The Difference Of Interpretation On Coal Industry - 865 Words

Why does the difference of interpretation about coal industry appear in National Coal Mining Museum for England and the Coal Museum of China? Based on the analysis of interpretation methods in two museums, it could be found that the position of coal industry is different in two countries. In the UK, selectively memories and a sense of nostalgia about the generation of coal industry in the UK appear in the museum. On the contrary, the national coal museum tends to represent that although the energy structure has been started to change, coal resource still plays an irreplaceable role in China. To analyze why the difference of interpretation appears in two national coal museums, it is necessary to examine the past and the present conditions of coal industry in the UK and China. There are an increasing number of open-air museums in the UK. In essence, these museums not only were built to preserve buildings and objects and recall historical memory, but also were used to recall a significant generation or a period. John Ruskin in the book named The Seven Lamps of Architecture pointed out that the glory of a building or a collection is not in its material or its size, but in its generation. In other words, great era could bring the honor of history for people. Especially for the industrial past, it is easier to motivate the nostalgic impulse. In Britain, coal resource not only influenced the development of industry and technology, but also improved people’s daily life andShow MoreRelatedHistorical And Cultural Values Of Heritage1149 Words   |  5 PagesThe second reason why the sense of nostalgia is not necessary in heritage industry is that economic pressure in the museum can affect the authenticity of the past in the museum. With the development of industrial heritage nowadays, heritage industry has been an essential aspect of the economic foundation in some countries. An increasing number of precious historical places are repaired and protected, which because not only the historical and cultural values of heritage are meaningful, but also becauseRead MoreIndustrial Heritage And Its Impact On People s Behavior And Feeling778 Words   |  4 Pagesa booming industry in Western countries. Industrial heritage is the materialized symbol of the development of industrialization in each country. In 2003, Nizhny Tagil Charter for the Industrial Heritage adopted by The International Committee for the Conservation of the Industrial Heritage. In this charter, the identity of industrial heritage is confirmed. Industrial heritage not only includes industrial buildings and machinery, but also contains social activities related to industry. In China,Read MoreAsses the Reasons Why Chartism Failed1455 Words   |  6 Pagessocial changes, Chartism failed because of internet weakness of the movement and internal divisions within the movement and Chartism did not really fail in the truest sense of the word, it was defeated by the state. The economic and social change interpretation, some historians have argued that improving economic conditions ensured that the Chartist movement faded away after 1848. The economic conditions of Britain from 1837 had played its part in giving rise to Chartism so economic recovery in theRead MoreExport And Import Strategy For The Shipping Lines1045 Words   |  5 Pagesthrough my academic career. . I sincerely acknowledge the help, encouragement and co-operation from my colleagues. PREFACE A good conceptual fame work of Account is a backbone for any organization of national Importance. Shipping industry indeed is a prestigious establishment of its kind. It needs such framework of the account and financial statement to tackle the financial strategies. All such concept starts from the analysis of the data of preceding years, which are available inRead Morepreamble as an aid to interpretation2691 Words   |  11 PagesIntroduction:- The Preamble to an act is the lodestar and guides those who find themselves in a grey dealing with its provision. According to the canons of statutory interpretation, the proper function of a Preamble is to explain certain facts which are necessary to be explained before the enactments contained in the Act can be understood. In short it contains a recital of the facts or state of the law for which it is proposed to legislate by the statute, the object and policy of the legislationRead MoreAsian Cultures, Languages, Negotiation Styles, And Business Practices965 Words   |  4 Pagesone thinks about how the world.† (Legacee, 2016) It is very necessary to be aware of our differences in how we view the world, if we are to work with and negotiate with Asian countries. Consider the following examples: Expression of Self â€Å"We†-oriented Receiver-sensitivity â€Å"I†-oriented Sender-oriented Thinking Orientation Tends to take context and the specific situation into account in rule interpretation Rule/Application based on abstract principles such as regulations or laws Nature of the BusinessRead MoreAn Analysis of Henry Gates Jr. and â€Å"the Signifying Monkey†1505 Words   |  7 Pagesbe astounding although very challenging to wade through in one sitting. Postcolonialism is a continuation of ideologies that led to the breakdown of direct imperial rule by Europe and the US. â€Å"Afro- American culture is an African culture with a difference as signified by the catalysts of English, Dutch, French, Portuguese or Spanish languages and cultures, which informed the precise structures that each discrete New World Pan African culture assumed†(Gates 4). It is easy to states that many of GatesRead MoreAnalysis Of George Orwell s The Road Of Wigan Pier 2530 Words   |  11 PagesOrwell’s experiences of visiting a coal mine and detailed descriptions of the working conditions of the coal-miners. Research shows that immediately after World War I had ended, many key industries, such as the mining industry, began to strike and were demanding higher wages, shorter hours and better working conditions due to the fact that the war had come to an end. Research shows us that when The General Strike was called during 1926 as a way to support coal- miners and their falling wagesRead MoreUse Of Savickas Career Construction Theory1855 Words   |  8 PagesThe following case study will use Savickas Career Construction Theory. After finding himself unemployed after 27 years experience working in a local coal mine, the client has decided to go to school for some retraining; however, he does not know where to start. A brief history of the client s case will be provided, along with an explanation of Savickas theory and some reasons why the theory has been chosen for the case. Finally, two interventions will be suggested followed by a descriptionRead MoreJohn Stuart Mill, An English Philosopher And A Political Economist Essay1569 Words   |  7 Pagesman himself (Mill 87). Perfecting and beautifying the works requires knowledge, personal experience, and skill, which a machine never has. By showing that a machine cannot replace a man, Mill infers the comparative worth of human beings and the difference between a man and a machine. From this, Mill demonstrates the precision in his argument. Other parenthetical asides in the essay, such as the privilege and proper condition of a human being, arrived at the maturity of his faculties, to use and

Child Maltreatment A Historical Perspective - 1574 Words

Child Maltreatment Historical Perspective From a historical perspective, child maltreatment has varied in form depending the time and place and the standing of which children hold within family and society. Child maltreatment as defined by the, includes physical, sexual, or emotional abuse, in addition to neglect (National Institution, 2011). Early childhood experiences create the basis for expression of intelligence, emotions, and personality (National Institution, 2011). When these experiences are predominantly negative, the stage is set for emotional, developmental, and behavioral problems that persist throughout life. Studies have shown that the brains of children who have experienced long-lasting abuse and neglect remain in a state of hyper-arousal or anticipation of forthcoming danger. This hyper-arousal may affect learning and the ability to form emotional bonds with others (National Institution, 2011). In the book Children and criminality, Flowers give a historical background of child maltreatment leading to his find ings of how the treatment of children was and is based on seven distinct premises; (1) the value of children in a given time and place (2) how they fit into the structure of society; (3) religious beliefs and superstitions; (4) exploitation; (5) societal ideology; (6) economic stresses; and (7) psychological and societal induced stresses (Flowers, 1986). Child abuse and Delinquency In addition, studies have linked child abuse and delinquency withShow MoreRelatedEssay on Child Development and The Ecological Theory701 Words   |  3 Pagessuggested that child (human) development occurs for the child within the context of various environments. These environments, or systems, are influenced from within and between other environments. The individuals within each system influence each other through various transactions that occur between them. In ecological theory, these systems are nested with the child at the core, embedded within his/her immediate family environment. The system with the closest proximity to the child is the microsystem;Read MoreChild Abuse And Its Effects On Children990 Words   |  4 Pagespopulation, abuse is a new term that many don’t fully understand because it can be defined in different ways depending on how abuse is viewed and considered. Knowing what child abuse is can help the millions of children affected by it each year. Being knowledgeable will also help increase the amount of people that report maltreatment. Many children that are maltreated don’t understand what is going on because to them the behavior is normal. Parents that are the abusers also believe it is normal becauseRead MoreThe First National Child Protection Legislation1434 Words   |  6 Pages â€Æ' Historical Justifications. In 1974, the first national child protection legislation, The Child Abuse Prevention and Treat Act (CAPTA) became effective to promote awareness to communities and states to engage in identifying and preventing child abuse (Stein 1984). In order to realize the objectives of the Act, abuse must be defined. Defining abuse is hard to set in stone, as one concern is whether both physical and emotional abuse should be included or only one (Stein 1984). Another concern isRead MoreThe Maltreatment Of Children During The 21st Century2183 Words   |  9 PagesThe maltreatment of children in the 21st century is a very major issue. Due to maltreatment, children are running away from home, being trafficked into the sex business, and sometimes, lose their life due to a lack of parental supervision and/or loved ones who care about their well-being. Through volunteering at a missing children’s program with Sam’s Club, I’ve learned first-hand just how detrimental maltreatment in our society can be and how we must do everything in our power to prevent childrenRead MoreBshs 325 Week 4 Macro System1114 Words   |  5 Pagesexperienced poverty, he or she realizes that their due diligence to rise above this level has proven to be successful. These individuals find themselves exceeding in this area level, and understand that their current level could be much worse (Perspectives on Poverty, 2010). As it relates to an interactions’ theory, these individuals will view poverty as a shared expectation. Unfortunately, the poor are judged negatively by influential groups. So they have a tendency to believe how they are viewedRead MoreA REPORT ON THE EFFECTS OF SIBLING SEXUAL ABUSE5691 Words   |  23 Pagesguilt†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 I didn’t want my sibling to get into trouble†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 Child abuse†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 A historical perspective†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦... 3 Recognizing child abuse and neglect†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 Effects of child abuse†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5 Emotional maltreatment†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 Effects and consequences of child abuse and neglect†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 Learning and developmental problems†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreHenrik Ibsen s A Doll s House1302 Words   |  6 PagesHelmer. Her husband treated her like a child throughout their entire marriage due to his gender superiority and due to this treatment she leaves him at the end of the play. Most people view Nora Helmer as a feminist heroine due to her ability to stand up and break free from the oppression that was brought upon her by her marriage. However, the playwright Henrik Ibsen, shut down this idea and claimed that the play was written from more of a humanist perspective. Despite Ibsen s words, even though theRead MoreGender Violence And Sexual Violence1331 Words   |  6 PagesGender violence in general and violence against women in intimate relationships in particular, is a historical phenomenon present in much of human cultures, regardless of age, social class, race, ideology or religion. It is a hidden reality and still has much to do with companies in which it places women in a position of economic, social, cultural and emotional inferiority to men. 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The State of New Jersey Department of Children and Families explains that â€Å"Abuse is the physical, sexual or emotional harm or risk of harm to another child under the age of 18 caused by a parent or other person who acts as a caregiver for the child† (2016). The harsh reality of child abuse and its consequences is recognized throughout this essay. The cost of child abuse can be understood through direct and

Gold Price and Effect on Stock Exchange Free Essays

string(220) " look at the historic data brings out that when the stock market crashes or when the dollar weakens, gold continues to be a safe haven investment because gold prices rise in such circumstances \(Gaur and Bansal, 2010\)\." Gold Price Volatility and Stock Market Returns in India P K Mishra Faculty in Economics, Siksha O Anusandhan University, Orissa, India E-mail: pkmishra1974@gmail. com J R Das Faculty in Management, Siksha O Anusandhan University, Orissa, India E-mail: j. 35979@yahoo. We will write a custom essay sample on Gold Price and Effect on Stock Exchange or any similar topic only for you Order Now co. in S K Mishra Faculty in Economics, TITE, Orissa, India E-mail: sk_mishra@yahoo. co. in Abstract The study of the capital market of a country in terms of a wide range of macroeconomic and financial variables has been the subject matter of many researches since last few decades. Recently one such variable, that is, gold price volatility has attracted the attention of many researchers, academicians and analysts. Thus, this paper is an attempt to analyse the causality relation that may run between domestic gold prices and stock market returns in India. The study by taking into consideration the domestic gold prices and stock market returns based on BSE 100 index, investigates the Granger causality in the Vector Error Correction Model for the period January 1991 to December 2009. The analysis provides the evidence of feedback causality between the variables. It infers that the Gold prices Granger-causes stock market returns and stock market returns also Granger-causes the gold prices in India during the sample period. Thus, both the variables contain some significant information for the prediction of one in terms of another. Keywords: Gold Price, Stock Market Return, BSE 100 Index, India, Volatility, Causality JEL Classification Codes: C22, C32, E44 1. Introduction The study of the capital market of a country in terms of a wide range of macro-economic and financial variables has been the subject matter of many researches since last few decades. Empirical studies reveal that once financial deregulation takes place, the stock markets of a country become more sensitive to both domestic and external factors. And, one such factor is the price of gold. From 1900 to 1971, with the global systems of gold standard and USD standard, gold price was regulated. But, since 1972, gold has been disconnected from the USD. Particularly in 1976 when the International Monetary Fund (IMF) passed Jamaica Agreement, did gold begin to evolve from currency to ordinary merchandise and since then gold price as been determined by market supply and demand. And, in India, the government started the process of globalization and liberalization since 1991 which allowed prices to be determined by the market forces. Gold Price Volatility and Stock Market Returns in India 48 Since then, the government has been taking a number of steps to reform the gold sector and ensure that India benefits from the demand-influence that it has on the gold business internatio nally. The liberalisation of the gold sector has been made in stages; first allowing a number of banks to import gold – braking the monopoly of the State Trading Corporations; then considerably reducing the import duty – destroying a lucrative parallel smuggling channel and now, allowing traders, manufacturers as well as investors to trade in gold futures in India itself. Figure 1: Annual Price Movement of Gold in Indian Market Prior to the introduction of liberalization and globalization policies, gold prices in India showed an increasing trend (Fig. 1). In the post liberalization period, the average annual prices of gold also showed an increasing trend from the year 1991 to 1996. But, it showed a decreasing trend in 1997 and 1998 and again showed an increasing trend in the year 2000. From 2000 to 2009, gold prices are continuously increasing. The domestic gold price in India is continuously increasing due to its heavy demand in the country. There are several reasons gold has high demand in India. The first reason is security; gold offers full security as long as it is retained by central banks. There is no credit risk attached to gold. Secondly, gold is able to maintain its liquidity even at times of crisis situations like high global inflation or political turbulence. The third reason for holding gold is to build a diversified portfolio. Gold also has taken the role of an asset of last resort. World Economic History shows that countries have repeatedly used gold as security against loans when they have had difficulties with their Balance of Payments and have felt the need to borrow on the international capital markets. The domestic gold prices in India are associated strongly with the import parity prices which are determined by the global spot prices, Dollar-Rupee rate and local taxes and levies. Any change in the global prices gets transmitted very quickly and gets reflected in domestic prices, particularly for countries like India who are price takers in gold with a major part of the demand met by imports. The twin factors, namely, (i) increase in global spot gold prices (as the commodity becomes dearer to those looking for safe haven during times of economic crisis, and (ii) appreciation of USD against INR, led to sharp rise in gold prices in India in the recent past. Moreover, the total annual supply of gold across the globe has also decreased from 4037 tons in 2002 to 3380 tons in 2008. India is a large buyer of gold at about 700-800 tons per annum. It also recycles about 200 tons of gold out of old jewellery. A large chunk of Indian imports is used for jewellery exports. Since the gold prices in India are influenced by international factors, its volatility is very important. Volatility involves short term – monthly, weekly or even hourly fluctuations in gold prices as measured by their absolute percentage changes during a particular period. If we look at the rolling 49 P K Mishra, J R Das and S K Mishra standard deviation of monthly gold prices since 2000, the prices are more volatile after July 2007 which is almost the same time when the slow down started in USA as a result of the sub-prime crisis (Fig. 2). Figure 2: Standard Deviation of Gold Price in India A look at the historic data brings out that when the stock market crashes or when the dollar weakens, gold continues to be a safe haven investment because gold prices rise in such circumstances (Gaur and Bansal, 2010). You read "Gold Price and Effect on Stock Exchange" in category "Papers" It is no surprise that many investors, big and small have chosen to hedge their investments through gold at the time of crises. Figure 3: Movement of Gold Price and BSE 100 Index 20000 16000 12000 8000 4000 0 92 94 96 98 00 02 04 06 08 BSE100 GOLDPRICE Gold prices have been on an uptick since 2000, while the stock market declined from 2000 to 2003 and then again in 2008 (Fig. 3). In 2008 when the market was suffering from bearish phase worldwide, gold prices spiked as panic spread across global markets. So far since March 2009 in India signs of recovery in the stock markets have emerged. At the same time gold continues to forge ahead, Gold Price Volatility and Stock Market Returns in India 50 lbeit at a slower pace. In 2008, the two assets prices – equity and gold, were moving in opposite directions, displaying the ability of the yellow metal to protect one’s portfolios at the time of a dip. In fact, during each of the two prolonged bear phases (lasting at least a year) over the past decade, gold has provided an effective hedge. However, in India stocks do not seem to be perceived as an alternat ive to gold. The reason for holding gold is, to a large extent, guided by the individual sentiments. The gold investing habits of Indians strongly ingrained in the Indian Social Psyche. In India gold has been held by individuals for years and have passed hands of many generations. In addition, the equity culture in India is not as developed as in some other parts of the world. Gold has not yet lost its prime importance as a hedge against loss of wealth in times of crises. It is with this backdrop, this paper proceeds to investigate the direction of causality between domestic gold prices and stock market returns in India. The rest of the paper is organized as follows: Section II explains the data and methodology, Section III makes the analysis, and Section IV concludes. . Data and Methodology This paper aims at investigating the dynamic relationship between gold prices and stock market returns in India for the period 1991 to 2009. This study is mainly based on secondary data that have been collected from the database on Indian economy maintained by Reserve Bank of India. The study analyses the monthly data on domestic gold prices and stock market returns in India for the aforesaid period. Wherever data were missing, the averages of the data of the previous month and next month have been taken. The monthly stock market returns ( Rt ) based on BSE 100 Index have been calculated by the ? I ? Rt = log ? t ? ? I t ? 1 ? where I and I are the logarithmic difference change in the BSE 100 Index, i. e. , t t ? 1 closing value of monthly BSE 100 Index at time ‘t’ and‘t-1’ respectively. At the outset, the Karl Pearson’s correlation coefficient between the aforesaid time series has been calculated and its significance has been tested by the t-test. The correlation coefficient has been calculated by using the formula: N ? XY – (? X)(? Y) r= N ? X 2 – (? X)2 N ? Y 2 – (? Y)2 And, the significance of this correlation coefficient has been tested by the t-test using the tr n? 2 under the null hypothesis H 0 : ? = 0 against the alternative hypothesis of statistic t n ? 2 = 1? r2 H1 : ? ? 0 with n-2 degrees of freedom. If the calculated value of t exceeds the critical value of t, then the null hypothesis will be rejected; otherwise accepted. Then the Granger causality between the variables has been investigated in the Vector Error Correction framework. And, as the essential steps of Granger Causality test, the stationarity and cointegration between variables have been found out. The Augmented Dickey-Fuller unit root test has been used to examine the stationarity of the time series of the study and to find the order of integration between them. The ADF unit root test has been performed by estimating the regression: ? Yt = ? 0 + ? 1Yt ? 1 + ? ? j? Yt ? j + ? t j=1 p The ADF unit root test is based on the null hypothesis H 0 : Yt is not I(0) . If the calculated ADF statistic is less than the critical value, then the null hypothesis is rejected; otherwise accepted. If the 51 P K Mishra, J R Das and S K Mishra variable is stationary at level, the variable is said to be integrated of order zero, I(0). If the variable is non-stationary at level, the ADF test can be utilised and the first difference of the variable can be used for testing a unit root. In this case, the variable is said to be co-integrated of order one, I(1). In the second step, the Johansen’s cointegration test has been applied to check whether the long run equilibrium relation exists between the variables. The Johansen approach to cointegration test is based on two test statistics, viz. , the trace test statistic, and the maximum eigenvalue test statistic. i = r +1 The trace test statistic can be specified as: where ? i is the i th largest eigenvalue of matrix ? and T is the number of observations. In the trace test, the null hypothesis is that the number of distinct cointegrating vector(s) is less than or equal to the number of cointegration relations ( r ). The maximum eigenvalue test examines the null hypothesis of exactly r cointegrating relations against the alternative of r + 1 cointegrating relations with the test statistic: ? max = ? T log(1 ? ?r +1 ), where ? trace = ? T ? log(1 ? ?i ), k ?r +1 is the (r + 1)th largest squared eigenvalue. In the trace test, the null hypothesis of r = 0 is tested against the alternative of r + 1 cointegrating vectors. At the end, the Granger Causality test has been used to determine whether one time series is useful in forecasting another thereby finding out the direction of relationship between the variables of the study. In the Granger Causality test, the vector of endogenous variables is divided in two sub-vectors, Y1t and, Y2t with dimensions K1 and, K 2 respectively, so that K = K1 + K 2 . The sub-vector Y1t is said to be Granger-causal for Y2t if it contains useful information for predicting the latter set of variables. For testing this property, the levels VAR following form without exogenous variables of the model is considered. A 0 Yt = A1Yt ? 1 + †¦Ã¢â‚¬ ¦ + A p +1Yt ? p ? 1 + B0 X t + †¦Ã¢â‚¬ ¦ + Bq X t ? q + C*D*t + u t If that model contains p + 1 lags of the endogenous variables as in the above model, the test is based on a model with p + 2 lags of the endogenous variables, ? Y1t ? p + 2 ? ?11,i ? 12,i ? ? Y1,t ? i ? ? u1t ? ? ? Y ? + CD t + ? ? ? Y ? = ? ? 2t ? i =1 ? 21,i ? 22,i ? ? 2,t ? i ? ? u 2t ? as proposed by Dolado and Lutkepohl (1996). The null hypothesis that Y1t is not Granger-causal for Y2t is tested by checking the null hypothesis ? 21,i = 0, i = 1, 2,†¦. , p + 1 A Wald test statistic, divided by the number of restrictions pK1K 2 , is used in conjunction with an F(pK1K 2 , KT ? n * ) distribution for testing the restrictions. Here n * is the total number of parameters in the system (Lutkepohl, 1991), including the parameters of the deterministic term. Of course, the role of Y1t and Y2t can be reversed to test Granger-causality from Y2t to Y1t . 3. Empirical Analysis It is clear from the Fig. 3 that the direction of movements of gold prices and BSE 100 Indices in India is same. The value of Pearson’s correlation coefficient (r) between these two time series over the period 1991 to 2009 is 0. 873. To test whether this value of ‘r’ shows a significant relationship between two time series, student’s t-test has been used. The null hypothesis of the test is r = 0 against the alternative of r ? 0. Since the t-statistic at 226 degrees of freedom is 26. 9 and the critical value of t at 5% level of significance is less than it, the null hypothesis is rejected. So, it can be said that the correlation between gold prices and BSE 100 indices is statistically significant. Gold Price Volatility and Stock Market Returns in India 52 Thus, it seems that gold prices and stock market returns based on BSE 100 Index are significantly correlated. And, computation reveals that the value of ‘r’ is 0. 0143 between them which is not statistically significant for the t-statistic of 0. 217 at 226 degrees of freedom. So it can be said that although gold prices and BSE 100 Indices are significantly correlated, the correlation between gold prices and stock market returns based on BSE 100 Index is not significant. But much interesting results have been obtained from the Granger Causality test. The Granger causality test presumes that the given time series are stationary. The Augmented Dickey-Fuller unit root test has been used for this purpose. And, the results of such test are reported in Table 1. Table 1: Results of Augmented Dickey-Fuller Unit Root Test ADF Statistic -14. 61 Critical Values At 1%: -3. 459 At 5%: -2. 874 At 10%: -2. 573 At 1%: -3. 459 At 5%: -2. 874 At 10%: -2. 573 Decision Reject Null hypothesis of no unit root Variables in their First Differences Gold Prices Stock Market Returns -12. 01 Reject Null hypothesis of no unit root It is clear from the Table 1 that the hull hypothesis of no unit roots for both the time series are rejected at their first differences since the ADF est statistic values are less than the critical values at 10%, 5% and 1% levels of significances. Thus, the variables are stationary and integrated of same order, i. e. , I(1). In the next step, the cointegration between the stationary variables has been tested by the Johansen’s Trace and Maximum Eigenvalue tests. The results of these tests are shown in Table 2. The Trace test indicates the existence of two cointegrating equatio ns at 5% level of significance. And, the maximum eigenvalue test makes the confirmation of this result. Thus, the two variables of the study have long-run or equilibrium relationship between them. Table 2: Results of Johansen’s Cointegration Test Sample: January 1991 to December 2009 Included observations: 225 after adjustments Trend assumption: Linear deterministic trend Series: Gold Prices and Stock Market Returns Lags interval (in first differences): 1 to 2 Unrestricted Cointegration Rank Test (Trace) Trace 0. 05 Eigenvalue Statistic Critical Value 0. 264883 83. 69901 15. 49471 0. 062248 14. 46069 3. 841466 Hypothesized No. of CE(s) None * At most 1 * Prob. ** 0. 0000 0. 0001 Trace test indicates 2 cointegrating eqn(s) at the 0. 05 level * denotes rejection of the hypothesis at the 0. 5 level ** MacKinnon-Haug-Michelis (1999) p-values Unrestricted Cointegration Rank Test (Maximum Eigenvalue) Hypothesized Max-Eigen 0. 05 No. of CE(s) Eigenvalue Statistic Critical Value None * 0. 264883 69. 23832 14. 26460 At most 1 * 0. 062248 14. 46069 3. 841466 Max-eigenvalue test indicates 2 cointegrating eqn(s) at the 0. 05 level * denotes rejection of the hypothesis at the 0. 05 level ** MacKinnon-Haug-Michelis (1999) p-values Prob. ** 0. 0000 0. 0001 53 Table 3: Results of Granger Causality Test P K Mishra, J R Das and S K Mishra Null Hypothesis Gold Prices do not Granger Cause Stock Market Returns Stock Market Returns do not Granger Cause Gold Prices F-Statistic (73, 12) 11. 678 32. 997 Probability 0. 000 0. 000 Decision Reject Reject Now, the Granger causality test can be performed to determine the direction of causation between these two variables in the Vector Error Correction Model. The results of the Granger causality test are reported in Table 3. It is inferred that the null hypothesis of â€Å"Gold Prices do not Granger Cause Stock Market Returns† and â€Å"Stock Market Returns do not Granger Cause Gold Prices† are here clearly rejected. Thus, both the variables contain some significant information such that they cause each other. But it is very interesting to note that these two variables are insignificantly correlated, i. e. , a very low degree of correlation holds between them. During the period of global financial crisis, stock markets crashed but gold price continues to increase in the country. This could be explained as follows. The extent of holding of gold in India is widespread but stocks are not held by all, though retail participation in the Stock Markets might have gone up in the last few years. Indians consider gold the safe haven investment as a financial asset and as jewellery. World Gold Council Report says that India stands today as the world’s largest single market for gold consumption. Traditionally, gold has been more attractive than bank deposits, stocks and bonds. In developing countries, people have often trusted gold as a better investment. In many countries including India, gold remains an integral part of social and religious customs, besides being the basic form of savings. But recently many innovative financial products have been lunched relating to gold. In March 2003, the first Gold Exchange Traded Fund, i. e. , Gold Bullion Securities was launched on the Australian Stock Exchange. Now, gold exchange traded funds are being traded like shares on the major stock exchanges including London, New York and Sydney. In India the first gold ETF was launched in March 2007 by Benchmark Mutual Fund. And, the UTI gold ETF has emerged as the best performer since May 2009. The number of new accounts created by Gold ETFs in India surged 57% between March and September 2009. The overall AUM in Gold ETFs at the end of December 2009 was Rs 1,352 crore, up from Rs 717 crore in April 09. It shows that Indian investors are gradually moving into gold ETFs for investment instead of physical form. Recently derivatives such as gold forwards, futures and options have become very popular and have been traded on various exchanges around the world and over-the-counter directly in the private market. In the USA, gold futures are primarily traded on the New York Commodities Exchange. In India, the National Commodity and Derivatives Exchange introduced 100 gram gold futures in November 2006. The volume of Gold futures traded in this exchange during January to August 2007 was 4,479,114 which have been increased to 9,038,795 in January to August 2008. It is thus inferred that Indians have started considering gold more than jewellery and as good as investments on bonds and equities. Perhaps, this explains the co-movement of gold prices and stock prices in the aftermath of global financial crisis. Gold Price Volatility and Stock Market Returns in India 54 4. Conclusion This paper examines the gold price volatility and the causality between domestic gold prices and stock market returns in India for the period 1991 to 2009. The study uses monthly data on the defined time series. The required data have been collected from the database of Reserve Bank of India. The Augmented Dickey-Fuller test says that the time series of the study are stationary and all integrated of order one. The Johansen’s cointegration test reveals that there exists long run equilibrium relation between gold prices and stock market returns in India. 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Cloning 5 Essay Research Paper CloningIs cloning free essay sample

Cloning 5 Essay, Research Paper Cloning Is cloning ethical? the bulk of the universe would state no but the medical research possibilities associated with it are eternal. In 1997 when Dolly the lamb was born we began to believe, wow if it s possible toclone an carnal why non a homo in the hereafter? It shortly became known that it was possible and people were horrified at the idea of an being being created by a human being. 90 % of Americans polled within the first hebdomad that the Dolly intelligence broke, thought that cloning should be banned. They believed it to be morally inappropriate and ethically incorrect ( Torr 24 ) . The ground for the panic was due mostly in portion by public misconception by ballad people. It is best to believe of a ringer as a ulterior born indistinguishable twin. They will be identical in biological science from any other human being. Many people believe that ringers will be used as trim parts for the rich in demand of a liver or some other organ. We will write a custom essay sample on Cloning 5 Essay Research Paper CloningIs cloning or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page There are besides beliefs that these ringers will be headless as good as be killed without perpetrating slaying. In world utilizing another homo for spare parts would be slaying and doing headless ringers would besides be slaying. To do a headless ringer would necessitate taking the higher encephalon of the foetus of baby and since both of these existences autumn under the same legal Torahs as a non-cloned foetus or baby it would once more be slaying. Besides the point there is no demand to make an full homo when single tissues and variety meats can be grown entirely ( Torr 68 ) . Some fear psychological harm of a cloned homo. A individual is non defined by their familial but by their life experiences and development in the uterus. Environment and upbringing play a much larger function in determining person s emotions and mentality. The statement that adult male is playing God is the most normally brought up. If God didn t want adult male to make ringers he wouldn T have made it possible. Cloning does non create life it simply produces life from bing life. Public policy should non be based on one narrow spiritual point of position ( Kolata 36 ) . One is the possibility of birth defects. I will compare the development of cloning to presenting a new miracle drug into the market. The safety of the drug is ab initio unknown like cloning. Then come the experiments on animate beings foremost, this has already been done. Then the experiments are done on human voluntaries. Safety would be determined by a authorities bureau such as the FDA as to whether the new protocol should be used as standard medical pattern ( Torr 74 ) . The procedure for cloning Dolly was as follows: The karyon is removed from an oocyte or non fertilised egg, collected from a Scots blackface Ewe. A nucleus signifier a quiescent mammory cell is injected into the oocyte. A quiescent cell is one that has stopped spliting in the cell rhythm. Then a bantam pulsation of electricity was used to blend the two karyon. in the cytol. This fused cell was transferred into the generative chamber of a blackface Ewe. The proceess had to be repeated 276 clip before they could acquire one that would really work.The procedure would necessitate taking a bodily cell as opposed to a generative cell. the karyon would be romved from the cell and trasferred to an enucleated egg. Presently this International Relations and Security Network T possible because the bodily cells are specialised cells and we don t cognize how to turn cistrons on and off ( Bohle 35 ) . Human cloning research would enable scientists to find the cause of spontaneus abortions and give oncologist an apprehension of the rapid cell growing of cancer.Cloning could take to the development in genetic sciences to make carnal variety meats that could be easy accepted by worlds offering a illimitable supply to those in demand. Hogs are being tested as the most likely beginning for this experiment. utilizing human cloning cells could be cloned and regenerated to replace damaged subdivisions of the organic structure. Stem cells could besides be grown to renew damaged nervus tissues or musculus tissues. This procedure could assist out muscular diseases like muscular sclorosis. Why non usee cloning as another manner of assisting sterile parents or those who have gentic upsets? The agricultural industry can profit from this every bit good. Farmers can utilize atomic transportation to bring forth better farm animal. Scientists can genetically change grownup cells, doing it wasier to change familial stuff. These transgenic farm animal would assist husbandmans reach their end of bring forthing ideal features for the agricultural industry ( Bohle 49 ) . .It is obvious the medical possibilities of cloning far outweigh the cons and our fright is based on ignorance much like when Columbus proclaimed the universe was unit of ammunition. As new scientific development is introduced into the populace we will bit by bit accept it at a really slow rate. The medical possibilities are eternal. Cloning is ethical every bit long as it s regulated.