Information Sharing Essay Example | Topics and Well Written Essays - 750 words

Data Sharing - Essay Example Accordingly, it is basic to make an appropriate stage for data sharing from individuals outside the office, inside the organization and among different government offices. Central Government should put resources into more organizations associated with the catch and sharing of criminal data over the globe. At present, the US government has put vigorously in such establishments (Jackson, 2009). Such foundations incorporate National Crime Information Center, Regional Information Sharing Systems and the FBI’s Criminal Justice Information Service that cooperates with more than 18000 such associations among others. Sharing of criminal data among residents is a sensitive issue, and a few people dread to give such helpful data, putting together their contention with respect to the need to protect their government assistance. Reports of different revenge acts from groups of hoodlums clearly legitimize their anxiety. All things considered, concerned government offices should guarantee these security and secrecy of such people, in their endeavors to inspire them to share their data (Jackson, 2009). The compensating of data suppliers ought to likewise be mysterious. Making mindfulness on the need to share criminal data and other basic data among networks is additionally huge in fighting various frightful violations at present experienced. This might be through sorting out mindfulness courses and commercial through differing media structures. Online arrangement of valuable data by people ought to likewise be remunerated. Such rewards ought to be remote and secret. Foundation of nearby data communities all through different cultural settings will altogether support data sharing (Jackson, 2009). Appropriate execution of innovation inside an office and across organization will essentially help in law requirement and data sharing (Jackson, 2009).

Mononucleosis Essays - RTT, Infectious Mononucleosis,

Mononucleosis Mononucleosis, otherwise called Mono, is a sickness brought about by an contamination with an infection. The infection, The Epstein-Barr Virus (EBV) is typically the reason for Mono. Different irresistible infections, similar to cytomegalovirus (CMV) can likewise produce ailments like Mono. A large portion of the individuals who get Mono are youths and youthful grown-ups. In created countries, most of the individuals has been presented to the Epstein- Barr infection by the age of 18. That implies that numerous grown-ups have had diseases as kids brought about by the Mono infection (which were asymptomatic or mellow). Once you get Mono, or the Epstein-Barr infection you are invulnerable to re-disease. A portion of the side effects of Mono are a difficult sore throat with tonsillar broadening. Mono ordinarily causes fever, cerebral pain, exhaustion, and swollen organs in the neck. Now and again, individuals with Mono experience loss of hunger, queasiness, retching, loose bowels, or a measle-like rash. The rash is found in more than 80% of patients who are contaminated with Mono, and are endorsed an anti-microbial. Mono is analyzed dependent on a patients indications and a physical test. Since the side effects of Mono are so like those of different diseases, it isn't simple to analyze Mono at a beginning time. Determinations are affirmed by blood tests. There is no fix for Mono. It requires some investment for to beat Mono. In the end your insusceptible framework will enable you to recover. At the point when you have the side effects of Mono, you can take headache medicine or ibuprofen to help ease the throat torment and fever. Getting rest and drinking in any event two quarts of liquid daily are likewise significant. One standard intricacy of Mono is drying out. This may create because of a lacking measure of liquid admission. Some rare inconveniences are blood issue, neurological and mental issues. In any case, when you get Mono, there is an extremely, remote possibility that you will get Mono once more. One method of getting this sickness are by kissing an individual who conveys the infection in the spit. Different ways have not yet been demonstrated. The infection responsible for Mono is infectious and is found in clammy breathed out air, nasal and oral-discharges. In any case, there is no known counteraction for Mono and disconnection isn't demonstrated. Youngsters are brooded for around 4-14 days, and for grown-ups 4-6 weeks. The underlying side effects of Mono clear up in around 7-10 days. Lymph hub growing and exhaustion generally last 2 a month. A few patients may take more time to recoup. A few people probably won't realize they have Mono and can go on with their typical exercises. Weariness might be an extraordinary factor in the recuperation time frame. The length of time one stays tired from Mono shifts significantly. Many individuals have scarcely any weakness whenever. In any case, a couple of individuals will be worn out for some months. Additionally, in the event that you are worn out, a difference in view may benefit you. My cousin had Mono, and she went down to Florida to visit our grandparents for a not many weeks. The hotter atmosphere and change of landscape assisted with her recuperation. Exclusive who messaged me about Mono said that he was unable to try and type on his PC not to mention oblige his standard every day exercises. Despite the fact that there is no medication to fix Mono. The absolute most ideal ways to limit the ailment are; 1. Get at any rate 10-12 hours of rest a day. 2. Maintain a strategic distance from physical games 3. Maintain a strategic distance from liquor 4. Maintain a strategic distance from social exercises; limit exercises to dozing, eating, and, if capable, classes. 5. Stay at home if fever creates. 6. Eat an even eating routine. There are a few difficulties in Mono. An expanded spleen is every now and again found and may cause upper stomach torment. Physical games are stopped since a hit to the spleen may make it break. Mono is infectious (through kissing and spit), however it isn't exceptionally infectious. 60 to 80 percent of undergrads have had mono in there youth, yet weren't explicitly analyzed, anyway they are insusceptible to the malady. One of the principle reasons Mono makes you feeble is on the grounds that it contaminates your white platelets, whenever a sickness taints you your body must mount an safe reaction so much vitality is required and redirected from typical day by day prerequisites so you feel more fragile. Since this is such a solid infection with so numerous little sicknesses (strep throat, hack, cold, influenza) it needs to fend off the little ailments just as Mononucleosis and the Epstein-Barr infection which causes Mono. Since your body needs to battle these illnesses, it takes up to such an extent vitality for your resistant

Laws of Manu vs Code of Hammurabi Essay

The Laws of Manu and The Code of Hammurabi were both found archives of two diverse antiquated human advancements. These reports essentially mentioned to the individuals of the civic establishments what is anticipated from them and what will occur in the event that they don’t tail them. The Laws of Manu were the laws made for the individuals of India while the Code of Hammurabi were the laws made for the individuals of Babylon. Both the Laws of Manu and the Code of Hammurabi focused a greater part on the parts of marriage, family, and rules that everyone must follow. As I would like to think, The Code of Hammurabi was harsher than The Laws of Manu. The Code of Hammurabi was for all the individuals regardless of what class they were ordered in, despite the fact that slaves and ladies were for the most part treated like property in all spots right now. The Code of Hammurabi was likewise made more as what is ethically right and to help keep up request in the civic establishments; while the Laws of Manu were made more on the strict side and to guarantee the individuals everlasting life in the event that they adhered to these laws. The Code of Hammurabi gave a greater amount of a â€Å"if you don’t keep these standards you will just die† tone to it. The Code of Hammurabi was additionally straight forward and to the point, while the Laws of Manu gave more detail. In the Laws of Manu they get in more profundity of each part of people’s lives. In part two, number 57, it states, â€Å"excessive eating is biased to wellbeing, to distinction, and to joy in paradise; it forestalls the procurement of otherworldly legitimacy, and is loathsome among men; one should, for the reasons, to keep away from cautiously. † That’s telling individuals the amount they ought to eat. The laws of Manu are essentially advising individuals how to live their lives in each viewpoint and on the off chance that you don’t you won’t have endless life. The laws additionally have various standards dependent on what position the individuals are ordered into; the higher the station, the more benefits. In Chapter five, number 32 it states, â€Å"A Brahmana, having disposed of his body by one of those modes rehearsed the extraordinary sages is magnified in the realm of Brahinan, liberated from distress and dread. † The laws guarantees in the event that you comply with these laws you will never feel any torment and just bliss. It additionally put all Brahmanas on a high platform and a ton of the laws don't concern them. In Chapter 10, number 103, â€Å"By educating, by giving up for, and by tolerating endowments from vile (men) Brahmanas (in trouble) submit not sin, for they (are as unadulterated) as fire and water. The Laws of Manu has more strict reason behind it than, the Code of Hammurabi. The Code of Hammurabi was made more to place request in the Babylonian human progress and it likewise is all the more straight forward. Despite the fact that it has strict reasons and was made by an exceptionally strict man, it was still for the most part made to maintain control in the human advancement. The Code of Hammurabi even addresses how much things can be purchased and sold for. Number 239, â€Å"If a man recruit a salor, he will pay him six gur of corn for every year†, another model is number 243, â€Å"As lease of heard dairy cattle he will pay three gur of corn to the proprietor. The Code of Hammurabi additionally has to a greater extent a retribution looking for tone to it. Just in number one is the ideal model for individuals to seek retribution. â€Å"If any one enshare another, putting a boycott upon him, yet he can't demonstrate it, at that point he that guaranteed him will be killed. † Another case of retribution is number 218, â€Å"If a doctor make a huge cut with the working blade, and cut out the eye, his hands will be cut off. † This archive generally was for the most part an approach to rebuff individuals or carry equity to the individuals. It additionally discusses going to court and having cases to legitimize circumstances, for instance number five, â€Å"If an appointed authority attempt a case, arrive at a choice, and present his judgment recorded as a hard copy; if later blunder will show up in his choice, and it be through his own shortcoming, at that point he will pay multiple times the fine set by him for the situation, and he will be freely expelled from the judge’s seat, and never again will be openly expelled from the judge’s seat, and never again will he stay there to render judgment. † This likewise demonstrates The Hammurabi Code rebuffed anyone from specialists and legal advisors, to ladies and slaves, your social class didn't make a difference. Shockingly to me, the two of them had ladies rights in there also. The Laws of Manu gave more opportunity to ladies however yet the Code of Hammurabi gave ladies more assurance. In number 130, â€Å"If a man damages the spouse of another man, who has never known a man, and still lives in her father’s house, and lays down with her and be astounded, this man will be executed, however his significant other is innocent. In the Laws of Manu, section eight, number 364 it states â€Å"He who damages a reluctant lady will in a split second endure beating; however a man who appreciates a willing lady will not endure whipping, if his rank be equivalent to hers. Not exclusively does that show equity for ladies yet gave ladies opportunity to have easygoing sex and from the setting intimations of the Code of Hammurabi, it was dislike and not tasteful. Ladies still didn’t live autonomous in the two civic establishments. Additionally, in the two human advancements ladies were leveled out by a man from birth to death. Before marriage it is her dad, during marriage it is her significant other, and at mature age it is her son(s). In the Laws of Manu, Chapter nine, number 14, â€Å"Women couldn't care less for excellence, nor is their consideration fixed on age; (thinking), ‘(It is sufficient that) he is a man,’ they offer themselves to the attractive and to the monstrous. You can likewise tell that the two social orders take marriage and regard genuine. Dissimilar to in this day and time, the spouse gets nothing if separate is affirmed. In the Code of Hammurabi number 141, â€Å"If a man’s spouse, who lives in his home, wishes to leave it, dives into obligation, attempts to demolish her home, dismisses her significant other, and is judicially indicted: if her better half offer her discharge, she may go on her way, and he gives her nothing as an endowment of discharge. On the off chance that her better half doesn't wish to discharge her, and on the off chance that he takes another spouse, she will stay as a worker in her husband’s house. In the Laws of Manu it shows that the Indian culture didn't have age restrains on marriage. In part nine, number 94, â€Å" A man, matured thirty years, will wed a lady of twelve who satisfies him, or a man of twenty-four a young lady eight years old; if (the presentation of) his obligations would (some thing else) be blocked, (he should wed) sooner. † Both archives were made to control individuals and both were cruel contrasted with what we know and live today. The two of them illuminate us regarding how life was in those days and how time changes. A few things are as yet utilized in today’s social orders, similar to the how ladies ought to consistently stay tasteful. In the Laws of Manu it states in section nine, number 13, â€Å"Drinking (spirituous alcohol), partner with underhanded individuals, partition from the spouse, meandering abroad, dozing (at unseasonable hours), and staying in different men’s houses, are the six reasons for the destruction of ladies. Additionally in the Code of Hammurabi, number 110, â€Å"If a sister of a divine being open a bar, or enter a bar to drink, at that point will this lady be scorched to death. † Even however they are from better places they despite everything have a similar idea and purposes.

Definition Essay Samples

Definition Essay SamplesDo you think you're getting a dry definition? Are you worried about paying for a publishing house to spend their time reviewing the same work over again? There are some good tips for writing an essay of one hundred words or less. The following are two tips to help you avoid the necessity of doing a costly editing process.We begin with a set of good basics for writing any writing. First, be truthful. You do not have to worry about not being funny or telling the truth. The term 'truthiness' can help you along with your definition essay samples.Try to remember the organization of your words. Is there any particular order that you would like to put them? Are you unsure as to how to put the sentences together? This will be the end of the explanation of your work.Next, you may want to think about the sentence structure that you have. Keep in mind that we must connect the sentence parts. A single sentence may not make up a sentence. A very succinct and colorful sente nce may have a large effect on the reader. This is especially true for writers who tend to use a rather large vocabulary. Some examples are; 'You like the way he looks' or 'You have a big hand'Third, that brings us to another style of writing. Do you think you tend to formulate thoughts rather than put them together? Do you tend to turn to a certain one or two words in a sentence? If you like to connect the thought up, be sure to do this. The more visual you are, the more that the reader is going to be drawn to your work.Finally, you have to learn the standard word sequence. I find that I often revert to using 'I', 'you', 'I remember', 'He remembered', and other such words. I've learned that I cannot see how writing the word 'remember' to a paragraph will ever connect to the reader. However, if you are going to use words like 'I remember' the more you use it will tend to stick out and pull the reader in. Of course, the last couple of words tend to get you into trouble.Keep in mind t hat poor sentence structure and word sequence are the flaws in many literary works. These two tips can help you avoid the necessity of spending a great deal of time on an essay that does not seem to do you justice.

The Impact of Interest Rate on Commercial Bank and Microfinance - Free Essay Example

Sample details Pages: 19 Words: 5772 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? The research includes the analyzing and understanding of banking sector, interest rates and their impacts. According to Oxford Advanced Learners Dictionary, interest is the extra money that you pay back when you borrow money or that you receive when you invest money. Interest is basically the charge for the borrowing of money, generally conveyed as an annual percentage rate. Don’t waste time! Our writers will create an original "The Impact of Interest Rate on Commercial Bank and Microfinance" essay for you Create order According to ACCION (Americans for Community Co-operation in Other Nations), Interest rate is the amount paid by a borrower to a lender in exchange for the use of the lenders money for a certain period of time. Bank interest is on both as a charge for money that is loaned to borrowers and an amount paid for attracting deposits funds. Interest that is due on consumer loans must be calculated in Annual Percentage Rate (APR). Interest on loans may include annual, late payment and over limit charges. Interest rate is ordinarily conveyed as a percentage per annum which is charged on money borrowed or lent. The interest rate may be fixed or variable. The name bank derives from the Italian word banco which means desk/bench/counter. Bank accepts deposits and makes loans and derives a profit from the difference in the interest paid to lenders and charged to borrowers. Banks as well make profit from fee charged for services. The three major classes of banks include central banks, comm ercial banks, and investment banks. Banks also enable customer payments thru other payment methods such as telegraphic transfer, EFTPOS, and ATM. Commercial bank is a type of bank and a type of financial intermediary. A commercial banking is also called business bank which provides saving accounts, money market accounts, checking accounts and that accepts time deposits. Commercial banks also supply foreign exchange, international banking and trade financing. Commercial banks provide different types of loans which include secured loans, unsecured loans, and mortgage loans. A commercial bank as a financial institution provides a variety of services that are helpful for business and general purpose. Now-a-days commercial banks are using microfinance as a part of the institution because of its benefits and the market share its gaining. Microfinance refers to the provision of financial services to low income individuals/clients, also including the self employed. Microfinance loans are either interest free or they carry interest which doesnt compound. Furthermore they offer flexible repayment plans. Microfinance by its name clearly is about more than just credit, otherwise we should always call it microcredit. In developing world, microfinance is most common and it started in the 1970s in Bangladesh. The World Bank estimates that more than 500 million people have directly or indirectly benefited from microfinance associated operations. Microfinance provides different varieties of financial services in the developing world. People are moving to microfinance institutions day by day because of their excellent services and repayment future plans. Microfinance identified the problems relating to loans and needs of individuals or groups of a small scale. Microfinance is developing day by day in this developing world and now it is so common that everyone know about microfinance and its benefits. Microfinance has made itself very useful and common for low income clien ts specially the poor. Today, microfinance is a dynamic sector which offers loans, sells insurance and provides remittance and savings services to about more than one hundred million of the poor people. Microfinance institutions have increased in multiplicity and complexity in income levels of customer which they serve. Commercial banks are facing competition increasingly in their retail markets which is causing the margin conflict. It also leads forward thinking banks to discover new possible markets which can generate the growth in numbers of clients with acceptable profit margins. As more and more commercial banks become fascinated by the thought of entering the microfinance market, the lessons learned from some of the more experienced players become useful in the decision making process. Some commercial banks are entering in the microfinance market due to growth opportunities and sustainable profit and commercial banks are investigating and inquiring for themselves. Many comm ercial banks have already identified the business opportunities of microfinance. Commercial banks have now ventured into microfinance in many countries where microfinance is at different stages of development. Some institutions normally meet only a small portion of microcredit demand in the regions they serve. Some microfinance institutions (MFIs) have been able to overcome this situation by gradually turning themselves into commercial banks specialized in microfinance. Banks and financial institutions have been entering the microfinance market in increasing numbers, ensuing in a growing number of formal regulated institutions partially or totally moving into microfinance. The central bank also called monetary authority or reserve bank as well plays an important role. The central bank has been given the authorization to conserve price stability as its primary objective and has been granted liberty from government to make sure that short term Political considerations do not interf ere with attaining this objective. Central bank charges interest on the loans made to borrowers, primarily the government and to other commercial banks as it acts as a lender of last resort to the banking sector. Its main responsibilities as well include controlling money supply, subsidized loan interest rates and implementing monetary policy. According to Henry C.K. Liu, The rate at which the central bank lends money can indeed be chosen at will by the central bank; this is the rate that makes the financial headlines. Central banks can influence market interest rates and can set rate to a fixed number. The central bank can simply announce its intention to raise or lower the relevant interest rate. The structure of interest rates most frequent or common in an economy is of vital importance for economic decision making. The interest rate structure of the economy of Pakistan primarily consists of rates on banks deposits and lending schemes, yields on government securities such a s treasury bills, PIBs and profit rates on national savings schemes, interest rates charged and offered by non-bank financial institutions (NBFIs) and rates of return on term finance certificates (TFCs). Inflation is a general increase in prices as it is when the prices of most goods and services continue to crawl upward. Basically, inflation is a continuous decline in purchasing power of money and when inflation rate increases, governments or companies that issue debt instruments need to attract investors with a high interest rate. The central banks use interest rate to control the supply of money and, accordingly, the rate of inflation. When interest rate increases then the borrowings become more expensive. Monetary policy is also an important tool. Monetary policy is the procedure by which the central bank or monetary authority of a country controls the money supply, availability of money, and rate of interest to achieve a set of objectives oriented towards the growth and c onstancy of the economy. Monetary policy is primarily associated with interest rate and credit. In some countries, the monetary authority may be able to authorize some specific interest rates on savings accounts, loans and other financial assets. A central bank can contract or decrease, under its control, the supply of money by increasing interest rate. Monetary policy is contrasted with fiscal policy which pertains to government borrowing, spending and taxation. Monetary policy can be of two types as expansionary policy and contractionary policy. Expansionary policy also known as easy monetary policy, used to combat unemployment by lowering interest rates and contractionary policy also known as tight monetary policy, involves raising interest rates to combat inflation. Low interest rates compel banks to compete for loans therefore banks are able to offer attractive interest rates which appeal to customers to beat out the competition. At the same time that leads to new customers and the customer can do comparison for ensuring that the bank is offering him the best rate. An economy consists of the economic system of a country which include capital, labor and land resources that participate in production, distribution and consumption of goods/services. When economy is growing then companies become profitable unemployment is low as consumers are spending money. Increasing interest rates result in slowing the economy because increasing interest rate means increasing borrowing costs for businesses and individuals which mean consumers have less money for spending. When the economy is slowing, the central bank will decrease short term rates as decreasing short term rates makes the borrowing less expensive and therefore businesses and individuals can spend and buy more which resulting in speeding up the economy. Purpose of study: The research is conducted in order to analyze the factors impacting interest rate regarding commercial bank and microfinance. Fa ctors determining interest rate changes have a direct affect on consumer, banking sector and country therefore to analyze and understand the factors is a top priority. This research can also help in comparison and evaluation of interest rates and borrowing/lending of money for good. Literature Review Banks try to compete with other banks for loans and deposits as Kwangwoo Park and George Pennacchi (January, 2009) emphasize that small single market banks compete with large multi market banks. As large multi market banks are assumed to set retail interest rates across markets therefore loan competition increases and deposit competition decreases in concentrated markets. In context, Isil Erel (May, 2009) concur that bank competition influence banks to reduce the increasing ability of banks lending rates even when money market rates move up therefore the bank interest rates and the changes over time expect to depend on bank competition. Nishant Dass and Massimo Massa (2009) state that banks try to build strong relationship with firms by acquiring information about those firms which they lend to for improving borrowers corporate governance. With this procedure the firm value is affected and in financial markets the standard implications are developed. The fixed interest rate paid to a bank by private firms for industrial investment financing has an essential importance in the economy. When there is stronger loan market competition then larger bank spreads on current account and time deposits and the banks that are under competition they compensate for lowering their deposit rates. In context with that, banks borrow for increasing their activities, whether for lending or for investing, and for this service the interest is paid to clients. Both the levels of bank interest rates and their changes over time are expected to depend on the degree of competition. In concentrated markets, retail lending rates are substantially higher, while deposits rates are lower. R egarding the effect of competition on the way banks adjust their lending and deposit rates. Hannan and Berger (1991) find that deposit rates are significantly more rigid in concentrated markets. Especially in periods of rising monetary policy rates, banks in more consolidated markets tend not to raise their deposit rates. Emilia Bonaccorsi di Patti and Giovanni DellAriccia (2004) concur that low interest rates also create a sense of urgency as if a consumer is saving for purchasing something, like a house, a low interest rate will play an intricate role in determining when he takes that financial plunge. This will cause the economy to expand because the consumer has more disposable income and more confidence when spending money. Iris Biefang-Frisancho Mariscal and Peter Howells (2002) state that the role of central bank is reduced to set short term interest rates as central bank indicates commercial banks to keep the price that will make liquidity available as reserve to the bank ing system. Therefore according to market rates the price increases and decreases. In context with that, in the form of reserves or currency, banks are required for having certain amount of total deposits as percentage which are liabilities of central bank, and hence fully guaranteed. If the monetary policy makers desire to reduce supply of money then they will raise interest rate as making it attractive for depositing funds and reducing borrowings from central bank and if monetary policy makers desire to raise the supply of money then they will raise interest rate as making it attractive for borrowing and spending money. Some banks offer funds on basis of first come first serve especially commercial banks. If bank doesnt have sufficient liquidity as according to customer demands, it can borrow the additional funds from the central bank. Central bank doesnt favor any particular bank. Central banks may hold reserves of commercial banks based on ratio of commercial bank deposits. All commercial banks may be required to keep a deposit/reserve ratio as it is another means of controlling the supply of money. In context, Graeme Guthrie and Julian Wright (2004) concur that the central bank implements monetary policy by targeting short term interest rates to stabilize the money supply in the country. The target rate can be changed when preferred rate and current target rate reach to critical level. According to Jordi Gali, J. David Lopez-Salido and Javier Valles (2004), the discount rate keeps the banks from continuous borrowing which would disorder the money supply in the market and monetary policy of the central bank. Commercial banks will be mobilizing more money in system by borrowing more than necessary. The use of discount rate can be limited by making it unattractive while using frequently. Furthermore, David E. Rapach and Mark E. Wohar (October, 2005) indicate that inflation rates and real interest rates often together increase and decrease as government chang es. Therefore the change in monetary policy is an important source of changing in real interest rates. In context with that, monetary policy affects nominal interest rate only that is unadjusted for inflation. Nominal interest rate is the combination of real interest rate and inflation premium. Monetary policy operates by influencing the price of money, i.e. the cost of borrowing and the income from saving. Isil Erel (2009) emphasizes that usually high inflation leads to high interest rates. The interest rate for borrowing money will increase when demand of money is high and when interest rate changes then the borrowers feelings also changes because borrowers dont like quick shifts in interest rates and inflation when shifts are not in their favor particularly. In context, inflation is caused by too much money chasing too few goods or too much demand for too little supply, which causes prices to increase. When the inflation rate is high, the interest rates are more likely to rise . It happens because the lenders will be demanding the high interest rates for compensation of the decreasing in purchasing power of money which will be repaid in future. Patrick Gagliardini, Paolo Porchia, and Fabio Trojani (October, 2009) state that the purchasing power of money loses during inflationary periods and with that each unit of currency is affected. If more money is available than needed to accommodate normal growth then consumers and businesses try to purchase more goods and services to produce with current resources causing upward pressure on prices and the market does not have time to adjust other prices downward in response therefore a short term increase in overall prices takes place. Changes in inflation rate cause corresponding changes in interest rates as inflation affects the value of lenders money therefore the interest rate increases to compensate the loss. According to David E. Rapach and Mark E. Wohar (2005), for controlling inflation, monetary policy has b een chosen as the primary tool as its goal is to reduce the inflation. Inflation changes unpredictably and it can interrupt the economy which cause uncertainty in financial decisions. James D. Hamilton and Ã’scar Jordà   (October, 2002) emphasize that level of federal funds rate is determined by the Federal Reserve which is one of the most anticipated and publicized economical indicator in financial world and it targets only rates in the federal funds market. In context, if Federal Reserve wants to decrease interest rates then it makes loans to banks (short term) in the Federal Funds market then the banks lend that money to investors with a profit. This lending process creates an effect of increasing the money which is in circulation. If the Fed increases the federal funds rate, it becomes  more expensive for banks to borrow money from the Fed. The Fed will lower short term rates when the economy is slowing as lowering rates makes it less expensive to borrow money and con sumers and businesses can afford to buy more products and services. Graeme Guthrie and Julian Wright (2004) concur that the central bank, which is charged for maintaining the constancy and stability of the financial system, increases or decreases the short term rates in an attempt to maintain that stability. In response for economic ups and downs, the central bank takes these actions on a regular basis so that the country goes through on a pretty routine basis. If central bank changes interest rates at which banks borrow money then those changes passed on to the economy. In perspective, if the central bank decreases the rate then banks can borrow money for less and then the banks can decrease the interest rates they charge to individual borrowers as making loans more competitive and attractive. If an individual was thinking about buying something and the interest rates suddenly decreases then he/she  might decide for taking out a loan and spend. As consumers spend more, th e economy grows more. Antonio Argandoà ±a (2003) and Alexander Konovalov (2005) emphasize that Federal Reserve is central bank of the United States of America and is accountable for determining interest rates. The function of central bank is to create the financial security and stability for the economy. Whether the rate is high or low, banks have to borrow from the central bank at the set interest rate. The banks are capable to pass some of the savings on to customers when interest rates are low and the customers will be paying more money for borrowing the money they need when interest rates are high. Borrowers dont like to borrow money when interest rates are high which leads to economic decline. In context, interest rate frequently decreases during the slow economy which makes borrowings less expensive. The result of this interest rate change promote and encourage businesses and individuals to spend more money by borrowing more loans inducing economic growth but if economy grows too quickly then it will lead to economic decline and for that reason interest rate frequently increase, discouraging individuals and businesses as making borrowings more expensive which resulting in less borrowing and less spending. Daniel Horgos and Klaus W. Zimmermann (2009) state that for a central bank, changing interest rate is the way to help economy to move in direction of continuous economic growth. When central bank changes the interest rate, basically it doesnt affect all consumers. Only those with credit cards and variable rate loans are affected. Interest rate changes, however, do affect the whole economy. In context, the affect of raising interest rate is that the banks increase the interest rates they charge their customers for borrowing money and through increasing in mortgage interest rates and credit card especially when they carry variable rate, individuals are affected. It affects the decreasing in the amount of money that consumers can spend. Therefore people c an spend less money and that affects businesses as they have to pay bills and when bills are more expensive then they will be left with less amount of disposable income. Juvà ©nal Ndayiragije (1999) emphasize that when Federal Reserve increases the interest rate, the stock market doesnt have an instant and immediate affect. The stock market inclines when Federal Reserve decreases the interest rate and that is an indication to investors that companies will be increasing the production and creating more jobs and that people will buy goods and services more than before. In context, basically the raising interest rates causes the price of stocks to fall as the investors, in that case, will be purchasing fewer stocks. Soon, prices fall enough and encouraging the investors to start purchasing again which raises the stock prices. The stock demand increases when interest rate decreases, causing the price of securities to raise and it leads to economic growth. Amit Bubna and Bhagwan Chowdhr y (2010) concur that the banks profit from difference between interest it charges by lending and interest that bank pays for the deposits. If bank is not lending then consumer is not spending thus the economy stagnates and economy cant survive stagnating therefore central bank has to make some adjustments for economy to start and move in right direction. Furthermore, when people are having high disposable income then it means that people like to spend more than to save. METHODOLOGY As this research is related to the study of impacts of interest rates therefore Survey based research using Qualitative method was conducted. In sampling technique, Stratified Random Sampling Method (Probabilistic Sampling) was used. The banks are divided into two groups: Commercial Bank and Microfinance, which include 06 (60%) Commercial Banks and 04 (40%) Microfinance. 50 Branches of 10 different randomly selected Banks (05 Branches each) of Karachi have been selected randomly. The selected Banks and their Branches are as follows: Bank AlFalah: MCB: Standard Chartered: I. Chundrigar Road North Nazimabad Nazimabad Branch Clifton PECHS SITE Gulshan-e-Iqbal Saddar Abdullah Haroon Road PECHS Gulshan-e-Iqbal Baloch Colony Shahrah-e-Faisal Hassan Square Safoorah Goth UBL Bank: Citi Bank: Askari Bank: Corporate I. I. Chundrigar Road Saima Trade Tower Baba-e-Urdu Road World Trade Centre Gulshan-e-Iqbal City Shahrah-e-Faisal SMCHS M. M. Khana Khyaban-e-Shahbaz Clifton Bunder Road DHA Phase II Lal Masjid Pak Oman Microfinance: Rozgar Microfinance: Tameer Microfinance: Qayyumabad Clifton Malir Kemari Iqra SITE Orangi Town Taiser Town North Karachi PECHS Dalmia KCHS Mehmoodabad Shahrah-e-Qaideen Dak Khana Network Microfinance Bank: Shahrah-e-Faisal Gul Tower FTC Shah Faisal Colony Orangi Town The research includes both primary and secondary data. The primary data was collected through 50 questionnaires from 50 Branches, filled by Branch staff members. The questionnaire, comprising a total of 15 questions was used and it includes questions relating to commercial banking and microfinance with relation to interest rates, using an interval five-point Likert scale ranging from (1) strongly disagree to (5) strongly agree. The secondary data was collected through Journals, Research Articles, Books, Thesis, Published Reports, News Articles, Websites, etc. Limitations of the Research: Research data is not 100% accurate. Our research has certain limitations which include: Lack of experience in survey based research, which was overcome with the help of keeping our teachers advice as well as the textbooks. Another limitation was the availability and willingness of the respondents because people find no time out of their busy schedule. HYPOTHESIS: Two hypothesis were formulated in order with our objectives. There was one hypothesis for each segment we would consider in our sam ple which are as under. Impact of interest rate on commercial bank is high. Impact of interest rate on microfinance is high. DATA ANALYSIS: You prefer variable rate instead of fixed rate on deposit, lending, and borrowing. Table 01 Particular Commercial Bank Microfinance (1) Strongly Disagree 7 6 (2) Disagree 0 0 (3) Neutral 18 12 (4) Agree 1 2 (5) Strongly Agree 4 0 Total 30 20 Table: 01: The focus of this question was to determine the rate banks prefer, fixed or variable rate, for borrowing and lending. This question has great importance as different banks prefer different rates. As visible from the results, interest rate fluctuates after a certain period of time therefore most respondents (60%) prefer neutral in commercial bank and microfinance as interest rates may be fixed or variable. There is a decrease in rate of interest due to bank competition. Table 02 Particular Commercial Bank Microfinance (1) Strongly Disagree 5 5 (2) Disagree 14 15 (3) Neutral 11 0 (4) Agree 0 0 (5) Strongly Agree 0 0 Total 30 20 Table: 02: This question was asked to find out the perception about interest rate changes due to bank competition. The results show that the most preference is given with 47% of respondents from commercial bank and 75% of respondents from microfinance as they disagree that due to bank competition there is a decrease in rate of interest. You prefer variable rate when bank is under competition. Table 03 Particular Commercial Bank Microfinance (1)Strongly Disagree 0 0 (2) Disagree 0 0 (3) Neutral 9 6 (4) Agree 21 10 (5) Strongly Agree 0 4 Total 30 20 Table: 03: This question was asked to determine the rate banks prefer when they are under competition. The result shows that 70% respondents of commercial bank agree and 50% respondents agree from microfinance to prefer variable rate when bank is under competition. When the interest rate is low, the borrowing becomes less expensive and at that time people try to borrow and spend more therefore banks offer variable rate to attract more customers and compete each other. The high interest rate creates problem in paying against borrowings. Table 04 Particular Commercial Bank Microfinance (1) Strongly Disagree 0 0 (2) Disagree 0 0 (3) Neutral 7 0 (4) Agree 13 10 (5) Strongly Agree 10 10 Total 30 20 Table: 04: This question was asked to determine that if high interest rates creating problem against borrowings. The results show that 43% respondents of commercial bank and 50% respondents of microfinance agree as when the interest rates are high, the borrowings become more expensive. There is a decrease in bank lending due to high interest rate. Table 05 Particular Commercial Bank Microfinance (1) Strongly Disagree 0 0 (2) Disagree 0 0 (3) Neutral 0 0 (4) Agree 8 9 (5) Strongly Agree 22 11 Total 30 20 Table: 05: The focus of this question was to determine that if bank lending is affected due to high interest rate. The result shows that 73% respondents of commercial bank and 55% respondents of microfinance strongly agree as rising interest rate means rising borrowing cost which has the affect of lowering the amount of money that consumer can spend as consumer stops borrowing from banks because it becomes more expensive. You prefer high interest rate on repayment of loans (including borrowing, lending, and deposit). Table 06 Particular Commercial Bank Microfinance (1) Strongly Disagree 0 0 (2) Disagree 19 12 (3) Neutral 11 8 (4) Agree 0 0 (5) Strongly Agree 0 0 Total 30 20 Table: 06: The focus of this question was to determine that if banks prefer high interest rate on repayment of loans. The results show that 63% respondents of commercial bank and 60% respondents of microfinance disagree that they dont prefer high interest rate on repayment of loans as high interest rate makes borrowing more expensive. You prefer borrowing from Central Bank instead of Public Deposits. Table 07 Particular Commercial Bank Microfinance (1) Strongly Disagree 18 14 (2) Disagree 3 2 (3) Neutral 7 4 (4) Agree 2 0 (5) Strongly Agree 0 0 Total 30 20 Table: 07: The focus of this question was to determine that if banks prefer central bank instead of public deposits for funds. The result shows that 60% respondents of commercial bank and 70% respondents of microfinance strongly disagree as the more customers bank will have the more market share it will capture. Monetary policy stabilizes the interest rate in the economy. Table 08 Particular Commercial Bank Microfinance (1) Strongly Disagree 0 0 (2) Disagree 0 0 (3) Neutral 0 0 (4) Agree 22 13 (5) Strongly Agree 8 7 Total 30 20 Table: 08: This question was asked to analyze that monetary policy can stabilize the interest rate to make economy better. The result shows that 73% respondents of commercial bank and 65% respondents of microfinance agree as the central bank implements monetary policy by targeting interest rate to stabilize the supply of money in the country. High operating cost creates problem in lending. Table 09 Particular Commercial Bank Microfinance (1) Strongly Disagree 0 0 (2) Disagree 17 0 (3) Neutral 13 0 (4) Agree 0 17 (5) Strongly Agree 0 3 Total 30 20 Table: 09: This question was asked to determine that if operating cost creates problem in lending as different banks have different operating costs. The results show that 57% respondents of commercial bank disagree and 85% respondents of microfinance agree as commercial banks offer loans of large size and microfinance offer loans of small size to many which increases the operating cost. The inflation creates problem when borrowing, lending, and deposit. Table 10 Particular Commercial Bank Microfinance (1) Strongly Disagree 0 0 (2) Disagree 0 0 (3) Neutral 0 0 (4) Agree 18 15 (5) Strongly Agree 12 5 Total 30 20 Table: 10: This question was asked to analyze about inflation affecting borrowings, lending, and deposit. As visible from the results 60% respondents from commercial bank and 75% respondents of microfinance agree that inflation creates problem while borrowing, lending, and depositing. When interest rates change, the borrowers feelings also change. When inflation rate is high then more interest rate will be high as lenders demand high interest rate for compensating the decrease in purchasing power of money which will be paid back in the future. Lending by banks is decreased due to high inflation. Table 11 Particular Commercial Bank Microfinance (1) Strongly Disagree 0 0 (2) Disagree 23 0 (3) Neutral 7 20 (4) Agree 0 0 (5) Strongly Agree 0 0 Total 30 20 Table: 11: This question was asked to determine if bank lending decrease due to inflation. The result shows that 77% respondents of commercial bank disagree and 100% respondents of microfinance are neutral as high inflation leads to high interest rate and when interest rates are high, borrowings become more expensive and bank lending decreases. Unemployment is an important cause in decreasing the lending by commercial/microfinance banks. Table 12 Particular Commercial Bank Microfinance (1) Strongly Disagree 0 0 (2) Disagree 10 4 (3) Neutral 20 16 (4) Agree 0 0 (5) Strongly Agree 0 0 Total 30 20 Table: 12: This question was asked to determine that commercial bank and microfinance lending decreases due to unemployment. The results show that 67% respondents of commercial banks and 80% respondents of microfinance are neutral as when interest rates are high, banks charge more from businesses they lend. Moreover, consumers dont borrow and spend as it becomes more expensive. When the business reaches to a critical level as expenses are high and profits are less, it cuts costs. Cutting costs usually begins by seeking cheaper suppliers. After that, if need remains then business lay off employees and resulting in increase in unemployment rate. Businesses lay off more employees as consumers spend less on goods and services and until the rates are reduced, the cycle continu es. Due to taxes, you prefer lending at high interest rate. Table 13 Particular Commercial Bank Microfinance (1) Strongly Disagree 0 0 (2) Disagree 18 0 (3) Neutral 12 9 (4) Agree 0 11 (5) Strongly Agree 0 0 Total 30 20 Table: 13: This question was asked to determine the preference level of interest rate due to taxes. The result shows that 60% respondents of commercial bank disagree and 55% respondents of microfinance agree as after deducting operating costs and taxes the income remains low therefore banks insist to increase the lending interest rate. Poverty is a negative element for the economy and the meanwhile it affects the lending by commercial/microfinance banks. Table 14 Particular Commercial Bank Microfinance (1) Strongly Disagree 0 7 (2) Disagree 0 13 (3) Neutral 14 0 (4) Agree 16 0 (5) Strongly Agree 0 0 Total 30 20 Table: 14: This question was asked to determine if poverty is affecting bank lending and economy. The result shows that 53% respondents of commercial bank agree and 65% respondents of microfinance disagree as poverty reduction and alleviation is a result of increasing economic growth as increasing production levels including advanced industrial technology creates additional wealth available for people who were too poor to afford them. When poverty rate is high then commercial banks cannot lend to those who cannot afford to pay the cost and that it will be risky. Microfinance provides loans to poor which are interest free or they may carry interest which doesnt compound. The economy is affected due to changes in interest rates. Table 15 Particular Commercial Bank Microfinance (1) Strongly Disagree 0 0 (2) Disagree 0 0 (3) Neutral 0 0 (4) Agree 18 15 (5) Strongly Agree 12 5 Total 30 20 Table: 15: The focus of this question is to analyze the economy and its affects due to changes in interest rate. The result shows that 60% respondents of commercial bank and 75% respondents of microfinance agree as when the central bank changes the rates at which banks borrow, those changes move on to the rest of the economy. If the central bank decreases the interest rate, banks can borrow for less and can make loans attractive by charging lower interest rate to borrowers. If the consumer will spend more then the economy will grow more. Testing of Hypothesis: Null Hypothesis: Ho:  µ1 =  µ2 or  µ1  µ2 = 0 Alternative Hypothesis: H1:  µ1 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚    µ2 or  µ1  µ2 ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚   0 Level of Significance: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± = 0.01 Test Statistic: Since ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢1 and ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2 are unknown (assumed ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢1 = ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2) and n1 = 30 and n2 = 30 then the appropriate test statistic would be t Statistic Where t = d.f. = n1 + n2 2 Where Sp = Since Then Sp = = = = 1.03 Then t = = = = 0.24 Therefore t Cal = 0.24 Critical Region: The C.R. at ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± = 0.01 with d.f. n1 + n2 2 = 30 + 20 2 = 48 is t t 0.005(48) = 2.576 and t t 0.005(48) = -2.576 Conclusion: Since calculated value of t falls in acceptance region, therefore we accept Ho. OR Since | ÃÆ'Ã… ½- Cal | = 0.23 and | ÃÆ'Ã… ½- Tab | = 2.576 and Since | ÃÆ'Ã… ½- Cal | | ÃÆ'Ã… ½- Tab |, we accept Ho and conclude that the samples do not provide sufficient evidence at ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± = 0.01 that a difference does not exist between the impact of interest rate on commercial bank and microfinance. Conclusion Interest rate impacts a number of factors including inflation, bank competition, economy, etc. which has a direct affect on consumers, banking system and country. Microfinance interest rates are usually higher than commercial bank interest rates as microfinance provides small amount of loans to many. Commercial banks have made microfinancing activities as a part of their institution and microfinance also providing commercial banking activities therefore the difference does not exist between commercial bank and microfinance regarding impacts of interest rates . Interest rate changes are sometimes profitable for financial institutions and sometimes for consumers. Central bank plays an important role in stabilizing interest rate and providing funds to commercial banks and microfinance banks. Investments in banks have less rate of return than other means but it is not risky as it is assured. According to results, we conclude that a difference does not exist between the impact of interest rate on commercial bank and microfinance. REFERENCES Park, Kwangwoo and Pennacchi, George (2009), Harming Depositors and Helping Borrowers: The Disparate Impact of Bank Consolidation, The Review of Financial Studies, pp. 1-40 Argandoà ±a, Antonio (2003), The New Economy: Ethical Issues The New Economy: Ethical Issues, Journal of Business Ethics, Vol. 44, No. 1, pp. 3-22 Horgos, Daniel and Zimmermann, Klaus W. 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The Allegory of the Dragon in Beowulf Essay - 1938 Words

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Debt Service Funds Essay Example For Students

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