Phenomenology and Healthier Organismic Self

Investigating the phrasing of the word Phenomenology and its historical background, presents me with a suggestion going back to a long convention of philosophical writing. I think that its hard to attempt to clarify what phenomenology implies, on the grounds that communicating critical thoughts of one thinker, will avoid others, and my decisions will negate the general thought of what phenomenology is starting to mean for me. Drawing models from phenomenological hypothetical sources, I will incorporate individual experience to help what I comprehend by the term phenomenology.In brief, I am going to begin to clarify what I comprehend about the term Phenomenology by offering responses with references from hypothetical sources. I will, in no specific request along this exposition, offer guides to help the motivation behind why I think phenomenology is significant in Counseling and Psychotherapy. In conclusion, I purpose to examine my present capacity to comprehend my own, and another pe rson’s perspective with some examples.The expression Phenomenology begins from the Greek word phainomenon, which means appearance, that which shows itself, and, logos meaning science or study. As Hans Cohn puts it, â€Å"the Greek word ‘phenomenon’ is gotten from an action word significance to show up, to come into the light, and ‘logos’, then again, is established in a Greek action word meaning ‘to say’. (Cohn, 1997:9-10). To me this proposes, come into light through discourse, or edify oneself through discourse. In straightforward terms phenomenology is the investigation of how things appear to be.In request to recognize the marvel of discernment, Edmund Husserl (1859-1938), built up a technique from his previous teacher’s philosophical deliberateness, Franz Brentano (1838-1917) that clarifies how reality can't be gotten a handle on legitimately in light of the fact that it is accessible just through view of the real world, whi ch are portrayals of it in the brain. This is a technique that endeavors to depict marvels without earlier suspicions, by dismissing earlier convictions or cognizance about things, occasions and people.His point was to figure out how to rise above subjectivity and comprehend wonder through understanding as the wellspring of cognizant information (Dermot Moran, 2002:1-22). He proposed by this to suspend or section occasions, to go past the standard decisions of observation to portray the things as they truly seem to be. Husserl’s phenomenological technique incorporates ideas of Noema, ‘the object of our consideration, or, squares of meaning’, Noesis to mean, ‘the experience as it is experienced and the demonstration of cognizance itself, or, procedure of giving meaning’, and Bracketing ‘an demonstration of suspending our partialities and common interpretations’ (Van Deurzen, 2005: 154).At this stage, these ideas are helping me to outline old recognized ‘blocks’ and intentionally portray them. It is additionally helping me to bring to my mindfulness a portion of my standards of conduct, which I was uninformed of, or mindful looking back, however unconscious of their reasons. Husserl’s strategy is brilliant in that it exposes my ‘perspective dynamics’ (feeling of the real world, preferences, relational intricacies) and causes me to comprehend and acknowledge how to find my squares. I would now be able to start to verbalize confounding responses and uncover undercover feelings of dread, when truth about my character and individual characteristics start to be progressively receptive and real.I frequently have been lost in my very own history not realizing some other way out of it. ‘This felt like a square in my life loosing contact, feeling distanced inside myself and hence, forestalling oneself to reach out towards others as completely as I would wish. In my comprehension of pheno menology in the above model, my own squares can keep me from living at the time of now. The models that will follow, there are such a significant number of considerations and feelings diverting me from the snapshot of now.Learning to make cognizant my own suspicions as noema, noesis and organizing, a part of phenomenological decrease called Epoche, was to figure out how to suspend preference, outline a specific conduct in center, and analyze the manner in which I see things and individuals. I don’t know whether it is conceivable to interpret this procedure of decrease in all layers of my conduct. Yet, what I cannot deny is, that this decrease procedure has instructed me to know, in a progressively wakeful state, of my concealed deliberateness and to assume liability, or better own my considerations and activities intentionally on the grounds that all the time I looked for the fault outside of myself.And the pursuit was not to be found outside, yet the comprehension of those r esponses is to be discovered somewhere within me. ‘Bracketing is important on the grounds that the phenomenological request isn't simple reality discovering, it is the misgiving of deliberate acts’ (Van Deurzen, 2005: 154). Husserl’s supernatural Phenomenology hasn’t especially been trailed by his understudies and previous associates, for example, Martin Heidegger (Spinelli, 1989:2-3). A comment from Paul Ricoeur follows ‘that phenomenology is the account of the deviations from Husserl; â€Å"the history of phenomenology is the historical backdrop of Husserlian heresies† (Moran, 2002:2).I find that Husserl’s at the time dubious logical conclusions permits phenomenological movement. In any case, his discoveries are a decent premise to address what our actual qualities are, to permit us to explore our capability to be acceptable advisors. For what reason is the connection between Phenomenological theory, Existential, Person-focused Counse ling and Psychotherapy, significant in directing and psychotherapy? I extremely before long began to fathom that phenomenology tends to key inquiries of human experience and that this endeavors to analyze the procedure of emotional human instinct, without being instilled by some fixed theory.Philosophers have expounded a lot on the idea of oneself, and it is helpful for psychotherapists to reflect in the event that they are tending to human issues of presence from the correct edge or simply underscoring one from a boundlessness of potential outcomes, or just if the hypothesis needs movement. One worry that I think pertinent to consider is that psychotherapy, especially existential and individual focused advising, center around the advancement of the client’s self-sufficiency (Sanders, 2004). Are the speculations sufficiently open to offer that self-rule, or are they in its push to understand a perspective, constraining its variability?In my feeling, it is basic to have an unc luttered brain which is liberated from fair-minded suppositions when moving toward psychotherapy and directing. Existential advisors for instance, put more accentuation on the presence, than on the quintessence through the phenomenological decrease, since they don't wish to suspend presence. Carl Rogers‘s (1902-1987) idea of phenomenology keeps up that information on singular view of the truth is required for the comprehension of the human conduct, and proposes that we live as per our emotional mindfulness (Nye, 1992:97).Rogers accepted that individuals need the privilege mental and natural conditions to permit the disturbed self to change and locate a more beneficial organismic self. ‘Necessary and adequate states of helpful character change’ (Kirshenbaum and Henderson, 1990:219). There are three center conditions out of the six adequate conditions: Unconditional Positive Regard (UPR), which means really tolerating the individual as they are with no pre-considere d decisions barging in during the time spent the connection among customer and counsellor.Empathy, which means listening cautiously, leaves aside my states of worth, and, Congruence, which means real legitimacy inside the advising relationship (Hough, 1998:103-104). I figured out how to process these conditions through phenomenology. I can see the equal between individual focused and existential psychotherapy, in light of the fact that for instance, Rogers’s treatment includes the specialist's entrance into the customer's one of a kind phenomenological world, without endeavoring to look for oblivious thought processes, but instead focus on quick cognizant experience and desires (Sanders, 2004:4).These conditions must be handled inside myself first, before I can endeavor to offer them to others. To me, there was a scholarly and enthusiastic comprehension of how to incorporate Rogers’ center conditions when with others, however I was feeling the loss of the connection â €˜how’ to do it, in light of the fact that the hypothesis felt all exceptionally sensitive, non-mandate and cut for the individuals who were brought into the world with those characteristics. I needed it to be a piece of my day by day make up, however I commonly relapsed to old propensities, and felt I had returned to square zero.This is the motivation behind why I think phenomenology is significant in advising and psychotherapy. It is a technique that permits us to strip down any covers or shadows we have and deal with a significant number of our natural states of worth, for a more advantageous organismic encountering. I have been lucky to discover the way to chip away at my actual self, and something unquestionably occurred in my cognizant psyche brought about by the above learning prompts. I can sincerely depict with some satisfaction that I am preparing my projections effectively with my ecological relationships.The model that follows, portrays a huge occasion that gav e me I have brought into light what resembled a projection into my full cognizant. Directly toward the start of the scholarly year, I used to hear one of my associates talk, and I used to feel some aggravation. I didn’t know the reason. It was simply after the third week that I addressed myself the motivation behind why in light of the fact that the manifestation persevered. I composed on my diary: I believe I was very rude today towards ‘Blue Sky’ when she was talking in the gathering experience. (Blue Sky is a nom de plume give all my course bunch partners a nom de plume to keep their character secured). I reflected

Essay Writing Samples - How Do I Write an MBA Essay?

Essay Writing Samples - How Do I Write an MBA Essay?So many people, looking for an answer to the question, 'How do I write an MBA essay? ', are wasting time reading through useless MS Word Office essay writing samples. It is not as simple as it sounds, and one must be in possession of excellent writing skills to be able to avoid problems when writing an MS Word document. The reason why many students are not capable of writing an MS Word document is due to the fact that they lack in grammar knowledge and that makes them unable to organize their thoughts.The first step to help you is to prepare a different version of the same story. This is basically a fake essay, and you can use this article as an example. You can then rewrite the whole thing and find out if you can write it correctly or not. Use the same materials as you had for your original work.Before you start writing, it is advisable to make sure that you have a basic idea of what an MBA paper will include. Keep this in mind bef ore beginning to brainstorm. The theme of the paper is one important factor that you should consider while writing it.An MS Word document is a template that can be edited in order to fit your specific requirement for writing an MBA essay. For example, if you were using Word for a research paper, and you wanted to format the contents of the paper according to the structure of your school, you could use MS Word document templates to change the content in any way you wish.These templates have been designed for use by professionals business types, and therefore they offer you great benefits when it comes to organizing your thoughts, making sense of your ideas, and knowing what to write and how to express it. The templates are not only helpful in saving time but also offer you an opportunity to better understand your topic. The templates are written in such a way that you can tell the difference between the original documents and the template, and it can be fairly easy to compare the two .Moreover, if you are interested in building a powerful essay, there are a number of MS Word essay writing samples available for download. These essays were created with the purpose of helping people who are new to writing essays on a subject, and since these templates are already designed in such a way that the students can easily follow along, even a beginner can quickly get accustomed to them.Even if the material on the template is identical to the material you have prepared, you can use this essay as a reference point and start your own essay. If you are particularly confident about the topic, you can convert the whole thing into an outline for writing the essay itself.When you use MS Word templates, you can write the essay even without reading any books or any essay help manuals. Moreover, if you are looking for great essay writing samples that are extremely easy to use, then your best bet is the free templates. These free templates are very effective and your essay writing wil l be completed in no time at all.

Business Diversity Case study Example | Topics and Well Written Essays - 500 words

Business Diversity - Case Study Example While developing to make upgrades in business minor returns, Fresh nourishment has confronted a few difficulties including ethnicity. This has been outlined by Vivian’s suppositions tolerating that she is probably going to confront ethnic difficulties while settling in Phoenix. The business additionally faces correspondence hindrance in light of the fact that Vivian is thinking about utilizing interpreters to help the buys at Phoenix, which is seen to be overwhelmed by various racial networks. In spite of the way that new nourishment faces various issues as expressed over, the business has given a valiant effort to stock assortment of nourishment in this manner speak to a different culture. Additionally, the business chief command depends on great correspondence as a method for guaranteeing clients supportability. The hierarchical courses of action to convey uninhibitedly to handicapped individuals from the general public is an unmistakable outline how it regards the nobility of individuals from the general public (Hellriegel &Slocum, 2007). New nourishment having held onto decent variety as one of its qualities gets the possibility to catch more extensive market edge. This unmistakably shows the business is focusing on a greater populace subsequently fit for getting better yields. Likewise, the issue of decent variety is additionally a sign of cultural portrayal. This put the business at the most elevated finish of accomplishing its serious edge. In any case, assorted variety requires extra expenses as far as recruiting experts. For example, for Vivian to interpreters at Arizona she would require an extra overhead expense (Golembiewski, 1995). To get an honorable workforce, Vivian’s enlistment methodology involve understanding the earth as this would assist her with relating admirably with the general public. Besides, she ought to think about possibility for interviews mostly from Arizona. In the wake of getting satisfactory number, she can continue and put them waiting on the post trial process, as this would help her in distinguishing the correct staff who can convey according to

Customer Expectation Through Service Excellence - 1758 Words

Party Rental Ltd began as a secondary line of business for Oprandy’s Liquor store in Englewood, New Jersey. Oprandy’s provided an additional service to customers who were picking up wine and beer for their house parties by renting tables, chairs, and glassware. In April 1972 it was expanded into a larger scale rental business with more appropriate items. A year later they moved into a 10,000 square foot facility. In august 2006, it was relocated to a 350,000 sq. foot corporate headquarters in Teterboro, NJ where they currently reside. However, there also are smaller subsidies in Pennsylvania, the Hamptons and Maryland. Although, there is a written mission, core values and philosophy, they are only posted and pop up on our computers daily.†¦show more content†¦Organizational Structure Upper Management consists of one CEO Owner, one COO/President (Son of Owner), and VP/CFO. Management consist of VP of Human Resource, VP of Operations, Department Directors Managers, Supervisors of different areas (roles responsibility unclear) When reading about Party Rental Ltd there is a sense that the old â€Å"mom and pop† community store has grown in size but there is no formal business structure or philosophy reflecting the change. One might believe change was just adopted words only and never internalized and operationalized. It is interesting, because the dress code use to be business causal but was changed to a more old community affect of â€Å"jean and T shirts†. What occurs at Party Rental annually is a break even financial status. Ironically, everyone seems ok with it. Prices are raised annually and they terminate and hire seasonally. An excessive number of clients are not charged for half or all of an order due to inadequate service, such as incorrect items delivered, inaccurate delivery times, and mix-ups in dispatch and truck loading for delivery. Language barriers in the warehouse accounts for misinformation and poor customer service. In addition, supervisors employed for specific areas overlap resulting in indecision and there is confusion. Employees may require supervision but this is ineffective. Processes for customer service to establish an order for

Analysis For Malaysia - Free Essay Example

Sample details Pages: 18 Words: 5259 Downloads: 6 Date added: 2017/06/26 Category Statistics Essay Did you like this example? EXCHANGE RATE MISALIGNMENT AND CAPITAL INFLOWS: AN ENDOGENOUS THRESHOLD ANALYSIS FOR MALAYSIA ABSTRACT This study presents an attempt to investigate the impact of exchange rate misalignment on capital inflows in Malaysia. Specifically, a precise threshold value is estimated to examine when exchange rate misalignment suppresses capital inflows. To pursue these objectives, this study relies on the endogenous threshold analysis as of Hansen (1996, 2000). Don’t waste time! Our writers will create an original "Analysis For Malaysia" essay for you Create order Results suggest that misalignment in terms of currency overvaluation, has a negative and significant effect when overvaluation is more than 15 percent. This estimate is consistent and robust despite the changes in the choice of explanatory variables. INTRODUCTION Foreign direct investment (FDI) has served as an important engine of growth via skills and technology transfer, creation of employment opportunities and expanding the capital stock in Malaysia. Since the 1997 Asian financial crisis, Malaysia is no longer the top 10 host for FDI. In fact, the rate of growth of FDI has dramatically decrease compared to that of the early 1990s. This is partly due to reverse investment (Mat Zin, 1999) and declining dependence on FDI to finance growth. However, this may also indicates the declining competitiveness of Malaysia in attracting FDI which warrants empirical research since it would be vital to investigate which factors that contributed to the deterioration of competitiveness. Since early 1980s, real exchange rate misalignment has become a standard concept in international macroeconomic theory and policy (Razin Collins, 1997). Hence, this study focuses on exchange rate misalignment as an indicator of capital inflow competitiveness in the case of Malaysia. Malaysia provides an interesting case as it is one of the largest recipients of FDI amongst its ASEAN counterparts. Another advantage of undertaking a single country study is the ability to delineate the assumption that countries are similar in terms of social, cultural, economic and political background (Sun et al., 2002). Therefore, only relevant economic determinants are accounted for to suit the Malaysian environment. The objective of this paper is to investigate the empirical relationship between capital inflows and exchange rate misalignment. Whilst existing literature focuses on the role of exchange rate, this study takes a step further to examine the impact of exchange rate misalignment on capital inflows. Specifically, we estimate a threshold value at which misalignment begins to significantly affect capital inflows. To the best of our knowledge, no published study has attempted to estimate a threshold value for exchange rate misalignment in Malaysia. Hence, this study intends to fill this gap. Based on the endogenous autoregressive threshold (TAR) model developed by Hansen (2000), we split the sample into high and low misalignment regimes. Results suggest that exchange rate misalignment due to overvaluation is detrimental to the influx of capital inflows. The next section provides a brief overview of FDI in Malaysia followed by a brief explication of the theoretical model and review of liter ature. The fourth section spells out the method pertaining to the objective. The penultimate section provides results and discussion and the final section concludes. CAPITAL INFLOWS IN MALAYSIA: RECENT TRENDS AND INCENTIVES The essence of export oriented-growth nexus somewhat depends on the inflow of foreign capital into the country. In the past, foreign direct investment has been the one of the major conduit for technology transfer, job creation and export-led growth to this country. To pursue this line of interest, the Malaysian government has designed various policies spanning the gamut of industrial specific incentives, taxation, and intellectual property protection to infrastructure support. The company tax rate for example has been reduced from 33 percent in 1987 to 27 percent in 2007 and 26 percent in 2008. Other tax incentives such as the investment tax allowance, tax relief for companies with pioneer status or high technology industries has continued until today with more industries be given the relevant status to reap the benefits of the incentives. Most recently, the government has liberalized bumiputera equity requirements for 27 sectors to further boost competitiveness. With reference to previous information, there was a surge in foreign direct investment (FDI) into Malaysia in the late 1980s and this trend continued until the onset of the 1997 Asian financial crisis. Another acute slump in the influx of FDI occured in 2001 when the economy was in a slight recession but picked up again in 2002 thereafter. With the recent burgeoning world recession following the American sub-mortgage crisis, it is expected that FDI will contract again (IMF, 2009). To capture a more vivid impact of misalignment on capital inflows, this study employs quarterly data from Bank Negara Malaysia (BNM the central bank of Malaysia) instead of the UNCTAD data which are annual. Foreign capital inflows or investment inflows comprises three items: (i) equity investment, (ii) loans and (iii) real estate. Investment consists of equity investment in Malaysia by non-residents, loans obtained from non-residents and purchase of real estate in Malaysia by non-residents but excludes retained earnings (Source: Bank Negara Malaysia, Glossary, Monthly Bulletin Statistics January, 2009, p. 186-187). This study resorts to a specific measure of FDI, that is, foreign investment inflows. Data starts from 1991:Q1-2008:Q3, partly dictated by availability. THEORY AND REVIEW OF LITERATURE In this study, we rely on the portfolio balance approach to model the determinants of foreign capital inflows. This model has been successfully tested by Goh (2005) for Malaysia. Branson (1968) postulates that the proportion of foreign assets (Kf) in a given stock of wealth is a function of the domestic and foreign interest rates (i and i*), the measure of exchange rate expectation or risk (e) and the stock of wealth (w) expressed as: (1)Darby et al. (1999), augment this concept of exchange rate risk (e) into exchange rate volatility and exchange rate misalignment. Since this study focuses on the role of exchange rate misalignment, we substitute e with misalignment. Expressing the above equation at level yields, (2)Focusing on Z, the literature suggests a number of variables that determines capital flows. The enigmatic relationship between FDI and exchange rate nexus has been widely examined and most of the discussions root back to the work of Kohlhagen (1977), Cushman (1985), Froot and Stein (1991), Goldberg (1993) and Darby et al. (1999). The effect of exchange rate is less straightforward (Benassy-Quere et al., 2001). The mechanisms that exchange rate affects capital inflows can also be viewed via the wealth effect channel and the relative production cost channel (Xing, 2006). A devaluation of the currency of the host country makes local cost of production lower in terms of foreign currency, hence leading to higher returns from export-oriented industries. As for the wealth effect, a devaluation makes local asset cheaper which motivates investors to acquire more. Kohlhagen (1977) static model postulates that following depreciation in host countries, MNEs will increase their production capacity. In a two period dynamic model, Cushman (1985) suggests that adjusted expected real depreciation lowers the production cost which leads to increase in FDI flows. Similarly, Goldberg (1993) illustrates how sectoral profitability, location effects, and portfolio and wealth effects are important factors that determine investment an d their links with exchange rates. In her theoretical model, the direction of investment effects triggered by exchange rate movements is ambiguous, therefore, warrants empirical research. On contrary, in an imperfect information framework, Froot and Stein (1991) show that appreciation induces wealth effect of foreign investors, thus encouraging foreign investors to acquire more local assets. Empirically, there is quite a consensus that a depreciation of the exchange rate in the host country leads to a reduction of the FDI (Klein and Rosengren, 1994; Dewenter, 1995). There is however, a dearth of studies that empirically examine the relationship between FDI and exchange rate misalignment. Empirical attempts include Benassy-Quere et al. (2001) who advocate the benefits of depreciation may be offset by excessive volatility of the exchange rate. Blonigen (1997) illustrates how currency depreciation induces foreign firm to acquire firm-specific assets when markets are segmented. Hasnat (1999) study the impact of misalignment on FDI for five developed nations on annual data ranging from 1976-1995. All of these studies use misalignment as a control variable or a counterpart for exchange rate variability and is measured by a deviation from the purchasing power parity (PPP) values. Furthermore, most of these studies are based on the experiences of industrialized economies using panel data analysis framework. In short, a prolonged misalignment may affect long term business decisions as it affects costs. If the exchange rate is overvalued relative to the e stimated equilibrium level, investors may acquire more domestic assets for future capital gains in host country currency terms (Barrell and Pain, 1996). On the other hand, persistent overvaluation may reduce cost competitiveness of production in the host country, especially for export oriented products. Other traditional determinants of FDI can be demarcated into at least two categories micro and macro determinants. The list of micro-determinants spans from market size, growth, labour costs, host government policies, tariffs to trade barriers. The macro-determinants include market size (Chakrabarti, 2001; Farrell et al., 2004; Kravis and Lipsey; 1992), openness (Edwards, 1990; Gastanaga et al. 1998; Hausmann and Fernandez-Arias, 2000; Aseidu, 2002), rate of inflation (Bajo-Rubia and Sosvilla-Rivero, 1994; Urata and Kawai, 2000), government budget, taxes (Gastanaga et al., 1998; Wei, 2000) and infrastructure (Wheeler and Mody, 1992; Urata and Kawai, 2000). Financial deepening is also another catalyst for FDI (Borensztein et al., 1998). Liquid liability, private credit and M3 serve as proxies. Increase in money supply fuels inflation which increases the cost of production in the host country rendering a negative relationship. However, increments in money supply supported by growth or higher productivity indicate increase in future purchasing power which can benefit market-seeking FDI. Finally, the degree of misalignment is computed based on the difference between the actual and the hypothetical equilibrium exchange rate. Accordingly, the estimation of the hypothetical equilibrium exchange rate relies on the theory advocated by Edwards (1994). This theory postulates that the real exchange rate is a function of several fundamental variables which includes the Balassa-Samuelson effect, trade openness, net foreign assets and government spending. Details are provided in Sidek and Yusoff (2009). METHODOLOGY AND DATA The question of when does misalignment begin to significantly affect capital inflows necessitate the existence of a non-linear relationship between these two variables. Thus, if such non-linear relationship exists, then it is possible to estimate an inflexion point, or a threshold value, at which the sign of misalignment may change or become significant. In the non-linear time series modelling, the threshold autoregressive model (TAR) is more popular since it offers a relatively simple specification, estimation and interpretation compared to other non-linear models. The origins of TAR models roots back to Tong (1980) where the main idea is to approximate a general non-linear autoregressive structure by a threshold autoregession with a small number of regimes. Hansen (1996, 2000) derives the asymptotic distribution of the ordinary least squares (OLS) estimates of the endogeneous threshold parameters which is used in this study. This section explains how equation (2) is estimated to incorporate threshold effect. According to Hansen (2000), threshold estimation is the act of splitting the sample into two regimes when the threshold value is unknown. One necessary precondition is that the threshold variable must be a continuous variable. In this study, the threshold estimation is carried out by splitting the sample into high misalignment and low misalignment regime. Since misalignment is a continuous variable, TAR model would be appropriate to engender the threshold value. Formally, the two-regime threshold regression model takes the form: where is the threshold variable which is used to split the sample into two regimes, is the threshold value which is unknown and must be estimated, denotes the dependent variable (capital inflow), represents a vector of explanatory variables and is the error term assumed to be white noise and i.i.d. Note that if the threshold value is greater than the threshold variable, equation (3) is estimated and vice versa. This allows the regression parameters to change with respect to . In order to write equations (3) and (4) in a single equation, a dummy variable is used which is defined as where {.} is the indicator function, with d=1 when and d = 0, if otherwise; and set , such that (3) and where and . Equation (5) allows all the regression parameters , and to be estimated and switch between the two regimes. The least square (LS) technique is used to estimate through minimization of the sum of squared errors function. To implement this, the model is expressed in matrix notation, hence, equa tion (5) is expressed as: (6) Define, (7) as the sum of squared error function. By definition the least squares estimators which is also the MLE when with i.i.d. , jointly minimize equation (7). This minimization process requires to be restricted to a bounded set . The concentrated sum of squared errors function is written as: (8) where is the value that minimizes . As takes values that is less than n, is uniquely described as: with (9) Focusing on the objective of this section, the first step is to examine whether there exist a threshold effect in the model. This requires the examination between the linear model vis--vis the two-regime model, equation (5). The null hypothesis of no threshold effect is tested against an alternative hypothesis where threshold effect is present. Since TAR models have a non-standard distribution, Hansen (1997, 2000) develops a standard heteroscedasticity-consistent Langrange Multiplier (LM) bootstrap method to calculate the asymptotic critical value and the p-value. The second step is to examine whether the derived threshold value is statistically significant. This is done by differencing the confidence interval region based on the likelihood ratio statistic . Based on Hansen (2000), let C represent the desired asymptotic confidence interval (in this study at 95%) and be the C-level critical value and set . Assuming homoscedasticity, as , therefore, is the asymptotic C-level confidence region for . If the homoscedasticity condition is not fulfilled, then a scale likelihood ratio statistics of the residual sum of squared errors is defined as: (10)and the adjusted confidence region becomes such that is robust whether or not the heteroscedasticity condition holds. Simulation is set at 1000 replications as suggested by Hansen (2000). Also, is not normally distributed hence, the valid asymptotic confidence intervals of the estimated threshold values in the no-rejection areas defined as , where is a given asymptotic level; and the no- rejection region of the confidence interval is . If , than the null hypothesis of cannot be rejected. In addition, to examine the possibility of a second threshold value, the same exercise is repeated. Specifically, the empirical model to be tested which is based on equation (2) is defined as follows: (11) where K is capital inflows, Mis, R and M3 denote exchange rate misalignment, interest differentials and financial deepening, and Z represents the other control variables. Table 1 summarizes the description of data, measurement and sources used in this study. Table 1: Determinants of Capital Inflows (1991Q1-2008Q3) Variable Description Measurement Source I Foreign investment Total foreign investment inflow as a percentage of GDP BNM M3 Money supply M2 as a percentage of GDP IFS D Government deficit The difference between revenue and expenditure as a percentage of GDP BNM R Interest differential The difference between Malaysia and US 3-month T-Bill rates IFS T Taxation Government corporate tax revenue as a percentage of GDP BNM LL Liquid Liability Log International liquidity: banking institution liability, line. 7b.d IFS INFRA Infrastructure Log of spending on infrastructure as a percentage of GDP BNM IFS: International Financial Statistics, IMF, UNCTAD: United Nations Conference on Trade and Development, BNM: Bank Negara Malaysia Monthly Statistical BulletinDOS: Department of Statistics, Malaysia (various issues). RESULTS AND DISCUSSION Prior to time series analysis, we test for unit roots in order to avoid spurious regression. Three versions of unit root testing, namely the ADF, PP and KPSS tests are employed to examine whether the variables are stationary on level or otherwise. Table 3 indicates that the order of integration are mixed for a majority of variables. However, this study proceeds to examine the threshold effect by including lagged variables for I(1) variables in the OLS estimation. Moreover, equation (2) derived from the theory requires estimations at level. Table 2: Unit root test ADF PP KPSS Order of Integration Level 1st Diff Level 1st Diff Level 1st Diff I -3.7029* -7.9812* -3.5286* 14.00208 0.9008* 0.2305 I(0)/I(1) M3 -1.2741 -10.0951* -1.3334 -10.4699* 1.0229* 0.3588*** I(1) D -1.6297 -19.7087* -8.8219* -27.3774* 0.3649* 0.0894 I(0)/I(1) R -4.5405* -3.8179** -2.6509 -7.0649* 0.0711 0.0471 I(0)/I(1) INFRA -2.2527 -4.5270* -3.5053* -27.7776* 0.2234* 0.0813 I(0)/I(1) LL -3.0805 -6.5500* -2.4386 -6.7355* 0.1073 0.0607 I(0)/I(1) MIS -3.8075** -9.7442* -3.8076** -9.8483* 0.0662 0.0577 I(0) Note: *, ** and *** denote significance at 1%, 5% and 10% significant level. p-values are in parentheses. For ADF and PP test the null is no unit root (H0: Variable is stationary) whilst the null for the KPSS is the existence of unit root (H0: Variable is not stationary). The baseline regression constitutes the exchange rate misalignment, interest differential and a measure of financial development, M3. We present four additional models with different variables added to the baseline regression, namely liquid liability, government budget deficit, and infrastructure for sensitivity analysis. Hansen (2000) theoretical construct allows for two threshold effects, hence, the first step is to investigate the possible existence of such an effect. Prior to that, a threshold variable needs to be selected. Since the aim of this section is to examine at what percentage exchange rate misalignment actually hurts capital inflows, the appropriate threshold variable is the exchange rate misalignment. Upon choosing the appropriate threshold variable, the next step is to observe any evidence of a threshold effect and whether there exist one or more threshold by employing the heteroscedasticity-consistent Lagrange-multiplier (LM) test for a threshold based on Hansen (1996). To test under the null hypothesis of no threshold effect, p-values are calculated using a bootstrap analog which generates the dependent variable from the distribution , where is the OLS residuals from the estimated threshold model. With 1000 bootstrap replications, the p-values for the baseline threshold models (Table 3) using misalignment strongly suggest the existence of threshold effect at 0.000. Subsequently, this suggests that there is a sample split based on the effect of exchange rate misalignment. Table 3: Threshold Effects for the baseline model Model 1 First Sample Split F-Stats 51.4045 Bootstrap P-Value 0.000 Threshold Estimates -15.0260% 95% Confidence Interval -15.446% , -9.8360% Second Sample Split F-Stats 16.2171 Bootstrap P-Value 0.2890 Note: H0: No threshold effect. The threshold is based on the minimized sum of squared residuals. This illustrates the graph of the normalized likelihood ratio sequence as a function of the threshold in exchange rate misalignment. The estimated is the value which minimizes these graphs which range at =15.02-15.44%. The dotted lines on the graphs present the 95% critical values. For example, in model 1, the asymptotic 95% confidence interval set where crosses the dotted lines. The results suggest that there is ample evidence for a two-regime specification. Also, it is worth noting that 41 of the 71 observations fall into the 95% confidence interval, hence, requires an examination of the possible existence of a second sample split. Results in Table 3, show that second sample split renders insignificant bootstrap p-value thus, indicating no further regime split. Table 4 presents the results for baseline regression. For comparison purposes, this study provides the linear OLS model without the threshold effect and a two-regime model which accommodates the threshold effect. Basically, the variables confer the correct signs in line with the prediction of the theory. Misalignment has a negative and significant effect on capital inflows in regime 2. Interest differential is expected to confer a negative effect. Results indicate that interest differentials only affects capital inflows negatively in the regime 1 but is insignificant in the regime 2. Similarly, M3 has significant effect in both regime but is positive in the regime 1 but the sign switches in regime 2. Hence, splitting the sample gives a more indepth view of the effects of these basic variables on investment inflows. To reiterate, sample splitting allows the examination of whether the significant effect is present in both regimes or otherwise. The results show that below the threshold value of 15%, exchange rate misalignment may be negative but are not statistically significant. However, above the 15% threshold level, misalignment exerts both negative and significant impact on capital inflows. A 1% increase in misalignment (overvaluation) suppresses capital inflows by approximately 1.19%. The negative effect of exchange rate misalignment on capital inflows is consistent with the findings of Hasnat (1999). Barrel and Pain (1996) argue that an apparent currency misalignment persistent over some length of time may affect investment inflows decisions. A reasonable explanation is that the relative production costs may be higher as a result of such misalignment. If the ringgit is thought to be overvalued relative to its estimated equilibrium level, then foreign production may be discouraged by the prospect of future capital loss in home currency terms. Another issue which emerges after the 1997 financial crisis is that capital inflows must be managed since reversals are likely to cause severe damage to the economy. Reinhart and Reinhart (1998) calls for greater exchange rate flexibility which is meant to introduce two-way risks, therefore, discouraging speculative capital inflows. It is, however, only possible in the context of de facto peg or a tightly managed float. Furthermore, the effectiveness of this policy depends on how much policymakers are willing to allow the exchange rate to fluctuate. A large band denotes greater flexibility but risks having large nominal appreciation which connotes possible overvaluation of the currency. The result of this study suggests that overvaluation is detrimental to capital inflows if this band exceeds 15%. Hence, policymakers should keep exchange rate fluctuations well below this 15% threshold. Table 4: Baseline regression results on the effect of misalignment on capital inflows (1991:Q1-2008:Q3). Dependent variable is capital inflows. Model 1 Linear Model Threshold Model OLS without threshold Regime 1 15.0259% Regime 2 15.0259% Misalignment -0.4267** (0.2115) -0.3186 (0.2573) -1.1955** (0.5712) Interest Differential -0.0250*** (0.0131) -0.0438* (0.01533) -0.0261 (0.0193) M3 0.2964* (0.0391) 0.2644* (0.0516) -0.5560* (0.1240) Constant 3.0468* (0.2779) 2.5394* (0.2593) 6.7313* (0.6099) No. of Observations 71 42 29 R2 0.3664 0.6484 0.4218 Notes: *, ** and *** denote 1%, 5% and 10% significance respectively. Standard errors in parentheses. Interest rate differential are consistently negative and significant in all specifications and in both regimes in majority of the threshold model. This stresses the role of interest rates in attracting capital inflows into Malaysia. Although the impact may be small, it is significant and the authorities should ensure that interest rates are kept at certain levels to maintain competitiveness of Malaysia as destination for capital investment. In this paper, the estimated impact of a 1% change in interest differential is expected to subdue foreign investment by 0.04 percentage point in the first regime and 0.03 percentage point in the second regime. The proxy for financial deepening, M3 is statistically significant in all models and in both regimes. Again, this signifies the importance of financial development in attracting capital investment into Malaysia. Interestingly, M3 is positive during the periods of low misalignment regime (regime 1) but becomes negative at higher misalignment regime (regime 2). During low misalignment, a 1% increase in M3 is expected to draw in 0.3 percentage point more investment inflow into Malaysia. This shows that in the lower regime, financial depth acts as an impetus to capital inflows. However, the situation reverse with 0.6 percentage point lower investment inflows is expected with a 1% increase in misalignment in the second threshold regime. Montiel (1999) explicitly explains this phenomenon where capital inflows increase reserves which then prompt an increase in the monetary base, M2 and M3. Such increases fuels further increments in domestic demand leading to real appreciation. Thus, any overvaluation of the currency may eventually have negative ramifications on capital inflows. Sensitivity analysis To check for the sensitivity of the estimated threshold value, Table 6 -7 and Figure 3 represents four other models which use different variables in addition to the baseline regression. The addition of taxes yields insignificant results without drastically changing the threshold value. Other additional variables such as government budget deficit and liquid liability are only significant in one of the two regimes . With the inclusion of additional variables, the estimated magnitude of each regressors differ slightly but maintains the same sign and significance level. For example a 1% increase in misalignment (overvaluation) suppresses capital inflows by 1.11-1.55 percentage point. The estimated impact of a 1% change in interest differential is expected to deter foreign investment by 0.04-0.05 percentage point in the first regime and 0.02-0.06 percentage point in the second regime. Similarly, during low misalignment, a 1% increase in M3 is expected to draw in 0.2-0.3 percentage point m ore investment inflow into Malaysia. An estimated 0.49-0.67 percentage point lower investment inflows is expected with a 1% increase in M3 in the second threshold regime. In view of the results, it seems evident that the exchange rate policy has important effect in attracting foreign capital inflows into Malaysia. Specifically, misalignment in terms of overvaluation should be kept lower than 15 percent to ensure that capital inflows remained unhurt. Table 5: Sensitivity Analysis: Threshold Effects Model 2 Model 3 Model 4 Model 5 First Sample Split F-Stats 71.1442 45.9364 53.3722 53.3722 Bootstrap P-Value 0.000 0.000 0.000 0.000 Threshold Estimates -15.4461% -15.0260% -15.0260% -15.0260% 95% Confidence Interval -15.446%, -15.025% -15.446%, -9.836% -15.446%, -0.0984% -15.446%, -0.0984% Second Sample Split F-Stats 16.4917 19.7585 22.9710 22.9710 Bootstrap P-Value 0.5310 0.3800 0.2420 0.2420 Note: H0: No threshold effect. The threshold is based on the minimized sum of squared residuals Table 6: Sensitivity Analysis for threshold estimates (1991:Q1-2008:Q3). Model 2 Linear Model Threshold Model OLS without threshold Regime 1 15.4461% Regime 2 15.4461% Misalignment -0.4278*** (0.2216) -0.3497 (0.4143) -1.5593* (0.3135) Interest Differential -0.0250*** (0.0134) -0.0462* (0.0153) -0.0599* (0.0131) M3 0.2966* (0.0414) 0.2732* (0.0488) -0.5609* (0.0744) Liquid Liability -0.0029 (0.1709) -0.0634 (0.1932) 1.1843* (0.2615) Constant 2.9780* (0.2713) 2.5259* (0.2593) 6.1799* (0.3135) No. of Observations 71 41 30 R2 0.3842 0.6503 0.5986 Model 3 Linear Model Threshold Model OLS without threshold Regime 1 15.0260% Regime 2 15.0260% Misalignment -0.4472** (0.2038) -0.3800 (0.2460) -1.1171*** (0.6229) Interest Differential -0.0254* (0.0126) -0.0505* (0.0140) -0.0237 (0.0221) M3 0.2844* (7.4922) 0.2521* (0.0472) -0.5391* (0.1477) Deficit -0.7655* (0.3059) -0.7380* (0.3099) -0.1841 (0.7174) Constant 3.0308* (0.2674) 2.5835* (0.2445) 6.6452* (0.7337) No. of Observations 71 42 29 R2 0.4285 0.6829 0.4230 Model 4 Linear Model Threshold Model OLS without threshold Regime 1 15.0260% Regime 2 15.0260% Misalignment -0.2852 (0.2181) -0.2582 (0.2720) 1.2490** (0.5612) Interest Differential -0.0275** (0.0128) -0.0419* (0.0165) -0.0311 (0.0204) M3 0.3208* (0.0401) 0.2796* (0.0583) -0.5489* (0.1245) Tax 2.1899** (1.0761) 0.1283 (0.1457) 0.1260 (0.1720) Constant 3.0274* (0.4383) 2.2463* (0.4806) 6.5027* (0.7227) No. of Observations 71 42 29 R2 0.3665 0.6516 0.4300 Model 5 Linear Model Threshold Model OLS without threshold Regime 1 15.0260% Regime 2 15.0260% Misalignment -0.3780*** (0.1977) -0.4495*** (0.2602) -1.3190** (0.6059) Interest Differential -0.0203 (0.0123) -0.0433* (0.0152) -0.0308 (0.0212) M3 0.2941* (0.0365) 0.2388* (0.0479) -0.6093* (0.1406) Infrastructure 3.0729* (3.3373) 0.0474** (0.0228) -0.0382 (0.0392) Constant 3.0709* (0.2569) 2.5698* (0.2346) 7.0433* (0.7173) No. of Observations 71 42 29 R2 0.4091 0.6815 0.4384 Notes: *, ** and *** denote 1%, 5% and 10% significance respectively. Standard errors in parentheses. CONCLUSION The objective of this chapter is to examine the impact of exchange rate misalignment on capital inflows. Results provide evidences of the negative impact of misalignment on capital inflows. To reiterate, overvaluation of the ringgit signals that Malaysia is less competitive vis--vis other countries. In addition, this paper also estimates a specific threshold value; that is the degree of misalignment after which it begins to hurt capital inflows. By employing a recent technique by Hansen (1996, 2000), this study splits the sample into high misalignment and low misalignment regimes. This study shows that misalignments hurt capital inflows in the high misalignment regime or when misalignment is greater than 15 percent. This study also confirms the work of Goh (2005) who suggests that the portfolio balance model can capture the determinants of capital inflows in Malaysia. In particular, the results suggest that interest differential is an important determinant albeit, small, hence, polic ies should be directed into maintaining a certain level of competitive interest rates. Furthermore, it is evident that financial deepening plays an important role to attract capital inflows. Finally, it is important that the Malaysian authorities continue to intervene the exchange rate and to keep overvaluation at its minimum. References ______. 2009. Finance Development. International Monetary Fund, 46(1), 1-12. ______. International Financial Statistics (IFS). International Monetary Fund. (various issues) ______. Monthly Bulletin Statistics. Bank Negara Malaysia. (various issues). ______. Monthly Bulletin Statistics. Department of Statistics. Malaysia. (various issues). Agarwal, J.P. 1980. Determinants of foreign direct investment: A survey. Weltwirtschaftliches Archiv, 116, 739-773. Aseidu, E. 2002. 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Catcher In The Rye Symbolism Essay - 713 Words

In our broken and sinful world, there are many repercussions of anxiety and fear which lead to the ultimate idea that 19 million American adults suffer from cases of severe depression. Holden Caulfield, the protagonist of Catcher in the Rye, suffers depression, which leads to conflict between him and society during his junior and senior year in high school The author, J.D. Salinger, uses symbolism and imagery to portray Holden’s lack of confidence due to his disruptive and frazzled childhood. Symbolism in Catcher in the Rye shows what the characters value and how they perceive life. The ducks symbolize Holden’s curiosity as he strives to discover himself and find his motivation in the world. Holden asks Old Horwitz, â€Å" Do you happen†¦show more content†¦The death of his brother, Ally, flipped his world upside down. The author creates the image of Ally being the most intelligent person that Holden has ever met, but he â€Å"got Leukemia and died when we were up in Maine†¦Ã¢â‚¬ (Salinger 43). Although this imagery paints a picture of sorrow in his life, Holden confronts death throughout the book. Holden blames this as one of his many factors of depression. Holden becomes subject to a routine and soon events in his life appear and it wrecks his world. Instead of having strength in himself he loses all confidence because he can’t find purpose or strength anywhere in the world. If he had a relationship with his parents, he could rely on them, but sadly, he would rather venture alone in his depressing personal hell. Holden’s forgetful demeanor and mindset results in multiple careless actions. On his way home from a fencing tournament he projects, â€Å"I left all the goddam foils and stuff on the subway†(Salinger 24). 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Hum free essay sample

During the Baroque music period the strings played the most important part during that time. Baroque orchestras had from 10 to 30 players which were primarily strings. The strings and winds played the same music melody motion. The Nodding brass was used as melody instruments to sustain the harmony. (HTTPS:// sites. Google. Com/site/retroviruses/flirtatiousnesss) One example of this style is a piece by Johann Sebastian Bachs The Brandenburg Concerto no. In D Major. The entire piece consisted of flutes, violins, strings, and the harpsichord. This piece is said to be a great importance to the Baroque style because of its dramatic tones and shifts in orchestra. The Classical orchestras used 30 to 60 players in four sections which consisted of strings, woodwinds, brass, and percussion. Composers during that would use the individual tones of instruments which gave a piece greater rarity and more rapid changes of tone.Just like the Baroque period the strings Mere the most important part of the section, the violins would take the melody most of the time. We will write a custom essay sample on Hum or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The woodwinds were often given melodic solos, while the horns and rumples brought power to loud passages and filled out the harmony. Famous composer Wolf Gang Amadeus Mozart helped to move the classical period to heights Ninth the production from his orchestra of one flute, two clarinets, two bassoons, two horns, and strings along with a piano. After listening to both Baroque and Classical pieces from the my music kit I could hear that with most of the pieces from the Baroque period had a feel of the dramatic which would tell me that it was a reflection of the times. The Classical pieces I listened to felt like a variety of emotions that the each composer was trying to achieve. These selections are very different compared to modern music mainly because with todays modern music has very limited harmonies while the Baroque and Classical music used complex harmonies and changing from one key to another.