Online classes Free Essays

Online classes are important for Contemporary American Culture because it more convenient for a variety of students who are pre-occupled with other aspects of their lives, also because you can receive a broader perspective from teachers all over the world. You’ll benefit from a flexible schedule, which Is helpful for people balancing education with work and family life. Sometimes classes arent available at a time convenient for studentsdue to their other responsibilities. We will write a custom essay sample on Online classes or any similar topic only for you Order Now Allows to receive better grades because you learn at your own pace. Classes are more cost effective. You can receive a wider range of perspectives because now you are able to receive education from teachers’ worldwide. As noted in an article from Franklin University â€Å"Instructors have noted an Increase in a more diversified student population In their classes. † Teacher can be anywhere atb anytime which would allow them to share different experiences with their students. As more technology has become available in man), parts of the globe, a new type of student population has emerged. The traditional student image of higher learning has been somewhat limited in many countries, but given the impact of the Internet, his traditional â€Å"student body† has changed. Rather than being limited to regional demographics, the student body for educational institutions offering online courses has changed drastically. In fact, these online courses have started yet another chapter in the history of education, known as virtual learning communities. While online instructors may start out teaching students from local areas, this particular opportunity has been changing over the past decade. In fact, many online instructors have noted an increase in a more diversified student population in their classes. Further, they have realized the need to update their teaching skills, practices and strategies in order to accommodate the changing needs of the learners in the classroom, as well as updating their own teaching portfolio. This paper will provide a brief overview of current recruitment and hiring methods used in the traditional hiring versus online hiring of educators. Also, this paper will address the growing concerns of current traditional teachers as they approach the decision to transition over to online learning and how to obtain proper online instruction. Finally, this How to cite Online classes, Papers Online Classes Free Essays This online class has helped me in some ways as In learning new techniques of how to explain In more detail of what I am trying to write about. I have struggled with this online class too and think I would have benefited more going to actual class. I believe I struggled with learning many of things because I learn better when I am one on one with a teacher. We will write a custom essay sample on Online Classes or any similar topic only for you Order Now The Argumentation paper was fairly simple, but hard to explain many details. I believe I learned many of things and struggled with many of things from online classes, but overall I believe I did k with most of the papers. I learned many of techniques of explaining In detail of what I was writing about. However, I have always struggled with explaining In good detail with many of things in my life. It’s something I will continue to work on so I can become a better writer. I use to love to write when I was younger and I have high hopes I will love it again. I tried to use grammar in a more proficient way this time around. I believe I Just lost touch with writing and I am Just playing catch up togged that good technique back. I believe I need to keep working on better details of what I am trying to write about. I ill have It all In my head and when I go to type It; I usually don’t get It to come out the correct way. I wish I could have been able to actually go to classes in the college instead of online classes, but it doesn’t suit my life at this time. I believe I would have strives in a classroom and wrote many of wonderful things. In my house there are Just to many distractions and it makes it difficult to type a good paper. I try to teach my daughter how Important quiet time Is when you have to read or write. She comes to me and says all the time she understands how hard It Is to think and have a clear mind with castrations. In a classroom setting there seem to be fewer distractions than at a home setting. One on one attention from a teacher would have been great to learn even more things to help me to become a better writer. The Argumentation paper was somewhat difficult to me to get the words out on paper as I wanted them. I found it difficult to explain in details once again. It was also somewhat difficult to argue what you’re talking about. I want to learn how to write a good Argumentation paper with good details. The grammar and punctuation don’t get me as bad as the explaining in details in my Essays. Once again I believe most of that comes from distractions at home. If I would have had more time I probably would have found somewhere quiet to type my papers. When there are many of things going on in your life it is a great distraction in one’s work and accomplishments. I really enjoyed learning new things In this online class. I had many of ups and downs throughout class, but overall I feel I had more positive outcomes. I learned how to become a better writer. I learned how to type a better Argumentation Paper and get the points across better. Pop one day I can set aside distractions and find a calm place to read and write. I really enjoyed the ups and downs throughout class because it taught me many of deferent techniques and how to become a better writer. This online class has helped me in some ways as in learning new techniques of how to explain in more detail of what I am trying to write about. I have struggled I learned many of techniques of explaining in detail of what I was writing about. However, I have always struggled with explaining in good detail with many of things ouch with writing and I am Just playing catch up to get that good technique back. I will have it all in my head and when I go to type it; I usually don’t get it to come out how important quiet time is when you have to read or write. She comes to me and says all the time she understands how hard it is to think and have a clear mind with I really enjoyed learning new things in this online class. I had many of ups and and get the points across better. I hope one day I can set aside distractions and find because it taught me many of different techniques and how to become a better How to cite Online Classes, Papers

Risk Management Diploma in Business Management

Question: Discuss about theRisk Managementfor Diploma in Business Management. Answer: Assessment Activity 1 Part A Significance of reviewing existing risk management process, procedures, and requirements at the commencement of this process: Starwood Hotels Resorts Worldwide, Inc is one of the largest hotel industries in the world. According to McNeil et al (2015), before implementing strategies, the management needs to relate the procedures and requirements with the current situation for a positive outcome. Therefore, it is important to review the process that Starwood Hotels Resorts Worldwide, Inc follows in risk management. As opined by Chance and Brooks (2015), risk is associated to different areas within an Organization such as business, financial, and operational. If one of the sectors collapses, the entire organization collapses too. According to Lam (2014), the reasons that outline the significance of the assessment are the following: Existing risk management process is important to analyze to understand if the management has identified the risk properly or not It helps to understand whether the employees are able to fight the risk factors or not. It brings out whether the external stakeholders are supportive or not. If the process shows any positive outcome, the management team can continue with the process in future situations. Alhawari et al (2012) outlined that the management should focus on available time and resources, views of the stakeholders, risk perceptions, and the legal and regulatory necessities that can be applied. Importance of Identifying the Scope of Risk Management: Pritchard and PMP (2014) opined that the areas that should be analyzed to define the scope for risk management are the following: Risk management objectives Goals Tasks Resources Sub-phases Budget Schedule Once the management decides to chalk out the strategies for risk management, the strategy maker should define the scope for it and the limitations of the scope. According to Hopkin (2014), it helps in following ways: It helps to find out the risk management activities that have been carried out so far. It helps in developing a structure to initiate and control the risk management activities. It develops the basic knowledge about the organizational objectives. It helps in defining the criteria based on which risk will be analyzed It is useful in defining the components present in the structure that identifies and assesses risk management process. It is helpful to understand the environment in which the objectives are set. Review of Specific Type of Documentation for Establishing Risk Context: As opined by Teller et al (2014), risks are assessed based on some criteria and the context establishment involves setting of those criteria. There are different types of documents that are reviewed for the establishment of the risk context. Teller et al (2014) stated that it considers the following: Internal context: objective of the organization, project or activity should be understood. The managers try to find out any professional culture, total staffs, and capabilities of the staffs through assessing the current performance of the organization. External context: The managers try to find out the perceptions of the external stakeholders about the organization. Shareholders, investors, and customers are taken into consideration. Risk management context: The limits and scope of any activity is considered in this context. For example, risk analysis of a new project should involve the identification of the parameters to ensure an effective risk analysis. Identification of any legislation and policies are also considered. Develop the risk criteria: It involves the unacceptable and acceptable risk levels. Each activity of the process should determine who can accept risk and to what extent. Define the structure to analyze risk: It includes the categorization of risks which will be managed during the risk management process. Setting of the Risk Management Objective: The organization has analyzed various risk contexts and they have identified from the external context that the shareholders and investors should be considered. Now, the objective is to build a communication between the external stakeholders and the management of the organization. According to Haimes (2015), they should be encouraged to believe that the company has all the knowledge about the potential risk factors, therefore, the external stakeholders should believe in the organizations ability to manage risk. Haimes (2015) opined that the company should identify the risks by answering the following questions: What can happen? How can it happen? Why could it happen? According to Haimes (2015), risk may increase if the shareholders and investors do not rely on the companys ability to prevent crises. Therefore, the objective should be to gain their confidence. Then the managers can evaluate the risk and treat the risk properly. Significance of Gaining Support of the Employees for Risk Management: According to Bromiley et al (2015), the participatory approach is significant to assess the employees who are responsible for working individually and together to achieve the organizational objective. Sadgrove (2016) has found that in Starwood Hotels Resorts Worldwide, Inc risks may arise from various elements such as the ventilation and air conditioning system, electrical systems and heating, exhaust fans, water supply failure, use of pyrotechnics, laundry facilities to point out some. The employees are responsible for maintaining the facilities that Starwood provides to its customers. Therefore, their needs should be taken into consideration if the management is willing to prevent crisis situations. If the employees are given the knowledge about potential risk factors and if they are involved into the risk management process, they will ensure the safety of the customers. Also, they will work cooperatively with the organization. Risk Management Plan: Scope: Hazard free and customer friendly environment can be achieved. Internal and external stakeholders priority ranking: Some employees should be given the knowledge about how to use fire extinguishers properly. However, the external stakeholders have no issues right now. Political, economic, social, legal, technological, and policy context: Starwood is a renowned hotel and they have their headquarters in United States. At present, they have no political or economic issues. The management should focus on the technological advancement, which also involves time-to-time maintenance of the equipments. Goals and objectives for scope areas: The objective is to satisfy the customers and provide them with good facilities. Therefore, the technical aspects will be taken into consideration for an improved condition. Success factors: Starwood has a good reputation and all their external and internal stakeholders are willing to cooperate. Therefore, the objectives can be achieved. Communication process with all: The management team of Starwood will organize training for their employees to make them able to handle all equipments properly. They will make a corporate film that includes the visual description of how to use technology fruitfully. Part B Process to be highlighted The steps are the following: Identify the risks: local government issues, high competition level, and low financial profit in the Victorian market Analyze the risk: Identified political, economical, operational risk factors can create a crisis that may harm the companys business in Victoria. Evaluate the risk: All the risk factors are acceptable. Therefore, the senior management should try to develop their external relations, should try to develop product quality for better profit and understand the environment and condition of Victoria where the company is operating. Treat the risk: political condition should be given the highest priority; otherwise, they will not be able to continue with their business Review the risk: At first, try to rectify problems and if they are not solved easily, try to take necessary measures Senior Managements Responsibilities: The senior management could have thought that the financial aspects are not the only issues here. Competition can generate from poor operational and managerial level too. As Vazquez (2014) opined even, the political aspect should not be overlook because of the involvement of government issues. However, it is the political unrest that caused the shutdown of the stores. Perhaps, the organization did not paid attention to what the employees perceived about the risk factors. The company failed in selecting the proper context of the risk and also limited their scope. Risks, however, can emerge from any external or internal factors. References: Alhawari, S., Karadsheh, L., Talet, A.N. and Mansour, E., 2012. Knowledge-based risk management framework for information technology project.International Journal of Information Management,32(1), pp.50-65. Bromiley, P., McShane, M., Nair, A. and Rustambekov, E., 2015. Enterprise risk management: Review, critique, and research directions.Long range planning,48(4), pp.265-276. Chance, D.M. and Brooks, R., 2015.Introduction to derivatives and risk management. Cengage Learning. Chapman, R.J., Operational Risk Management.Simple Tools and Techniques for Enterprise Risk Management, Second Edition, pp.267-308. Haimes, Y.Y., 2015.Risk modeling, assessment, and management. John Wiley Sons. Hopkin, P., 2014.Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers. Lam, J., 2014.Enterprise risk management: from incentives to controls. John Wiley Sons. McNeil, A.J., Frey, R. and Embrechts, P., 2015.Quantitative risk management: Concepts, techniques and tools. Princeton university press. Pritchard, C.L. and PMP, P.R., 2014.Risk management: concepts and guidance. CRC Press. Sadgrove, K., 2016.The complete guide to business risk management. Routledge. Teller, J., Kock, A. and Gemnden, H.G., 2014. Risk management in project portfolios is more than managing project risks: A contingency perspective on risk management.Project Management Journal,45(4), pp.67-80. Vazquez, R., 2014. Five steps to a risk-savvy culture.Risk Management,61(9), p.10.

Essay Examples on Black panthers Essay Example

Essay Examples on Black panthers Paper 1st Essay Sample on black panthers Bobby Seale was one of the co-founders of the Black Panther Party. He was born on October 22, 1939 in Dallas Texas.By the time Bobby was ten his family moved to Oakland, California where he would have a rough childhood. Seales family was very poor so this only added to his dire childhood. Bobby eventually dropped out of high school and at 18 he was indicted into the Air Force. He was immediately sent to Amarillo, Texas to receive training as an aircraft sheet-metal mechanic. He soon graduated from the Technical School Class of Air Force training with honors.After that, he was moved to Rapid City, South Dakota at Ellsworth Air Force Base. Bobby served here for three and a half years and left with the rank of corporal. After he left the Air Force he enrolled at Merrit College in Oakland where he intended to study engineering. Bobbyfirst became interested in 1962 when hefirst heard Malcolm-X speak. During his enrollment at the University, he joined the Afro-American Association (AAA) which was an organization formed by young African-Americans in Oakland to try to confront the problems faced by the black community. We will write a custom essay sample on Essay Examples on Black panthers specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Essay Examples on Black panthers specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Essay Examples on Black panthers specifically for you FOR ONLY $16.38 $13.9/page Hire Writer This was an organization that tried to confront the problem faced by the black community. Seale got interested very quickly and was inspired by such people as Booker T. Washington and W.E.B. du Bois. Anothermember of the AAA named Huey Newton had very similar beliefs as Bobby. Soon Bobby became one of the many black activists who broke away from the traditional non-violent protests to preach a doctrine of militant black empowerment. Bobby and Huey became very close friends and in 1966 formed the Black Panther Party for Self-Defense. Bobby Seale is still alive today and is no longer involved in violent protests. He is running his own web site that tells of his adventures and why he did everything he did in his earlier years. 2nd Essay Sample on black panthers The Black Panthers, an organization of radical and political views, was founded in 1966 in Oakland, California. Huey P. Newton and Bobby Seales original goal when theyfirst founded this organization was to protect the African Americans from police actions that many blacks considered brutality. When theyfirst established this group, it was named the Black Panther Party. This Self Defense label did eventually drop from their name not to long after the organization became known. Over time, the group began to favor violent revolution, if necessary to bring out change in society. During the middle 1960s the Black Panthers began to work with the white radical and revolutionary groups that shared their goals. This often caused major violent disagreements between the police and African Americans. In 1972, Black Panther, Elmer Pratt, was convicted of a robbery-related murder and sentenced to 27 years imprisonment. Pratt was announced in the Times Daily as a Vietnam War Hero, and he was admired for his charisma and warrior spirit. It also stated that as an opinion†¦ Pratt was framed for the murder by the authorities because he dared to stand up for his people as the leader of the Black Panther Party. Pratts lawyer, Johnnie L. Cochran, was well convinced that Pratt would not receive a fair trail. With the help of Pratt, Mr. Cochran helped the public understand how the Black Panthers help the black communities in need. Stating that the Black Panthers are a group of black people who mixed black, nationalism and socialism, shotguns, free breakfast programs for children, medical clinics, and free schools for the black community. Although never proven anything but guilty, it is very possible that Pratt was innocent of murder. 3rd Essay Sample on Black Panthers The Black Panther Party was founded as an aid to the black community.They fed the hungry, protected the weak from racist police, and presented a new paradigm of black political and social activism.Its â€Å"survival programs†-such as food giveaways, free health clinics and free breakfast programs for children-were popular fixtures in black neighborhoods in the early 1970s, but for the white power structure and the vast majority of the white public, the Panthers represented only anti-government militancy; a view which engendered the wrath of the police and FBI and led to the murder of several party members by law enforcement.The question that stands is not whether their platform had good intentions, but whether their requests were too brash.When minority groups ask the majority for equality and a place in society, they must know who to ask and when.When Martin Luther King Jr. made his platform for his civil rights movement, he had the understanding that they were the unde! rdo g and he had to please the white-man, and make everyone believe he spoke of the truth.When a minority group comes onto the scene, it is assumed they have a group of followers.These followers are the foot soldiers for ones platform.However, what the minority groups leaders must be able to recognize, is how to make non-believers do the unthinkable.The Black Panthers had the right concept to attract fellow blacks, but what they failed to recognize is that their platform did not give the white person a reason to want to believe. The Black Panther Platform: What We Want, What We Believe, was written to let the public know what they wanted and how they were going to achieve it.With little effort they appealed to the black community, with the main idea of unification.This concept was not a diificult one to grasp, because the blacks had very little to lose. Another Essay Sample on Black Panthers The Black Panther Party was founded as an aid to the black community.They fed the hungry, protected the weak from racist police, and presented a new paradigm of black political and social activism.Its â€Å"survival programs†-such as food giveaways, free health clinics and free breakfast programs for children-were popular fixtures in black neighborhoods in the early 1970s, but for the white power structure and the vast majority of the white public, the Panthers represented only anti-government militancy; a view which engendered the wrath of the police and FBI and led to the murder of several party members by law enforcement.The question that stands is not whether their platform had good intentions, but whether their requests were too brash.When minority groups ask the majority for equality and a place in society, they must know who to ask and when.When Martin Luther King Jr. made his platform for his civil rights movement, he had the understanding that they were the underdog and he had to please the white-man, and make everyone believe he spoke of the truth.When a minority group comes onto the scene, it is assumed they have a group of followers.These followers are the foot soldiers for ones platform.However, what the minority groups leaders must be able to recognize, is how to make non-believers do the unthinkable.The Black Panthers had the right concept to attract fellow blacks, but what they failed to recognize is that their platform did not give the white person a reason to want to believe. The Black Panther Platform: What We Want, What We Believe, was written to let the public know what they wanted and how they were going to achieve it.With little effort they appealed to the black community, with the main idea of unification.This concept was not a diificult one to grasp, because the blacks had very little to lose.

Australian and Hong Kong monetary policy

Australian and Hong Kong monetary policy Introduction According to Edirisuriya (2010, 5), monetary policy is the regulation of the monetary supply and interest rates by a central bank so as to counter inflation and make the local currency more stable. Monetary policy refers to the actions and policies initiated by a country, through its central bank or through other government regulatory authorities to control the supply and flow of money in the economy. Monetary policies impact the economy in terms of short term interest rates, inflation rates and liquidity in the domestic country.Advertising We will write a custom essay sample on Australian and Hong Kong monetary policy specifically for you for only $16.05 $11/page Learn More As per the theoretical model of money supply and inflation, increases in money supply in an economy will lead to inflationary pressures. An expansionary monetary policy is meant to help grow a country’s economy. Expansionary policies increase money supply in the econo my through government investment programs, which usually leads to inflationary pressures. Monetary policies are not always enough in the maintenance of stable inflation levels because the inflation rates may also be influenced by changes to the global economy. For instance the oil crisis in 1970 and the recent financial crisis and global recession in 2008 influenced almost all economies in the world (Kidwell, Brimble, Beal and Willis 2007, 56). Australia and the Hong Kong monetary policy Australian monetary policy In Australia, the Reserve Bank of Australia is in charge of inventing and putting into practice the monetary policy. Monetary policy resolutions engage setting the interest rates on overnight advances in the money market. Other interest rates in the economy are influenced by these interest rates to varying levels, so that the actions of those borrowing and lending in the financial markets is influenced by monetary policy, although maybe by other factors. The objectives of the monetary policy are to attain the â€Å"goals set forth in the Reserve Bank Act 1959, which are; stabilise the Australian currency; maintain full employment in the country; and ensure economic development and welfare of the Australian people† (Hunt and Terry 2008, 19). The primary medium-term goal of the Australian monetary policy is to counter inflation, so an inflation mark is therefore the focus of the monetary policy approach. â€Å"The Governor and the Treasurer have concurred that the appropriate target for monetary policy is to attain an inflation rate of 2 to 3%, on average, over the cycle† (Hunt and Terry 2008, 24). This is a rate of inflation adequately low that it doesn’t significantly deform economic decisions in the society in quest to attain this rate, on average, gives discipline for monetary policy decision making, and acts as a pivot for private sector inflation anticipations.Advertising Looking for essay on business economics? Let' s see if we can help you! Get your first paper with 15% OFF Learn More Over the past decade, the monetary-policy structure in Australia has changed significantly. Currently, Australia uses an inflation-targeting approach to monetary policy. The inflation target is explained as a medium term average instead of a rate, which should be held at any given time. This formulation gives room for any expected in eventualities, which are entailed in predicting, and snarls in the impacts of the monetary policy on the economy. Occurrence in Australia and all over the world has proven that inflation is hard to fine tune given a tapered band. The inflation target is also, essentially, positive and optimistic. This framework allows responsibility for monetary policy in countering the variations in output over the ongoing of the business cycle. When collective demand in the economy is low, monetary policy can be eased that will provide a short term stimulus to economic action (Canov a and Pappa 2007, 727; Lewis and Wallace 1997, 39). The principal responsibility of the Australian monetary policy is the open markets operation. This involves controlling the amount of money in distribution in the economy through the trade of the different financial instruments, for example government bonds, company bonds, treasury paper and forex exchange. This trade leads to more or less base currency inflowing or out flowing in the market. However, normally the short-term objective of open markets operation is to attain a certain short-term interest rate standard level. In other cases, monetary policies might rather involve the aiming of a particular currency exchange rate comparative to some overseas currencies or else comparative to valuable metals. Whenever a fiscal deficit is high, the government demand for debt funding will decrease the amounts of money available in the economy as capital investment in the private sector and hence limiting economic development (Edirisuriya 2010, 56). In Australia, â€Å"the central bank adjusts the official cash rate so as to assist keep inflation within sustainable levels. The International Monetary Fund argues that in order to allow more policy â€Å"room† at the time of crises, an economy needs to set a higher inflation target† (Reserve Bank of Australia 2011). The Reserve Bank of Australia applies an inflationary range of 2 to 3 percent as its reference when coming up with monetary policy resolutions. Thus, the Reserve Bank uses interest rates so as to calm an overheating economy (by increasing the cash rate) or to pace up a snarling economy (by reducing the cash rates). Flow of the cash rate is fast fed through to other capital markets interest rates, for example money market rates and bond yields. These interest rates are also affected by the risk forbearance of depositors and shareholders and utility for holding their funds in a form that they are easily exchangeable.Advertising We will wr ite a custom essay sample on Australian and Hong Kong monetary policy specifically for you for only $16.05 $11/page Learn More â€Å"The cash rate and other capital markets interest rates then passed through to the whole framework of depositing and loaning rates. In Australia, most deposits and loans are at variable or short term fixed rates, therefore there is a high pass through of variances in the cash rate to depositing and lending rates† (CPDS, 2011). Nevertheless, because of the other aspects affecting capital markets rates, and variations in the degree of competition in the banking sector, deposits and lending rates do not always change directly with the cash rate. Nevertheless, Australia’s monetary policy is one of the most liberal approaches worldwide today, with many other nations struggling with an inflationary range of between 1 and 2 percent (Valentine, Ford, Edwards, Sundmacher and Copp 2006, 124). The strength of the Australian monetary policy can be better seen in the way Australia rode out the 2007-2008 global financial crisis. It was far much better than most other countries. At the time of the financial crisis, Australia could not escape the wrath of the economic crisis because; at the time, Australia was ongoing into an acute shortage of capital that made it be at risk particularly if property values went down; safeguard against a financial crisis would be ineffective due to lack of serious international attempts to solve ongoing worldwide macro-economic issues; in addition, there were practical limitations on essentially mounting foreseen protection. However in 2009, the federal government responded to the risk and pumped in a $42 billion package to increase spending and payment to individuals to increase demand. This in a way adequately addressed the symptoms of the failure of the GFC (that is, the distortion of the economy). Monetary policy in Hong Kong The government of Hong Kong is directly responsible for formulating monetary and fiscal policies according to Article 110 of the Basic Law (Osborne 2007). Therefore, there isn’t any external control from either Main Land China or PBoC thus leaving the Hong Kong Government fully autonomous on its monetary policies. Hong Kong monetary policy mandate is to maintain currency and economic stability in the region. Due to the fact that Hong Kong’s economy is externally oriented, the HKMA is obligated to have a stable exchange rate against foreign exchange markets. â€Å"The currency board arrangements, requires the Hong Kong dollar monetary base to be at least 100 per cent backed by, and changes in it to be 100 per cent matched by corresponding changes in US dollar reserves held in the Exchange Fund at the fixed exchange rate of HK$7.80 to US$1† (HKMA, 2011).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The stability of the Hong Kong Dollar is maintained through a system known as the â€Å"interest rate adjustment Mechanism†. The monetary policy is therefore formulated and implemented by the Hong Kong’s central bank. It stabilizes the economy by further adjusting the interests’ rates and money supply just like it did during the 2008 recession especially, given the fact that price stability for vital items such as oil is the main target of the central bank when adjusting interest rates and money supply (HKMA, 2011). Since the introduction of the fixed exchange rate, note issuing financial institutions has been required have certificates of indebtedness which are issued by the Hongs Kong’s Exchange Fund which acts as a backup for the bank note issuance which are usually made against the US dollar. â€Å"The expansion or contraction in the monetary base leads interest rates for the domestic currency to fall or rise, respectively, creating the monetary cond itions that automatically counteract the original capital movements, ensuring stability of the exchange rate† (HongKong2004, 2011). Hong Kong Monetary policy dictates that there be a fixed exchange rate against the dollar, though a lot of debates have emerged over this issue, Hong Kong has continued to prosper economically due to this policy. The economic prosperity is due to the transparent and dependable monetary discipline that is associated with the currency exchange rate. In addition, this exchange rate has also influenced the interest rates especially in the just past recession. The Hong Kong’s policy of a fixed exchange rate made it avert serious economical crises in Hong Kong which would have resulted in further economy depreciations and damage to the region’s economy (Mishkin and Eakins 2006, 56). However in 2008, Hong Kong slid in the global recession thereby joining other global economies that were experiencing the same issue. Due to the recession, its GDP fell by 0.4 percent thereby derailing the economy of the region. In order to control recession and have a stable economy, the Hong Kong monetary policy is keen on having a transparent policy that will ensure that the financial sector and the public in general is quite aware of the functions of the currency board that is charged with implementing the Hong Kong’s monetary policy. In order to achieve this, the board the board publishes its currency accounts on a monthly basis. Furthermore, the Hong Kong Government fully supports the continuous interrelation of the linked exchange rate system that is the keystone to Hong Kong’s Monetary and fiscal stability. Comparison and contrast between the two monetary policies Both Australia and Hong Kong use open market operations to impose control over monetary supply. Open market operation involves the buying and selling of government treasury bonds and papers. Primarily, the short term objectives for open market operation are specified by the currency board system. These objectives are often to attain a specific level of currency reserves or a given interest rate (Anonymous 2011). Unlike Australia, Hong Kong uses a pegged exchange rate system that adjusts the exchange rate of Hong Kong Dollar; this means that the Hong Kong Monetary Authority does not dictate the monetary supply. Because under the currency board system, monetary supply is determined by market forces of demand and supply, the market demand exclusively depends on the flow of capital, that is, the inflow or outflow of capital would direct to an adjustments in the interest rates rather than the exchange rate. For instance, when there is an inflow of capital into the financial system, the currency foot would rise. However, the issue reverses when there is an outflow of capital. According to the pegged exchange rate system, the currency board cannot determine the interest rates independently or alter the exchange rates; hence it does not have the privilege to formulate monetary policies. Indeed, the current financial system ensures the authority does not print as many bank notes as it would like, hence lowering the likelihood of inflation. Currently, Australia has a flexible exchange rate system against all currencies making it one of the most liberal currency markets in the world (HK gov. 2011). In Australia, the Governor and Treasurer are responsible for formulating the monetary policy objectives and monetary system, while in Hong Kong the HKMA has to attain the monetary policy goals on its own, this could include finding out related approaches, instruments and ways of implementation, to make sure the stability and reliability of the financial system of Hong Kong. References Anonymous, 30th April 2011. â€Å"Monetary Policy Week In Review – 30 April 2011.† Daily Markets, p. 9. Canova, F. and Pappa, E., 2007. â€Å"Price Differentials in Monetary Unions: The Role of Fiscal Shocks.† The Economic Jour nal, 117, 713-737. CPDS, 2011. â€Å"Defending Australia from the financial crisis.† CPDS. Retrieved from http://cpds.apana.org.au/Teams/Articles/Fortress.htm Edirisuriya, P., 2010. Money and capital markets. New York: McGraw-Hill. HK gov. 2011. â€Å"Monetary policy.† HK gov. Retrieved from www.info.gov.hk/hkma/ar2005/english/summary/pdf/hkma.pdf HKMA, 2011. â€Å"Monetary policy.† Hong Kong Monetary Authority. Retrieved from info.gov.hk/hkma/eng/oversight/index.htm HongKong2004, 2011. â€Å"Monetary Policy.† HongKong2004. Retrieved from yearbook.gov.hk/2004/en/04_10.htm Hunt, B. and Terry, C., 2008. Financial institutions and markets (5th ed. Melbourne: Thomson. Kidwell, D. S, Brimble, M., Beal D. and Willis, D., 2007. Financial markets, institutions and money. Sydney: John Wiley Sons Australia, Ltd. Lewis, M. K. and Wallace, R. H., 1997. The Australian financial system. South Melbourne: Longman. Mishkin F. S. and Eakins S. G., 2006. Financial markets and institutions, 6th ed. Boston: Addison Wesley. Osborne, S., 2007. Abolish the Hong Kong dollar,† says Jim Rogers. Asian Inverstor (Hong Kong and the magic rainbow land: Asian Inverstor). Retrieved from asianinvestor.net/News/96839,abolish-the-hong-kong-dollar-says-jim-rogers.aspx?refresh=on Reserve Bank of Australia, 2011. â€Å"Monetary Policy.† RBA. Retrieved from rba.gov.au Valentine, T., Ford G., Edwards V., Sundmacher, M. and Copp, R., 2006. Financial markets and institutions in Australia, 2nd ed. Frenchs Forest: Pearson Education. Yeates, C., 2010. Aussie now fifth most traded currency. The Sydney Morning Herald. Retrieved from smh.com.au/business/aussie-now-fifth-mosttraded-currency-20100901-14nma.html

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