Critical Analysis Of The Current Performance Management Business Essay - Free Essay Example

Sample details Pages: 8 Words: 2544 Downloads: 4 Date added: 2017/06/26 Category Management Essay Type Analytical essay Did you like this example? To perform well in this assignment, you are expected to satisfy the assessment criteria identified in the matrix provided above. You should also research widely using a wide variety of articles relevant to the topic, with a minimum of ten (10) peer-reviewed scholarly journal articles. Wikipedia sources and other www source materials are not recognised as reliable reference sources. (For assistance in accessing such papers, students should access the CQU Librarys website.) Details Read the case study below. Provide an analysis of the case study below. Your paper should provide a critical analysis of the current performance management (PM) practices in the organisation. Your analysis should reflect current thinking and practice in international human resource management (IHRM) and the differentiating factors that warrant analysis in IHRM. It should include comment on the influencing functions such as staffing, training and development, employment relations, organisation and national culture and other relevant issues that may impact on the PM model. Don’t waste time! Our writers will create an original "Critical Analysis Of The Current Performance Management Business Essay" essay for you Create order Do not answer the guide questions individually, but rather use them as a guide for your analysis, recommendations, if any, and conclusion. Global talent management at Standard Chartered Bank Standard Chartered bank has turned the emerging talent and skills shortage challenge around. Standard Chartered, an international retail and corporate bank with headquarters in London, derives 90 percent of its profits from emerging markets in Asia, Africa and the Middle East. With Standard Chartereds declared goal of measurably increasing leadership capacity by 2011, the bank faces major global HR challenges. An additional challenge is that it must recruit people from countries where there is a limited, often non-existent, pool of banking talent with the requisite skills and experience. Aware of the enormous talent management challenge, HR understands that the bank needs to create its own talent factory and do a number of critical things right. First, it needs the endorsement and emotional commitment of the CEO, regional business teams, and country CEOs. The talent management processes of acquiring, developing, and retaining people must become core strategic objectives of the bank and part of everything that managers do in every market in the world. Second, building a talent pool is a long-haul journey. For Standard Chartered, that translates into simple core processes, minimum standards, and reliable data so that managers can have acceptable country conversations on how to best manage talent in their part of the world. While introducing global standards and tools, managers in the emerging markets are given some latitudes to decide how to implement HR practices around talent. With 9 000 line managers, who tend to be rational and data-based bankers rather than touchy-feely types of people, an HR decision to focus on hard data as the source of action is a good fit. The result is a Human Capacity Scorecard, introduced in 2005. It has now grown to an extensive database that contains detailed work force information regarding the effectiveness of people processes and their impact on business performance for each business unit and country. The data are manage d through a Shared Service Centre in India. Employees are classified into one of four categories, ranging from high-potentials to underperformers. This helps managers better understand what they need to do to support their local talent and plan for the future talent needs of the bank. Third, because of the absence of skilled talent in the emerging markets in which they operate, Standard Chartered made the decision to focus on the strengths of its people (whether potential recruits or employees) rather than on traditional HR competency models. Since people perform best when they play to their strengths, it matches the strengths of its employees with the appropriate competency requirements of the positions to be filled. Finally, Standard Chartered uses a structured interview process to get leaders to play to their best skills, creates profiles to increase self-awareness, and offers coaching and self-help tools for improvement. Because leadership development is imperative for sus tainability, growth and a satisfied work force, they focus on the creation of an internal pipeline of people who can accelerate their personal development and assume leadership roles at a rapid pace. Combining executive commitment, standard processes, a data-driven Human Capital Scorecard, a focus on the strengths of its labour pool and an ongoing development of the leadership pipeline, HR is strategically managing the talent factory essential for the banks future success. Guild Questions 1. How does Standard Chartered Banks leadership development talent factory differ from traditional methods of developing leaders in Multi-National Enterprises (MNEs)? 2. What arguments would you put for or against Standard Chartered Banks process for acquiring, developing, and retaining employees to assume future leadership roles within the bank? 3. While Standard Chartered Bank has introduced global standards and tools, managers in the emerging markets are given some latitudes to decide how to implement HR practices around talent. Which HR practices would you recommend the bank standardise and which would you recommend allowing managers to vary in relation to managing talent in the banks emerging markets? 1.1 Human resources management: An historical perspective In order to find the first root of a working structure, we have to analyze the Middle-Ages. Indeed, Clermont Barnabà © (1981, pp.27-51) highlights the first traces of productivity and the delegation of duties at this time. It is hardly surprising that a certain notion of human resources management might have found. Indeed, we can highlight the first foundation of the working structure that we currently know with both status masters and serfs. However, this relation was not the more desirable for the serfs but it was possible to underline different social classes. Even though the concept of slave that we unfortunately know might seem quiet close of serf, there is a fundamental distinction because the latter enjoyed certain right that enables them to have a more favourable situation than the slaves; they were allowed to go to court, to participate to a contract and so forth (Microsoft Encarta, 2008). Moreover, the owners status depended upon the number of slaves what serfs was not and therefore, it shows us that they were considered more as the current concept of tools, machines, and so forth; included within the capital. At this period, a certain organization could be viewed with the development of guild a medieval association with two distinctions for merchants and craftsmen. (Microsoft Encarta, 2008) The organization inside is strictly hierarchical and controlled where three different classes of workers interacted. The master was at the top of the hierarchy but he was involved in the daily work with journeymen who were able to become a master in the future. Of course, they were at an intermediary level but the apprentice was at the bottom of the scale and occupied the worst position. This latter grade was compulsory. This association marked the real beginning of the human resources management because these three aforementioned classes formed a high close-knit group. Therefore, it was possible to emphasize a certain degree of specialisation in order t o produce and it enables them to interact between holders and workers. Talent management : art or science ? Fang Fang Li and Pierre Devos 16 Nevertheless, this situation evolved with the emergence of numerous events. Indeed, since the beginning of the 18th century, the new invention such as mechanization, the growing concentration within the towns, and the shift about organization for the production appeared. These new influences enable the transition from the domestic system to factory system. Indeed the mechanization does not enable workers to work at home anymore and a fundamental shift took place: the human moved through a defined location. The consequences for the human resources management were deep. Indeed, this period developed an interdependence of each position and duties. For instance, it was necessary to start and to finish the work more or less at the same time and therefore to set rules in order to develop an environment with a gathering of people. The human resourc es management knew during the second half of 20th century and during the first years of the 21st century a quiet growing evolution, highly diversified upon an international dimension and deep about the mentalities and/or relations between work and capital. Indeed the HRM is marked by the link between the respective interests for workers and the capital holders; these interests are rarely spontaneously convergent and sometimes quiet difficult to reconcile. This situation might be a source of tensions and frustration. (Leys, 2005) 1.2 Evolution of the Human resource function The evolution of HR function mainly experienced three stages: the personal department stage, the strategic human resource stage and talent management stage (Bersin, 2006). The graphic quoted from Bersins article named ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¢talent management, what is it? Why now?ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬- can illustrate these three stages quite clear. Talent management : art or science ? Fang Fang Li and Pierre Devos 17 Figure 3: Evolution of the HR Function (Resource from: talent management, what is it? Why now? Bersin, 2006) Stage 1: personal department The ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¢Personnel DepartmentÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬- was existed in organization during the 1970s and 1980s, which the business function was responsible for people. This department acted the role as hiring employees, pay for the salary, and make sure they had the necessary benefits. The systems which grew up to support this function were batch payroll systems. In this role, the personnel department was a well understood business function, the talent management is not involved as well as the human resource management. Stage 2: strategic human resource department During the 1980s and 1990s, the concepts of ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¢Strategic HRÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬- emerged. In this stage, people in the organizations realized the much larger function of HR: job role design, organization design, recruiting and training the best employees, ensuring they are high Talent management : art or science ? Fang Fang Li and Pierre Devos 18 performers, dealing with performance issues, and ensuring your personnel and management practices conform to various regulations. Their activities also include carrying out the compensation packages including welfare, insurance, benefits, stock options and bonuses. In this role, the HR department became more than a business function: it is a business partner, reaching out to support lines of business, the emergence of the recruiting, training and performance management has some certain connected with the talent management. Stage 3: talent management We are now in the new stage: Talent Management. While strategic HR continues to be a major function, but more focus on a new set of strategic issues:  · How can we make our recruiting process more efficient and effective?  · How can we indentify the talents ability and potential, make sure they are put in the right position?  · How can we provide a learning organization that develops our talent?  · How can we reinforce our system and company culture to keep this talent? These new challenging issues require new processes and systems. It requires the integration between these processes and companys business strategy. Top leadership and HR involvement are essential, a talent mindset and capabilities must be embedded and sustained throughout the organization, and everyone in the organization should enlist in nurture and breed the talent. Creating and developing the talent through the process in this factory has become collective responsibility . The HR function is integrated with the business strategy in a real-time fashion. 1.3 A globally workforce trend When we come to the twenty-first century, the business environment has been completely ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¢reinventedÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬-. The increasingly sophisticated computers technology is just one of the core shifts in how companies operate and succeed. For most of the company, human resource has become the major source of value. In the knowledge-based economy of twenty-first Talent management : art or science ? Fang Fang Li and Pierre Devos 19 century, human capability determines the winner and loser in todays global markets. Indeed, it is a necessary condition for which companies depends on, compete for and success. For a growing number of companies, competitive advantage lies in the ability to create a profit driven not by cost efficiency but by the ideas and intellectual know-how. The idea, knowledge, and skills from these people give the potential to produce value for company. Even though more and more people and organizations have realized the i mportance of human capital in the company, they dedicated millions of money to build their human resource system and supporting HR management. However, many companies complain that they do not have talented employees in their companies. Indeed, Susan Rider (2008, p19) complains the difficulty to hire talent in her text ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¢a treasure of talentÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬- by saying: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¢this (talent) has become a problem for managers in many industries, and is exacerbated by employers that donÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸t take pains to vet their prospects.ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬- This situation of job-hopping is very common in most of companies or more globally in certain industries. One of the important reasons we think is the lack of attention paid on the shift of labor force market. There are three remarkable changes of the labor force market in a global level during the past decades. The nature of work is shifting The nature of the work shifts from the reliance of manual work towards to knowledge-based work. In other words, the primary value of a company has shifted from tangible to intangible assets. Over the last twenty years, along with the opening of new markets, the economy of the developed world has taken a revolution in the nature of work and where and how value is created. It has propelled fundamental changes in ways of working, the nature of production and value creation. Modern organizations own and employ fewer of the basic inputs of production than they did twenty years ago, and they generally produce a much smaller proportion of their output directly in their own facilities. As Peter Cheese mentioned in his new book ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¢The talent powered organizationÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬-, twenty-five years ago, eighty percent of a typical companys market value was based on its tangible assets, such as machinery and facilities. Only a small part of its value was attributed to intangible assets. Nevertheless, today things had been reversed. On average across all industries, only around twenty to thirty percent of value is attributable to tangible assets (Cheese, Talent management : art or science ? Fang Fang Li and Pierre Devos 20 2007). The greatest part of a typical companys value comes from intangibles, including its unique knowledge, capability, production process, service, logistic, marketing and relationships with clients and suppliers, its brand value and reputation. Almost all of these intangible assets are driven by human talent. That is why General Electric Company make its business slogan as ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¢great people plus great team is moneyÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬-. The CEO of GE company Jeff Immelt mentioned: The initiative we are driving now is organic growth, if that is your initiative, it doesnÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¸t make sense to be training people exactly the same way you trained the m in past. So we identified about 15 companies that had grown at three times the rate of GDP, and asked them what they had in common, it was five things: external focus, decisiveness, inclusiveness, risk-taking and domain expertise. So we reoriented the way we evaluate and train along those lines. (Colvin, 2006) As he suggested the focus on the competencies that are crucial to the companys future business needs rather than focus on broad area. Skill shortage and aging population In business world, the labor shortage is a highly contentious issue. Many human resource professionals pointed out a sl Adapted from Briscoe DR, Schuler RS, Claus L 2009. International Human Resource

Symbolism In A Christmas Carol By Charles Dickens

The story, A Christmas Carol by Charles Dickens is a classic, and many of the ideas within remain quite relevant to today’s world. As a part of Dickens’ main intentions of writing, he likes to make the audience feel the story, rather than think about it and I definitely believe that he captures this true essence. â€Å"A Christmas Carol is an extravagantly symbolic thing - as rich in symbols as Christmas pudding is rich in raisins†(Farber), and as this story dives in, many are able to see that Scrooge is just a cover to highlight the real issues revolving around greed, selfishness, and neglect. Along with the destruction shown within Scrooge throughout the story, we are able to see the destruction throughout all mankind. The world of†¦show more content†¦After reading, we are able to see the connection between the fate of Scrooge and the fate of the boy- if the wealthy do not help out the poor, the poor are sure to struggle. We are granted the presence of a few surprise visitors: â€Å"Ignorance† and â€Å"Want† who take the stage as children, likely to make the readers more sympathetic. They may be minor and a part of the Ghost of Christmas Present but are in themselves two very important characters in Scrooge’s realization. Scrooge’s first reaction to the children whose scowling, wolfish† (ACC Stave Three) features radiate the resentment, bred in the underclasses was fear and anxiety. He had no words but to ask the Spirit if they were his, to which the Spirit claimed that they are â€Å"the Man’s† and went on [...] â€Å"This boy is Ignorance. This girl is Want. Beware them both, and all of their degree, but most of all beware this boy, for on his brow I see that written which is Doom, unless the writing be erased. Deny it! (ACC Stave Three)† From these two children we are able to see the timid deception that they put off; Rather, the boy and the girl are ruthless and they portray what happened to those who became evil and corrupted by the world. Using Scrooge’s response, â€Å"Have they no refuge or resource? (ACC Stave Three)† the Ghost is able to use Scrooge’s previous words supporting prisons and workhouses against him. These words and his newfound feelings towards Tiny Tim madeShow MoreRelatedA Christmas Carol Essay1010 Words   |  5 PagesA Christmas Carol was written by Charles Dickens in 1843. Life for the lower class during this time was extremely hard because of enormous amounts of illnesses, young children worked and no education. A Christmas Carol was set in mid 19th century, during this time people had a really bad time; most of the people was unemployed and the people who were employed were paid deficiently, others were seasonal or casual, which meant they were when work was available so most of the families lived in povertyRead MoreSocial Criticism In A Christmas Carol By Charles Dickens765 Words   |  4 Pagesbehind the world renowned classic, A Christmas Carol. Charles Dickens, born on February 7, 1812, spent the first nine years of his life living in southeast England with his father John, who was kind and likable man, although financially irresponsible. After moving to London, the twelve-year-old Dickens had his father arrested and set to debtors’ prison where his mother moved seven of their children, but arranged for Charles to live alone outside the prison. Charles spent three traumatic years away fromRead MoreEssay on The Personality of Scrooge1338 Words   |  6 PagesEbenezer Scrooge is the major character in the story, A Christmas Carol written by Charles Dickens. A Christmas Carol is about how a â€Å"cold-hearted, tight fisted, selfish† money grabbing man is offered an opportunity of a life time, to change his behaviour, attitude... to have a second chance in life. The theme of this novella is to look at the good you do in life and how it carries over after your death. The moral of the book is; People can make changes in their lives whenever they really wantRead MoreThe Personality of Scrooge Essay example1341 Words   |  6 PagesEbenezer Scrooge is the major character in the story, A Christmas Carol written by Charles Dickens. A Christmas Carol is about how a â€Å"cold-hearted, tight fisted, selfish† money grabbing man is offered an opportunity of a life time, to change his behaviour, attitude... to have a second chance in life. The theme of this novella is to look at the good you do in life and how it carries over after your death. The moral of the book is; People can make changes in their lives whenever they really wantRead MoreScrooges Transformation in Dickens A Christmas Carol Essay1319 Words   |  6 PagesEbenezer Scrooge is the major character in the story, A Christmas Carol written by Charles Dickens. A Christmas Carol is about how a â€Å"cold-hearted, tight fisted, selfish† money grabbing man is offered an opportunity of a life time, to change his behaviour, attitude... to have a second chance in life. The theme of this novel is to look at the good you do in life and how it carries over after your death. The moral of the book is; People can make changes in their lives whenever they really want toRead MoreCharles Dickens was one of the Brightest and Most Influential Writers of His Time1325 Words   |  5 Pages The British writer Charles Dickens was one of the brightest and most influential people of his time. His many writings, including Great Expectations and A Christmas Carol, have been efficacious in many lives and have created a legacy of classics that will be read forever. Dickens, who was born in Portsmouth, England, was raised in a poor family, in which he had to work instead of attending school. Although not being able to go to school was detrimental to Charles, it gave him a chance to begin hisRead MoreDickens Use of Symbolism in A Christmas Carol Essay example969 Words   |  4 PagesDickens Use of Symbolism in A Christmas Carol Charles Dickens wrote a large number of novels but this particular novella was very popular as it told the story of a typical Christmas in Victorian times. The word Scrooge derives from the character Scrooge in this novella, which proves that Dickens story really did make an impact on the reading public. In A Christmas Carol there are three main themes that would have been influenced by the times when Dickens wasRead MoreCharles Dickens A Christmas Carol Essay922 Words   |  4 Pages â€Å"Bah, humbug!† This well-known phrase is popular thanks to Charles Dickens’ A Christmas Carol. In this literary classic, Dickens tells the story of Ebenezer Scrooge, a â€Å"tight fisted...covetous old sinner† (12). Through a series of hauntings by various Christmas ghosts, Scrooge realizes the error of his ways and changes completely into a warm-hearted, generous man. Scrooge’s tale is a familiar one; countless movies have been filmed, plays have been produced, and references made in other storiesRead MoreBook vs. Movie: Which One Portrays the Theme the Best? Essay888 Words   |  4 Pagesway a Christmas Carol, by Charles Dickens, is set up with tone and mood, changes the intent unless you have read the book as well. A Christmas Carol is very serious with some fun in the book. This helps to get the message across clearly and not leave anything misunderstood. In the movie, however, it is portrayed as a fun movie about Christmas. It has important concepts but some people just see it as a fun movie to watch with family. This may be true, but it has so much more to offer. Symbolism is hugeRead MoreThe Inspirational Nature of Oliver Twist by Charles Dickens671 Words   |  3 PagesOliver Twist is a popular book written by Charles Dickens among many others such as David Copperfield and A Christmas Carol. Charles Dickens wrote many short stories, plays, novels, fiction, and nonfiction stories during his lifetime. He wrote a lot about the different types of people in the world, especially about the poor. This type of writing showed in the book Oliver Twist. This book is told by a 3rd omniscient narrator. Oliver Twist is the main character in this book as

Assignment of Global Financial Crisis-Free-Sample-Myassignment

Questions: 1.What was the main cause of the Global Financial Crisis (GFC) and why it has spread Internationally? Do you believe that it could have been prevented? 2.One of the tools Australia and many other countries have used to fight the recession trends was to cut cash rates. The Reserve Bank of Australia has itself cut the cash rate from 6.75% in January 2008 to 2% in January 2016. Why do you believe central banks all over the world are using this tool to fight the recession in their Economies? Do you believe it has been efficient in Australia and globally? 3.The article has mentioned the slow down in the Chinese Economy and its Impact on Australia. Why do you believe Australia cares so much about what is happening in China? Answers: 1.The global financial crisis is believed to start in July, 2007 with credit crunch. The loss of confidence by the US investors led to the liquidity crisis. For this reason, US Federal Bank injected a huge amount of capital into the financial market. However, in 2008, the situation got much worse as the stock market crashed around the world. What follows in turn, has been discussed in the following section. Sub-Prime Crisis: According to the critics, the main reason for the global financial crisis is due to the fact that borrowers were not being able to repay the mortgage loan (Hass and Lelyveld 2014). Housing market in the US had suffered largely as most of the home owners who had taken their mortgage loan were unable to repay. As the large number of borrowers defaulted on loan, it was quite difficult for the bank to obtain those loans from them. As housing collapse, this situation acted as a trigger for global financial crisis. Moreover, another main reason for global financial crisis is because of three rating agencies Standard Poor's, Fitch, and Moody's failed to organize subprime security as investment grade. This would further trigger the crisis as those famous rating agencies were paid to rate securities (Hass and Lelyveld 2014). Thirdly, due to the higher food and petrol prices in the summer of 2008, it led to the crisis of market led growth which in turn led to the global financial crisis. Ther efore, in total, 2008 global financial crisis occurred due to the convergence of different forces along with social, economical and political (Vazquez and Federico 2015). Financial crisis spread like epidemics. Several countries were affected due to the US financial crisis. Foreign banks bought collateralized debt. Many of these loans were rebundled and sold to the various financial institutions across the world (Vazquez and Federico 2015). Moreover, all the international banking systems are internally linked. If some bank started losing money, it has the impact in their international banking system. Therefore, it was difficult for firms and consumers to borrow from the banks. This reduction in lending led to the further decrease in aggregate demand (Claessens and Van Horen 2015). Therefore, those countries do not have any exposure to subprime lending also affected by this credit crunch. On the other hand, during this recession, global export fell. Countries experienced a drastic reduction in exports. This would spread to the global recession. Further, this financial crisis, negatively affected the consumer led to the lower financial growth (Hass and Lelyveld 2014). The US Federal Reserve and then Bush administrator could have been prevented the global recession if they considered the early warning signs. In the late 2006, for the first time, the commerce department revealed that housing rate dropped by 28% in that year (Milner, Niven and LaMontagne 2015). However, the US government were unable to predict that the further slump of home sale in the coming few months as it did not happen since great depression. In fact, as per the Beige report, the Fed claimed that their economy is strong enough to combat with the price slump (Milner, Niven and LaMontagne 2015). In that year, for the second time Fed government ignored the warning (Claessens and Van Horen 2015). This time it was the inverted yield curve for US treasury notes. Inverted yield treasury notes refer when short-term treasury notes are higher than the long term treasury notes. Normally, the yield curve was inverted shaped before the past recessions of 2001, 1991 and 1981(Milner, Niven and LaMontagne 2015). Critics ignored this sign as interest rates were comparatively lower than in the prior recessions. They assumed that housing price would again increase as Fed cut down the interest rate. However, this was not the case. 2.The Reserve Bank of Australia had announced to cut down the interest rate by full percentage points in order to combat the global financial crisis. Their lending rate was lowered by full 100 basis points since 1992. Due to the cut in the cash rates, all the major Australian banks lowered their home loan rate by 80 basis points (Goh et al. 2015). The reasons behind the steep cut in the interest rate have been discussed in the following section. The continuous rise in the stock market due to the drastic cut in the interest rate helps to stimulate the Australian market. The SP/ASX200 share index fluctuates around 3% before closing to 1.7% points (Goh et al. 2015). Wall Street and major European markets dipped overnight on growing concerns of a sudden breakdown in the global economy (Allen 2016). Australian dollar which has increased to around 10 US cents has been reduced to 2 US cents due to the cut in the cash rates (Lins, Servaes and Tamayo 2015). Another tool used by the RBA to cut the cash rate is by buying the treasury securities. As the price of bonds and securities increased, demand for this product also increased which pushes up the price. In fact, as per Lee McPheters, a research professor and director of W.P. Carey School of Business at Arizona State University, when the securities price increases, the fixed return as a percent will be lower (Justiniano, Primiceri and Tambalotti 2015). Although government uses several tools in order to control the interest rates, it does not control it. During the recession period, consumers tend to save more rather than spend the entire money. As a result of this, demand for credit falls and that in turn leads the RBA government to cut the cash rates. Apart from that, RBA government cut the interest rate due to the fear of deflation. As per the Australian Bureau of Statistics, inflation increased about 1.7% per year (Justiniano, Primiceri and Tambalotti 2015). For this reason, RBA government concerned about the rising Australian dollar resulted of cutting the interest rate by full basis points (Bordo and Haubrich 2017). As per the RBAs policy of cutting down the interest rate to a record low helps to come out of global recessions; however, on the other hand, as per the Keri Phillips reports, Australian economy went towards a rough phase due to the cut in the cash rates. Australian Central Bank, RBA has been responsible for the charge of monetary policy since the financial deregulation in 1980s. Through adjusting the interest rate they adjust the money moving into the economy. The main objective of the RBAs cash rate cut is to stimulate economic growth (Bordo and Haubrich 2017). The reason is as the money is now cheaper to borrow; people will spend more money on consumption and investment. On the other hand, most economists estimate that 3% growth is needed to restrict the employment rate from rising. However, lowering down the interest rate to 2% results the expected rise in the unemployment rate (Goh et al. 2015). In fact, data shows that unemployment rate in Australia were at the highest level in the last 13 years (Lins, Servaes and Tamayo 2015). The figure also revealed that more than 28000 full time jobs were lost due to this, although this loss in the full time jobs was partially offset by the part time jobs. This cut in the interest rate also has an effect on the countrys currency. As currency rate decreases due to the cut in the cash rates, exports are more competitive. Therefore, in the global financial crisis scenario, other countries along with Australia tried to cut down the cash rate in order to expand their exports. 3.Sino-Australian relationship defines the relationship between Commonwealth of Australia and China (Greenglass et al. 2014). This relationship between the two nations has been growing continuously over the decades in terms of political, economic and social aspects. Australian economy has been able to survive the global financial crisis followed by huge supportive programs from China. Since the collapse of Lehman Brothers, Chinese economy has boomed and Australian economy had been hugely assisted from them. Australian business made huge profits from international trade deals with China in mining and agricultural sector. China also invests a huge amount in Australian economy and Australia exports more than 30% to China (Justiniano, Primiceri and Tambalotti 2015). Therefore, Chinas economic slowdown definitely affected Australian economy in a number of ways. Due to the Chinese economic downturn, international trade between the two countries might reduce, in fact Australian economy may face an oversupply of goods which means that Chinese investors abandoned from the Australian asset. In fact, Australian tourism economy could take a huge hit if Chinese consumer decides to reduce its spending (Feenstra, Li and Yu 2014). Therefore, it is necessary for the Australian economy to diverse its economic relationship with China in the sense that they should reduce their huge of Chinese mining resources. China being the biggest Australian trading partner, accounted for 34% of their export in agricultural and energy-related products and services (Borio 2014). In fact, over the last decades, Australian ranked as second in terms of Chinese direct investment. In fact, they receive $80bn in Chinese oversees direct investment (Borio 2014). Moreover, Chinese investment in Australian real estate sector has been increased over the last couple of years. As per the KPMG report, Chinese real estate investment has been increased to AU$ 6.85bn in 2015 (Philippon 2015). Although this real estate investment was solely focused on one Australian state New South Wales including Sydney which accounted for the total of 94% (Drezner 2014). Renewable energy and healthcare both are the Chinas next target market. In addition to this, Sino-Australia free-trade agreement has been signed on December, 2015. Based on the report, Australias duty free exports constituted for more than 86% (Feenstra, Li and Yu 2014). The same report estimated that it would increase to 94% in 2019 and further 96% in 2029 (Feenstra, Li and Yu 2014). Apart from that, Australian educational sector also have a huge impact on Chinese economy. As per the International Institute of education, more than 90,000 Chinese comes to Australia for the educational purpose (Borio 2014). Those students studying in Australia helps to stimulate the relationship cross-border business opportunities between the two nations. Australian mineral and mining sector are the mostly impacted from Chinese economy. In fact, the value of energy and minerals export from in Australia which was only 57% in 2007 has been increased to around 80% in 2009 (Philippon 2015). Although Chinese manufacturing sectors fell drastically due to the global recessions its general energy and minerals needs from Australia increased rapidly more than its economy (Drezner 2014). References: Allen, R.E., 2016.Financial crises and recession in the global economy. Edward Elgar Publishing. Baker, S.R., Bloom, N. and Davis, S.J., 2016. Measuring economic policy uncertainty.The Quarterly Journal of Economics,131(4), pp.1593-1636. Bordo, M.D. and Haubrich, J.G., 2017. Deep recessions, fast recoveries, and financial crises: Evidence from the American record.Economic Inquiry,55(1), pp.527-541. Borio, C., 2014. The financial cycle and macroeconomics: What have we learnt?.Journal of Banking Finance,45, pp.182-198. Claessens, S. and Van Horen, N., 2015. The impact of the global financial crisis on banking globalization.IMF Economic Review,63(4), pp.868-918. Drezner, D.W., 2014. The system worked: Global economic governance during the great recession.World Politics,66(1), pp.123-164. Drezner, D.W., 2014. The system worked: Global economic governance during the great recession.World Politics,66(1), pp.123-164. Feenstra, R.C., Li, Z. and Yu, M., 2014. Exports and credit constraints under incomplete information: Theory and evidence from China.Review of Economics and Statistics,96(4), pp.729-744. Goh, B.W., Li, D., Ng, J. and Yong, K.O., 2015. Market pricing of banks fair value assets reported under SFAS 157 since the 2008 financial crisis.Journal of Accounting and Public Policy,34(2), pp.129-145. Greenglass, E., Antonides, G., Christandl, F., Foster, G., Katter, J.K., Kaufman, B.E. and Lea, S.E., 2014. The financial crisis and its effects: Perspectives from economics and psychology.Journal of Behavioral and Experimental Economics,50, pp.10-12. Haas, R. and Lelyveld, I., 2014. Multinational banks and the global financial crisis: Weathering the perfect storm?.Journal of Money, Credit and Banking,46(s1), pp.333-364. Justiniano, A., Primiceri, G.E. and Tambalotti, A., 2016. Quantitative Modeling of the Financial Crisis A Simple Model of Subprime Borrowers and Credit Growth.The American Economic Review,106(5), pp.543-547. Lins, K.V., Servaes, H. and Tamayo, A., 2015. Social capital, trust, and firm performance during the financial crisis. Milner, A.J., Niven, H. and LaMontagne, A.D., 2015. Occupational class differences in suicide: evidence of changes over time and during the global financial crisis in Australia.BMC psychiatry,15(1), p.223. Philippon, Thomas. "Has the US finance industry become less efficient? On the theory and measurement of financial intermediation."The American Economic Review105, no. 4 (2015): 1408-1438. Vazquez, F. and Federico, P., 2015. Bank funding structures and risk: Evidence from the global financial crisis.Journal of banking finance,61, pp.1-14.

Les Miserables Essays (1187 words) - English-language Films

Les Miserables Throughout peoples lives they will be influenced due to other people and events. In the book Les Miserables by Victor Hugo, Jean is influenced by three different people. The first influence on Jean was by the bishop. Another influence on Jean was Cosette. A third influence on Jean was Javert. These influences can all be related to influences in my life. The bishop's influence on Jean relates to my life and the way my grandfather has influenced me. The bishop was one of Jeans first and most important influences involving kindness and forgiveness. The first way that the bishop shows kindness to Jean is by inviting him into his home for dinner and a place to sleep, even though he is an ex-convict and no one else would help him. The next and most powerful act of kindness and forgiveness that the bishop shows to Jean is, when he tells the police that the silver which Jean had actually stole was a gift, and that he had forgotten to take his gift of candlesticks. When the bishop says, "Ah there you are! I am glad to see you, but I gave you the candlesticks too, which are also silver and will bring you two hundred francs"(1/24). When the bishop say's this, Jean is filled with surprise and disbelief, and did not know what to do. From that day on Jean would remember the bishop and his kindness towards him, and use this memory to help others w ho where poor. A person in my life who has influenced me in a way that relates to the way that the bishop influenced Jean is my grandfather. One way that my grandfather has influenced me is by buying me a car on my sixteenth birthday even though I hadn't asked him for it. Another way that my grandfather has been an influence in my life is by helping me make important decisions throughout my life. The last and most important influence that my grandfather has had on me is by taking me into his house and raising me like I was his own son, when my dad and mom where still to young to raise a child. These are just a few examples of how my grandfather has influenced my life. The influences in my life with my grandfather are closely related to the way the bishop had influenced Jean's life. Cosette's influence on Jean is directly related to the influence that my mom has on me. Cosette influences Jean in many different ways throughout the book. One way that she influences Jean is by is by showing him that she trusts him by going with him when he comes to the Thenardiers Inn, this showed Jean that he was doing a good thing and that Cosette would trust him. The second way that Cosette influenced Jean was by simply loving him and giving him a different reason to live, since he was now living and doing good for Cosette. The third way that Jean is influenced by Cosette is by making Marius swear not to tell Cosette, so that she wouldn't be torn apart by the bad news. After Jean tells Marius his secrete he says, "if it had not been for wanting to see her, I should not have made this confession; I should merely have gone away"(4/293). By saying this Jean is confessing every thing about his life so that Cosette can be happy wit Marius. These are all ways that Cosette has had an i nfluence on Jean. A person in my life who's influences on me can be related to Cosettes influence on Jean is my mom. One way that my mom has influenced me through my life is by giving me someone to love when I'm mad at my dad or other people in my life. Another way that my mom has influenced me is by helping me through problems that no one else can help me with. The last example of an influence on my life by my mom is by trusting me to places alone or with friends, even though they it could be far away and she won't know where exactly I will be. These are all examples