The Impact Of Asymmetric Information And Adverse Selection Finance Essay

The Impact Of Asymmetric Information And Adverse Selection Finance Essay Nowadays financial intermediations play the important role in the economy. Firms and individuals can find sources to finance its new project. Also lender can invest their money in secure positions. Financial intermediations raise funds from the depositors for short term and lend them to the borrower for long term. The main job of those institutions is to provide finance through taking extra risk. So there are three parties engaged in those investments process. The lender or the depositor could lend his money on secure way and low cost. The borrower can find the finance of his project. The financial intermediation manages the process of those transactions. The question now is that why do lender and borrower need financial intermediation to manage this relationship. Why do not they do it directly without a third party? The answer of this question needs to know the main reasons why financial intermediations exist. There are three reasons explain this issue. First reason is that, the dif ferent requirement of those two parties. Second reason is the transaction cost. Finally is the asymmetric information. In this assay we will focus on the asymmetric information as a reason of the existence of the financial intermediation. Also, in this essay I will first explain the Asymmetric information, adverse selection and moral hazard. Then I will brief some empirical study about the issue of the effect of Asymmetric information to represent the importance of this issue. Also, I will explain the effect of the transaction cost because it has relation with the information cost to avoid unobserved information. Finally, I will explain the financial intermediary natural and their role in guiding the financial process. My conclusion refers to the importance of financial institutions to avoid asymmetric information. I am also touched upon the difference between the risk transferring and risk sharing and the fails of those conventional institutions in the last financial crisis. I reco mmended Islamic industry is an alternative to those convectional ones which can be able to withstand during the crisis because they works as a partner with their consumer and they share the risks with them. The impact of Asymmetric information, adverse selection, and moral hazard on the lender. It is important to the lender to have the good quality and quantity information about the borrower to be in the save side. When the information is poor that means there will be risk exist. Asymmetric information is an important concept in finance and needs to be understood. It means said Bucle (1998); the information refers to the situation where one party has more information than the other party. This is a problem with most types of transactions, financial or non financial transactions. In the Case of a financial transaction, the borrower will have more information about the Risks and return of the investment project for which funds are being borrowed and the lender do not have the same information the borrower does. So it may leads to actual conflict. Asymmetric information more affect lender, before he gives loan to the borrower and after. Adverse selection is the result of asymmetric information which means a bad selection with high risk of default. The adverse selection refers to the borrower with adverse return. Also, the second result of asymmetric information is moral hazard continued Bucle (1998). The lender will face this particular problems, in which always happened after lending. This problem is described as bad behaviour that accurse when the lender take the money from the lender and because the money is not belonged to him he will use it badly. He will use it for risky activities. As a result the lender will be at risk of losing his money. Karlan and at al (2005): investigate the moral hazard and adverse selection in credit market in South Africa. The random sample of 58000, of male and female, direct offers mail used by a larger lender in South Africa by three classes. First, offer interest rate. Second, contract interest rate which is equal or less the offer interest rate and revealed to more than 4000 borrowers that agreed to the first offer rate. Finally, a dynamic repayment with a good price on future loans for borrowers still in a good positions. These three stages supported by full information given to the lenders. The study setup distinguishes adverse selection from moral hazard impact on repayment. The result found that approximately 20% of default is because asymmetric information problems. Another empirical study of the impact of asymmetric information conducted by Gaul and at al (2008) investigate the effect of unobservable information on corporate loan market, and if the borrower gives the lender the incentive to reduce the asymmetric information effects. The study used a regression to give evidence of a positive relationship between some measure of loan borrower by lender, contract terms, negotiating loans, and the amount of non- publicly information. The study found that, moral hazard and adverse selection problems do exist in the corporate loan market. As a result of asymmetric information, adverse select, and moral hazard is the transaction cost. So what do we mean by transaction cost? Bucle (1998) counts four types of transaction costs which are as follows. Firstly, search cost, the borrower and the lender will be affected by high cost of searching for accurate information about each other to avoid risks associated to default and loss money. Also, verification costs, which mean the cost that accrues when lender tries, ensure that information he has is true. Furthermore, monitoring costs, the lender after given loan to the borrower should follow the borrower activities to make sure he will be able to make payment as agreed. Finally, enforcement costs, in case of default the lender wants to ensure that the lender can be enforced to get the money back. The importance of the financial intermediaries The financial intermediation is the entity which in a med position between two parties and manage the financial transaction between them. Commercial banks, investment banks, stock investing services, insurance providers, etc are examples of the financial intermediation. So we can imagine the importance of those entities. For example banks, it does the important role. Banks obtain funds from depositors and then lend those funds to borrowers. Also provide financial services said Fraser and et al (2001). Also individual as lender can get fixed income at cheaper cost. Also, when the lender uses the financial intermediary he wont need to bear those costs. He does not have to spend money and time for collecting information to find good borrower. Moreover, he can get his money back at any time he want it. Also he does not have to bear risks of default the borrower and other risks because the risks are borne by the bank. Always banks have information and policy system about their clients and diversify their investment in case mismatching the maturities of their assets and liabilities said Saunders (2008). Saunders and et al (2008) said because of costs of monitoring, liquidity, and price risk, as well as for some other reasons, savers often prefer to hold the financial claims issued by FIs rather than those issued by corporations. Diamond (1984) developed a model of delegate monitoring. Financial intermediary acts as monitor by promising the lender a fixed income and monitor the borrower activity to fulfil the lender the promise said Allen at al (2008). Another model developed by Boot and Thakor (1997) about delegated monitoring. They assume that, there are three kind of information. First, incomplete and unclear information about the future activity that the borrower is going to do and they suggest the solution is using financial market to obtain this information. Second the lender does not have information about the lender activity in term of invest the money in safe or risky project, and they suggest the solution by intermediary. Finally, borrower might have the chance to invest in a risky project and also they suggest the solution by intermediary said Allen at al (2008). Conclusion and recommendations: In conclusion, financial intermediaries do not exist by chance the economy has found them. As it shows above it exist because the need of the two separate parties and these parties represent the structure of the economy in any country. Borrower wants to have finance in his new project. Also lender need to be safe from asymmetric information, adverse selection of borrower and moral hazard and it is the financial intermediarys main job. To collect information about the borrower is not an easy task. It contains high cost for the small lenders which prevents him to invest his money. Also, he cannot give his money to the wrong person or firm. Financial intermediary could do this job on behalf of the investor. This job can be done by financial intermediaries in a low cost because of the large number of the customer they deal with. Also they act as specialist to this kind of financial transactions. However, financial intermediary is not always the haven. It has also risks of default, credit risk, liquidity risk, and etc. As we experience in the last financial crisis and the collapse of the biggest financial institutions around the world as a result of transferring risk. I think Islamic banks are the solution. They share risks instead of transfer them. Every party have to bear part of the risk to be able to continue. Transferring risks are not the solution, which means party will have nothing and other will have everything as a result part of the economy, will continue and the other part will collapse. Lets imagine the collapse party is the banks. So, the crisis will extend to the economy as a whole.

Le Temps D’Une Chasse: One Take on Québec Cinema :: Movies Film Films Cinema Quebec Canada Essays

Le Temps D’Une Chasse: One Take on Quà ©bec Cinema Quà ©bec’s peculiar political and cultural status as a French-speaking and reluctant province of an English Canadian Confederation began to change with the rise of a militant independence movement in the 1960s and 1970s. †¦ [Its] emergent cinema, although it never speaks with one voice, could be said to share, both implicitly and explicitly, in a common struggle †¦ of exploring, questioning and constructing a notion of nationhood in the films themselves and in the consciousness of the viewer. †¦ [This] has not resulted in a homogeneous notion of Quà ©bec, but one of contradiction, fragmentation and uncertainty. (Barrowclough 205) This statement speaks to the futility of devising a paradigm for assessing the so-called typical Quà ©bec film; at the very core of such films lies a contradiction which cannot be summed up into one archetypal structure. Any Quà ©bec production reflects some part of the Quà ©bà ©cois experience. Attempts to prescribe criteria for what qualifies as a Quà ©bec film are restrictive, and deny the legitimacy of the multiple voices speaking out from Quà ©bec. The complexity of content in Quà ©bec films is reflected in the disparate critical response to director Francis Mankiewicz’s film, Le Temps D’Une Chasse. The film, released in 1972, was met with varied, contradictory reviews. One critic found that the film was not at all typically French-Canadian, but that it was about "the impossible efforts of man to get beyond reality" (Godard 34). Another stated that the film was very much a product of French-Canada, showing little promise as a hit anywhere else in the world (Mosk). A third reviewer thought that the episodes in the film "capture and reflect a Quà ©bà ©cois mentality," but that the film also had "many qualities" and therefore had the potential to succeed outside as well as inside of Quà ©bec (Tads). Such varied reactions serve to indicate that preconceptions had been formed as to what characterizes a Quà ©bec film, and that these preconceptions are assumed to dictate what audiences want to watch. The fact that Le Temps D’Une Chasse is open to various interpretations should not indicate a flaw in the film; rather, it should be seen as representing another aspect of the complex and contradictory social context within which it was produced. "An awareness of contradiction and a willingness to allow this awareness to shape the aesthetic experience are essential elements of modern art’s rebellion against the fixed viewpoint of perspective and linearity that created a sense of order and harmony in the past" (Leach 226). Le Temps D’Une Chasse: One Take on Quà ©bec Cinema :: Movies Film Films Cinema Quebec Canada Essays Le Temps D’Une Chasse: One Take on Quà ©bec Cinema Quà ©bec’s peculiar political and cultural status as a French-speaking and reluctant province of an English Canadian Confederation began to change with the rise of a militant independence movement in the 1960s and 1970s. †¦ [Its] emergent cinema, although it never speaks with one voice, could be said to share, both implicitly and explicitly, in a common struggle †¦ of exploring, questioning and constructing a notion of nationhood in the films themselves and in the consciousness of the viewer. †¦ [This] has not resulted in a homogeneous notion of Quà ©bec, but one of contradiction, fragmentation and uncertainty. (Barrowclough 205) This statement speaks to the futility of devising a paradigm for assessing the so-called typical Quà ©bec film; at the very core of such films lies a contradiction which cannot be summed up into one archetypal structure. Any Quà ©bec production reflects some part of the Quà ©bà ©cois experience. Attempts to prescribe criteria for what qualifies as a Quà ©bec film are restrictive, and deny the legitimacy of the multiple voices speaking out from Quà ©bec. The complexity of content in Quà ©bec films is reflected in the disparate critical response to director Francis Mankiewicz’s film, Le Temps D’Une Chasse. The film, released in 1972, was met with varied, contradictory reviews. One critic found that the film was not at all typically French-Canadian, but that it was about "the impossible efforts of man to get beyond reality" (Godard 34). Another stated that the film was very much a product of French-Canada, showing little promise as a hit anywhere else in the world (Mosk). A third reviewer thought that the episodes in the film "capture and reflect a Quà ©bà ©cois mentality," but that the film also had "many qualities" and therefore had the potential to succeed outside as well as inside of Quà ©bec (Tads). Such varied reactions serve to indicate that preconceptions had been formed as to what characterizes a Quà ©bec film, and that these preconceptions are assumed to dictate what audiences want to watch. The fact that Le Temps D’Une Chasse is open to various interpretations should not indicate a flaw in the film; rather, it should be seen as representing another aspect of the complex and contradictory social context within which it was produced. "An awareness of contradiction and a willingness to allow this awareness to shape the aesthetic experience are essential elements of modern art’s rebellion against the fixed viewpoint of perspective and linearity that created a sense of order and harmony in the past" (Leach 226).

Value of Pets

Values of Pets to people Materialism is a way that people use to measure their social status and success. Some people think having pets is one of the values that can show the high value of their material possession; with a high value of pet, these people feel satisfied and successful in their life. However, most people do not think that having pets is a value of materialism. Most of the people think the values of pets are love of human being, benefit and helpfulness. One of the values that pets serve for people is companionship. Pets give people a feeling of love, pleasant and not being alone.People spend a lot of times with their pets than anyone else; therefore, they treat their pets as members of their families. By having pets, people feel responsibilities for their little ones. They take care of their pets’ health and diet like taking care of their children. Moreover, raising pets give people a great feeling of they are needed, so that they feel not alone. Pets have abilit ies to make people in a good mood. Most people have felt a warm feeling inside just by stroking or getting their face licked by their pets. By having physical contact with pets, people feel relaxed and comfortable.For example, after a hard day at work, touching or having fun with pets really help people to calm down and relax. Also, simply talking to pets can be very therapeutic because pets are good listeners. People often talk to their pets to share their thoughts, feeling, troubles and worries. Although their pets will not give them any solutions for their problems, the act of talking about their concerns with a good listener may help people find their own solutions. Consequently, talking to pets help people to relax and feel better. Other values that pets serve for people are beneficial. pets

The Indian Removal And The Colonization Of The United...

Between the years 1816 and 1850, over one hundred thousand Indians from sixty different tribes were relocated from their homelands and moved west; around thirty thousand Indians would die en route. The Indian Removal stands as one of the cruelest periods in the history of the United States, and is the result of a long history of war and disagreement between whites and Indians. Indians and Europeans had their differences. The culture of the Indian tribes was very different than that of the incoming white settlers. Indian nations held a deep respect for nature, and felt that the land belonged to no individual.The white European settlers believed in private land ownership. However, in spite of these differences, some white settlers and Indians developed successful trade relationships. Still, Indians were long regarded as savages by white Europeans . Spaniards treated them with extreme brutality, imprisoning Indians and confiscating their lands. And as time passed, Indians and Europeans would begin to fight over land claims. 200 years later, Indians and Europeans had several written treaties, but the Europeans often ignored the treaties and encroached on Native territory. Indians sought ways to stop the settlers from taking their lands, sometimes turning to war. In the American Revolutionary War, most Indians fought on the side of the British. Indians believed that Britain was the better option for winning the war, as they hoped the British would help curb the expansion ofShow MoreRelatedConsequences Of European Colonization1112 Words   |  5 PagesAmericans that were left in the United States were practically extinguished. Many diverse things contributed to their near-extinction, some were considered intentional and some unintentional. Some tribes made the decision to go willingly, and some decided to fight to their death but in the end, it was confirmed that Native Americans and settlers could not live together in amity, and the Native Americans were the ones at harm. The integration of European colonization ultimately led to the demise ofRead MoreThe Native American Indian Population1293 Words   |  6 Pagesalso known as American Indian. Aside from the information given by this course, a Children’s Literature class taken at the Newark branch of the Ohio State University also contributed to my decision. During a lecture there was a guest speaker of Native American descent, she grew up on a reservation, and in her work she wrote and illustrated the Native American culture and lifestyle. Her lecture consisted of the perspective of the Native American population during colonization, and now, as well as theRead MoreTrail of Tears: Forceful Removal of Indians in the US837 Words   |  3 PagesThe forceful removal and exodus of thousands of Native Americans from their lands east of the Mississippi River during the 1830s is often called the Trail of Tears. This removal of Native Americans from their lands was a result of the Indian Removal Act of 1830, which was signed by then-President Andrew Jackson one year into his presidency and which President Martin Van Buren ensured was carried out. When Andrew Jackson became President of the United States in 1829, he based his decision of signingRead MoreThe Road Of The Trail Of Tears1334 Words   |  6 Pagessponsored events in American History. Was America justified in destroying a culture in its pursuit of Manifest Destiny, or did they feel it was their only option in this matter at the time? Based on research, I feel that the American policy of Indian removal and relocation was extremely unethical and unjustified in its motives and execution. Before Europeans arrived in present-day America, the Native Americans were living on millions of acres of land their ancestors had occupied and cultivated.Read MoreRemoval Act of 1830 Essay1481 Words   |  6 PagesRemoval Act of 1830 Two distinct cultures existed on this Earth with the migration of man many thousands of years ago from Eurasia to the American continent. The people from the migration to the Americas had absolutely no contact with the people in Europe and Asia after they migrated. In fact, the two civilizations evolved in totally different manners, and at different speeds. The people in the Americas, or Native Americans existed mainly as hunter-gatherers using tools of bone, wood, andRead MoreThe Indian Child Welfare Act847 Words   |  4 PagesDue to the alarmingly high rate of Indian children being removed from their homes, the Indian Child Welfare Act was created in 1978; this came as a result of a widespread belief that their child-rearing practices were considered neglectful in comparison to white families (Krager Stoesz, 2010; Palmiste, 2011). Indian children removed from their tribal groups and families were placed in the child welfare system, which included adoptions and foster care, or they were sent to boarding schools (PalmsiteRead MoreThe American Of The United States1766 Words   |  8 Pagestook place in the United States. The Panic of 1819, this was the very first financial crisis in the United States. This caused many banks to close and many people to go into debt. The Monroe Doctrine was a document stating that the United States did not want the Europeans interfering with American affairs. The Jacksonian Democracy, Andrew Jackson wanted the Europeans to stop further colonization. The Indian Removal Act which eventually led to the Trail of Tears, forced Indians to move west of theRead MoreManifest Destiny and the Genocide of the Native American Indian1366 Words   |  6 Pagesof the original thirteen colonies. It encouraged Westward colonization and territorial acquisition. The Homestead Act was signed into law by President Abraham Lincoln in 1862. To America, Manifest Destiny was the idea that America was destined to expand across the North American con tinent, from the Atlantic, to the Pacific Ocean. Throughout this time Native Americans were seen as obstacles because they occupied land that the United States needed to conquer to continue with their Manifest DestinyRead MoreThe Emergence Of Cultures Throughout Our World1132 Words   |  5 Pageshistorical events that have occurred. While colonization is only one of the many events, it is the leading factor that drives cultural development and establishment. During colonization, members of kinship and descent societies become occupied, colonized, and eventually an attempt is made to civilize the members into becoming more like the â€Å"colonizers†. Such is what happened to the Native Americans when Europeans immigrated to what is now called the United States of America. At first, a proclamation institutedRead MoreNative North Americans : Justification For Indians1545 Words   |  7 Pages Native North Americans: Justification for Indians   Ã‚  Ã‚   Throughout the history of America many people, and even countries have helped create the government and all the cities to be what they are today.   Without those who traveled here in the 15th, and 16th century many of us wouldn’t be here now; living free, and comfortably with many jobs and opportunities for ourselves. With greatness there is always a downfall, but because we worship and thank early settlers we do not pay much mind to those who

Health Is Wealth - Free Essay Example

Sample details Pages: 2 Words: 660 Downloads: 2 Date added: 2017/09/15 Category Advertising Essay Did you like this example? Health is Wealth Hazel Six weeks ago, my eternal friend—Doggy suffered from palsy that made her back legs lose the moving ability. The tragedy shocked my family. In my #2 speech, a lot of Toastmasters have known that my mother usually shouts at us, but always whispers in Doggie’s ears. In fact, not only Mother, but also other family members favor Doggy. Therefore, we have been blue and sad from that time. The Doggy event makes me understand the importance of health and induces me to talk about today’s subject. Health includes physiological and psychological parts. In my opinion, there are three key points to keep physiological health—food, exercise and safe environment. It goes without saying that we have learned a lot of knowledge about food and exercise. From childhood, we have been taught the correct way to eat, drink and exercise. I would not repeat the common sense, but I’d like to emphasize that Rome was not built in one day. So, the healthy body is set up with the permanence of balanced food and proper exercise. On the other hand, safe environment is essential, but usually being neglected. Don’t waste time! Our writers will create an original "Health Is Wealth" essay for you Create order We should avoid expose ourselves to the high-risk environment as far as possible. On the contrary, it’s healthy to get in touch with the nature. Even for work, we should take some protection to get rid of occupational disease. After all, life is our own and we have the responsibility to look after it. Next, I’ll discuss psychological health. With time goes by, the development of medical treatment decrease a lot of body disease, but it can not control more and more mind problems. Suicide heads the list of ten causes of death these years. Violence between people is filled with the society. We earn more money but lose more harmony than before. Distorted concept of value makes people cut down EQ and AQ. As a result, psychological problem is more urgent than physiological one. As far as I’m concerned, the way to promote mental quality is to make intimate friends, cultivate proper entertainment and join positive clubs. Good friends might share your emotion and give you sincere advices when you are helpless. Proper entertainment may give you release from stress. Positive clubs, like Toastmasters, will make you be skilled in communication and have an active philosophy. A man with money and power can do many things, but a man without health can do nothing. My father has been carrying out the regimen for a long time. He usually eats natural foods instead of processed foods. Every morning, when some chickens are still sleeping, he always firmly wakes up to climb the mountain. No matter it’s very hot or severe cold, before or after retirement, he is constant all the time. Sometimes, I think Father is like a Puritan and his living way is hard for me. However, to choose what is good and stick to it is just what I should learn. Furthermore, it’s more valuable that Father has an elegant accomplishment. Even faced with others’ provoking, he still keeps his temper. Therefore, in addition to Mayor Ma, Father is my second idol in this world. To sum up, life with poor health is terrible; life with good health is wonderful. It’ll be never too late to think highly of your health. After all, you have the right and responsibility to decide the direction of your future. Return the topic to my Doggy and you guess what happened to her now. Four weeks ago, Doggy stood up again. How amazing she is! Even the dog-doctor thought it’s a miracle for her to recover from such serious illness. Fellow Toastmasters, we might not have so strong vitality like Doggy, but we understand the way to keep our health. From now on, let’s take care of our health and keep in mind—health is actual wealth in our life.

WWII Involved the Most Powerful Nations - 679 Words

The Second World War (WW2) was a global war that involved most of the great powerful nations, which formed two military alliances the Allies and Axis. WW2 is regarded one of the most widespread wars that involved 100 million people and thirty countries and the worst form of human conflict in history. Contrary to the previous wars, WW2 involved the use of nuclear bombs and sophisticated weapons, which exposed soldiers at high risk of developing post-traumatic stress disorder (PTSD). During WW2, the U.S army psychiatrists understood that involvement on warfare may have devastating consequences on the well-being of soldiers and they introduced screening programs and intervention strategies to detect and address psychological disorders associated with combat missions . Despite these measures, the U.S army psychiatrists were puzzled with high number of soldiers who suffered from PTSD during and after the ww2. More than one million soldiers were thoroughly screened during the ww2, but 50% of them developed and suffered from PTSD thus raising a health concern among the health professionals. The reason WW2 soldiers did suffer from PTSD was because of witnessing horrible things, combat trauma and events that had happened before the start if the war. First, the act of witnessing and participating in the warfare exposed WW2 soldiers to high risk of suffering from PTSD. The soldiers witnessed and experienced inhuman acts of torture, destruction of property, killing of civilians,Show MoreRelatedPolitical Changes in Europe Following WWII1251 Words   |  6 PagesWorld War II (WWII) was a pivotal event that reshaped the Europe very much in terms of international politics. I agree to a large extent that Europe did see greater political changes than continuities following WWII. The most evident changes of which were that the United States of America (USA) and the Union of Soviet Socialist Republics (USSR) gained international dominance in the world arena and that the United Nations (UN) was established following the League of Nations demise. WWII saw the declineRead MoreThe Battle Of The Japanese War1600 Words   |  7 PagesGuadalcanal in August 1942 during WWII to open the south pacific offensive and set out for months of bitter land, sea and air fighting that ended in critical Japan defeat (Millett, p.397).† Both opponents had lost warships in the combats around the island. But more ships had joined the U.S. fleet. This caused the Japanese navy to gradually reduce for the remainder of the war. 2. Plattsburg Movement After reading Module 1, the first WWI had practically involved every nation. So the Army and Navy in 1914Read MoreForeign Policy Of The United States1042 Words   |  5 Pages The foreign policy of the United States of America is the process in which it cooperates with foreign nations and sets guidelines of communication for the rest of the world. The foreign policy of the United States is the strategy by which the United States communicates with foreign countries. The U.S. has a powerful influence in this world. The global reach of the United States is backed by a $14.3 trillion dollar economy, roughly a quarter of worldwide GDP, and a protection spending plan of $711Read MoreThe Negative Effects Of Nuclear Weapons902 Words   |  4 Pagesthey can use them as threats to other countries. The first atomic weapon was created during WWII. There was the fear that the Nazis were creating one to use against Britain, the US, or soviet union. This caused US scientist to find out how to successfully make one before the Nazis could use one against us. Thus the purpose of these weapons are to show that the US government and military are very powerful and advanced co mpared to some of the other countries. (newint.org) In the article, â€Å"South KoreaRead MoreThe Great Depression Of The World War I1261 Words   |  6 Pageswar, WWII. I know this is a shock to you, but another war has begun. So let us sit down, I will let you take a breath, and when you are ready to begin, I will show you what the spark of WW11. There is a new leader instilled in Germany! WWII was caused by the invasion of Poland, and France declaring war on Germany, Italian fascism in the 1920s, Japanese militarism, appeasement, The league of Nations, and most prevalent, the political takeover of Germany by the Nazi party. The first stem to WWII wasRead MoreWhat Is the Difference Between the Battlefield and the Battlespace, and How Will This Difference Shape Conflict in the 21st Century?1649 Words   |  7 Pagesway the world views and deals with conflict in the 21st century. In order to explain the differences this paper will be written in a linear fashion, explaining how battles were fought in the days of old, from medieval times to the Second World War (WWII), how they are being fought now, the Cold War to Afghanistan, and how they will be fought in the future. Definitions Battlefield â€Å"The common definition of â€Å"battlefield† is quite simple: a battlefield is the piece of ground on which a battle isRead MoreEffects of the Bombing of Hiroshima779 Words   |  3 Pagesradiation from the bombs they were exposed to. Because of the dehumanizing effects from the use of these bombs and powerful they truly are, and the fact that the primary target of these weapons are innocent civilians, atomic bombs should be outlawed from any further use or tests, and all remaining weapons should be deactivated. As time has passed since the end of WWII, several nations have shown that they no longer need to keep their nuclear arsenals, and they can still be secure on a foreign andRead MoreMost Significant Period Of The 20th Century1171 Words   |  5 Pages World war II was one of the most significant period of the 20th century. The war was fought from 1939 to 1945 in Europe, and during 1930s to 1940s in Asia. The war in Europe began with the invasion of Poland by Nazi Germany and ended with the official surrender of Japan, the last axis nation. It was the largest armed conflict in history, involving the entire world’s countries more than the other war. Not only that, WWII introducing powerful new weapons, culminating in the first use ofRead MoreDownfall Of The Austro Hungarian Empire1725 Words   |  7 PagesRevelations of the instability of imperial nations and their colonies in the Twentieth century marked the beginning of the end of a multipolar power system that once influenced the world. This inevitable outcome would be the result of the attitudes held by the colonial powers, the ideologies set by the anti-imperialist forces, and the role of external powers. The factors of politics and military actions would als o catalyze the power shift by the end of WWII. Early in the twentieth century we wouldRead MoreThe First Half Of The Twentieth Century1304 Words   |  6 PagesSidi Mahdi Mardakli The first half of the twentieth century has been the most dreadful, and the most unstable of all time for the humanity. Wars, conflicts, and genocides plagued many parts of the world during that time especially in Europe which became the main battlefield for two major wars. It is certainly the worst period of human kind’s history. Millions lost their lives in what became the deadliest period of humanity. Beyond its dreadful aspect, this period showed how radical nationalism combined

Freight Transportation Regulation and Challenges -myassignmenthelp

Question: Discuss about theFreight Transportation Regulation and Challenges forNTC. Answer: Introduction Freight transportation is instrumental in playing a significant role pertaining to supply chain as it helps in the process of delivering of products along with services. The changes in the global platform has huge impact on the arena of logistics environment. Proper management of that of freight transportation has become imperative in the present age. Logistics services helps in supporting the movement of that of materials from inputs with the help of production to that of the consumers. It comprises of the physical activities like that of transport along with that of non-physical activity like that of supply chain design. This essay analyses how the changing regulations pertaining to freight regulation poses to be a challenge for that of current freight transportation. Transport and Freight Regulations Direct Government Regulation The current regulatory approach across Australia makes use of direct government regulation with the help of prescriptive tools within the sector of road freight. The rules that apply to vehicles and they have different kinds of aims like safety along with that of asset protection. According to Hitchins, Castor and Freer (2015), the current methods pertaining to National Transport Commission (NTC) act as direct method pertaining to regulation. Direct government regulation can help in providing high level of that of control by making use of prescriptive methods. Direct government regulation will not need much from the industry and industry is supposed to abide by a standard set. The pricing in relation to road access is at the present age determined by Australian Transport Council (ATC) that follows the recommendations of that of NTC. The charges are on the basis of average of the road expenditure of the last three years. The charging instruments are that of registration charge along w ith that of fuel charge. The registration charge is paid to the Territory treasures and the fuel charge is paid to that of Commonwealth. It is paid by taking recourse to diesel excise. NTC is reviewing the pricing policy by the help of fourth pricing determination. It has been stated by SteadieSeifi et al. (2014) that the current pricing tools along with regulations can only help in providing partial solutions as the road infrastructure is neither costed nor is it priced on that of a comparative basis. There exist no linkage between that of pricing and that of the supply of infrastructure. The dearth of that of direct pricing system suggests that the road managers does not have much incentive to supply high productivity vehicles. Challenges in relation to prescriptive vehicle standard According to Ross et al. (2015), current prescriptive process pertaining to heavy vehicles occurs with the help of Australian Design Rules. This process is dependent on prescriptive standards that is combined with that of performance standard. The prescriptive standards are rigid in terms of definition. They can be applied to the generic type of the vehicles. The industry is continuously facing the issue of technology change along with that of high variable customer need. The road infrastructure is not at all homogeneous. It has been stated by Alexander and Merkert (2017) that the prescriptive vehicle standard result in different kinds of standards that does not allow maximum productivity. They have been designed for the protection of critical points pertaining to infrastructure. The prescriptive standards act as the proxies in relation to safety along with that of asset protection outcome. They help in providing clarity within the sophisticated industry. They may help in the process of effective enforcement but they are based on poor understanding pertaining to relationship between that of performance standard and that of desired outcome. According to McFallan and Higgins (2016) there are issues that involve progression pertaining to standard accreditation along with that of harmonisation. The operations within that of prescriptive framework as of right can be carried out till a breach of standard is brought out with the help of an enforcement agency. It can be said that there are consistency in relation to the rules that apply that provide for seamless operation in between the state borders. It has been stated by Ghaderi, Fei and Cahoon (2015), that the reduced confidence can lower the incentives in relation to innovative solutions. It can be stated that beyond that of as of right framework there will be less consistency along with that of limited mutual recognition. Dearth of the factor of consistency along with that of mutual recognition can pose restraints . Deficiencies in process of NTC According to Liang et al. (2016), the NTC has stated that key weakness in relation to land transport regulation are related to that of process as compared to that of specific reforms. The weaknesses that exist in relation to regulations is on obtaining agreement on that of a reform that risk a low common denominator outcome. There are inconsistencies pertaining to implementation that can prove to be a hurdle in relation to regulations. The willingness of making joint decisions can help in the automatic recognition of processes. NTC model mainly aims at obliging to the jurisdictions but it does not have any power other than that of influence. It does not have much power so that it can ensure the approving of proposals. It has been stated by Bandeira et al. (2018) that the NTC can only report regarding any divergence to that of ATC and the ATC can take suitable action that can help in addressing the inconsistencies. This acts as a limitation in relation to the current reform process. A ccording to Cui, Dodson and Hall (2015), the timing that is required for the implementation of national reforms can vary on account of difficulty in ensuring passage with the help of Territory parliaments. Local implementation can take a long time from six months to that of several years. The NTC agrees to the fact that divergence in relation to national model can help in retaining consistency within the arena of jurisdiction. National penalties can be proposed like that of model only but local variations can exist. It has been stated by Monczka et al. (2015) that the elements pertaining to enforcement reform can be designated as desirable as compared to that of essential. Difficulties in relation to consistency of the implementation can give rise to considerable frustration for NTC along with that of road transport industry of Australia. It is found that even when the reforms are implemented on consistent basis, the regulatory burden can prove to be onerous. It will require administrative process and other decisions that should be duplicated across that of jurisdictions (Silvestre 2015). This can cause to be an issue for the road vehicles along with that of the rail freight sector. Efficient process of decision making can improve the consistency of implementation. Growth in that of the rail sector within Australia is dependent upon the factor of the government prioritising that of infrastructure investment. North-south rail corridor can be said to be uncompetitive on account of the factor of poor reliability. 20 % of the overall goods is transported with the help of rail specially between that of Melbourne along with that of Sydney (Hitchins, Castor and Freer 2015). The operators face challenges pertaining to the funding of infrastructure that can help in meeting the growth pertaining to rail freight. The GFC has resulted in distressed state of the shipping industry. A large number of vehicles has resulted in a competitive market that has a bearing on the margins of the operators. Market challenge has been created because the wages have forced the operators to register the vehicles in that of overseas jurisdictions (Silvestre 2015). The management of the industrial relations can pose to be a challenge for the operators. An accident that took p lace in Sydney in October 2013 involved that of Cootes fuel tanker. It clearly showed that safety concern can have effect on that of the operator of the revenue. The large operators can defray the compliance cost across that of an asset pool. The small operators face the compliance cost and they do not have the ability of recovering them with the help of higher rates. Conclusion: The pricing tools of the present in Australia can help in the process of providing of solutions on a basis that is comparative. It can be stated that there does not exist any kind of relation between pricing and that of supply of infrastructure. Lack of direct pricing system means that the managers of the road cannot provide incentive to the high productivity vehicles. The different regulations and standards that exist does not facilitate the process of maximum productivity. The regulations have been designed for protecting critical points in relation to infrastructure. The primary aim of NTC is abiding by the jurisdictions and it only has influence. It cannot approve the different kinds of proposals. Divergence pertaining to ATC can be reported by NTC and suitable measures taken by ATC can address different kinds of inconsistencies. The difficulties in association with implementation can cause frustration for the NTC. It can be said that even when the reforms are implemented consist ently but the regulatory burden can be burdensome. Administrative process along with that of other decisions being duplicated through the jurisdictions can help in dealing with the changing regulations. Recommendations The conditions pertaining to competition along with pricing of the freight forwarders should be regulated that can help in dealing with the changing regulations. Common carrier obligation in relation to railways should not be practiced in freight transportation. The attainment of economic efficiency will need both regulation along with competition which can help in removing some of the barriers. The non-economic regulation in relation to road transport should be confined to the absolute minimum to overcome of the challenges pertaining to freight transportation. References: Alexander, D.W. and Merkert, R., 2017. Challenges to domestic air freight in Australia: Evaluating air traffic markets with gravity modelling.Journal of Air Transport Management,61, pp.41-52. Bandeira, R.A., D'Agosto, M.A., Ribeiro, S.K., Bandeira, A.P. and Goes, G.V., 2018. A fuzzy multi-criteria model for evaluating sustainable urban freight transportation operations.Journal of Cleaner Production,184, pp.727-739. Cui, J., Dodson, J. and Hall, P.V., 2015. Planning for urban freight transport: an overview.Transport Reviews,35(5), pp.583-598. Ghaderi, H., Fei, J. and Cahoon, S., 2015. The impediments to the competitiveness of the rail industry in Australia: the case of the non-bulk freight market.Asia Pacific Journal of Marketing and Logistics,27(1), pp.127-145. Hitchins, D., Castor, T. and Freer, D., 2015, July. Understanding the Queensland freight challenge and why our national highways will continue to be an essential part of the overall freight solution. InAustralian Institute of Traffic Planning and Management (AITPM) National Conference, 2015, Brisbane, Queensland, Australia. Liang, K.Y., van de Hoef, S., Terelius, H., Turri, V., Besselink, B., Mrtensson, J. and Johansson, K.H., 2016. Networked control challenges in collaborative road freight transport.European Journal of Control,30, pp.2-14. McFallan, S. and Higgins, A., 2016. Transit-Road Transport Tool for Mapping Freight Movements. Monczka, R.M., Handfield, R.B., Giunipero, L.C. and Patterson, J.L., 2015.Purchasing and supply chain management. Cengage Learning. Ross, C.L., Amekudzi, A.A., Guhathakurta, S. and Welch, T.F., 2015. Freight Impacts on Small Urban and Rural Areas. Silvestre, B.S., 2015. Sustainable supply chain management in emerging economies: Environmental turbulence, institutional voids and sustainability trajectories.International Journal of Production Economics,167, pp.156-169. SteadieSeifi, M., Dellaert, N.P., Nuijten, W., Van Woensel, T. and Raoufi, R., 2014. Multimodal freight transportation planning: A literature review.European journal of operational research,233(1), pp.1-15.