Relationship Between Balance Of Payments And Exchange Rate Finance Essay

Relationship Between Balance Of Payments And Exchange Rate Finance Essay The accedence of developing countries such as China, Thailand, Vietnamà ¢Ã¢â€š ¬Ã‚ ¦to the international trade give them the prosperous and economic growth; however the countries have faced many issues in managing their macro-economy to sustain the economic growth and development. Especially, in Vietnam, the government usually has serious difficulties in managing and operating the economic with the deficit in the Balance of Payments, the depreciation domestic currency and retraining the local inflation. The balance of payment is one of the most considerations of the governments when they formulate the national trade, fiscal and monetary policies, so it has the significant important role in governments policy decision-making. It also has an indispensable part to organizations (i.e. banks, companies, nongovernment organizations) and individuals that are directly or indirectly involved in international trade and finance (Dominick Salvatore, 2011). And the Balance of Payments is a significant indicator of the pressure on the exchange rate of a country (David K. Eitman, Arthur I. Stonehill Michael H. Moeffett, 2010). In the context of Vietnam, the surplus in the Balance of Payments encourages the governments allow the value of the domestic currency to increase. On the other hand, the significant deficit in Balance of Payments force the government to devalue the price of VND (David K. Eitman, Arthur I. Stonehill Michael H. Moeffett, 2010). Next, the theories of exchange rate determination that related to the inflation and the balance of payments are Purchasing Power Parity Approaches and Balance of Payments Approaches respectively. According to Purchasing Power Parity approaches, the determination of the equilibrium of exchange rate in long term is the ratio of domestic prices relative to foreign prices (David K. Eitman, Arthur I. Stonehill Michael H. Moeffett, 2010). And along with Balance of payments approaches, the exchange rate reflects the transactions in the current and financial accounts of the balance of payments (David K. Eitman, Arthur I. Stonehill Michael H. Moeffett, 2010). The exchange rate movements also produce the risk for firms, because they result in foreign exchange exposure, i.e. transaction risk, translation exposure and operating or economic exposure. The transaction risk refers to the exposure of the firms contractual transactions in foreign currencies (Jeff Madura, 2008). The translation expos ure refers to the exposure when the firms translate or consolidate their subsidiaries financial statements to the currency of the parent company (Jeff Madura, 2008). The economic exposure refers to the exposure of a firms present values, which are affected from the changes in operating cash flows, which are effected movements of exchange rate (David K. Eitman, Arthur I. Stonehill Michael H. Moeffett, 2010). Thus, the transaction exposure is the subfield of the economic exposure (Jeff Madura, 2008). In the context of Vietnam, USD is considered as a tool to invest; thus when the value of USD increase with respect to the value of VND, people and investor will exchange from VND to USD. There are two reasons behind that fact; first, they want to invest in USD; second, they afraid of the inflation and the devaluation in VND. Therefore, the movements of exchange rate will impact the inflation in Vietnam. And the inflation impacts everyone directly or indirectly. It impacts on savers and investors, people with fixed incomes (i.e. pension payment); for example, if the inflation rate goes up higher than the return on savings or investment, the received money will be worth less than it was when they deposited. However, the increase in the inflation may impact positively the people who owe money; they may generally get benefit from inflation if the value of the money they repay is less than that of the amount of their loans. On the other hand, the inflation may affects negatively the people who lend money, if the value of the money they lend to other people is worth than the value of money the borrowers repay them. To be noted, the inflation will influences business; the inflation will increase the costs, so the companies have to try to increase their incomes higher than the increase in inflation in order to c ompensate the increase in the costs (Gerson Antell and Walter Harris, 2005). The inflation also impacts the international trade of a country. In the circumstances of other things equal, if the inflation rate increases relative to that of the trade-partner countries, its current account will decrease. Because the people in that country will purchase more imports from foreign countries due to the higher local inflation, while the exports of that country will decline (Jeff Madura, 2008). That will impact the demand for and supply of the currencies of that currencies (Jeff Madura, 2008) Next, I would like to mention briefly about the three things the research is going to study. First, tn principle, the balance of payments is a summary statement which embraces all the transactions of the residents of a nation with the residents of all other nations, and they are recorded during a period of time. (Dominick Salvatore, 2011:434).Thus, it summarizes all transaction into some categories and only the net balance of each one is included and has time dimension. The transactions in the balance of payments are international, and are classified as credits or debits. The credit transactions refer to the receipts of payments from foreigners and they are noted with a positive sign. On the other hand, the debit transactions refer to the payments to foreigners and they are noted with a negative sign. (Dominick Salvatore, 2011). Next, an exchange rate is the price of one currency expressed in terms of another (Glen Arnold, 2008:965). There are two ways of quotation for exchange rate (i.e. direct quotation and indirect quotation). Within the direct quotation, the exchange rate between a domestic currency and foreign one is equal to the number of the domestic currency to purchase one unit of a foreign currency (Dominick Salvatore, 2011). The indirect quotation is vice versa. Next, the movements of the exchange rate refer to the terms depreciation and appreciation. The depreciation is increases in the price of the foreign currency with respect to the domestic currency; and the appreciation refers to decreases in the price of the foreign currency with respect to the domestic currency page (Dominick Salvatore, 2011). Thus, the depreciation in this study refers to the increases of the price of USD with respect to VND, and the appreciation refers to decreases in the price of USD with respect to VND. In Vietnam, USD is the most popular foreign currency and it has an significant important role in the economy in Vietnam. Moreover, the people in Vietnam invest so much in USD in order to earn interest or avoid the risk of inflation of VND. Therefore, the exchange rate that the study will collect and analyze is the exchange rate between USD and VND USDVND. The rate is quoted directly, that means the rate reflect how much domestic currency (i.e. VND) for one unit of foreign currency (i.e. USD) Next, I would like to mention about the inflation, the method to measure the inflation in this study and the inflation in Vietnam. According to Romer Inflation is an increase in the average price of goods and services in terms of money (2006: 497). The inflation is measured by many methods such as: consumer price index, producer price index, GDP inflation indices, etc. The CPI and PPI are fixed-weight measures; that means the same basket of goods and services is analyzed each month. Meanwhile, the GDP inflation indices are a variable-weight measure; within this method, the basket of goods and services being assessed depended on what was produced during a particular quarter (Evelina M. Tainer, 2006). Among those methods, CPI is the most popular method to measure inflation in the world because it has many advantages with respect to other methods. For example, the GDP inflation indices cover more items than CPI, but the GDP inflation indices are released only quarterly; meanwhile the mo nthly release of the CPI help people observe the inflation closely and constantly. Moreover, the PPI just embraces the price changes in wholesales business; it does not involve services which is the fastest-growing section in the world (Bernard Baumohl, 2005). Therefore, CPI is more relevant to the cost of living and the cost of doing business. Consumer price index refers how much consumers pay for goods and services, that influences individual and corporate investment, the cost of business and the quality of life (Bernard Baumohl, 2005). And CPI is an index number which expresses percentage changes from base year. Structure of literature review The literature review of this study will follow the format: The Balance of Payment The definition The constituents of the Balance of Payments. When the Balance of Payments is surplus and deficit. Their impact on inflation and exchange rate An overview about the Balance of Payments in Vietnam and its challenges The Inflation The definition How to measure the inflation The method applied in the context of Vietnam The influence of the inflation on the exchange rate and the Balance of Payments The overview about the inflation in Vietnam and its problems The exchange rate The definition Why the author choose the exchange rate between VND and USD to study. The impact of the movements of exchange rate on the Balance of Payments and the deficit The overview about the Vietnamese currency regime and the exchange rate between VND and USD in Vietnam The relationship or reciprocal among The exchange rate, the Balance of Payments and the Inflation in the context of developing countries that has the conditions and situations like Vietnam The issue and challenges that Vietnam is facing in the relationships among the exchange rate (USD/VND), the Balance of Payments and the Inflation Significance of the study This study will produce the reader an overview and help them understand more about the relationship or reciprocal among the Balance of Payments, the movements of exchange rate and the Inflation in Vietnam. So, the study will produce significant benefits: The government in Vietnam will have one more useful research paper in the governance of the macro-economy, especially about the control and manage the Inflation, the state of Balance of Payments when the exchange rate moves. The benefit of the study is helping the firms in Vietnam can understand and forecast the inflation and the exchange rate (USD/VND) in Vietnam better. That will help them hedge their incomes and payments in order to reduce the risks. As we know, Inflation causes instabilities and distorts economic decisions; however only unexpected inflation rates causes problems, not anticipated inflation rates. (Evelina M. Tainer, 2006) 3. Research questions and objectives 3.1 Research questions The study will try to answer the following questions in the context of Vietnam: 1. How the exchange rate moves when the state of Balance of Payment is deficit or surplus? 2. How the inflation responds to the movements of exchange rate between USD-VND? The research will not only analyze the movements of the three factors in the past form 1995 to 2010 but also try to produce the main reasons and causes behind the movements. Those will help the readers can have a deep and big view about the relationships between the Balance of Payments the exchange rate (USD-VND); and between the exchange rate (USD-VND) The inflation. 3.2 Research objectives There are two main objectives: 1. Finding common movements of the exchange rate when the Balance of Payments deficit and surplus; and the common respond of the inflation to the movements of the exchange rate. 2. Clarifying the main reasons and causes in those facts. In order to achieve the objective one, the author will collect date from 1995 to 2010; then the data will be examined by employing SPSS or Microsoft Office Excel Next, the second objectives will require more comprehensive academic reading and secondary researches or from some specialists and officers in the government to clarify the deep reasons behind the facts. 4. Research methodology Research design 4.1 research methodology This part will involve in the methodology or procedure to find out the relationship between the three factors in the context of Vietnam. The study will the method involved in secondary data collection, and there may be interviews with some specialists; then the analysis will be used to find the conclusions. 4.2 Research design The author proposes the questions and hypothesis; then the author collected quantitative data and information from secondary resources to analyze and find the answers. The questions and hypothesis come first and guide the process of gathering data. According to what I mention above, I can declare that the epistemology of this research is positivism. The data of this research is analyzed to test the hypotheses. The author is independent from what are being researched. 4.3 Data collection The research method of collecting data in this study is collecting data and information from secondary data sources. The author will collect data for exchange rates between VND and USD, the state of Balance of Payments and the Inflation in Vietnam, the balance of payments in Vietnam and the inflation in Vietnam from 1995 to 2010. The research will collect the date from 1995, because that is the time U.S abolished completely the trade embargo to Vietnam. That influenced international trade in Vietnam and created the relation between the balance of Payments and the exchange rate between USD-VND as well as the impact of the exchange rate on the inflation in Vietnam 5. Time scale This study is divided into four stages and the duration of each stage in particular and that of the study in general are predicted as follows: Stages Working Duration 1 Literature review 4 weeks 2 Collecting Data 6 weeks 3 Data analysis and presentation 4 weeks 4 Conclusion and recommendation 3 weeks It is flexible to change the duration of study subject due to unexpected problems occurring during the research process 6. Resources The research process will be involved in the following resources: A laptop computer to do the study Internet access to collect data and information Online library access to approach academic papers related to the study. The assistance from governments staff to access the date of exchange rates, the inflation index and the state of Balance of payments. Particular, the researcher needs the instructors guidance of how to use software to analyze data such as Microsoft Office Excel or SPSS, or others.

Earthquake Kills 22 in southwestern China Essay

1. Type of crisis Earthquake is an example of adventitious crisis, a natural disaster â€Å"that is not part of an everyday life and is unplanned and accidental† (Varcarolis, 2006, pp 422-423). Victims of earthquakes usually suffer from trauma, panic, shock, grief, fear and mental disorganization (which could be manifested by running around aimlessly or inability to concentrate). People who suffer from such an adventitious disaster are reported to have flashbacks or nightmares connected to the event after it happened. 2. Type of stressors that contributed to the crisis Earthquakes happen suddenly and people are caught off guard with the sudden and swift destruction that it brought about to them personally (e.g., damage or loss of property and the painful loss of a loved one or loved ones).  Ã‚   Psychologically, emotionally and mentally the victims are not prepared for the sudden loss and change of life or way of life (e.g. having to live in an evacuation center with all of its limited supply of basic necessities, or having to live with a physical disability due to the earthquake). In this instance, anxiety, grief and panic levels go up severely in just a matter of seconds.   With the combine sudden loss of property and loved ones, the victim/s may be overwhelmed. 3. Coping skills of the people involved Since problem is a part of life, it is very important that a person has learned a number of techniques that can be use to lower anxiety and to adapt to the situation when problem arises. One of the key techniques that people use is to engage in prayer. Prayer helps to lighten the load as a person learns to accept and submit to the will of God.   Also, prayer clears a person’s mind which enabled him to restore balance and equilibrium and make right choices. A person should also not isolate himself but should express to others what he is feeling and allow himself to be surrounded and comforted with other members of the family and friends. Moreover, the victim should cooperate with the help and assistance being provided by the government, counseling, medical and other disaster agencies.   If needed he should transfer to a place or engage in activities that helps him forget the incident (Varcarolis, 2006, pp.423-429). In the case of children, they should be taught to understand the situation, be assured by the parent’s presence and parents should model calm behavior and seek to divert the children’s attention by providing fun activities for them( Handouts : Talking to Children about Crisis). 4. Goal of the resolution of the crisis â€Å"Crisis by definition is self-limiting so that as soon as possible they are resolved, preferably within 4 to six weeks† so that a person or group of persons function normally again in spite of their loss and accept what happen to them during the earthquake disaster ( Varcarolis, 2006,p.422  Ã‚  Ã‚   ). More importantly the goal of the resolution of the crisis is to lower anxiety level since anxiety hampers the person’s ability to face and solve his own problems. Short term goals of the resolution of the crisis by the end of the first session involves the lowering down of anxiety level from severe to moderate or moderate to mild, clarify the problem in solvable terms, identify existing supports and other needed supports, set realistic goals to deal with the problem and identify a step by step plan of action. Otherwise a person’s safety may be at risk for due to hopelessness, grief, and fear he may tend to act suicidal or become mentally ill (Varcarolis,2006 ,pp. 427 & 430). 5. Possible resources/referrals that might be needed to help to return to pre-crisis level of functioning It may be necessary that victims of earthquakes should be remove from the place where it happened. Therefore, they may need to be referred to a stable shelter. Rehabilitation, debriefing and counseling is also recommended where psychologists, counselors and other cognitive-behavioral therapists helps them to restore balance and equilibrium. Friends, family and peer groups should also be a part of the healing process. If the person develops psychotic thinking, violent or suicidal behavior then he may need a psychiatric treatment. If he suffers from physical injuries or other health needs then he must be rushed to a hospital or clinic. Children whose parents were not coping well with the stress that the disaster had caused should be put under child care. Vocational and skills training program should also be provided to help the victims go back to supporting themselves again especially for those who had become disabled (Varcarolis, 2006, pp. 429-438; Handouts: Talking to Children about Crisis).

Self Reliance

The Idea of American Self Reliance From the readings of Cooper, Hawthorne, and Emerson you get a coherent understanding of how each writer interpreted the notion of â€Å"American Self Reliance†. Self- Reliance is defined as the dependence on one's own efforts and abilities . There are profound strengths in promoting and practicing the idea of Self-Reliance but also evident weaknesses if the phrase is taken too literally.While making reference to Cooper, Hawthorne and Emerson's readings the following essay will discuss the otion of American Self Reliance as well as an advantage and a disadvantage that can be caused by fully living by its creed. Most of us strive for success and independence. Most take pride in themselves for being able to start from the bottom and emerge on top with no help from others. This is typically interpreted as self reliance. However, it is not always possible to rise to the top by our efforts solely. At times we all need help in succeeding in life or simply bettering ourselves.Emerson's writing persuades you to believe that man alone is completely self sufficient for him r herself. I view this as a disadvantage or weakness in thought and practice because you cannot always believe that you will never need help from anyone or anything. This type of thinking could potentially stagnant one's progress and the reluctance to ask for or accept help would be the cause. Emerson writes â€Å"To believe your own thought, to believe that what is true for you in your private heart, is true for all men, – that is genius†.I disagree with this statement because it can be interpreted negatively or positively and from the reading I deduced that Emerson only presented his statement in a positive cogitation. This quote further influences us to believe that if we feel we can accomplish anything on our own in our hearts then everyone should believe this as well and in turn this is the most intellectual way to think. Unfortunately there a re countless times when what we believe true in our hearts, whether it concerns our capabilities or accomplishments, are in reality not feasible.Certain external or internal factors beyond our control can hinder our progress. Although, with the help of others, and the renouncement of the notion of living trictly by a creed of self- reliance, one could possibly demonstrate success in their thoughtful aspirations regardless of the unknown or potential hindrances that may lie ahead. With help we are able to maneuver and the ability to maneuver in our lives is an advantage and strength. I do not disagree with the complete ideology of self reliance.Emerson writes, â€Å"What I must do, is all that concerns me, not what the people think. It is easy in the world to live after the world's opinion; it is easy in solitude to live after our own; but the great man is he who in the midst of the crowd eeps with perfect sweetness the independence of solitude†. This quote is powerful because it depicts the strength or advantage (great man) that one can have in life if they focus on self and not worry about the opinions and conformity that society attempts to influence them with.It makes reference to will-power, determination and in solitude, amidst society. Having independent thought no matter what coaxes exists is a vital aspect of self reliance. In Hawthorne's Young Goodman Brown he writes, â€Å"Faith! Faith! cried the husband. Look up to Heaven, and resist the Wicked One! . Despite the fact that Hawthorne does not specifically mention the theory of self reliance in Young Goodman Brown, it is still included metaphorically throughout the text.Here Hawthorne support Emerson's ideology of Self Reliance by showing the strong will and determination Goodman Brown had by sticking to his beliefs and resorting to the higher power (God) in the face of evil and ultimately veering away from the influence of the wicked that surrounded him. After Brown sticks to his beliefs and does not conform to those of his surrounding environment he finds imself alone again in the woods, everything having vanished.Staying committed in your beliefs and views at all times whether in solitude or among others is important and as Hawthorne depicts, can entirely alter a predicament or situation for the better. From the readings I also concluded that self reliance is not only about believing in yourself or staying true to who you are despite the influence of society it is also about not abusing the resources that god has put forth for you to flourish. James Fenimore Cooper writes in The Pioneers, â€Å"It's much better to kill only such as ou want, without wasting your powder and lead, than to be firing into God's creaters in such a wicked manner.But I come out for a bird, and you know the reason why I like small game, Mr. Oliver, and now I have got one I will go home, for I don't like to see these wasty ways that you are all practysing, as if the least thing was not made fo r use, and not to destroy'. Cooper reveals a portion of his interpretation of Self reliance with this excerpt from The Pioneers. The character who speaks these words, Natty Bumppo, was portrayed as the embodiment of American Self-Reliance, who ived free, was strong, determined, self sufficient and lived close to nature.Cooper believed that connection with nature was essential for one's development and ability to be self reliant. In this quote he portrays his distaste for killing god's creations for game and not necessity, which translate into the abuse of our natural resources. Cooper, Hawthorne and Emerson collectively make some great points and examples of American Self Reliance throughout their works. However, it is important to acknowledge that some of their ideologies can serve as strengths as well as potential eaknesses. Cooper, F.J. (2003). The Pioneers. In N. Baym, The Norton Anthology of Literature (pp. 440-449). New York : Norton & Company. Emerson, R. (2003). Self Relianc e. In N. Baym, The Norton Anthology of Literature (pp. 450-467). New York: Norton & Company. Hawthorne, N. (2003). Young Goodman Brown. In N. Baym, The Norton Anthology of Literature (pp. 613-623). New York : Norton & Company. Merriam- Webster. com. (2013, November 3). Retrieved November 3, 2013, from Merriam- Webster: http://www. merriam-webster. com/dictionary/self%20reliance

Essay about Changing the Culture at British Airways

Changing the Culture at British Airways Changing the Culture at British Airways The British Airways case study was a very interesting case to read. It proves that not all people can be leaders, especially the chairman, board and chief executives of British European Airways (BEA) and British Overseas Airways Corporation (BOAC.) According to the case study of British Airways, the life at the â€Å"old† British Airways was â€Å"bloody awful† (Changing the Culture of British Airways, 1990, p. 1). There definitely was a crisis happening in that airline. They didn’t seem to have a cohesive culture and it seemed as if they continued down this path they would no longer have a business either. British Airways had this divide between BEA and BOAC.†¦show more content†¦3) And another mindset was, â€Å"If you’re providing service at no cost to the taxpayer, then you’re doing quite well† (Changing the Culture of British Airways, 1990, p. 3). If you had to compare this philosophy to Kotter’s book, The Heart of Change, this company was in huge trouble. There was definitely no leadership—just really greedy chairman, in my opinion. There was definitely no sense of urgency and such a lack of vision. The unfortunate this was it still remained the same even when reorganization occurred in 1976, by Sir Frank McFadzean. According to the study, divisional loyalties prevented the carrier from attaining a common focus (Changing the Culture of British Airways, 1990, pp. 3-4). It was not until February 1981, where things began to look up for British Airways. It was when Sir John King became chairman. Sir King made radial steps by reducing staff significantly, freezing pay increases, closing several airline routes, online stations, and engineering bases. In addition, halting cargo-only services, and selling the fleet, and inflicting massive cuts upon offices, administrative services and staff clubs (Changing the Culture of British Airways, 1990, p. 4). Although you would think this would have caused a lot of fear and negativity with employees—my impression of what I read, Sir King alleviated this byShow MoreRelatedChanging the Culture at British Airways Essay990 Words   |  4 PagesChanging the Culture at British Airways Question #1 Life at â€Å"old† British Airways lacked a unifying corporate culture. The 1971 merger of British European Airways (BEA) and British Overseas Airways Corporation (BOAC), by the British Airways Board, only succeeded in putting an umbrella over two separate mature entities. The focus of the BEA had been to build a European airline infrastructure. BOAS was an innovator and pioneered the first jet passenger service. 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