The small entrepreneurial firms and the larger firms and their Essay

The small entrepreneurial firms and the larger firms and their characteristics - Essay Example The essay discusses that product or service innovation has become an integral part of almost every business these days. Most of the firms implement several strategies to improve their product range through renovation of the existing products and services to satisfy the customers. Fundamentally, product innovation or service innovation refers to the process of introducing certain new goods or products and services or the process of modifying the existing products or services to retain the present consumers or to attain certain new customers. Entrepreneurial firms are the firms which are being established by an individual or more than one individual. The owners of the entrepreneurial firm are comparatively more flexible to take strategies and make decisions regarding specific matters than the larger firms. The owners of the entrepreneurial firms are known as the entrepreneurs. These entrepreneurs are free to choose their business process and financial statistics. These entrepreneurs ar e accountable for the profit and loss of their business. An entrepreneurial firm can be a family joint venture or non family venture, where the partners are equally responsible for the profit and the loss of the company and all the partners have the equal rights to take part in any kind of decision making process. The larger firms have more exposure than the small firms with the greater amount of capital, large number of manpower, improved technology and definitely huge brand recognition in wider range among others. The large firms are either the advanced form of the small firms or these are the firms which have been established with higher amount of capital or finance in hand. These firms involve large number of investors and shareholders, who have the right to take decisions in the business matters (Kerzner, 2009). The major objective of the study is to highlight the small entrepreneurial firms and the larger firms and their characteristics. The paper would also include the advant ages and disadvantages faced by a small entrepreneurial firm while making innovation in terms of their products and services over the larger firms. There would be a summative conclusion for the overall discussion. Advantages and Disadvantages of Small Entrepreneurial Firms in Innovation of Products and Services Entrepreneurial firms are the sources of opportunities where an individual or more than one individual can explore the facilities available, according to their own determined ways. Entrepreneurial firms give the owner the independence to think, to plan and to execute the plans according to the requirement. The small entrepreneurial firms are more flexible to make decisions and to choose various strategies regarding the need of the business. The entrepreneurial firms do not involve too many investors or shareholders, and they include a simple managerial structure with less possibility of hierarchy system (Hughes, n.d.). In the present scenario, most of the firms and companies are focusing on innovation of their products and services. Innovation provides the firms with the opportunity of exploring their potential and the scope of retention of the customers. The small entrepreneurial firms are more probable to make innovation of products and services as they involve a simple managerial structure and the decision making process

The Fire Department Strategic Plan for 2009-2013 Essay Example for Free

The Fire Department Strategic Plan for 2009-2013 Essay Firemen – these are the people whose functions we often take for granted. However, the role of fire departments in communities is of paramount importance. It is in the hands of the firemen where the security and the safety of the people lye. Thus, providing for the needs of the fire department ought to be listed at the agendas of the government. The government must make sure that the community fire department is working at their prime by providing for all of their needs. In addition to that, the government must also be able to deal with, and meet the future demands of the fire department for them to be able to keep up with the times. With that said, I propose for a strategic plan for the advancement of the local fire department. My proposal mainly encompasses the provision of equipments for the fire department so that their objectives of serving their people can be met. The fire department strategic plan for 2009-2013 How could a fire department function properly without their main weapon – the fire truck? Thus, the government must be able to provide for, not only a working and functioning fire truck, but also one that can sustain the vigorous demands of the firemen. The number of fire trucks within the fire department must also be ample and sufficient in number so that the firemen can respond to their community’s call for help smoothly whenever the need arises. Providing for a working and sufficient fire truck can help the fire department do their function orderly and properly. Corollary to the provision of fire trucks, provision of equipments for the firemen must also be addressed. Equipments and gears such as the basic yet very essential fireproof coats, gloves, fire retardant helmets, foot wears, and goggles to name a few must be sufficiently provided for. Worn out gears and equipments must also be immediately replaced and restocked. In addition, other gears such as, binoculars, flashlights, axes, high power cutters and drills, or even compasses must also be provided for. These equipments can greatly help the local fire department in servicing the people. Ample provision of these gears can provide for the quality performance of the firemen in overcoming the drawbacks of narrow buildings, illegal constructions, basement fires, and in combating chemical and hazardous fires in the city and other neighboring areas. (http://www. hindu. com/2005/05/20/stories/2005052012780400. htm) Thus, the goals and objectives of the community fire department can consequently be met. The provisions that I have stated above are the fundamental tools a fireman must have. To boot, communication equipments are equally essential for the orderly functioning of the local fire department. Communication and other electronic apparatuses such as telephones and or other wireless phones, and computers at the fire department must be provided for efficient communication. These communication equipments must be in adequate quantity to assure the easy contact and access of the people to their fire department. GPS should also be placed inside fire trucks so that the firemen can know the fastest access to a site of casualty. Thus, these gears can provide for a well-organized functioning of the community fire department. To quote G. C. Mishra, a senior official at the Delhi Fire Service (DFS): Another area which has been of interest to us is the development of communication equipments which would include computerization of fire control room that will also act as an information centre. Any call being made to this place would be recorded and firemen would be given information about the special risks in the area where the fire has occurred including the layout, the kind of fire and will also run a check on any hazardous material that the men will need to look out for. It would also tell the official about the nearest fire station, cutting down the travel and response time (http://www. hindu. com/2005/05/20/stories/2005052012780400. htm) Included in my proposal for a strategic development for the local fire department is the construction of newer and more up-to-date fire houses. These contemporary fire departments would serve as the home base of the firemen. Since this is the place where the firemen would be receiving the calls for help from the people, then a fire house that can keep up with the rigorous activities of the firemen must be properly addressed. This too must meet the standards for safety and protection from hazardous casualties so as not to impede the orderly function of the department. The fire house must have adequate allocation of spaces reserved for specific functions such as an office for the department containing up-to-date equipments which I have also mentioned above. My last proposal is none other than for the firemen themselves, addressing the demands of these personnel. These firemen must have the just treatments that are rightfully accord to them. A job as risky as firefighting, people working as firemen must be accorded with remunerations and benefits such as in health – free hospitalization and the like. To quote Mr. G. C. Mishra, a DFS senior official: Our data from 2004 has shown that we have lost 10 men to various accidents. Fire-fighting is a high-tension job. Besides the obvious dangers it is also very stressful with the men suffering from exhaustion and severe health problems after every major fire†¦ (http://www. hindu. com/2005/05/20/stories/2005052012780400. htm) Closing The proposals that I have mentioned is a testament to the fact that there is a need to update fire fighting methods and equipments not just for the security and protection of a community, but also to improve the working capability of the community fire department. Reference: 1. The Hindu. New Delhi: Fire Service goes hi-tech. Retrieved from website: http://www. hindu. com/2005/05/20/stories/2005052012780400. htm

Dollarization in Cambodia

Dollarization in Cambodia Dollarization occurs when a country uses US Dollar or other currency instead of or along with local currency. The picture of dollarization can be as follow: using dollar for bank Deposit, paying debt, buying goods and service, measuring national budget. 1 There are three types of dollarization: official, semi-official, and unofficial. Official dollarization occurs when a country use dollar as the legal currency instead of domestic currency. For example, Panama is the dominant official dollarization adopter. It has no domestic currency published at all. The second type is Semi-official dollarization. Some countries in the world use US dollar and domestic currency at the same time; in other word, they use bimonetary systems. This allows people to make deposit in US dollar, do some transaction, but it only act as second role in paying wage, tax, electricity, and daily expense. Adopting this system, the central bank can place its own monetary policy. Cambodia, Lao, and Haiti are the exam ples of semi-dollarized countries. Third, in unofficial dollarization, some countries majority wealth is hold in foreign currency and people can use US dollar substituting domestic currency either legally or illegally. In short, when a country uses other currency beside it own to substitute the three functions of the monetary, it is theoretically that the country has been dollarized formally, semi-formally or informally. 2. World Dollarization Implication There are two main aspects of dollarization. Dollarization is the subject of not only the economic or also of Politic. Economists think that money is only just public goods which consist of three functions: means of exchange, store value and unit of account and its purpose is only to ease the economic transaction. Dollarization is the symbol of the US power influence country money. The US aid for the reconstruction of Western Europe after the World War II and many other countries, the role of US in world stage became more important. Then after the abolishment of Gold Standard in 1971, the US dollar also became the main currency in the world. Because of shock of financial crisis, some countries adopt dollar US to reduce the risk and create stability. For, those countries adopting dollarization is only another term for fixed exchange rate compared to US dollar without much effort2. Comparing to developing country currency, it is more reliable, valuable and profitable in doing trade, st oring value, and making transaction. However, some countries use other currency with similar quality such as Germany mark, Japanese yen and now Euro in Europe. Beside economic value, money contains purchasing power which is the heart of politic. The power has distributed to the creator, the exchanger, and especially the controller. Thus, distribution of money does not only create hierarchy of people but it also creates hierarchy in the world.3 However, for some other countries dollarization is the heart of political interest. For instance, using US dollar in Latin America implies its dependence on US and also shows its inferior. East Timor adopt US dollar as its official currency to prevent Indonesian influence. In short, dollarization can be characterize into both economic and politics. Through both means the dollarization is becoming new influence of US in the world. 3. Dollarization in Cambodia Dollarization According to IMF the proportion of Dollar in economic circulation is 90% which is indifferent for a decade ago. In an article dollarization in Cambodia, and policy options on the way forward, Menon (1998) concluded that à ¢Ã¢â€š ¬Ã‚ ¦dollarization is not the problem, but is merely symptom. The problem (or the cause) is a lack of confidence in the riel, whilst the symptom (or the effect) is the use of another currency such as the US dollar.4 Dollarization in Cambodia is the result of both past and present economic and politic status. Dollarization in Cambodia is the direct legacy of the destruction of economic and financial Institutions after the 1970s, economic mismanagement in the 1980s, and the large inflows of US Dollars during the UNTAC period in the early 1990s5.Today, in Cambodia the US dollar still serves all three functions of money: it is widely used as a medium of exchange, store of wealth, and unit of account. The fact that dollarization is not the real problem but it is the lack confident in riel can be rooted as far as the Khmer Rouge Regime. In 1975 the revolution of Khmer Rouge took over the Cambodia politic and economy. influenced by the Marxism, to make Cambodia a communist country the Pol Pot abolish riel currency as well as stop the national bank operation and thus hope to fill the gap of the rich and the poor. Cambodian people lived in hardship without any personal business activity, any mean of store value or exchange, on private ownership. Fortunately, in 1979 the population was saved; however, this country returned to the state of traditional economy using barter system. Then, no t until 1980 did riel currency appear again. Experiencing shock in 1975 when their saving money became scraps in only days, Cambodian people later preferred to use other means such as gold, silver, jewelry for exchange. Most people used riel currency for only small transaction and not over 50$ saving. When the dollar was introduced again in 1990s, it is generally accepted along with previous gold and silver money. As much 1.7 as US million dollars has poured in Cambodia through UN peace keeping activity, the UNTAC6. This situation paved the ways of Cambodian economy depend on the stronger money US dollar and Cambodia was easily the most highly dollarized country in Asia, and one of the highest in the world The share of dollars in currency Circulation is highest in Cambodia, estimated at about 90 percent. Nowadays Dollar still plays major role in business transaction, and the major deposit in bank. The existence of dollarization in Cambodia is also expected to last. Another reason fo r Cambodia in accepting dollarization is just a pressure of its country as a developing economy. Even though Cambodia has done three decade or reconstructing the economy, reducing political and economic uncertainty, there are more actions to be done to get out of dollarization. While growth and political uncertainty greatly has been reduced, Cambodia remains a low income country with significant inequality and poverty, and some degree of political uncertainty remains. For example, political turmoil in 1997 combined with Asian financial crisis would have been more even more threatening to Cambodia if it had not been dollarized. 4. Conclusion As many states have problem in both economic and politic stability and weak monetary system people will consider using another currency which is more stable and valuable in most situation. In the serious case some countries do not have own currency at all but US dollar. As the US has strong monetary regime its currency impress those developing states to use US dollar; therefore, US may somewhat influence those state in both economic and politic. Some states may be dollarized in order to create financial stability; however, they are unsure what can US do with dollarization for politics. Cambodia is not the exception. Since 1970s and had been attracted to new currency US dollar in since 1990s. Until now, the degree of dollarization has changed only a little. Dollarization was injected so gradually that people get accustomed to it despite the government effort to de-dollarize in the last decade. Cambodia economic and politic problems still fuel dollarization existence. Next issue is to discuss the advantage and disadvantage in Cambodia. MC2: Situation of Dollarization in Cambodia Today and Its Cost and Benefit After the two decade of United Nation Transnational Authority in Cambodia (UNTAC) operated peace keeping activity and introduce dollarization in Cambodia, with high economic performance with average two digits GDP growth and considerable political stability Cambodia should have come out of dollarization already. However, Cambodias economy is still highly and increasingly dollarized which urge the government to critically consider whether to de-dollarize by comparing its cost and benefit. The status of Cambodia dollarization today is not far different from the 1990s1. The dollar still serves three functions in this economy: making transaction, storing value and being used as unit of account. The cash dollar in circulation in Cambodia is 90% of all value of transaction which is similar as a decade ago. Dollar has been widely use for private sector wage payment, medium of international trade and also purchase large value products. Moreover, dollars also dominate the currency deposit as storing value instrument in Cambodia. According to the National Bank, the foreign currency deposit in broad money (M2) is accounted for 75% in 2006 increasing from 54% in 1998. Furthermore, 97% of bank deposit is in term of dollar. The recent increase in dollarization is the result of two main points the higher economic growth and recent political stability has contribute to more dollarization. When the investor think Cambodia is a good place to invest they will inject more dollar investm ent. In addition, the open trade economy also allows Cambodia to do more trade with other countries using dollar as medium of international trade exchange. Long before this happen the issue of dollarization has been discussed on cost and benefit but at this time it is even more critical to figure out that the cost of dollarization is more than benefit in Cambodia2. The benefit of dollarization in Cambodia can be encouraging saving, preventing capital flight, providing low risk of currency and exchange rate devaluation. First, the dollarization increasing saving when there is a better currency that is more reliable, therefore, people will tend to save in the bank in dollar to increase their wealth as well as lubricate the economy. Second, this also prevent hot money go out Cambodia in a short time of return from investment because investor still deposit money in local bank and transfer to their homeland at any time when there is high portion of dollar deposit in the bank. Last but not least, dollarization provides security from the risk of currency devaluation and exchange rate depreciation. When the local money face inflation or depreci ation the dollar holder will not worry about the value of asset they hold in dollar. On the other hand, those benefits are little comparing to cost of dollarization. First of all, riel is the national symbol of states sovereignty so using dollar is really affect sovereignty and national identity. Second, When Cambodia use dollar as dominate to riel currency, the national symbol has been eroded because the people do not trust their own government. Instead of get easily affected by local inflation, the dollar holder get easily affect by dollar instability especially in recent years. Thus, it means that Cambodia is somewhat dependence on the US federal monetary policy. Finally, dollarization make local monetary policy less effective, in other word, the central bank cannot use its own currency to fully stabilize price and economy. When government want to print more money it will not increase much in the economy because most of transaction done by dollar and the government also cannot co ntrol the interest rate since the most deposit is in dollar not riel. Government also cannot get inflation tax (print money to finance short term deficit but let go the inflation) to finance the government budget especially in hard time.3 Being unable to use inflation tax or seignior age to support emergency needs the government of Cambodia is estimate to loss seignior age to be $682 million at the end of 2004, with an additional $61 million lost annually. and especially in the case of paying the military, the Barry Eichengreen (1994): Money can be printed to pay soldiers, to purchase materiel, and to underwrite the other costs of a war of national defense without having to wait for tax returns to be filed or for a foreign loan to be extended. As the state sovereignty and being able to use own policy is very important the cost burden by dollarization above have already exceed the benefit. Thus it is time for Cambodian government to get more effort in de-dollarized campaigned despite the problem of lack of both commitment and capacity. In short, even though the economy and politic of Cambodia has improved the dollarization has not been eliminated but it increases because of the more free market mechanism. However, dollarization has impose more cost such as hindering Cambodia from using its own monetary policy, eroding national sovereignty and being not able to finance government budget deficit which is far more significant that the benefit such as creating price stability, encouraging save and discouraging capital flight. This is the high time for Cambodia government to respond to those issues. Cambodia cannot stay aside from dollarization as it shows the higher level. The Cambodia government has to show its commitment and strengthen capacity to combated dol larization either locally or regionally. MC#3: Policy Option for De-dollarization in Cambodia The government of Cambodia has realized that the current situation of dollarization in Cambodia has higher cost than benefit. The cost is that dollarization has weakened domestic monetary policy capacity to manipulate the financial and monetary system while the benefit has gone to price stability and trade and investment integration. The Cambodian government has; therefore, allowed the side effect of US federal policy to influence its economy for a long time either good or bad. Thus, it is high time for Cambodia to strengthen de-dollarization. There are two main procedures in de-dollarization which are domestic policy and regional policy. However, this paper will cover only the possibility of policy option done by the Government of Cambodia alone. The suggested policies to de-dollarized Cambodia economy are full dollarization, currency board agreement, and continue Interim policy reform. However, the latest seems most preferable. The first choice of Cambodia is to move forward to full dollarization following the precedential example in Latin American economy especially Panama. Adopting this policy, Cambodia has a great save in transaction cost, is easy to integrate itself in the regional and global economy by trade and capital flow and also maintain high price stability. However, full dollarization seems not the right choice for Cambodia. Since Cambodian economy does not closely related to US and thus it does not allow Cambodia to keep track with US economy easily. Moreover, giving up riel currency implies scarifying more seigniorage benefit to US and has no more ability to use own monetary policy as the lender of last resort of domestic commercial bank. Moreover, the government of Cambodia hasnt showed any commitment to turn to keep dollar as legal tender. The Minister of Ministry of Economic and Finance, Mr. Keat Chhun at the Launching Cambodian Economic Forum in 2006 said However, it should be seen that the Royal Government is now implementing de-dollarization. Our economy must be based on national currency, which should be based on a basket of foreign currencies and consistent with the integration of our economy into regional and world economy. It is not likely that Cambodia take a reverse policy from its commitment. Second policy is to create currency board agreement in Cambodia. A currency board is a monetary authority, unlike central bank, issue domestic currency that is always convertible to foreign currency at a fixed exchange rate on the basis of 100%. This means that if 1$ = 4000 riel, the currency board needs 10$ reserve to issue 40000 riel. The currency board makes profit by gaining interest from its foreign reserve by the expense of cost in circulating local currency. The advantage of CBA is the gaining of seigniorage benefit over the dollarization that makes country loss in that. Although Currency board seems a good choice but it need too much effort from Cambodia and also has side effects. There is an estimated that riel is 10% of the currency of circulation and the official reserve is triple of this which is equal to 30%. Thus, it means that Cambodia need to triple the reserve to collect all dollars in circulation. Therefore, currency board may lead to a mass government debt. Is there any other ways that Cambodia can get more official reserve? Finally, the last alternative for de-dollarization is to use interim policy. Interim policy is to set objective of de-dollarization in longer term and accelerate reform. In this approach, the government of Cambodia should left the monetary system as they are on the one hand; and increase macroeconomic stability which increase riel confident and demand as well as restore riel-friendly environment on the other hand. First of all, National Bank of Cambodia plays an important role in this policy. NBC is the last resort of loan of commercial bank, so NBC provide riel as a mean to refinance. Then Cambodia government should promote the use of riel currency as a mean of exchange with security and low cost. Last, the NBC can use Treasury bill to attract the riel financial market by providing higher interest than dollars saving. Beside the role of the bank, the tax policy reform is also taken into account. Demand of riel can be raised when there is obligation to pay all kind of tax in riel. Thus, when there is more tax collection in riel implies more demand in riel. Besides, the adaptations of existing institution that allow ease the dollarization is important. For example, the minimum wage law in Cambodia is indentify is dollar not riel and the most international organization operated in Cambodia preferred to pay salary in dollar only while in other country the government required the international organization to pay 30%-40% in local currency. Moreover, there are also surplus demands of riel in microfinance that cannot be fulfilled. it is estimated that microfinance industry demand Riel 120 billion in 2008, but the supply is not enough. Thus, it is important to resolve the dollarization-friendly-condition above by remove any status serve for dollarization although there is a certain portion in dollar paying in wage and salary and increase supply of riel in microfinance industry. One can criticized that Cambodian government has done a lot in reform for macroeconomic stability but the result is still high dollarization in today economy. Cambodia has enjoyed high growth, average two digit growth in last five year, despite the distraction from the global financial crisis in 2008, yet the there still the same dollarization. In addition, to restore attract demand in riel as a secure and low transaction cost currency is not good because the commercial bank has promote it by giving higher interest rate than dollar deposit already. The problem is not focus on what have Cambodian has done, instead it is important to know what else needed to achieve long-term goal of de-dollarization. Moreover, gradually de-dollarization process can ease the economy adaption. As result, when the Cambodia reach the macroeconomic stability the authority can take advantage of strong financial system to increase confident in riel and thus to de-dollarized. In conclusion, Dollarization in Cambodia is not the matter that easily to settle because there a high link between citizen who prefer dollarization as the result of being not confident in riel and weak financial institution and a high loss in the government who is the coordinator between those two. Among the suggested policy in de-dollarization which are full dollarization, currency board agreement and interim policy, the last choice is likely the best option for Cambodia because it respresent the appropriate capacity ot the states as well as allowed people to increase confident and demand in riel considerable. However, the previouse effort in this policy is not enough so Cambodia need a higher commitment and capacity in this policy. On the other hand, domestic policy alone may not enough to deal with the dollarization which is the result from capital and trade integration. Therefore, regional cooperation combating dollarization can be the future choice for cambodia. MC4: Subregional Cooperation in Dedollarization. Cambodia, Laos and Viet Nam have shared common characteristic as the newly emergence economy. Firstly, the three countries or so called CLV countries have transform from central planned economy to free and open market economy during 1980s and 1990s. Because of the experience of price instability, fragile monetary and exchange rate policy and the underdeveloped or non existence of financial market make all countries similarly tend to use Dollar alongside the local currency despite the different level of dollarization. Although dollarization has contribute to price exchange rate stability, it is not the good choice for them in longà ¢Ã¢â€š ¬Ã‚ term because the government has lost much seigniorage, benefit and also the role of last resort of lender of central bank. CLV has tried their own method to deà ¢Ã¢â€š ¬Ã‚ dollarize to cope with shortà ¢Ã¢â€š ¬Ã‚ coming problems by their own reform so as to gain currency confident and also improving financial institution. Those policies seem to need much effort and time and CLV to achieve alone, therefore there is also another choice of subà ¢Ã¢â€š ¬Ã‚ regional cooperation among CLV countries such as exchange rate regime and single currency area. For CLV cooperation in monetary and exchange rate policy to combat both depolarization and monetary system sustainability which includes price stability, financial stability and exchange rate stability, CLV have to create cooperation environment as a precondition. First, they have to create a network of policy makers, economist elites, officials, and researcher from all level of government and financial institution to take close surveillance on CLV economic performance and discuss the possibility of new policy. Moreover, the networks should make a regular meeting information exchange, checking progress and also make consultant the possible area in economic integration in the region. Secondly, CLV countries should create strong connection of capital market among them. There are two possible alternatives for this. The Viet Nam should allow the Cambodian and Laos company to list it stock market or the CLV can create common bond market of CLV subà ¢Ã¢â€š ¬Ã‚ region. To develop capital market in CLV countries they also need to make a joint regulation and supervisory to ensure transparency to investors and they need to reduce foreign exchange restriction among the three countries to reduce exchange rate risk among investor too. After achieving the above precondition in monetary and exchange cooperation above, CLV have two choices which are exchange rate cooperation and monetary cooperation to multilaterally combat dollarization. First of all, consider the possible of future exchange regime in ASEAN+3 in the East Asian economic community, the CLV exchange rate cooperation can be pilot project of the bigger picture of cooperation. CLV countries should consider the joint peg of currency to Dollar or currency basket of currency famously Dollar, Euro and yen while the weight of currency depends on the trilateral discussion. This common peg to Dollar is a good choice for CLV countries because of several reasons despite some difficulties. First, the stable exchange rate to Dollar has showed the strength of currency against outside fluctuation thus gain credibility of currency. Second, CLV already adopt restricted fluctuation of currency against Dollar and those main trading partner, China also already peg to Dollar. By doing this the three countries will have less transaction cost in changing their currency to Dollar when they are doing trade and at the same time their currency will get confident from people since it is stable with Dollar. On the other hand, when CLV peg to the basket of currency including Dollar, Euro and Yen, the CLV country can reduce risk when there is currency shocked in US. Instead of rely solely on exchange rate stability with Dollar, CLV reduce the risk by depend on two more major economies, Europe and Japan. There is no correct proportion of the three currencies in the currency basket, yet it depends on the economic relation of CLV to the Gà ¢Ã¢â€š ¬Ã‚ 3 (US, Europe and Japan) and also their own negotiation. Besides, CLV can move further to subà ¢Ã¢â€š ¬Ã‚ regional currency board which ensures the stronger peg to foreign currency thus they get more seigniorage benefit. However, they need much more effort to achieve this. First, they have to create a stronger cooperation in coordinating currency policy. Second, they need more foreign reserve to run currency board and it needs high legal endorsement to get people use local currency. In addition to cooperation in Exchange rate regime, it is also important that CLV cooped to create monetary regime. The CLV common currency is a long term goal they require many effort from CLV to improve the credibility among public of currency as well as effective institution to handle the transitional change of currency and strong political will of CLV leaders. Besides, the CLV currency area can be established only after the Asian Currency Unit (ACI)à ¢Ã¢â€š ¬Ã‚  which is similar to European Currency Unite, has been created in ASEAN+3. When there is common peg to ACI in ASEAN+3 economy, the CLV will change to peg ACI and they can create their own subà ¢Ã¢â€š ¬Ã‚ regional common currency in lower level to increase their voice in ASEAN cooperation, in addition to the benefit for Exchange rate regime. However, some scholar suggests this option is difficult to achieve at least in short and medium term because there are many political sensitive issue to overcome, weak institution, and flexibility of people. In summary, in order to cooperate with each other so as to deà ¢Ã¢â€š ¬Ã‚ dollarize their economy CLV countries has to two choices of Exchange rate regime and single currency. Those policies are only achievable when CLV countries have strong foundation of cooperation in critical are such economic consolation and information sharing, joint assessment and so on. They can more benefit from this cooperation rather than taking action individually however it is only longà ¢Ã¢â€š ¬Ã‚ term goal for them. In prospect there is still possibility to get out dollarization when CLV are determined enough in cooperation. MC#5: Dollarization and Implication of Financial Architecture Reform Cambodia among CLV is solely dollarized countries in the world which face the problems. Dollarization is the common problem in developing countries such as Latin America also. Thus the case of dollarization in Cambodia can also reflect the situation of the change of financial architecture that affect the financial and monetary system in the world. Dollarization is the symptom of weak ability of domestic financial structure, historical price in stability and political problems urges people to use foreign currency. While the government the seigniorage benefit and role of last resort of lender the people enjoy the stability of money in deposit as well as trade and investment. Rooted from the globalization there are three main debates in global financial system: Does dollarization good for developing country? Should states liberalize people choice in using currency they like or impose people to choose national fiat money? Should IMF play important role in the world exchange rate stability? Does dollarization good for developing country? Dollarization can give price and exchange rate stability in low cost in most emergence market economy. Hanke recommend developing countries to use dollarization in case that the states do not have strong monetary and fiscal policy to tighten currency value in long term should use dollarization as monetary institution. The above idea is not raised by him alone some scholar also propose choice of dollarization because of several reasons. First, considering the financial and dept crisis during 1980s and 1990s in much part of the world and thus leads to increase of high inflation, currency devaluation and mass capital outflow by foreign investors. When developing country dollarization they can stabilize the currency, exchange rate. When those countries use a high confident and good quality currency like dollar in economy is no possibility of a sharp depreciation, and sudden capital outflows because of investor unconfident is also omitted. Second, dollarization can highly reduce transaction cost and integrate developing economy closer to US. Thirdly, the stability of dollar in the economy as currency in developing countries will encourage people to save more and foreigner to invest more. However, dollarization is costly. Government of developing countries need to scarify seigniorage benefit in dollarized economy and the Central bank losses its role of lender of last resort to the commercial bank in case there is liquidity problems. Moreover, the states will lose its sovereignty in term of monetary policy and exchange rate policy. Thus, it is a critical decision to whether or not to dollarize in developing countries because they have to compare the benefit of dollarization the cost to bear it as well as balancing the internal risk with external risk. Should states liberalize people choice in using currency they like or impose people to choose national fiat money? According to Laurence H. Meyer, a member of the Board of Governors of the Federal Reserve System when there is more global financial integration the government should increase role in market discipline, regulation and also supervision in money and also exchange rebate. The states should improve the international capital standard, market discipline. The state has monopolized the authorization on Money discipline by introduces national currency to show the selfà ¢Ã¢â€š ¬Ã‚ help system in term of currency and also gains seigniorage benefit. However, Randal Krozner, an economist at the University of Chicagos Graduate, rejects the role of government in currency circulating. He claim that private regulation found in private actors such as clearing house, credit rating agency, trader, capitalist investor, and others has provided stability and innovation because they work closely to financial and currency market. He advises that the government should reduce the intervention in the financial and monetary system and let the dynamic private sector to regulate the system. In short, while some scholar support government role in regulation the currency market, some ot

Health and Welness for the Employees :: essays research papers

There are many reasons for the employees to get involved in a wellness program. Whether they like it or not overall wellness will affect their everyday life, at home as well as at work. The fact of the matter is that people that are in good health are usually more coherent and are able to enjoy more out of life. With more incentive going towards corporations paying subsidies to encourage employee participation there is increasing demand by employees to have a wellness program implemented. A study of health risk data and medical insurance claims at a paper mill in Canton, North Carolina, revealed that the Canton employees who had taken part in a health and fitness programs spent an average of 30% less on medical claims than non-participants. Having established a clear link between health and fitness activities and lower health care costs, the Canton study led to refine and expand wellness programs. The company took a closer look at all the issues that could affect job performance and determined that the company needed to broaden the concept of wellness to include mental and emotional health as well as physical well being. In short, the company began to recognize that each employee is a whole person who brings much more than job skills to work every day. The company also began to understand that efforts at wellness promotion could only succeed by taking the needs of the whole person into account. Fitness programs can reduce absenteeism. There are many documented situations of fitness and wellness programs are effective. In a one-year study of over 500 employees, each took part in a work place fitness program. The for each employee that worked out as little one day a week, cut their average number of sick days in half, from over ten sick days on average in the previous year without any activity to less than five in the following year. The report also showed that the employees that did not maintain a workout load of at least once a week did not reduce any sick-days. (Journal of Occupational and Environmental Medicine, 1997; 39:827-831) Each of the participants followed a one-hour supervised workout consisting of a warm-up, stretching, calisthenics, cardiovascular and strength-building program. Later in the study Dr. Lilian Lechner, M.P.H. stated, â€Å"While previous studies have found that employees most likely to partake in workplace fitness programs are those who already ge t the most regular exercise and tend to be in better health, the current show that work-based fitness offers added health benefits for employees regardless of their fitness level.

Survey of Mathematical Methods

One of the most important things a buyer must do before making a purchase is to review any and all of the statistical research on a product. According to Bluman (2005), Statistical research is used to provide knowledge and information in order to enable us to make intelligent decisions about our health and welfare† (p. 680). Although this information is very important to us, we must also be skeptical of the results. There are many types when the results cannot be reliable. According to Bluman (2005), â€Å"statistics can be misrepresented in the following ways: Suspect Samples, Ambiguous Averages, Detached Statistics, Implied Connections, Misleading Graphs, Faulty Survey Questions, Asking Biased Questions, Using Confusing Words, Asking Doubled-Barreled Questions, and Using Double Negatives† (p. 680-685). The following are example of misuses of statistics. 4. In many ads for weight loss products, under the product claims and in small print, the following statement is made: â€Å"These results are not typical. What does this say about the product being advertised? Detached Statistics and/or Implied Connections. This statement is telling the buyer that the results for some will not be the same results for all. In many ways, the results that are shown on the product could be exaggerated in order to get buyers to buy the product. The reason those words are included now days are because of new guidelines by the Federal Trade Commission. In the end, i t is basically telling the buyer not to expect the results. Furthermore, there are no results shown on the label to compare it to. 14. â€Å"How often do you run red lights? † Asking biased questions and/or faulty survey questions. The reason this question might lead to an erroneous conclusion is because it is taken into consideration that someone has a driver’s license. It can be asked in order to manipulate the overall results. If you were to answer the question, you could be opening yourself up to admitting guilt or showing that it is a common practice for you. The two above assignment question are examples of misuses of statistics. They can both be taken in many different ways. It is very important to ensure that you read each and every label and/or question very carefully. If you do not, you risk buying or answer something that may end up getting you in trouble or wasting money. This assignment was very informative for me to complete because it gave me better insight into the misuse of statistics. I will continue to use this information throughout my educational experiences.

An Introduction to Personal Responsibility

†¢ Define personal responsibility and what it means to you.†¢Explain the relationship between personal responsibility and college success.†¢Include a preliminary plan to practice personal responsibility in your education.I. Introduction a. personal responsibility :1. Personal responsibility begins inside and moves outward. 2. We have to begin with ourselves and take responsibility for our thoughts, choices, actions and reactions. Then we can be responsible for the circumstances we create in our world. 3. When you believe something or someone else is responsible for your problems and the resulting solutions, that exact thought is the first problem to solve when it comes to taking personal responsibility. b. what it means to me:1. Taking care of my family 2. Taking care of my job 3. Taking care of my studyIl. Primary purpose for educationThe relationship between personal responsibility and college success. a. Personal responsibilities:1. Having something in your care to take care of. It is your responsibility that your kids get taken care of on a daily basis 2. Taking Responsibility for Your Own Actions. b. college success:1. Students have to learn to take responsibility for their education. 2. With college come the skills needed to be successful. 3. Every student who enters into a college level program needs to bring some very useful skills with them.Ill. Adult learning stylePreliminary plan to practice personal responsibility in your education. 1. Attending college is taking personal responsibility for your education. 2. Time management and proper organization serve not only in planning for education success but also in aspects of life. 3. With and a higher education we have a better salary then without. 4. To be successful in educational endeavors its necessary to act as a personally responsible student. 5. Students are Responsible for Their Own Educational Future.IV. ConclusionAccepting personal responsibility can have life changing affects.