Self Perception Theory - 1700 Words

Self perception Table of contents Serial N ° | List of Contents | Page N ° | 01 | Executive summary | 03 | 02 | Theories | 04 | 03 | Techniques | 05 | 04 | Decision making | 06 | 05 | References | 08 | â€Å"Self perception theory† Executive summary:- Self-perception theory (SPT) is an account of attitude change developed by psychologist Daryl Bem. It asserts that people develop their attitudes by observing their behavior and concluding what attitudes must have caused them. The theory is counterintuitive in nature, as the conventional wisdom is that attitudes come prior to behaviors. Furthermore, the theory suggests that a person induces attitudes without accessing internal cognition and mood states. The person reasons their own†¦show more content†¦If those behaviors are maladjusted ones, people will attribute those maladjustments to their poor adapting abilities and thus suffer from the corresponding psychological problems. Thus, this concept can be used to treat clients with psychological problems that resulted from maladjustments by guiding them to first change their behavior and later dealing with the ‘problems’. One of the most famous therapies making use of this concept is therapy for ‘Hetero social Anxiety. In this case, the assumption is that an individual perceives that he or she has poor social skills because he/she has no dates. Experiments showed that males with hetero social anxiety perceived less anxiety with females after several sessions of therapy in which they engaged in a 12-minute, purposefully biased dyadic social interactions with a separate females. From these apparently successful interactions, the males inferred that their hetero social anxiety was reduced. This effect is shown to be quite long-lasting as the reduction in perceived hetero social anxiety resulted in a significantly greater number of dates among subjects 6 months later. Disproof of Self-Perception Theory? There was a time when it was debated whether or not dissonance or self perception was the valid mechanism behind attitude change. The chief difficulty was in finding an experiment where the two flexible theories would make distinctly different predictions. Some prominent social psychologistsShow MoreRelatedThe Self Paper1268 Words   |  6 PagesThe Self Paper Kimberly Kline Psych/555 January 20, 2014 Tracy Masiello The Self Paper This paper will define the concept of self, and explain how an individual develops a self-concept. It will explain the relationship between the self and emotion and how this relationship affects an individual’s self-esteem. It will also explain the relationship between the self and behavior and how this relationship affects an individual’s self-presentation. 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Divorce Is Morally Wrong And That Marriage Is Forever

In 2014, I came to the realization that I needed to divorce my husband. I was raised to believe that divorce is morally wrong and that marriage is forever. I am Christian and I do not believe in divorce. It was the hardest, most heartbreaking decision of my life. I knew this was what needed to happen for my son and I to have a chance for a good life. My life was changed forever. My life before my divorce was very different then what it is now. I owned a stable and my life revolved around horses. I broke and trained horses and I taught riding lessons mostly in the evenings. I also owned a stallion and bred a few quality horses for the show ring. I was very busy but mostly happy. I truly enjoyed the people who boarded at the stable. My husband was the manager for a real estate school, a good job that required a lot of responsibility. I thought he was a person who was kind hearted, responsible and deserved my trust. 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Report on Inflation Free Essays

string(44) " global position of economy of the country\." EVOLUTION OF EXCHANGE RATE REGIME: IMPACT ON MACRO ECONOMY OF BANGLADESH by Liza Fahmida A project submitted in partial fulfillment of the requirements for the degree of Professional Master in Banking and Finance Examination Committee: Dr. Sundar Venkatesh (Chairperson) Dr. Juthathip Jongwanich Dr. We will write a custom essay sample on Report on Inflation or any similar topic only for you Order Now Yuosre Badir Nationality: Bangladeshi Previous Degree: Master in Finance and Banking University of Dhaka Bangladesh Scholarship Donor: Bangladesh Bank Asian Institute of Technology School of Management Thailand May 2012 ACKNOWLEDGEMENT The dissertation paper entitled â€Å"Evolution Of Exchange Rate Regime: Impact On Macro Economy Of Bangladesh† has been prepared for the partial fulfillment of Professional master in Banking and Finance (PMBF) program conducted by School of Management, AIT, Thailand. I would like to offer my wholehearted gratitude and respect to a good number of people who offered encouragement, data and information, inspiration and assistance during the course of constructing this dissertation paper. It would be difficult to prepare the paper and to present it in a lucid manner within stipulated time without the help of my guide teacher Dr. Sundar Venkatesh, Adjunct Faculty, School of Management, Asian Institute of Technology, Thailand. His utmost care, constant support and meticulous supervision guided me through the process. I am indebted to Begum Sultana Razia, General Manager, Monetary Policy Department, Bangladesh Bank, whose sincere co-operation and valuable advice help me to prepare this paper. I would like to thank all of my colleagues and other employees of Foreign Exchange Policy Department and Monetary Policy Department, Bangladesh Bank for their assistance in this regard. I would like to thank all of fellow course mates who contributed through their comments and suggestions to prepare the report in a comprehensive manner. ii ABSTRACT Bangladesh had two different exchange rate regimes- a fixed exchange rate system from January 1972-May 2003 and a floating exchange rate regime since June 2003. After adopting the floating exchange rate regime Bangladesh experienced positive impacts on macro economic development. The variables of the macroeconomic factors have been considered as foreign reserve, workers’ remittances and export proceeds to evaluate the impact of exchange rate over them in this paper. But the ongoing challenges for the country are the depreciating trend in local currency in a highly inflationary economy. The objective of the paper is to evaluate the macroeconomic performance over the regimes and to analyze present currency situation of Bangladesh. iii Table of Content NO. 01 Title page Acknowledgement Abstract Table of contents List of Figures List of Abbreviations Chapter-01 02 1. 1 Rationale 1. Scope 1. 3 Objectives of the study 1. 4 Methodology 1. 5 Limitations 1. 6 Organization 02 Chapter-02 Literature Review 03 Introduction 3. 1 Factors Affecting Exchange Rate 3. 2 Performance of previous and current FX-Regime in Bangladesh rate of GDP 3. 2. 1 Growth Unde 3. 2. 2 Current Account Balance 3. 2. 3 Inflation Situation 3. 3 Justification of Floating Exchange Rate 3. 4 Th e Transition from Fixed to Float 04 Chapter-04 Performance of Floating Exchange Rate System On Macro Economy of Bangladesh 4. 1 The Export On Macro Economy of Bangladesh Situation 4. 2 Enhancement of Workers Remittance 4. Reserve Position 4. 4 The Growth Rate of GDP 13 14 14 15 7 8 8 8 9 10 10 Chapter-03 Exchange Rate Evolution in Bangladesh 7 Introduction 1 1 1 2 2 2 3 3 SECTION Page I ii iii iv V vi iv 4. 5 Relationship among variables 05 Chapter 5 Preset Exchange Rate Situation Preset Exchange Rate Situation 5. 1 Exchange Rate Movement 5. 2 Reasons for Currency Depreciation 5. 2. 1 High Inflation 5. 2. 2 Low Foreign Direct Investment 5. 2. 3 Trade Deficit Chapter 6 06 Recommendation and Conclusion 6. 1. Control Inflation 6. 2. Reduce Trade Deficit 6. 3 Enhancing Foreign Direct Investment 6. 3 Effective Capital Market 6. Short Term Foreign Borrowings 6. 5 Effective Capital Market 6. 6 Derivatives Market 6. 7 Formation of Domestic FX Market 6. 8 Autonomy of the Central Bank 07 08 R eferences Appendix Trade Deficit of Bangladesh Yearly Reserve Position Yearly data of Workers Remittance Yearly data of Inflation Yearly data of Export, Remittance, Reserve and Exchanger Rate Monthly data of Remittance and Exchange Rat Regression Analysis FDI In Bangladesh 16 17 17 17 18 18 19 21 21 21 21 21 21 21 22 22 22 23 24 25 26 27 28 29 30 31 v LIST OF FIGURES TITLE 3. 4 3. 5 4. 1 4. 2 4. 3 4. 4 5. 1 5. 2 5. 3 5. Exchange Rate Movement immediately after inception of Floating Comparison of month end Real Effective Exchange Rate The Export Volume in US$ The Workers Remittance The Foreign Reserve Position (REER) and Nominal Exchange Bangladesh GDP Growth Rate Rate between 2003-2004. Exchange Rate Movement Figure: Inflation Growth Rate of Foreign Direct Investment Trade Deficit of Bangladesh PAGE 11 11 13 14 15 16 17 18 19 20 vi LIST OF ABBREVIATIONS AD ADB BB FDI FPI FX FY GDP IMF LC Authorized Dealers Asian Development Bank Bangladesh Bank Foreign Direct Investment Foreign Port folio Investment Foreign Exchange Financial Year Gross Domestic Product International Monetary Fund Letter of Credit NEER OANDA REER USD Net Effective Exchange Rate Website of exchange rates information. Real Effective Exchange Rate Us Dollar vii Chapter 1 INTRODUCTION At the preamble of the Bangladesh Bank order, 1972, it is stated that â€Å"Whereas it is necessary to establish a central bank in Bangladesh to manage the monetary and credit system of Bangladesh with a view to stabilizing domestic monetary value and maintaining a competitive external par value of the Bangladesh Taka toward fostering growth and development of country’s productive resources in the national interest. To maintain a competitive external par value of the Bangladesh Taka, as per Foreign Exchange Regulation Act, 1947, Bangladesh Bank as a central bank of the country, regulates the foreign exchange on behalf of the government 1. 1 Rationale: Exchange rate indicates the global position of economy of the country. You read "Report on Inflation" in cate gory "Papers" The country’s economic development is closely related with it’s foreign exchange system. Foreign exchange rate is a vital component for the country’s economic activities too. Bangladesh has been experienced the floating exchange rate regime since May 2003 and passed a number of Pons and cons in the overall economy. Due to the utmost importance of the exchange rate in the economy, the study has been conducted in this area. 1. 2 Scope: This paper covers the comparison of the fixed and floating exchange regime of Bangladesh. The key factor of this paper is the evaluation of the impact of exchange rate on the fundamental macroeconomic indicators of the economy. Three main fundamental factors have been identified to measure their impact with exchange rate. Those are export, workers remittance and foreign exchange reserve. The empirical data of 2000 to 2012 has been used to ustify the whole thing. To get an idea about the Bangladesh’s position, some neighboring country’s experience also been compared here. 1. 2 Objectives of the study 1. To evaluate the exchange rate regimes in Bangladesh economy: Fixed and Floating 2 To evaluate the floating arrangement’s performance in three macro economic variables: Export, Workers Remittance and Foreign Reserve. 3 To understand the reason for currency depreciation 1 1. 4 Methodology To obtain the objectives of the study, secondary data have collected. The sources of data are Bangladesh Bank, Board of Investment, Export Promotion Bureau, Websites of IMF, ADB, OANDA and other related links. Statistical analysis correlation has been calculated to understand the exchange rate’s significance on the economic variables of Export, Workers Remittance and Foreign Reserve . 1. 5. Limitations There were some limitations to conduct the study. Being, sensitive, new one, problems were faced to relate with various components and linking with them. And for its very nature, primary data was not available. Since the exchange rate regime is a vast area, it was also challenging to prepare this report within a limited time. 1. 6. Organization There are six chapters in this report. Chapter I is the introduction that divided into six sub sections. Literature Review is in Chapter 2. Exchange Rate Evaluation in Bangladesh has been covered in Chapter 3. Chapter 4 covers Performance of Floating Exchange Rate System On Macro Economy of Bangladesh. Present exchange rate situation is describing in Chapter 5. The last chapter covers recommendation and conclusion. 2 Chapter 2 LITERATURE REVIEW The basic policy variables of country is foreign exchange rate that ensured trade, business, long term funding, foreign direct investment, inflation, foreign exchange reserve, inward remittance etc. Various economists opined that the policy of the exchange rate system had a crucial impact on 1990’s economic catastrophe. Nevertheless, it is yet to be proved either theoretically or empirically regarding the role of exchange rate on the indicators of macroeconomic variables. Whatever the case may be, different countries adopt different exchange rate policies. Bangladesh, the focus of this paper, had a fixed exchange rate system in place since January, 3 1972. After more than 31 years, the Central Bank of Bangladesh (Bangladesh Bank) changed it into a floating exchange rate system in June 2003. Bangladesh has been pursuing a floating exchange rate system since then. Dr. Mirza Azizul Islam, the former advisor, Ministry of Finance of the Caretaker Government of Bangladesh, presented a paper in January 2003, right before the shift from fixed to floating regime, explaining the overall performance of the fixed regime and the probable implications of the floating regime on Bangladesh economy. He suggested that the experiences of other countries in the region show that floating regime generates greater volatility in exchange rates and this sort of uncertainty is likely to affect adversely the overall trade and investment climate which is already afflicted by many unfavorable elements in Bangladesh (See Islam, 2003). Bangladesh pursued a ‘fixed exchange rate’ regime upto 1979. After that, from 1979 to mid-2003, it followed a managed floating exchange rate system. Repeated depression of the home money, for maintaining a steady real exchange rate as well as keeping away from overvaluation of the local taka, were the prime factors for taking new system of the foreign exchange system. From May, 2003, Bangladesh took almost a new policy known as ‘clean floating’ exchange rate policy by creating fully convertible current account. But capital account convertibility is not yet done. The main reasons for all the policies that Bangladesh took were due to improve export situation, decrease import liability with the aim of improving balance of trade. The evidences in favor of the above mentioned opinion have been placed below. Islam( 2003) told that the regulators of the monetary policy decides the exchange rate policy of the country in order to obtain two basic goals. The first one is â€Å"domestic target† that covers preventing inflation rate of inflation, the growth of credit both in Government and Private levels, and also the growth in liquidity and M2. The second reason is â€Å"external target† which considers foreign exchange reserve hike, declining current account balance, prevent exchange rate volatility in the country’s nterbank foreign exchange market as well as balance the exchange rate flow with neighboring countries like India, Bhutan, Sri Lanka, Pakistan etc. Hossain (2005) referreing Rahman and Bayes that Bangladesh took floating exchange rate system due to: (i) global competitiveness; (ii) improve export dimensions ;(iii) eliminate subsidy from export; (iv) reduce import pressure; (v) increa se the substitutes products for export. Aziz (2003) showed that according to the statements of the finance ministers for 3 ast decades, the prime causes of devaluation of taka in our country (i) rise in export;(ii) reduce import;(iii) improve local newborn industries; (iv) promote the inward remittances trough pursue wage earners, and (v) increase foreign exchange reserve. As per the â€Å"Financial Sector Review(2006)’ of the central bank of the country, the major reasons of exchange rate policy covers: (i) export promotion; (ii) encourage inward remittances;(iii) keeping the price level stable, and (iv) preserve a variable account situation externally. As a result, all the publications and write-ups have illustrated both directly or indirectly the export-growth and import reduction as the key reasons of the exchange rate policy of the country. Prior to adopting floating exchange rate regime, Islam (2003) argued that the economic and institutional prerequisites of a floating exchange rate regime are not met in Bangladesh. Some recent studies have tried to explain the behavior of nominal exchange rates of Bangladesh after its transition to the floating rate regime. By doing a correlation analysis, Rahman and Barua (2006) explore the possible explanation of the exchange rate movement. They found that there is a strong correlation (-0. 40) between depreciation and export-import gap as a share of reserves; L/C openings for imports also have a positive correlation (0. 45) with volatility of the exchange rate, which implies that the higher the L/C openings the more volatile is the exchange rate. They conclude that high seasonal demand for foreign currency because of increased import bills, systematic withdrawal of excess liquidity by Bangladesh Bank, relatively faster expansion of credit and higher interest rates on various national savings instruments are the reasons behind the interest rate hike in the money market and depreciation of the nominal exchange rate. William Miles, 2006 discussed about the effect of exchange rate system (both fixed and floating) on the long term growth in the economy. The effect of fixed rate, pegged rate and floating rate has been discussed here briefly on the basis of several literature reviews and the finding is that fixed and intermediate regimes have a clear, significantly negative impact on growth (holds only for emerging markets not for industrial nations. ) In this paper, the author has given an approach to determine if exchange rate regime itself truly extracts an independent effect on growth. Results here indicate that the effect of fixed exchange rates on growth in emerging markets is not direct, but rather contingent on the existence of macroeconomic imbalances and other distortions in place in the domestic economy. These results seem to conform more closely with exchange rate theory, which posits mostly positive, and few negative channels for pegged currencies to impact growth over the long run. Asad Karim Khan, June 2009 examines whether the floating exchange rate regime has any impact on the value of Bangladesh taka i,e does it make any lose on the value of the currency. He shows that regime change has no statistically significant impact on the value of Bangladesh currency once foreign exchange reserve is incorporated in the regression model. Younus and Chowdhury (2006) made an attempt to analyse Bangladesh’s transition to floating regime and its impact on macroeconomic variables. They find that output growth in Bangladesh performed well in the intermediate and floating exchange rate regimes. Inflation is lower in the intermediate regime despite higher money supply and exchange rate depreciation. They also find that currency depreciation boosted export growth in the floating regime. Chowdhury and Siddique (2006) have analysed the exchange rate pass through to domestic inflation in Bangladesh. 4 The experiences of some countries in the region which implemented major changes in their exchange rate regimes in recent years can provide useful lessons for Bangladesh. I have tried to focus the comparison among different economic indicators between Bangladesh and some of the South Asian Countries (Afghanistan, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka) all of which adopted independently floating exchange rate regimes. Trade and financial policy measures are very important for the country’s economy and out of that consideration, Bangladesh has taken a new exchange rate policy according to the obligations of IMF (article number: VIII), as on 24th March,1994 introducing current account fully convertible. At the same time, Bangladesh was under pressure since it is the member of IMF. As a result, Bangladesh took floating exchange rate system in current account on 31st May, 2003. After that, IMF agreed Poverty Reduction and Growth Facility (PRGF) for our country with a new exchange rate system i,e, floating exchange rate system. However, Younus et al (2006) showed that free floating exchange rate system can arrange the prevention of overvaluation of local currency as it might make the export unattractive in the international world as well as alternative items of importable goods became difficult to bit with import goods. He illustrated that the prime goal of free floating system of exchange rate is supposed to avoid the main misalignment of exchange rate, specially, to stop unpredictable appreciation of real rate of exchange that might affect the demand of the total export of the country. The illustrations also included the encouragement of the export situation and decline the shortfall of the current account, control inflationary situation, and increase the position of inward remittances. Since the independence of the country, Bangladesh is following an dynamic exchange rate system that has been replicated in the nominal exchange rate that were declared by the central bank of the country time to time. Islam (2003) stated 89 modifications in the exchange rate of Bangladesh currency with USdollar since 1983 and among them, 83 were depression. Aziz (2003) illustrated 41 depreciation in nine years (1991-2000). Younus et al (2006) showed that 130 times depreciation took place between 1972 to 2002 in Bangladesh Taka that also reduce balance of payment deficit. So, this paper, correctly identifies the exchange rate as the main important thing for economic changes of the country. After independence, Bangladesh fixed its Taka’s value with British Pound Sterling on 3rd 1972. Since 1972 to 1990 the Taka was overvalued. So there was a huge deficit in Balance of payment that hurt the economy badly. From 1990 the gap began to narrow down. The exchange rate regime worked quite well in terms of balance of payment, inflation, export and remittance. So there were some debate about incipience of this floating and criticism also rose about competence and preparation of Bangladesh Bank. But Bangladesh Bank performed well in managing the ‘new born’. But there is some volatility in the market in recent past. Bangladesh Bank, as a central bank of the country intervened prudently to curve the volatility and market became stable though Taka remains undervalued. The experiences of South East and South Asian countries showed that they had to intervene in the market for smooth moving. The experience supports the Mr. Kindleberger beliefs that â€Å"market work well on the whole† but occasionally â€Å"will be overwhelmed and 5 need help† from a lender of the last resort. (The Economist, July 19th 2003). So the regulator should be watchful about the market’s behavior and intervene when needed without hesitations. In the developing country these kind of intervention should be proactive rather than reactive. Naeem and Rasheed analyzed another important issue of whether stock prices and exchange rates are related or not has received considerable attention after the East Asian crises. They said that during the crises the countries affected saw turmoil in both currency and stock markets. If stock prices and exchange rates are related and the causation runs from exchange rates to stock prices then crises in the stock markets can be prevented by controlling the exchange rates. Moreover, developing countries can exploit such a link to attract/stimulate foreign portfolio investment in their own countries. Similarly, if the causation runs from stock prices to exchange rates then authorities can focus on domestic economic policies to stabilize the stock market. If the two markets/prices are related then investors can use this information to predict the behavior of one market using the information on other market. They also claimed that most of the empirical literature that has examined the stock prices-exchange rate relationship has focused on examining this relationship for the developed countries with very little attention on the developing countries. This paper will assess whether the exchange rate regime change indeed has created any significant impact on the economy of the nation as well as the comparative analysis with the neighboring countries situation. There are some potentialities as well as difficulties in market based system, so in this study there are some recommendations for the regulator and for the market players. To manage the floating exchange rate, full automation as well as transparency is essential in banking sector. As the capital account of our economy is not convertible there is little scope of capital flight. If the inception of floating exchange rate is the beginning to liberalize capital account immediately that won’t be a wise decision. 6 Chapter 3 Exchange Rate Evolution in Bangladesh Introduction: The world economy experienced some sort of fixed and flexible exchange rate. Before 1875 there was Bimetalism of exchange rate and then the Gold Standard (1875-1914). During Interwar period (1914-1944) the classical Gold Standard broken down and in July 1944 representatives of 44 countries succeeded to establish the ‘Bretton Woods’ system. Again the oil shock in the early 1970s and the dampen of demand broken down this system and world economy shifted to flexible exchange rate. Bangladesh has been experienced two major exchange rate regimes since the country’s Independence from 16th December1971. A Fixed Exchange Rate Regime from 1972 to 1979 and a Floating Exchange Rate Regime since May 2003. Among the time frame from 1971 to 2003, there were different exchange rate arrangements in terms of the currency mechanism, like: Pegged to Pound Sterling (? :1972-1979;Pegged to a basket of major trading partners’ currencies(? as the intervening currencies):1980-1982;Pegged to a basket of major trading partners’ currencies(US$ as the intervening currencies):19831999;Adjusted Pegged System:2000-2003;Floatig Exchange Rate System: May 30, 2003Present. All the policies of exchange rate system Bangladesh implemented, with the objectives of accelerating exports, reducing import pressure and improve the balance of trade. After independence, Bangladesh fixed its Taka’s value with British Pound Sterling on 3rd 1972. Since 1972 to 1990 the Taka was overvalued. So there was a huge deficit in Balance of payment that hurt the economy badly. From 1990 the gap began to narrow down. The exchange rate regime worked quite well in terms of balance of payment, inflation, export and remittance. 3. 1 Factors Affecting Exchange Rate: Under Floating Exchange Rate Arrangements Exchange Rate is primarily determined by demand for foreign currency and Supply of foreign currency where demand and supply of foreign currency is also affected by some other sensitive factors. According to Jeff. Madura, (International Financial Management) theoretically demand for foreign currency is determined by several factors like, import payments, service payments which includes income payments, debt service payments, foreign investment (outward) and foreign investment (outward). The supply of foreign currency is composed of export Receipt, service receipts which includes income receipts, debt service receipts, foreign aid (inward) and foreign Investment (inward). Besides those some other factors affect the exchange rate movements. The factors are a)Purchasing Power parity; b)Interest rate parity; c) Relative income differential; d)Government Control; e)Expectations etc. 7 3. 2 Performance of previous and current FX-Regime in Bangladesh To evaluate the performance of Bangladesh considering the two different exchange rate regimes, some data comparison have been made among three neighboring countries in South Asia. Those are India, Pakistan and Sri Lanka. 3. 2. Growth rate of GDP Comparing the percentage of growth rate with major neighboring Countries, the following table shows that Bangladesh was more or less in a similar situation before the adoption of floating exchange rate regime. Since 2003 with the new floating exchange rate system, there is also a positive trend of the GDP growth rate except 2009-2010. The global recession affect the overall growth of the country at that time. Table 3. 1: Growth rate of GDP (% per year) Y Country Banglad es h India Pakistan Sri Lanka 2001 5. 3 5. 8 1. 8 -1. 5 2002 4. 4 4. 0 3. 1 4. 0 2003 5. 3 8. 2 5. 1 5. 9 2004 5. 7 7. 4 5. 5 5. E 2005 A 2006 R 200 7 6. 4 9. 2 6. 8 6. 8 6. 0 6. 6 7. 6 9. 7 5. 8 5. 8 5. 5 7. 7 200 8 6. 2 6. 7 3. 7 6. 0 200 9 5. 7 8. 0 1. 2 3. 5 2010 5. 8 8. 6 4. 1 7. 6 2011 6. 3 8. 2 2. 5 8. 0 Source: Asian Development Outlook-2004 and 2011, ADB 3. 2. 2 Current Account Balance In comparison to other major South Asian countries, the table no. -2 shows that Bangladesh’s achievement in terms of containing current account balance is better after the adoption of floating exchange rate regime (since 2003). It has done consistently better than some of the neighboring countries like Sri Lanka, Pakistan, and India in all recent years excepting 2005. Table No. 3. 2 Current Account Balance as Percentages of GDP Y 2003 0. 5 0. 7 5. 9 -2. 2 E 2004 0. 0 0. 3 3. 0 -3. 0 A 2006 1. 3 -1. 2 -3. 9 -5. 3 R 2007 1. 4 -1. 4 -4. 8 -4. 3 Country Banglades h India Pakistan Sri Lanka 1999 -1. 5 -1. 1 -3. 0 -3. 6 2000 -1. 1 -0. 8 -0. 4 -6. 4 2001 -2. 3 0. 2 0. 6 -1. 5 2002 0. 4 0. 8 4. 6 -1. 8 2005 -1. 5 0. 3 2. 1 -3. 5 2008 0. 9 -2. 4 -8. 5 -9. 5 2009 2010 2. 7 3. 7 -2. 8 -5. 7 -0. 5 -3. 0 -2. 2 -3. 8 2011 0. 2 -3. 5 -1. 7 -4. 0 Source: Asian Development Outlook-2011, ADB 8 3. 2. Inflation Situation Exchange rate regime and inflation are relevant because a change in the exchange rate is almost certain to cause a change in the domestic price of tradable and indirectly the price of non-tradable also. The international competitiveness of the economy is badly eroded by inflation. It generally encourages capital flight, exacerbates income distribution, gives rise to inequities in income distribution and aggravates poverty. The relevant data are prese nted in the following table no. -3. Table 3. 3: Inflation in Bangladesh and Selected South Asian Countries Y 2002 200 3 2. 8 4. 4 3. 4 3. 5 10. 2 5. 3 3. 1 2. 6 E 200 4 4. 5. 0 4. 0 A 2005 5. 2 5. 0 6. 2 2006 7. 2 5. 2 7. 9 10. 0 R 200 7 7. 2 5. 0 7. 8 15. 8 Country Banglades h India Pakistan Sri Lanka 1999 8. 9 3. 3 5. 7 5. 9 2000 3. 4 7. 2 3. 6 1. 2 2001 1. 6 4. 7 4. 4 11. 0 200 8 9. 9 8. 7 12. 0 22. 6 200 9 6. 7 2. 1 20. 8 3. 4 2010 7. 3 9. 2 11. 7 5. 9 2011 8. 0 7. 8 16. 0 8. 0 Source: Asian Development Outlook-2011, ADB It is showing that there is an increasing trend of inflation since the adaptation of floating exchange rate regime. Data on inflation rates represent period averages. Except for India, which reports the wholesale price index, inflation rates presented are based on consumer price indexes. The higher inflationary situation take place due oil and food price hike in the international market as well as several natural disaster like, Sidor, flood etc. 3. 3 Justification of Floating Exchange Rate: From the above mentioned data analysis, it can be said the previous regime performed quite well in certain criteria. The major reasons behind the adoption of new exchange rate system is mainly the government’s commitment to the liberalization of the country’s economy and to take the appropriate steps to create suitable environment of the economy for entering into capital account convertibility regime. Rather than this, there was IMF’s ‘conditionalities’ to enter into new floating exchange rate regime. 3. 4 The Transition from Fixed to Float: To meet up the economic demand and to fulfill the IMF conditionality, on 29 May, 2003 Bangladesh Bank issued a circular stating- effective from 31st May, 2003, Bangladesh Bank floated its exchange rate and followed a fully market based exchange rate for Taka. Under this arrangement, exchange rate is determined on the basis of demand and supply of the respective currencies. Immediately after the inception of floating exchange rate banks, economists, currency traders and businessmen have welcomed the deregulation of the exchange rate saying that 9 the country’s foreign trade and remittance would get a boast up due to it and it would make the currency market more efficient and effective. Since the introduction there is no unusual raise of exchange rate till mid 2004. Most of the time Taka maintains appreciating position during this period and Bangladesh Bank show a tremendous performance managing the ‘new born’ exchange rate system. During mid 2004, Taka faced significant volatility against USD and it continued up to August 2004. After that period, the volatility of exchange rate of Taka against USD eased but resulting to appreciated USD till mid January 2005. In recent times, Taka has depreciated significantly against USD in the inter-bank market. This has happened as because of price hike in oil price and scrap vessel in the international market created a surge on import settlements. Figure3. 4: Exchange Rate Movement immediately after inception of Floating Exchange Rate Movment 58. 7 58. 65 58. 6 58. 55 58. 5 58. 45 58. 4 58. 35 58. 3 58. 25 58. Exchange Rate TK/$ Jun’-01 Jun’-04 Jun’-08 Jun’-11 Jun’-15 Jun’-18 Jun’-22 Jun’-25 Jun’-29 July’-03 July’-07 July’-10 July’-14 July’-17 July’-21 July’-24 July’-28 Banking days Source: Bangladesh Bank Unpublished Data Behavior of Real Effective Exchang e Rate (REER) and Nominal Exchange Rate: REER is considered as a guiding FX-rate to the policy maker as well as the market participants and it also shows the international competitiveness of countries goods and services. The policy makers are always tried to keep the Nominal Exchange Rate near to the REER. Before 1990 Taka was overvalued (see table no-01,02 and 03. that distorted our international competitiveness and that was the causes of prolonged Balance of Payment crisis. Figure3. 5: Comparison of month end Real Effective Exchange Rate (REER) and Nominal Exchange Rate between 2003-2004. 10 July’-31 62. 00 61. 00 60. 00 Behavior of REER and Nominal FX-Rate Rate TK/$ 59. 00 58. 00 57. 00 56. 00 55. 00 54. 00 REER-2003 53. 00 Nominal TK/$-2003 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec REER-2004 Nominal TK/$-2004 Months Source: Bangladesh Bank Unpublished Data After 1990, Taka remained undervalued. The gap between Nominal Exchange Rate and REER were widened over the per iod. Before inception of floating exchange rate Taka was almost running on a free float for the last 12-15 month as rates were decided according to demand-supply situation and liquidity in market. Bangladesh Bank was also not virtually selling any dollar that time. This means the market has already factored in floating exchange rate. Moreover, before inception Bangladesh Bank took some measures for strengthening regulation, such as, keeping close observation of Authorized Dealer’s (AD’s) daily activities; especially on ‘Open Position’, gave pressure for reconciliation of NOSTRO account balance, encourage every bank to set up dealing room and ressurized to make payment in due time etc. So we can obviously say that way to the floating exchange rate was prepared. 11 Chapter 4 Performance of Floating Exchange Rate System On Macro Economy of Bangladesh Introduction of floating exchange rate was debatable issue and also there were some criticisms about the competence of Bangladesh Bank’s from some corner. But Bangladesh Bank performed a tremendous performance. There was no volatility; no speculation in price and market behaves rationally. If we consider the market statistics, we find that macro economic variables have positive performances over the period of time. Three major variables have been considered for evaluating the impact of exchange rate with them. The variables are Export, Workers Remittances and Foreign reserve. 4. 1 The Export Situation: The export trend from 1998 to 2011 shows an increasing trend. It is shown here that there is upward trend of export after 2003,i. e, after adopting the floating exchange rate regime, the export has a robust growth in the economy. Figure:4. 1: The Export Volume in US$ Source: Bangladesh Bank Quarterly, January-March 2011 During the global recession, the export trend of Bangladesh was not that much affected mostly for the RMG sector. In the FY 09 and FY 10, the export volume increased significantly. 4. 2 Enhancement of Workers Remittance: The Inward remittances from Bangladeshi nationals working abroad remained strong in FY10 even in the face of global economic slowdown and continued to play an important role in strengthening the current account. Receipts on this sector increased by 13. 4 percent to USD 10987. 40 million in FY10 from USD 9689. 26 million in FY09. The underlying reason was that Bangladesh Bank has simplified the approval policy of drawing arrangements between foreign exchange houses and domestic banks. As a result, 40 banks 12 have been allowed for establishing 885 drawing arrangements with 300 exchange houses all over the world for collecting remittances, (of which approximately 650 drawing arrangements with 250 exchange houses are operative now). Figure-4. 2: The Workers Remittance Source: Bangladesh Bank Quarterly, January-March 2011 Considering the growth rate of workers’ remittances, it has been observed that the rate is quite higher after the free floating exchange rate regime that is 20. 52 % (2003-2010) than that of fixed exchange rate regime of Bangladesh which is calculated as 11. 9% (19932002). The increasing amount of workers remittance helps to balance the trade deficit in a prudent manner. 4. 3 Reserve Position: The amount of foreign exchange reserve has been increased significantly over the last couple of years. During the FY 2003 to FY 2005, the trend was quite steady and flat. But, it has an upward trend after FY 2007. The main sources of foreign reserve ar e workers remittance, foreign loans and grants and exports. 13 Figure-4. 3: The Foreign Reserve Position Period Reserves($) 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 469. 6 2705 2930 3483. 8 5077. 2 6148. 8 7470. 9 10749. 7 10911. 6 Source: Bangladesh Bank Quarterly, January-March 2011 After the inception of floating exchange rate regime, the foreign exchange reserve boosted up due to huge amount of workers remittance and increasing trend of export. 4. 4 The Growth Rate of GDP: The GDP growth rate reaches upto 6. 7% during FY 11. From 1994 to 2010, the average growth rate of GDP was 5. 47% reaching at high of 6. 63% in June 2006. The record low rate was 4. 08% during June 2004. For the last couple of years the growth rate was 5% above and Bangladesh is onsidered as a developing country. Figure-4. 4: Bangladesh GDP Growth Rate Source: Bangladesh Bureau of Statistics,2011 14 4. 5 The relationship among the variables: The relationship bet ween the exchange rate and three variables i,e, export, remittance and reserve reflects quite positive in correlation. The correlation has been computed considering the data from 2002-2011. Correlation Exchange Rate Export 0. 928315219 Remittance 0. 859373146 Reserve 0. 825444493 One regression analysis has been done with workers remittance and exchange rate. The purpose of the quantitative analysis is to identify if there is any relationship between exchange rate and workers remittance of Bangladesh. The monthly data of workers remittance from the financial year 2007-2008 to financial year 2011-2012 has been taken for the calculation. The regression model, exchange rate is independent variable and remittance is dependent variable. The regression model is: Y=66. 15+. 010385 remittance The value of R square is . 37 which means that the regression model explains 37% variation in exchange rate. The coefficient is very low which is and P value is quite high that is 3. 74. So, the remittance does not show any significant impact on foreign exchange rate. 15 Chapter 5 Exchange Rate Situation 5. 1 Exchange Rate Movement: In the recent Taka depreciates against US$ drastically: Over the period, July 2010-January 2012, from Tk 70 to Tk 86 — a depressing 23% fall down. Figure-5. 1: Exchange Rate Movement Source: Website OANDA The sharp fall of taka against US dollar continues for last couple of months. US dollar has been weakening against many other strong currencies like Euro, SF, Yen and GBP but getting stronger against Bangladesh Taka. Exchange rate depreciation creates the economy in a challenging situation. Continuous depreciating tendency higher the inflation rate that ultimately increase the trade deficit. The ongoing depreciation of Bangladeshi taka is becoming the challenge for the central bank as well as the Government. The increasing trend of the trade deficit (figure: 7) also shows the possibility of the shortage of supply of the foreign currency i,e, US$ in the market. 5. 2 Reasons for Currency Depreciation: The reasons behind the currency depreciation are influenced by economic fundamental, exchange rate regime and Trading rules. There is a slow trend of capital inflow in the country for the last couple of years. The main reasons for that are low tendency of foreign direct investment and increasing trend of trade deficit. 16 5. 2. 1 High Inflation: Inflation is appearing as a major threat in the economy in the recent past. Inflation had a moderate trend upto 2003 within 6%. It started increasing from 2004 and got sharp rise in 2008-2009 and the increasing trend is still continuing. The main cause of high inflation in Bangladesh is oil and food price hike in abroad. Figure 5. 2: Inflation Source: Monthly Economic Trend-Bangladesh Bank, January 2012 The high level of inflation in the economy leads to lower the value of local currency taka. To cover the deficit budget, Government borrowings from the Central Bank (BB) and overall money supply increased leads to high inflation in the market. 5. 2. 2 Low Foreign Direct Investment: The growth rate of foreign direct investment is showing a declining trend. The data has been used from 1996 to 2011. After 1998 and so on, the trend started to decline sharply. It increased a little bit during 2004-2005 but again has a very declining trend. 17 Figure-5. 3: Growth Rate of Foreign Direct Investment Source: Monthly Economic Trend-Bangladesh Bank, January 2012 In the recent past, the FDI growth rate is severely low. So, proper steps are supposed to be taken by the government authority. 5. 2. 3 Trade Deficit: Though the export volume has an increasing trend since the inception of floating exchange rate regime, there is huge amount of trade deficit with an increasing trend. 18 Figure: 5. 4 Trade Deficit of Bangladesh Source: Monthly Economic Trend-Bangladesh Bank , January 2012 The amount of import has been increased sharply after 2006-2007. The gap between export and import becomes huge during the last financial year 2010-2011. Due to huge import payment, government debt has increased significantly in the country and demand for foreign currency increased. 9 Chapter 6 Recommendations and Conclusion Considering the above mentioned discussions, some recommendations have been formulated in order to bring stability in the foreign exchange market in the short run and long run for the Government and Bangladesh Bank i,e, the central bank of the country. Those are discussing as follows: 6. 1. Control Infl ation: Effective measures are needed to be taken by the central bank to control inflation by reducing money supply in the economy. The formulation of the tighten monetary policy by the central bank is an important factor for controlling inflation. But the deficit budget of the Government creates huge Government Debt and prolong inflationary atmosphere. The related factors for reducing deficit budget 6. 2. Reduce Trade Deficit: One of the important components to reduce the trade deficit is to enhance export volume of goods and services. Bangladesh is a import depended country. The main importable items are petroleum and food. Local industrialization is utmost important specially in the food sector (substitute food items production) and other exportable items to reduce huge liability of the Government. 6. 3 Enhancing Foreign Direct Investment: Sufficient inflow of foreign direct investment could enhance the capital inflow in the country for long term. Bangladesh Government has specific policy for inviting FDI. Ensuring good governance, Infrastructural development, Utility, political stability will help to promote more investment from abroad in the country. 6. 4 Short Term Foreign Borrowings: Borrowings from abroad is another option for supplying liquidity in the market. But the problem of short-term borrowing is that the country may fall into â€Å"Debt-trap† due to be unable to pay the money on time. Once the foreign currency injects in the market, it is difficult to recollect form the market as well. The Central Bank of Philippines in early 1990 can be remembered here. Due to short-term borrowing to meet the local market demand, got huge foreign liability. Continuous losses eroded it’s capital base and made it bankrupt in 1993. It took 25 years to reestablish the new central bank in that country. So, Instead of foreign borrowings, Concessionary loans at a low interest rate from World Bank and ADB and other bilateral donors might be a better option to meet the ongoing gap in the market. . 5 Effective Capital Market: The capital market development is utmost important in order to bring the steady situation in FX market. Ensuring enough flow of Foreign Portfolio Investment (FPI), good governance and security in the capital market is time demand. 6. 6 Derivatives Market: Introduction of various derivative products as options, currency swap, interest cap, interest swap, futures , forwards etc, as well as ensuring huge portfolio investment might bring the positive impact in the exchange rate market. 20 6. Formation of Domestic FX Market: A formal forex market forum should be created, with the participation of independent professional bodies and with representation from the dealers association, Bangladesh Bank and other relevant government officials. This forum would provide the logistic support and platform for the forex market. Ideally, this forum would develop a secured web-based market to which only the members or participating organizations would have access. From this website, all the logistic support required for completing the forex dealings among the members/participating organizations could be provided. 6. Autonomy of the Central Bank: The autonomy of the central bank is desirable issue for the economy. The central bank should operate and perform independently with full automation. Conclusion: This study shows that floating exchange rate regime has constructive effect on economic growth. The transition period from Fixed rate regime to Floating rate regime was quite smooth and stable. There is significant growth in the fundamental economic variables on the long path of the new exchange rate regime. The trend of export, workers’ remittances and foreign reserves have been analyzed and found considerable growth on these variables. Nevertheless, the ongoing exchange rate depreciation along with high inflation is becoming a challenging issue for the regulators and Government as well. The gap between demand and supply of foreign currency in the market is getting bigger in the high inflationary economy which lead continuous loses in the value of the local currency. The key reasons have been found for the currency depreciation are inflation, government debt, trade deficit, low FDI etc. The study recommended some issues for Government’s and Central’s bank’s part. The regulation should be proactive rather than reactive. There are some potentialities in this new regime; to reap this potentiality, Government as well as regulators should take effective steps. 21 REFERENCES Asian Development Bank. 2011. Asian Development Outlook 2010 Update. Asian Development Bank. 2006. Asian Development Outlook 2005, ADB: Manila, Philippines. Asian Development Bank. Manila,Philippines. 2005. Asian Development Outlook 2005, ADB: Asad Karim Khan Priyo, June 2009,Impact of the Exchange Rate Regime Change on the Value of Bangladesh Currency. Bangladesh Bank Annual Reports. 2010. Dhaka Bangladesh. Bangladesh Bank Monthly Economic Trend. January 2012 Bangladesh Bank, Scheduled Bank Statistics. July-September 2011. Financial Sector Review, 2006, Bangladesh Bank. Hossain, Akter. 2002, Exchange Rate, Capital flows and International Trade. Hossain, M. A. , and Alauddin, M. , (Fall 2005), Trade Liberalization in Bangladesh: The Process and Its Impact on Macro Variables Particularly Export Expansion, The Journal of Developing Areas, Volume 39, Issue 1, 127-150. Jeff. Madura, International Financial Management, 10th edition. Islam, Mirza A. 2003): â€Å"Exchange Rate Policy of Bangladesh – Not Floating Does Not Mean Sinking†, Keynote Paper presented at dialogue organized by Centre for Policy Dialogue, Bangladesh – January 2, 2003. Nusrate Aziz . June 2008. The Role of Exchange Rate in Trade Balance: Empirics from Bangladesh. The IMF, Annual Report 2010, Financial operations and transactions, The International Monetary Fund. Younus, S. and Chowdhu ry, M. I. , (December 2006), An Analysis of Bangladesh’s Transition to Flexible Exchange Rate Regime, Working Paper Series. 22 APPENDIX I Trade Deficit of Bangladesh Export Import Year (in million USD) (in million USD) 1994-95 3472. 5250. 6 1995-96 3882. 4 6237. 9 1996-97 4418. 3 6436. 8 1997-98 5161. 2 6768. 0 1998-99 5312. 8 7205. 4 1999-00 5752. 2 7536. 6 2000-01 6467. 3 8401. 5 2001-02 5986. 1 7686. 0 2002-03 6548. 4 8691. 8 2003-04 7603. 0 9812. 9 2004-05 8654. 5 11832. 1 2005-06 10526. 2 13271. 7 2006-07 12177. 9 15441. 0 2007-08 14110. 8 19481. 4 2008-09 15565. 2 20291. 4 2009-10 16204. 7 21388. 2 2010-11 22928. 2 32398. 4 Source: Monthly Economic Trend-Bangladesh Bank , January 2012 Trade Deficit (in million USD) -1778. 1 -2355. 5 -2018. 5 -1606. 8 -1892. 6 -1784. 4 -1934. 2 -1699. 9 -2143. 4 -2209. 9 -3177. 6 -2745. 5 -3263. 1 -5370. -4726. 2 -5183. 5 -9470. 2 23 Yearly Reserve Position In million USD Reserves($) Period 2002-2003 2003-2004 2004-2005 2005-2006 2006-20 07 2007-2008 2008-2009 2009-2010 2010-2011 Source: Monthly Economic TrendBangladesh Bank , January 2012 2469. 6 2705 2930 3483. 8 5077. 2 6148. 8 7470. 9 10749. 7 10911. 6 24 Yearly data of Workers Remittance: Remittances Year/Month 2011-2012* 2010-2011 2009-2010 2008-2009 2007-2008 2006-2007 2005-2006 2004-2005 2003-2004 2002-2003 2001-2002 2000-2001 1999-2000 1998-1999 1997-1998 1996-1997 1995-1996 1994-1995 1993-1994 1992-1993 In million In million US dollar Taka Growth Rate 2117. 7 11650. 32 10987. 4 9689. 26 7914. 78 5998. 47 4802. 41 3848. 29 3371. 97 3061. 97 2501. 13 1882. 1 1949. 32 1705. 74 1525. 43 1475. 42 1217. 06 1197. 63 1088. 72 944. 57 157668. 7 829928. 9 760109. 59 666758. 5 542951. 4 412985. 29 322756. 8 236469. 7 198698 177288. 2 143770. 3 101700. 1 98070. 3 81977. 8 69346 63000. 4 49704 48144. 7 43549 36970. 4 Average Rate Growth 13. 39772078 22. 41982721 31. 94664639 24. 90541207 24. 79334977 14. 12586707 10. 12420109 22. 42346459 32. 8903884 -3. 448382 14. 280 01923 11. 82027363 3. 389543316 21. 22820568 1. 622370849 10. 00349034 15. 2609 20. 51706112 11. 89409131 Source : Foreign Exchange Policy Department, Bangladesh Bank Bangladesh Bank Annual Report 2009-2010 Growth rate is self calculated 25 Yearly data of Inflation Year 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Point to Point 1. 66 3. 58 5. 03 5. 64 7. 35 7. 54 9. 2 10. 04 2. 25 8. 7 10. 17 11. 59 12 months average 1. 94 2. 79 4. 38 5. 83 6. 48 7. 16 7. 2 9. 94 6. 66 7. 31 8. 8 10. 91 Source: Monthly Economic Trend-Bangladesh Bank , January 2012 26 Yearly data of Export, Remittance, Reserve and Exchanger Rate (In million USD) Workers Year FX Rate Export Remittance in mil US$ (in mil US$) 62. 691 2501. 13 FY02 5985. 89 63. 2216 3061. 97 FY03 6548. 54 64. 0869 3371. 97 FY04 7602. 99 68. 0508 3848. 29 FY05 8654. 52 73. 9865 4802. 41 FY06 10526. 16 74. 1681 5998. 47 FY07 12177. 86 73. 4636 7914. 78 FY08 12685. 4 73. 8228 9689. 26 FY09 14170. 7 74. 5518 10987. 4 FY10 14763. 8 79. 1877 11650. 32 FY11 20313. 8 Source: Monthly Economic Trend- Bangladesh Bank , January 2012 Reserve (in mil US$) 1582. 9 2469. 6 2705 2930 3483. 8 5077. 2 6148. 8 7470. 9 10749. 7 10911. 6 27 Monthly data of Remittance and Exchange Rate Year Month Remittance ( In million USD) Ex rate (average) Year Month Remittance ( In million USD) Ex rate (average) 007-08 2008-09 2009-10 July August September October November December January February March April May June July August September October November December January February March April May June February March April May June July August September October November December January February March April May June 567. 11 470. 95 590. 67 559. 05 617. 39 635. 34 710. 74 689. 26 808. 72 781. 71 730. 26 753. 58 820. 71 721. 92 794. 18 648. 51 761. 38 758. 03 859 784. 47 885. 67 840. 99 895. 3 850. 5 784. 47 885. 67 840. 99 895. 3 850. 5 885. 38 935. 15 887. 57 900. 70 1050. 4 873. 86 952. 39 827. 96 956. 49 922. 16 903. 05 892. 15 73. 6518 73. 4389 73. 5663 73. 3004 73. 2946 73. 473 73. 4672 73. 4063 73. 2738 73. 4847 73. 2841 73. 3473 73. 38 73. 4947 73. 2884 73. 6468 73. 7971 73. 691 73. 7961 73. 8126 73. 8073 74. 1052 73. 9459 73. 9413 73. 8126 73. 8073 74. 1052 73. 9459 73. 9413 73. 9214 73. 6394 73. 7567 73. 7551 73. 5378 73. 8549 73. 8181 73. 9592 74. 2051 74. 0648 74. 4125 74. 6026 2010-11 2011-12 July August September October November December January February March April May June July August September October November December 57. 31 963. 92 837. 71 923. 85 998. 64 969. 10 970. 54 986. 97 1102. 98 1001. 97 998. 42 1038. 91 1015. 58 1101. 79 855. 44 1039. 48 908. 79 1147. 22 74. 5447 74. 4778 74. 5078 75. 0673 75. 3246 75. 5892 75. 8669 76. 0948 76. 8504 77. 8919 78. 42 78. 843 79. 6805 79. 534 79. 7888 80. 9414 81. 9104 84. 1857 28 Source: Monthly Economic Trend-Bangladesh Bank , January 2012 Regression Analysis: Exchange Rate and Remittance SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 0. 610778 0. 373049 0. 360993 2. 020275 54 ANOVA df Regression Residual Total 1 52 53 SS 126. 2866232 212. 2385435 338. 5251666 Standard Error 1. 622261594 0. 001867047 Lower 95. 0% 62. 90219774 0. 006638903 Upper 95. 0% 69. 41280968 0. 014131912 MS 126. 2866 4. 08151 F 30. 94114904 Significance F 9. 36275E-07 Coefficients Intercept X Variable 1 66. 1575 0. 010385 t Stat 40. 78103 5. 562477 P-value 3. 7402E-41 9. 36275E-07 Lower 95% 62. 90219774 0. 006638903 Upper 95% 69. 41280968 0. 014131912 2 FOREIGN DIRECT INVESTMENT (FDI) INFLOWS AND STOCKS BY COMPONENTS IN BANGLADESH (In million US$) Inflows Period 996-97 Jul-Dec Jan-Jun 1997-98 Jul-Dec Jan-Jun 1998-99 Jul-Dec Jan-Jun 1999-00 Jul-Dec Jan-Jun 2000-01 Jul-Dec Jan-Jun 2001-02 Jul-Dec Jan-Jun 2002-03 Jul-Dec Jan-Jun 2003-04 Jul-Dec Jan-Jun 2004-05 Jul-Dec Jan-Jun 2005-06 Jul-Dec Jan-Jun 2006-07 Jul-Dec Jan-Jun 2007-08 Jul-Dec Jan-Jun 2008-09 Jul-Dec Jan-Jun 2009-10 Jul-Dec Jan-Jun 2010-11 JulyDec. Jan-Jun Source : Stocks Total 366. 85 157. 63 209. 22 603. 30 366. 07 237. 23 394. 10 339. 23 54. 87 383. 22 254. 25 128. 97 563. 92 449. 67 114. 26 393. 76 240. 21 153. 56 379. 18 174. 75 204. 43 284. 16 145. 82 138. 34 803. 78 322. 06 481. 72 744. 61 363. 54 381. 07 792. 4 411. 41 381. 33 768. 69 285. 03 483. 66 960. 59 602. 65 357. 94 913. 02 342. 22 570. 80 Equity Capital 136. 71 40. 79 95. 92 349. 02 236. 14 112. 88 195. 54 167. 63 27. 91 152. 98 109. 56 43. 42 372. 27 306. 76 65. 51 230. 11 168. 27 61. 84 163. 98 71. 97 92. 01 111. 23 64. 13 47. 10 361. 14 108. 79 252. 35 447. 22 173. 24 273. 98 464. 50 229. 67 234. 83 545. 69 166. 78 378. 91 535. 42 430. 34 105. 08 515. 14 113. 47 401. 67 Reinvested Earning 151. 27 79. 92 71. 35 181. 31 92. 10 89. 21 120. 71 100. 67 20. 04 80. 71 56. 19 24. 52 81. 00 53. 25 27. 75 84. 66 37. 26 47. 40 164. 97 69. 42 95. 55 161. 38 74. 58 86. 80 297. 1 152. 99 144. 12 198. 64 103. 36 95. 28 281. 00 169. 46 111. 54 197. 71 101. 70 96. 01 336. 61 149. 72 186. 89 331. 10 178. 05 153. 05 Intracompany Loans 78. 87 36. 92 41 . 95 72. 97 37. 83 35. 14 77. 85 70. 93 6. 92 149. 53 88. 50 61. 03 110. 66 89. 66 21. 00 79. 00 34. 68 44. 32 50. 23 33. 36 16. 87 11. 55 7. 11 4. 44 145. 53 60. 28 85. 25 98. 75 86. 94 11. 81 47. 24 12. 28 34. 96 25. 29 16. 55 8. 74 88. 56 22. 59 65. 97 66. 78 50. 70 16. 08 Equity Capital †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ 1010. 45 968. 83 1010. 45 1182. 07 1215. 54 1182. 07 1408. 98 1325. 97 1408. 98 1579. 15 1472. 70 1579. 15 1854. 10 1818. 86 1854. 10 2123. 50 1940. 7 2123. 50 2468. 63 2268. 39 2468. 63 2857. 96 2736. 50 2857. 96 3719. 99 3068. 07 3719. 99 3909. 60 3823. 32 3909. 60 5014. 96 4426. 69 5014. 96 Reinvested Earning †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ 505. 89 492. 80 505. 89 470. 44 470. 37 470. 44 505. 13 494. 15 505. 13 637. 75 550. 10 637. 75 708. 43 649. 08 708. 43 880. 01 822. 04 880. 01 974. 18 904. 81 974. 18 1146. 22 1133. 87 1146. 22 873. 76 1109. 59 873. 76 903. 65 742. 04 903. 65 544 . 21 474. 06 544. 21 Intracompany Loans †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ 459. 04 428. 96 459. 04 454. 29 475. 85 454. 29 448. 82 382. 08 448. 82 410. 64 427. 89 410. 64 321. 16 408. 03 321. 16 362. 10 328. 7 362. 10 322. 72 363. 95 322. 72 364. 23 316. 86 364. 23 210. 68 221. 12 210. 68 325. 94 250. 66 325. 94 410. 29 378. 17 410. 29 Total †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ †¦ 1975. 38 1890. 59 1975. 38 2106. 80 2161. 76 2106. 80 2362. 93 2202. 20 2362. 93 2627. 54 2450. 69 2627. 54 2883. 69 2875. 97 2883. 69 3365. 61 3090. 68 3365. 61 3765. 53 3537. 15 3765. 53 4368. 41 4187. 23 4368. 41 4804. 43 4398. 78 4804. 43 5139. 19 4816. 02 5139. 19 5969. 46 5278. 92 5969. 46 118. 31 211. 57 12. 64 131. 64 233. 62 71. 26 Statistics Department, Bangladesh Bank. 342. 52 436. 52 5196. 21 5143. 70 533. 65 612. 69 342. 21 462. 67 6072. 07 6219. 06 3 How to cite Report on Inflation, Papers

Continuing professional development (CPD) refers to the means

Question: Why This Continuing Professional Development ? Answer: Introduction Continuing professional development (CPD) refers to the means by which an individual belonging to a certain profession maintains a track or a documentary of his skills, knowledge, and experience. The relevance of this is to improve and widen their scope of knowledge, expertise and competence standards (Barr, Kay, John, 2013). It is important in every profession as it helps in developing the personal values and attributes as well as professional qualities which are essential in ones professional life. It can also be evaluated as a portfolio showcasing an individual development as a professional. The Australian Nursing and Midwifery Council (ANMC) require that all registered nurses should develop themselves through CPD, to achieve and improve on their competence standards of the nursing and midwifery profession (Lawson, 2011). It has therefore set specific requirements for professional development among nursing practitioners and the registered nurses. These include at least 20 hours CPD, for one to be registered as a nurse or a midwife. If an individual is practicing as both a nurse and midwife, he or she is required to complete at least 20 hours for both registers and further 20 hours for endorsements. One is also required to fill in a record sheet or create a portfolio of his or her development activities, which provides an evidence of CPD attendance in relation to the number of hours attended and other certificates of participation (Ali, 2012). Lastly, the individual are required to take other accredited courses which are usually offered by professional associations in ord er to enhance his or her professional development. Research has also shown that portfolio can be used as evidence of CPD (Lawson, 2011). His research is based on the regulations of the Nursing and Midwifery Council (NMC, 2008a and 2008b). Ali (2008) talks of enhancing or promoting mentor competency. All qualified nurses and midwives are therefore given the responsibility of facilitating learning within the clinical settings and that those taking formal mentoring must complete a course approved by NMC. The second regulation provided in (NMC, 2008b) requires all registered nurses to map their acquired skills and knowledge against the domains of their development framework (Gordon Campbell, 2013). The mentors will, therefore, develop a portfolio for those taking formal mentoring which serves as evidence of CPD and help them in fulfilling their roles of been stage 1 and stage two mentors. The nurses after receiving such mentorship, they will evaluate themselves against the NMC requirements or domains for mentors and identify any knowled ge gaps which may enable them to meet their personal and professional domains. Conclusion The mentors are able to keep a portfolio evidence and information of the students whom they have mentored and can photocopy their details upon the receipt of the consent of the student. They are also able to examine themselves through the use of the SWOT analysis, whereby they analyze their strengths, weaknesses, opportunities and potential threats in their mentoring process. Such analysis can, therefore, be used during the annual appraisals with their managers. Upon the completion of an approved mentorship preparation program by the NMC, the nurses become qualified and can be engaged in support services such as teaching and assessment as well as conducting pre- registration of students during practice placements. References Ali, P. A. (2012). Professional development and the role of mentorship. Nursing Standard, 22(42), 35-39 Barr, J., Kay, R John, S (2013). Mandatory continuing professional development requirements: What does this mean for Australian Nurses, 12(9). 1472-6955, doi:10.1186. Gordon, J. A., Campbell, C. M. (2013).The role of ePortfolios in supporting continuing professional development in practice. Medical Teacher, 35(4), 287-294. doi:10.3109/0142159X.2013.773395. Lawson, L (2011). Continuing Professional Development for mentors: Creating a portfolio. Nursing times; 107:21, 15-18.

Joy Luck Club Essays - Chinatown, San Francisco, Literature

Joy Luck Club In the novel, The Joy Luck Club, by Amy Tan, it tells of four Chinese women drawn together in San Francisco to play mah jong, and tell stories of the past. These four women and their families all lived in Chinatown and belong to the First Chinese Baptist Church. They were not necessarily religious, but found they could improve their home China. This is how the woo's, the Hsu's, the Jong's and the St Clair's met in 1949. The first member of the Joy Luck Club to die was Suyuan Woo. Her daughter, Jing-mei June Woo, is asked to sit in and take her mother's place at playing mah jong. Memories of the past are shared by the three women left, An-mei Hsu, Lindo Jong and Ying-ying St Clair. June Woo learns of the real secret her mother carried to her grave from her mother's friends. The twin baby girls, her half sisters, Suyuan pushed in a Wheelbarrow as she escaped from the Japanese. Due to sickness, Suyuan can no longer carry her babies, and is forced to leave them on the side of the road. She lives her whole life not knowing if they are alive or dead. In the book, the Woo's left for America to build a better life for themselves. Suyuan Woo wanted to have a daughter like herself, and no one would look down on her. It was important that she speak perfect English and hopefully not share in the same tragedies and sorrows she had known. The movie brought this concept out very vividly. You were able to imagine the time and place and the emotions of the characters. Their anger in the early years, how women and children were treated as possessions. The book spoke of Rose Hsu Jordan, daughter of An-mei Hsu, who had seven brothers and sisters. A very tragic time in her life when her brother Bing drowns at age 1 while she was in charge of watching him. The movie does not touch upon this tragic event and brings out the rich family Rose marries into, and the instant rejection from her boyfriends mother. Rose unhappiness in her marriage with Tod, is similar to the unhappiness her mother had throughout her life. Lindo Jong was a special character in the book , referring to promises she made to her mother as a young girl, and keeping them throughout her life. She was actually abandoned by her family and Lindo was sent to live with her future husband's family. She never complained because she would never dishonor her mother. The movie did an excellent job of showing us the culture during that time in China and how the matchmaker arranged the marriages at an early age. She is a very smart girl and figures out how she could get out of this marriage and still keep her promise to her mother. She puts the blame on the matchmaker and is released from the marriage. When speaking of strong characters in the book, one would have to include Waverl y Jong, daughter of Lindo Jong. She was a bright child who became a famous chess player, which made her mother very proud. The movie brought out her unhappiness in her life and the unhappy relationship with her mother. The two shared similar lives even though they lived in different countries and different times. Ying-ying St Clair, according to the book, was married at an early age and referred to her husband as a bad man. In fact she tried so hard to forget him she forgets his name. She tells of taking her baby before it was born because of the hate she has for her husband. The movie tells the story a little different in reference to her baby. After her husband comes home with his mistress and causes her shame, she drowns her tiny infant while bathing him. A tragic and emotional part in the movie. Lena St Clair, daughter of Lindo St Clair, may not have had such a tragic relationship with her husband as did her mother; but she was unable to find happiness in her marriage. The book and movie were similar in showing us the relationship she had with Harold.

The Personal Computer

The Personal Computer This document contains the history current use and future possibilities of the home PCCONTENTS:Introduction 3IntroductionA home computer was the description of the second generation of desktop computers, entering the market in 1977 and becoming common during the 1980s. They are also members of the class known as personal computers. These computers typically cost much less than business, scientific or engineering-oriented desktop personal computers, and were generally less powerful in terms of memory and expandability. However, a home computer often had better graphics and sound than contemporary business personal computers, and was usually sold for purposes of education, game play, and personal productivity use.The home computer became affordable for the general public due to the mass production of the silicon chip based microprocessor and, as the name indicates, tended to be used in the home rather than in business/industrial settings. In contrast to their predecessors, they were de signed to be used by the average consumer, not necessarily an electronics hobbyist.IBM Portable Personal Computer :: Retrocomputing o...Very typically a home computer would have had a version of the basic programming language in read-only permanent memory. To save the cost of a dedicated monitor, the home computer often would have connected either directly or through an RF modulator to the family TV set as video display and sound system.Personal computers are normally operated by one user at a time to perform such general purpose tasks as word processing, Internet browsing, Internet faxing, e-mail and other digital messaging, multimedia playback, computer game play, computer programming, etc. The user of a modern personal computer may have significant knowledge of the operating environment and application programs, but is not necessarily interested in programming or even able to write programs for the computer. Therefore, most software written primarily for personal computers tends to be designed with simplicity of use, or...

UN Raises Aid Appeal for Pakistani Quake Victims in Race Against Time Essay

UN Raises Aid Appeal for Pakistani Quake Victims in Race Against Time - Essay Example As the paper declares relief agencies are trying to rush shelter and medical treatment to villages in the mountainous region before they are cut off by winter snow within around three weeks. The Red Cross warned in a statement on Wednesday that thousands of the most vulnerable survivors in remote villages could die of exposure if they are left without care or shelter in the freezing cold of the Himalayan foothills. This discussion stresses that the UN has been struggling to fill its current appeal of $312 million for emergency assistance over six months and says that the shortage is slowing the relief effort. Pakistan's Senate chairman, Muhammad Soomro, and minister for economic affairs Hina Rabbani Khar, are expected to outline the extent of destruction of life and property in Pakistan caused by the 7.6 magnitude earthquake. The quake devastated an area of more than 28,000 square kilometers (11,000 square miles), depriving more than 1.1 million people of their jobs and reducing thousands of schools and hospitals to rubble, according to Pakistani officials. Byrs said that the UN refugee agency (UNHCR), which is delivering urgently needed tents for about 3.3 million homeless people in Pakistani Kashmir, and the World Food Program, which provides food rations, were short of funding. Bad weather has been forecast in the region this week, while snowfall is expected to ground most of the 100 or so h elicopters ferrying help to isolated villages in the region by the middle of next month, according to the UN.

Health appetite Essay Example | Topics and Well Written Essays - 500 words

Health appetite - Essay Example ishes to impress teamwork at the workplace must understand the important of teamwork from three varied viewpoints: (1) increased speed of work (2) workload distribution, and (3) faster learning. Team work promotes faster learning. Workers when working as a team tend to learn what they do at a faster rate. The knowledge and experiences of the older team members enables others to grasp new concepts faster. Teamwork also proves to be an added bonus for employees to avoid mistakes at work. It also promotes workload distribution. This way, team members will work effectively when work is distributed. This allows them to focus on one activity till the time that they are sure they have gained expertise in it. Therefore, they do not feel stressed out. Last yet important, teamwork increases speed of work. With many workers working on a single project and accomplishing the assigned task properly, the speed of work is largely increased. The team can therefore, complete a given project as require d and within the appropriate time. In the current globally competitive market, the success of an organization wholly lies in the speed of performance of its employees. A dull, and demotivated team but lacking coordination and speed results in the downfall of the organization. On the other hand, an organization with a well-organized workers often chart out their path to success. The Human resource policies of a company are as such directed. This is for the betterment of an employer and employees as it helps them maximize performance. The aforementioned benefits of teamwork are team specific. However, teamwork is beneficial even at an organizational level. It benefits the organization by increasing the organization’s productivity, which is an important factor in fulfilling commitment and meeting set targets. Also worth mentioning is that teamwork promotes effective utilization of manpower. This is one major reason that makes most organizations to promote teamwork at the

Adult Training in Canada Article Example | Topics and Well Written Essays - 1000 words

Adult Training in Canada - Article Example Standard of living depends on the skills of the labor force. Thus, any nation’s economy depends upon the skills that the labor force possesses. Education and training are lifetime activities related to the working career but it is difficult to evaluate the training decisions based on the business cycle as there are many other factors that influence the training decisions. As labour market conditions improve it becomes essential to train the workforce. Training is influenced by the ‘business cycle’. As business activity increases hiring too has to increase because businesses require more staff. The staff also needs to be trained and hence as employers add staff they also undertake to train the staff. However, the ‘opportunity cost’ in training the staff is higher in a robust economy and this can reduce the incidence of training. However these are counterbalancing influences which make it difficult to relate training to business cycle. A thorough study would entail examining the entire workings of the Canadian economy which is a long-drawn process. The authors decided to restrict their query to evaluate whether the AETS instruments provide a consistent explanation of training incidence and duration for both men and women. Overall education level increased between 1992 and 1998 and more women opted for university degree. Several factors suggest that training too should have increased during this period. Based on the human capital model training should increase. Besides, between 1994 and 1998 business activity and employment rose, and this also is an indicator of rise in training. However, an aging population would imply reduced training levels. Besides, data analysis revealed changes in several factors that influence training levels. As the education level rose, people became more urban. Lifestyle changed resulting in delayed marriages and late children; men keeping out of unionism and preferring to be in employment rather than be self-employed. Men preferred to work for larger but private firms while women preferred the public sector. All these make it difficult to deduce the training duration and incidence based on the economy and business cycles. This gives rise to the query as to what factors influence an individual to undertake training. The authors draw a parallel between the human capital and the physical capital. Just as the stock and quality of physical capital comprising of machinery, equipment and computers can be augmented through investments, human capital too can be upgraded through training activities. Adults may undertake training for various reasons. This could range from a simple desire to upgrade skills after an absence from job market to desire for career advancement. Participation in training can occur at all stages in the life cycle of an individual. Thus, based on these probabilities, this study evaluated the factors that influence training decision. It further describes the incidence o f training activity during the 1990s among adult Canadians who were not part- or full-time students in any education program. The study is based on a core model of human capital accumulation over the life cycle. Various factors that influence training participation and duration were taken as the variables in this study. These include age, job tenure, hours worked and past education level. The control variables included in the study were sex, family circumstances, region of residence and firm size. Data pooled from 1992, 1994 and 1998 Adult Education and Training Surveys (AETS) were statistically analyzed. The AETS survey (1998) was the sixth in the series but for this study only the data from three surveys were compiled. The purpose of AETS was to measure participation rates for learning and training

Application of Transition Metals

Application of Transition Metals The term transition metal (sometimes also called a transition element) has two possible meanings: In the past it referred to any element in the d-block of the periodic table, which includes groups 3 to 12 on the periodic table. All elements in the d-block are metals (In actuality, the f-block is also included in the form of the lanthanide and actinide series). It also states that a transition metal is an element whose atom has an incomplete d sub-shell, or which can give rise to cations with an incomplete d sub-shell. Group 12 elements are not transition metals in this definition. Introduction to application of transition metals: The use of transition metals in the synthesis was taken up slowly by organic chemists. This is at first surprising because the industrial use of transition metals has a much long history hydroformylation using cobalt began in the 1930s. The Mond process using nickel tetra carbonyl was developed in the 19 century. Industry was willing to accept and uses processes that it could not understand black box reactions as long as they were profitable. Academics were handicapped by the desire to understand the chemistry. This was impossible until the ideas about chemical bonding and the necessary instrumentation matured in the years in the Second World War. Even with in this place, the impact of transition metals on the organic synthesis came late possibly because of the many fantastic main group reagents appeared. Application of Transition Metals: The application of transition metals is as follows: 1. Transition metals are applied in the organic reactions. Transition metals complex under goes a series of reactions that are generally unlike those main group compounds. The most fundamental is the simple coordination and dissociation of ligands. Dissociation may also be achieved by destruction of a ligand. This is often done by the oxidation of co and co2 using an amide oxide. 2. Transition metals are applied in the synthesis of metal hydride. M=C=O + OH- ====> M-H + CO2 Here metal carbonyl group reacts with hydroxide to give metal hydride and carbon dioxide. Hydrides such as, sodium borohydride, lithium aluminium hydride, diisobutylaluminium hydride (DIBAL) and super hydride, are commonly used as reducing agents in chemical synthesis. The hydride adds to an electrophilic center, typically unsaturated carbon. Hydrides such as sodium hydride and potassium hydride are used as strong bases in organic synthesis. The hydride reacts with the weak Bronsted acid releasing H2. Hydrides such as calcium hydride are used as desiccants, i.e. drying agents, to remove trace water from organic solvents. The hydride reacts with water forming hydrogen and hydroxide salt. The dry solvent can then be distilled or vac transferred from the solvent pot. Hydrides are of important in storage battery technologies such as Nickel-metal hydride battery. Various metal hydrides have been examined for use as a means of hydrogen storage for fuel cell-powered electric cars and other purposed aspects of a hydrogen economy. Hydride intermediates are key to understanding a variety of homogeneous and heterogeneous catalytic cycles as well as enzymatic activity. Hydroformylation catalysts and hydrogenase both involve hydride intermediates. The energy carrier NADH reacts as a hydride donor or hydride equivalent. 3. Transition metal used in the complexes in fluorescence cell imaging. Transition metal complexes have often been proposed as useful fluorophores for cell imaging due to their attractive photo physical attributes, but until very recently their actual applications have been scarce and largely limited to ruthenium complexes in DNA and oxygen sensing. 4. Transition metal used as Catalysts. Some transition metals are good catalysts. For example: most automobiles have an emissions-control device called a catalytic converter. This device contains a screen of platinum or palladium along with rhodium, a metal. The presence of the transition metals, along with the heat of combustion generated by an automobile engine causes an exhaust coming from an internal combustion engine to be broken down from partially burned hydrocarbon compounds into less harmful compounds such as water vapour and carbon dioxide. Catalytic applications of transition metals in organic synthesis:- OXIDATION REACTIONS: The epoxidation, dihydroxylation and aminohydroxylation reactions of alkenes, especially their asymmetric variants, continue to attract considerable attention. The basic principles were covered in the previous review. The use of fluorous solvents has now been demonstrated formany transition metal catalysed reactions. One advantage that they offer for catalyticepoxidation is the fact that molecularoxygen has a high solubility in fluorous solvents. The combination of O2 with pivalaldehyde and manganese catalysts hasbeen shown to be effective for epoxidation of alkenes in aracemic and enantioselective sense. The fluorous soluble ligand afforded a manganese complex which was insoluble incommon organic solvents, but soluble in the fluorous phase.Indene was converted into indene oxide with high enantioselectivity,although other substrates afforded low selectivity The fluorous phase, containing the active catalyst,could be recycled. Manganese salen complexes have also now been successfullyimmobilised within polymer supports, and still provide high Whilst the enantiomerically pure manganese salen complexes are still often the most enantio selective available for epoxidation of unfunctionalised alkenes, alternative systems are often reported. For example, End and Pfaltz have used rutheniumbis (oxazoline) complexes to provide up to 69% ee in the epoxidation of stilbene. The use of methyltrioxorhenium as a catalyst for epoxidationcontinues to attract attention. Herrmann and co-workershave shown that a combination of methyltrioxorhenium withpyrazole affords a highly efficient catalyst for the epoxidation of alkenes. Styrene was converted cleanly into styrene oxide with this catalytic combination. Reduction reactions The reduction of various functional groups can often be achieved using transition metal catalysts and a suitable reducing agent: often molecular hydrogen, silanes, boranes orhydrides. Amongst all of the possibilities, metal-catalysed hydrogenation has been the most widely studied, especially asan asymmetric process.Some recently reported examples of rhodium-catalyse dasymmetric hydrogenation of alkenes include the conversion ofthe enamide into the derivatised amino alcohols and the regioselective hydrogenation of dienyl acetate into the allyl acetate both using the Me-DuPhos ligand .Reports of new ligands for asymmetric hydrogenation of alkenes continue to appear, often providing highly selective examples.Ruthenium catalysed hydrogenation of alkenes is also popular,and an interesting example has been provided by Bruneau,Dixneuf and co-workers. The achiral substrate is hydrogenatedwith an enantiomerically pure ruthenium complex into compound , which behaves as propionic acid attachedt o a chiral auxiliary. The achiral auxiliary in the substrate is converted into an enantiomerically enriched one prior to a subsequent auxiliary controlled functionalisation. Lewis acid catalysed reactions:- Lewis acids are able to catalyse a wide range of reactions. Theaddition of cyanide to aldehydes is one such reaction and hasbeen studied by many groups. Recently, North, Belokon andco-workers have used a titanium (salen) complex to catalyse the addition of trimethylsilylcyanide to benzaldehyde withlow catalyst loadings. Less work has been reported on theenantioselective addition of cyanide to imines, although it providesa useful route to ÃŽÂ ±-amino acids (Strecker synthesis). However, there have been several reports of the enantio selective variant of this reaction by aluminium catalysts,non-metallic catalysts, and with the zirconium catalysts, reported here. The imine is converted into the ÃŽÂ ±-aminonitrile with good yield and enantio selectivity Scandium triflate is a good catalyst for the allylation of aldehydes with allylsilanes and stannanes. Aggarwal and Vennallhave detailed the allylation of aldehydes followed by in situ acylation.36 Benzaldehyde allylsilane and acetic anhydride undergo coupling to provide the homoallylic acetate withscandium triflate as the catalyst Kobayashi and co-workers have shown that a three component system comprising of benzaldehyde an amine,such as aniline and allylstannane affo rds the homoallylicamine The reaction works more quickly in the presence of sodium dodecylsulfate SDS, which provides amicellar system .The allylation of isolated imines with enantiomerically pure palladium complexes has been achieved with up to 82%enantiomeric excess. Catalytic coupling reactions:- The formation of C-C bonds, as well as C-X bonds can becatalysed by many transition metals, although palladium complexesseem to have a greater scope than other metals. The useof catalytic coupling reactions to provide biaryls has recently been reviewed. 5. REAL LIFE APPLICATIONS: The fact that the transition elements are all metals means that they are lustrous or shiny in appearance, and malleable, meaning that they can be molded into different shapes without breaking. They are excellent conductors of heat and electricity, and tend to form positive ions by losing electrons. Generally speaking, metals are hard, though a few of the transition metals-as well as members of other metal families-are so soft they can be cut with a knife. Like almost all metals, they tend to have fairly high melting points, and extremely high boiling points. Many of the transition metals, particularly those on periods 4, 5, and 6, form useful alloys-mixtures containing more than one metal-with one another, and with other elements. Because of their differences in electron configuration, however, they do not always combine in the same ways, even within an element. Iron, for instance, sometimes releases two electrons in chemical bonding, and at other times three. ABUNDANCE OF THE TRANSITION METALS: Iron is the fourth most abundant element on Earth, accounting for 4.71% of the elemental mass in the planets crust. Titanium ranks 10th, with 0.58%, and manganese 13th, with 0.09%. Several other transition metals are comparatively abundant: even gold is much more abundant than many other elements on the periodic table. However, given the fact that only 18 elements account for 99.51% of Earths crust, the percentages for elements outside of the top 18 tend to very small. In the human body, iron is the 12th most abundant element, constituting 0.004% of the bodys mass. Zinc follows it, at 13th place, accounting for 0.003%. Again, these percentages may not seem particularly high, but in view of the fact that three elements-oxygen, carbon, and hydrogen-account for 93% of human elemental body mass, there is not much room for the other 10 most common elements in the body. Transition metals such as copper are present in trace quantities within the body as well. (industrial effulent) DIVIDING THE TRANSITION METALS INTO GROUPS. There is no easy way to group the transition metals, though certain of these elements are traditionally categorized together. These do not constitute families as such, but they do provide useful ways to break down the otherwise rather daunting 40-element lineup of the transition metals. In two cases, there is at least a relation between group number on the periodic table and the categories loosely assigned to a collection of transition metals. Thus the coinage metals-copper, silver, and gold-all occupy Group 9 on the periodic table. These have traditionally been associated with one another because their resistance to oxidation, combined with their malleability and beauty, has made them useful materials for fashioning coins. Likewise the members of the zinc group-zinc, cadmium, and mercury-occupy Group 10 on the periodic table. These, too, have often been associated as a miniature unit due to common properties. Members of the platinum group-platinum, iridium, osmium, palladium, rhodium, and ruthenium-occupy a rectangle on the table, corresponding to periods 5 and 6, and groups 6 through 8. What actually makes them a group, however, is the fact that they tend to appear together in nature. Iron, nickel, and cobalt, found alongside one another on Period 4, may be grouped together because they are all magnetic to some degree or another. This is far from the only notable characteristic about such metals, but provides a convenient means of further dividing the transition metals into smaller sections. To the left of iron on the periodic table is a rectangle corresponding to periods 4 through 6, groups 4 through 7. These 11 elements-titanium, zirconium, hafnium, vanadium, niobium, tantalum, chromium, molybdenum, tungsten, manganese, and rhenium-are referred to here as alloy metals. This is not a traditional designation, but it is nonetheless useful for describing these metals, most of which form important alloys with iron and other elements. One element was left out of the rectangle described in the preceding paragraph. This is technetium, which apparently does not occur in nature. It is lumped in with a final category, rare and artificial elements. It should be stressed that there is nothing hard and fast about these categories. The alloy metals are not the only ones that form alloys; nickel is used in coins, though it is not called a coinage metal; and platinum could be listed with gold and silver as precious metals. Nonetheless, the categories used here seem to provide the most workable means of approaching the many transition metals. GOLD. Gold almost needs no introduction: virtually everyone knows of its value, and history is full of stories about people who killed or died for this precious metal. Part of its value springs from its rarity in comparison to, say iron: gold is present on Earths crust at a level of about 5 parts per billion (ppb). Yet as noted earlier, it is more abundant than some metals. Furthermore, due to the fact that it is highly unreactive (reactivity refers to the tendency for bonds between atoms or molecules to be made or broken in such a way that materials are transformed), it tends to be easily separated from other elements. This helps to explain the fact that gold may well have been the first element ever discovered. No ancient metallurgist needed a laboratory in which to separate gold; indeed, because it so often keeps to itself, it is called a noble metal-meaning, in this context, set apart. Another characteristic of gold that made it valuable was its great malleability. In fact, gold is the most malleable of all metals: A single troy ounce (31.1 g) can be hammered into a sheet just 0.00025 in (0.00064 cm) thick, covering 68 ft  2  (6.3 m  2  ). Gold is one of the few metals that is not silver, gray, or white, and its beautifully distinctive color caught the eyes of metalsmiths and royalty from the beginning of civilization. Records from India dating back to 5000  B.C.  suggest a familiarity with gold, and jewelry found in Egyptian tombs indicates the use of sophisticated techniques among the goldsmiths of Egypt as early as 2600  B.C.  Likewise the Bible mentions gold in several passages. The Romans called it  aurum  (shining dawn), which explains its chemical symbol, Au. Gold is as popular as ever for jewelry and other decorative objects, of course, but for the most part, it is too soft to have many other commercial purposes. One of the few applications for gold, a good conductor of electricity, is in some electronic components. Also, the radioactive gold-198 isotope is sometimes implanted in tissues as a means of treating forms of cancer. SILVER. Like gold, silver has been a part of human life from earliest history. Usually it is considered less valuable, though some societies have actually placed a higher value on silver because it is harder and more durable than gold. In the seventh century  B.C.  , the Lydian civilization of Asia Minor (now Turkey) created the first coins using silver, and in the sixth century  B.C.  , the Chinese began making silver coins. Succeeding dynasties in China continued to mint these coins, round with square holes in them, until the early twentieth century. The Romans called silver  argentum,  and therefore today its chemical symbol is Ag. Its uses are much more varied than those of gold, both because of its durability and the fact that it is less expensive. Alloyed with copper, which adds strength to it, it makes sterling silver, used in coins, silverware, and jewelry. Silver nitrate compounds are used in silver plating, applied in mirrors and tableware. (Most mirrors today, however, use aluminum.) A large portion of the worlds silver supply is used by photographers for developing pictures. In addition, because it is an excellent conductor of heat and electricity, silver has applications in the electronics industry; however, its expense has led many manufacturers to use copper or aluminum instead. Silver is also present, along with zinc and cadmium, in cadmium batteries. Like gold, though to a much lesser extent, it is still an important jewelry-making component. COPPER. Most people think of pennies as containing copper, but in fact the penny is the only American coin that contains no copper alloys. Because the amount of copper necessary to make a penny today costs more than $0.01, a penny is actually made of zinc with a thin copper coating. Yet copper has long been a commonly used coinage metal, and long before that, humans used it for other purposes. Seven thousand years ago, the peoples of the Tigris-Euphrates river valleys, in what is now Iraq, were mining and using copper, and later civilizations combined copper with zinc to make bronze. Indeed, the history of prehistoric and ancient humans technological development is often divided according to the tools they made, the latter two of which came from transition metals: the Stone Age, the Bronze Age (c. 3300-1200  B.C.  ), and the Iron Age. Copper is also like its two close relatives in that it resists corrosion, and this makes it ideal for plumbing. Its use in making coins resulted from its anti-corrosive qualities, combined with its beauty: like gold, copper has a distinctive color. This aesthetic quality led to the use of copper in decorative applications as well: many old buildings used copper roofs, and the Statue of Liberty is covered in 300 thick copper plates. Why, then, is the famous statue not copper-colored? Because copper does eventually corrode when exposed to air for long periods of time. Over time, it develops a thin layer of black copper oxide, and as the years pass, carbon dioxide in the air leads to the formation of copper carbonate, which imparts a greenish color. The human body is about 0.0004% copper, though as noted, larger quantities of copper can be toxic. Copper is found in foods such as shell-fish, nuts, raisins, and dried beans. Whereas human blood has hemoglobin, a molecule with an iron atom at the center, the blood of lobsters and other large crustaceans contains hemocyanin, in which copper performs a similar function. ZINC. Together with copper, zinc appeared in another alloy that, like bronze, helped define the ancient world: brass. (The latter is mentioned in the Bible, for instance in the Book of Daniel,when King Nebuchadnezzar dreams of a statue containing brass and other substances, symbolizing various empires.) Used at least from the first millennium  B.C.  onward, brass appeared in coins and ornaments throughout Asia Minor. Though it is said that the Chinese purified zinc in about  A.D.  1000, the Swiss alchemist Paracelsus (1493-1541) is usually credited with first describing zinc as a metal. Bluish-white, with a lustrous sheen, zinc is found primarily in the ore sulfide sphalerite. The largest natural deposits of zinc are in Australia and the United States, and after mining, the metal is subjected to a purification and reduction process involving carbon. Zinc is used in galvanized steel, developed in the eighteenth century by Italian physicist Luigi Galvani (1737-1798). CADMIUM. In 1817, German chemist Friedrich Strohmeyer (1776-1835) was working as an inspector of pharmacies for the German state of Hanover. While making his rounds, he discovered that one pharmacy had a sample of zinc carbonate labeled as zinc oxide, and while inspecting the chemical in his laboratory, he discovered something unusual. If indeed it were zinc carbonate, it should turn into zinc oxide when heated, and since both compounds were white, there should be no difference in color. Instead, the mysterious compound turned a yellowish-orange. Strohmeyer continued to analyze the sample, and eventually realized that he had discovered a new element, which he named after the old Greek term for zinc carbonate,  kadmeia.  Indeed, cadmium typically appears in nature along with zinc or zinc compounds. Silvery white and lustrous or shiny, cadmium is soft enough to be cut with a knife, but chemically it behaves much like zinc: hence the idea of a zinc group. MERCURY. One of only two elements-along with bromine-that appears in liquid form at room temperature, mercury is both toxic and highly useful. The Romans called it  hydragyrum  (liquid silver), from whence comes its chemical symbol, Hg. Today, however, it is known by the name of the Romans god Mercury, the nimble and speedy messenger of the gods. Mercury comes primarily from a red ore called cinnabar, and since it often appears in shiny globules that form outcroppings from the cinnabar, it was relatively easy to discover. Several things are distinctive about mercury, including its bright silvery color. But nothing distinguishes it as much as its physical properties-not only its liquidity, but the fact that it rolls rapidly, like the fleet-footed god after which it is named. Its surface tension (the quality that causes it to bead) is six times greater than that of water, and for this reason, mercury never wets the surfaces with which it comes in contact. Mercury, of course, is widely used in thermometers, an application for which it is extremely well-suited. In particular, it expands at a uniform rate when heated, and thus a mercury thermometer (unlike earlier instruments, which used water, wine, or alcohol) can be easily calibrated. (Note that due to the toxicity of the element, mercury thermometers in schools are being replaced by other types of thermometers.) At temperatures close to absolute zero, mercury loses its resistance to the flow of electric current, and therefore it presents a promising area of research with regard to superconductivity. IRON. In its purest form, iron is relatively soft and slightly magnetic, but when hardened, it becomes much more so. As with several of the elements discovered long ago, iron has a chemical symbol (Fe) reflecting an ancient name, the Latin  ferrum.  But long before the Romans ancestors arrived in Italy, the Hittites of Asia Minor were purifying iron ore by heating it with charcoal over a hot flame. The ways in which iron is used are almost too obvious (and too numerous) to mention. If iron and steel suddenly ceased to exist, there could be no skyscrapers, no wide-span bridges, no ocean liners or trains or heavy machinery or automobile frames. Furthermore, alloys of steel with other transition metals, such as tungsten and niobium, possess exceptionally great strength, and find application in everything from hand tools to nuclear reactors. Then, of course, there are magnets and electromagnets, which can only be made of iron and/or one of the other magnetic elements, cobalt and nickel. In the human body, iron is a key part of hemoglobin, the molecule in blood that transports oxygen from the lungs to the cells. If a person fails to get sufficient quantities of iron-present in foods such as red meat and spinach-the result is anemia, characterized by a loss of skin color, weakness, fainting, and heart palpitations. Plants, too, need iron, and without the appropriate amounts are likely to lose their color, weaken, and die. COBALT. Isolated in about 1735 by Swedish chemist Georg Brandt (1694-1768), cobalt was the first metal discovered since prehistoric, or at least ancient, times. The name comes from  Kobald,  German for underground gnome, and this reflects much about the early history of cobalt. In legend, the Kobalden were mischievous sprites who caused trouble for miners, and in real life, ores containing the element that came to be known as cobalt likewise caused trouble to men working in mines. Not only did these ores contain arsenic, which made miners ill, but because cobalt had no apparent value, it only interfered with their work of extracting other minerals. Yet cobalt had been in use by artisans long before Brandts isolated the element. The color of certain cobalt compounds is a brilliant, shocking blue, and this made it popular for the coloring of pottery, glass, and tile. The element, which makes up less than 0.002% of Earths crust, is found today primarily in ores extracted from mines in Canada, Zaire, and Morocco. One of the most important uses of cobalt is in a highly magnetic alloy known as alnico, which also contains iron, nickel, and aluminum. Combined with tungsten and chromium, cobalt makes stellite, a very hard alloy used in drill bits. Cobalt is also applied in jet engines and turbines. NICKEL. Moderately magnetic in its pure form, nickel had an early history much like that of cobalt. English workers mining copper were often dismayed to find a metal that looked like copper, but was not, and they called it Old Nicks copper-meaning that it was a trick played on them by Old Nick, or the devil. The Germans gave it a similar name:  Kupfernickel,  or imp copper. Though nickel was not identified as a separate metal by Swedish mineralogist Axel Fredrik Cronstedt (1722-1765) until the eighteenth century, alloys of copper, silver, and nickel had been used as coins even in ancient Egypt. Today, nickel is applied, not surprisingly, in the American five-cent piece-that is, the nickel-made from an alloy of nickel and copper. Its anti-corrosive nature also provides a number of other applications for nickel: alloyed with steel, for instance, it makes a protective layer for other metals. PLATINUM. First identified by an Italian physician visiting the New World in the mid-sixteenth century, platinum-now recognized as a precious metal-was once considered a nuisance in the same way that nickel and cadmium were. Miners, annoyed with the fact that it got in the way when they were looking for gold, called it  platina,  or little silver. One of the reasons why platinum did not immediately catch the worlds fancy is because it is difficult to extract, and typically appears with the other metals of the platinum group: iridium, osmium, palladium, rhodium, and ruthenium. Only in 1803 did English physician and chemist William Hyde Wollaston (1766-1828) develop a means of extracting platinum, and when he did, he discovered that the metal could be hammered into all kinds of shapes. Platinum proved such a success that it made Wollaston financially independent, and he retired from his medical practice at age 34 to pursue scientific research. Today, platinum is used in everything from thermometers to parts for rocket engines, both of which take advantage of its ability to with stand high temperatures. 6. Application of transition metals complex formation in gas chromatography. we will be discusing applications of superselective liquid phases containing transition metal salts or complexes in gas chromatography Introduction: Metal complexation may be used for four purposes in gas chromatography: to help the separation of certain compounds present in the sample. In this case complexation is performed by using a stationary phase containing a metal; to utilize GC for the calculation of stability constants orother physico-chemical data; to analyse the metals themselves, by making organic volatile complexes and analysing them by GC; to increase sensitivity for inorganic and organic compounds by forming metal complexes and utilize e.g. an electron capture detector which has an increased sensitivity for such compounds. The present review discusses only the first two of these four application fields. The effect of the formation of eleetron-donor-acceptor complexes (EDA) [1-3] of transition metal cations with organic molecules containing n-bond(s) or free electron pairs (hi, O, S, halogens) may be used for the gas chromatographic separation of these molecules. The column packings containing the transition metals may be termed as superselectivepackings, because a slight difference in the structure of the separated compounds (e.g. cis- and transisomers) can give considerable difference in the retention time representing several minutes The reaction of complex formation should be rapid and reversible In the case of a 1:1 complex formation gas chromatography is convenient for the determination the stability constants of the newly formed adducts The formation of n-complexes with cations of the transition metals is particulary widely applied in gas chromatography. The termal stability of these complexes changes i~ a very broad temperature range depending on the metal and the ligand.complexes together with the temperatures of their chromatographic analysis. As seen chromatography permits as to examine the~ systems at temperatures higher than their thermal stability determined by static methods. The superselective packings can be divided into two group~ 1. Superselective liquid phases in which a salt or met~complex is melted or dissolved in a common liquid phase. 2. Superselective adsorbents in which a transition metal exists in various forms such as a salt or other co~pounds coated on the surface of a support, a porous i~ organic salt, a zeolite with the transition metal cation~ an inorganic oxide, or an inorganic or organometall~polymer. Steric Effect Substitution of bulky alkyl groups at a carbon double bond decrease the stability constants of n-complexes. The steric effect depends on the position of substitution in the following order: 2 > 4/> 3 > 5 >~ 6 [9, 78]. The small steric effect of the substituent in position 3 can be explained by considerable participation of electronic effect which, for alkyl groups has the opposite influence on stability constants than the steric effect. Electronic Effect The choice of the substituents at the double bond can increase or decrease the stability of the complex according to their electronic nature. For example, the substitution of D for H at the double bond increases the stability of the 7rcomplexes and for Rh 2* even bulk substituents increase the stability of complexes formed. This was called an inverse steric effect The electron-withdrawing effect of C1 on the electrons an aromatic ring causes a decrease in the stability constant of the n-complex of a transition metal with chlorobenzene as compared to the same complex with ethylbenzene Strain Effect:- Due to the large strain of the cyclobutene ring its ~r-complexes are less stable than those with five- and six-membered cycloolefms The Hg 2+ cation forms very strong complexes with olef~ and aromatic hydrocarbons. This is the reason why it applied for the selective retention of such compounds fr0~ hydrocarbon mixtures The stability constants of Hg ~+ complexes with molecules of organic compounds containing oxygen have been