsibilities as belonging to others. While the specifics of whom we assign to the out group is learned, our brain seems to be wired to see the world in terms of one of us/one of them. Group pressure and the urge to conform are so strong in humans that it can cause us to deny evidence that is right before our eyes. (Boss, 2010. Pg #120) This the e-book In Chapter 4 we will: Learn about the nature and limitations of human knowledge Distinguish between rationalism and empiricism Learn about different types of evidence Set guidelines for evaluating evidence Look at sources for researching claims and evidence Study different types of cognitive/perceptual errors, including self-serving biases Learn how social expectations and group pressure can lead to erroneous thinking Finally, we will examine the evidence and arguments regarding unidentified flying objects (UFOs) and what type of proof would be necessary to establish their existence. Group Pressure and Conformity Group pressure can influence individual members to take positions that they would never support by themselves, as happened in the Stanford Prison experiment described in Chapter 1. Some religious cults exploit this tendency by separating their members from the dissenting views of family and friends. In many cults, people live together, eat together, and may even be assigned a buddy. Group pressure is so powerful in shaping how we see the world that it can lead people to deny contrary evidence that is right before their eyes. In the 1950s, social psychologist Solomon Asch carried out a series of experiments in which he showed study subjects a screen containing a standard line on the left and three comparison lines on the right. One of the comparison lines was the same length as the standard line and the other two were of significantly different lengths.40 In each case, an unsuspecting study subject was introduced into a group with six confederates, who had been told by the experimenter to give the wrong answer. The group was then shown the lines. The experimenter asked one of the confederates which of the three lines on the right they thought was the same length as the standard line. The confederate, without hesitation, gave a wrong answer. The next few confederates gave the same answer. By now, the naÃÆ'Â ¯ve subject was showing puzzlement and even dismay. How can six people be wrong? Page 121 After hearing six wrong answers, 75 percent of the naÃÆ'Â ¯ve study subjects, rather than trust the evidence of their senses, succumbed to group pressure and gave the same wrong answer. Even more surprising is the fact that when questioned afterward, some of these study subjects had actually come to believe the wrong answer was correct. The desire for agreement is normal. However, this desire, when combined with our innate tendency to divide the world into one of us and one of them, can lead to the exclusion of those who disagree with the majority, since people tend to prefer being around people who agree with them. In the corporate world, disagreement is often tacitly discouraged. Outliers or nonconformists who do not agree with group members may be excluded by committee chairs from further discussions or even fired.41 Because of our inborn tendency to conform to what others think, we cannot assume that agreement leads to truth without knowledge about the manner and conditions under which the agreement was arrived. Indeed, the current emphasis on seeking group consensus in decision making may be unreliable. In consensus seeking, the majority in a group is often able to sway the whole group to its view. http://textflow.mcgraw-hill.com/figures/007742168X/bos38200_ta0414b.jpg ASCH EXPERIMENT In Aschs experiment, the naÃÆ'Â ¯ve subject (left) shows puzzlement when the other subjects give what is obviously a wrong answer. http://textflow.mcgraw-hill.com/figures/007742168X/bos38200_ta0427.jpg DISCUSSION QUESTIONS What do you think the naÃÆ'Â ¯ve subject in the picture above is thinking? Think back to a time when you were in a similar situation where you thought you were correct, but everyone else with you thought something else. How did you respond to the discrepancy between your belief and theirs? http://textflow.mcgraw-hill.com/figures/007742168X/bos38200_highlighter_recto.jpg As with other errors in our thinking, we need to develop strategies to recognize and compensate for our human inclination to conform to groupthink. When a group comes to a decision, we need to mentally step back from the group and carefully evaluate the evidence for a particular position rather than assume that the majority must be correct. In competitive ice skating and diving, because of the danger of a judges scoring being contaminated by what other judges say, scoring is done individually, rather than as a group decision. Page 122 Diffusion of Responsibility Diffusion of responsibility is a social phenomenon that occurs in groups of people above a critical size. If responsibility is not explicitly assigned to us, we tend to regard it as not our problem but as belonging to someone else. We are much more likely to come to someones aid if we are alone than if we are in a crowd. We are much more likely to come to someones aid if we are alone than if we are in a crowd. This phenomenon is also known as bystander apathy or the Kitty Genovese syndrome. In 1964, twenty-eight-year-old Kitty Genovese was murdered outside her New York City apartment building. Her killer left twice, when people in the building turned on their lights, before he came back a third time and killed her. In the half hour that lapsed during the attack, none of Genoveses thirty-eight neighbors, who had heard her repeated cries for help, called the police. More recently, in June 2008, an elderly man was struck by a hit-and-run driver on a busy street in Hartford, Connecticut. The man lay in the street paralyzed and bleeding from his head while bystanders gawked at or ignored him. Motorists drove around his body without stopping. No one offered any assistance until an ambulance finally turned up. Diffusion of responsibility can also occur in group hazing at fraternities where no one comes to the rescue of a pledge who is clearly in distress. As social beings, we are vulnerable to the one of us/one of them error, social expectations, and group conformity. When in groups, we also tend to regard something as not our problem unless responsibility is assigned to us. Although these traits may promote group cohesiveness, they can interfere with effective critical thinking. As good critical thinkers we need to be aware of these tendencies, and to cultivate the ability to think independently while still taking into consideration others perspectives. Errors in our thinking also make us more vulnerable to falling for or using fallacies in arguments. Well be studying some of these fallacies in the following chapter. http://textflow.mcgraw-hill.com/figures/007742168X/bos_38200_ta0428.jpg The phenomenon of diffusion of responsibility was regrettably illustrated when no one came to the aid of a seriously injured man lying in a busy street in Hartford, Connecticut after being struck by a hit-and-run driver in May 2008. The victim, Angel Torres, later died from the injuries he sustained. Page 123 EXERCISE 4-4 http://textflow.mcgraw-hill.com/figures/007742168X/bos38200_stop.jpg 1. Whom do you define as us and whom do you put in the category of them? Discuss how you might go about widening the us category to include more people who are now in your them category. 2. Humans seem to have inborn biases toward particular types of people. According to a University of Florida study, when it comes to hiring, employers have a more favorable view of tall people. When it comes to earnings, every extra inch of height above the norm is worth $789 a year. In fact, nine of ten top executives are taller than the typical employee.42 Given this cognitive error and its impact on hiring practices, discuss whether or not affirmative action policies should apply to very short people. Relate your answer to the discussion in the text of the effect of this cognitive error on our thinking. 3. Think of a time when your social expectations led you to misjudge a person or a situation. Discuss strategies for improving your critical-thinking skills so that this is less likely to happen. 4. Think of a time when the public got caught up in a witch hunt. Identify the worldviews and social expectations that supported this witch hunt. Which critical-thinking skills would make you less likely to go along with a witch hunt? Discuss what actions you could take to develop or strengthen these skills. 5. Polls before elections can influence how people vote by swaying undecided voters to vote for the candidate who is in the lead. Analyze whether election polls should be forbidden prior to the election itself. 6. The democratic process depends on social consensus. Given peoples tendency to conform to social expectations and what others think, is democracy the best form of government? If so, what policies might be put in place to lessen the effect of social biases? Be specific. 7. Think of a time when you failed to speak out against an injustice or failed to come to someones aid simply because you were in a large group and felt it wasnt your responsibility. Discuss ways in which improving your critical-thinking skills may make you less susceptible to the diffusion of social responsibility error. 8. Computers (AI) programmed with an inductive logic program can, after sufficient experience working with the ups and downs of the financial market, predict the market with greater accuracy than most experienced financial planners. Given that these computers are not as prone to cognitive errors as are humans, critically evaluate whether we should rely more on AI to make decisions about such issues as college admissions, medical diagnoses, matchmaking, and piloting an airplane. 1. What are some of the sources of knowledge? Ã ¢-Â   Sources of knowledge include both reason and experience. Experience encompasses direct and indirect experience, expert testimony, and research resources such as printed material and the Internet. 2. In what ways might experience be misleading? Ã ¢-Â   Experience can be distorted through false memories, confirmation bias, and reliance on hearsay and anecdotal evidence, as well as perceptual, cognitive, and social errors in our thinking. 3. What are some of the types of cognitive and social errors in our thinking? Ã ¢-Â   Cognitive and social errors are in part the way our brain interprets the world. They include misperception of random data, memorable-events errors, probability errors, self-serving biases, self-fulfilling prophecies, one of us/one of them error, social expectations, group pressure and conformity, and diffusion of responsibility. http://textflow.mcgraw-hill.com/figures/007742168X/bos38200_sa0423.jpg Why is it so many people obey when they feel coerced? Social psychologist Stanley Milgram researched the effect of authority on obedience. He concluded people obey either out of fear or out of a desire to appear cooperativeeven when acting against their own better judgment and desires. Milgrams classic yet controversial experiment illustrates peoples reluctance to confront those who abuse power. It is my opinion that Milgrams book should be required reading (see References below) for anyone in supervisory or management positions. Milgram recruited subjects for his experiments from various walks in life. Respondents were told the experiment would study the effects of punishment on learning ability. They were offered a token cash award for participating. Although respondents thought they had an equal chance of playing the role of a student or of a teacher, the process was rigged so all respondents ended up playing the teacher. The learner was an actor working as a cohort of the experimenter. Teachers were asked to administer increasingly severe electric shocks to the learner when questions were answered incorrectly. In reality, the only electric shocks delivered in the experiment were single 45-volt shock samples given to each teacher. This was done to give teachers a feeling for the jolts they thought they would be discharging. Shock levels were labeled from 15 to 450 volts. Besides the numerical scale, verbal anchors added to the frightful appearance of the instrument. Beginning from the lower end, jolt levels were labeled: slight shock, moderate shock, strong shock, very strong shock, intense shock, and extreme intensity shock. The next two anchors were Danger: Severe Shock, and, past that, a simple but ghastly XXX. In response to the supposed jolts, the learner (actor) would begin to grunt at 75 volts; complain at 120 volts; ask to be released at 150 volts; plead with increasing vigor, next; and let out agonized screams at 285 volts. Eventually, in desperation, the learner was to yell loudly and complain of heart pain. At some point the actor would refuse to answer any more questions. Finally, at 330 volts the actor would be totally silent-that is, if any of the teacher participants got so far without rebelling first. Teachers were instructed to treat silence as an incorrect answer and apply the next shock level to the student. If at any point the innocent teacher hesitated to inflict the shocks, the experimenter would pressure him to proceed. Such demands would take the form of increasingly severe statements, such as The experiment requires that you continue. What do you think was the average voltage given by teachers before they refused to administer further shocks? What percentage of teachers, if any, do you think went up to the maximum voltage of 450? Results from the experiment. Some teachers refused to continue with the shocks early on, despite urging from the experimenter. This is the type of response Milgram expected as the norm. But Milgram was shocked to find those who questioned authority were in the minority. Sixty-five percent (65%) of the teachers were willing to progress to the maximum voltage level. Participants demonstrated a range of negative emotions about continuing. Some pleaded with the learner, asking the actor to answer questions carefully. Others started to laugh nervously and act strangely in diverse ways. Some subjects appeared cold, hopeless, somber, or arrogant. Some thought they had killed the learner. Nevertheless, participants continued to obey, discharging the full shock to learners. One man who wanted to abandon the experiment was told the experiment must continue. Instead of challenging the decision of the experimenter, he proceeded, repeating to himself, Its got to go on, its got to go on. Milgrams experiment included a number of variations. In one, the learner was not only visible but teachers were asked to force the learners hand to the shock plate so they could deliver the punishment. Less obedience was extracted from subjects in this case. In another variation, teachers were instructed to apply whatever voltage they desired to incorrect answers. Teachers averaged 83 volts, and only 2.5 percent of participants used the full 450 volts available. This shows most participants were good, average people, not evil individuals. They obeyed only under coercion. In general, more submission was elicited from teachers when (1) the authority figure was in close proximity; (2) teachers felt they could pass on responsibility to others; and (3) experiments took place under the auspices of a respected organization. Participants were debriefed after the experiment and showed much relief at finding they had not harmed the student. One cried from emotion when he saw the student alive, and explained that he thought he had killed him. But what was different about those who obeyed and those who rebelled? Milgram divided participants into three categories: Obeyed but justified themselves. Some obedient participants gave up responsibility for their actions, blaming the experimenter. If anything had happened to the learner, they reasoned, it would have been the experimenters fault. Others had transferred the blame to the learner: He was so stupid and stubborn he deserved to be shocked. Obeyed but blamed themselves. Others felt badly about what they had done and were quite harsh on themselves. Members of this group would, perhaps, be more likely to challenge authority if confronted with a similar situation in the future. Rebelled. Finally, rebellious subjects questioned the authority of the experimenter and argued there was a greater ethical imperative calling for the protection of the learner over the needs of the experimenter. Some of these individuals felt they were accountable to a higher authority. Why were those who challenged authority in the minority? So entrenched is obedience it may void personal codes of conduct.

Gustav von Aschenbachs Death in Venice Essay -- Thomas Mann Literatur

Gustav von Aschenbach's Death in Venice Prior to his encounter with Tadzio, Gustav von Aschenbach in "Death in Venice" is not an artist to be creatively inspired by sensuous beauty. Rather, his motivation derives from a desire to be accepted and appreciated by his audience, his "whole soul, from the very beginning, [being] bent on fame." [1] Nor does Aschenbach create in moments of ecstasy: being called to the constant tension of his career, not actually born to it (9), he is able to write only through rigid isolation and self-discipline. But though he is able thereby to win "the adhesion of the general public and the admiration, both sympathetic and stimulating, of the connoisseur" (9), Aschenbach reaches a creative impasse, getting "no joy of [his work]-- not though a nation paid it homage" (7). And, one day, unable to check the motus animus continuus or source of eloquence within him, be wanders to the North Cemetery where be encounters a mysterious vagabond; and then, impelled to travel further, journeys to Pola and f inally to Venice. On the steamer to Venice, Aschenbach asks his "own weary heart if a new enthusiasm, a new preoccupation, some late adventure of the feeling could be in store for the idle traveler" (19). He finds a positive answer in the person of Tadzio, the strikingly beautiful Polish boy with whom be becomes increasingly infatuated to the extent that he is unwilling to leave Venice despite its ominous forebodings. At the end of the novella's third chapter, Aschenbach, realizing that leaving Venice is too difficult "for Tadzio's sake" ( 40), forsakes his4C closed fist" discipline and surrenders to his growing passions; the fourth chapter culminates in his confession "of love and longing" for Tadzio. In ... ... Erich, The Ironic German: A Study of Thomas Mann (Boston: Little, Brown and Co., 1958). Heller, Peter, "Thomas Mann's Conception of the Creative Writer," PMLA, 69 (September 1954), 764. Mann, Thomas, "Death in Venice" and Other Stories, trans. H. T. Lowe-Porter, (New York: Vintage). Mann, Thomas, Letters of Thomas Mann, selected and translated by Richard and Clara Winston, (New York: Knopf, 1971). Plato, Phaedrus, trans. R. Hackforth, in Edith Hamilton and Huntington Cairns, eds. The Collected Dialogues of Plato (New York: Pantheon, 1966). Rey, W., '"Tragic Aspects of the Artist in Thomas Mann's Works," Modern Language Quarterly, 19 (September 1958). Rosenthal, M. L. "The Corruption of Aschenbach," The University of Kansas Review, 14 (1947), Traschen, Isadore, "The Use of Myth in 'Death in Venice,"' Modern Fiction Studies, 11 (Summer 1965).

The Financial System of Bangladesh

Overview of Financial system of Bangladesh The financial system of Bangladesh is comprised of three broad fragmented sectors: 1. Formal Sector, 2. Semi-Formal Sector, 3. Informal Sector. The sectors have been categorized in accordance with their degree of regulation. The formal sector includes all regulated institutions like Banks, Non-Bank Financial Institutions (FIs), Insurance Companies, Capital Market Intermediaries like Brokerage Houses, Merchant Banks etc. ; Micro Finance Institutions (MFIs).The semi formal sector includes those institutions which are regulated otherwise but do not fall under the jurisdiction of Central Bank, Insurance Authority, Securities and Exchange Commission or any other enacted financial regulator. This sector is mainly represented by Specialized Financial Institutions like House Building Finance Corporation (HBFC), Palli Karma Sahayak Foundation (PKSF), Samabay Bank, Grameen Bank etc. , Non Governmental Organizations (NGOs and discrete government progra ms. About financial MarketThe financial market in Bangladesh is mainly of following types: 1. Money Market: The primary money market is comprised of banks, FIs and primary dealers as intermediaries and savings & lending instruments, treasury bills as instruments. There are currently 15 primary dealers (12 banks and 3 FIs) in Bangladesh. The only active secondary market is overnight call money market which is participated by the scheduled banks and FIs. The money market in Bangladesh is regulated by Bangladesh Bank (BB), the Central Bank of Bangladesh. . Capital market: The primary segment of capital market is operated through private and public offering of equity and bond instruments. The secondary segment of capital market is institutionalized by two (02) stock exchanges-Dhaka Stock Exchange and Chittagong Stock Exchange. The instruments in these exchanges are equity securities (shares), debentures, corporate bonds and treasury bonds. The capital market in Bangladesh is governed by Securities and Commission (SEC). 3.Foreign Exchange Market: Towards liberalization of foreign exchange transactions, a number of measures were adopted since 1990s. Bangladeshi currency, the taka, was declared convertible on current account transactions (as on 24 March 1994), in terms of Article VIII of IMF Article of Agreement (1994). As Taka is not convertible in capital account, resident owned capital is not freely transferable abroad. Repatriation of profits or disinvestment proceeds on non-resident FDI and portfolio investment inflows are permitted freely.Direct investments of non-residents in the industrial sector and portfolio investments of non-residents through stock exchanges are repatriable abroad, as also are capital gains and profits/dividends thereon. Investment abroad of resident-owned capital is subject to prior Bangladesh Bank approval, which is allowed only sparingly. Bangladesh adopted Floating Exchange Rate regime since 31 May 2003. Under the regime, BB does not interfere in the determination of exchange rate, but operates the monetary policy prudently for minimizing extreme swings in exchange rate to avoid adverse repercussion on the domestic economy.The exchange rate is being determined in the market on the basis of market demand and supply forces of the respective currencies. In the forex market banks are free to buy and sale foreign currency in the spot and also in the forward markets. However, to avoid any unusual volatility in the exchange rate, Bangladesh Bank, the regulator of foreign exchange market remains vigilant over the developments in the foreign exchange market and intervenes by buying and selling foreign currencies whenever it deems necessary to maintain stability in the foreign exchange market.Regulators of the Financial System Central Bank Bangladesh Bank acts as the Central Bank of Bangladesh which was established on December 16, 1972 through the enactment of Bangladesh Bank Order 1972- President’s Order No. 127 o f 1972 (Amended in 2003). The general superintendence and direction of the affairs and business of BB have been entrusted to a 9 members' Board of Directors which is headed by the Governor who is the Chief Executive Officer of this institution as well. BB has 40 departments and 9 branch offices.In Strategic Plan (2010-2014), the vision of BB has been stated as, â€Å"To develop continually as a forward looking central bank with competent and committed professionals of high ethical standards, conducting monetary management and financial sector supervision to maintain price stability and financial system robustness, supporting rapid broad based inclusive economic growth, employment generation and poverty eradication in Bangladesh†. The main functions of BB are (Section 7A of BB Order, 1972) – 1. to formulate and implement monetary policy; 2. o formulate and implement intervention policies in the foreign exchange market; 3. to give advice to the Government on the interact ion of monetary policy with fiscal and exchange rate policy, on the impact of various policy measures on the economy and to propose legislative measures it considers necessary or appropriate to attain its objectives and perform its functions; 4. to hold and manage the official foreign reserves of Bangladesh; 5. to promote, regulate and ensure a secure and efficient payment system, including the issue of bank notes; 6. o regulate and supervise banking companies and financial institutions. Core Policies of Central Bank Monetary policy The main objectives of monetary policy of Bangladesh Bank are: †¢Price stability both internal & external †¢Sustainable growth & development †¢High employment †¢Economic and efficient use of resources †¢Stability of financial & payment system Bangladesh Bank declares the monetary policy by issuing Monetary Policy Statement (MPS) twice (January and July) in a year.The tools and instruments for implementation of monetary policy in Bangladesh are Bank Rate, Open Market Operations (OMO), Repurchase agreements (Repo) & Reverse Repo, Statutory Reserve Requirements (SLR & CRR). Reserve Management Strategy Bangladesh Bank maintains the foreign exchange reserve of the country in different currencies to minimize the risk emerging from widespread fluctuation in exchange rate of major currencies and very irregular movement in interest rates in the global money market.BB has established Nostro account arrangements with different Central Banks. Funds accumulated in these accounts are invested in Treasury bills, repos and other government papers in the respective currencies. It also makes investment in the form of short term deposits with different high rated and reputed commercial banks and purchase of high rated sovereign/supranational/corporate bonds. A separate department of BB performs the operational functions regarding investment which is guided by investment policy set by the BB's Investment Committee headed by a Deputy Governor.The underlying principle of the investment policy is to ensure the optimum return on investment with minimum market risk. Interest Rate Policy Under the Financial sector reform program, a flexible interest policy was formulated. According to that, banks are free to charge/fix their deposit (Bank /Financial Institutes) and Lending (Bank /Financial Institutes) rates other than Export Credit. At present, except Pre-shipment export credit and agricultural lending, there is no interest rate cap on lending for banks.Yet, banks can differentiate interest rate up to 3% considering comparative risk elements involved among borrowers in same lending category. With progressive deregulation of interest rates, banks have been advised to announce the mid-rate of the limit (if any) for different sectors and the banks may change interest 1. 5% more or less than the announced mid-rate on the basis of the comparative credit risk. Banks upload their deposit and lending interest rate in their respective website. Capital Adequacy for Banks and FIsWith a view to strengthening the capital base of banks & FIs, Basel-II Accord has been introduced in both of these sectors. For banks, full implementation of Basel-II was started in January 01, 2010 (Guidelines on Risk Based Capital Adequacy for banks). Now, scheduled banks in Bangladesh are required to maintain Tk. 4 billion or 10% of Total Risk Weighted Assets as capital, whichever is higher. For FIs, full implementation of Basel-II has been started in January 01, 2012 (Prudential Guidelines on Capital Adequacy and Market Discipline (CAMD) for Financial Institutions).Now, FIs in Bangladesh are required to maintain Tk. 1 billion or 10% of Total Risk Weighted Assets as capital, whichever is higher. Deposit Insurance The deposit insurance scheme (DIS) was introduced in Bangladesh in August 1984 to act as a safety net for the depositors. All the scheduled banks Bangladesh are the member of this scheme Bank Deposit Insurance A ct 2000. The purpose of DIS is to help to increase market discipline, reduce moral hazard in the financial sector and provide safety nets at the minimum cost to the public in the event of bank failure.A Deposit Insurance Trust Fund (DITF) has also been created for providing limited protection (not exceeding Taka 0. 01 million) to a small depositor in case of winding up of any bank. The Board of Directors of BB is the Trustee Board for the DITF. BB has adopted a system of risk based deposit insurance premium rates applicable for all scheduled banks effective from January – June 2007. According to new instruction regarding premium rates, problem banks are required to pay 0. 09 percent and private banks other than the problem banks and state owned commercial banks are required to pay 0. 7 percent where the percent coverage of the deposits is taka one hundred thousand per depositor per bank. With this end in view, BB has already advised the banks for bringing DIS into the notice of the public through displaying the same in their display board. Insurance Authority Insurance Development and Regulatory Authority (IDRA) was instituted on January 26, 2011 as the regulator of insurance industry being empowered by Insurance Development and Regulatory Act, 2010 by replacing its predecessor, Chief Controller of Insurance.This institution is operated under Ministry of Finance and a 4 member executive body headed by Chairman is responsible for its general supervision and direction of business. IDRA has been established to make the insurance industry as the premier financial service provider in the country by structuring on an efficient corporate environment, by securing embryonic aspiration of society and by penetrating deep into all segments for high economic growth.The mission of IDRA is to protect the interest of the policy holders and other stakeholders under insurance policy, supervise and regulate the insurance industry effectively, ensure orderly and systematic growth of the insurance industry and for matters connected therewith or incidental thereto. Regulator of Capital Market Intermediaries Securities and Exchange Commission (SEC) performs the functions to regulate the capital market intermediaries and issuance of capital and financial instruments by public limited companies.It was established on June 8, 1993 under the Securities and Exchange Commission Act, 1993. A 5 member commission headed by a Chairman has the overall responsibility to administer securities legislation and the Commission is attached to the Ministry of Finance. The mission of SEC is to protect the interests of securities investors, to develop and maintain fair, transparent and efficient securities markets and to ensure proper issuance of securities and compliance with securities laws. The main functions of SEC are: †¢Regulating the business of the Stock Exchanges or any other securities market. Registering and regulating the business of stock-brokers, sub-broke rs, share transfer agents, merchant bankers and managers of issues, trustee of trust deeds, registrar of an issue, underwriters, portfolio managers, investment advisers and other intermediaries in the securities market. †¢Registering, monitoring and regulating of collective investment scheme including all forms of mutual funds. †¢Monitoring and regulating all authorized self regulatory organizations in the securities market. †¢Prohibiting fraudulent and unfair trade practices in any securities market. Promoting investors’ education and providing training for intermediaries of the securities market. †¢Prohibiting insider trading in securities. †¢Regulating the substantial acquisition of shares and take-over of companies. †¢Undertaking investigation and inspection, inquiries and audit of any issuer or dealer of securities, the Stock Exchanges and intermediaries and any self regulatory organization in the securities market. †¢Conducting researc h and publishing information. Regulator of Micro Finance InstitutionsTo bring Non-government Microfinance Institutions (NGO-MFIs) under a regulatory framework, the Government of Bangladesh enacted â€Å"Microcredit Regulatory Authority Act, 2006’† (Act no. 32 of 2006) which came into effect from August 27, 2006. Under this Act, the Government established Microcredit Regulatory Authority (MRA) with a view to ensuring transparency and accountability of microcredit activities of the NGO-MFIs in the country. The Authority is empowered and responsible to implement the said act and to bring the microcredit sector of the country under a full-fledged regulatory framework.MRA’s mission is to ensure transparency and accountability of microfinance operations of NGO-MFIs as well as foster sustainable growth of this sector. In order to achieve its mission, MRA has set itself the task to attain the following goals: †¢To formulate as well as implement the policies to ensu re good governance and transparent financial systems of MFIs. †¢To conduct in-depth research on critical microfinance issues and provide policy inputs to the government consistent with the national strategy for poverty eradication. To provide training of NGO-MFIs and linking them with the broader financial market to facilitate sustainable resources and efficient management. †¢To assist the government to build up an inclusive financial market for economic development of the country. †¢To identify the priorities in the microfinance sector for policy guidance and dissemination of information to attain the MRA’s social responsibility. According to the Act, the MRA will be responsible for the three primary functions that will need to be carried out, namely: †¢Licensing of MFIs with explicit legal powers; Supervision of MFIs to ensure that they continue to comply with the licensing requirements; and †¢Enforcement of sanctions in the event of any MFI failing to meet the licensing and ongoing supervisory requirements. Banks After the independence, banking industry in Bangladesh started its journey with 6 Nationalized commercialized banks, 2 State owned Specialized banks and 3 Foreign Banks. In the 1980's banking industry achieved significant expansion with the entrance of private banks.Now, banks in Bangladesh are primarily of two types: †¢Scheduled Banks: The banks which get license to operate under Bank Company Act, 1991 (Amended in 2003) are termed as Scheduled Banks. †¢Non-Scheduled Banks: The banks which are established for special and definite objective and operate under the acts that are enacted for meeting up those objectives, are termed as Non-Scheduled Banks. These banks cannot perform all functions of scheduled banks. There are 47 scheduled banks in Bangladesh who operate under full control and supervision f Bangladesh Bank which is empowered to do so through Bangladesh Bank Order, 1972 and Bank Company Act, 1991. S cheduled Banks are classified into following types: †¢State Owned Commercial Banks (SOCBs): There are 4 SOCBs which are fully or majorly owned by the Government of Bangladesh. Nationalized Commercial Bank of Bangladesh: †¢Sonali Bank †¢Agrani Bank †¢Rupali Bank †¢Janata Bank †¢ †¢Specialized Banks (SDBs): 9 specialized banks are now operating which were established for specific objectives like agricultural or industrial development. These banks are also fully or majorly owned by the Government of Bangladesh. . Karmasangsthan Bank 2. Bangladesh Krishi Bank 3. Rajshahi Krishi Unnayan Bank 4. Progoti Co-operative Landmortgage Bank Limited (Progoti BanK) 5. Grameen Bank 6. Bangladesh Development Bank Ltd 7. Bangladesh Somobay Bank Limited(Cooperative Bank) 8. Ansar VDP Unnyan Bank 9. BASIC Bank Limited (Bangladesh Small Industries and Commerce Bank Limited †¢ †¢Private Commercial Banks (PCBs): There are 37 private commercial banks which are m ajorly owned by the private entities. PCBs can be categorized into two groups: 1. United Commercial Bank Limited 2. Mutual Trust Bank Limited 3. BRAC Bank Limited . Eastern Bank Limited 5. Dutch-Bangla Bank Limited 6. Dhaka Bank Limited 7. Islami Bank Bangladesh Ltd 8. Uttara Bank Limited 9. Pubali Bank Limited 10. IFIC Bank Limited 11. National Bank Limited 12. The City Bank Limited 13. NCC Bank Limited 14. Mercantile Bank Limited 15. Prime Bank Limited 16. Southeast Bank Limited 17. Al-Arafah Islami Bank Limited 18. Social Islami Bank Limited 19. Standard Bank Limited 20. One Bank Limited 21. Exim Bank Limited 22. Bangladesh Commerce Bank Limited 23. First Security Islami Bank Limited 24. The Premier Bank Limited 25. Bank Asia Limited 26.Trust Bank Limited 27. Shahjalal Islami Bank Limited 28. Jamuna Bank Limited 29. ICB Islamic Bank 30. AB Bank 31. Social Investment Bank Ltd 32. Union Bank 33. Modhumati Bank 34. The Farmers' Bank 35. Midland Bank 36. Meghna Bank 37. South Bangla Agriculture and Commerce Bank †¢Conventional PCBs: 23 conventional PCBs are now operating in the industry. They perform the banking functions in conventional fashion interest based operations. †¢Islami Shariah based PCBs: There are 7 Islami Shariah based PCBs in Bangladesh and they execute banking activities according to Islami Shariah based principles i. . Profit-Loss Sharing (PLS) mode. . †¢Foreign Commercial Banks (FCBs): 10 FCBs are operating in Bangladesh as the branches of the banks which are incorporated in abroad. 10 foreign commercial banks are operating in Bangladesh. These are – 1. Citibank 2. HSBC 3. Standard Chartered Bank 4. Commercial Bank of Ceylon 5. State Bank of India 6. Habib Bank Limited 7. National Bank of Pakistan 8. Woori Bank 9. Bank Alfalah 10. ICICI Bank There are now 4 non-scheduled banks in Bangladesh which are: †¢Ansar VDP Unnayan Bank, †¢Karmashangosthan Bank, †¢Probashi Kollyan Bank, †¢Jubilee Bank FIsNon Bank Financial Institutions (FIs) are those types of financial institutions which are regulated under Financial Institution Act, 1993 and controlled by Bangladesh Bank. Now, 31 FIs are operating in Bangladesh while the maiden one was established in 1981. Out of the total, 2 is fully government owned, 1 is the subsidiary of a SOCB, 13 were initiated by private domestic initiative and 15 were initiated by joint venture initiative. Major sources of funds of FIs are Term Deposit (at least six months tenure), Credit Facility from Banks and other FIs, Call Money as well as Bond and Securitization.The major difference between banks and FIs are as follows: †¢FIs cannot issue cheques, pay-orders or demand drafts. †¢FIs cannot receive demand deposits, †¢FIs cannot be involved in foreign exchange financing, †¢FIs can conduct their business operations with diversified financing modes like syndicated financing, bridge financing, lease financing, securitization instruments, privat e placement of equity etc. Capital market After the independence, establishment of Dhaka Stock Exchange (formerly East Pakistan Stock Exchange) initiated the pathway of capital market intermediaries in Bangladesh.In 1976, formation of Investment Corporation of Bangladesh opened the door of professional portfolio management in institutional form. In last two decades, capital market witnessed number of institutional and regulatory advancements which has resulted diversified capital market intermediaries. At present, capital market intermediaries are of following types: 1. Stock Exchanges: Apart from Dhaka Stock Exchange, there is another stock exchange in Bangladesh that is Chittagong Stock Exchange established in 1995. 2.Central Depository: The only depository system for the transaction and settlement of financial securities, Central Depository Bangladesh Ltd (CDBL) was formed in 2000 which conducts its operations under Depositories Act 1999, Depositories Regulations 2000, Depository (User) Regulations 2003, and the CDBL by-laws. 3. Stock Dealer/Sock Broker: Under SEC (Stock Dealer, Stock Broker & Authorized Representative) Rules 2000, these entities are licensed and they are bound to be a member of any of the two stock exchanges. At present, DSE and CSE have 238 and 136 members respectively. . Merchant Banker & Portfolio Manager: These institutions are licensed to operate under SEC (Merchant Banker & Portfolio Manager Rules) 1996 and 45 institutions have been licensed by SEC under this rules so far. 5. Asset Management Companies (AMCs): AMCs are authorized to act as issue and portfolio manager of the mutual funds which are issued under SEC (Mutual Fund) Rules 2001. There are 15 AMCs in Bangladesh at present. 6. Credit Rating Companies (CRCs): CRCs in Bangladesh are licensed under Credit Rating Companies Rules, 1996 and now, 5 CRCs have been accredited by SEC. 7.Trustees/Custodians: According to rules, all asset backed securitizations and mutual funds must have an accredited trusty and security custodian. For that purpose, SEC has licensed 9 institutions as Trustees and 9 institutions as custodians. 8. Investment Corporation of Bangladesh (ICB): ICB is a specialized capital market intermediary which was established in 1976 through the ordainment of The Investment Corporation of Bangladesh Ordinance 1976. This ordinance has empowered ICB to perform all types of capital market intermediation that fall under jurisdiction of SEC. ICB has three subsidiaries: 8. 1.ICB Capital Management Ltd. , 8. 2. ICB Asset Management Company Ltd. , 8. 3. ICB Securities Trading Company Ltd. Insurance Insurance sector in Bangladesh emerged after independence with 2 nationalized insurance companies- 1 Life & 1 General; and 1 foreign insurance company. In mid 80s, private sector insurance companies started to enter in the industry and it got expanded. Now days, 62 companies are operating under Insurance Act 2010. Out of them- †¢18 are Life Insurance Compani es including 1 foreign company and 1 is state-owned company, †¢44 General Insurance Companies including 1 state-owned company.Insurance companies in Bangladesh provide following services: 1. Life insurance, 2. General Insurance, 3. Reinsurance, 4. Micro-insurance, 5. Takaful or Islami insurance. Micro Finance Institutions (MFIs) The member-based Microfinance Institutions (MFIs) constitute a rapidly growing segment of the Rural Financial Market (RFM) in Bangladesh. Microcredit programs (MCP) in Bangladesh are implemented by various formal financial institutions (nationalized commercial banks and specialized banks), specialized government organizations and Non-Government Organizations (NGOs).The growth in the MFI sector, in terms of the number of MFI as well as total membership, was phenomenal during the 1990s and continues till today. Despite the fact that more than a thousand of institutions are operating microcredit programs, but only 10 large Microcredit Institutions (MFIs) a nd Grameen Bank represent 87% of total savings of the sector and 81% of total outstanding loan of the sector. Through the financial services of microcredit, the poor people are engaging themselves in various income generating activities and around 30 million poor people are directly benefited from microcredit programs.Credit services of this sector can be categorized into six broad groups: i) general microcredit for small-scale self employment based activities, ii) microenterprise loans, iii) loans for ultra poor, iv) agricultural loans, v) seasonal loans, and vi) loans for disaster management. Currently, 599 institutions (as of October 10 2011) have been licensed by MRA to operate Micro Credit Programs. But, Grameen Bank is out of the jurisdiction of MRA as it is operated under a distinct legislation- Grameen Bank Ordinance, 1983. Recent Developments in Financial Sector of BangladeshAutomation and Technological Development: Banking sector experienced remarkable progress in respect of automation in functioning in last several years. For the pro-active and forward-visioning approach of Bangladesh Bank, numbers of automation initiatives have been implemented in banking sector. These initiatives include: †¢To create a disciplined environment for borrowing, the automated Credit Information Bureau (CIB) service provides credit related information for prospective and existing borrowers. With this improved and efficient system, risk management will be more effective.Banks and financial institutions may furnish credit information to CIB database 24 by 7 around the year; and they can access credit reports from CIB online instantly. †¢L/C Monitoring System has been introduced for preservation and using the all necessary information regarding L/C by the banks through BB website. This system allows the authorized users of banks to upload and download their L/C information. †¢ In terms of article 36(3) of Bangladesh Bank Order, 1972, all scheduled banks are subject to submit Weekly Statement of Position as at the close of business on every Thursday to the Department of Off-site Supervision.This statement now is submitted through on-line using the web upload service of BB website within o3 (three) working days after the reporting date which is much more time and labor efficient that the earlier manual system. †¢The e-Returns service has been introduced which is An Online Portal Service for Scheduled Banks to submit Electronic Returns using predefined template for the purpose of Macro Economy Analysis through related BB Departments. †¢Online Export Monitoring System is used for monitoring export of Bangladesh. Through this service, Banks and AD Branches of Banks issue & reports export report. Bangladesh Automated Clearing House (BACH) started to work by replacing the ancient manual clearing system which allows the inter-bank cheques and similar type instruments to be to settled in instant manner. †¢Electronic Fund Transfer (EFT) has been introduced which facilitates the banks to make bulk payments instantly and using least paper and manpower. †¢The initiation of Mobile Banking has been one of the most noteworthy advancement in banking. Through this system, franchises of banks through mobile operators can provide banking service to even the remotest corner of the country. Almost every commercial bank is now using their own core banking solution which has made banking very faster and efficient. Usage of plastic money has much more increased in daily life transactions. Full or partial online banking is now being practiced by almost every bank. Inauguration of internet trading in both of the bourses (DSE & CSE) in the country is the most significant advancement for capital market in last several years. Micro Finance Institutions submit their reports to the regulator through the Online Report Submission Tools for MFIs. Institutional Development:Through the Central Bank Strengthening Project, there ha ve been a good number of achievements regarding the institutional development in BB which can be observed below: †¢The implementation of Enterprise Resource Planning (ERP) has been a big step in automation of operational structure of BB. †¢The establishment of Enterprise Data Warehouse (under process) will bring the whole banking and FI industry under a single network through which data sharing, reporting and supervision will enter in a new horizon. †¢Bangladesh Bank now possesses the most informative and resourceful website of the country regarding economic and financial information. Internal networking system with required online communication facilities have been developed and in operation for the officers of BB. †¢BB has hosted number of international seminars on different economic and financial issues over last several years. MRA was established in 2006 for bringing NGO-MFIs under supervision. For the pro active role of MRA, this sector (MFI) is now in a goo d shape regarding the accountability and regulation. For abolishing anomaly and fetching discipline in insurance industry, IDRA was established in 2011.In one year, IDRA has taken number of appreciable steps to regularize this industry. After the massive crash of local bourses in 2010-2011, the executive body of SEC was redesigned in full and some good results have come after that. Regulatory Development: Banking and FI industries have experienced diversified regulatory development over last few years: †¢Full implementation of Basel-II (International capital adequacy standard) accord has been in effect in both banking and FI industry. †¢Guidelines on Environmental and Climate Change Risk Management for banks and FIs have been circulated.Policy guidelines on Green Banking also have been issued. †¢Guidelines on Stress Testing for banks and FIs have been issued which is aimed to assess the resilience of banks and FIs under different adverse situations. †¢Number of P olicy initiatives for Financial Inclusion has been undertaken. †¢Banks have been asked to build up separate Risk Management Unit for comprehensive and intensive risk management. †¢Banks have been instructed to create separate subsidiary for capital market operations and capital market operations of banks are now minutely monitored. Supervision has been intensified to increase the participation of banks in Corporate Social Responsibility (CSR). †¢For the efficient and timely action of BB, foreign exchange reserve of Bangladesh did not face any adversity during global financial turmoil of 2007-09. †¢To meet international standard on Anti Money Laundering (AML)/Combating Financing of Terrorism (CFT) issues, guidelines for Money Changers, Insurance Companies and Postal Remittance have already been circulated. SEC has updated Public Issue Rules, 2006 and Mutual Fund Rules, 2001.Apart from that, numbers of AMCs, merchant banks and are Mutual Funds are permitted by SEC which has increased the participation of institutional investors. The trend of capital market research has been upward which indicates the potential of analytical investment decision. Insurance Act 2010 was formulated to meet demand of concurrent time for shifting the insurance industry in a better shape. Apart from that, several initiatives have been undertaken by IDRA for prohibiting the malpractices in the industry regarding insurance commission, agent, premium etc and corporate governance issues.Banks As on June 2011 Deposits AdvancesTotal Capital*No. of Branches 4115855. 50 Million3212848. 70 Million461697. 00 Million7772 FIs As on December 2010 Deposits Loans and leasesAssetsShare Capital & ReserveNo. of Branches 94374. 80 Million321284. 87 Million251527. 34 Million44689. 29 Million115 Insurance As on December 2009 AssetShare CapitalReserve Life Insurance118020. 15 Million1245. 54 Million106098. 88 Million Non-Life Insurance42622. 90 Million6653. 83 Million12133. 30 Million Ca pital MarketMarket Capitalization of Dhaka Stock Exchange As on September 2011 All Listed Securities2,782,901Million All Listed Companies Shares2,202,274 Million All Listed Mutual Funds35,733 Million All Debentures576 Million All Listed Govt. T-Bonds537,381 Million All Listed Corporate Bonds6,937 Million MFIs As on June 2009 Total Outstanding Number of ClientsNumber of BorrowersNo. of Branches 1,21,881. 85 Million24. 77 Million19. 50Million 18,022 * Sum of Tier-I, Tier-II and Tier-II Capital Components Related article: Padma Bridge

Lady with the Dog Film Review essays

Lady with the Dog Film Review essays The film representations simple cinematography and dialog accurately capture the mood created in Chekhovs story, but it fails in other areas. The motives and thoughts of the characters could not be easily discovered, as the film focused on carrying on the plot with little attention given to characterization; leaving the actors to fill the void with expression and specific actions. The actors tended to over-do this, creating more of a caricature than character. While some may contend the short story translates better into film I do not believe this to be true. Often certain aspects purposely left out of short stories for the sake of conciseness and brevity are replaced with Hollywood traditions that take away from the nature of the literature. The acting most prominently stood out to me as a major conflict with Chekhovs intentions of what the characters should be like. The actors overportrayed Gurov and his wife most prevalently. He turned Gurov into a lifeless, dull, and almost villainous character. The actress playing Gurovs wife combined with the scripting made her appear to be an unrealistically arrogant woman. Chekhov no more than hinted at these characteristics in the text, and the perception of his wife to be such a disgusting person what that of Gurovs. Opposite of these flaws, Iya Savina portrayed the character of Anna to perfection. Her mild yet desperate disposition reflected exactly how I pictured the character in my mind when reading the story. Contrasting moments of strong emotion and struggle kept my interest at times when the plot inched along. Had Gurov and his wife followed suit and fit the characters more accurately I could have easily overlooked the other pitfalls. The short story tends to omit details about emotion, focusing on driving the plot and making a strong point in doing so. Minority Report personifies a recent example of Hollywood going against su...

Writing Dialogue In Accents and Dialect

Writing Dialogue In Accents and Dialect Writing Dialogue In Accents and Dialect Writing Dialogue In Accents and Dialect By Kate Evans Wen old man Rabbit say scoot, dey scooted, en wen ole Miss Rabbit say scat, dey scatted. Dey did dat. En dey kep der cloze clean, and day aint had no smut on der nose nudder. Uncle Remus A  Story About Little Rabbits, Joel Chandler Harris. We have a long literary tradition of writing dialogue in accents and dialect. Mark Twain comes to mind, as a master of the written idiom. Dialect instantly gives characters authenticity and offers insight into their attitudes, background, and education. An accent allows the reader to use their sense of hearing and gives text depth and flavor. On the other hand, using dialects and accents is often a distraction. When accented words are spelled phonetically, they can frustrate and slow the reader down. If accents are inaccurate or inauthentic, they can stereotype or even insult. With all of these risks, writing dialects has largely gone out of fashion. So what is a writer to do instead? The first step would be to describe patterns of speech in prose. For example, her honeyed accent melted off of her tongue, slowly, sweetly, and with the same elongated syllables that her mama used. Already, the character has an established geographical place and a hint of her history. From then on, the reader can hear and even visualize the honeyed accent. Another tactic is to reflect dialect with commonly spoken words in commonly spelled ways. A writer could insert gonna for going to. The reader registers these words easily but the speech pattern can also convey information about the characters. Finally, a writer can pay close attention to phrases and idioms that pertain to a characters geographic location or time in history. Phrases, such as shes dumber than a bucket of hair, bless her heart, places someone in the American South. The craic is mighty, puts someone in modern day Ireland. When carefully researched and used advantageously, simple colloquial phrases can carry as much weight as paragraphs of complicated written dialect. While we dont want to lose the art of conveying speech patterns through the written word, in todays world, there are more subtle ways to illustrate character traits. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Fiction Writing category, check our popular posts, or choose a related post below:45 Synonyms for â€Å"Food†Homogeneous vs. HeterogeneousDouble Possessive