Chaos In The Currency Markets : Currency Crisis Of The EMS :: essays research papers

Chaos in The Currency Markets : Currency Crisis of The EMS 1. What does the crisis of September 1992 tell you about the relative abilities of currency markets and national governments to influence exchange rates?   Ã‚  Ã‚  Ã‚  Ã‚  The currency markets and national governments both have abilities to influence exchange rates. Like other financial markets, foreign exchange markets react to any news that may have a future effect. Speculators are the part of the currency markets that take currency positions based on anticipated interest rate movements in various countries. Day-to-day speculation on future exchange rate movements is commonly driven by signals of future interest rate movements. By using the signal, speculators usually take the position before the things actually occurred. Sometime, if high power enough, the speculators position can influence the exchange rate movement. The government controls is one of the factors affecting exchange rate. The government can influence the equilibrium exchange rate in many way, including direct intervening (buying and selling currencies) in the foreign exchange markets and indirect intervening by affecting macro variables such as interest rates. 2. What does the crisis of September 1992 tell you about the weakness of fixed exchange rate regimes?   Ã‚  Ã‚  Ã‚  Ã‚  From European currency crisis of September 1992, it shows us that there are weakness of the fixed exchange rate system. When exchange rate are tied, a high interest rate in one country has a strong influence on interest rates in the other countries. Funds will flow to the country with a more attractive interest rate, which reduces the supply of fund in the other countries and places upward pressure on their interest rates. The flow of fund would continue until the interest rate differential has been eliminated or reduced. This process would not necessarily apply to countries outside ERM that do not in the fixed exchange rate system, because the exchange rate risk may discourage the flow of funds to the countries with relatively high interest rate. However, since the ERM requires central banks to maintain the exchange rates between currencies within specified boundaries, investors moving funds among the participating European countries are less concerned about exchange rate risk. 3. Assess the impact of the events of September 1992 on the EU 's ability to establish a common currency by 1999.   Ã‚  Ã‚  Ã‚  Ã‚  A major concern of a common currency is based on the concept of a single European monetary policy. Each country's government may prefer to implement its own monetary policy. It would have to adapt to a system in which it had only partial input to the European monetary policy that would be implemented in all European countries, including its own. Chaos In The Currency Markets : Currency Crisis Of The EMS :: essays research papers Chaos in The Currency Markets : Currency Crisis of The EMS 1. What does the crisis of September 1992 tell you about the relative abilities of currency markets and national governments to influence exchange rates?   Ã‚  Ã‚  Ã‚  Ã‚  The currency markets and national governments both have abilities to influence exchange rates. Like other financial markets, foreign exchange markets react to any news that may have a future effect. Speculators are the part of the currency markets that take currency positions based on anticipated interest rate movements in various countries. Day-to-day speculation on future exchange rate movements is commonly driven by signals of future interest rate movements. By using the signal, speculators usually take the position before the things actually occurred. Sometime, if high power enough, the speculators position can influence the exchange rate movement. The government controls is one of the factors affecting exchange rate. The government can influence the equilibrium exchange rate in many way, including direct intervening (buying and selling currencies) in the foreign exchange markets and indirect intervening by affecting macro variables such as interest rates. 2. What does the crisis of September 1992 tell you about the weakness of fixed exchange rate regimes?   Ã‚  Ã‚  Ã‚  Ã‚  From European currency crisis of September 1992, it shows us that there are weakness of the fixed exchange rate system. When exchange rate are tied, a high interest rate in one country has a strong influence on interest rates in the other countries. Funds will flow to the country with a more attractive interest rate, which reduces the supply of fund in the other countries and places upward pressure on their interest rates. The flow of fund would continue until the interest rate differential has been eliminated or reduced. This process would not necessarily apply to countries outside ERM that do not in the fixed exchange rate system, because the exchange rate risk may discourage the flow of funds to the countries with relatively high interest rate. However, since the ERM requires central banks to maintain the exchange rates between currencies within specified boundaries, investors moving funds among the participating European countries are less concerned about exchange rate risk. 3. Assess the impact of the events of September 1992 on the EU 's ability to establish a common currency by 1999.   Ã‚  Ã‚  Ã‚  Ã‚  A major concern of a common currency is based on the concept of a single European monetary policy. Each country's government may prefer to implement its own monetary policy. It would have to adapt to a system in which it had only partial input to the European monetary policy that would be implemented in all European countries, including its own.

Portrayal of Men and Women in Indian Television Advertising :: Advertisements India Culture Media Essays

Portrayal of Men and Women in Indian Television Advertising Abstract Although gender role portrayals in advertising have been extensively studied in Western and other Asian countries, very few such analyses have been done in India. The study does a systematic analysis of the role portrayal of men and women in Indian television advertising. 128 male role portrayals and 196 female role portrayals are content analyzed for the years 1996, 1999 and 2002. Results show that Indian advertising depicts men and women in traditionally assigned roles of the culture. In several respects, role portrayals in Indian advertising are different from the West but similar to other Asian countries. Role Portrayals of Men and Women in Indian Television Advertising The advertising industry in India is estimated to be Rs 11,000 crore ( ¡Ã‚ §Advertising: Back in Business ¡Ã‚ ¨ Businessworld, August 23, 2004) and growing at a robust pace every year. The expenditure in advertising is used to promote a wide range of products ranging from automobiles to washing machines to personal care products. Although the primary function of advertising is to inform consumers about product attributes and benefits, advertising also functions as a vehicle of socio-cultural communication (Courtney and Whipple 1983). Advertisements link the functional benefits of a product to emotional and social benefits thus creating cultural meaning in the course of communication (Aaker, Batra and Myers 1992). The potential of advertising to reflect cultural roles and norms has been recognized by marketing professionals, who have described advertising metaphorically as a  ¡Ã‚ ¥mirror ¡Ã‚ ¦ of social values (Holbrook 1987; Pollay and Gallagher 1990) or the  ¡Ã‚ ¥looking g lass of masses' (Lantos 1987). Researchers who have analyzed gender portrayals in advertising have found that a society ¡Ã‚ ¦s gender roles and cultural norms are manifested in its advertisements (e.g. Wolin 2003). Gender Role Portrayals in Western advertising Early studies on gender role portrayals in US print advertising documented the presence of a number of stereotypes in the way women and men were depicted in advertising (e.g. Belkaoui and Belkaoui 1976; Courtney and Lockeretz 1971; Sexton and Haberman 1974; Venkatesan and Losco 1975). Studies found that women were found primarily at home or in domestic settings. Women were under represented in working situations and were shown in a narrow range of occupations typically in secretarial, clerical, or blue-collar positions. A large majority of advertisements showed women as preoccupied with physical attractiveness and as sex objects. Men, on the other hand, were shown in a range of occupational roles in settings away from home such as work or outdoors.

Canterville Ghost Summary Essay

The next morning, when the Otis family met at breakfast, they discussed the ghost at some length. The United States Minister was naturally a little annoyed to find that his present had not been accepted. â€Å"I have no wish,† he said, â€Å"to do the ghost any personal injury, and I must say that, considering the length of time he has been in the house, I don’t think it is at all polite to throw pillows at him,†Ã¢â‚¬â€œa very just remark, at which, I am sorry to say, the twins burst into shouts of laughter. â€Å"Upon the other hand,† he continued, â€Å"if he really declines to use the Rising Sun Lubricator, we shall have to take his chains from him. It would be quite impossible to sleep, with such a noise going on outside the bedrooms.† For the rest of the week, however, they were undisturbed, the only thing that excited any attention being the continual renewal of the blood-stain on the library floor. This certainly was very strange, as the door was always locked at night by Mr. Otis, and the windows kept closely barred. The chameleon-like colour, also, of the stain excited a good deal of comment. Some mornings it was a dull (almost Indian) red, then it would be vermilion, then a rich purple, and once when they came down for family prayers, according to the simple rites of the Free American Reformed Episcopalian Church, they found it a bright emerald-green. These kaleidoscopic changes naturally amused the party very much, and bets on the subject were freely made every evening. The only person who did not enter into the joke was little Virginia, who, for some unexplained reason, was always a good deal distressed at the sight of the blood-stain, and very nearly cried the morning it was emerald-green. The second appearance of the ghost was on Sunday night. Shortly after they had gone to bed they were suddenly alarmed by a fearful crash in the hall. Rushing down-stairs, they found that a large suit of old armour had become detached from its stand, and had fallen on the stone floor, while seated in a high-backed chair was the Canterville ghost, rubbing his knees with an expression of acute agony on his face. The twins, having brought their pea-shooters with them, at once discharged two pellets on him, with that accuracy of aim which can only be attained by long and careful practice on a writing-master, while the United States Minister covered him with his revolver, and called upon him, in accordance with Californian etiquette, to hold up his hands! The ghost started up with a wild shriek of rage, and swept through them like a mist, extinguishing Washington Otis’s candle as he passed, and so leaving them all in total darkness. On reaching the top of the staircase he recovered himself, and determined to give his celebrated peal of demoniac laughter. This he had on more than one occasion found extremely useful. It was said to have turned Lord Raker’s wig grey in a single night, and had certainly made three of Lady Canterville’s French governesses give warning before their month was up. He accordingly laughed his most horrible laugh, till the old vaulted roof rang and rang again, but hardly had the fearful echo died away when a door opened, and Mrs. Otis came out in a light blue dressing-gown. â€Å"I am afraid you are far from well,† she said, â€Å"and have brought you a bottle of Doctor Dobell’s tincture. If it is indigestion, you will find it a most excellent remedy.† The ghost glared at her in fury, and began at once to make preparations for turning himself into a large black dog, an accomplishment for which he was justly renowned, and to which the family doctor always attributed the permanent idiocy of Lord Canterville’s uncle, the Hon. Thomas Horton. The sound of approaching footsteps, however, made him hesitate in his fell purpose, so he contented himself with becoming faintly phosphorescent, and vanished with a deep churchyard groan, just as the twins had come up to him. On reaching his room he entirely broke down, and became a prey to the most violent agitation. The vulgarity of the twins, and the gross materialism of Mrs. Otis, were naturally extremely annoying, but what really distressed him most was that he had been unable to wear the suit of mail. He had hoped that even modern Americans would be thrilled by the sight of a Spectre in armour, if for no more sensible reason, at least out of respect for their natural poet Longfellow, over whose graceful and attractive poetry he himself had whiled away many a weary hour when the Cantervilles were up in town. Besides it was his own suit. He had worn it with great success at the Kenilworth tournament, and had been highly complimented on it by no less a person than the Virgin Queen herself. Yet when he had put it on, he had been completely overpowered by the weight of the huge breastplate and steel casque, and had fallen heavily on the stone pavement, barking both his knees severely, and bruising the kn uckles of his right hand. For some days after this he was extremely ill, and hardly stirred out of his room at all, except to keep the blood-stain in proper repair. However, by taking great care of himself, he recovered, and resolved to make a third attempt to frighten the United States Minister and his family. He selected Friday, August 17th, for his appearance, and spent most of that day in looking over his wardrobe, ultimately deciding in favour of a large slouched hat with a red feather, a winding-sheet frilled at the wrists and neck, and a rusty dagger. Towards evening a violent storm of rain came on, and the wind was so high that all the windows and doors in the old house shook and rattled. In fact, it was just such weather as he loved. His plan of action was this. He was to make his way quietly to Washington Otis’s room, gibber at him from the foot of the bed, and stab himself three times in the throat to the sound of low music. He bore Washington a special grudge, being quite aware that it was he who was in the habit of removing the famous Canterville blood-stain by means of Pinkerton’s Paragon Detergent. Having reduced the reckless and foolhardy youth to a condition of abject terror, he was then to proceed to the room occupied by the United States Minister and his wife, and there to place a clammy hand on Mrs. Otis’s forehead, while he hissed into her trembling husband’s ear the awful secrets of the charnel-house. With regard to little Virginia, he had not quite made up his mind. She had never insulted him in any way, and was pretty and gentle. A few hollow groans from the wardrobe, he thought, would be more than sufficient, or, if that failed to wake her, he might grabble at the counterpane with palsy-twitching fingers. As for the twins, he was quite determined to teach them a lesson. The first thing to be done was, of course, to sit upon their chests, so as to produce the stifling sensation of nightmare. Then, as their beds were quite close to each other, to stand between them in the form of a green, icy-cold corpse, till they became paralyzed with fear, and finally, to throw off the winding-sheet, and crawl round the room, with white, bleached bones and one rolling eyeball, in the character of â€Å"Dumb Daniel, or the Suicide’s Skeleton,† a _rà ´le_ in which he had on more than one occasion produced a great effect, and which he considered quite equal to his famous part of â€Å"Martin the Maniac, or the Masked Mystery.† At half-past ten he heard the family going to bed. For some time he was disturbed by wild shrieks of laughter from the twins, who, with the light-hearted gaiety of schoolboys, were evidently amusing themselves before they retired to rest, but at a quarter-past eleven all was still, and, as midnight sounded, he sallied forth. The owl beat against the window-panes, the raven croaked from the old yew-tree, and the wind wandered moaning round the house like a lost soul; but the Otis family slept unconscious of their doom, and high above the rain and storm he could hear the steady snoring of the Minister for the United States. He stepped stealthily out of the wainscoting, with an evil smile on his cruel, wrinkled mouth, and the moon hid her face in a cloud as he stole past the great oriel window, where his own arms and those of his murdered wife were blazoned in azure and gold. On and on he glided, like an evil shadow, the very darkness seeming to loathe him as he passed. Once he thought he heard something call, and stopped; but it was only the baying of a dog from the Red Farm, and he went on, muttering strange sixteenth-century curses, and ever and anon brandishing the rusty dagger in the midnight air. Finally he reached the corner of the passage that led to luckless Washington’s room. For a moment he paused there, the wind blowing his long grey locks about his head, and twisting into grotesque and fantastic folds the nameless horror of the dead man’s shroud. Then the clock struck the quarter, and he felt the time was come. He chuckled to himself, and turned the corner; but no sooner had he done so than, with a piteous wail of terror, he fell back, and hid his blanched face in his long, bony hands. Right in front of him was standing a horrible spectre, motionless as a carven image, and monstrous as a madman’s dream! Its head was bald and burnished; its face round, and fat, and white; and hideous laughter seemed to have writhed i ts features into an eternal grin. From the eyes streamed rays of scarlet light, the mouth was a wide well of fire, and a hideous garment, like to his own, swathed with its silent snows the Titan form. On its breast was a placard with strange writing in antique characters, some scroll of shame it seemed, some record of wild sins, some awful calendar of crime, and, with its right hand, it bore aloft a falchion of gleaming steel. Never having seen a ghost before, he naturally was terribly frightened, and, after a second hasty glance at the awful phantom, he fled back to his room, tripping up in his long winding-sheet as he sped down the corridor, and finally dropping the rusty dagger into the Minister’s jack-boots, where it was found in the morning by the butler. Once in the privacy of his own apartment, he flung himself down on a small pallet-bed, and hid his face under the clothes. After a time, however, the brave old Canterville spirit asserted itself, and he determined to go and speak to the other ghost as so on as it was daylight. Accordingly, just as the dawn was touching the hills with silver, he returned towards the spot where he had first laid eyes on the grisly phantom, feeling that, after all, two ghosts were better than one, and that, by the aid of his new friend, he might safely grapple with the twins. On reaching the spot, however, a terrible sight met his gaze. Something had evidently happened to the spectre, for the light had entirely faded from its hollow eyes, the gleaming falchion had fallen from its hand, and it was leaning up against the wall in a strained and uncomfortable attitude. He rushed forward and seized it in his arms, when, to his horror, the head slipped off and rolled on the floor, the body assumed a recumbent posture, and he found himself clasping a white dimity bed-curtain, with a sweeping-brush, a kitchen cleaver, and a hollow turnip lying at his feet! Unable to understand this curious The whole thing flashed across him. He had been tricked, foiled, and out-witted! The old Canterville look came into his eyes; he ground his toothless gums together; and, raising his withered hands high above his head, swore according to the picturesque phraseology of the antique school, that, when Chanticleer had sounded twice his merry horn, deeds of blood would be wrought, and murder walk abroad with silent feet. Hardly had he finished this awful oath when, from the red-tiled roof of a distant homestead, a cock crew. He laughed a long, low, bitter laugh, and waited. Hour after hour he waited, but the cock, for some strange reason, did not crow again. Finally, at half-past seven, the arrival of the housemaids made him give up his fearful vigil, and he stalked back to his room, thinking of his vain oath and baffled purpose. There he consulted several books of ancient chivalry, of which he was exceedingly fond, and found that, on every occasion on which this oath had been used, Chanticleer had always crowed a second time. â€Å"Perdition seize the naughty fowl,† he muttered, â€Å"I have seen the day when, with my stout spear, I would have run him through the gorge, and made him crow for me an ’twere in death!† He then retired to a comfortable lead coffin, and stayed there till evening.