Friday, January 24, 2020
The Structure of a Financial Crisis Essay -- Economics Economy Finance
The Structure of a Financial Crisis INTRODUCTION           The year 2001 had been unlucky for Turkey. Apart from the crisis in 1994 and November 2000, the country had to face another financial crisis, causing problems in the management of its economy. Why does a country delve deep into financial crisis? What are the possible immediate triggers for both the current and potential new crises? What precautions should be taken for the key issues like the fragility of the financial and banking system, belated reforms and privatisation, rampant corruption, exchange rate policy? And how can the governments satisfy the markets and people to undertake these reforms? The current crisis has not hit the country overnight. This article figures out the weakness of the system, years of neglect and mismanagement, possible solutions for other developing countries. One has to bear in my mind that even evaluating the aftermath of the 1994 crisis, Turkey was a rising star, with aspirations towards full membership to the European Union. Among the potential applicants of EU membership, - mostly the Transition Economies of Eastern Europe- Turkey was the mere applicant with a functioning Customs Union with the EU back in 1995. With a relatively large and dynamic market, having high hopes for rapid economic and social progress, Turkey seemed a valuable candidate for the European Integration. Now after the 2000 November and 2001 February crises, the shrinking of the economy suggests that Turkey can only catch up with the figures of year 2000, as far as the year 2004, let alone the EU membership and further growth. To indicate why such a failure has been suffered, we have to go back to the roots of mismanagement. And that begins with the problems of Privatisation practices. THE INITIATION OF PRIVATISATION Privatisation has proved to be a successful method for improving institutions and maintaining corporate efficiency all around the world. But under certain conditions either privatised firms can get into serious difficulties or delaying the privatisation programs could trigger economic crises, together with the impact caused by years of mismanagement, not undertaking the progressive reforms and corruption - as experienced in some of the transition economies of Eastern Europe, Central Asia, Far East, and as is the case in this article, in Turkey THE FIRST ... ...90, January 2000, William Davidson Institute. †¢Ã‚     Feldstein, Martin "Refocusing the IMF," Foreign Affairs, March/April 1998, pp. 20-33. †¢Ã‚     Harris- White, Barbara and White, Gordon (eds.), ''Liberalization and the New Corruption,'' IDS Bulletin, Vol. 27 No: 2 , 1996 †¢Ã‚     Nas, F. Tevfik and Odekon, Mehmet (eds.) '' Liberalization and the Turkish Economy'' 1988, Greenwood Publishing Group. †¢Ã‚     Rittenberg, Libby, (ed.) ''The Political Economy of Turkey in the Post-Soviet Era: Going West and Looking East?'' 1998 Praeger Publishing †¢Ã‚     Shaker, Sallama State, Society and Privatisation in Turkey, 1979-1990 (Woodrow Wilson Center Special Studies)1995 Johns Hopkins Univ. Pr. †¢Ã‚     Togan, Subidey, Balasubramanyam, V.N. (Eds.) ''The Economy of Turkey Since Liberalization,'' 1996 Palgrave Publishing. †¢Ã‚     Ucer, E. Murat " Monetary Policy Practice in Turkey: From the 1994 Crisis to the Present." October 1999, mimeo, Credit Suisse First Boston, Emerging Markets Economic Research †¢Ã‚     Vishwanath, T. and Kaufmann, D. "Toward Transparency: New Approaches and their Application to Financial Markets", The World Bank Research Observer, Volume 16, No.1, Spring 2001.
Thursday, January 16, 2020
Public Finance Essay
The city of Eugene has been in a critical position due to budget crisis. Apparently, the city of Eugene has spent more of its resources, which is higher than what the city government has determined to be the budget under the public financing system. Since then, the city government has decided to implement a new approach in dealing with the finances of the city, which was called the â€Å"budgeting for outcomes†approach. The city government of Eugene has employed the services of Public Strategies Group – an institution acting as a financing consultant based in St. Paul, Minnesota – which recommended the need to cut down spending and limit the budget to expenditure that are agreeable to the citizens. This means that the public financing system will only allocate budget according to the priorities of the city, determined by its constituents. (Russo, 2007)            The concept of â€Å"budgeting for outcomes†constitutes the genuine essence of public financing and budgeting. It establishes the ideal dimensions of what public financing should be. With this in mind, it is appalling to think that the city government of Eugene only determined the flaws in their public financing system only after experiencing crisis in their budget scheme – which is much difficult to reverse, than situations wherein detection and prevention would have sufficed. Setting this thought aside, the agreeable point in the public finance approach is that the city is willing to implement a responsible method or technique in fixing the public financing system to sustain resources by means of controlling the city’s expenses.            The â€Å"budgeting for outcomes†approach is a responsible means of handling the city’s budget because it will be allocated only to the demands of the city, concentrating on needs and wants and eliminating operating cost for unnecessary features or entities. Moreover, Eugene has viewed the matter logically by determining a plan that will ensure the success of the public financing project. The city government, along with its hired consultant, has formulated several steps in order to realize the purpose of the â€Å"budgeting for outcomes†approach. First, the city government will review all areas (schools, libraries, health care institutions, law enforcement institutions, etc.) within the dimensions of Eugene that have been receiving funds from the public budget. All areas will be evaluated or assessed in order to determine how roles and responsibilities of each institution are being carried out. This will help the city government determine what areas within the city to focus on and prioritize. (Russo, 2007)            Second, allocating budget for different areas within the city will be decided upon based on the goals and objectives of the city council. The city government of Eugene has decided to align public spending with the goals and objectives upheld by city council. Third, spending will be based on what the citizens need and demand, such as public safety, health care, education, transport systems, etc. Fourth, the city government will harness all the help or assistance it can get from other institutions (public or private), in order to determine flaws or improvements for the â€Å"budgeting for outcomes†plan. (Russo, 2007)            The four considerations that the city government is willing to focus on veers away from the concepts of traditional budgeting, setting the desirability of the â€Å"budgeting for outcomes†approach. Moreover, it improves the face of public financing by focusing on the outcomes that will benefit the city and its constituents, rather than concentrating on how the budget will allocated. It is sensitive to the needs and demands of the city, therefore, transforming it into a people-based and outcome-based public financing system. These ideas establish the positive backdrop of Eugene’s plan for public financing.            However, although the positive side of the approach has been presented through and through, it is important to confront the impending risks and threats in implementing such an approach. This concern lies in the true meaning of responsibility. Rationality and logic in prioritizing what areas to spend for requires the responsibility and ability to place the more important things ahead of superficialities. The problem of the â€Å"budgeting for outcomes†approach is the decision-making process imposed by the citizens. These decisions should be true priorities – that is, priorities that genuinely provide the best results that the city will benefit from – and not those that promote personal vested interests. Therefore, to implement an effective â€Å"budgeting for outcomes†approach, it needs not only a carefully made plan, but also a responsible and rational city government and citizenry. References  Russo, E. (2007). City Trying New Approach to Budget. The Register Guard, C19. Retrieved            from the Gale Group via Questia. Website: http://www.questia.com/read/5024242890
Wednesday, January 8, 2020
Online Article On Online Privacy - 1587 Words
ISRAEL DASNEY ALCANTARA ENGLISH COMPOSITION I 12/03/16 Online Privacy Claim The creation and foundation of the consistent utilization of the web in the previous couple of decades has really upset socialization and has changed culture the world over fundamentally. Individuals can discover data at the snap of a catch, or send messages to somebody over the world with another basic snap. â€Å"†¦The web has turned into a fundamental piece of individuals lives all over the place and of the worldwide economy. All the more as of late, the creation of informal organizations has cleared over the web†¦Ã¢â‚¬ (Shaw, 12). Presently, individuals utilize informal organizations to associate with other individuals, and they likewise utilize interpersonal organizations to basically put their whole lives on the web. Not just do your fundamental informal organizations, as Facebook, Twitter, Instagram, and so on have the capacity for somebody to go on and make a profile, however numerous different sites require enrollment and profile creation. As a result of this, individuals will put their own data on these sites, and in this way it is regularly accessible to anyone on the planet since it is on the web. This can turn into a major issue as data fraud, and can likewise prompt to theft and stalking. Individuals could utilize your own data and attempt to discover private, essential numbers for charge cards or financial balances, which even prompts to burglary in outrageous cases. Qualifier(s) In case ofShow MoreRelatedOnline Article On Online Privacy2954 Words  | 12 Pages Online Privacy Institutional affiliation â€Æ' Online Privacy The internet is a very useful tool to help almost all of the individuals in their daily life activities. With the advent of the internet, people are also able to talk to their loved ones who are living in the far-flung areas. Employers are also recruiting the employees from the different areas of the world to increase diversity in their teams. Because of all these activities, it is critical for the people to protect their identities whileRead MoreHow Technology Has Become Increasingly Globalized And Is Now A Key Utility1491 Words  | 6 Pagestheir personal information online. What many fail to recognize is that tech companiesâ€â€such as Facebook and Googleâ€â€track their online activity and are incessantly storing and selling their information. A user may also willingly offer their information to these companies when they ask for it under the guise of personalizing the user’s experience. Often times the user’s information is sold to feature advertisements th at are tailored to them, however, the tracking and mass online surveillance are endangeringRead MoreIs The Absolute Security On The Internet?1561 Words  | 7 Pagesalmost everybody in the world who does social networking or goes online Nowadays, many people experience problems regarding privacy on technology, such as the Internet. With technology, people can do all sorts of things and socialize with people from different places. However, people shouldn’t trust digital technology so easily when it involves disclosure of private information. With digital technology being so advanced today, people’s privacy is in danger that demonstrates cybersecurity, tracking, andRead MoreEssay on Internet Privacy1325 Words  | 6 PagesInternet Privacy It has become a sad and upsetting fact that in today’s society the truth is that the right to one’s privacy in the I.T (information technological) world has become, simply a joke. In an electronic media article â€Å"No place to hide†, written by James Norman, two interesting and debatable questions were raised: ‘Are we witnessing the erosion of the demarcation of public and private spaces brought on by the networked economy and new technology?’ Also, ‘What roles do government, industryRead MoreInternet Privacy1375 Words  | 6 PagesA Right to Privacy? What a Joke! It has become a sad and upsetting fact that in todays society the truth is that the right to ones privacy in the I.T (information technological) world has become, simply a joke. In an electronic media article No place to hide, written by James Norman, two interesting and debatable questions were raised: ‘Are we witnessing the erosion of the demarcation of public and private spaces brought on by the networked economy and new technology? Also, ‘What rolesRead MoreGoogle Vs. Google Privacy Policy1349 Words  | 6 Pageslike Google and others collect and store individual customer profile as a requirement to provide free services like search, webmail, web storage and social networking services. Official Google Privacy policy states: â€Å"When you use Google services, you trust us with your information.†. (Google) Google privacy policy is built on the opt-out requirement and they influence their customer to implicitly trust it with their personal data. Google claims in their mission statement that â€Å"Google’s mission isRead MoreThe Impact Of Technology On The Privacy Essay857 Words  | 4 PagesHoltzman, David H. Technology Threatens Privacy. Privacy Lost: How Technology Is Endangering Your Privacy. San Francisco, CA: Jossey-Bass, 2006. Rpt. in Civil Liberties. Ed. Roman Espejo. Detroit: Greenhaven Press, 2009. Opposing Viewpoints. Opposing Viewpoints in Context. Web. 18 Oct. 2016. This article discusses how technology causes a threat to people’s privacy. The author explains how anything we have ever put on the internet whether it was deleted or not is still out there in someone’s databaseRead MoreExploiting Loss Article Review : A Study Of Death And Grief Online1493 Words  | 6 PagesExploiting Loss Article Review There are many ethical issues when considering how to handle research on grief and bereaving on social media and blogs. Do the bloggers and users of social media have the same rights to privacy that people have when the source is paper/written? This article, Exploiting Loss?: Ethical Considerations, Boundaries, and Opportunities for the Study of Death and Grief online, focuses on six ethical issues when studying death and grief online: privacy and anonymity; researcherRead MoreArticle Review: Electronic Commerce Essay1164 Words  | 5 PagesThe World Wide Web(WWW)has been providing extensive opportunities for merchants to conduct their businesses online. Electronic commerce is a new form of online exchange in which most transactions occur among parties that have never met. As in traditional exchanges, concerns about trust have been identified as a barrier to customer for engaging in e-commerce and a barrier for the success of electronic commerce. In the traditional market, a typical customer would be limited to choosingRead MoreA Weekly Magazine Newsweek By Kevin Maney773 Words  | 4 PagesThis article was published in an Americsn weekly magazine Newsweek by the well known author Kevin Maney, and it was published in 26th of June, 2015. Newsweek is a well-known, famous, second largest weekly popular magazine in USA. This article is pretty uptodate from 2015. The author of this article Kevin Maney is a credible, best-selling author, award-winning columnist, and musician. He writes a weekly column about technology and society for Newsweek, appearing both online and in the printed magazine
Subscribe to:
Posts (Atom)