The Reason Of Financial Crisis Happened In American Finance Essay - Free Essay Example

With the countries developing, people earn and get more and more money, and then they need to keep their money safe in a financial organization, which leads banks becoming. Normally, banks are primarily constitute by financial institutions that were exist some key functions such as accept deposits, take loans, money exchange, long-distance transfer money and others. All of these were appeared in Chinese Song Dynasty that during 960 and 1279. In 1823, Shanxi Banks became so popular, as a first bank in Chinese banks history. Their main functions were transferring large amounts of cash, introducing drafts from one branch to another in China. While, at the end of nineteenth century, 66.7 percentage of Piaohao were existed in most parts of China, which is a kind of bank. In Piaohao, it organised as single partnerships and the owners carried unlimited liability as a nationwide bank. In addition, there were many small native banks becoming during that time period, such as Qianzhuang. In the mid-eighteenth century, the first Qianzhuang likes a bank, which was traced in markets. Most of the Qianzhuang operated like commercial banks, which exchanged bills, managed local money exchange and discounted for the local business community in order to contrast with Piaohao. In Chinese banks history, Qianzhuang played an important role between banks and Chinese merchants; it grew many Chinese expansions in foreign trade. Then in earl y 1890s, western banks entered China. Li Hongzhang created a first foreign-Chinese joint bank in 1885, the Qing Dynasty. In 1897, Imperial Bank of China opened as a first modern bank for business, which was adopted internal management ways of HSBC and their senior managers were foreigners. While, it changed its English name in 1921, which called Commercial Bank of China. In 1905, the first Chinese central bank (Bank of the Board of Revenue) was established but it changed name to the Great Qing Government Bank after 3 years later. With the Piaohao all disappeared in 1911, Daqing Bank changed their name to Bank of China that still continued exist today. In the late of Qing period, there were three private banks (Xincheng Bank, National Commercial Bank, Ningbo Commercial and Savings Bank) appeared, which were created by private entrepreneurs without funding. And in 1912, the Bank of China was founded by the Government of the Republic of China, but its established until 1942. From the Northern Expedition to the Second Sino-Japanese War in 1937, which has been described, a golden decade in Chinese banks history. Modern Chinese banks allowed many industries loans and offered loans to rural areas. In December of 1948, the first Peoples Republic of China established and also the name used more than 30 years. While, 1949, the republic of China was established and then the Chinese banking systems also changed a lot. After the Chinese civil war, the central bank of China effectively raised inflation and also bring the nations finances under central control from 1949 to 1952. However, over that term, the banking systems were modified in order to suit the varying environments and new policies. In addition, the banking system was extended and diversified to meet the modification programs and the banking activities, during the 1980s. Since 1949, Chinese people build up their personal savings accounts in order to reduce the demand of goods and raise the amount of cap ital for investment, which under the Chinas leaders urged. In 1950s, the Agricultural Bank was created to facilitate financial operations in the rural areas. In the countryside savings were deposited with the rural credit cooperatives, which could be found in most towns and villages. On 1st October of 1954, Peoples Construction Bank of China (CCB) was built but in March of 1996, it was changed name to China Construction Bank. In the middle of 1980s, urban credit cooperatives related to the Chinese banking system. While, at that time period, the banking system still lacked some of the services and characteristics, only a few people used saving accounts and credit cards then in 1986, the first credit card (Great Wall) was created in order to change this situation. In 1979, China created the first foreign bank and in 1999 the Peoples Bank of China (PBOC) expanded their local currency to foreign banks. In January of 1984, the Industrial and Commercial Bank of China Ltd. (ICBC) has a limited company. Until 1987, the Chinese banking system included: Peoples Bank of China, Agricultural Bank, Bank of China, China Investment Bank, China Industrial and Commercial Bank, Peoples Construction Bank, Communications Bank, Peoples Insurance Company of China, Rural Credit Cooperatives and Urban Credit Cooperatives. In 2001, China entered into the World Trade Organization (WTO) that means Chinese banking system will become more competitive with other countries; it must be followed by the rule of WTO. And also, the structure of the banking organization was modified to suit the changing conditions and some new polices. Actually, when China went into WTO, consumers became worldwide, they purchase broad goods that made in China then it increased Chinese demand of goods and stimulated economic growth. In addition, the Chinese banking system can take loans, exchanged money to foreign banks or foreigners. When China entered into the WTO, it must be open their bank sector s to foreign banks in next five years. Then from 2001 to 2006, China allowed foreign banks to do business with foreign-invested companies and foreign individuals such as PBOC opened their branches to allow foreign-funded banks. Although, China has a slow started, it has already fulfil the WTO conditions nearly end of 2006. Because China opened its door for foreign countries then it got a rush growth of economic and GDP but it also took some risk, such as the global financial crisis in 2008. We all know, the global financial crisis happened in U.S. then it influenced to global. While, comparing to American, Chinese Banks got a less affected by the financial crisis that will show in graphs1, 2 and 3 in section 2.3.1, which are the interest rates and mortgage loan rates in China and America. Also in appendix, there are balance sheets, income statements and cash flows. We can see and compare these figures clearly in these graphs and tables, which was changed less than American banks from 2007 to 2011. In addition, there are many other figure results to illustrate the Chinese Agricultural Bank got less affected by the financial crisis than American banks. The writer will introduce more details in main body. In this essay, the writer main explain why was the Chinese Agricultural Bank less affected by the Financial crisis compared with the American Banks? First of all, the writer introduced the Chinese banking systems developing in the introduction. In the main body, the writer divided into 5 detail parts: firstly, the writer will give out a definition of financial crisis and explain why the financial crisis happened in American. Secondly, she will find out some difference between Chinese Banks and American banks in banking systems and policies. In this part, the main way is to analysis some data and balance sheets to prove the writers opinion. Thirdly, from above analysis and conclusion, the writer will describe some influences and changes by the financial crisis in Chinese Agricultural Bank. On the Fourth, the writer will discuss the Chinese Agricultural Banks disadvantages, and also some advantages in American banks. At the last part in main body, the writer will give out her opinion or advice about the Chinese Banking systems future developing and how to solve or avoid the financial crisis happen again. Then at last part, the writer will make a summary about this essay and her opinion. Literature Review Since 2008 when financial crisis occurred, the topic of why financial crisis happened is thoroughly discussed and researched from different aspects. A. Turner [1] concluded that the crisis is due to the interplay between macroeconomic imbalances and the development of financial market. Excessive saving rates in developing countries leaded to the explosion of macro imbalances which in turn triggered the financial development. Securitized credit instruments are the core of the innovation and expansion in the financial market. J.B. Taylor [2] held the opinion that frequently monetary excesses are the cause of the crisis which is the same with the classic explanation for financial crisis. The loose fitting monetary policy from 2000 to 2006 is blamed for stimulating the financial crisis. House boom also is the key element in the process of building up to financial crisis. C. M. Reinhart and K. S. Rogoff [3] examined the crisis in 2008 through the all the historical record to see whether this crisis is an unusual problem compared with previous banking crisis after WWII. Results show that they share several similarities both in quantitative and qualitative aspects. Petro-dollar plays an important role in forming the account surpluses. All of the paper mentioned above discussed the cause of financial crisis from the economic aspects, R. B. Adams [4] analysed the impact of weak governance on financial firm in this crisis. The research reveals that recent governance reforms should also be blamed for its insufficient supervision. Several suggestions are given in terms of improving the management of financial firms especially banks. Since 2008, the aftermath of financial crisis emerged gradually which presented a different social and economic patterns compared with previous years. However the actual effects vary from each regions and different countries due to their characteristics in economic and political systems. M. Castells et al [5] look at the culture transforma tion after financial crisis which includes economic culture and political culture. The profiles of the world in post financial crisis are described in details. C. M. Reinhart and K. S. Rogoff [6] use data of many countries to show the changes of several key indicators throughout the crisis such as housing prices and equity price. Most importantly, governments debt exploded mainly because of the collapse in tax revenues and economic contractions. The rises of debts in the future are also estimated with a conservative view. P. Berkmen et al [7] in 2009 exlpained the different impact of financial crisis on ranging of developing countries and markets. The research aims to understand the impact through investigate a small set of variables and parameters. Eventually results revealed that the countries with domestic financial system of more leveraged and faster credit growth are more likely to be affected by the financial crisis. A large decline in their growth outlook has higher chance of occurrence. To be more specific, the impact of financial crisis on each individual country is well researched. China is studied by Ligang Liu in 2009 [8] by showing empirical evidence and quantifying the effect from different aspects in China. Data of Investment share, Growth in exports, inward FDI (Foreign Direct investment) and private consumption expenditure during 1980 to 2008 illustrate the trends and changes of Chinese economy throughout the financial crisis. And also the fiscal stimulus package that was conducted by Chinese government is discussed with respect to its influence and side effects. J.Ghosh et al [9] at the same time evaluated the extent that Indian suffered from the recession. Writer criticised the opinion that Indian would less affected by this crisis and pointed out that the economic development in India depends on global integration. Hence the economic system becomes vulnerable to both internal and external crisis. As we can see from the previous paragraph s, the impact of financial crisis has reached almost every country and market in the world. The whole incident involves from a national crisis to international and global crisis. For a specific country, the influences cover every corner ranging from economic, political to social and financial aspect. Especially on economic aspect which has been discussed above, direct influence is obvious and significant. While banking systems is a fundamental element and representative in economic and financial system, it also has been paid a lot of attentions in terms of its changes and impact. M. Clerides and C. Stephanou [10] introduce the changes of the banking systems in Cyprus after the financial crisis. The writers pointed out that banking system should be cautious of disproportionally expansion (which is relative to the economys size) for domestic banks. Policy responses that have been taken to date by the government are also presented. Similarly the impact of financial crisis on the bankin g system of Kazakhstan is demonstrated by V. Anichshenko [11], in which the consequences of the crisis and resolution of it are also mentioned accordingly. Suggestions are given in order to stabilize the economy and avoid the default of banks. According to the literature review, the solutions and suggestions that have been given share great similarities in terms of financial regulation reform. Lessons are learned from the past failure. For instance, Tuner [1] held the opinion that regulators were concentrated too much on the institution by institutions regulation of idiosyncratic risk and central banks were mainly focused on monetary policy which was tightly defined to meet inflation targets. Current supervision failed to take large current deficit, rapid credit extension and house price increase and the purchase of mortgage securities in to consideration as a whole. Hence the overall system risk climbs along with the development of financial market. Novel approach to capital ade quacy, liquidity and regulation by economics substance are the three most important and fundamental methods needs to be implemented. For more details, please refer to the paper written by Tuner. However, not all the advices are exactly the same due to the different economic system and condition in different countries [12]. The research aims to analyse the impact of financial crisis on Chinese banking systems and provide practical advices to the future development of Chinese banking systems. Hence the corresponding solutions and advices for Chinese banking systems should take into their own characteristic into consideration. China, as the second large economic entity in the world and closely connected with the American in many aspects, is also significantly influenced by the financial crisis. William H. Overholt [13] evaluated the extent that China was affected by the financial crisis and introduced the policy and strategies that were implemented during the financial crisis. Altho ugh the stimulus package successfully help the Chinese economy recover from the big recession, systematic problems still remain unsolved. Especially in the banking systems, E. Geretto and R. Pauluzzo [14] pointed out the disadvantages of Chinese banking system and the possibilities of improvement in the future. At the same time, J. Du and S. Girma examined Chinese banking industry from the parameters of cost economies, efficiency and productivity growth. Both of the papers reveal the potential of Chinese banking system in dealing with financial crisis in the future. Based on the literature review, in the past few years, there arent a lot of works focusing on comparing the banking systems between China and America. Not to mention that the Chinese and American banking systems are discussed together under the background of financial crisis. Main Body According to the Chinese banking systems history, the writer will mainly describe Chinese Agricultural Banks in the financial crisis. 2.1 The reason of Financial Crisis happened in American In 2008, we all know, the global financial crisis happened and it leaded to worst influence in the world, which made a lot of people lose their jobs and many companies went bankrupt and other bad situations. The financial crisis made many people and companies worried their current situation. What is financial crisis? How it made a bad situation in the world? Actually, when some financial institutions or assets suddenly lose a large part of their value, this phenomenon called financial crisis. It was triggered by liquidity short term fall down in the United States banking system and it was resulted in the collapse of large financial institutions, such as the financial crisis in 2008 was beginning under financial institutions fail in United States, then the failed financial institutions d riven by houses bubble. Because Americans house price grew up rapidly and also government used credit or encourage more people to get credit in banks to purchase or rent assets. During that term, Americans banks provided more convenient conditions to take people get loan easily and banks need to take more risk. While, at that time, Federal Reserve System increased interest rate then US houses market dropped down, the mortgages (houses) were less than their true value, which leaded high percentage of default then banks have higher risk. This situation called houses bubble collapsed, which rose to subprime financial or mortgage crisis in 2006. It caused the values of securities tied and damaged financial institutions globally. In order to transfer these risks, American banks created some innovative methods: MBS (Mortgage Backed Security), CDS (Credit Default Swaps) and CDO (Collateralized Debt Obligations) to attract global companies appreciate. The MBS is a bond that likes a pool of mortgages to pay by homeowners. CDS is a kind of credit derivative market, which includes interest rate swaps and foreign exchange swaps. CDO is a kind of structure asset-backed security; the debt obligations are including loans and bonds. Lehman Brothers hold a lot of MBS, CDO and CDS bonds, when Americans houses price decrease, all of the bonds must be shift to debt and then Lehman cannot take these bonds to invest or buy any goods. Their current liabilities were higher than current cash flow then it went to bankrupt. After the Bear Stearns bankruptcy in March 2008, Lehman Brothers Holdings Inc. was falling down that is a significant event that leading to the 2008 global financial crisis. The Lehman Brothers bankruptcy was leaded by the Americans subprime mortgage crisis; it was not only a fourth largest investment bank in US but also a global financial services firm, which connected with many countries financial organizations. When it went bankruptcy, a huge number of compa nies fall in trouble then this pushed the global financial crisis happened in 2008. Actually, in the introduction of this essay, the writer introduced China jointed into WTO in 2001 and after next 5 years, China finished the condition that most foreign company in China. This raised Chinese import and export trading business. When the financial crisis happened in American, then China also got some influence in many parts such as Chinese banks. 2.2 Banking systems in American and China (Big Four) The reasons that financial crisis happened are indicated in section 2.1. But what is the exact impact of financial crisis on banking system in terms of their annual performance and financial balance sheet? Before analysis the influence by the financial crisis on banking systems, we need to know the banking systems in American and China first, and then find out some difference between them. There is really interesting, the two countries are all existing Big Four in banking system. However, it is totally different, not only their names but also their baking systems and business. 2.2.1 Chinese Big Four In China, the Big Four banks included Agricultural Bank of China (ABC), the Bank of China (BOC), Industrial and commercial Bank of China (ICBC) and Peoples Construction Bank or China Constructions Bank (CCB). The Big Four had the primary responsibility to fund the countrys state-owned enterprises in the 1990s in China. Then the writer will introduce them respectively. ICBC is the largest lender of assets in China and also the youngest in the Big Four. It was founded in 1984 and issued the primary bank card in 1989. Since 1991, the ICBC was gained federal approval to establish a branch in New York City. As the first one in China, the ICBC established a branch outside of China in 1992 and opened a branch in Europe after 3 years. ICBC was Chinas first step as a representative in the international banking area and in 2008; it became the 2nd Chinese bank. The Bank of China (BOC) was founded in 1912 and it took responsibility of allocating foreign exchange reserves, setting the exchange rates under the Chinese currency, arranging foreign loans and other foreign operations. In 1928, the Chinese Central Bank of China replaced its role then the BOC became a purely commercial bank. In December of 2010, the Bank of China as a first Chinese bank to offer RMB products in New York. The BOC is the largest lender to non-institutions and foreign exchange lender in China. ABC is primarily focus on retail banking as Chinese 3rd largest lender by assets. It was founded in 1951 to assist financial operations in the rural areas then it provided financial supports to agricultural units, loans, handled state appropriations, directed the operations of rural credit cooperatives and carried out overall supervision of rural financial affairs. The rural credit cooperatives are small-scale financial services in country side, such as this kind of small sca le need to follow uniform state banking policies but it acted as an independent unit for accounting purposes. CCB was managed state and loans for capital construction but it reformed policy in order to increase the responsibility and activities in banking system. Then it has shifted the main activity of investment funding from the government budget to bank loans. The China Constructions Bank checked the loan recipients to ensure the funds were used for their designated construction purpose. CCB is a member of the Global ATM Alliance, which means, under the Global ATM Alliance, CCB can joint venture in several major international banks, it allows customers use the ATM card or check card at another bank without any charging fees. 2.2.2 American Big Four Unlike Japan and United Kingdom only have one bank regulator that authority over the banking, securities and insurance industries is combined into one single financial service agency, but United States regulated at both the fe deral and state level in banking system. The central banking system of the United States called the Federal Reserve System and the Great Depression as a major factor to lead changes in this system. In today, the Federal Reserve Systems duties to conduct the nations monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions. In American, the Big Four called: JPMorgan Chase, Bank of American, Citigroup, and Wells Fargo. According to assets in United States, the JPMorgan Chase is the largest bank. It mainly works multinational, which likes banking corporation of securities, investments and retail. There are mainly six business segments in JPMorgan Chase: card services and consumer lending, commercial banking, investment banking, asset management, corporate, treasury securities services and other personal and business banking operations. Bank of America (BA) is also a multinational bank and financial services corporation. It was the worlds largest wealth management corporation as a major player in investment banking market in 2008. It also a member of Global ATM Alliance as China Construction Bank then when people get an ATM card in BA but used in CCB, they do not need to pay any more charge. Then in 2005, Bank of America got 9% stake in China Construction Bank (CCB). Actually under the Global ATM Alliance, a lot of international banks connected with other banks. Citigroup (Citi) is a multinational financial services corporation headquarter in US as a 3rd largest retail bank that based on deposits. In the Citigroup, US government engineered at least 4 different rescues. And it was one of the worlds largest mergers that combining huge Citicorp and financial business. Citibank as one part of Citigroup is the largest bank, credit cards issuer and charge cards in the United States. It is also the first and only one international bank without any cooperation with Chinese domestic banks to issue credit cards used its own brand. With the subprime mortgage crisis began, Citigroup was exposure into toxic mortgages in CDOS and also under poor risk management then led Citi into serious trouble. Under these reasons, in 2008 the global financial crisis, Citigroup took huge losses but it got a massive stimulus from US government to rescue. Although the Citi took huge losses, it built up a giant cash reserve 420 billion. The Wells Fargo was mainly focus on operations in the world as a multinational diversified financial services company then then Wells Fargo Bank is primary focus on US operating subsidiary. It is the largest bank by market capitalization with over 80 different financial services. 2.3 Financial crisis in American and China (ÃÆ' ©Ãƒ ¢Ã¢â€š ¬Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã‹Å"ÃÆ' ¨Ãƒâ€¦Ã‚ ¾Ãƒâ€šÃ‚ ÃƒÆ' ¥Ãƒâ€šÃ‚ Ãƒâ€šÃ‚ ±ÃƒÆ' ¦Ãƒâ€¦Ã¢â‚¬Å" ºÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ ÃƒÆ' ¥Ãƒâ€šÃ‚ Ãƒâ€¦Ã‚ ½ÃƒÆ' ¦Ãƒ ¢ â‚ ¬Ã‚ ¢Ã‚ °ÃƒÆ' ¦Ãƒâ€šÃ‚ Ãƒâ€šÃ‚ ®ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¥Ãƒâ€šÃ‚ Ãƒâ€¹Ã…“ÃÆ' ¥Ãƒâ€¦Ã¢â‚¬â„¢-) From above, we can get more details information about Chinese and American Big Four banks. Then the writer will take the banks performance graphs to illustrate the exact impact by the financial crisis on banking systems. Firstly, the writer according to the Chinese and American banks annual performance from pre-financial crisis to post financial crisis, get a summary and graphs to prove that Chinese banks got less influence than American by the financial crisis. 2.3.1 First to introduce the Central bank of Chinas loan rate and interest rate to compare with American (Federal Reserve System) Following section 2.2, we get these banks business clearly. In order to make the conclusion clearly and simplicity, the writer separates these banks into 4 parts: ABC to Citigroup, CCB to BA, BOC to JPMorgan Chase and Industrial Commercial Bank to Wells Fargo, be cause they are doing similar main banking business, such as: the Agricultural Bank of China and Citigroup are mainly doing retail banking business and the same to others. Before comparing them separately, we need to know the interest rate on loans. In China, the Central Bank (Peoples Public of China) publishes loan rate according to consumers supply and demand chain, economic environment and other reasons. Because the loan rate changed like with 4 different period times: less than 6 months, between 6 months to 1 year, 1year to 5 years and up to 5 years, then the writer only make one graph clearly to illustrate result. From 2007 to 2011, the loan rate changed in China under below graph that same as the interest rate and deposit rate. In the graph, the Central Bank changed rate nearly more than 5 times per year, especially from 2008 to 2010 the financial crisis period. In 2008, the loan rate changed dramatically that shows on the graph. At the beginning of 2008, it dropped a lit tle but start at July, the loan rate felled down sharply that is under 5% in the less than 6 months loan rate. However, from September 2010, the Central Bank of China started to increase the rate. According to describe the loan rate of China, Federal Reserve System also control the interest rate on loans in America. Below the graph, we see the interest rate on loans dropped dramatically from 2007 when the housing prices went down, which reached 3.25% until 2009 then got stabilized to 2011. In American Interest Rates graph, the interest rate reached 0.25% as historic lowest from 2009 to 2010. The lower interest rate made consumers borrow money for investment because it makes consumers disposable income increase and then increased the demand of items to stimulant economy. Comparing to the changes of interest rates, we can get the Chinese banking systems influenced less than American, because from 2008 to 2009, the interest rate in China got a little bit climbing. And also at the end of 2010, the interest rate increased dramatically. That means the Chinese economic recovery from 2011. On the contrary, the American interest rate still keep historic lowest from 2009 until now that is easily to illustrate the Chinese banking systems got less influenced by the financial crisis than American. Of course, there are many details in the Big Four banking to certify this consequence, in section 2.3.1; the writer will describe them separately. 2.3.1 Their Big Four balance sheets In todays, most banks are doing many area businesses such as commercial, investment, retail and others, and also their businesses are not divided clearly. In order to compare the influenced by financial crisis, the writer will compare them separately that according to their main business then divided them into some groups. Actually, when the financial crisis happened that influenced many areas such as share price, mortgage loans, interest rates and unemployment rates and others. Then a mong all of the areas, the most significant ones are chosen to show the impacts of financial crisis. The first compare group is the Agricultural Bank of China (ABC) to Citigroup under their main business of retail banking, which is implement transactions with consumers directly not to other banks or corporations. It includes personal loans, savings, mortgages, transactional accounts, debit and credit cards. With these businesses, the financial crisis was influence in personal loans, savings, mortgages and credit cards. Then the writer compares them in Resident Mortgage Loans, Net Income, Number of Employees and other parts to explain the Agricultural Bank of China got less affected. ABC share price Citigroup share price From above Resident Mortgage Loans, the Agricultural Bank of Chinas personal mortgage loans were increasing dramatically but the Citigroups showed a slow and continuous decrease that means when Chinese Central Bank drop the interest rate from 6.5% to 5 % in 2007-2009, it took an outstanding result in stimulate resident mortgage loans but in contrary with Citigroup. No doubt, the financial crisis made heavily unemployment. Then under the number of employees in ABC and Citigroup, we can see the ABCs employees not changed too much from 2007 to 2011 but in Citigroup, the number of employees decreased obviously during 2007-2009. That means, the Citigroup unemployment rate raised greatly during the financial crisis. Although the Net Income in income statements has influenced by many parts, it released to negative of Citigroup in 2008 that mainly affected by the financial crisis. Comparing to ABC, the net income still keep positive from 2007 to 2010. From the history and graph of share price in ABC, it went public with A (Shanghai Stock Exchange) and H (Hong Kong Stock Exchange) in July 2010, then we cannot see the share price in above. However, in the above graph, we can see the Citigroups share price was dropping down sharply from 500 to 45 from 2007 to 2009. Secondly, the China Constructions Bank (CCB) and the Bank of America (BA), they are mainly focused on investment banking. The investing banks support individuals, government and corporations to increase their capital. Under the financial crisis, Bank of America got badly hurt but Chinese Constructions Bank is still earning money with the Chinese economy expand. The result shows under below graphs: Resident mortgage loan Number of employees CCB share price BA share price With the resident mortgage loan graph, the BAs personal mortgage loan looks stabilize from 2007 to 2011. Conversely, the CCB got specifically increase from 2008 under the Chinese Central Bank reduce interest rate. From the net income graph in China Constructions Bank and the Bank of America, we can see CCB increased radically from 2007 to 2011 but BA has a converse line, it got a slowly reduce that was nearly to negative net income. In share price graphs, the CCB reduced from 8 to 3 nearly drop 62.5% but in BA, it was decreased more than 90%. The Bank of China, JPMorgan Chase, Industrial Commercial Bank of China and Wells Fargo are all describe in up four areas: Resident Mortgage Loan, Net Income, Number of employee and share prices. The result is similar, which shows the American banks were influenced higher than Chinese. 2.4 The difference in banking system between American and China (ÃÆ' ©Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¡ÃƒÆ' ¨Ãƒâ€šÃ‚ ¿Ãƒ ¢Ã¢â€š ¬Ã‚ ¡ÃƒÆ' ©Ãƒ ¢Ã¢â€š ¬Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã‹Å"ÃÆ' ¨Ãƒâ€¦Ã‚ ¾Ãƒâ€šÃ‚ ÃƒÆ' ¥Ãƒâ€šÃ‚ Ãƒâ€šÃ‚ ±ÃƒÆ' ¦Ãƒâ€¦Ã¢â‚¬Å" ºÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¥Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ±ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã…“ ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢Ãƒâ€¦Ã¢â‚¬â„¢2.2ÃÆ' ¦Ãƒâ€šÃ‚ Ãƒâ€šÃ‚ ¥ÃƒÆ' ¥Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  ÃƒÆ' ¦Ãƒâ€¦Ã‚ ¾Ãƒâ€šÃ‚ ) According to the structure and business in Big Four of America and China, the Chinese banks got less influenced. What leads Chinese banks got less affected? To answer this question, the writer finds some difference in banking systems between these two countries. The US banking system is the largest one in the world, and from the section 2.2, we know the Federal Reserve System is the central bank in America that likes that the Peoples Bank of China, which provides more flexible, stable monetary and financial system to banks. The two central banks are mainly controlled by their countries government separately and also their all losses will eventually to its government. Nonetheless, there still have some difference performances between two countries in earlier and poster the financial crisis. According to their many difference parts in banking systems, the writer picks up some important point to illustrate and analysis. 2.4.1 Regulations different The firstly and mainly important differ is banking supervision. Banking supervision must exist in every countrys financial system that makes sure the financial institution safety and soundness, it involves monitoring, examining and inspecting banking organizations and also it assess customers conditions that relevant to laws and regulations. However, American and Chinese banking supervision are distinct: regulatory framework and the basic problem in financial markets are different. We all know, the American financial market has a laisser faire [1] idea, then it took most banks more rely on their own control and management. In addition, the American financial regulatory system consists of state and Federal supervision. The banks are not only regulated by the Federal but also each state has their own supervision organizations, which is looser to banks than Federal. From 1963, the US government was helping and encouraging homeowners to buy houses under the US houses prices dramatically increased condition. And then the central bank of America (Federal Reserve System) dropped the interest rates dramatically from 1984 to 2008, which showed in section 2. 3.1 graphs, which government wanted customers loan more money from banks to invest in order to stimulate economy. In addition, every bank was hoped to earn more profits than others then during that time, they took out some lower and looser loan conditions for customers. For example: JPMorgan Chase did not request customers repay ability to loan and also it allowed homeowners without putting deposits for mortgage. Conversely, Chinese regulation system is diversified, which are mainly divided into 3 parts: CBRC (China Banking Regulatory Commission), CSRC (China Securities Regulatory Commission) and CIRC (China Insurance Regulatory Commission). The CBRC is according to their main business to supervise such as commercial banks, policy banks and others. The CSRC and CIRC are supervision in securities, futures, funds and insurance area separately. The Chinese supervision is indicated that the Central bank has responsibility to control and regulation macro-economic but at the same time, there still has other supervision organizations in micro-regulation. This type of supervision called institutional regulation, which is improving the professional level of regulation then to get their target easily. From section 2.3.1, we all know America and China were all reduce their interest rate from 2007 to 2009, while, Chinese central bank was only dropped 1.05% that is much less than American. In addition, Chinese banks are regulated by many parts as we mentioned above. Hence Chinese banks are strictly constrained and have limited rights to conduct mortgage activities based on their own benefit purpose. In Chinese regulation system, the CBRC strengthen combines financial supervision and market discipline together and also these prevent financial risk effectively and firstly. On the above of this regulation, Chinese banking systems regulation request banks must meet clients in person and also customers must comply with basic lending conditions, which reduce a lot of finan cial risk than other regulations. However, the institutional regulation also contains some disadvantages such as hard to coordinate these regulation organizations between each other, and this regulation too large that needs to spend a higher cost than others. In addition, this type regulation is easily to repeat some supervision questions, which is especially for universal banks but in todays, most banks are developing to universal such as ABC, CCB and other Chinese banks. 2.4.2 Other implements in banking system before the financial crisis At present, the American banks are mainly focus in mixes management, they can operate securities, insurance and other trust business but Chinese banks are primarily running traditional business (loan business), which showed details in section 2.2.1. Before the financial crisis happen, the American banks changed a large number of assets to securitization and then packed them like a high credit rating lower risk bonds such as CDO, CDS, the n bought too much. At last, these bonds leaded many banks in heavy losses. For example: In the mid-2006, JPMorgan Chase created CDO bonds as initial stake then the JPM turned it into investment that sold to international. However, next year, the JPMorgan Chase was crashed by the houses price went down suddenly. And also, during that time, the Bank of American also crisis by excessive leverage and it suffered by the subprime mortgage market. According to the global financial crisis, the JPMorgan took two mistakes: it made too many leveraged loans and also procured lower mortgages underwriting the banks standards conditions. Nevertheless, Chinese banks did not influence by the financial crisis too much, they are mainly suffered by global economic recession that showed in section 2.3.1. 2.4.3 American banks advantages Although, the American banks suffered heavily by the financial crisis, the regulation banking systems still exist some advantages that we need to learn. From sectio n 2.4.1, we know the American banks used Federal and State regulation that is the most prominent feature in banking regulation. In the American law, it mainly empowers to Federal and states to regulate commercial banks rights, while, other organizations also participate the commercial banks regulation such as FRS, FRIC. This kind of regulations is effectively supervision and controls the commercial banks behavior and also defuses some financial risks. Comparing with the Chinese reinforcement management, American banks regulation is more focus on cooperation and coordination between regulators and regulated. For example: In American the regulation administration has a good relationship with banks, which makes America become the most financial activities and also the most strictly and depth financial regulation country. In addition, under a mixed operation situation, the American banks took out a special regulation (Umbrella Supervision) []. ÃÆ' §Ãƒâ€šÃ‚ ¾Ãƒâ€¦Ã‚ ½ÃƒÆ' ¥Ãƒ ¢Ã¢ ‚ ¬Ã‚ ºÃƒâ€šÃ‚ ½ÃƒÆ' ¨Ãƒâ€šÃ‚ ¿Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢ÃƒÆ' §Ãƒâ€šÃ‚ ÃƒÆ' ¥Ãƒâ€¦Ã¢â‚¬Å" ¨ÃƒÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ÃƒÆ' ¥Ãƒâ€šÃ‚ ®Ãƒâ€¦Ã‚ ¡ÃƒÆ' ¦Ãƒâ€ Ã¢â‚¬â„¢Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã‚  Ãƒâ€šÃ‚ µÃƒÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒ ¢Ã¢â€š ¬Ã‚ ¹ÃƒÆ' ©Ãƒ ¢Ã¢â€š ¬Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã‚ ¡ÃƒÆ' ¥Ãƒâ€šÃ‚ -ÃÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ÃƒÆ' ¥Ãƒâ€šÃ‚ ®Ãƒâ€¦Ã‚ ¡ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' §Ãƒ ¢Ã¢â€š ¬Ã‚ ºÃƒ ¢Ã¢â€š ¬Ã‹Å"ÃÆ' §Ãƒâ€šÃ‚ ®Ãƒâ€šÃ‚ ¡ÃƒÆ' ¦Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒ ¢Ã¢â€š ¬Ã‚ ¹ÃƒÆ' ¦Ãƒâ€šÃ‚ ®Ãƒâ€šÃ‚ µÃƒÆ' ¤Ãƒâ€šÃ‚ ¹Ãƒâ€¦Ã‚ ¸ÃƒÆ' ©Ãƒâ€¦Ã¢â‚¬Å"à ¢Ã¢â‚¬Å¡Ã‚ ¬ÃƒÆ' ¨Ãƒâ€šÃ‚ ¦Ãƒâ€šÃ‚ ÃƒÆ' ¦Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"ÃÆ' ¤Ãƒâ€šÃ‚ »Ãƒâ€šÃ‚ ¬ÃƒÆ' ¥Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ¦ÃƒÆ' ¤Ãƒâ€šÃ‚ ¹Ãƒâ€š 2.5 The effects and changes of Chinese banking systems in post financial crisis (advantages, disadvantages of banking system in China) (ÃÆ' ©Ãƒ ¢Ã¢â€š ¬Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã‹Å"ÃÆ' ¨Ãƒâ€¦Ã‚ ¾Ãƒâ€šÃ‚ ÃƒÆ' ¥Ãƒâ€šÃ‚ Ãƒâ€šÃ‚ ±ÃƒÆ' ¦Ãƒâ€¦Ã¢â‚¬Å" ºÃƒÆ' ¥Ãƒâ€šÃ ‚ ¯Ãƒâ€šÃ‚ ¹ÃƒÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒâ€šÃ‚ ­ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã‚ ºÃƒâ€šÃ‚ ½ÃƒÆ' ©Ãƒ ¢Ã¢â€š ¬Ã…“ ¶ÃƒÆ' ¨Ãƒâ€šÃ‚ ¡Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' §Ãƒâ€šÃ‚ ³Ãƒâ€šÃ‚ »ÃƒÆ' §Ãƒâ€šÃ‚ »Ãƒâ€¦Ã‚ ¸ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¥Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ±ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã…“ ÃƒÆ' ¤Ãƒâ€šÃ‚ »Ãƒâ€šÃ‚ ¥ÃƒÆ' ¥Ãƒâ€šÃ‚ Ãƒâ€¦Ã‚  ÃƒÆ' ¥Ãƒâ€šÃ‚ ®Ãƒâ€ Ã¢â‚¬â„¢ÃƒÆ' ¤Ãƒâ€šÃ‚ »Ãƒâ€šÃ‚ ¬ÃƒÆ' ¦Ãƒâ€¹Ã…“ ¯ÃƒÆ' ¦Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ½ÃƒÆ' ¤Ãƒâ€šÃ‚ ¹Ãƒâ€¹Ã¢â‚¬  ÃƒÆ' ¥Ãƒâ€šÃ‚ ºÃƒ ¢Ã¢â€š ¬Ã‚ ÃƒÆ' ¥Ãƒâ€šÃ‚ ¯Ãƒâ€šÃ‚ ¹ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ ÃÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã‚  Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã‚ ¡Ãƒâ€šÃ‚ ºÃƒÆ' ¤Ãƒâ€šÃ‚ ¼Ãƒâ€¹Ã…“ÃÆ' §Ãƒâ€šÃ‚ ¼Ãƒâ€šÃ‚ ºÃƒÆ' §Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¹) According to above sections, we know the financial crisis influenced to Chinese banks. But what types of influences are there and what are the responses from Chinese banking systems to deal with the crisis need to be elaborated. In this section, the writer will talk about t he effects and changes in details. In fact, the Chinese banking systems impacted by the global financial crisis were showed in banks risk degree changes. Actually, when the financial crisis happened, there were two kinds of effects showed: direct and indirect. The directly risk degree changes are the financial crisis directly affected to Chinese banks foreign exchange market and shareholding structures. While, the indirectly influence is caused by the global economic recession that leaded by the global financial crisis, which made Chinese macro-economic, foreign trade, financial monetary policy and others changed then it affected the Chinese banks risk degree. The main influences are showed into 4 parts: Chinese banks profit loss, ownerships structure changed, the quality of assets decline and the potential risks increase. Firstly, according to the section 2.1, we know the Chinese banks affected directly by the financial crisis, when dollar securities prices went down that impaired a domestic Chinese banks foreign exchange decrease and it directly leaded Chinese banks actual loss. After China joined into WTO, Chinese banks went to international (overseas assets allocation), and then the dollar securities were played an important part in Chinese banks. When the subprime crisis happened in American, it made securities fluctuate sharply then the values were dropping down. Although, in above, we introduce the Chinese banks regulation is institution but it still be a heavy loss by the financial crisis. In addition, the subprime crisis made and increased a financial gap to original investors in Chinese banks then it leaded Chinese public banks share sell-off in financial market that leaded the Chinese banks have to changed their ownerships structure. Also the indirect influence was the global financial crisis made economic recession in Europe countries then it affected Chinese export trade business and leaded Chinese banks credit quality decrease. The ef fects are also showed with the potential risk increasing in macro-economic environment and money policies. Not only the macro-economic environment changed but also Chinese banks moderated and lose their monetary policy may be increase the potential risk. The same with American banks, China also have some changes in banking systems when the financial crisis happened such as Chinese central bank sharply decreased the interest rate from 2008, sharply increased credit money, and took out lower loan conditions to stimulate Chinese economic and other changes. According to these effects and changes, we can see that the Chinese banking systems still have some problems with the Chinese towards gradually perfect and complete banking systems. The writer will introduce some important problems as follows: firstly, domestic commercial banks have some original problems with they do not have representative to make a decision and supervision, which leaded contributors shortage and then the domestic commercial banks have a large number of non-performing loans. Under the Chinese government protect, the domestic commercial banks are lacking some endogenous power, competition and risk awareness. Secondly, Chinese central bank is controlled by government financial department not only on personal arrangement but also in making policies. It is too much relay on the government then it not good for banks developing in the future. Chinese banks have taken heavy burden of debts due to the deteriorated market environment. Systematic scheme slowed down the speed of revolution and reform in banking system. To be more specific, the big four are all suffered from the non-performing-loan which account for a large portion of the credit business. The risk of loan maintains at high level which affect the efficiency and profit ability for Chinese banks. 2.6 Future development of Chinese banking systems Impacted by the financial crisis, it not only took bad effects but also took s ome challenges to Chinese banks. Firstly, Chinese banks need to get the greatest ways to control macroeconomics in short-term to reduce the scale and depth by the global economic recession. While, this is depending on macro-economics policy, we can through financial and positive monetary policy to satisfy needs and also government can change the policy with the demand to quick control macro-economic. How should we build more stable and sound banking systems, there is still another challenge to Chinese banks. With the problems of Chinese banks and above two challenges that are leading some future development to Chinese banks. We all know the financial crisis influences to Chinese banks are not short-term happened, that means, the effects are long-term and deep that maybe face the same problems in the future. Then Chinese banks should learn some methods from American banks experience, such as improve banks management consciousness, find out some active and steady innovation ways, i ncrease and strengthen banking supervision and inspection power and other future enhancement or changes. 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Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' ¦- ¶ÃƒÆ' ¤Ãƒâ€šÃ‚ ¹Ãƒâ€¦Ã‚ ¸ÃƒÆ' §Ãƒâ€šÃ‚ »Ãƒâ€šÃ‚ ´ÃƒÆ' ¦Ãƒâ€¦Ã¢â‚¬â„¢Ãƒâ€šÃ‚ ÃƒÆ' ¤Ãƒâ€šÃ‚ ºÃƒ ¢Ã¢â€š ¬Ã‚  ÃƒÆ' ©Ãƒ ¢Ã¢â€š ¬Ã…“ ¶ÃƒÆ' ¨Ãƒâ€šÃ‚ ¡Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' §Ãƒâ€šÃ‚ ¨Ãƒâ€šÃ‚ ³ÃƒÆ' ¥Ãƒâ€šÃ‚ ®Ãƒâ€¦Ã‚ ¡ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒâ€šÃ‚ »ÃƒÆ' ¨Ãƒâ€šÃ‚ Ãƒâ€šÃ‚ ¥ÃƒÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒâ€¦Ã‚ ¡ÃƒÆ' ¥Ãƒâ€¦Ã‚  Ãƒâ€šÃ‚ ¡ÃƒÆ' ¦Ãƒ ¢Ã¢â€š ¬Ã‚ Ãƒâ€šÃ‚ ¶ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒâ€šÃ‚ ¥ÃƒÆ' ¦Ãƒâ€šÃ‚ Ãƒâ€šÃ‚ ¥ÃƒÆ'  ¦Ãƒâ€šÃ‚ ºÃƒâ€šÃ‚ ÃƒÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã… ¡ ÃÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒâ€šÃ‚ ­ÃƒÆ' ¥Ãƒâ€šÃ‚ ¤Ãƒâ€šÃ‚ ®ÃƒÆ' ©Ãƒ ¢Ã¢â€š ¬Ã…“ ¶ÃƒÆ' ¨Ãƒâ€šÃ‚ ¡Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' ©Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ÃƒÆ' ¦Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ¥ÃƒÆ' ¤Ãƒâ€šÃ‚ »Ãƒâ€¦Ã‚ ½ÃƒÆ' ¦Ãƒ ¢Ã¢â€š ¬Ã‚ Ãƒâ€šÃ‚ ¿ÃƒÆ' ¥Ãƒâ€šÃ‚ ºÃƒâ€¦Ã¢â‚¬Å"ÃÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ÃƒÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒâ€šÃ‚ ªÃƒÆ' ©Ãƒâ€ Ã¢â‚¬â„¢Ãƒâ€šÃ‚ ¨ÃƒÆ' ©- ¨ÃƒÆ' ¨Ãƒâ€šÃ‚ ½Ãƒâ€šÃ‚ ¬ÃƒÆ' ¥Ãƒâ€šÃ‚ Ãƒâ€¹Ã…“ÃÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒâ€šÃ‚ ºÃƒÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ÃƒÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒâ€šÃ‚ ªÃƒÆ' §Ãƒ ¢Ã¢â€š ¬Ã‚ ¹Ãƒâ€šÃ‚ ¬ÃƒÆ' §Ãƒâ€šÃ‚ «Ãƒ ¢Ã¢â€š ¬Ã‚ ¹ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¦Ãƒâ€¦Ã¢â‚¬Å" ºÃƒÆ' ¦Ãƒâ€¦Ã‚ ¾Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ¼Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' ¤Ãƒâ€šÃ‚ »Ãƒâ€¦Ã‚ ½ÃƒÆ' ¨Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' ¦Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€šÃ‚ ÃƒÆ' ¨Ãƒâ€ Ã¢â‚¬â„¢Ãƒâ€šÃ‚ ½ÃƒÆ' ¦Ãƒâ€¦Ã‚ ½Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' §Ãƒâ€šÃ‚ ®Ãƒâ€šÃ‚ ¡ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢Ãƒâ€¦Ã¢â‚¬â„¢ ÃÆ' ¥Ãƒâ€šÃ‚ ¼Ãƒ ¢Ã¢â€š ¬Ã‚ ¢ÃƒÆ' ¥Ãƒâ€šÃ‚ ¯Ãƒâ€šÃ‚ ¼ÃƒÆ' ©Ãƒ ¢Ã¢â€š ¬Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã‹Å"ÃÆ' ¨Ãƒâ€¦Ã‚ ¾Ãƒâ€šÃ‚ ÃƒÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒâ€¦Ã‚ ¡ÃƒÆ' ¥Ãƒâ€¦Ã‚  Ãƒâ€šÃ‚ ¡ÃƒÆ' ¦Ãƒâ€¦Ã¢â‚¬Å" ÃƒÆ' §Ãƒâ€šÃ‚ Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ÃƒÆ' ¦Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ £ÃƒÆ' ¥Ãƒâ€šÃ‚ ¸Ãƒâ€šÃ‚ ¸ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¦- ¹ÃƒÆ' ¥Ãƒâ€šÃ‚ Ãƒ ¢Ã¢â€š ¬Ã‹Å"ÃÆ' ¥Ãƒâ€šÃ‚ Ãƒ ¢Ã¢â€š ¬Ã‹Å"ÃÆ' ¥Ãƒâ€šÃ‚ ±Ãƒ ¢Ã¢â€š ¬Ã‚ ¢ÃƒÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã… ¡ ÃÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒâ€šÃ‚ ­ÃƒÆ' ¥Ãƒâ€šÃ‚ ¤Ãƒâ€šÃ‚ ®ÃƒÆ' ©Ãƒ ¢Ã¢â€š ¬Ã…“ ¶ÃƒÆ' ¨Ãƒâ€šÃ‚ ¡Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' ¤Ãƒâ€šÃ‚ ¸Ãƒâ€šÃ‚ ÃƒÆ' §Ãƒ ¢Ã¢â€š ¬Ã‚ ¹Ãƒâ€šÃ‚ ¬ÃƒÆ' §Ãƒâ€šÃ‚ «Ãƒ ¢Ã¢â€š ¬Ã‚ ¹ÃƒÆ' ¦Ãƒ ¢Ã¢â€š ¬Ã… ¾Ãƒâ€šÃ‚ ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã‹Å" ³ÃƒÆ' §Ãƒâ€šÃ‚ Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ÃƒÆ' ¥Ãƒâ€¹Ã¢â‚¬  Ãƒâ€šÃ‚ ©ÃƒÆ' §Ãƒâ€¦Ã‚ ½Ãƒ ¢Ã¢â€š ¬Ã‚ ¡Ãƒâ€šÃ‚ ¼Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒâ€šÃ‚ ¬ÃƒÆ' ¥Ãƒâ€šÃ‚ ¼Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬ÃƒÆ' ¥Ãƒâ€šÃ‚ ¸Ãƒ ¢Ã¢â€š ¬Ã… ¡ÃƒÆ' ¥Ãƒâ€¦Ã¢â‚¬Å" ºÃƒÆ' ¦Ãƒ ¢Ã¢â€ š ¬Ã…“ ÃƒÆ' ¤Ãƒâ€šÃ‚ ½Ãƒâ€¦Ã¢â‚¬Å"ÃÆ' §Ãƒâ€šÃ‚ ­Ãƒ ¢Ã¢â€š ¬Ã‚ °ÃƒÆ' ¥Ãƒâ€šÃ‚ ¯Ãƒâ€šÃ‚ ¹ÃƒÆ' §Ãƒâ€šÃ‚ »Ãƒâ€šÃ‚ ÃƒÆ' ¦Ãƒâ€šÃ‚ µÃƒâ€¦Ã‚ ½ÃƒÆ' ¨Ãƒâ€šÃ‚ ¿Ãƒ ¢Ã¢â€š ¬Ã‚ ºÃƒÆ' ¨Ãƒâ€šÃ‚ ¡Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' ¨Ã‚ °Ãƒâ€ Ã¢â‚¬â„¢ÃƒÆ' ¦Ãƒâ€¦Ã‚ ½ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¦Ãƒâ€šÃ‚ Ãƒâ€šÃ‚  ÃƒÆ' ¦Ãƒâ€šÃ‚ Ãƒ ¢Ã¢â€š ¬Ã‚  ÃƒÆ' ¤Ãƒâ€šÃ‚ ½Ãƒâ€¦Ã¢â‚¬Å"ÃÆ' §Ãƒ ¢Ã¢â€š ¬Ã‚ Ãƒâ€šÃ‚ ¨ÃƒÆ' ¥Ã‚ °Ãƒ ¢Ã¢â€š ¬Ã‚  ÃƒÆ' ¨Ãƒâ€šÃ‚ ¢Ãƒâ€šÃ‚ «ÃƒÆ' ¥Ãƒâ€šÃ‚ ¼Ãƒâ€šÃ‚ ±ÃƒÆ' ¥Ãƒâ€¦Ã¢â‚¬â„¢- ¼Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' ¥Ãƒâ€šÃ‚ -ÃÆ' ¨Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' ¤Ãƒâ€šÃ‚ »Ãƒâ€šÃ‚ £ÃƒÆ' ¤Ãƒâ€šÃ‚ ¹Ãƒ ¢Ã¢â€š ¬Ã‚ ¹ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¦Ãƒâ€¹Ã…“ ¯ÃƒÆ' ¥Ãƒâ€šÃ‚ ¼Ãƒâ€šÃ‚ ºÃƒÆ' ¥Ãƒâ€¹Ã¢â‚¬  Ãƒâ€šÃ‚ ¶ÃƒÆ' ¦Ãƒ ¢Ã¢â€š ¬Ã‚ °ÃƒÆ' ¨Ãƒâ€šÃ‚ ¡Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã‹Å" ½ÃƒÆ' ¤Ãƒâ€šÃ‚ »Ãƒâ€šÃ‚ ¤ÃƒÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã… ¡ Conclusion ÃÆ' ¨Ãƒâ€šÃ‚ ¿Ãƒâ€¹Ã…“ÃÆ' ©Ãƒâ €¦Ã¢â‚¬Å"à ¢Ã¢â‚¬Å¡Ã‚ ¬ÃƒÆ' ¨Ãƒâ€šÃ‚ ¦Ãƒâ€šÃ‚ ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã‚  Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¥Ãƒ ¢Ã¢â€š ¬Ã‚  Ãƒ ¢Ã¢â€š ¬Ã‚ ¦ÃƒÆ' ¥Ãƒâ€šÃ‚ ®Ãƒâ€šÃ‚ ¹: ÃÆ' ¦Ãƒâ€¦Ã¢â‚¬Å" ªÃƒÆ' ¦Ãƒâ€šÃ‚ Ãƒâ€šÃ‚ ¥ÃƒÆ' §Ãƒâ€¦Ã‚ ¡Ãƒ ¢Ã¢â€š ¬Ã… ¾ÃƒÆ' ¥Ãƒâ€šÃ‚ Ãƒ ¢Ã¢â€š ¬Ã‹Å"ÃÆ' ¥Ãƒâ€šÃ‚ ±Ãƒ ¢Ã¢â€š ¬Ã‚ ¢ÃƒÆ' ¥Ãƒâ€šÃ‚ Ãƒâ€¹Ã…“ÃÆ' ¥Ãƒâ€¦Ã¢â‚¬â„¢-() Conclusion ÃÆ' ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¢Ã‚ °ÃƒÆ' ¦Ãƒâ€šÃ‚ Ãƒâ€šÃ‚ ®ÃƒÆ' ¥Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‚  ÃƒÆ' ¦Ãƒâ€¦Ã‚ ¾Ãƒâ€šÃ‚ ÃƒÆ' ¨Ãƒâ€šÃ‚ ¿Ãƒâ€¹Ã…“ÃÆ' ©Ãƒâ€¦Ã¢â‚¬Å"à ¢Ã¢â‚¬Å¡Ã‚ ¬ÃƒÆ' ¨Ãƒâ€šÃ‚ ¦Ãƒâ€šÃ‚ ÃƒÆ' ¥Ãƒâ€šÃ‚ ®Ãƒâ€¦Ã¢â‚¬â„¢ÃƒÆ' ¥-à ¢Ã¢â€š ¬Ã… ¾ Literature Review reference: Adair turner, The financial Crisis and the future of financial regulation, the economists inaugural city lecture, 21st January 2009 J.B. Taylor, 2009, The financial Crisis and the policy responses: an empirical analysis of what went wrong, National Bureau of Economic Research Working Paper Se ries, Vol. 14631 Carmen M. Reinhart Kenneth S. Rogoff, 2008. Is the 2007 US Sub-prime Financial Crisis So Different? An International Historical Comparison, American Economic Review, American Economic Association, vol. 98(2), pages 339-44, May. 2008 Adams, R. B. (2012), Governance and the Financial Crisis. International Review of Finance, 12:  7-38. Castells, Manuel, Caraca, Joao and Cardoso, Gustavo, (2012), Aftermath: The Cultures of the Economic Crisis, Oxford University Press, Carmen M. Reinhart Kenneth S. Rogoff, 2009. The Aftermath of Financial Crises, American Economic Review, American Economic Association, vol. 99(2), pages 466-72, May. Berkmen, Pelin, Gelos, Gaston, Rennhack, Robert K. and Walsh, James P., The Global Financial Crisis: Explaining Cross-Country Differences in the Output Impact (December 2009). IMF Working Papers, Vol. , pp. 1-19, 2009. Ligang Liu, Impact of the Global Financial Crisis on China: Empirical evidence and Policy Implicat ions, China World Economy, 1-23, Vol.17. No.6. 2009 J. Ghosh and C.P. Chandrasekhar, 2008, The costs of coupling: the global crisis and the Indian economy , Cambridge Journal of Economics, Volume 33, Issue 4, Page: 725-739 M.Clerides and C. Stephanou, 2009, The Financial Crisis and the banking system in Cyprus, Cyprus Economic policy review, Vol.3, No.1, pp. 27-50 V. Anichshenko, 2009, The impact of financial crisis on the banking systems in Kazakhstan, Central Asia Business Journal, Vol.2, November 2009 Cunningham, Lawrence A. and Zaring, David T., The Three or Four Approaches to Financial Regulation: A Cautionary Analysis Against Exuberance in Crisis Response. George Washington Law Review, Vol. 78, October 2009; GWU Legal Studies Research Paper No. 469; William H. Overholt (2010): China in the Global Financial Crisis: Rising Influence, Rising Challenges, The Washington Quarterly, 33:1, 21-34 E.Geretto and R. Pauluzzo (2009), The Chinese banking system: Econom ic performance and prospects for future development, Transit studies review, 16:92-113 American interest rate: https://www.global-rates.com/interest-rates/central-banks/central-bank-america/fed-interest-rate.aspx Why Chinas Banks Are Stronger than Americas: https://www.time.com/time/business/article/0,8599,1902404,00.html CCB: https://www.ccb.com/en/newinvestor/upload/20120612_1339472609/nianbaoen2011.pdf https://www.marketwatch.com/investing/stock/cichy/financials

Are People Who Are Motivated By External Environments

Extroverts are people who are motivated by external environments, mainly concerning with social aspect in life. Their drive in life is mainly fun for the most part. They obtain an outward look on life and live it in an outgoing way. Typically, people view them as overly excited, emotional, or too intense in some situations. Their excitement may be â€Å"over the top† for some people, and may be seen as exaggerated or even to feed their attention they so desperately need. Growing up my personality resembled an extrovert. My subliminal motivation was to have positive vibes and relationships with anybody and everybody. My mouth always seemed to be expressing ideas that instantly came to mind in discussions, with little filter, which has landed me in trouble numerous times. It wasn’t until my transition after an involuntary year away from education, due to inappropriate behavior, that I began to take note of other’s people reactions to my gregarious personality. 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Pride And Prejudice Social Landscape Essay - 1600 Words

In Pride and Prejudice, Jane Austen carefully depicts the social landscape of England during the late 18th and early 19th centuries. Seemingly mirroring this social landscape is the physical landscape of the English countryside. In a pivotal scene in which the novel’s protagonist, Elizabeth Bennet, ventures to the home of her future husband, Austen uses the natural landscape to show how Elizabeth, born of the landed gentry class but with no financial stability, physically ascends to the location of Mr. Darcy, her love interest and a wealthy gentleman. Yet, the natural landscape is just as much tied to Elizabeth as it is to the role of society, used to characterize her as strong-willed and individualistic. Thus, the thesis of this paper is,†¦show more content†¦Bennet makes it â€Å"[t]he business of her life [...] to get her daughters married† (Pride and Prejudice 1.1 (3)). Austen uses the word â€Å"business† to emphasize how, more than anything, marria ge is an economic institution meant to guarantee that Mrs. Bennet’s daughters not die of starvation. Austen then uses the rest of the novel to track the Bennet sisters and their ability to find financial security through the ascension of social classes via marriage. This ascension is ultimately epitomized by the novel’s protagonist, Elizabeth Bennet, who rises from her family’s (relatively) low station to become the wife of the wealthy Mr. Darcy. The landscape of England itself seems to mirror that ascension. When Elizabeth first visits Mr. Darcy, one of the main turning points in the novel, she is forced to travel from low elevation to high elevation, foreshadowing her rise in status through marriage: â€Å"[Elizabeth and the Gardiners] entered [the park leading to Pemberley] in one of its lowest points, and drove for some time through a beautiful wood, stretching over a wide extent† (Pride and Prejudice 3.1 (185)). Here, Elizabeth is marked as having entered the park at â€Å"one of its lowest points†, signifying her family’s relatively modest income, particularly in comparison to Mr. Darcy’s. Ultimately, â€Å"[t]hey gradually ascended for half a mile, and then found themselves at the top of a considerable eminence, where the wood ceased, and theShow MoreRelatedA Cultural Analysis Of Katherine Boo s Behind The Beautiful Forevers1728 Words   |  7 Pages Owen Boice August, 2016 English 10A Summer Essay A Cultural Analysis of Katherine Boo’s Behind The Beautiful Forevers INTRODUCTION Culture: â€Å"the customary beliefs, social forms, and material traits of a racial, religious, or social group† (Merriam-Webster’s Dictionary, definition 5b). In her book Behind The Beautiful Forevers, Katherine Boo examines issues of culture, integrating them into a unique, nonfiction work. Ms. Boo—anRead More A Comparison of Charles Dickens and Jane Austen Essay2446 Words   |  10 PagesLANGUAGE ESSAY Of the many authors to emerge during the nineteenth-century, Charles Dickens and Jane Austen were among the few who would make a lasting impression on the literary world for generations. Hard Times, often referred to as Dickens’ ‘Industrial novel’ and Austen’s Pride and Prejudice have been much read and well-loved classics for many years. It is the purpose of this essay to compare and contrast the different worlds depicted in both Hard Times and Pride and Prejudice. It will Read MoreThe Rise of the Novels in the Eighteenth Century4179 Words   |  17 Pagesestablished as the most outstanding and enduring form of literature. The periodical essay, which was another gift of this century to English literature, was born and died in the century, but the novel was to enjoy an enduring career. It is to the credit of the major eighteenth-century novelists that they freed the novel from the influence and elements of high flown romance and fantasy, and used it to interpret the everyday social and psychological problems of the common man. 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Details of dress and physical appearance should be scrutinized closely for what they may reveal about character. Details of dress may offer clues to background, occupation, economic and social status, and perhaps, as with Robin Molineux, even a clue to the character’s degree of self-respect. Details of physical appearance can help to identify a character’s age and the general state of his physical and emotional health and well-being: whetherRead MoreAn Assessment of the Impact of Corporate Social Responsibility on Nigerian Society: the Examples of Banking and Communication Industries18990 Words   |  76 PagesJournals Full Length Research Paper An assessment of the impact of corporate social responsibility on Nigerian society: The examples of banking and communication industries Adeyanju, Olanrewaju David Department of Financial Studies Redeemer’s University, km 46, Lagos Ibadan Expressway Mowe, Ogun State E-mail: davfol@yahoo.com, Tel No.: 07037794073 Accepted 30 January, 2012 In the Nigerian society, Corporate Social Responsibilities [CSR] has been a highly cotemporary and contextual issue toRead MoreNotes18856 Words   |  76 Pagesthe early years of both Christianity and Islam, evangelical work was often carried out with military campaigns. 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Children With Child Abuse And Neglect - 877 Words

There are different types of programs that are available for youth and families where child abuse and neglect is apparent. Such programs that are available for young people and non-offending family members are Forensic Interviews, Family Services, Therapy Counseling, and Prevention Education. Other programs are available in different areas for families where youth are showing different types of outcries to help non-offending family members and the child get the help that is needed for several of reasons. Such other programs are that which is similar to as a residential treatment program. Each state has programs that are set up in dealing with the crisis of child abuse and neglect. Each state across the nation is looking into the different program in which they have and how the programs need to be adjusted so that the needs of the children and families are a better fit. Through the different programs that have been set up, some states have seen some improvements in the programs for child abuse and neglect while other state’s are seeing failures for the different programs. Through the research on the various programs, some states are seeing a decline in how many youth is having issues after becoming adults with going into the corrections system. While other states are not only seeing a rise on how many children are entering the state s custody due to child abuse and neglect, but the young people are going into the corrections system as adults. With some states seeing aShow MoreRelatedChild Abuse And Neglect Of Children1670 Words   |  7 PagesChild Abuse and N eglect Are you a child being abused by your parent? Do you need help? Why would any parent do that to their child or children? Child abuse is common, there are many different kinds of abuse. Most of the abuse occurs within the family. Child abuse is more than bruises and broken bones. While physical abuse might be the most visible, other types of abuse such as, emotional abuse and neglect, also leave deep, lasting scars on the children (Smith, M.A, Segal). Studies have shown thatRead MoreChild Abuse And Neglect Of Children Essay1276 Words   |  6 Pages Child Abuse and Neglect Tracy Vargas Arizona State University Child Abuse and Neglect In 2002 child protective service (CPS) agencies investigated more than 2.6 million reports of alleged child abuse and neglect (Harder, 2005, p. 1). The topic I have selected for this paper is child abuse and neglect. In this paper I will provide information of the findings for four different articles, I will include results provided by each article, finding similarities or dissimilarities. TheRead MoreChild Abuse And Neglect Of Children924 Words   |  4 PagesChildren get abused and die everyday of abuse and neglect. In 2005 1,460 died throughout the year of child abuse or neglect. 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Analytical Essay on the Scarlet Letter - 2040 Words

In his book, The Scarlet Letter, Nathaniel Hawthorne tells of a story where a young woman has had an adulterous relationship with a respected priest in a Puritan community. Typical of Hawthornes writings is the use of imagery and symbolism. In Chapter 12, The Ministers Vigil, there are several uses of imagery when Dimmesdale, the priest, is battling with confessing his sin, which has plagued him for seven years. Three evident techniques used to personify symbolism in this chapter are the use of darkness versus light, the use of inner guilt versus confession, and lastly the use of colors (black versus white). Hawthornes use of darkness versus light is vivid throughout the entire book. However, there are two very important passages†¦show more content†¦However, Arthur Dimmesdales confession is not as clear and resounding as he wants it to be. His shriek in the night was only loud to him because he partly wanted to confess, and he perhaps thought that in standing on the sca ffold he was taking a huge step. When a person gets to this point, they have two options according to Hawthorne. Either go all the way in confessing or go half-heartedly into it, and if this path is taken, it is more likely to stay hidden. Dimmesdale, himself, does try keeping it hidden even longer since no one found him there that night. However this should be viewed as a failure of Dimmesdales courage lacking for necessary confession, rather than character for repentance. Another use of inner guilt versus confession is used when Dimmesdale is on the scaffold with Hester Prynne and Pearl. The minister felt for the childs other hand, and took it. The moment that he did so, there came what seemed a tumultuous rush of new life, other life than his own, pouring like a torrent into his heart, and hurrying through all his veins, as if the mother and child were communicating their vital warmth to his half torpid-system (Page 134). At this point in the chapter, Hawthorne expresses that Dimmesdale was on the verge of true repentance and confession. He even caught a glimpseShow MoreRelatedNathaniel Hawthorne s The Scarlet Letter1896 Words   |  8 PagesIn a surface examination of the work of Nathaniel Hawthorne, it is quickly evident that no good things come from the wilderness. Therein, the wilderness is often associated with the savages and the devil. In his work The Scarlet Letter, Hester Prynne finds herself exiled by society for having an adulterous affair with the town reverend which brought forth the child known as Pearl. 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Gradgrinds books Essay Example For Students

Gradgrinds books Essay Dickens also criticises Gradgrind through the relationship between Louisa and Thomas. In chapter 3 when they are first brought into the plot, they are immediately shown to be contrasting characters. When caught at the circus, Louisa is the one to stand up to her father, But Louisa looked at her father with more boldness than Thomas did. She is the one to tell him what they were doing, wanted to see what it was likeI brought him father It suggests that Louisa is not fearful of her father and wants him to recognise that she is rebelling against his system. Louisa has not been manipulated to the same extent as Thomas, Thomas gave himself up to be taken home like a machine. Instead she faces Mr Gradgrind. Dickens is challenging Gradgrinds teaching methods by bringing in Louisa as a rebel against her strict education, and contrasting her with her brother who has conformed to it. In chapter 8 he shows this further, Tom, chafing his face on his coat-sleeve, as if to mortify his flesh, and having it is unison with his spirit. Gradgrinds ways have completely crushed Thomass spirit, leaving him lifeless and dull. When staring into the fire, which so engrossed her, Louisa is able to appreciate it more than Tom, Except that it is a fireit looks to me as stupid and blank as everything else looks. He can only understand its factual purpose, You seem to find more to look at in it than ever I could find he says, putting this down to, Another of the advantagesof being a girl as his unimaginative mind cannot think of any other reason she can look deeper into the flames. Perhaps Dickens is alluding here to a tendency for females to be more emotional than men. Dickens also uses Louisa and Toms body language to undermine Gradgrinds approach to education. Tom is sitting astride of a chair before the fire, with his face on his arms where as Louisa, sat in the darker corner by the fireside, now looking at him, now looking at the bright sparks Tom, who is his model pupil, has his face in his hands suggesting he has no life left inside him, but his sister looks into the fire, as though she is looking to a light in the future. Throughout the book, Louisa and Thomas refer to each other as Loo and Tom, which are not the factual names they were given. Their father calls them Louisa and Thomas, and chapter 2, Gradgrind tells Sissy off for not calling herself Cecilia. In chapter 8, Never wonder Louisa and Thomas are discussed in more detail. Tom is set up as a very selfish, self pitying character, I am a donkey, thats what I am Hes waiting for Louisa to compliment him. Louisa is very un self-centred and does everything she can for her brother, think how unfortunate it is for me that I cant reconcile you to home better than I am able to doI cant play to you or sing to you And Tom seems to take advantage of this. He exploits Louisa for his own good. When talking about his methods of smoothing Mr Bounderby Tom says to his sister, its you. You are his little pet, you are his favourite, hell do anything for you. When he says to me what I dont like, I shall say to him my sister Loo will be hurt and disappointed, Mr BounderbyThatll bring him about, or nothing will. And later in Book Two, Louisa funds Toms gambling addiction. The model students he creates are not nice people, are selfish and who take advantage of others for their own benefit. In chapter 9, Tom further exploits Louisa when he enters the room and completely ignores Sissys crying state, going straight to Louisa, Because if you come theres a good chance of old Bounderbys asking me to dinner; and if you dont theres none. Tom is part of the reason Louisa accepts Bounderbys marriage proposal. He pressures her into it to make his life easier. During Book One Tom becomes the embodiment of Gradgrinds teaching. .u042636d6895302da5cef24b6120ae55e , .u042636d6895302da5cef24b6120ae55e .postImageUrl , .u042636d6895302da5cef24b6120ae55e .centered-text-area { min-height: 80px; position: relative; } .u042636d6895302da5cef24b6120ae55e , .u042636d6895302da5cef24b6120ae55e:hover , .u042636d6895302da5cef24b6120ae55e:visited , .u042636d6895302da5cef24b6120ae55e:active { border:0!important; } .u042636d6895302da5cef24b6120ae55e .clearfix:after { content: ""; display: table; clear: both; } .u042636d6895302da5cef24b6120ae55e { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u042636d6895302da5cef24b6120ae55e:active , .u042636d6895302da5cef24b6120ae55e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u042636d6895302da5cef24b6120ae55e .centered-text-area { width: 100%; position: relative ; } .u042636d6895302da5cef24b6120ae55e .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u042636d6895302da5cef24b6120ae55e .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u042636d6895302da5cef24b6120ae55e .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u042636d6895302da5cef24b6120ae55e:hover .ctaButton { background-color: #34495E!important; } .u042636d6895302da5cef24b6120ae55e .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u042636d6895302da5cef24b6120ae55e .u042636d6895302da5cef24b6120ae55e-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u042636d6895302da5cef24b6120ae55e:after { content: ""; display: block; clear: both; } READ: Poem Rising Five EssayFrom the beginning of the novel, Dickens sets up a very false relationship between Louisa and Mr Gradgrind. In chapter 3 it is clear that Gradgrind cannot comprehend Louisas feelings and emotions his daughter stole a look at him, remarkable for its intense and searching character. He saw nothing of it. Chapter 15, Father and Daughter is the main example of them relating to one another. The opening of the chapter sets up a sinister mood, a deadly statistical clock in it, which measured every second with a beat like a rap upon a coffin lid. It represents how time for the Gradgrinds is slow and painful. The repetition of the reference to Death proposes to the reader the idea that Louisa may die emotionally. Dickens then describes Gradgrinds books as an army constantly strengthening by the arrival of new recruits, highlighting that Louisa is fighting against an army of her fathers facts. During the chapter, Gradgrind does not seem at ease with many of the questions Louisa faces him with. When she asks about human feelings her father does not quite know how to react. His mind is unable to recognise the emotions she talks of, do you think I love Mr Bounderby? Mr Gradgrind was extremely discomforted by this unexpected question. Well, my childI really cannot He speaks with a stutter and does cannot respond. However, when he is able to incorporate facts into his answer, he is again at ease and will go on talking for long periods of time, as you have been accustomed to consider every other question, simply as one of tangible Factit is not unimportant to take into account the statistics of marriage, so far as they have yet been obtained, In England and Wales Louisa asks these questions with great deliberation. She is trying to push him into saying something un factual and to feel something for once, giving her father a chance to redeem himself, after his bad upbringing of her. Eventually she gives up what does it matter? Gradgrind does not pick up on any of the chances his daughter is giving him.

Music of Cordillera Essay Example For Students

Music of Cordillera Essay What instrument was used in this particular music? What is the function of the music in the society? B. Describe the instruments used. What is the instrument made of? How was it played? What instrumental substitutes can be used using environmental materials present in the classroom? C. How were the varied musical elements (timbre, dynamics, rhythm, pitch, form) employed bring about the message of the music? Rubrics for Group Performance Basic -Unfocused tone, erratic rhythm, unstable pitch, inconsistent phrasing and Hyannis. Needs work on nuances with reference to style and context. Developing: Focused tone but inconsistent in the extreme ranges, some repeated errors in rhythm , pitch and phrasing, discernible dynamic levels, some nuances as indicated in the music score or as suggested by the teacher with reference to style and context. 5 Approaching Proficiency: Focused and clear tone in the normal ranges, isolated errors in rhythm, pitch and phrasing, more obvious dynamic levels, with more nuances as indicated in the score or as suggested by the teacher with reference to style and content. Proficient: Focused and clear tone throughout the piece, accurate rhythm and secure pitch, consistent and sensitive phrasing, and well-defined dynamic levels, with creative nuances as indicated in the music score or as suggested by the teacher with reference to style and content. Rubrics for Designing an Instrument Substitute Basic: Inappropriate; Messy and incomplete materials; Sound quality lacks similarity with that of the original instrument.. Developing: Most materials appropriate; Decorated but messy Neat but fragile; Sound quality somewhat similar but not exactly similar to that of the original instrument. Approaching Proficiency: Appropriate materials; Decorated, neat; Sound quality almost similar to that of the original instrument Proficient: Appropriate and creatively modified materials; Decorated within the context of the instrument; Neat and Durable; Sound quality most similar to that of the original instrument. XSL SYNTHESIS The music of the Highlands of Luzon (Cordillera) helps us discover the way of life of the Cordillera people through themes about nature, family life, work in the field as well as the spiritual matters. In addition to songs and chanted poetry, Cordillera USIA is distinctively made up of two sound characteristics of instruments based on their respective materials the first, made of bamboo ( (flutes, percussion instruments), and the second, made of metal (gongs). These traditions are on their way to extinction due to the modernization of the way of life among the youth of the Cordillera region.