What have been the costs and benefits of Hong Kongs Currency Board Essay

What have been the costs and benefits of Hong Kongs Currency Board System since 1983 - Essay Example As a result, confidence in the HK dollar and economy began to diminish’ (Hanson). Also that year, the business scenario was not good – the stock market down by 50 percent, property market experiencing downturn and there were runs on the small banks. ‘The value of the HK dollar continued to decrease throughout the year and on September 24, 1983, reached an all-time low of HK$9.55 per US dollar’ (Hanson). ‘In less than a month, following a proposal made by Hong Kong business economist John Greenwood, the government announced that it would return to a currency board system, which would pursue an anti-inflationary policy and promote currency stability’ (Schuler). The CBA is an ‘idiosyncratic system since there is actually no currency board, and bank notes are issued by a few designated commercial banks, which alone deal directly with the monetary authority at the fixed exchange rate of HK$7.80 to the US dollar’ (Shu-ki Tsang). The CBA which was ‘also known as the â€Å"linked exchange rate system† or the â€Å"link† has revolved through several stages. From October 1983 – 1987, the Hong Kong government could not even define the monetary base and the theoretical forces of bank note arbitrage and competition did not seem to work’ (Shu-ki Tsang). The exchange rate was strengthened by the government interference in the foreign exchange market and interest rate handling. ‘To provide the Exchange fund with the necessary instruments to conduct â€Å"open market operations†, the Hong Kong government embarked on a series of programs to introduce Exchange Fund Bills (from March 1990) and notes (from May 1993). On the other hand, the LAF, set up in June 1992, allowed the Exchange... This study will critically analyze the costs and benefits of Hong Kong’s currency board system since 1983. The analysis of the essay is achieved in three main sections. First, currency board arrangement is defined. Moreover, the costs and benefits of Hong Kong’s currency board system since 1983 is investigated before finally concluding. ‘Currency board arrangement is a special case of a rules-based monetary system. It is a system based on rules rather than discretion that serves to establish credibility and avoid losses resulting from decisions that can sometimes be undertaken within a myopic timescale’ (Balino 1997). Hong Kong operated a ‘sterling exchange system from 1935 – 1973, excluding the years of Japanese occupation. The sterling exchange system is a currency board with note issue back by holdings of Sterling assets’ (Crosby 2000). Then, ‘between 1972 and 1974, the HK dollar was set at a fixed rate to the US dollar. From No vember of 1974 until the return of the currency board in 1983, the HK dollar floated freely against the US dollar’ (Hanson). Hong Kong being a Special Administrative Region of China is dependent on mainland demand but its monetary system is still attached to the U.S. If ever China retaliates against pressure for the trade protectionism in the United States, then Hong Kong would be caught in between. As for its disadvantages, people may doubt the willingness and competence of the government to continue ‘perfect convertibility at the specified rate’

THE ECONO,Y AND MONOPOLIES Essay Example | Topics and Well Written Essays - 250 words

THE ECONO,Y AND MONOPOLIES - Essay Example Monopoly is a concept that strides under macroeconomics. In addition, it is a situation when there is a single seller in the market who acts like the godfather of all products; it means that only the seller may alter prices of the products according to his own intentions. Below mentioned are three reasons (Allison, 2009) in which monopoly would not be efficient: There has been a consensus many times practically that a government intervenes in the decision making of the country in economic activities like monopoly. United States (US) is one of those economies that used antitrust policies to stop a monopoly from occurring. There are several companies that faced problems here in the US and the name of Microsoft is one of them, largest company of software development in the country. The government of the US took several actions against the company to restrict their quota of manufacturing products in order not to build monopolistic stance within the economy. Apart from that, Microsoft was obliged to disclose everything in front of the public before the making and launching of any product in order to minimize the effects of monopoly to comply with the standards and to be in contact with the economic consequences with the country of

Historia Electronica Preface, Essay Example | Topics and Well Written Essays - 250 words

Historia Electronica Preface, - Essay Example However, all this is missed out in electronica why so much of it is characterized by naà ¯ve melodies that resemble chimes of a music-box. In electronica, the pigment is more essential that the lines and therefore complicated melodies would definitely hinder the materiality of the original sound. Due to the recent technology which includes the use of computers to serve the purpose of the guitar and digital signal processing, allow an outstanding display of timbral colors. In electronic music dance, every element functions as both rhythm and texture. On the other hand, melody is presented as simple, little vamps that function as rhythmic cogs which interlock, resulting to a groove. Drums patterns are mostly experienced in electronica music dance and the rhythmic subdivisions become more complex overtime. Electronic music dance portrays the aspect of being lost in music. People are carried away by the rhythmic sound as they are meditatively engaged in the sonic events that infuse more. Drug imagery comes out as a central aspect in electronic imagination, and this enumerates the loss of ego that makes one to be overwhelmed. In the hierarchy of senses, sight which is mostly privileged is overthrown as hearing is considered the most superior sense. This notion provides a good reason as to why light is not preferred in warehouse raves. The impression created out of this is that when visual is diminished, sound becomes more vivid. The audio-tactile which is a vibrational continuum acts as the amplifier and literally obscures retinal perception. The culture of the dance is about participation while the video is about spectatorship. If the club is more underground, it is likely to experience less visual distractions as there is less to be seen and the scene is more hardcore in electronic mu sic dance. Electronic dance music is closely connected to the drug culture. Even when the music is not meant to enhance drugs, it relays drug-like

Conflict Management in the Restaurants Essay Example | Topics and Well Written Essays - 1500 words

Conflict Management in the Restaurants - Essay Example Conflicts and disagreements that arise in the restaurant and hospitality industry can differ from those in the corporate sector, said a general manager of an establishment that generates tens of thousands of dollars in sales in week. In the restaurant industry, the hours an employee works are often long and varied and some workers may find themselves spending more time with their colleagues than with their own families, which can lead to conflicts, outbursts and clashes, said the assistant general manager of the same establishment. "Everyone is here more than their with their families," he said. "It's not like you're at a sit down job where you're in front of computer all day or at a press where you can't hear anybody. There's down time, and they are going to talk to each other." "Operators/ managers turn a blind eye to conflict at their own peril-customer loyalty is at stake, says Cathy Greenberg, managing partner of h2c consulting company, with offices in Tuscon and Philadelphia. "Customers will return to restaurants where they feel they're known, she explains. "Ongoing and unresolved staff conflict will lead to high turnover, which in turn will lead your customers feeling disconnected from your business." "Communicating with employees is essentialThe manager has to have an ongoing dialogue with all the staff. Managers need to diffuse and stay on top of situations. How you get there is that ongoing, daily dialogue." (http://pizzatoday.com/features_articles.shtmlarticle=NzE4MXN1cGvyNzE3OHN1Y3J1d....) While handling an issue as it arises is urgent, the manner in which conflicts are resolved have changed over the years. While an employee can be terminated on the spot depending on the severity of the incident, most companies and organizations now have steps that must be followed to resolve issues. "In the last ten years it's really been different," the general manager said. "Ten years ago you could tell them 'if you can't see it my way you can just leave.' Now you have to try and understand what they're thinking and where they're coming from." Procedures today now include verbal warnings, documentation/ write-ups, a three-day suspension and then, finally, termination. The gender of the management dealing with a conflict can also play a role in how the situation is handled. Men and women differ widely on their emotions, reactions to situations and stress levels. This all plays a part in how a situation can be resolved. "Being a female, I

Identification of Clostridium difficle Essay Example | Topics and Well Written Essays - 3000 words

Identification of Clostridium difficle - Essay Example 3-4). Diarrhoea cases associated with C. difficle have been increasing in the contemporary world. In addition, increased resistance has been identified. It is also a major cause of hospital-based infection. Specifically, this infection affects the inner linings of the colon and produces toxins, which can lead to serious inflammation as well as diarrhoea. During the 2000s, this infection used to be treated using antibiotic fluoroquinolone to which the infection developed resistance. In the developed nations, C. difficle is a key cause of infectious diarrhoea. It is mostly spread in poor healthcare settings. The infection has not only become more prevalent in today’s world but also gotten harder to treat. Bearing in mind that the infection emerged several decades ago, many diagnostic methods have been developed since the earliest times of its discovery. Some of these methods are effective while others have been ignored due to inconsistencies. This diagnosis incorporates a wide history of recent antibiotic therapy, diarrhoea development, or any other indication of acute colitis (Planche & Wilcox, 2011, p. 3). In addition, the diagnosis is also based on the demonstration of an infection by toxigenic C. difficle. This is usually done through the detection of toxin A or B within stool samples. Pathogenesis leads to the production of toxin while the toxin strains are responsible for the production of toxin A, also known as enterotoxin or toxin B, cytotoxin. The diagnostic methods can be divided into several subsections that include laboratory methods, antigen detection methods, and nucleic acid amplification methods (McFarland, 2011, p. 431-432). The laboratory methods include culture Aga r media, enriching pores, CCN test, and selective media. The antigen detection methods, on the other hand, include GDH Assays while the nucleic acid amplification methods include PCR Assays and LAMP Assays. Although there may be many diagnostic

The Quaternary period Essay Example | Topics and Well Written Essays - 3000 words

The Quaternary period - Essay Example 1). In order to accurately gauge the occurrences of the past in preparation for the future, it is necessary to establish a system or a scale of timing of these occurrences. In addition to knowledge of all the operations of the earth, having in mind a specific (or even general) idea of the time that it takes for events to occur gives historians, scientists, and even the man in the street an idea not only of the future impact of actions done today, but also when to expect those effects to materialize. Because of this, many scientists have worked hard at developing different techniques to date the past. Techniques have developed over the years, from those that rely on myth to ones that rely on scientific evidence. The general trend of these techniques as the were developed was to posit an older and older earth. The time for the beginning of the earth was at first "estimated" at about 4 ka BP (Walker, p. 2); now there's evidence of its beginning approximately 15 ba BP (Greene, 2003, p. 347) . Though no one technique is conclusive, they counterbalance each other to produce a general timescale concerning the evolution of the earth., These techniques have proved useful in examining the evidence for the geological and climactic activity of the earth during the Late Glacial and Early/Holocene era, and the possibilities for human activity resulting from it. Modern Quaternary science began when Louis Agassiz posited the former existence of a "Great Ice Period" (Walker, p. 3). Later, when scholars got accustomed to the Ice-Period idea, Albrecht Penck of Germany attempted to "estimate the duration of interglacial periods" by measuring the "depth of weathering and 'intensity of erosion' in the northern Alpine region of Europe" (p. 3). Other attempts at gauging the length of periods in the Quaternary include the analysis of laminae, which give evidence about the types of activity of the soil and its vegetation through the analysis of layers of sedimentation in the earth's crust. In this study, this technique is used to analyze the layers of soil existing in the British Isles and make conjectures about what sort of climate or geological occurrence produced them. Looking at the size of the layers also gives an idea of the duration of each phase and sheds light on probable oscillations within each phase. Dendrochronology was developed during the early part of the twentieth century, which uses the analysis (counting) of tree rings to gauge the age of a tree and by extension the age of a period. This kind of measurement is useful in establishing the age of civilizations. This works because "trees within a small region often share the same experiences of good and bad years, with resulting patterns of wide and narrow rings that can be matched from tree to tree, from living trees to dead trees, and even to timber, charcoal, etc., used by human beings" (Calder, 1984, p. 224). Because trees also show, from their rings, the type of weather experienced in a given year, tree-ring analysis has been applied here to the study of the climates experienced during the Holocene epoch. This technique is called dendroclimatology (Walker, p. 3). Tree-ring analysis, though able to give only a comparatively short view into the past, is useful in this study, as the entire Holocene epoch lies just within its range. With the advent of radio-carbon dating came a very important tool in the

History Behind Moulin Rouge the Movie Essay Example for Free

History Behind Moulin Rouge the Movie Essay It was 1899 in Paris, France, it was the time of the Bohemian Revolution, and it was the summer of love. Christian, played by Ewan McGregor, was a writer and came to Paris to experience this revolution and be surrounded by the artists, singers, and dancers of this new Bohemian world. Little did he know that he would experience something he had never felt before but always believed in: love. Moulin Rouge, directed by Baz Luhrmann, is an exquisite movie musical based off of a real life cabaret called Moulin Rouge in Montmartre. The movie tells the story of the love triangle between Christian, Satine aka the â€Å"Sparkling Diamond† of the Moulin Rouge, played by Nicole Kidman, and The Duke. Although Christian and Satine are fictional characters, the story includes real life characters such as Harold Zidler, the co-mastermind of the Moulin Rouge and Toulouse-Lautrec, a famous French artist. Moulin Rouge is a great look into what life was like back in Paris in 1900, but also adds in the love story between Christian and Satine to make for a great movie musical. In the beginning of the movie, Christians optimistic love shines some light into Satines dark materialistic reality. To make a living, Satine became a courtesan at the Moulin Rouge. She gets paid for making men believe what they want to believe, so she sells her body to make money. She mistakenly became attracted to Christian for his pure and optimistic belief in love. Seeing that Christian did not have a lot of money, she becomes hesitant of loving him because he would not be able to support her and her dreams of being an actress. With Christians pure and optimistic belief of love, he captures Satines heart by loving her for who she really is, not for what she is. Although Satine dies in the end of the movie, Christian learns that true love lasts forever even through death. Harold Zidler, who is not a fictional character, is the man who helped to run the real Moulin Rouge cabaret. In the film, and in real life Paris, Zidler was the man who was, â€Å"a ‘brother’ to the artists and the man in the shadows who watched over the dancers and the rest of the personnel with a benevolent eye and ruled with an iron fist† (History). In the film he is the one who is in charge of making sure everything goes perfectly at the cabaret and makes sure all his dancers, especially Satine, know what they are supposed to do and who they should impress that night. Not only did he run the Moulin Rouge he was also a showman and performed with his dancers in the shows. Toulouse-Lautrec was also an important person when it comes to the cabaret in Paris. In the film he does not have a huge role other than help Christian get inside the Moulin Rouge and find a way for him to meet Satine. In Paris in the 1900’s, though, he is said to have been â€Å"the eyes of the Moulin Rouge.† Toulouse-Lautrec attended every evening show when the cabaret opened; and as mentioned before he was an artist, so every night he would sit in a corner and draw the dancers accompanied by a glass of absinthe (History). The fact about the absinthe is also in the movie; Toulouse-Lautrec, Christian, and a few others take a shot of absinthe before they head to the Moulin Rouge one night and the next few minutes of the film are just filled with pure craziness and hallucinations. His artwork, though, was extremely important in the success of the Moulin Rouge. â€Å"In 1891, he drew the first advertising poster for the Moulin Rouge, which today remains the best known image of the Moulin Rouge around the world† (History). His work is still famous today and without him the Moulin Rouge in Paris would not be as well known as it is today. The dancers of the Moulin Rouge were masters of the â€Å"cancan.† One of the stars and also known as â€Å"Queen of the Cancan† was Louise Weber, but her nickname was â€Å"La Goulue.† She is not specifically in the film, but in a biography about her, it states that, â€Å"one evening when she was dancing a frenetic cancan, between two cartwheels she spotted the Prince of Wales, who had come to spend an evening on his own at the Moulin Rouge, and called out, with the Parisian cheek for which she was well know, ‘Hey, Wales! The champagne’s on you?’† (History). La Goulue is relatable to Satine in the film, because Satine was also the star and best dancer and she spotted Christian the first night he was there and while she was dancing called him out in front of everyone who was in attendance at the Moulin Rouge that evening. Moulin Rouge is one of Baz Luhrmann’s best films. The movie came out in June 2001 and has won many awards and is one of the best movies in the musical genre. The set design, costumes, casting of roles, and music all is so perfectly put together to create this brilliant film. Luhrmann, who also co-wrote the movie with Craig Pearce, traveled to Paris with Pearce and the production designer to conduct historical research and write the synopsis for the movie. â€Å"To find ways to depict 19th century Paris and the Moulin Rouge as it may have felt to its audience then at the cutting edge of sex, music, dance, theater and modern thinking the filmmakers immersed themselves in the neighborhood, venues and culture of their story† (Luhrmann). Through their research and learning about the culture, they came to understand that the Moulin Rouge was a club that brought all different classes together and Pearce quotes that is the equivalent of â€Å"Studio 54 in New York in the late 70’s; a place where the rich and the powerful can mix with the young, the beautiful and the penniless† (Luhrmann). This is shown in the movie because we see the powerful, such as The Duke, and then Christian who is just a writer, come to the same club to experience th e same thing, women and entertainment. The first half an hour of the movie is nonstop music, dancing, lights, and just absolutely craziness. Audiences are not given a chance to â€Å"relax† and just slowly take the movie in; it is fast paced and keeps the movie viewer on their toes just waiting for what will come next. In a movie critique, shortly after it came out in 2001, the movie reviewer describes Moulin Rouge as â€Å"grandiose, glorious, absinthe-soaked excess.† When filming, Luhrmann wanted everything to be over the top and wanted more out of the production; more songs, more sound, more color, more everything (Kaplan C.D.). This is what it was like in the real cabaret, the dancing and songs were all so intense and crazy so the men would be fully entertained and never get bored. There was a lot going on in Paris in the late 1880’s and 1890’s. The Eiffel Tower was built, the first cinematographic screening was shown by the Lumiere brothers, and the most famous cabaret opened its doors. â€Å"The public came in mass to discover this extravagant place with its huge dance floor, mirrors everywhere, and galleries that were the last word in elegance, to mix with the riffraff and girls of easy virtue† (History). The Moulin Rouge was a place for the rich and poor men to come for dancing, music, and entertainment from the ladies; it is said to have been an atmosphere of â€Å"total euphoria.† This was a time where workers, aristocrats, artists, and the middle-class could all gather together to experience cabarets, music-halls, and other night time activities. As mentioned before, this movie takes place during the Bohemian Revolution. This revolution was not a revolution of fighting, but a revolution of art and culture. It was a time for artisits, poets, writer, singers, dancers, and anyone else who wanted to express themselves to show off their talents and be recognized. These were the â€Å"children of the revolution† (Moulin Rouge). In the beginning scenes of Moulin Rouge, Christian is told that to really be a child of the revolution, he has to believe in beauty, freedom, truth, and most importantly love. Which of course he believes in love, it is what he lives for and as stated earlier, he is given the chance to experience love for the first time. Not only is the movie based off of the real cabaret in Paris, but it is also partly based on the Greek myth of Orpheus and partly on the opera La Traviata by Giuseppe Verdi (IMDb). The Greek myth of Orpheus and Eurydice is somewhat like the story between Christian and Satine. Orpheus is said to have been the best musician that ever lived and until he met Eurydice, he lived his simply and carelessly. Orpheus and Eurydice fell in love and it meant everything to both of them but someone else wanted Eurydice’s beauty and wanted her but she did not care for this other man. To make a long story short, she ends up dying and Orpheus tries to get her back from the underworld but could not save her; all he had left was the love they once had (â€Å"Orpheus†). For Christian, he lost Satine and would never get her back again but what he got from her death was a story of true love that he has to share with the world. Satine was already dying before she fell in love with Christian, but at least she was able to die knowing what it was like to be in love. The opera La Traviata is another love story that ends tragically. Violetta, who is a courtesan, claims that love means nothing to her until she meets a young man named Alfredo which makes her then wonder if he could be the man that she could love. In the end of the story, though, Violetta is diagnosed with tuberculosis and does not have long to live and dies at Alfredo’s feet (â€Å"La Traviata†). This opera, the myth of Orpheus, and Moulin Rouge, are all similar in the way that the woman never really believed in love until they met that one man that changed their views on love, there are challenges to face one the man and woman fall in love, and then it is the woman who dies in end leaving their lovers all alone. Each story is a little different but the same basic idea, from the opera and Greek myth, are apparent in the film. From twentieth century Paris, the Bohemian Revolution, the myth of Orpheus, Harold Zidler, and other historical moments, Moulin Rouge is a one of a kind musical film that is an amazing piece of work put together by Luhrmann. Knowing the history behind the film makes it exciting to watch and understand what it was like back in Paris in 1899. Works Cited â€Å"The History of the Moulin Rouge and its Shows.† Moulin Rouge.fr. Le Bal du Moulin Rouge, n.d. Web. 17 Nov. 2011. Kaplan, C.D. Rev. of Moulin Rouge, by Baz Luhrmann. Louisville Eccentric Observer, Louisville, Ky.: 30 May 2001. Vol. 11, Iss. 30; pg. 21 â€Å"La Traviata.† The Metropolitan Opera. N.p., n.d. Web. 18 Nov. 2011. Luhrmann, Baz,, and Craig Pearce, commentary. Moulin Rouge. Dir. Baz Luhrmann. Perf. Nicole Kidman and Ewan McGregor. Twentieth Century Fox, 2001. Film. Moulin Rouge. Dir. Baz Luhrmann. Perf. Nicole Kidman and Ewan McGregor. Twentieth Century Fox, 2001. Film. â€Å"Moulin Rouge.† IMDb. IMDb.com, Inc., n.d. Web. 17 Nov. 2011. â€Å"Orpheus and Eurydice.† Paleothea Myths. N.p., 10 Jan. 2008. Web. 18 Nov. 2011.