Assessing the current state of the worlds financial system - Free Essay Example

Sample details Pages: 9 Words: 2836 Downloads: 1 Date added: 2017/06/26 Category Economics Essay Type Research paper Did you like this example? The world financial system, has suffered a severe and virtually unprecedented blow leading to the failure of a number of major institutions and forcing government intervention on a massive scale in a number of countries. Adrian Turner, chairman of the FSA in the UK attributes the current financial crisis to: ..an interplay between macroeconomic imbalances which have become particularly prevalent over the last 10-15 years, and financial market developments which have been going on for 30 years but which accelerated over the last ten under the influence of the macro imbalances. Peter J. Don’t waste time! Our writers will create an original "Assessing the current state of the worlds financial system" essay for you Create order Wallison observes that the current crisis has three noteworthy elements: It is worldwide, engulfing the economies of nearly all the developed countries. It is comprehensive in that it involves financial institutions of all kinds. Third of all it is characterized by doubts about the stability and solvency of most of the worlds major financial institutions. While he believes that the first two of these elements fit within the conventional notion of systemic risk, the third element is unusual and, perhaps, unprecedented. On the 9th January 2009, the OECD blamed the regulatory framework as very poor because not only did it fail to prevent the crisis but also contributed to it. One of the key triggers was the introduction of a new regime for supervising all banks, the Basle II regime, which significantly boosted the attractiveness to banks of lending money secured on residential property. That led to a rise in loans to sub-prime borrowers, which were then packaged into securities and s old to institutions. The OECD traced the roots of the problem to 2004, when there was a veritable explosion in residential mortgage-backed securities. Furthermore it was made easier for the poor to obtain mortgages. Tougher capital requirements imposed on the mortgage finance groups Freddie Mac and Fannie Mae, which triggered an invasion of banks into their territory. Thirdly the transition towards Basle II, made mortgage lending more attractive and fostered the creation of off-balance sheet vehicles. The final element was a policy shift by the Securities and Exchange Commission, which allowed investment banks to increase their leverage from about 15 to one to as much as 40 to one. Shortcomings in risk management, bonus schemes, governance structures, liquidity and counterparty risk need to be addressed, the OECD said.  David R. Henderson believes that the triggering cause of the current financial crisis in the United States was the decline in housing prices that began in the summer of 2006. This decline in housing prices caused a large increase in foreclosures because many people owned houses with mortgages almost equal to the initial value of the houses. When the values of those houses fell and went below the amount of the mortgages, lenders often foreclosed on borrowers.  Since so many financial institutions owned securities based on these mortgages- mortgage-backed securities (MBS), the large decline in value of these MBSs led to large losses for their owners. And because so many of the owners were financial firms that held only a tiny percent of the value of their assets in reserve, even a small percentage decline could, and did, destroy almost the whole value, and sometimes the whole value, of the financial firms that held these securities.   Ãƒâ€š Henderson, however believes that: The best evidence is that the problem was triggered by previous government regulation combined with an unrealistic belief on the part of many people that housing prices could only go up. He rules out greed as well as deregulation as the causes for the financial crisis. On the contrary he argues that the culprit is regulation itself such as the Home Mortgage Disclosure Act and the Community Reinvestment Act amongst others.  He blames such regulation that placed pressure on banks to lend to people with weak credit histories and sketchy employment prospects.  Moral hazard was another contributor to the crisis. This is because lenders to government sponsored enterprises (GSEs) assumed that the US government would guarantee the loans of Fannie Mac and Freddy Mac.  Fannie and Freddy had taken on riskier loans during the housing boom and were able to borrow, at a very low interest rate, the funds with which to buy these loans.  Because lenders to the GSEs did not bear much risk in case the GSEs bore large losses, they had little incentive to be careful in their lending, and the GSEs had little incentive to be careful in their financial decisions.  Furthermore, there has been an explosion of world macro-imbalances, with very large current account surpluses piling up in the oil exporting countries, China, Japan and some other east Asian developing nations, and large current account deficits piling up in the USA, UK, in Ireland, Spain and some other countries. A key driver of those imbalances has been very high savings rates in countries like China; since these high savings are in excess of domestic investment, China and other countries must accumulate claims on the rest of the world. Since, in addition, those countries are committed to fixed or significantly managed exchange rates, these rising claims take the form of central bank reserves, typically invested not in a wide array of equity, property or fixed income assets but almost exclusively in apparently risk-free or close to risk-free government bonds or government guaranteed bonds. This in turn has driven a reduction in real risk free rates of interest to historically lo w levels. They have helped drive rapid growth of credit extension in some developed countries, particularly in the US and the UK and particularly but not exclusively for residential mortgages with this growth accompanied by a degradation of credit standards, and fuelling property price booms which for a time made those lower credit standards appear costless. Secondly, they had driven among investors a ferocious search for yield a desire among any investor who wishes to invest in bond-like instruments to gain as much as possible spread above the risk-free rate, to offset at least partially the declining risk-free rate. Financial sector innovation. The fundamental macro economic imbalances have thus stimulated demands which have been met by a wave of financial innovation, focused on the origination, packaging, trading and distribution of securitised credit instruments. It was from the mid-1990s that the system entered explosive growth in both scale and complexity. This was due to the huge growth in the value of the total stock of credit securities. An explosion in the complexity of the securities sold together with the related explosion of the volume of credit derivatives, enabling investors and traders to hedge underlying credit exposures, or to create synthetic credit exposures also contributed to the crisis. All of these developments, in different ways, seeking to satisfy the demand for yield uplift, and all predicated on the belief that by slicing and dicing, structuring and hedging, using sophisticated mathematical models to understand and manage risk, to create value by offering investors combinations of risk and ret urn which are more attractive than those available from direct purchase of the underlying credit exposures. This explosion was supported by and in itself drove big increases in the leverage of major financial institutions in particular investment banks and the investment banking activities of some large universal banks. As it developed the rapid growth began to drive and to be driven by one of those self-fulfilling cycles of falling risk aversion where credit spreads on a wide range of securities and loans falling to clearly inadequate levels. This crisis is the first major global boom and bust of securitised credit instruments. One of the crucial questions to ask is whether the originate and distribute model is inherently riskier than the one that it has partially replaced or whether, provided it is regulated more effectively, it is capable of being a more stable system, or indeed of delivering the positive benefits of increased financial stability which its advocates originall y proposed. The IMF Global Financial Stability Report of April, 2008 makes it clear that the majority of the holdings of the securitised credit, and the vast majority of the losses which arose, did not lie in the books of end investors intending to hold the assets to maturity, but on the books of highly leveraged banks and bank-like institutions. What increasingly happened was that the credit securitised and taken off one banks balance sheet, rather than being simply sold through to an end investor, was bought by the   propriety trading desk of another bank, or sold by the first bank but with part of the risk retained via the use of credit derivatives, or used as collateral to raise short-term liquidity creating a complex chain of multiple relationships between multiple institutions, each performing a different small size of the credit intermediation and maturity transformation process, and each with a leveraged   balance sheet requiring a small slice of capital to support that function. Another striking development of the last several decades has been that a growing part of this maturity transformation has been occurring not on the books of regulated banks with central bank access, but on the off-balance sheets of banks, and on the balance sheets of shadow banks or near banks. SIVs and conduits performed large-scale maturity transformation between short-term promises to noteholders and much longer term instruments held on the asset side. While some of these developments in particular the growth of SIVs, and investment bank balance sheets and mutual funds were most prevalent in the US and less important elsewhere, the impact in a global funds market was felt throughout the world. Examples of this are Northern Rock and Bradford Bingley who were directly or indirectly dependent on the maturity transformation function of US mutual funds and SIVs. Therefore the huge growth in securitised credit intermediation and a related increasing r eliance of the total system on liquidity assured by marketability contributed to the credit crisis. In a securitised system, credits become marketable instruments, tradeable in liquid markets. All liquid  markets can be susceptible to swings in sentiment which produce significant divergence from rational equilibrium prices. Bond yields were driven irrationally low and prices irrationally high by irrational exuberance between 2002 and early 2007, and the yields subsequently soared, the prices collapsed. Since banks are highly leveraged they perform maturity transformation which exposes them to liquidity risk and they are involved in a process of continual rollover of new credit supply to the real economy without which economies will contract. It is therefore possible that the growth of the securitised credits intermediation model has increased some aspects of systemic risk in ways which are not just the result of poor execution bad remuneration practices, inadequate risk m anagement or disclosure, failures in the credit-rating process but absolutely innate. The more complex and globalised the world economy becomes, the more complex are the functions which the worlds banks have to perform in intermediating credit and other flows, and in themselves managing and helping corporates manage, the risks that arise from global operations, and fluctuating   exchange rates,   interest rates and commodity prices. The far bigger failure was the failure to identify that the whole system was fraught with market-wide, systemic risk. Regulators were too focused on the institution-by-institution supervision of idiosyncratic risk: central banks too focused on monetary policy tightly defined, meeting inflation targets. And reports which did look at   the overall picture, for instance the IMF Global Financial Stability Report sometimes simply got it wrong, and when they did get it right, for instance in their warnings about over rapid credit gro wth in the UK and the US, were largely ignored. From his end, Lloyd C. Blankfein sees three broad underlying factors contributing to the crisis: First, governments, particularly the U.S., explicitly supported homeownership through a variety of government programs and initiatives. Second, mortgage assets were considered relatively impervious to sharp downturns. And lastly, the creation of more flexible and varied mortgage products attracted even more capital in search of higher returns. These factors, to varying degrees, contributed to a housing bubble not just in the U.S. but in many other countries as well. Furthermore, he believes that: We rationalized because our self-interest in preserving and growing our market share, as competitors, sometimes blinds us especially when exuberance is at its peak. A systemic lack of skepticism was equally true with respect to credit ratings. An over-dependence on credit ratings coincided with the dilution of the coveted triple A rat ing. Furthermore, a lot of risk models incorrectly assumed that positions could be fully hedged and failed to capture the risk inherent in off-balance sheet activities, such as Structured Investment Vehicles (SIVs). Lastly, financial institutions didnt account for asset values accurately enough. Given the size and interconnected character of markets, the growth in volumes, the global nature of trades and their cross-asset characteristics, managing operational risk will only become more important. Circumstantial evidence that supervisory boards of many large enterprises in the banking sector do not have the necessary know-how to perform their functions properly is also worrying. To what extent has recruitment been on the basis of connections and political expediency, and not on the basis of merit and know-how? It is widely believed that the current crisis is an example of systemic risk becoming reality and that to prevent a recurrence, greater regulation, covering a wider range of participants in the financial markets, is necessary. However, Peter J. Wallison believes that there is as yet no evidence that the current crisis was the result of systemic risk, which is characterized by a kind of contagion. Instead, he opines that the crisis appears to have arisen from the failure of traditional regulated institutions to limit their risk-taking. Consequently he argues that the current crisis provides support for better supervision of traditionally regulated industries, but no warrant either for a systemic risk regulator or for the supervision of other participants in the financial markets that have not previously been regulated. Wallison believes that understanding the current crisis as a solvency problem seems correct. The underlying cause was the collapse of the housing bubble in the United States, aggravated by the fact that weak subprime and Alt-A loans were major constituents of the housing-related assets held by banks and other financial intermediarie s around the world. These mortgage loans, which are held mostly in the form of mortgage-backed securities (MBS) and collateralized debt obligations (CDOs), are defaulting at unprecedented rates. The difficulty of determining the value of the underlying mortgages has caused the market for these instruments to come to a virtual halt, and it has also engendered uncertainty about the solvency of the financial institutions that hold them. Until investors and counterparties are persuaded that these institutions are solvent, they will not be stable. He believes that seeing the crisis as a solvency problem rather than a liquidity problem also clarifies a lot about the major events of the last six months, beginning with the bailout of Bear Stearns. Therefore the underlying problem is not contagion or illiquidity but rather fear that others are not or will not be solvent or stable counterparties. The crisis instead arose from the fact that all these institutions invested heavily in the sam e weak assets-primarily MBS and CDOs backed in whole or in part by subprime and Alt-A mortgages. Conclusion The fact that the current financial crisis is caused by doubts about the solvency of almost all of the worlds major financial institutions sets it apart from any other financial crisis in history. The failure of a large number of insured depository institutions and investment banks shows that better regulation and better regulatory tools are warranted. The current crisis has demonstrated that globalisation is a real and irreversible phenomenon. We have a world market and a world system of trade that are interlinked in many ways. A crisis in the USA, or even in Iceland, is a crisis that affects us all. Solutions cannot be national, as has been adequately demonstrated over the last few weeks. They have to be co-coordinated. Greater preparedness and the ability to coordinate action on a global scale may yet prove to be the lasting legacy of the current crisis. But, across the world, regulators need to continually assess how evolving industry structures and institutional roles are c hanging the nature of risk, both for individual institutions and for the whole system, and if necessary to adapt the coverage of  prudential regulation over time. All along, it has been known that market events and economic trends are interwoven on a global basis. But the events of the last year have shown that the connections are more direct and immediate than previously appreciated. All in all, I believe that it is safe to argue that though failure in regulation did contribute to the financial crisis, other criteria such as bad risk management practices, moral hazard, lack of transparency coupled with the greed of banks and self-interest of investors, lack of knowledge of the financial instruments being dealt with (CDOs) as well as lack of monitoring of the credit rating agencies all contributed and aggravated the crisis to varying degrees.

The Beatles Influence in Pop Culture Essay - 1697 Words

The Beatles Influence in Pop Culture The Beatles were one of the most influential music groups of the rock era. They were able to conquer and influence pop culture with their music. Initially they affected the post-war baby boom generation of Britain and the W.S. during the 1960s, and later the request of the world. Certainly they were the most successful group, with global sales exceeding 1.3 billion albums. During the sixties, The Beatles using revolutionary ideas in their music inspired a generation of young adults across the globe to look at life from their perspective. While they were originally famous for the light-weight pop music, their later works achieved a combination of popular and critical acclaim perhaps unequaled†¦show more content†¦Beatlemania was all the rage trend of buying Beatles merchandise and products. After the exposure of the Beatles TV appearance, the groups popularity rose enormously everywhere in the world (Stokes). They brought the love of British rock and roll to the American public, and soon after them, many other British groups became famous in the United States. It is sometimes called The British Invasion at a hard time. The Beatles became famous during the time of the Vietnam War, and they used their lyrics to express their political, social, and spiritual beliefs to an audience that was against the war (Romanowski 59). According to The Beatles-A Biography, their biggest year was 1964 when they conquered the biggest record market in the world - America (1). The group became symbols. America was mourning the death of President John F. Kennedy and the Beatles appeared on the scene to bring them fun and excitement, ending their mourning (The Beatles-A Biography 1). The Beatles toured America for the first time and starred in their first motion picture A Hard Days Night. In 1965, The Beatles second motion picture HELP! premiered. 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The Environmental Forces Of Walmart - 1199 Words

There are many environmental forces that can affect an organizations. One particular organization that has been affected by these environmental forces is Walmart. Some organizations such as Walmart believe in saving people money so they can live better. Walmart first store open in 1962 in Arkansas and now fifty three years later operates all over the world, deals with over 245 million customers, has 11,000 stores in 28 countries, and employee’s 2.2 million employees worldwide. Walmart believes in being innovative and demonstrate leadership through the service they offer customers and communities. Walmart is best known for their low prices and is considered by most the one stop shopping experience. In the following paragraphs we will look†¦show more content†¦With that said, Walmart realizes that taking factors into consideration such as age, gender and income to name a few can have an impact on the organization. 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The Ruum vs. Zoo Compare and Contrast free essay sample

These two stories help us understand. â€Å"Zoo† is about a collection of creatures who are visiting Earth to be apart of a zoo exhibit, however the creatures believe they are visiting a zoo of humans, not being in a exhibit of one. â€Å"The Ruum† is about a guy named Jim who has been ordered to go back and get the H-9 Ruum they left behind on the third planet. All is well until Jim encounters the H-9. Jim is matches the search specifications and is now on the list to become apart of the Ruum’s collection of creatures. â€Å"Zoo† by Edward D.Hoch and â€Å"The Ruum† by Arthur Porges are both science fiction stories that tell about futuristic or past objects or the way people act. They are similar and different when it comes to setting and surprise endings. In both stories, setting plays an important role. In â€Å"The Rumm† the setting is in the past â€Å"and on Earth, it was the age of reptiles†. We will write a custom essay sample on The Ruum vs. Zoo Compare and Contrast or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The story takes place on the â€Å"third planet†. â€Å"Zoo† however takes place in the future and at a zoo, and several different planets, with modern technology but futuristic discoveries.Both stories had a surprise ending, in â€Å"The Ruum† the surprise ending was when Jim lost ten pounds during the chase while running from the ruum, which put him out of the ruum’s weight criteria. On the other hand in â€Å"Zoo† was when the creatures thought that the people of Earth were part of an exhibit at the zoo. â€Å"Zoo† by Edward D. Hoch and â€Å"The Ruum† by Arthur Porges are both science fictional stories that tell about the future or past and help us to understand wonders of the way things worked or behaved in either time periods.

Physics Analysis Essay Example For Students

Physics Analysis Essay Whats wrong with the Detroit Lions?It is obvious to me that the laws of physics can be applied to the game of football. However, The Detroit Lions may be unaware of this fact. With there current 0-12 record they are on a losing streak that could be placed in the record books. No team has ever lost every single football of their whole season. What an embarrassing way to be placed in the record books. Maybe if they looked at some of the laws of physics they could win a game. The passing game for the lions is one area that can be examined. Quarterback Charlie Batch has one of the lowest ratings in the league. He completes a little under 60% of his passes. His average passing yardage is approximately ten yards. Using the knowledge of physics to examine the projectile motion we can help Charlie complete more passes. Lets look at what we know:1. Charlie is about 2 meters tall. 2. His average pass is ten yards or 9 meters. 3. Hes throwing with parabolic trajectory. 4. We will use the equations: The velocity in the horizontal direction (Vx)= The initial velocity (Vi) cos (the angle)The velocity in the vertical direction (Vy)= The initial velocity (Vi) sin (the angle)The distance in the horizontal direction (x)= The velocity in the horizontal direction (Vx) multiplied by The time (t). The gravity is always equal to -9.8m/s squared. From the equations we can say that the initial velocity could be Charlies problem. Say Charlie always passes with an angle of 20 degrees so that it isnt easy for the other team to intercept the pass. This kind of pass would usually takes 2 seconds to get the receiver. This means that Charlies average pass of 9 meters needs and initial velocity of 11m/s to get to the receiver. If any of these things dont work out, or say, Charlie changes his passing angle, the pass will probably be incomplete. Kicking the football can also be an aspect of the game that could improve for the lions. Two weeks ago, Jason Hanson missed 3 field goals. Kicking field goals can be examined from a physics perspective. The football will follow the same parabolic trajectory as passing. Using the Same Equations we can determine the initial velocity needed to make his average 23 meter kick. He usually kicks with an average 40 degree angle. Also it takes 3 seconds for the kick to go threw the uprights. This kick will need a 11.5 m/s initial velocity in order to go threw. Not to mention, the kick also has to be straight as an arrow. For all the things that have to go right, maybe field goals should be worth more than just 3 points. Collisions happen all the time in the game of football. Whoever wins the collision, or keeps going forward, depends on who has more momentum. Momentum could be the difference between running the right threw the opposing defender, or having the defender hit you back and down to the ground. They are one of the most exciting parts of football. You momentum (p) is equal to your mass (m) multiplied by your velocity (v). So, the question is; Would you rather have a fat guy whos really slow, a medium weight guy whos has a medium speed, or a light weight super fast guy? Fact is that it wouldnt really matter. They would all have about the same momentum because all the multiplication of big and small numbers would equal out. The running back of the Detroit Lions weighs about 170 kg and is traveling at 3 m/s. How fast does the huge 250 Newton defensive player have to be traveling?P of Detroit running back = 170 kg * 3 m/s = 510 kg*m/sP of defensive has to equal 510 kg*m/s510 kg*m/s = 250 kg * X m/s510 kg*m/s / 250 kg = about 2 m/sSo, you see that no matter how different the size, to objects can always have the same momentum. It is always possible for a little running back to have enough momentum to break the tackle of the big, strong linebacker. The Lions are in big trouble if they cant get it together soon. The season is coming close to an end and they are still win-less. If they could only realize how many aspects of the game that could be understood with the knowledge of physics. Perhaps the coach should be studying a physics books, instead of the video tapes of the last game. Using projectile motion and momentum could lead to the first Detroit Lion win in 12 games. They should take a small portion of the money that they make an invest in a physics course or two!!!Words/ Pages : 791 / 24

Using TASC Writing Argumentative Essay Samples

Using TASC Writing Argumentative Essay SamplesWhen you are looking for essay examples, the best way to choose is by looking at writing argumentative essay samples. By using these examples you will be able to decide which essay topics that you should consider, and how many specific topics you should write about.The examples that you are reading are used for academic essays and such, however they are used in other situations as well. As long as you are able to read a sample of something before you write it, you will be able to get an idea of what it is like to write a sample essay. Using these examples will help you pick what topic you want to write about.There are many types of essay samples, and you should be able to find them all in an easy to read format. The first thing that you should do is to figure out what type of essay you are going to write, and then look at a variety of essay examples. After you find the samples that you want to use, you can print out the ones that you like the best, and use them in your writing.If you are writing an essay on historical figures, look at a sample essay on a famous person, in order to see what their opinion would be about the historical subject. If you are writing an essay about a certain subject, or type of topic, look at some essay examples that may be similar to the topic of your topic. This way you will be able to use the example that you like, to make sure that the essay that you write is similar to the essay that you want to write.It is not difficult to find essays, because there are many people who write them. If you take the time to look around, you will find that there are many companies who write these essays. You should find a company that has several different essays on different topics that you may be interested in.However, if you are trying to write an essay for a college class, or high school students, you need to write an essay that will appeal to the judges. For this reason, you should look at some essa y examples that will appeal to the judges.It should also be mentioned that, in the past, it was fairly easy to write an essay, and then have a ghost writer, or a high school teacher to write it. This is no longer the case, and you will need to write your own essay. This does not mean that you should not look at some examples, however, it is important that you are prepared when you do look.Writing an essay is an important skill, and you should take the time to look at essay samples. You should also try to make your own essay unique, which is difficult, since everyone writes an essay. However, if you take the time to look at some essay samples, you will be able to find an essay that you will enjoy, and will use when you write your own essay.

Miss Brill\\\\s Fur symbol Essays - Miss Brill, Brill, Fur People

Miss Brill is a lonely, old English school teacher and spends every Sunday alone at the park watching people. She brings her fur collar she put life into by brushing it and making it new again. She makes fun of all the other older people at the park but eventually a younger couple makes fun of her. Feeling down about their remark she goes home, puts the fur away and hears a crying. The fur is symbolic to Miss Brill?s youth and confidence. The fur is cherished by Miss Brill who addresses it as ?Dear little thing? and speaks to it as if it is alive (117) this is illuminating her loneliness. The fur gives her a sense of self confidence, when stated ?She had taken it out of the box that afternoon,? it is stating that she had taken her self-confidence out of the box that afternoon, giving her a feeling of comfort and self-assurance (117). She then ?give[s] it a good brush, and rub the life into the dim little eyes (117),? in terms of this she is bringing herself alive. The fur makes her no longer see herself as lonely or dead but gives her a sense of acceptance. The fur was originally out dated and weird but when she put life into it by brushing it; it made the fur new again. The effect of using the fur as a symbol of confidence is to reveal Miss Brill?s delight and life that was brought out in the fur. Miss Brill uses the fur as part of bringing her back into her youth. Miss Brill brings the fur out of the box while the fur brings her into a state of bliss and gives her a sense of entitlement. Miss Brill feels superior to all the other old people in the park when she judges them by making remarks of how ?They were all odd, silent, nearly all old from the way they stared (118)? even though she is in close similarity to these older park goers. The only thing that?s differentiating her and others is her fur bringing her youth and confidence back. She assumes that ?they?d just come from dark little rooms or even-even cupboards (118)? because of how out dated and weird they look. Later the young girl says It?s her fu-fur which is so funny,? (120),? throwing Miss Brill out of her state of bliss into a harsh reality that she is also out dated and weird. When Mi ss Brill ?climbed the stairs, went into the little dark room-her room like a cupboard (121)? this is relating back to when she thought the other older park goers belonged there. She had no realization until now of how people perceived her and how she belonged there as well. Upon her realization her heart was shattered, crushed and her youth was brought down. While Miss Brill physically, ?put[s] the lid on? the box after laying her fur in, she is emotionally locking her confidence away. Then ?she thought she heard something crying (121),? this is not the fur crying but Miss Brill crying because her self-confidence was torn down by the young couple that was making fun of her.