...Poly Tech MARA Malaysia ABSTRACT During the last two decades, the focus of IMF involvement in the developing world, and especially in the low income countries, has shifted. IMF involvement became more long term, but also oriented toward policy reform, rather only assisting with a macroeconomic crisis. This paper explores the deficiencies in IMF policy prescription and implementation in the developing countries. The information was collected using a library research where books, journals, articles and online resources were used. The paper further clarifies reasons behind the failure of structural adjustment programs and the danger of neo liberal based economic policies imposed on low-income countries. The research concludes IMF’s enormous financial and political power should be used in the betterment of people in the developing nations. CONTENTS 1. Title page…………………………………………………………………………….…1 2. Abstract…………………………………………………………………………………2 3. Content………………………………………………………………………………….3 4. Introduction……………………………………………………………………………..4-5 5. Argumentation………………………………………………………………………….6-9 6.1. Mismanaged lending and debt crisis in the developing countries………….6 6.2. Counter argument and Refutation………………………………………………7-8 6.3. Violation of Islamic economic principles……………………………………….9 6. Conclusion……………………………………………………………………………..10-11 7. References…………………………………………………………………………….12-13 4. Introduction ...
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...such as AIDS, Tuberculosis, and Malaria in many parts of the world (Clark, 2011). The World Bank is offering financial help for several programs to help with agriculture, transportation, infrastructure, and irrigation in many South Asian countries to reduce poverty. There has been so much controversy about the activities of the World Bank. Even though the main mission of the World Bank is to alleviate poverty from the face of the earth, there has been severe criticism that the World Bank is changing its focus to financial policy reforms and structural adjustments. The World Bank as an international financial institution has done so much to help numerous developing countries when they are in financial crisis or needed help to undertake a major development project. Regardless of the criticism and corruption accusations, this author believes that the World Bank is in the right direction by providing basic reforms and structural adjustments in order to alleviate poverty. If the World Bank just donated billions of dollars to a developing country without any concrete objective, that money might be used for gaining political advantages. For this research, this author has used resources from Fresno State University Library, Liberty University online Library, Clovis Public Library, and many online search engines. This paper will briefly describe the history,...
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...Psychological Adjustments to Aging This paper will cover the ongoing changes one makes from early adulthood to middle adulthood. Early adulthood spans from the ages of 20 and 40 and middle adulthood spans between 41 and 60. All the trials and tribulations that ensue when taking that next journey into adulthood will be addressed. They can include emotional and personal development; physical changes; decision to marry and raise a family or do you put your career first. The realization that you are no longer a young spring chicken hits some people in middle adulthood. In your mind you feel the same way you did when you were in your twenties, but the body tell you a different story. There are two different stages of love during early and middle adulthood described by. Psychologist Elaine Hatfield: there is compassionate love and passionate love. Compassionate love involves feelings of mutual respect, trust and affection, while passionate love involves intense feelings and sexual attraction. The Evolution of Social and Intimate Relationships Relationships during early adulthood can be a series of emotional and social changes. It often involves balancing intimacy and commitment with independence and freedom. According to Erikson, young adults face the controversy between intimacy and isolation. To solve this conflict, the individual wants to maintain a sense of independence while still having intimacy. A major task in early adulthood is to find a partner that is similar...
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...Social Security: Then and Know Deanna Havens SOC 320/ Public Policy & Social Services December 10, 2011 Social Security was established by President Franklin D. Roosevelt in 1935, during the great depression. The social security system was supposed to be a creation that would cover nearly all Americans. Over the years social security has expanded in both dollar amounts and the way you are eligible to receive benefits. Social security smoothes the risks of economic cycles, and it remains the most secure retirement income in America. Intentionally or unintentionally, those who think that the surplus in social security is disappearing are misleading the American public. Social security is financed mainly through payroll taxes on wages, and self-employment income. Employees and employers contribute 6.2 of wages, up to a wage gap of 106.800 in 2009 that ordinarily increases with the growth in the nation’s average wage. The self-employed contribute the equivalent of the combined employer and employee tax rates. According to the annual social security report (2010) income from social security payroll taxes will account for about eighty-three percent of trust fund income. At the end of 2008, nearly fifty-one million people were receiving benefits: thirty-five million were retired workers, six million survivors of deceased workers, and nine million disabled workers. During the last year an estimated one hundred sixty-two million workers had earnings covered by social security...
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...Korea—Economic policy. 3. Thailand—Economic policy. 4. International Monetary Fund—Indonesia. 5. International Monetary Fund—Korea. 6. International Monetary Fund—Thailand. I. Lane, Timothy D. (Timothy David), 1955- II. Occasional paper (International Monetary Fund); no. 178. HC447.I44 1999 Price: US$18.00 (US$15.00 to full-time faculty members and students at universities and colleges) Please send orders to: International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431, U.S.A. Tel.: (202) 623-7430 Telefax: (202) 623-7201 E-mail: publications@imf.org Internet: http://www.imf.org recycled paper Contents Preface I Overview Timothy Lane and Marianne Schulze-Ghattas References II Background to the Crisis Javier Hamann Financial Vulnerabilities Macroeconomic Considerations Asset Price Deflation and Bank Failures References III Program Design Timothy Lane Basic Strategy Exchange Rates References IV Program Financing and Market Reactions Timothy Lane and Marianne Schulze-Ghattas Official Financing and Program Projections Market Reactions V Macroeconomic Environment Timothy Lane and Steven Phillips Output...
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...overweight and obesity than Non – Hispanic Whites. “In accordance with the U.S. Department of Health and Human Services information in 2008, Hispanic Americans were 1.2 times as likely to be obese than Non-Hispanic Whites. Among Mexican American women, 73 percent are overweight or obese, as compared to only 61.6 percent of the general female population. In 2007 – 2008 Mexican American children were 1.4 times more likely to be overweight as Non-Hispanic White children. In 2007, Hispanic adults were 50% less likely to engage in active physical activity as Non-Hispanic Whites” (OMH – Source: CDC, 2010) Impact of obesity and overweight The problem with obesity and overweight has affected the Hispanic race in many ways. Obesity and overweight are two different problems. A person with a BMI (Body Mass Index) of 25-29.9 is considered overweight and a person with a BMI of less than equal to 30 is considered obese. Based on the information gathered by the Department of Health and Human Services Office of minority health, more than 80% of the Hispanic overweight population tends to develop diabetes. Tests were driven in order to develop the hypothesis. Out of 80% people who suffer from type 2 diabetes are considered to overweight or obese. Obesity is an enormous issue that affects the body and health not only physically but internally. Obese people are more likely to suffer from many health problems such as high blood pressure, high levels of blood fats, and cholesterol, which are more...
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...Human Development Name Institution Instructor 55. There are several models (theories) of middle age, among which is the “crisis model” and the “transition model”. Which do you agree with more, based on what you know about these theories and what you have observed? The crisis model postulates that when an individual is faced with an overwhelming threat they cannot handle, they will either adapt by developing new coping skills or they will be overwhelmed by the crisis to the point of requiring external intervention (Baltes and Baltes, 2014). Failure to cope with this occurrence can result in a crisis that lasts between 4 -6 weeks. Similarly, the transition model seeks to understand how a person responds to changes in their life or environment and postulate most of these changes involve transition periods that lasts between 6 and 12 months. The transition periods present window periods for growth or pose serious hazards to the concerned individual. Most people reacting to changes in their lives or immediate environment (positive or negative) to require and adjustment period that can last up to a year as I have observed and thereby concur with the transition model. 56. What changes in physical functions are associated with the middle adult years? Do you think men or women are affected most by these changes? People at this stage of life often experience a decline in strength, reaction time, fine motor skills as well as a decreased sensation. They develop skin wrinkles, have sagging...
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...The Person, Health and Wellbeing Assessment 1 – Stage 2 The word ‘loss’ can be conveyed through many forms and variations of change. In relation to a 5-year-old child, change plays a vital role with increasing the way in which a child conceptualizes and responds to forms of loss. This is based on their developmental factors. The development of a child is endured by their “growth and change that makes an individual better adapted to the environment, by enhancing the individual’s ability to engage in, understand, and experience more complex behavior, thinking and emotions.” (Ailish Gill, 2012, p.166). In addition, these developments are associated with theories such as Piaget and Eriksons, which clarify the stage of cognitive growth (Ailish Gill, 2012, p.191) and psychosocial crisis, involving transitions in important social relationships (Ailish Gill, 2012, p.189). Furthermore, this essay will discuss the fundamental factors of how a 5-year-old conceptualizes and displays developmental factors through their response to loss and how the child is influenced from a cognitive and psychosocial perspective, which displays perceptions of their loss and how they cope with the change. According to Ailison Gill (2012) “Cognitive-developmental theory is concerned with what goes on in people’s minds: how they learn, reason, solve problems, understand language, explain themselves and experiences and beliefs.” (p.191) Piaget theory addresses cognitive-developmental theory by identifying...
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...1991 Indian economic crisis By 1985, India had started having balance of payments problems. By the end of 1990, it was in a serious economic crisis. The government was close to default, its central bank had refused new credit and foreign exchange reserves had been reduced to such a point that India could barely finance three weeks’ worth of imports which lead the Indian government to airlift national gold reserves as a pledge to the International Monetary Fund (IMF) in exchange for a loan to cover balance of payment debts Recovery With India’s foreign exchange reserves at $1.2 billion in January 1991[2][3][4] and depleted by half by June,[4] barely enough to last for roughly 3 weeks of essential imports,[3][5] India was only weeks way from defaulting on its external balance of payment obligations.[3][4] Government of India's immediate response was to secure an emergency loan of $2.2 billion from the International Monetary Fund by pledging 67 tons of India's gold reserves as collateral. The Reserve Bank of India had to airlift 47 tons of gold to the Bank of England and 20 tons of gold to the Union Bank of Switzerland to raise $600 million.[9][2][10] National sentiments were outraged and there was public outcry when it was learned that the government had pledged the country's entire gold reserves against the loan. Interestingly, it was later revealed that the van transporting the gold to the airport broke down on route and panic followed.[1] A chartered plane ferried the precious...
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...Shannon Jones BSHS/325 July 20, 2015 Carrie Hill Physical Development in Middle Adulthood Middle age, the space on the timeline of life that surpasses young adulthood, but has yet to plunge into those good old golden years, bring about changes that are expected and unexpected to every living being and occurs within the age range of 45- 65 years of existence. During this phase many use the excuse of “mid-life crisis” to cover up the changes that are bound to happen organically with or without expectancy. In this paper, we will explore the various alterations within this frame of life. There are constant changes your body goes through when you reach a certain age that can affect your health. Illnesses such as: Diabetes, cancer, hypertension (high blood pressure), complications in the kidneys and gallstones. Studies show that people with lower incomes are more likely to acquire more health problems than those who are blessed with better finances, due to the lack of proper insurance coverage. Many of these problems are hereditary or can occur from unhealthy dieting. Eating healthy and exercising can help eliminate some of the risk of getting these health problems. Also, regular check-ups from an assigned physician can help detect health problems before they become incurable. Whether the conversation is about female menopause or the male climacteric stage, the discussion is definitely middle aged occurrences in the human life cycle. These milestones for both men and women...
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...Adjustment to Health Change or Crisis This essay will discuss a patient that I worked with during year two of my course, who has experienced a health change. I will also explore the psychological, social and physical changes to the patient and how adjustment was used on her lifestyle. Corsini (2002,p 20) defines Adjustment as “ Modifications of attitudes and behaviour to meet the demands of life effectively, such as carrying on constructive interprofessional relations, dealing with stressful problematic situations”. In accordance with the Nursing and Midwifery Councils Code of Conduct (NMC, 2009) to protect my patient’s confidentiality, I will refer to the patient as Margret and her husband as Charles. Margret is a 62-year-old lady who is a recently retired shop owner. She has been married for 40 years to Charles. Margret lives with her husband in a 2- bed bungalow. Margret and Charles have three sons. The sons live abroad but Margret has regular contact with them via the Internet and telephone. Margret has no other close family around her. Margret is an active lady and enjoys walking, swimming and other light exercise. Margret had attended a Doctor’s appointment at her local General Practice (G.P.) as she had not attended a check up for well over 30 years. Margret has no other medical problems and has reported to feel fit and well, with no concerns. The Doctor decided to perform a full health check and take a urine sample. The urine sample had detected glucose. Following...
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...STRUCTURAL ADJUSTMENT PROGRAMMES AFFECTED WOMEN MORE THAN MEN The view that Economic Structural Adjustment Programmes (ESAPs) affected women more than men is true to a considerable extent. This was because women were a vulnerable group and Economic Structural Adjustment Programs worsened the situation and that is why ESAP have been cynically changed to mean Extreme Suffering of the African People, and this implies that Economic Structural Adjustment Programs brought more negative impact than positive ones and it were women who particularly suffered more than any other group. Economic Structural Adjustment Programmes are perceived by the Bretton Wood institutions as the process which aims at making national economies of developing countries more efficient, more flexible and better able to use resources through cutting of expenses. The International Monetary Fund and the World Bank were arguing that Third World countries were being faced with finance problems because they were spending too much on arms and paying workers. Hence the way to address these financial problems was by reducing on arms spending and retrenchment of extra workers, and this was the dawn of a new economic day in developing countries in the form of Economic Structural Adjustment Programmes...
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...country in the world? The truth is that according to the level of access a person has in order to pursue happiness and to strive for a better life has been indisputably the gap among developed and undeveloped countries for decades. However, hard work does not seem to be the key factor to achieve happiness and/or a better life. Then, what does? During the beginning of the 1980’s decade, Mexico among other Latin-American countries started to adopt Structural Adjustment Programs (SAP) sponsored by the International Monetary Fund (IMF) and the World Bank (WB) in response to the neo-liberal ideology that was starting to spread around the world as the avenue for global well-being. The World Health Organization states that Structural Adjustment Programs: “were economic policies for developing countries that have been promoted by the WB and IMF since the early 1980s by the provision of loans conditional on the adoption of such policies.” The economic policies promoted by the IMF and WB were meant to encourage the structural adjustment of an economy by, for example, removing excess government controls and promoting market competition as part of the neo-liberal agenda. As a result, the agricultural economic sector in Mexico and Latin-America was the most affected after the implementation of the SAP’s economic policies. This lead to a massive migration of workers from the countryside from different...
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...Introduction The financial crisis of 2007–08, also known as the Global Financial Crisis and 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s. It threatened the collapse of large financial institutions, which was prevented by the bailout of banks by national governments, but stock markets still dropped worldwide. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the 2008–2012 global recession and contributing to the European sovereign-debt crisis. The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 9, 2007, when BNP Paribas terminated withdrawals from three hedge funds citing "a complete evaporation of liquidity". Many causes for the financial crisis have been suggested, with varying weight assigned by experts.The U.S. Senate's Levin–Coburn Report concluded that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street." The Financial Crisis Inquiry Commission concluded that the financial crisis was avoidable and was caused by "widespread failures...
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...The Role and Influence of International Financial Institutions Danny Leipziger Abstract Development thinking has evolved from the early works of W. Arthur Lewis and Paul Rosenstein-Rodan and has been influenced by new and varied schools of thought. Emphases have shifted from capital accumulation and technical progress to human capital investment and social inclusion. Institutions have come into the equation, as has a prominent role for markets and for the state as drivers of development. Underlying these views were practicalities that shaped the way countries dealt with their need for foreign capital, the management of the macroeconomy, and their responses to economic and financial crises. There was a prominent role for the so-called Bretton Woods institutions, namely, the World Bank and the International Monetary Fund, in shaping prevailing views of development and putting them into practice. This Danny Leipziger The Role and Influence of IFIs has been important, both directly and indirectly, in affecting policy choices made by developing country governments over past decades. Keywords: Bretton Woods Institutions; World Bank ideology toward development; IMF ideology and development; changing development paradigms; international financial institutions; Bank-Fund Collaboration; Bank-Fund Concordat. Chapter 49 Page 2 Danny Leipziger The Role and Influence of IFIs Introduction International financial institutions (IFIs) have strongly influenced development...
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