The Youth, Frail and Confused Apt to Identity Crisis

The Youth, Frail and Confused: Apt to Identity Crisis Thesis Statement: The young, the frail and the confused are likely to experience identity crisis because they are vulnerable, easily discouraged, and they usually find it difficult to establish a personality or goal; and even if they succeeded to establish one, it is even more strenuous for them to commit to a certain identity. Whenever people encounter the word â€Å"identity crisis,† it never fails to arouse feelings of mixed curiosity, mirth and discomfort. Some feel curious, because it is either they have not gone through this stage yet, or because they just have an undeniably excessive level of inquisitiveness and interest. Others feel mirth, for they know that have already†¦show more content†¦This will explain the common clothes, styles, attitudes and even their ways rebellion. â€Å"Who told you to get a tattoo?† â€Å"All my friends have it; it is a sign of the sisterhood of our group.† Above is a simple dialogue between a parent and an adolescent, wherein an evident peer pressure took place. Even an adolescent lacks an interest or desire to do a certain thing or practice, he/she is being forced to conform to the laid required action by his/her peer group due to the fear of â€Å"getting left behind.† Therefore, in this sense, the adolescent loses his/her own i dentity, and has nothing to do but to comply with the groups’ demands. Moreover, the adolescent’s practice of having a specific â€Å"idol† also contributes in the identity loss of the adolescent. The excessive admiration of the idol’s attributes results in the defense mechanism called identification, wherein the adolescent identifies an idol that represents his/her ideal self-image, and consequently imitates the idol’s dispositions. In the process, he/she neglects his/her real self and desperately tries to diffuse his/her own insecurities through imitating a more subjective, CORTEZ 4 acceptable behaviour and dispositions. In addition to the factors that were previously mentioned, the natural development of â€Å"consciousness,† which arises from the teenager’s encounter with the inexorable features of the adolescence stage (physical growth, sexual

Character Comparisons; Comparing Two Characters, One from...

Character comparisons; Comparing two characters, one from Streetcar Named Desire and another from Death of a Salesman Streetcar Named Desire Blanche Du Bois In the Streetcar Named Desire, Blanche Dubois is first introduced having dressed in white and symbolizing chastity and innocence. As sensitive, aristocratic, and refined as it is, the beauty depicts an appearance resembling a moth. Blanche comes from a background that is aristocratic. Her job, as an English teacher, as well as her home are all lost and in turn, she comes to stay in her sister’s house for a while, Stella, who stays with her husband Stanley, a coarse polish. Her lover passed away and since then she has changed her life completely. Blanche is seen to be a misfit in the†¦show more content†¦For the fact that he views things only as white or black, lies or truth, he had to desert Blanche. The world of Blanche is fully occupied by pastel and gray colors, as she has no position to stand loud noise, harsh light, or vulgar remark. The death of Allan led to the disappearance of light in her life. In this case, she highly prefers dim candlelight together with darkness, and her entire make setting believes in a pain and memories free world. It also does not depict her advancing age and departed youth reality. As she prefers more to appear as ethereal character that lives on the world edge, the moth’s smile fully befits her. Stanley, who appears to be course and common, presents Blanche’s aristocratic and delicate ways as he relies on openness and truth. He even demands total allegiance in his household, which she cannot offer. Stanley cannot forgive her for his threats, and even swears to revenge. Mitch and Stanley are not realizing that although Blanche gives herself easily to strangers, it is impossible for her to surrender as a prostitute to whom she cares about. Through her sexual encounters, she willingly and freely gives herself to strangers. Her fragile nature is destroyed as Stanley takes her forcefully. It is ironical that when she tells Stella on this rape issue, Stella disagrees with her. Instead, Stella sends her to state

Study of Basel II and Financial institution strategic management Free Essays

INTRODUCTION Banks play an important role in central importance for economic growth, credit allocation, financial stability, and the competitiveness and development manufacturing and service firms. The features of Sweden banking systems have changed significantly around the past 20 years. The increased availability of credit has been the corollary of the dismantling of barriers of trade in Sweden financial services. We will write a custom essay sample on Study of Basel II and Financial institution strategic management or any similar topic only for you Order Now Sweden banking and finance sector went through many considerable changes in recent years which results in competition, not only between old big banks but also among new Swedish and foreign financial institutes. The main characteristics are that banking and finance has been liberalized and deregulated in Sweden. In Sweden banks have long experience in international business and International banks are now highly active. Before entering into the details of the above given reasons, we will be looking at the main structure of the Sweden’s banking system. In Sweden there are three different types of banks: commercial banks, i.e., limited liability banking companies, savings banks and a few cooperative banks. All these types of banks are entitled to participate in all types of banking activity. Because of mergers the number of banks has declined sharply, a tendency that has been most marked among the savings banks. From some 450 savings banks of the 1950s, the number had decreased to 85 by the late 1990s. Since the middle of the 1980s, however, numerous new banks have been established in Sweden. The two tired market structure can be described as with five large banks (Handelsbanken, Skandinaviska Enskilda Banken, Nordbanken and Forenings Sparbanken as well as the Swedish subsidiary of a major Danish bank) having a combined market share of about 75–85 percent; the rest market is shared among around 100 smaller banks. The home market for Swedish banks has to a greater extent been seen to cover not only the traditional Nordic area but also the whole region surrounding the Baltic Sea. The four major Swedish banks are very broadly held. The largest owners are the Swedish government (less than 20 percent in Nordea), the Wallenberg-led investment company Investor (some 10 percent in SEB), the employees’ pension fund (some 10 percent in Svenska Handelsbanken), and the former savings banks foundations (some 20 percent in Swedbank, which was earlier a savings bank, which merged with a cooperative bank and became a commercial bank). Approximately one third of bank shares are held by non-Swedes. The medium and small-sized banks are generally held by one dominating owner, which in turn may have a widely spread ownership, such as Skandia. All savings banks are non-profit organizations and they are held by foundations. The Swedish Financial Supervisory Authority is a government authority responsible to the MoF. It exercises supervision over banks, credit market companies, and additionally e.g., insurance companies, insurance brokers and securities companies. The Central Bank Act assigns to the Riksbank the responsibility to ensure a stable and efficient payment system. It also assigns to the Riksbank the responsibility for monetary and exchange rate policy (including the management of the gold and currency reserves), as well as managing the issue of notes and coins, providing a clearing function for banks as well as accepting deposits from banks and granting them loans. The Central Bank also functions as lender of last resort providing financial aid to banks experiencing liquidity problems. Early 1990s, Sweden was in the middle of the most serious economic crisis. During that crisis unemployment has increased dramatically in the course of a few years and as a result the central government finances dropped. The reason behind this was assigned to deregulatory measures taken in 1985 which added to overly repaid credit expansion which contributed to a banking crisis followed by a currency crisis in 1990. The deregulation result was obvious. In just five years, the credit to GDP ratio for private sector moved up from 85 to 135 per cent (Governor Backstrom, 1997). Credit market deregulation in 1985 was important in it, meant that the monetary conditions became more expansionary. This co-occurred, moreover, with rising activity, comparatively high inflation expectations and tax system that favoured borrowing, and remaining exchange controls that held investment in foreign assets. In the absence of a restrictive economic policy to block all this, the free credit market headed t o a quickly growing stock of debt. The credit boom coincided with rising share and real estate prices. In the second half of the 1980s, real aggregate asset prices increased by over 125 per cent. A speculative bubble had been yielded. As time goes on the Swedish economy became increasingly insecure to shocks. In the late 1980s, competitiveness had been eroded by the relatively high inflation which results in an overvalued currency. This made exports to weaken and intended that the fixed exchange rate policy began to be questioned, heading to periods with relatively high interest rates. On the other hand, the tax system was rectified in order to decrease its harmful economic effects but this also added to higher post-tax interest rates. Economic activity turned downwards and asset prices started to fall. From 1990 to 1993 GDP dropped by 6 per cent. Unemployment hit up from 3 to 12 per cent of the labour force and the public sector; grow worse to 12 per cent of GDP. A wave of bankrupt cies was a great blow to the banking sector, which in this period had to plan for loan losses equivalent of 12 per cent of annual GDP. After this crisis when Basel II came into practice than Sweden banking sector’s golden period began, as common International regulation and model for the banking industry, the reliability and development of financial systems and also important for countries’ economy. One such framework is Basel II which was introduced in 2004. It is grounded on Basel I which comprised of a credit risk measurement guideline and minimum capital requirement. Basel II dwells of three pillars in that minimum capital requirement, the supervision process, and market discipline are regulated (Finansinspektionen 2002). The main purpose of Basel II is to lessen banks capital requirement, by offering them the ability to choose the methods that reflect their calculating risk (BCBS, 2004). A study called the fifth quantitative impact study (QIS 5) presented in 2006 by the Basel committee on banking supervision(BCBS) that was based on data from the fall of 2005 (Finansinspektionen 2006 )and the purpose was to analyse how Basel II affect bank with regard to their capital requirements. The study showed that if we compare Basel I and Basel II, minimum capital requirement could be reduced in Basel II. After QIS 5 BCBS had not presented any other study showing how Basel II had affected the banking industry and mainly study aspires to fulfil part of that gap by analysing how capital ratio, the net credit loss level and the degree of disclosure have progressed for the four largest banks in Sweden during the implementation of Basel II as this has not previously been looked at. Hypothetically the impact Basel II has had on these variables will be presented based on these observation. The Swedish financial market and other factors Efficient and reliable systems for saving, financing, mediating payments, and controlling risk are vital for the well-being of the Swedish economy. These systems are managed by banks, insurance companies, securities companie; other types of enterprise and other credit institutions in the financial sector. The financial industry account for just over four per cent of the country’s total output, defined as its Gross Domestic Product (GDP). More than 90,000 people, about two per cent of the country’s total working population, work in the Swedish financial industry. The financial sector has expanded dramatically during the past decade. Established companies have extended scope of their business, and many new companies have started entering the markets. One crucial change is that banks and insurance companies interfering into each other’s areas, and as a consequence, all of Sweden’s major banks are now in the life insurance business and some insurance companies own their own banks. On the other hand customers are banking more and more via the internet or the phone. These new facilities have changed the development of new services and compounded competition on the banking market through the establishment of new banks. Moreover, Swedes are investing mostly in funds and insurance policies as they turn away from traditional bank saving. Approximately more than 85 per cent of the population in Sweden have some of their savings in funds or equities, which is a very high proportion by international standards. Deposits and lending The core activity of a bank is to accept deposits and provide credit. At the end of 2002, bank deposits from the public (i.e. mainly households and non-financial enterprises) amounted to 1,242 billion kronor. The bulk of these deposits – approximately 42 per cent – come from Swedish households. Swedish companies account for around 32 per cent of total deposits and foreign depositors for some 22 per cent. Bank lending has increased in recent years, to reach 1,360 billion kronor by the end of 2002. 47 per cent of this lending to the public goes to the Swedish business sector, while households and foreign borrowers account for 21 per cent and 27 per cent respectively. Interest rates The interest rates banks set for their deposits and credit are largely dependent on the rates prevailing on the money market. Other factors that influence interest rates include the creditworthiness of the borrower, competition among credit institutions, and competition for different types of saving. The average rate of interest paid and charged by the banks has been declining steadily since the beginning of the 1990s. The interest spread – the gap between the average interest rate received on credits and that paid on deposits – has also tended to narrow during the same period. Safe and efficient payment mechanism Another important function of a bank is to provide a means of payment. The Swedish payment system, which includes the bank giro service and the postal giro, is technically rather advanced, and has a reputation for efficiency. This means that payments are transacted quickly, securely and at low cost. Mortgage market In Sweden, mortgage loans are usually provided by specialist credit market companies known as mortgage credit institutions. The total volume of outstanding loans of these institutions amounted to SEK 1,200 billion at the end of 2002. For many years now, lending by mortgage credit institutions has exceeded the volume of bank lending in Sweden. The mortgage credit institutions provide credit primarily for residential property, but also for commercial and office buildings and municipalities. Mortgage loans are secured by collateral, normally in the form of a mortgage on the property. The lending consists of a first mortgage, which involves pledging the property for up to 70-80 percent of its value. Additional credit is then often provided in the form of a second mortgage by the bank that owns the mortgage institution or by another bank with which the institution co-operates. Mortgage institutions offer a wide range of credit facilities at variable or fixed interest rates. Internet banking Swedish banks are among the most advanced in internet banking services. All major banks in Sweden offer online status on accounts and other assets, online payments, and the possibility to buy and sell units in funds and shares. Corporate customers have been able to bank via the internet for many years. At the end of 2009, there were a total of around 50, 00000 internet banking users and approximately 15million internet payments. Internet surveys show that customers are very pleased with the Bank’s online service. This was confirmed by IBM and Interbred, which ranked FSB as number one in Europe and number two in the World (Swedbank Annual Report, 2009). Monetary policy update The Swedish economy is performing well, and GDP grew by almost 7 per cent in the third quarter of this year, compared with the same quarter last year as the fig shown below. The strength of the Swedish economy is also reflected in the labour market statistics. The labour market has been recovering throughout 2010 and indicators point to a continuing rapid improvement. The world economy is expected to grow by a good 4 per cent a year in the coming years. Economic activity remains good in the emerging economies in Asia and Latin America. In both the United States and the Euro zone, economic prospects look slightly better in the short run than was forecast in the October Monetary Policy Report. At the same time, the global imbalances remain and concern over public finance in several countries has increased. Despite the relatively divided international outlook, the indicators for the Swedish economy point to continued strong growth in the coming period. GDP growth is expected to amount t o 5.5 per cent in 2010 and to over 4 per cent in 2011, and then to decline. The recovery has been relatively rapid and Sweden is also expected to experience higher growth than many other countries in 2011. As the graph below shows that resource utilisation is currently lower than normal, but is expected to be normal or slightly above normal towards the end of the forecast period. Underlying Inflation measured as the CPIF was 1.9 per cent in November. It is expected to fall at the end of 2011 and then rise again towards 2 per cent. Higher mortgage rates will lead to the CPI rising slightly faster than the CPIF and it is expected to exceed 2.5 per cent in 2013. In the longer run, when the repo rate stabilises, the two measures of Inflation will coincide. To stabilise Inflation close to the target of 2 per cent and avoid resource utilisation becoming too high, there is a need to gradually raise the repo rate towards more normal levels. The repo rate is therefore being raised to 1.25 per cent. The forecast for the repo rate remains largely unchanged in relation to the forecast in the October Monetary Policy Report. Environmental factors in Sweden banking Sweden is a democratic monarchy. It is the largest Scandinavia country with over 9 million inhabitants. Sweden has been known for its neutrality and policy of non-alignment with either NATO or the Warsaw Pact. It is a member of most international organizations (UN, UNESCO, WHO etc). Sweden has been a member of the European Union since 1995 but decided not to join EMU. A referendum in 2003 rejected the euro by a decisive margin – against the advice of the government and the wishes of business. The Prime Minister stated it was unlikely there would be a new referendum before 2010. Key economic indicators for 2008 estimates (Source: Central Intelligence Agency Country Profiles) 69.6% of the economy is in the services sector, 28.9% industrial and 1.5% agriculture. Population: 9,045,389 GDP: USD 358.4 billion Per capita GDP: USD 39,600 Real GDP growth: 0.9% Unemployment: 6.2% Public debt/GDP: 36.5% Cash Management Features Activity is highly automated with major activity inside the Bankgirot and Plusgirot systems. Rather than hold accounts in both and maintain liquidity in both, it is possible to hold accounts just at the Nordea group, into which the Plusgirot has been subsumed. The EUR has emerged as a parallel domestic currency for business, notwithstanding Sweden’s rejection in 2003 of EUR membership. The old E-RIX system that was connected to TARGET and used to settle domestic EUR trade has been abolished. EBA is now used to settle EUR transactions. Group account (Balance netting) is the preferred Liquidity Management technique domestically, and can be used for both single and multi-currency. Zero balancing is also available domestically and is getting more common than earlier due to multinational corporate customer Payment infrastructure in Sweden Most Swedish companies have a business account in a Swedish bank. The majority of domestic non-cash payments are affected through the two giro systems, PlusGirot and Bankgirot. PlusGirot -: The PlusGiro system is a part of Nordea. Thus, Nordea is the only bank in Sweden that can provide a connection to both PlusGirot and Bankgirot in SEK or EUR, meaning an all-in-one account for all the payments regardless if they are routed through the PlusGiro or the Bankgiro system. Bankgiro -: The Bankgiro system is operated by Bankgirocentralen AB (BGC), a bank-owned subcontractor of payment processing services. All banks in Sweden participate in the Bankgiro system. It functions as an automated clearing house (ACH). Payments can be made in SEK or EUR. Payment Instruments The vast majority of activity clears electronically: there is a high degree of automation. This is supported by very high usage of internet for payment initiation. There is still a form of paper-based credit transfer but the clear growth is in electronic initiation. This extends to electronic bill presentment, where the debtor can initiate a credit transfer in their electronic banking by clicking through form the bill itself. In terms of volume, credit transfers and debit cards are the most used, whilst in terms of value it is credit transfers. Sweden has a high density of ATMs and EFTPOS, and this is the part of the payments market that is growing most dynamically. 1) Cheques 2) Electronic payment ( The RTGS system in Sweden is operated by the Riksbank) 3) Cards 4) Internet banking These all are the factors in the Sweden banking environment which make the Sweden banking system much stronger than any other banking system. Sweden is capable of providing all the facilities to its consumers and its partners domestically and internationally and Sweden is having the biggest usage of internet banking amongst all other countries and more advance at this moment. Future Aspects of Sweden The Riksbank’s financial stability works in 2011 was largely characterised by the financial crisis and its aftermath. After having stabilised in the winter of 2010/11, unease again increased in the financial market in springs 2010 as consequence of the state of the public finances of several countries in the southern Europe. The unease became acute in May in connection with the downgrading of the Greek government’s credit rating. The aftermath of the financial crisis is the extensive work continued of reforming national and international regulatory codes and improving supervision of the financial crisis. An important part of this work in Sweden is to clarify the Riksbank’s responsibility for financial stability. New international regulatory frame work A large part of the Riksbank’s stability work was focused during the year , as in 2010, on studying and influencing the framing of the future financial regulatory framework of future financial regulatory framework and supervision .since Swedish banks and financial institution are governed by law framed at EU level, which in turn to a great extent are based on guideline drawn up by other international bodies, the Riksbank participated in continued discussions both at EU level and within the bank of international settlement (BIS). During the year a new regulatory framework for financial institution called Basel III was established. Increased cross-border work The financial crisis has shown that there are great differences in the legislation at national level. Because of these differences, during the crisis it was difficult to handle problem in banks that operates in several different countries. Consequently several international projects are in progress that, address how banks with cross border operations are to be dealt with (For Example, First Deputy Governor of the Riksbank Svante Oberg). In 2010 the Riksbank also took part in the preparatory work ahead of the start-up of the new European system risk board (ESRB) in 2011. A coherent regulatory framework and cleaner division of roles between authorities in Sweden In view of the lessons learned from the financial crisis and the extensive regulatory work that is in progress in the international arena, the Riksbank believes that it is important to carry out a thorough overhaul of the financial regulatory framework in Sweden as well. The general Council of the riksbank and the executive board of the riksbank and the executive board of the Riksbank accordingly proposed in a joint submission to the Riksdag that one or several inquiries should be set up to review the regulatory framework in the financial sector. The Swedish banks’ resilience continued to improve in the second half of the year as a result of the economic recovery the situation of the Swedish bank continued to improve. The economic recovery had become stronger than previously expected. Consequently, the Swedish banks loans loss continue to fall and according to Riksbank forecast in the financial stability report in December they were lower than the Riksbank had expected in June. References: Anonymous, (May 2010). Sweden: financial sector assessment program –detailed assessment of observer of standard and codes, international monetary fund Washington DC. Dec 2010, Monetary policy updates, SVERIGES RIKSBANK. Ekstrom , F., Johansson, E. (2011). The development of the Swedish banking industry during the implementation of Basel II Rai , S. (2007). Central Banking System. A bench marking study of India and Sweden. Sweden Banking Environment www.ibosassociation.com/en/countries/western/europe/sweden (Accessed on 07 April 2011). 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Joesph NcNamara Essay Example For Students

Joesph NcNamara Essay Joseph D. McNamara was chief of police for the city of San Jose, California for fifteen years, as well as Kansas City, Missouri. He is recognized as an expert in criminal justice, police technology and management systems, crime prevention, and international drug control policies. He was appointed a research fellow at the Hoover Institution, Stanford University, in 1991. McNamara was a pioneer in criticizing the way Police Departments and the government fought the war on crime. McNamara challenged what has long been the norm in society on how to best deal with drug use in the United States. He was also on the forefront of police corruption and abuses committed by Police Officers. Numerous articles, interviews, lectures were researched to best convey McNamaras philosophy of police technology, innovativeness and management style (leadership). McNamaras career in law enforcement spans a thirty-five-year period. He began in Harlem as a beat patrolman for the New York City Police Department. He rose through the ranks and in midcareer was appointed a criminal justice fellow at Harvard Law School, focusing on criminal justice research methodology. Following this appointment he took a leave from police work and obtained a doctorate in public administration at Harvard. Returning to duty with the NYPD, he was appointed deputy inspector in charge of crime anal ysis for New York City. In 1973 McNamara became police chief of Kansas City, Missouri, leading that department into groundbreaking research and innovative programs. In 1976 McNamara was appointed police chief for the city of San Jose, where he remained until his retirement in 1991. During his tenure, San Jose (the third-largest city in California and the eleventh largest in the United States) became the safest city in the country, despite having the fewest police per capita. The San Jose police became a model for innovation, community relations, utilization of technology, and productivity. The departments advanced training and computerization programs have been duplicated throughout the world. He has been a consultant for the United States Department of Justice, State Department, the Federal Bureau of Investigation, and some of the nations largest corporations. Over the past decade, McNamara has organized four conferences at the Hoover Institution, attended by police chiefs and command officers, focusing on U. S. drug control policies.