...I. United States of America economic history In order to successfully move forward, we need to look to the past. The country’s economic history is like all history, meaning that it examines and observes the past activities of mankind (Fite 4). The most significant periods in the United States economic history are actually the three centuries before England settled in America. There were four changes happening in Western Europe that have greatly influenced America. Those changes were economic, political, religious, and intellectual (Fite 15). So why were these changes so important? They were the reasons that England decided to explore and expand in the western part of the world. The decision to expand trade and commerce was the most important advancement in the history of economics (Fite 15). From the time that the Virginia colonies were settled in 1609 up until 1890, farming was the most important aspect of the United States economy (Fite 30). Although manufactured products were worth more than products produced on a farm for the first time in 1889, farming was how the majority of Americans made a living (Fite 30). Despite the fact that agriculture dominated in these early years and the industrialization of the colonies was well under developed, “there was a high degree of specialization in the colonial economy” (Fite 63). For example, there were tobacco crops in the southern colonies which were crops that produced money, and in the northern colonies there was international...
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...and financial crisis that engulfed the world starting in 1929. Is globalization again at risk as a result of our current global economic and financial crisis? What similarities between the two episodes suggest that globalization is again at risk? What differences suggest that it is not? What is your evaluation of the risks, at the moment, on balance? In Addition, READ the attached article: G20 Process- from the economist. First of all it is important to understand the socio-economic, politic and geographic situation that both 1929 and 2008 crises were based. The great depression which originated in 1929 in US and spread world over by 1930’s was characterized by barren business and huge unemployment. The main cause of this depression which took all the nations towards financial crises was crashing of the stock markets in 1929. Thousands of investors lost their money in stock markets, leading to a longest recession which comprised huge layoffs, unemployment , wiping out of business activities and which left millions of people depending on government or charity for food. Both episodes were preceded by rapid credit expansion and financial innovation that led to high leverage. However, while the 1920s credit boom was largely US-specific, the 2004-07 boom was global. With much higher levels of real and financial integration than during the interwar period, a US financial shock now has a larger and more immediate impact on financial systems elsewhere. These greater financial vulnerabilities...
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...Exchange in October 1929. “http://www.english.illinois.edu” This is also known as Black Tuesday. ”http://topics.nytimes.com” Some call it Black Wednesday or Black Thursday, because it ran over a three day span. The following three years the stock market prices continued to decrease. Towards the end of 1932 the market had dropped about 20 percent of what it was in 1929. “http://www.english.illinois.edu” This decline hurt thousands of individual investors, forcing them to close. Not only did this collapse affect individual investors, but it strained banks and other financial institutions. This strain forced thousands of banks in the United States to close. “http://www.topics.nytimes.com” During this depression unemployment rates rose up to 25 percent. Other countries rose up higher reaching 33 percent. Cities that depended on heavy industries were hit harder and in some countries it halted them. In the mid 1930’s some economies started to recover. Interest rates dropped to low levels, but consumer spending and investments were scarce. Due to the scarce spending, general prices began to drop, but employment wages stayed steady. Even though employment wages stayed steady, there were still millions of people out of work across the United States. A large portion of the unemployed people would ride on the rail...
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...challenges have been worsened by the rising rate of HIV/AIDS infection that Russia is experiencing. In the Foreign Affairs Magazine January 2009 edition, the U.S Secretary of Defence Robert M. Gates talks of “...adverse demographic trends in Russia...” as he talked about military threats in his defence strategy. Population decline could affect the status of Russia as a great power in the long run, particularly its economy, internal social stability and military. Professor Graeme Herd (2003), in his book “Russian Regions and Regionalism” notes the decline in Russia`s population has adverse effect on the following sectors: health reform, pensions, internal migration and the expected ethnic, religious and societal security challenges. Geographically, the Russian federation covers roughly 6.6 million square miles with a population of 142 million in 2010 and a population density of 21.5 per square mile (as of 2010). Russia has 160 different nationalities within its borders. As the ethnic Russians decline in population, the others increase like Muslims and Chinese are increasing. The declining demography in Russia is similar to those of several other nations in Western Europe. However, the causes for the decline in Russia are much serious. In fact Russia`s population decline and demographic challenges has been a subject of study for over a decade. In 2000 for example, the National Intelligence Council...
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...THE U. S. IN A GLOBAL ECONOMY >The chapter provides background for ongoing changes in the American economy that link it increasingly to economic events in the rest of the world Increasing Importance of Trade >[Instructor’s note: Trade patterns can be divided into two major types of exchanges: merchandise meaning goods which are tangible such as cars and chocolates and services meaning items which are intangible such as insurance or financial products] >Figure 1.1 shows the trend in U. S. merchandise trade flows from 1869 to 2007; exports and imports were constant at about 7% of GDP until falling during the post-World War I decades but recovered to historic rates in the 1950s until taking off at a rapid pace of increase in the 1970s -According to the Council of Economic Advisors merchandise exports were $1.3 billion or 9.1 % of GDP and merchandise imports were $2.1 billion or 14.8 % of GDP in 2008 -[Instructor’s note: according to the Bureau of Economic Analysis the merchandise exports and imports were 8.7% and 13.3% of GDP in 2010] -Two recent divergences between the two streams of exports and imports as a percentage of GDP were the post world war II years when the American economy ran a trade surplus vastly out-producing the rest of the world and the period since 1980 when we have run a persistent trade deficit in merchandise imports >The trend in both percentages has been steadily upward since 1970 marking the pace of globalization >Although some economists early...
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...HURST EXPONENT AND FINANCIAL MARKET PREDICTABILITY Bo Qian Khaled Rasheed Department of Computer Science University of Georgia Athens, GA 30601 USA [qian, khaled]@cs.uga.edu ABSTRACT The Hurst exponent (H) is a statistical measure used to classify time series. H=0.5 indicates a random series while H>0.5 indicates a trend reinforcing series. The larger the H value is, the stronger trend. In this paper we investigate the use of the Hurst exponent to classify series of financial data representing different periods of time. Experiments with backpropagation Neural Networks show that series with large Hurst exponent can be predicted more accurately than those series with H value close to 0.50. Thus Hurst exponent provides a measure for predictability. KEY WORDS Hurst exponent, time series analysis, neural networks, Monte Carlo simulation, forecasting In time series forecasting, the first question we want to answer is whether the time series under study is predictable. If the time series is random, all methods are expected to fail. We want to identify and study those time series having at least some degree of predictability. We know that a time series with a large Hurst exponent has strong trend, thus it’s natural to believe that such time series are more predictable than those having a Hurst exponent close to 0.5. In this paper we use neural networks to test this hypothesis. Neural networks are nonparametric universal function approximators [9] that can learn from data without...
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...FISV 3040 Money & Capital Market Research Paper On Financial System Reform Presented to Professor Jean Holt October 29, 2015 Prepared by Yi Que Abstract: 1998-2013: An Analysis of the Tangible and Intangible Costs of Financial Regulatory Reform and Deregulation (The Financial Institutions Deregulation and Reform Act 1999* and the Dodd-Frank Act 2010) on United States Capital Markets and Institutions as measured by Debt Loan Types and Bank Profitability. Key words: Glass-Steagall Act, Financial Institutions Deregulation and Reform Act, Dodd-Frank Act, investment bank, financial statements. II. Table of Content I. Cover Page1 II. Table of Content2 Abstract, key works2 III. Introduction3 IV. Statement of Problem5 V. Background12 V. Results from Research & Summary13 VI. Works Cited 14 III. Introduction United Sates financial reform dates from the last century, in 1930s’ Great Depression. To have a brief talk about US financial reform, which is a long and arduous project. Aim to reach the goal that has to include three important acts: Glass-Steagall Act, Gramm-Leach-Bliley Act, and Dodd-Frank Act. Throughout history, the financial system in US has experienced the mixed operation and separated operation processes, as well as various financial institutions and regulatory authorities continue to be perfected. US financial reform and innovation continue to promote the US economy continues to develop and progress. Next, I will briefly introduce each act in the basic...
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...managerial is very suitable for me. Therefore, I would like to talk something about my future job, accounting of managerial. By the influence of the trend of globalization, the foundation of the enterprise business operation happened great change, enterprise management environment uncertainties in the increase, the competition between enterprises as hot as ever, the enterprise had to its business decision and management control system adjustment. To strengthen internal management of the realistic requirement to management accounting put forward new challenges. On the one hand, in the contemporary globalization trend influence, management accounting more and more be external information and the financial information on the impact of the correlation between decision-making, management accounting must adapt to the change; On the other hand, the enterprise organization the internal structure of the change also forced the management accounting in the management control aspect to have the new breakthrough, in order to meet the needs of the management decisions. First, the structure of organization often adopts international division structure. Along with the international sales total sales proportion of growth, many success from the international division structure evolution into regional division structure. However, when the globalization trend of global efficiency to bring to enterprise rich global benefit, the structure of organization again face reconstruction. In the district division...
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...automobile, washing machine, camera, radio, refrigerator. These products came off America’s assembly lines in an endless stream. More people were at work in U.S. factories and production plants than ever before, producing more goods than ever before. The U.S. economy was sometimes compared to an economic miracle. Consumers in the United States were not the only ones to experience good times. U.S. investors had also had a field day. Overseas, U.S. investments nearly doubled from $3.98 billion in 1919 to $7.5 billion by 1929. The New York Stock Exchange, which served for many as the truest indicator of the nation’s economic pulse, enjoyed phenomenal growth, especially after 1923. Stock purchases on the Exchange increased four-fold between 1923 and 1930. And stock sales were only outstripped by the rise in stock prices. Altogether, investment in the stock market and in bonds rose sharper than any other economic indicator during the decade, faster, in fact, than the actual production or sales of manufactured goods. During the 1920s a would-be investor could make his or her stock purchases largely on credit. Under the rules in place for the New York Stock Exchange, investors could purchase stock through a practice called “buying on margin.” With many stocks increasing in value during the 1920s at an average rate of 25 percent annually, the initial investment of $1,000 might have accrued to a value of $1,250 after being invested for a year. Then the investor might order his broker to sell his...
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...THE UNIVERSITY OF ZAMBIA SCHOOL OF HUMANITIES AND SOCIAL SCIENCES DEPARTMENT OF ECONOMICS POSTGRADUATE STUDIES AN INVESTIGATION OF THE FISHER EFFECT IN ZAMBIA (1992-2011) A Research Proposal for the Dissertation in Partial Fulfillment of the Requirements of The Degree of Master of Arts RESEARCHER: MEBELO MUTEMWA COMPUTER NO.: 531004482 SUPERVISORS: DR. C. NG’ANDWE DR. C. MPHUKA DATE: AUGUST, 2012. * ABSTRACT This study seeks to investigate the extent to which the Fisher Hypothesis holds in Zambia. The Fisher hypothesis states that nominal interest rates move one-for-one with expected inflation, leaving the real rate of interest unaffected. Interest rate is an important variable for macroeconomists because it links the economy of today and the economy of the future through its effects on saving and investment decisions. The validity of the Fisher effect also has important implications for monetary policy and needs to be considered by central banks. Despite the importance of the Fisher Hypothesis, very few studies have been carried out in developing countries compared to developed countries. The study will utilize time series data for the period 1992 to 2011, this corresponds to the period in which interest rates were liberalized, and also the period in which Zambia was using monetary targeting as the monetary policy framework. The analysis will use the commercial bank lending rate as proxy measure of nominal interest rates and the Bank of...
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...Brief Introduction of Financial Risk Management Financial risk management is an interdiscipline with various researching subfields including the studies of mathematical methods to maximum the profits, quantitative analysis of financial databases and investment decisions. In other words, it is aimed to bridge the gap between mathematical theories and practical financial analysing tools (Nawrocki 1999). It could also be defined as“Living with the possibility that future events may cause adverse effects” (Kloman 1999). Risk and profit are always an integral. The variety of risks including portfolio risk, credit risk and liquidity risk became a financial conundrum which equalled to a group of destructive nuclear bombs hidden in the monetary market. Consequently, the risk management represents the core competence in insurance and banking industries. With the innovation of IT technology, more advanced computer software has been introduced in financial area which results that the risk management has made impressive strides in last decade. As the academic field mature constantly, the abstract mathematical and statistic concepts reifies to accessible programs which could predict the trends of investment returns, for example, the expected earnings at the end of next week after buying certain amount of stock at next Monday (Chapman 1996, iv). The origin of risk management could date back to the game theories introduced by two French mathematicians...
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...Stock Market Deliverabl Stock Market Deliverabl Stock Market According dictionary.com, the stock market can be defined as “a highly organized market facilitating the purchase and sale of securities and operated by professional stockbrokers and market makers according to fixed rules”. This market is it is one of the most vital areas of a market economy as it provides companies with access to capital and investors with a slice of ownership in the company and the potential of gains based on the company's future performance. Buyers and sellers come together to trade during specific hours on business days. Exchanges impose rules and regulations on the firms and brokers that are involved with them. If a particular company is traded on an exchange, it is referred to as "listed". Companies that are not listed on a stock exchange are sold OTC (short for Over-The-Counter). Companies that have shares traded OTC are usually smaller and riskier because they do not meet the requirements to be listed on a stock exchange. Stock Market Evaluation There are three major indexes to evaluate the overall performance of the stock market. These indices are discussed in more detail below: The Dow Jones The Dow Jones Industrial Average (DJI) is one of the oldest, most well-known and most frequently used indexes in the world. It includes the stocks of 30 of the world's largest and most influential companies. The DJI is what's known as a price weighted index. It was originally computed...
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...The business literature is overflowing with concepts. Some of these, usually only a few, manage to stay ‘in the spotlight’ for longer; Chandler’s (1962; 1990) ‘managerial enterprise’ is among them. His theory links strategic decisions, internal structures and corporate performance and despite its criticism, it is still used to explain corporate success (and failure) of the late19th, 20th and even the 21st century (Gospel, 1988:105). In contrast to the contingency approach, Chandler (1990) advocates the American way of organisation as the ‘one best way’ for all countries [1] . Yet, can one size fit all? We shall refer to different country examples, industries and time periods to find out. Chandler argued that large managerial enterprises have managed to prosper through the years due to a basic economic logic, which he named ‘three-pronged strategy’ [2] (Chandler, 1995). According to this concept, firms should invest heavily in both their production and distribution functions in order to fully exploit economies of scale and scope at a national and international level (Chandler, 1990; 1995). This can only happen when the firm relies on the accurate judgment of skilful professional management. The aim was to create organisational capabilities and benefit from first-mover advantages via ‘related diversification’ (Chandler, 1995; Whittington et al., 1999). The implemented structure can best be described, using the author’s own words, as ‘centralised and functionally-departmentalised’...
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...to offer an MBA program in Cairo. The College of Business and Innovation was established in 1930 and is among 5 percent of business schools worldwide to be accredited by the Association to Advance Collegiate Schools of Business (AACSB) International. Known for integrating disciplinary excellence with technological expertise and knowledge with practice, the University of Toledo College of Business and Innovation is highly regarded as a learning partner of choice for students and the business community alike. The MBA program consists of in-depth business courses, along with a comprehensive Strategic Management Capstone course in the final semester that uses guest speakers, case studies and simulations to weave together all aspects of the program. Courses • BUAD 6100 - Accounting for Decision Making • BUAD 6200 - Financial Systems • MKTG 6240 - Sales Force Leadership and Strategy* • BUAD 6300 - Strategic Marketing and Analysis • MKTG 6400 - International Marketing* • BUAD 6400 - Results-Based Management • BUAD 6500 - International Business • BUAD 6600 - Supply Chain Management • HURM 6700 - Human Resource Management* • BUAD 6800 - Information Technology and E-Business • BUAD 6900 - Strategic Management Capstone i The elective courses can change according to UT management Content BUAD 6100 - Accounting for Decision Making: Develops an appreciation for financial statements and their use in making decisions. The nature of costs, opportunity costs, responsibility...
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...History project Topic: Popular Cultural in HongKong(Film) Un Cheuk Lam 4C35 The Cinema of Hong Kong has consider as the pioneer of Chinese language movie. Hong Kong was the third largest motion picture industry in the world (after Hollywood and India cinema) and the second largest exporter. Hong Kong film has retained much of its distinctive identity and continues to play a prominent part on the world cinema stage. In the West, Hong Kong's vigorous pop cinema (especially Hong Kong action cinema) has long had a strong cult following, which is now arguably a part of the cultural mainstream, widely available and imitated. Especially between the 1970's - 1990's, most of movie fans will be familiar with names like Bruce Lee, Jackie Chan from Hong Kong cinema. The reason why these movie star become so popular because they produce a lot of martial art film during that time. And then these martial art film brought to the western audiences. In fact, A lot of english speaking country or european start to aware of Asian movie in that time. Back to Hong Kong cinema, The cinema of Hong Kong is one of the major movie industry in the Chinese language speaking cinema. Before 1997, Hong Kong was a colony of Britain and therefore Hong Kong had a greater freedom on economic and political than mainland China. Even in film industry, The censorship system in Mainland China have a very strict rule. " Hong Kong filmmakers either steered away from criticzing China or did so in oblique ways "...
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