This paper summarizes the various views taken by the World Bank on Asian economic development before the crisis, and how the effects of the Asian crisis threw the Bank's judgement.into doubt.
Abstract This paper examines reasons for the East Asian economic crisis during 1997 and 1998. The World Bank report of 1993 praises many of the practices that ultimately led to the crisis. Currencies, stock markets, 'crony capitalism' and financiers are examined. The paper argues that both economic and cultural reasons are ultimately to blame for the economic crisis.
From the Paper "In recent decades international financial institutions, most notably the World Bank, have held up East Asia as a capitalist miracle, a role model for the rest of the world to follow. The Newly Industrialising Countries (NIC's) took off during the 1970's and included countries from around the world. But is was almost exclusively the NIC's of Asia who maintained their high growth rates through the 1980's and 1990's. While the South American NIC's were left behind in the debt crisis of the early 1980's, the Asian 'Tigers' continued to surge ahead. South Korea, for example, maintained a manufacturing growth rate of nearly 9% a year during the 1980's, while exports grew by 10% a year (Hadjor: 1992). Taiwan, Hong Kong and Singapore also enjoyed such success, and they were soon joined by other Asian countries such as Malaysia and Thailand. By 1987 the combined manufacturing exports of South Korea, Taiwan, Hong Kong and Singapore totalled about half of all third world exports compared with 6% for Mexico and Brazil combined (ibid). The World Bank firmly believed that the experience of the Asian tigers constituted a viable model for other Third World countries. In 1993, the Bank published its seminal work 'The East Asian Miracle' as a guide to how the Tigers had been so successful. But disaster hit the East Asian region in 1997/98 when the economies in that part of the world took a massive beating from what became the 'Asian Crisis'. Suddenly the World Bank report and hopes for the region looked decidedly inaccurate. Here we will summarise the various views taken by the World Bank on Asian economic development before the crisis hit, together with how the effects of the Asian Crisis threw into doubt the Banks judgement."
Tags: asian, crisis, capitalism, crisis, crony, globalisation, world, bank, asia
Abstract This paper explores the major growth in "discount retailing" in the United Kingdom. A number of low-cost retailers established themselves in the UK and one of the most successful was the German retailer Aldi. This paper examines the recent trends within Aldi's UK operations and the company's strategy for increasing market share.
From the Paper "There have been so many significant developments in retailing since the 1970's that collectively, they have been referred to as a 'revolution'. These changes include the shopping behaviour of customers; the organisation of the retail industry; the character of the shopping environment; the planning policies of local government; and most important of all, the introduction of new retail outlets. The major development covered here concerns the growth of 'discount retailing'. A number of discount retailers have established themselves in the UK since the early 1990's and one of the most successful has been the German retailer Aldi. This essay shall deal with recent trends within Aldi's UK operations and the company's strategy for increasing market share, together with the wider implications of Aldi's presence."
The following paper looks at how the Royal Bank of Canada manages to minimize Interest Rate Risk (also known as Market Risk), Credit Risk, and how they manage their capital so that they have sufficient funds to remain solvent.
Abstract This paper explores the key to successful banking which, according to the author, lies in the ability to balance a healthy growth rate, while at the same time analyzing the risks that your institution faces and taking action to minimize those risks.
From the Paper ?Risk comes from the uncertainty of future events. Effective risk management involves the understanding of the risks associated with the various areas of the business and the associated operating environment. Investments are primarily exposed to foreign currency, interest rate volatility and credit risk. The Royal Bank of Canada has set formal policies and procedures that establish an asset mix among equity, fixed income and real estate investments; require diversification of investments within categories; and set limits on the size of exposure to individual investments and counter parties. In addition derivative financial instruments are used, where appropriate, to assist in the management of these risks.?
A paper which explores the many aspects of stem cell use, concentrating mainly on the scientific aspects and touching on the moral and ethical problems surrounding the science.
Abstract This paper outlines the development of stem cell use from the very beginning to the latest technology. It explains specific cases where the use of stem cells is beneficial to medical problems, and how they are used to cure them. The author also explores the future use of stem cells.
From the Paper "In a case involving mutations, although not cancerous mutations, a fatality occured. In 1989, doctors in China transplanted fetal stem cells into the brain of a man. Two years later the man died suddenly. The doctors discovered that the cells had mutated and formed a clump of cartilage, skin, and hair where brain cells should have grown (Gorman, 2000). Before doctors use stem cells regularly, cases such as these must be researched and solutions for these problems must be discovered."
Abstract A comparison of the tax systems of four different countries to the American tax system - South Africa, Mexico, Hong Kong, and New Zealand. The paper explains the American tax system and then analyzes the systems of these other four countries. It concludes with an overview of the country which is seems to the fairest to both individuals and corporations.
From the Paper "Hong Kong has a Schedular system of taxation. 0;The tax burden is light and the system is simple; (Taxation in Hong Kong) In this system the only types of income that are taxable are: salaries, profits, and property tax. This system of taxation differs from that of the United States in that 1. The system is simple and easy to understand. 2.Personal income tax rates are among the lowest in the world with a cap of 15%. 3. Corporations are only taxed at a flat rate of 16.5% and capitals gains and dividends received by another Hong Kong corporation are not taxed. 4. It does not have a worldwide tax on income."
Tags: Individual Income Tax Corporate Income Personal Tax GST taxes sout africa, mexico hong kong new zealand
Abstract The paper examines this theory which helps analysts to identify appropriate measures of risk for an efficient portfolio and defines the relationship between risk and return for efficient portfolio. The paper shows how the CAPM theory also estimates the measure of risk for an individual security or an inefficient portfolio and defines the relationship between risk and return for an individual security or inefficient portfolio. A worked example is supplied towards the end of the paper.
From the Paper "The theory of CAPM (Capital Asset Pricing model) is based on several assumptions. The primary assumption while conducting the risk analysis of an investment portfolio is that the individuals are usually reluctant to take risk. It also assumes that the individuals search for ways to maximize the expected usefulness of their portfolios with a single planning period. Moreover, individuals have analogous expectations relating to the return on their investment portfolios. In other words, their subjective estimates regarding the means, variance and covariance of the investment returns are almost similar. Individuals can also freely borrow capital for investment and can lend capital as well. This borrowing can be made on a risk free rate of return. In addition to this, this theory also assumes that the market is operating under ideal conditions, no taxes are to be paid, transactions costs are almost negligible, securities are completely discernible and firms operate in an environment of perfect competition. Finally, quantity of risky securities can be easily determined."
Abstract The paper discusses the Ford Motor Company. It describes its holdings and its competition, details its financial results for the fiscal year 2001 and suggests reasons why sales were up yet profit remained constant. The paper explains how Ford is sensitive to trends in the economy and explains its financial results in context to the general state of the economy. It presents several strategies that Ford has adopted to regain its former market position.
From the Paper "Poor company strategies in the fiscal year 2001 gave Ford's competitors an advantage over them. For the first time in ten years Ford posted a loss. Chairman Bill Ford blames the drop in profits on difficult financial conditions. Ford had to replace faulty tires on some of their vehicles and this took a tremendous toll on profit margins."
Financial analysis of Cisco Systems (through 1999). History of company. Ratio analysis including--fixed and total asset turnover ratios; debt ratio; times interest earned; price; earnings, etc.
2,025 words (approx. 8.1 pages), 6 sources, 2001, $ 71.95
From the Paper "Cisco Systems was founded by Leonard Bosack and Sandra Lerner, who were a young husband and wife at Stanford University in 1984. Bosack developed technology to link the network in the computer lab to his wife's network in the business department. Believing the idea was a good one, they took a mortgage on their house, bought a used mainframe, and got friends and relatives to work for deferred pay, selling their first router in 1986.
Turning to Donald Valentine, a venture capitalist at Sequoia Capital who bought a controlling stake, the Cisco team expanded its marketing thrust to include corporations and in 1987, saw sales of $1.5 million that grew to $28 million in 1989."
From the Paper "This research examines the taxation of distributions made by Subchapter S Corporations and the use of accumulated adjustment accounts by such corporations. These two topics are closely interrelated; however, they are discussed separately in this paper.
Taxation on Distributions
The form of business organization has a direct impact on the financial structure and financial performance of a firm. This impact results from differences in income tax liabilities for different types of business forms, and differences in the abilities of the different types of business to generate ..."
From the Paper "Many companies across the United States employ an internal audit staff, with some departments numbering in the hundreds. The companies typically established the functions in the 1970s to improve their internal financial control environment. Since then, advances in information technology have meant more reliable control systems. As a result, time-consuming, routine testing often is less beneficial and often unnecessary. Nonetheless, internal auditors remain a critical part of many organizations, although their role is changing from merely appraising the company's internal procedures to being more aggressive in their approach to their responsibilities. This research considers the historical role of the internal auditor, how internal audits differ from external audits, and considers the future direction of the internal audit ..."
Defines two approaches to organizational control, benefits & risks of changing from cost to profit, effects on management & accounting and implementation.
1,350 words (approx. 5.4 pages), 5 sources, 1997, $ 47.95
Organizations with decentralized operations typically divide those operations into cost and profit centers. This delineation, which is a management and strategic decision, has long-term ramifications for the success of the organization, and helps define (and is defined by) the culture which exists in the company at the time the decision is made. Companies which have operated with cost centers in the past may determine that changing some or all of those cost centers to profit centers may be more beneficial to the organization in the long-run. This research examines the considerations which must be taken into account when making this determination, and evaluates the effect that such a change might have on the organization as a whole.
Examines the re-supply method and its impact on accounting. Discusses benefits, valuation of inventory, efficiency, the role of management and retailing.
2,700 words (approx. 10.8 pages), 8 sources, 1999, $ 95.95
Abstract The Japanese system of inventory control has been variously called the "Toyota system," the "just-in-time system," and the "Kanban system" (Johnson, 1993, 52). Just-in-time means, quite literally, that an assembler on a line receives his consignment of parts "just in time" to use them (Bacharach, Bamberger, & Mundell, 1995, 11). The system is based on an ideal situation in which a part arrives just in time to be used, even though that optimal level of usage is never actually reached. As such, the system operates on the strength of very small lot quantities of replacement parts.
From the Paper "THE IMPACT OF JIT INVENTORY CONTROL ON ACCOUNTING
Introduction
The Japanese system of inventory control has been variously called the "Toyota system," the "just-in-time system," and the "Kanban system" (Johnson, 1993, 52). Just-in-time means, quite literally, that an assembler on a line receives his consignment of parts "just in time" to use them (Bacharach, Bamberger, & Mundell, 1995, 11). The system is based on an ideal situation in which a part arrives just in time to be used, even though that optimal level of usage is never actually reached. As such, the system operates on the strength of very small lot quantities of replacement parts.
On a typical assembly line, any particular worker might..."
Abstract This paper examines the future of accounting by investigating current and future trends. This includes considering the changes in the work environment for accounting employees, trends in accounting roles and future opportunities for accountants, and future skills of accountants that will be in high demand. Considering these three areas shows where business accounting is heading and how best accounting professionals can prepare for these changes.
From the Paper "The business world is in a period of change, with accounting a major part of that business world. As one report says, "Accounting is the language of business. It is and always will be the analysis of how money is used by businesses, nonprofit organizations, governments and individuals" (Insight). As the business world changes, accounting must change to continue to meets the needs of businesses. This is one of the areas that will greatly influence the future of management accounting. To understand this issue further, the current and future trends in accounting will be investigated. This includes considering the changes in the work environment for accounting employees, trends in accounting roles and future opportunities for accountants, and future skills of accountants that will be in high demand. Considering these three areas will show where business accounting is headed and how best accounting professionals can prepare for these changes."
From the Paper There is important historical precedence for arguing that a system of fixed exchange rates is most advantageous for the purpose of economic stability. Such international monetary stability was quite apparent in the Western World during the period between 1875 and 1914. The core mechanism for this stability was the gold standard. Most major countries then set fixed values for their currencies in relation to gold. These countries also allowed the relatively free movement of gold across their boundaries and agreed to convert their currency into gold at the established price.
The exchange rates between currencies were allowed to fluctuate in response to market demand. This meant that if country A were spending more abroad than it was taking in, the overabundance of its currency abroad might lead to a fall in its ... "
From the Paper "This research is on the Management of Working Capital and covers such areas as cash management, accounts receivable, inventory and other areas of the topic
There is no universal definition of working capital that is accepted by everyone. Some have made it quite simple stating it was the difference between current assets and current liabilities. Others consider it as being equal to the total of current assets. The prime object of any business is to make a profit. Whether or not this is accomplished depends to a great extent on the manner of its administration of working capital. However there are special problems in connection with these funds which require special operating and financial skills of a very high order. Especially is this true as the complexity of the business increases."
