President Ford

From its onset, the power to pardon has been controversial because it has been used more often for the sake of political advantage than the correction of judicial error. To the 38th President of the United States, his perusal for the pardon power; granted by the United States Constitution, Article II, Section 2, had to do with the ushering in of peace into a hectic time period. (U. S. Constitution) A number of Presidents throughout American history have used pardon power for various reasons.For example, George Washington granted the first pardon to leaders of the Whiskey Rebellion, while Andrew Johnson granted a number of pardons to thousands of former Confederate officials and military personnel after the American Civil War. Other uses of pardon include, George H. W. Bush's pardons of 75 people in connection with the Iran-Contra affair, Bill Clinton's pardons of convicted FALN terrorists, and most recently George W. Bush's pardoning of Irve Lewis Libby's prison term. (U. S.Dept of J ustice, 2006) Yet in the 20th century, President Gerald Ford granted one of the most memorable pardons to former President Richard Nixon on September 8, 1974, for any crimes he may have committed that gave rise to the Watergate scandal. Many view Ford’s pardon as a corrupt bargain made to elevate him to the Presidency and alleviate Nixon from any responsibility, yet Ford’s speech shows a man of good judgment who’s primary concern was the clearing up of America’s name which had been sullied by Watergate.Ford desired to end of Nixon’s suffering, whom he believed, â€Å"will continue to suffer, no matter what I do. † (Ford Nixon Pardon) In a news conference Ford stated he, â€Å"†¦hoped that our former president who had brought peace to millions would find it for himself. † (Presidents News Conference, 1974) This paper critiques President Ford’s speech entitled â€Å"Remarks on Pardoning Richard Nixon. † Though it has been colored with bias from the media, this critique will help individuals who want to see the story outside of the flashy news headlines.It offers an eye opening view of Ford’s motives for the pardon and a brief look into why he deserves more credit for this act of courage. This paper will discuss the background of events which led to Ford’s pardon, examine his speech, give a Neo-Aristotlelian analysis of the speech, and finally conclude with statements meant to give a distinctive perspective on Fords integrity, trustworthiness, and decision making capabilities.

An Evaluation of the Factors Affecting the Online Shopping

Abstract Online shopping has grown rapidly in China over the last decade, yet there are only a few studies in Chinese context. This research focuses on B2C (Business to Customer) and C2C (Customer to Customer) to identify the factors that affect online shopping intention of consumers in both positive and negative aspects. However, there are some differences exist that influence online shopping intention among different countries.As a result, this essay evaluates the determinants of online shopping intention of Chinese consumers by comparing consumers in other countries, which will give an insight for online sellers to develop more competitive strategies in China. Contents Abstract Introduction1 Literature Review3 1. Global consumers6 1. 1 Main factors: price, convenience and risks6 1. 2 Additional factors7 2. Chinese consumers8 2. 1 Main factors: quality, delivery and payment security8 2. 2 Additional factors: social influence9 Conclusion11 Bibliography14 IntroductionThere are a grow ing number of people choosing online shopping and this growing trend has emerged all over the world over the last few decades. Online shopping is defined as â€Å"The act of purchasing products or services over the Internet† (Business dictionary, 2012). Similarly, iResearch (2011) defines it as â€Å"The process of transferring commodities or services from the merchant/seller to individual users (consumers) via the Internet. Such a process is called online shopping if any of its capital flow, logistics, or information flow involves the Internet. Benefiting from the rapid economic growth and the development of the Internet, online shopping has become increasingly prevalent in China. The amount of transactions in online shopping, accounts for 1. 1% in 2008 rising to 3. 3% in 2010 of China’s total retail sales of consumer goods (CNNIC, 2011). Moreover, the latest report illustrates that up to December 2012, the number of net citizens in China reached 513 million, of whic h online shoppers are 194 million and the figure has kept a steady development trend with an increase of 20. % compared to the end of 2011 (CNNIC, 2012). It can be seen that online shopping in China has experienced a robust growth and demonstrates a great potential when compared to mature online shopping markets, such as the USA, UK and Japan. However, the development of China’s online shopping has encountered some obstacles, such as the limitations found within delivery and payment systems (Liu, He, Gao, & Xie, 2008, p. 925 & p. 932).Moreover, most research into online shopping has focused on western countries, but very little research has been done in the Chinese context (Kau, Tang, & Ghose, 2003, p. 140; Liu, et al. , 2008, p. 921; So, Wong, & Sculli, 2005, p. 1225). Therefore, in order to reach its potential and to maintain the steady growth tendency of online shopping market in China, it is important to attempt to comprehend the issues influencing the online purchase int entions of Chinese consumers.Thus, the purpose of this paper is to identify and evaluate factors that signify the differences between online purchase intentions of Chinese and global online shoppers. This paper is structured as follows. The next section reviews the related literature about the issues relating to online shopping. Section 1 will identify which factors are prominent or auxiliary and may affect online shopping intention of global consumers while section 2 will compare Chinese consumers with global consumers and evaluate the significance of the differences.Literature Review The e-commerce industry has developed rapidly worldwide over the last few decades including the online shopping market in China which has experienced steady growth. Much research has tried to identify what the factors are and how they affect the online shopping purchase intention; however, a large proportion of these studies have been concerned about the West while only a few studies have focused on C hinese online shoppers and take into account the cultural impact (Kau, et al. , 2003, p. 140; Liu, et al. , 2008, p. 21; So, et al. , 2005, p. 1225). To allow the reader to better understand the factors affecting online shopping intention in China, this section will offer academic research reviews regarding this subject, including different theories, influential factors, and concerns relating to cultural differences. Since online shopping has become more popular, it has attracted widespread attention. Different models and theories have been adopted by many researchers to identify and examine the factors affecting online shopping intention or behaviours. The Theory of Reasoned Action (TRA), the Technology Acceptance Model (TAM) and the Theory of Planned Behaviour (TPB)† have been frequently used (So, et al. , 2005, pp. 1226-1228). Chiu, Chang, Cheng and Fang (2009, p. 761) extended TAM â€Å"by introducing e-service quality dimensions, trust and enjoyment in the development of a theoretical model to study customers’ repurchase intentions of online shopping†. Similarly, Liao and Shi (2009, p. 5) conducted the related research which is also based on the TAM framework, but combined it with â€Å"environmental and social constructs to elucidate consumers’ attitude and behavioural intention to use e-retailing†. A number of studies have extensively discussed the factors influencing online shopping intention over many years. â€Å"Convenience, price savings, extensive information, enjoyment, and broad product selection are considered as major benefits of online shopping† (Fang, Chiu, & Wang, 2011 cited Childers et al. , 2001, p. 82). In addition, another research (Liao & Shi, 2009, p. 28) reveals that social influence, such as online consumer reviews or word of mouth play a significant role in affecting individual behavioural intention to shop online, which is consistent with the result of the research done by Chung and Shin (2 010, p. 473) and Lee, Park and Han (2011, p. 187-188). Moreover, many researchers suggest that â€Å"perceived ease of use and perceived usefulness† of shopping through the Internet are important antecedents of intentions (Chiu, et al. 2009, p. 763; Fang, et al. , 2011, p. 486; So, et al. , 2005, p. 1238). Even though online shopping brings some benefits to consumers which attract them to shop online, some factors have a negative effect on consumers’ purchase decision. For example, poor quality products and underdeveloped payment system; in particular, many researchers demonstrate that trust is a vital factor for online consumers to make purchase decisions. Xu, Zou and Wang (2006, p. 202) also point out that trust is considered to be the most important factor.In contrast, an earlier study suggests that in some countries the most important factor is price while trust is not as important as price (Kim, Xu, & Gupta, 2011 cited in Reibstein, 2002, p. 8). Recently, some res earchers have started paying more attention to the Chinese online shopping market and some comparative studies have been conducted in the context of online shopping in China due to the fast development of the Internet and rapid growth sales in online shopping. Areas covered include China and Japan (Atchariyachanvanich & Okada, 2006) and China and America (Ou, Sia, & Banerjee, 2007).It has been demonstrated that the differences between consumers in China and those in other countries, and namely issues dealing with product quality, logistic infrastructure, payment systems and social influence. This section has reviewed literature about the major theories used in research and some factors that research has suggested including the difference between China and other countries. In the following sections, this research will classify and evaluate the dynamic factors and related issues regarding consumers’ online shopping intentions by comparing China to some other countries. . Global consumers With the increasing intensified competition in online shopping, it is more essential than ever for online retailers to understand the factors affecting consumers’ intention in online shopping, which is critical to success. Therefore, a number of studies focusing on influential factors of online shopping appear in many published conference proceedings and journals. This section will categorize the issues influencing global consumers’ online shopping intentions. 1. 1 Main factors: price, convenience and risksThere are some factors which attract consumers to choose online shopping. Firstly, price has long been considered as a significant predictor when customer making a decision and e-commerce allows consumers to compare the prices across different online shops to find out the cheapest product easily (Kim, et al. , 2011, P. 1). Moreover, compared to traditional retail shops, internet-based shops have a cost advantage; as a result, they are able to offer their p roducts at a cheaper price than are available in traditional shops (Atchariyachanvanich & Okada, 2006, p. 281; Liao & Shi, 2009, p. 27). Secondly, many researchers also point out that as well as price the perceived ease of use and perceived usefulness are important factors to attract consumers to engage in online shopping (Chiu, et al. , 2009, p. 763; Fang, et al. , 2011, p. 486; So, et al. , 2005, p. 1238). For example, online shopping provides the opportunity for consumers to easily locate shops and products, especially convenient for target-oriented consumers who have already decided what they want to buy. (Fang, et al. , 2011, p. 485).On the other hand, even though online shopping brings some benefits and attracts some consumers, there are those that are aware of the risks involved and so this may lead to them rejecting it. Kau, Tang and Ghose (2003, p. 141) argue that those risks include: lack of security, the possibility of credit card fraud, uncertainty about the quality of p roducts, and return issues when the products are failed to meet consumers’ expectation. Moreover, due to the distances involved with online shopping and the fact that consumers are unable to touch or see the products seems to be an inherent perception of risk in shopping online (Kim, et al. 2011, p. 1; Kuhlmeier & Knight, 2005, p. 463). 1. 2 Additional factors Apart from the major factors mentioned above, some additional factors influence the intention of online shopping as well. First of all, the amount of availability of extensive information and choices in online shops which the traditional stores are unable to compete with. Therefore, the options of products available in conjunction with the very latest information being available are a relatively important attractant to online shopping over the traditional retail store (So, Wong and Sculli, 2005, p. 235). In addition, some other influential factors were identified by Kau, Tang and Ghose (2003, p. 140), Atchariyachanvanic h and Okada (2006, p. 2281) , and Fang, Chiu and Wang (2011, p. 482), such as time saving, time flexibility, real-time marketing offers, sharing other online customer reviews and enjoyment. Furthermore, Kuhlmeier and Knight (2005, p. 463) suggest that the more experience of using internet the more likelihood of the consumer to become an online shopper. 2. Chinese consumersSince neither can the existing knowledge of Chinese consumers’ behaviour on traditional shopping nor the reported findings about online shopping in other countries can be directly applied to the online shopping market in China; therefore, marketing strategies need to be tailored to the specific market (So, et al. , 2005, p. 1225). This section will highlight and address any differing issues influencing online shopping intention of Chinese consumers by conducting a comparison between Chinese consumers and consumers in other countries. 2. 1 Main factors: quality, delivery and payment security Liu, He, Gao and Xie (2008, p. 31) state that Chinese people are quite sensitive to price and like negotiating with sellers to achieve a satisfactory deal. Similarly, Atchariyachanvanich and Okada (2006, p. 2283-2285) believe that the main reason why Japanese and Chinese consumers shop online is for cheaper price; however, they add that cheaper price is not the most important reason affecting Chinese consumers’ online purchase intention, Chinese consumers rank the security of the website and the ability to read previous customers’ reviews at the top. It seems to highlight Chinese online shoppers’ uncertainty whether the products they buy re genuine and have good quality or not. Beside quality of products, delivery as another essential factor was concerned by Chinese consumers. Just as CNNIC (2012) shows in the 29th report that delivery is one of the main aspects causing consumer dissatisfaction of online shopping; more specifically, 12. 3%, 5% and 3. 6% of Chinese consumers were not satisfied due to delayed delivery, lost or damaged products and bad attitude of delivery staff respectively. As a matter of fact, Chinese logistic infrastructure lags behind some countries; particularly in terms of limited choices of delivery companies and long delivery time.In contrast, the US has a mature and efficient distribution network supporting online shopping, because outsourced third parties can provide professional services, such as FedEx, UPS, DHL, etc. (Ou, et al. , 2007, p. 23). Research carried out by Xu, Zou and Wang (2006, p. 206) shows that online payment security is the most important factor which should be strengthened by e-commerce companies because online shoppers pay more attention to it. Additionally, unsound credit card payment system is more likely to cause financial risk and privacy leakage.In the US, using credit card is the most popular way to pay for online shopping, while in China is still cash payment due to the cash-based culture and immature cr edit card payment system (Ou, et al. , 2007, pp. 21-22). This results from the immature Internet technology which to a large extent impedes the development of online payment system in China. Consequently, the financial risk might be caused by underdevelopment online payment system, which is a significant reason leading to a decision to reject online shopping (Zhou, Dai, & Zhang, 2007, pp. 49 & 55). 2. 2 Additional factors: social influenceBased on Hofstede’s cultural model, online consumer behaviour can be predicted by five cultural difference dimensions, one of them is individualism – collectivism, for instance, America and New Zealand belong to individualism while China belongs to collectivism. This, in turn, has led to different online shopping behaviour among consumers belonging to Eastern and Western cultures (Zhou, et al. , 2007, p. 46). Several studies have revealed that people from a collectivist culture should be more easily influenced by people within their s ocial circles (Liao & Shi, 2009, p. 5). Consequently, social influence should not be ignored in the context of online shopping in China. On the one hand, human interaction cannot be fully satisfied in Internet-based shopping; therefore, it may not be easily accepted by Chinese which are more likely to enjoy interacting with others when shopping (So, et al. , 2005, p. 1237). In addition, it is very common in China that one tends to follow if friends or relatives are interested in online shopping (Liao & Shi, 2009, p. 27).Furthermore, online consumer reviews or electronic word of mouth as a specific way of social influence in the context of online shopping plays an important role in affecting online consumers to make purchase decision (Chung & Shin, 2010, p. 473; Lee, et al. , 2011, p. 188). It seems that social influence is an importance factor affecting online shopping intention of Chinese consumers. Conclusion This project reviewed literature regarding online shopping issues firstl y. It then classified some main factors and additional factors which influence global consumers to choose or not choose Internet-based shopping.Specifically, cheaper price and convenience of online shopping have positive effect in affecting global consumers’ online shopping intentions; however, some risks in terms of products, financial and private information are likely to cause the rejection of online shopping. Finally, it acknowledged and assessed the divergent issues affecting Chinese consumers’ online shopping intention with a comparative approach. Chinese consumers are quite different to global ones due to culture difference and deficiencies within payment and delivery sytems.For example, perheaps because of the high rate of counterfeit and inferior products, Chinese online shoppers pay more attention to the product quality than price. Moreover, in China the logistic infrastructure and payment system are less developed and less mature than in other developed coun tries and this brings greater fear to Chinese consumers to conduct online shopping. Additionally, social influence and associated information from previous consumers who express their opinions online about products and sellers are essential for the Chinese online consumers.As noted above, online shop retailers should not simply apply the existing knowledge about global online consumers to Chinese online shoppers, cultural differences must be taken into account, which is critical to their success and will benefit the development of online shopping market in China. (Words: 2507) Bibliography Atchariyachanvanich, K. , & Okada, H. (2006, 17-20 December 2006). A Study on Factors Affecting the Purchasing Process of Online Shopping: A Survey in China & Japan. Paper presented at the the 7th Asia Pacific Industrial Engineering and Management Systems Conference, Bangkok, Thailand.Chiu, C. M. , Chang, C. C. , Cheng, H. L. , & Fang, Y. H. (2009). Determinants of customer repurchase intention in online shopping. Online Information Review, 33(4), 761-784. Chung, K. H. , & Shin, J. I. (2010). The antecedents and consequents of relationship quality in internet shopping. Asia Pacific Journal of Marketing and Logistics, 22(4), 473-491. Fang, Y. H. , Chiu, C. M. , & Wang, E. T. G. (2011). Understanding customers’satisfaction and repurchase intentions : An integration of IS success model, trust and justice. Internet Research, 21(4), 479-503. Kau, A. K. , Tang, Y. C.E. , & Ghose, S. (2003). Typology of online shoppers. Jouranal of Consumer Marketing, 20(2), 139-156. Kim, H. -W. , Xu, Y. J. , & Gupta, S. (2011). Which is more important in Internet shopping, perceived price or trust? Electronic Commerce Research and Applications. Kuhlmeier, D. , & Knight, G. (2005). Antecedents to internet-based purchasing: a multinational study. International Marketing Review, 22(4), 460-473. Lee, J. , Park, D. H. , & Han, I. (2011). The different effects of online consumer reviews on consum ers’purchase intentions depending on trust in online shopping malls.Internet Research, 21(2), 187-206. Liao, Z. Q. , & Shi, X. P. (2009). Consumer perceptions of internet-based e-retailing: an empirical research in Hong Kong. Journal of Services Marketing, 23(1), 24-30. Liu, X. , He, M. Q. , Gao, F. , & Xie, P. H. (2008). An empirical study of online shopping customer satisfaction in China: a holistic perspective. International Journal of Retail & Distribution Management, 36(11), 919-940. Ou, C. X. J. , Sia, C. L. , & Banerjee, P. (2007). WHAT IS HAMPERING ONLINE SHOPPING IN CHINA?Information Technology Management, 18(1), 16-32. So, W. C. M. , Wong, T. N. D. , & Sculli, D. (2005). Factors affecting intentions to purchase via the internet. Industrial Management & Data Systems, 105(9), 1225-1244. Xu, H. J. , Zou, X. W. , & Wang, H. S. (2006). Consumers'attitudes of e-commerce in China. Scholarship and Professional Work – Business, 7(2), 202-207. Zhou, L. , Dai, L. W. , ; Zhang, D. S. (2007). ONLINE SHOPPING ACCEPTANCE MODEL— A CRITICAL SURVEY OF CONSUMER FACTORS IN ONLINE SHOPPING. Journal of Electronic Commerce Research, 8(1), 41-62.

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When focusing on the components of breast milk and the nutrients it provides for the baby the American Pregnancy Association (2014) claims that breast milk contains proteins essential for easy digestion and which are great for infection protection. From tables and evidence found about the Recommended Dietary Allowances for Infants and Children the author can see that at 0-5 months a baby will need the most protein at this age than any other age. More specific proteins that are found in breast milk are Lactoferrin’s which restrain the growth of iron- dependant bacteria, breast milk also contains Lysozymes which protect against E.coli and salmonella (APA 2014). Larger components of breast milk according to APA (2014) are fats essential for ‘brain development, absorption of fat- soluble vitamins and is the primary calorie source for a baby. Breast milk also satisfies the baby’s requirements of a range of vitamins and carbohydrates which help battle diseases and enhance the growth of healthy bacteria in the stomach (APA 2014). For parents choosing not to breastfeed or for those who cannot breastfeed the best alternative supplement is commercially prepared, iron-fortified infant formula and just like breast milk, ‘formula provides the correct nutrients at appropriate levels necessary for a baby to sustain a rapid rate of growth and development, and will not stress the infants delicate and developing orga n systems’ (Infant Feeding and Nutrition N.D). Also evident from the tables and evidence found is that children’s recommended fluid intake reduces as when infants grow they start to eat more solid foods rather than just breast milk or formula. Around six months of age the Baby Centre (2014) propose that an infant can be introduced to different foods such as pureed sweet potatoes, squash, apples and bananas and although they cannot have much of these food just yet it will prepare the baby for when they will be eating much more solid food around the age of 8- 10 months (Baby Centre 2014). As children age their diet will have also changed over the years, it will have gone from being very high in fat to much lower in fat and higher in fibre and should be focused on natural, fresh sources of energy and nutrients (Tidy 2013). Children around the age of 4- 6 will need foods high in energy and foods containing high vitamins and minerals due to them being very active at this age (Tidy 2013). Children at this age also need small frequent meals as their stomachs are not able to cope with large meals at a time suggested by Tidy (2013), he also indicates that foods high in sugar such as fizzy drinks should be avoided due to the damage on their teeth, it can cause diarrhoea and can leave children feeling full meaning they may reject their dinner leading to an unbalanced diet. At 6- 10 years children are still growing rapidly and their body will becoming even more mature and changing, dietary needs may not vary much from the previous age range although more low fat dairy products should be consumed rather than full fat which are needed during infancy according to the NHS (2013), children at the lower end of this age range are recommended to consume between 1520kcal to 1649kcal and children at the higher end of this age range are recommended to consume between 1963kcal to 2032kcal, these figures also according to the NHS (2013) depend on gender and how much physical activity children are carrying out on a daily basis. Young children around 10-12 will start to learn more academic skills whilst at school and because of this it is essential for children to receive a balanced diet in order to function at optimum level and to be able to concentrate well (Build Healthy Kids 2011). Build Healthy Kids (2011) also take the view that five fruit and vegetables a day is essential in this age range in order to gain the recommended amount of vitamins and minerals. Children are also still growing physically and mentally at this age and therefore it is important that children are receiving their intake of calcium which will help growth and development of bones and also help children’s teeth to stay healthy, if a child’s intake of calcium ‘before the age of twenty was inadequate, they run the risk of forming softer and more brittle bones which puts them at risk for fractures and osteoporosis later in life, especially for girls’ (Build Healthy Kids 2011). From the research and evidence fo und from Build Healthy Kids (2011) the author found that from birth to twelve months no dairy products are recommended, from 1-2 years whole milk at 2 servings a day is recommended which is then increased at 9- 18 years to 4 servings a day of low or non- fat dairy products. For children and young people it is paramount that they are eating the correctly to ensure they are growing and developing at the correct rate and so they can establish a good eating pattern for later life (Cenovis 2012). There are many guides and recommendations for what children should be eating however the eatwell plate is a very good example and is something that children can learn from, the eatwell plate highlights the foods and amounts that will ensure we are eating a balanced diet (NHS 2013). This section of the assignment will look at the short and long term benefits of optimum health for children and young people. The World Health Organisation (WHO) (2000) propose that the first 2-3 years of a child’s life is very important when it comes to physical and mental development and therefore gaining optimum nutrition in childhood will have many short and long term benefits. As covered above babies will gain essential proteins, fats and the majority of their calorie intake from either breast milk or formula, therefore a baby will also gain a short term health benefit of having a lower risk of sudden infant death syndrome according to Newson (2013), they state that this factor is less common in babies gaining the essential nutrients from breast milk and although this is not fully explained it is believed that due to the anti- bodies breast milk provides babies are more protected again the fatal syndrome. Another short term health benefit of breast fed babies observed by Newson (2013) are that babies are less likely to become constipated and will gain help with the passage of a baby’s first stools which can be very painful, they are called ‘meconium and are sticky, black and like tar’. Long term benefits proposed by Newson (2013) are that health problems in later life are less common in those who had been breastfed rather than those who had not, health problems such as obesity, high blood pressure and eczema have been proven to be less likely in those who received the nutrients from their mother. An emotional bond may also be seen as a long term health benefit which can be gained from breastfeeding, a mother and baby attachment in early infancy could lead to more well-rounded individuals in the future and evidence suggests that breastfed people are less likely to develop mental health issues such as anxiety or depression (Mitchell- Askar 2011). The NHS (2013) indicate that when children are able to move on from breast milk they will start to receive their essential nutrients from other food sources a little at a time, the process of weaning begins when children are around 6 months old. The NHS (2013) recommend that breastfeeding alongside solid food will continue to protect a baby against infection and will still  provide babies with the essential antibodies. When moving from small finger food and pureed food, according to Nutritionist Resources (n.d) children around 2 years can start to eat meals which will provide them with their essential daily needs. The Nutritionist Resources (n.d) also give recommendations on the five main food groups which need to be incorporated within a child’s diet and the health benefits which can be gained from consuming the correct kinds of food at the correct levels. Research into healthy eating show that children who have had a good start with nutrition will lead a good pathway in later life when it comes to staying on the right path and choosing foods that will be more beneficial for them (Nutritionist Resources n.d). A good start with eating correctly and regular activity could benefit children to develop strong bones, maintain a healthy weight and also concentrate well whilst in school and on a long- term basis healthy eating could help lower the risk of certain health implications such as stroke, joint problems and being overweight or obese (Nutritionist Resources n.d). Although healthy eating comes with many benefits there are also factors that can affect the maintenance of adequate nutrition for children and young people and if children develop unhealthy lifestyles from a young age they run the risk of health problems in adulthood (Warner 2011). Birch (1998) takes the view that almost all food preferences are learned through early experiences of eating and that children will become familiar with foods they like such as sweet tastes and reject sour and bitter foods. From experience children may have tried a food they disliked or had a bad experience and will then psychologically dislike the food in later life, it may also be the case that if a child has be forced to eat certain foods such as fruit and vegetables they will refuse to eat them when they have the power to choose what they eat, this could then lead to serious deficiencies if they are not receiving the vital vitamins and minerals their body needs to function (Birch 1998). Birch also stated that children’s preferences are formed by the quality of experiences children have with food and as a result ‘the physiological consequences of ingestion, children come to accept some foods and reject others, shaping their dietary intake’. As well as psychological factors affecting the maintenance of adequate nutrition for children and young people, there are also the socioeconomic factors which may hinder a child’s nutrition and impact a child’s nutritional status (Ricketts n.d). Socioeconomic factors such as income, environment and education may have an impact on how some children eat, for example if a child was living in poverty they may not have access to fresh nutritional food and therefore they may only have access to more fatty foods such as ready meals which may be more affordable for a family on a low income (Ricketts n.d). Ricketts also considers that environmental factors could be the physical proximity to healthy foods and supermarkets, as those who have access to supermarkets have a higher consumption of fruit and vegetables and those who don’t have a lower intake of these foods. The government recommend that children should eat five fruit and vegetables daily as part of a balanced diet and to ensure we a protected against illnesses, one portion being the palm of the child’s hand (NHS 2013), however new research carried out has suggested five a day is not enough and we should be receiving at least 7 portions a day which will be additionally beneficial (Stephens 2014). If this evidence shows 5 portions a day is not enough the children who cannot access even 1 portion a day may have serious health problems and suffer from things such as vitamin and mineral deficiency, digestive issues, cardiovascular problems and weight problems (Annigan n.d). One of the final factors that can effect child nutrition is political factors, the NHS spend around 16 million pounds a year on people who are too obese to leave there home (Gayle 2012). According to the Department of Health (DH) (2008) the government have also spent 372 million pounds over three years on creating healthy schools, workplaces and towns. However the government are still allowing fast food industries to open and to advertise around the country, ‘The government spends  £14m a year on the social marketing programme Change4Life. The food industry spends more than 1 billion pound a year on marketing in the UK’ (Izzo 2014). Sifferlin 2013 stated that when research was conducted on food markets and their advertisements 99% of them were aired nationally on children’s TV channels such as Cartoon Network. They also caught children’s attention with a free toy giveaway to promote their product (Sifferlin 2013). There are no law’s  on how old a child needs to be to buy any fast food such as McDonalds or Burger King and therefore if children have easy access to these food chains and restaurants they will continue to consume the foods that will have detrimental effects on their health (Izzo 2014). Gianni (2013) strongly believe that fast food is causing many short and long term health problems for children including obesity, diabetes, and high blood pressure, all of which are serious and are having a huge impact on the NHS. Being able to maintain adequate nutrition in children will be very difficult if parents and the government are allowing young children to purchase foods that will increase their chances of developing obesity, children may also think that it is normal to do so in later life if they have children and therefore a circle that is hard to break will form (Izzo 2014). For the final part of this assignment the author will discuss the common signs and symptoms a child may experience due to a poor diet or malnourishment. The NHS (2013) define malnourishment as a ‘serious condition in which a person’s diet does not contain the correct amount of nutrients’. There are two types of malnourishment, they include under nutrition when a person is not receiving enough nutrients and is underweight and over nutrition when a person is receiving too many nutrients and is therefore overweight (NHS 2013). The NHS (2013) claim that children who are malnourished may not be able to grow at the expected rate including both height and weight. At the age of 4 children are at a very important age range, they are growing at a rapid pace, they are starting to learn more academically as they will start at school and they will also create habits and traits which they will take into adulthood (Rochman 2011). Johnston (2009) observes that if a child was to have poor nutrition at the age of 4 they have a much higher risk of developing physical, intellectual, emotional and social problems, physical problems could include obesity, delayed growth and also developing motor skills at a slower rate. Intellectually, Johnston (2009) suggests that if children are consuming the incorrect amount of nutrients it will have harmful effects on the brain and children can lead poor intellectual development and hinder learning whilst at school. Gallahue and Ozmun (2006 cited in Johnston 2009) implies that if children experience inadequate nutrition or malnutrition during the first four years of their  life they will never recover the growth miles tones for their age range and they will never catch up in mental and physical development. Over all a balanced diet needs to start when a women becomes pregnant, and continue throughout childhood and adulthood to avoid the consequences that come with a poor diet. And although some bad habits maybe present in a child’s diet, as long as children are led the right way and educated on the nutrition they need they will significantly reduce the chances of many diseases and illnesses (British Heart Foundation 2014). Children on the correct eating path will benefit from optimum health and may also avoid the factors effecting healthy eating such as psychological or political problems. Finally the importance of educating children and ensuring they understand how to eat correctly may minimize the chances of them experiencing the sever symptoms of malnourishment or poor nutrition. References AMERICAN PREGNANCY ASSOCIATION, 2014. What is Breast Milk [Online]. Available from: http://americanpregnancy.org/first-year-of-life/whats-in-breastmilk/ [Accessed 10 November 2014]. ANNIGAN, J., N.D. consequences of not eating fruit and vegetables [Online]. Available from: http://healthyeating.sfgate.com/consequences-not-eating-fruits-vegetables-6202.html [Accessed 13 December 2014]. BABY CENTRE EXPERT ADVISE, 2014. Age-by-age guide to feeding your baby [Online]. Available from: http://www.babycenter.com/0_age-by-age-guide-to-feeding-your-baby_1400680.bc?page=2#articlesection3 [Accessed 11 November 2014]. BIRCH, L. L., 1998. Psychological Influences on Childhood the Diet [Online]. Available from: http://jn.nutrition.org/content/128/2/407S.long [Accessed 13 December 2014]. BUILD HEALTHY KIDS, 2011. Daily Nutrition Guide [Online]. Available from: http://www.buildhealthykids.com/dailynutrition.html [Accessed 11 November 2014]. CENOVIS, 2012. The Importance of a balanced diet for Children [Online]. Available from: http://cenovis.com.au/the-importance-of-a-balanced-diet-for-children/ [Accessed 13 December 2014]. DEPARTMENT OF HEALTH, 2008. Help Stop Childhood Obesity Before it Starts [Online]. Available from: www.nhs.uk/Change4Life/supporter/Help_stop_childhood_obesity [Accessed 13 December 2014]. GAYLE, D., 2012. Britains obesity crisis: NHS spending  £16m a year on 200 who are too fat to leave home. Mail Online [Online]. 30 May. Available from: http://www.dailymail.co.uk/health/article-2151962/Britains-obesity-crisis-NHS-spending-16m-year-200-fat-leave-home.html [Accessed 13 December 2014]. GIANNI, K., 2013. How Junk Food is Hurting Our Kids [Online]. Available from: http://renegadehealth.com/blog/2013/02/06/how-junk-food-is-hurting-our-kids-and-18-ways-to-wean-yours-off-it [Accessed 13 December 2014]. HEALTHY START NHS, N.D. Healthy Start helps you give your family the very best start in life [Online]. Available from: http://www.healthystart.nhs.uk/healthy-start-vouchers/ [Accessed 2 December 2014]. INFANT FEEDING SND NUTRITION, N.D. Nutritional Requirements [Online]. Available from: http://www.infantformula.org/for-parents/infant-feeding-nutrition [Accessed 10 November 2014]. IZZO, H., 2014. Why Wont he Government Stop Fast Food Companies Poisoning Our Children? [Online]. Available from: http://sabotagetimes.com/life/why-wont-the-government-stop-fast-food-companies-poisoning-our-children/ [Accessed 13 December 2014]. JOHNSTON, J. and VILLIAMS, L. M., 2009. Early Childhood Studies. Spain: Pearson. MITCHELL- ASKAR, K., 2011. The link between breastfeeding and mental health. [Online]. Available from: http://theattachedfamily.com/?p=2774 [Accessed 28 November 2014]. NATIONAL HEALTH SERVICE CHOICES: YOUR HEALTH, YOUR CHOICES, 5 a day portion sizes [Online]. Available from: http://www.nhs.uk/Livewell/5ADAY/Pages/Portionsizes.aspx [Accessed 13 December 2014]. NATIONAL HEALTH SERVICE CHOICES: YOUR HEALTH, YOUR CHOICES, 2013. How many calories does a child of 7- 10 need? [Online]. Available from: http://www.nhs.uk/chq/Pages/how-many-calories-do-children-need.aspx?CategoryID=51 [Accessed 28 November 2014]. NATIONAL HEALTH SERVICE CHOICES: YOUR HEALTH, YOUR CHOICES, 2013. Malnutrition [Online]. Available from: http://www.nhs.uk/Conditions/Malnutrition/Pages/Symptoms.aspx [Accessed 15 December 2014]. NATIONAL INSTITUTE FOR HEALTH AND CARE EXCELLENCE (NICE), 2008. Maternal and child nutrition [Online]. Available from: https://www.nice.org.uk/guidance/ph11/chapter/introduction [Accessed 2 December 2014]. NATIONAL HEALTH SERVICE CHOICES: YOUR HEALTH, YOUR CHOICES, 2013. The Eatwell Plate [Online]. Available from: http://www.nhs.uk/LiveWell/goodfood/Pages/eatwell-plate.aspx [Accessed 13 December 2014]. NATIONAL HEALTH SERVICE CHOICES: YOUR HEALTH, YOUR CHOICES, 2012. Vitamins and Nutrition When Pregnant [Online]. Available from: http://www.nhs.uk/conditions/pregnancy-and-baby/pages/vitamins-minerals-supplements-pregnant.aspx#close [Accessed 2 December 2014]. NATIONAL HEALTH SERVICE CHOICES: YOUR HEALTH, YOUR CHOICES, 2013. When should I start giving my baby solids (weaning)? [Online]. Available from: http://www.nhs.uk/chq/pages/812.aspx?categoryid=62 [Accessed 2 December 2014]. NEWSON, L., 2013. Breastfeeding [Online]. Available from: http://www.patient.co.uk/health/breast-feeding [Accessed 28 November 2014]. NUTRITIONALIST RESOURCES, N.D. Healthy Eating for Kids [Online]. Available from: http://www.nutritionist-resource.org.uk/content/healthy-eating-for-kids.html#healthymealsforkids [Accessed 2 December 2014]. RICKETTS, D., N.D. Socioeconomic Factors of Childhood Nutrition [Online]. Available from: http://healthyeating.sfgate.com/socioeconomic-factors-childhood-nutrition-9453.html [Accessed 13 December 2014]. ROCHMAN, B., 2011. Our Fattening Habits May Be Set in Childhood [Online]. Available from: http://healthland.time.com/2011/12/15/how-to-prevent-obesity-start-in-childhood/ [Accessed 15 December 2014]. SIFFERLIN, A., 2013. Forget the Food: Fast Food Ads Aimed at Kids Feature Lots of Giveaways. Time [Online]. 29 August. Available from: http://healthland.time.com/2013/08/29/forget-the-food-fast-food-ads-aimed-at-kids-feature-lots-of-giveaways/ [Accessed 13 December 2014]. STEPHENS, P., 2014. How Much Fruit and Vegetables Should we Eat? [Online]. Available from: http://www.bbc.co.uk/news/health-26818386 [Accessed 13 December 2014].

Asquiths poem, The Volunteer, and the extract from Shakespeares Henry V Essay Example for Free

Asquiths poem, The Volunteer, and the extract from Shakespeares Henry V Essay How effectively do Asquiths Poem, The Volunteer, and the Extract From Shakespeares Henry V Promote the Idea That it is Heroic to fight and Die For Ones Country? What Alternative View, is Offered by Wilfred Owen in Dulce et Decorum Est? The Volunteer is a Pro-War poem written by Herbert Asquith. Asquith uses roman imagery to invoke a feeling of greatness and honour. Asquith begins his poem by describing the miserable, mundane life of a clerk, working in a city grey. He opens with the words Here lies that are normally used to begin writing on a gravestone. This epitaph style opening gives the idea that the clerk has now passed away and the poem will concentrate on events beforehand. We are told the clerk has spent half his life doing boring work (..Toiling at ledgers..), his days drifting away. There is a distinct lack of fulfilment in his life, ..With no lance broken in lifes tournament (Lance is roman imagery) And yet he dreams of ..The gleaming eagles of the legions.. and horsemen ..thundering past beneath the oriflamme.. (or battle flag.) Asquith cleverly uses the expression ..The gleaming eagles of the legions.. to conjure up ideas in the readers mind of great gleaming roman soldiers. This adds to the ideology that war is a glamorous and noble thing. In his second stanza, Asquith tells us that ..those waiting dreams are satisfied.. Obviously, the clerk has joined the army. He talks of ..waiting dreams.. giving the impression that the clerk has dreamt of this for a very long time. He goes on to say ..From twilight to the halls of dawn he went.. I think what he means is that the clerk has gone from his dull city to a new, brighter beginning. And although he died he is happy. ..His lance is broken but he lies content.. Because in that high hour in which he lived and died he achieved something he had dreamt of forever. Asquith also mentions that the man needs no reward for his actions (..he wants no recompense). In his last two lines of the poem, Asquith writes: ..nor need he any hearse to bear him hence, who goes to join the men of Agincourt What he is saying is that he who fights for his country needs no other honour in death for fighting is his reward. This poem is very pro-war and is remarkably influential in using roman imagery to sway the readers judgement in his favour. Overall, it is written quite effectively. Another pro-war poem is Henry V. It is actually a speech from Henry V by William Shakespeare. It is his interpretation of what Henry V would have said to his men in an effort to inspire them before they fought at Agincourt. The writer uses the idea that the men will be remembered as heroes and become famous to enthuse them. He begins his speech by naming the day the feast of Crispian. He goes onto declare that ..He that outlives this day shall stand taller (..Stand a tiptoe) on this day in the future. This will make the men that fight feel superior; and more importantly it will make those who dont fight feel inferior. The words feast and flowing cups are also used. These give the imagery of a better life with plenty of food and drink. (possibly that of a king.) He goes on say that every year the man who fought: ..will strip his sleeve, and shows his scars, And say These wounds I had on Crispins day This quote fits in with the thought that scars are a notable accessory and that they will impress people. The men who fought will have the image in their minds that they will be able to show them off to people and feel courageous. He also pronounces to the brave soldiers that they will undoubtedly become famous. ..Our names familiaras household words.. stating that the names of those who fought will be as famous as ..Harry the king, Bedford and Exeter, Warwick and Talbot.. these were all extremely well known and respected figures. Now the men have the belief that for fighting this battle they will be remembered as kings, fame will be theirs. This fame pattern continues with ..this story shall the good man teach his son giving the idea that their story will be passed down for generations and generations. They will become role models as such for young boys, helping them to become good people. He continues to make the men feel unique with ..We few, we happy few.. Repetition of the word few makes the men feel that they should be glad to be a part of something that so few people have the opportunity to be a part of. He goes on to promote this idea of uniqueness with the words, ..we band of brothers.. as if the men have become family through fighting for their country. Henry then proclaims that: ..hethat sheds his blood with meshall be my brother.. He has stated that each man is his equal, making them feel honoured. The poem is rounded off with the thought that ..Gentlemen in England, now abed.. would feel accursed that they werent here fighting with us. And they would ..hold their manhoods cheap.. whenever anyone speaks who fought on Saint Crispins day. He is making the men feel that they are superior to those who didnt fight, and that men in England would give anything to be them right now. The poem promotes heroism very effectively, using images of fame and kings to inspire the men. This poem was obviously extremely effective because these men won the Battle of Agincourt against extraordinary odds. Although, in Dulce et Decorum Est, written by Wilfred Owen there is a completely different message conveyed. Dulce et decorum est Pro patria mori is Latin for: it is sweet and honourable to die for ones country. It is a strongly anti-war poem in which Owen describes events from personal experience. In the first stanza, Owen depicts a group of soldiers as they march. He describes their gaunt appearance, speaking of lost boots and lost senses. He goes on, in the second stanza to illustrate the reaction of the men to the cries of: gas! GAS! There is An ecstasy of fumbling.. One man, possibly known by Owen is slow to respond. Owen recalls the horror of his death toward the end of the stanza and subsequently writes his next stanza, consisting only of two lines, about the terrible dreams he has about the experience. This leads Owen on to comment bitterly and vividly about the incident, finishing his final stanza off with: The old lie: Dulce et decorum est Pro patria mori If Owen is to achieve his desired effect, he has to be as vivid and evocative as possible. In the first stanza, Owen begins with two similes in the first two lines, describing soldiers as old beggars under sacks and hags. Likening the soldiers to old beggars under sacks gives the reader an indication of the sheer weight of what had to be carried, while likening them to hags, completely dehumanising them. This stanza paints a picture of what it was like for these young men; using words like trudge to suggest heavy movements. We get a zombie like impression as ..Men marched asleep. from the exhaustion of body and mind. Also, it suggests that the men march without point i.e. all hope has been lost, as the five-nines (bombs) fall behind. In the second stanza there is a clear change in tempo, (it begins with a command) Gas! GAS! Quick, boys! There is an ecstasy of fumbling showing that it seemed to take a long time to fit the clumsy helmets. Here, the helmets are personified to help to describe the awkwardness of the things. Water imagery is used to show what mustard gas was like. Phrases like misty panes, green sea and drowning do this very effectively. The third stanza is very tense as it goes on to explain how Owen dreams of the man choking to death as he stands helpless. Again, water imagery is used as the man plunges at Owen in desperation while Owen must watch him ..guttering, choking, drowning. In the final stanza, Owen asks you to pace behind the wagon that we flung him in. the use of the word flung suggests casualness and insignificance. Owen involves the reader with phrases like you and you too. There is alliteration of the letter w as he asks the reader to ..watch the white eyes writhing in his face.. He describes His hanging face, like a devils sick of sinobscene as cancer incurable sores on innocent tongues.. a description to horrify the most unsympathetic of persons. He addresses the reader as my friend showing bitter irony, and states that you would not tell with high zest to childrenThe old Lie: Dulce et decorum est Pro patria mori This poem is extremely effective in making the ideology that war is an honourable and dignified thing disappear using horrific, vivid images to do so. To sum up, I feel that all three poems are effective in their own styles. However, some are more effective than others. Henry V is more effective than The Volunteer in supporting the ideology that war is honourable and dignified. This is so in my opinion due to the way it cleverly gives off the impression that the men fighting will be remembered as heroes by comparing them to kings. Also, it concentrates more on what the men will do when they return home, not if they return home. The Volunteer uses images of death and an epitaph style opening to convey the message of a valiant death. I dont think that making the reader think of death will inspire him or her to fight for their country at all. Dulce est Decorum Est is the most effective poem of the three. Its usage of vivid and horrific imagery could make any patriotic citizen think again before going to war. The structure of the poem is extremely well thought out because it begins to get extremely shocking in the final stanza, almost certainly making the reader sway away from the honourable image he or she had of war before reading. It then finishes with labelling Dulce et decorum est Pro patria mori a lie. This is intelligent because the reader is at his most easily influenced after reading the horrific description in the final stanza and therefore is more likely to agree with this point.

Financial Risk Management in Mauritius Banking Sector

Financial Risk Management in Mauritius Banking Sector During the past 10 years, there have been great changes in the Mauritian banking sector and this is a continuing process that will not stop here. This is mostly because of fast innovations in the financial markets and the internationalization of the financial flows. Other factors like technological development and deregulation have both triggered competitive pressures and also provided new opportunities among banks. But these opportunities are also subject to complex risks that challenge traditional approaches to banking risk management. These factors have influenced the financial world on the international level and the Mauritian banking sector has not been left unaffected. The growth of international financial markets banks have been exposed to a wider access to funds. As a result of which banks have been developing new products, services and techniques. The receipt of deposits and granting of loans, being the traditional banking practice, is today only one part of a banks activities. These new instruments have also drawn interest to areas where financial risks were earlier thought to be relatively unimportant. Hence banks are now exposed to a greater variety of risks and their ability to measure, monitor and steer risks accordingly is becoming a decisive parameter for their survival. The aim of this project is to provide an overview of the management process of financial risks in our Mauritian banking sector as risk is the fundamental element that influences the financial behavior. Banking Risks Banks are faced with a wide array of risks in their course of their operations, as illustrated in the figure below. In general, risks are categorised into three different parts: Financial Risks, Operational Risks and Business Risks. Figure 1: Categories of Banking Risks Banking Risks Financial RisksOperational Risks Business Risks Interest Rate Risk 1) Business Strategy Risk1) Legal Risk. Foreign Exchange Risk 2) Internal System and Operational Risk 2) Policy Risk. Credit Risk 3) Technology Risk 3) Systemic Liquidity Risk 4) Management and Fraud (Country) Risk. Source: Annual Report on Banking Supervision 2000 BOM Financial risk concern the effective management and control of the finances of an organisation and the effects of external factors such as availability of credit, foreign exchange rates, interest rate movement and liquidity risk. For this project only the financial side of Risk Management is going to be considered. Focus will be on the four main types of risks which are: Interest rate Risk is the risk borne by an interest-bearing asset, for example in this case a loan, due to variation in interest rates. Foreign Exchange Risk is a form of risk that crop up due to the change in price of one currency against another. Credit Risk is the risk of loss due to a debtors non-payment of a loan. Liquidity risk is the risk to earnings arising from a banks inability to meet its obligations when they come due. Operational risks are related to a banks overall organisation and functioning of internal systems, including computer-related and other technologies, conformity with bank policies and procedures and measures against mismanagement and fraud. Although these types of risks are important, emphasis will not be put on them in this project. Business risks are associated with a banks business environment, including the macroeconomic and policy concerns, legal and regulatory factors and the overall financial sector infrastructure and payment system. Outline of Chapters Chapter 2:Literature Review This chapter will focus on previous studies and surveys carried out with respect to financial risks encountered by banking institutions around the world. It will also focus on the different techniques used to manage these types of risks. Chapter 3:Overview of the Mauritian Banking Sector This chapter aims at giving an overview of the current Mauritian banking sector and also information pertaining to risk management. Chapter 4:Research Methodology In this chapter an outline of the methods used to collect data and carry out the research is given. The way in which the interview questions have been set and how the data has been analysed using different techniques. Chapter 5: Presentation of findings and Analysis This chapter which is the main one aims at presenting and explaining the answers received from the different interviews and data from the annual reports of banks, in a structured way. Chapter 6: Recommendations and Conclusion This last chapter consists of the suggestions regarding financial risk management for the Mauritian banking sector and also the answer to the main question. 2. LITERATURE REVIEW 2.1 Defining Financial Risks Financial risks in the banking field are the probability that the result of an action or event could bring up unfavorable impacts. Such outcomes could either cause direct loss of earnings or capital or may result in limitations on banks capacity to meet its business objectives. Such constraints pose a risk as these could influence a banks capacity to perform its ongoing business or to take advantage of opportunities to advance its business Risks are frequently defined by the negative impacts on profitability of numerous separate sources of uncertainty. While the types and degree of risks of an organization may be exposed to depend upon a number of factors such as its size, complexity business activities, volume etc, it is believed that generally the banks face Credit, Market, Liquidity, Operational, Legal and Systemic risks etc. 2.2 Definition of Financial Risks as Per Basel II The role of risk management in banking has changed from the simple insurance of identified risks, to a discipline that concentrates on complex econometric and financial model of uncertainty. Financial risk management has been defined by the Basel Committee (2001) as a sequence of four processes: the identification of events into more or broad categories of market, credit, operational and ‘other risks and specific sub-categories; the assessment of risks using data and a risk model; the monitoring and reporting of the risk assessments on a timely basis; and the control of these risks by senior management. The first Basel Accord (1988) analysed only credit risks in the banking book; the Basel Amendment (1996) extended this to market risks in the trading book; and now the new Basel 2 Accord that will be adopted by all G10 and many other countries in 2007 refines credit risk assessments to become more sensitive and extends the calculation of risk capital to include operational risks. 2.3 Distinction between Risk Management and Risk Measurement? Risk measurement is a key part of the general risk management process, but its certainly just one of the parts. Other, similarly key parts include defining risks, setting policy risk limits and guidelines, and taking action when those limits are threatened of being breached. Risk management is as much about people, procedures, and communication, as it is about quantitative methods involved in risk measurement (Suren Markosov, 2001). Risk measurement, however, is important to the success of the risk management process. Part of the risk measurement task is to guarantee that the risk measures being used are suitable to the nature of the risks, and since these risks can be quite various in nature, so can the necessary choices of risk measures. 2.4 Why do Banks manage Risks? The analysis of risk management reported in Santomero (1995) gives us a lists of dozens contributions and at least four separate rationales considered for active risk management. These include managerial self-interest, the non-linearity of the tax structure, the costs of financial distress and the existence of capital market imperfections. Risk is a fundamental part of the banking business, it is not amazing that banks have been using risk management ever since there have been banks the industry could never have survived without it. The only modification is the degree of sophistication now necessary to reflect the new complex and fast moving environment (Laurence H Meyer, 2000). The Asian financial crisis of 1997 has shown us that ignoring necessary risk management can also add to economy-wide difficulties. The long period of extraordinary economic growth and prosperity in Asia had hidden weaknesses in risk management. Many Asian banks did not think about risk or conduct a cash flow analysis before giving way loans, but rather lent on the basis of their relationship with the borrower and the availability of guarantee despite the fact that the security was often hard to seize in the event of default. The result was that loans including loans by foreign banks grew faster than the capacity of the borrowers to repay. Risk management is clearly not free. In fact its expensive in both resources and in institutional disturbance. The cost of delaying or avoiding proper risk management can be extreme: failure of a bank and possibly failure of a banking system (Laurence H Meyer, 2000). 3.4 Determinants of Risks When banks are exposed to risk, this implies that they are vulnerable to financial distress and failure. Determinants of risk are thus causes of problem bank failure. The common causes of bank failure are: Management. Argenti (1984) attributed 17% of his A-scores to management style and composition. He attributed another 71% to accounting deficiencies, poor response to change, over-gearing, over trading and large projects; all of which hinge upon capabilities of management. Arguments that he put forward was that management is the primary and single most important cause of financial distress. Asset quality Loan and advances comprise a substantial portion (50%-80%) of commercial banks total assets and they account for more than 70% of their income. This highlights the banks role as financial intermediary. â€Å"Asset quality is the most important determinant of bank risk exposure†. This was pointed out by Hefferman (2000), Gonzalex-Hermossilo (1999), and Hardy (1998). The asset quality of a bank is affected by various factors such as, over concentration, insider lending and political loans. Over-Expansion Banks that grow quickly tend to have unjustified risks and often find that their administrative and management information system cannot keep up with the rate of expansion. Too much liquidity by way of rapid deposit growth could also be a problem in that management may undertake riskier credit proposals and this will adversely affect the asset quality. Capitalization Capital adequacy ratio is a function of adjusted risk assets. A bank can either maintain this ratio by increasing its capital or reducing of adjusted risk assets. The prime objective of this control is to protect depositors. However Blum (1998) found that with the incentives for asset substitution, capital adequacy requirements may actually increase risk. This was found in the case of J.P Morgan and Deutsche Bank. In Mauritius the BOM has adopted a capital adequacy ratio of 10% to match international standards. Fraud Fraud is one of the key determinants of risk. However it is closely related with the management competence that some fraudulent activities have passed off as incompetence. The BCI and Barings Bank are good examples. 2.5 HOW ARE RISKS MANAGED? As pointed out by Anthony M. Santomero (1997) there need to be essential procedures that must be put in place to carry out satisfactory risk management? In essence, what techniques are employed to both limit and manage the different types of risk, and how are they implemented in each area of risk control? The management of the bank relies on a series of steps to put into operation a risk management system. These can be seen as containing the following four parts: 2.5.1 Standards and reports, 2.5.2 Position limits or rules, 2.5.3 Investment guidelines or strategies, 2.5.4 Incentive contracts and compensation. In general, these tools are used to measure exposure, define procedures to manage these exposures, limit individual positions to acceptable levels, and encourage decision makers to manage risk in a manner that is consistent with the firms goals and objectives (Oldfield and Santomero, 1995). To see how each of these four parts of basic risk management techniques achieves these ends, we elaborate on each part of the process below. 2.5.1 Standards and Reports The first of these risk management techniques involves two unlike conceptual activities, i.e., standard setting and financial reporting (Santomero and Babbel, 1996). They are listed jointly because they are the sine qua non of any risk system. Underwriting standards, risk categorizations, and standards of review are all traditional tools of risk management and control. Consistent evaluation and rating of exposures of various types are essential to understand the risks in the portfolio, and the degree to which these risks must be mitigated or absorbed (Hodgson, 1999). The consistency of financial reporting is the next ingredient. Obviously outside audits, regulatory reports, and rating agency evaluations are necessary for investors to measure asset quality and firm level risk. These reports have long been standardized, for better or worse. However, the need here goes beyond public reports and audited statements to the need for management information on asset quality and risk posture. Such internal reports need similar standardization and much more frequent reporting intervals, with daily or weekly reports substituting for the quarterly GAAP periodicity. 2.5.2 Position Limits and Rules The use of position limits, and minimum standards for participation can be categorized as a second method for internal control of active management. According to Santomero (1995) risk taking is restricted to only those assets or counterparties that pass some prespecified quality standard. Then, even for those investments that are eligible, limits are compulsory to cover exposures to counterparties, credits, and overall position concentrations relative to various types of risks. While such limits are costly to set up and control, their imposition restricts the risk that can be assumed by any one individual, and therefore by the organization as a whole. In general, each person who can commit capital will have a well-defined limit. This applies to traders, lenders, and portfolio managers. Summary reports show limits as well as current exposure by business unit on a periodic basis. In big organizations with thousands of positions maintained, precise and well-timed reporting is difficult, but even more necessary (Lopez, 2003). 2.5.3 Investment Guidelines and Strategies Investment guidelines and recommended positions for the instant future are the third technique commonly in use. Cummins et al (1998) provide that under this means of management control, strategies are shaped in terms of concentrations and commitments to particular areas of the market, the extent of desired asset-liability mismatching or exposure, and the need to hedge against systematic risk of a particular type. The limits described above show the way to passive risk avoidance and diversification, because managers generally work within position limits and prescribed rules. Beyond this, guidelines offer firm level advice as to the appropriate level of active management, given the state of the market and the willingness of senior management to absorb the risks implied by the combined portfolio. Such guidelines lead to firm level hedging and asset-liability matching. In addition, securitization and even derivative activity are rapidly growing techniques of position management open to participants looking to reduce their exposure to be in line with managements guidelines. 2.5.4 Incentive Schemes Banks can enter incentive compatible contracts with line managers and make compensation linked to the risks assumed by these individuals, and then the need for complex and costly controls is decreased. However, such incentive contracts require precise position valuation and proper internal control systems. Such tools which include position posting, risk analysis, the allocation of costs, and setting of required returns to various parts of the organization are not irrelevant. Despite the complexity, well designed systems align the goals of managers with other stakeholders in a most desirable way. In fact, most financial debacles can be traced to the absence of incentive compatibility, as the cases of the deposit insurance and so clearly illustrate. The association of managerial compensation to book earnings can bring about acquisition of investments with negative convexity, duration mismatch risk, liquidity risk and credit risk, whose book profits are higher than their expected return (Cummins et al., 1998). STRATEGIES USED BY BANKS TO MANAGE RISKS INTEREST RATE RISK All banks face interest rate risk. This type of risks occurs when long term mortgages are funded by short term deposits. Interest rate risk is like the â€Å"blood pressure for banks and is vital for their survival.†(Ron Feldman and Jason Schmidt) Furthermore, according to the Basel Committee (2001) â€Å"interest rate risk is the exposure of a banks financial condition to adverse movements in interest rates. Accepting this risk is a normal part of banking and can be an important source of profitability and shareholder value.† According to the Bank of Jamaica each banking institution needs to establish explicit and prudent interest rate risk limits, and ensure that the level of interest rate risk exposure does not exceed these limits. Interest rate risk limits need to be set within an institutions overall risk profile, which reflects factors such as its capital adequacy, liquidity, credit quality, investment risk and foreign exchange risk. Interest rate positions should be managed within an institutions ability to offset such positions if necessary. Gap analysis, duration analysis and stimulation models are interest rate risk measurement techniques used by the Bank of Jamaica (2005). Each technique provides a different perspective on interest rate risk, has distinct strengths and weaknesses, and is more effective when used in combination with another. Gap Analysis A simple gap analysis measures the difference between the amount of interest-earning assets and interest-bearing liabilities (both on- and off-balance sheet) that reprice in a particular time period. Duration Analysis Duration is the time-weighted average maturity of the present value of the cash flows from assets, liabilities and off-balance sheet items. It measures the relative sensitivity of the value of these instruments to changing interest rates (the average term to repricing), and therefore reflects how changes in interest rates will affect the institutions economic value, that is, the present value of equity. In this context, the maturity of an investment is used to provide an indication of interest rate risk. The longer the term to maturity of an investment, the greater the chance of interest rates movements and, hence, unfavourable price changes. Simulation Models Simulation models are an important complement to gap and duration analysis. Simulation models analyse interest rate risk in a dynamic context. They evaluate interest rate risk arising from both current and future business and provide a way to evaluate the effects of strategies to increase earnings or reduce interest rate risk. Simulation models are also useful tools for strategic planning; they allow a banking institution to effectively integrate risk management and control into the planning process. FOREIGN EXCHANGE RISK It is the current risk to earnings and capital arising from negative movements in currency exchange rates. It refers to the impact of adverse movement in currency exchange rates on the value of open foreign currency position. The use of hedging techniques by the Bank of Jamaica is one means of managing and controlling foreign exchange risk. Many different financial instruments can be used for hedging purposes, the most commonly used, being derivative instruments. Examples include forward foreign exchange contracts, foreign currency futures contracts, foreign currency options, and foreign currency swaps. Generally, few banks will need to use the full range of hedging techniques or instruments. Each bank should consider which ones are necessary for the nature and extent of its foreign exchange activities, the skills and experience of trading staff and management, and the capacity of foreign exchange rate risk reporting and control systems. CREDIT RISK Credit risk is the oldest and important risk which banks exposure and important of credit risk and credit risk management are increasing with time because of some reasons like economic crises and stagnation, company bankruptcies, infraction of rules in company accounting and audits (Dr.Adem Anbar, 2006). For the Norinchukin Bank in Japan (2006), transactions involving credit risk are one of the most important and strategic sources of earnings. In addition to assessments of the risks present in individual loans and other assets, the bank conducts comprehensive risk management from the perspective of its overall credit risk portfolio. In this way, the bank works to generate earnings proportionate with the level of credit risk it takes. While frequently strengthening its credit analysis capabilities, the bank conducts expert checks on the standing of borrowers, taking due account of their characteristics as cooperatives, private corporations, public entities, or non-residents. To conduct credit analysis on private corporations and public corporations, the bank has established the Credit Risk Management Division, which is separate from the Corporate Business Management Strategy Division, to prepare credit analyses by industry, drawing fully on the expertise the bank has historically acquired. To achieve greater accuracy in assessments, each senior credit analyst in charge of a certain industry assesses each client and business through comparisons with competitors in the same business, making use of industry research capabilities. Credit risk is measured for loans, guarantees, foreign exchange and securities, such as corporate bonds, as well as for swaps and other off-balance transactions. Measurement of risk volumes are conducted according to types of transactions partners, including domestic and overseas corporations and financial institutions. Based on estimates of the total credit extended, the bank uses information related to credit risk— such as rating transition ratios that measure the probability of rating changes and are computed based on background history and future business prospects, default ratios by rating, recovery ratios in the event of default and correlations among the creditworthiness of corporations and other entities to conduct tens of thousands of simulated scenarios, under various assumptions regarding defaults and rating changes for its customers and their products—to determine the distribution of potential losses. For the estimated potential losses, the bank calculates two risk volumes: the â€Å"expected loss† that corresponds to the loss that can be expected on average over the next year and the â€Å"probable maximum loss,† which is defined as losses that can be expected under the worst case scenario. This enables the bank to check expected profitability against risk and determine the risk capital to be allocated for each business category. LIQUIDITY RISK Liquidity risk is the risk that could occur if an institution does not have enough funds accessible to meet all its cash outflow obligations as they become due. Liquidity risk management ensures that funds will be available at all times to honour the institutions obligations (Bank of Mauritius). A liquidity risk management involves not only analyzing banks on and off-balance sheet positions to forecast future cash flows but also how the funding condition would be met (Bank of Pakistan). The latter involves identifying the funding market the bank has access, understanding the nature of those markets, evaluating banks current and future use of the market and monitor signs of confidence erosion. Banks use a variety of ratios to quantify liquidity. These ratios can also be used to create limits for liquidity management. However, such ratios would be meaningless unless used regularly and interpreted taking into account qualitative factors. Ratios should always be used in conjunction with more qualitative information about borrowing capacity, such as the likelihood of increased requests for early withdrawals, decreases in credit lines, decreases in transaction size, or shortening of term funds available to the bank. To the extent that any asset-liability management decisions are based on financial ratios, a banks asset-liability managers understand how a ratio is constructed, the range of alternative information that can be placed in the numerator or denominator, and the scope of conclusions that can be drawn from ratios. Because ratio components as calculated by banks are sometimes inconsistent, ratio-based comparisons of institutions or even comparisons of periods at a single institution can be misleading. Cash Flow Ratios and Limits. One of the most serious sources of liquidity risk comes from a banks failure to roll over a maturing liability. Cash flow ratios and limits attempt to measure and control the volume of liabilities maturing during a specified period of time. Liability Concentration Ratios and Limits. Liability concentration ratios and limits help to prevent a bank from relying on too few providers or funding sources. Limits are usually expressed as either a percentage of liquid assets or an absolute amount. Sometimes they are more indirectly expressed as a percentage of deposits, purchased funds, or total liabilities. Other Balance Sheet Ratios. Total loans/total deposits, total loans/total equity capital, borrowed funds/total assets etc are examples of common ratios used by financial institutions to monitor current and potential funding levels. EMPIRICAL EVIDENCE ON FINANCIAL RISK MANAGEMENT TECHNIQUES USED BY BANKS CREDIT RISK MANAGEMENT Credit operations are traditionally the main source of income as well as risks for banks. I am going to elaborate on the result and analysis of market central bank meeting participants carried out by Ramon Moreno in 2005. It was found that 40% of the respondents to his survey cited credit to household as an important source of credit risk. According to Moreno, a distinct increase in credit to the household sector has altered risk exposures and he also found that in some countries there is significant credit risks on the banking book associated with asset price fluctuation for example lending for residential real estate accounts for around 25% of total loans in Hong Kong and Korea, around 19% in Hungary, Poland and Israel, but lower in Colombia and Mexico. Another study carried out by Santomero in 1997 found that banks usually use a credit rating procedure to evaluate investment opportunities in order for credit decisions to be made in a consistent manner and to limit credit risk exposure. By using such a procedure banks were able to monitor the quality of its loan portfolio at any time. It was found that the credit quality report signals changes in expected loan losses, if the system is meaningful. Also many banks are starting to develop concentration reports, indicating industry composition of the loan portfolio. Moody had developed a system of 34 industry groups that may be used to report concentrations. Reports such an industry grouping to illustrate the kind of concentration reports that are emerging as stand in the banking industry. Moreover a credit risk survey study was done in the Turkish Banking by Dr Adem ANBAR, where he found that there is main quantitative credit risk measurer. There are expected loss (EL), unexpected loss (UL) and credit value at risk (CVAR). Although these credit risk measures are used for measuring credit risk of one asset, particularly they are used for measuring portfolio credit risk. Only 35% of the bank used these measures. According to Dr Anbar, 30% of the banks said they measured credit risk using a portfolio credit risk model and software developed mostly by them. Furthermore 95% of the bank used internal credit rating system and a credit scoring model in credit risk analysis. This technique was used to determine credit limits, to determine problematic credit and credit risk measurement. According to the study there are 3 approaches in Basel II for credit measurement. These are Standardised Approach (SA), Foundation Internal Ratings Based Approach (FIRBA), and Advanced Internal Rating Based Approach (AIRBA). It was found that 60% of the banks used the first method and 20% the FIRBA and 20% the AIRBA. Dr Anbar found that in general the tools which are used by Turkish banks are collateral, credit limits and diversification but they dont use methods like loan selling, securitization, credit insurance for transferring credit risk. One reason for that was that these types of methods havent been developed in Turkish sector yet. INTEREST RATE RISK MANAGEMENT The tradition has been for the banking industry to diverge somewhat from other parts of the financial sectors in the treatment of interest rate risk. According to Santomero (1997) institutions that do not have active trading businesses, value-at-risk has become the standard approach. Many firms use this model but in some cases it is still in an implementation process. According to his analysis, commercial banks tend not to use market value reports and guidelines but rather, their approach relies on cash flow and bank values. This system has been traditionally been known as the GAP reporting system. This system has been supplemented with a duration analysis. (Hempel, Simonson and Coleman, 1994) Most banks, however have attempted to move beyond this gap methodology, they have concluded that the gap and duration reports are static and do not fit well with the dynamic nature of the banking market. Furthermore, according to the survey, many banks are using balance sheet simulation models to find the effect of interest rate variation on reported earnings overtime. This system requires relatively informed repricing schedules as well as estimates of prepayments and cash flows. The simulation system being completed, reports the resultant derivations in earnings associated with the rate scenarios considered. Officials then make use of cash, futures and swaps to reduce this risk. 2.7.3 LIQUIDITY RISK MANAGEMENT The liquidity risk that does present a real challenge is the need for funding when and if a sudden crisis arises. Standard reports on liquid assets and open lines of credit, which are germane to the first type of li