Critical Review of Juan Linz's 'The Perils of Presidentialism' Literature

Critical of Juan Linz's 'The Perils of Presidentialism' - Literature review Example residential system is very enduring and undoubtedly stable, but it is not a typical example, while the long-standing system of Chile and the recently introduced one in Sri Lanka are more typical. In the case of Chile, democracy broke down in the 1970s and this is cited as evidence of his thesis. This is a dubious argument, since his choice of example appears to dictate the validity of his theory and so Linz goes on to examine some further examples in search of more evidence. Linz notes that in modern times many countries in Latin America have been impressed with the experience of Spain which changed from authoritarianism to a parliamentary system, with very positive outcomes. He argues that there are tensions between the policies of a president and those of the legislature which can cause problems. Furthermore, the fixed term nature of a president’s office causes artificial breaks in the continuity of government, leading to rigidly demarcated periods which prevent continuous readjustments. There is also a risk that presidents personalize the power that they have and a danger that if they drop out of the role in the middle of the term, an unsuitable and unelected running mate whom no one seriously would have considered for the top job can be thrust into power. This aspect of personalizing causes presidential systems to build in safeguards like impeachment procedures, judicial independence and even in some case the intervention of military forces a s a last resort. These measures demonstrate a desire for stability and a distrust of the presidential system. These paradoxes and tensions weaken the presidential system, in the opinion of Linz. The parliamentary system on the other hand, he argues, has more built-in flexibility because a Prime Minister can be removed without there being necessarily a change in government or a crisis. Parliament can be dissolved and a new election held, or votes of confidence can be used to establish how much legitimacy a Prime

Marketing Audit and set Marketing Objectives for Holiday Inn Essay

Marketing Audit and set Marketing Objectives for Holiday Inn - Essay Example The report will highlight how Holiday Inn can utilise its strengths to exploit opportunities such as high growth in business and leisure travel, emerging Asian markets and advancements in technology in attaining its mission. The company should increase its market presence in Asia, increase the bed occupancy levels and offer additional physical evidence in its services. The hotel faces significant threats due to stringent visa and travel regulations due to diseases such as Ebola, possible terror attacks and high competition in the domestic market. Holiday Inn Inc is a global brand of hotels that forms part of InterContinental Group of Hotels and hosts more than 100 million guests annually (Russell & Cohn 2012). The hotel brand is recognised for its superior quality service, comfort and customer value since it offers differentiated services in its more than 1,200 hotels and 219,000 hotel rooms across world (InterContinental Hotels Group 2012 annual report, 2014). The Holiday Inn chain of hotels and resorts comprises of Holiday Inn, Holiday Inn Club Vacations, Holiday Inn Resort and Holiday Inn Express has grown to become the largest midscale hotel by the number of rooms (Lee 2007). The hotel chain offers high-rise and full size plat hotels and the low-rise and full-service hotels that offer additional customer services such as room service, exercise facilities, comfortable rooms and restaurants (Onkvisit and Shaw 2004). Most of the hotels are conveniently located in the major cities, airports, and roadways in order to cater fo r the business travel needs (Russell & Cohn 2012). The global hospitality industry has remained resilient despite the recent challenging economic conditions occasioned by the Eurozone crisis and financial crisis in USA and UK markets (Yu 2012). In 2012, the industry revenues per available room (RevPAR) increased by 4.5 percent in 2012 (InterContinental Hotels Group 2012 annual report, 2014). The

Interpretations of our Culture and gender Essay Example for Free

Interpretations of our Culture and gender Essay Culture is a representation of many aspects ranging from indigenous practices, eating habits and even clothing, thus culture is expressed all the way through many and various ways, customs, habits and behaviors. Nevertheless culture is also identified through language. Culture and language are so intertwined and in that complexity, culture can neither be separated from language nor can language be separated from culture. The way people choose to use language in various phases of life affiliates them to a one specific culture from the other. In this context, cultures are very different from one another, for instance in some cultures women have no voice in society and there are roles that they are not allowed to play. However, (Embers 2007) note that, â€Å"it must not be forgotten that some people can create a class through stratification or class which may end in discrimination or segregation†. In this case there is class of the poor and another of the rich and through these classes; people develop a culture befitting them. In matters of sex or gender, some ethnic groups are very discriminative towards women and the class of women has been given lesser roles in society than men. Women do not make decisions or are not involved in decision making processes or procedures. However, it has dawned in many cultures that women play vital roles for the survival of many societies. Many rigid cultures that have rendered women voiceless have realized women at many a times make brilliant decisions than expected. So, what have they done? Women have been listened to and many have been given powerful leadership positions in such cultures to make impacting decisions. Currently, in many cultures women are leaders and they have performed. So far so good, there is no major disagreement and the way forward for many cultures is not to use gender or sex as a whip, but to be specific let girls and boys in any cultural setting get equal education, position and or all other favors, then give them equal opportunities. Reference: Ember, C. Ember, M. (2007). Cultural Anthropology, 12th Edition. New Jersey: Pearson Education, Inc.

Causes of the Development of Pakistans Banking Sector

Causes of the Development of Pakistans Banking Sector ABSTRACT The objective of this paper is to examine the determinants of development of banking sector from the perspective of Real GDP, Discount rate, Trade openness and Financial Liberalization by using annual data from 1970 to 2007. In this study, Liquid Liabilities, Private sector credit and Domestic credit are used as indicator of banking sector development. The finding of this research shows negative relationship between Trade openness and development of banking sector development. Discount rate is having a significant impact on banking sector development when Private sector credit and Domestic credit is used as the indicator while Real GDP is found significant when Liquid Liabilities and Domestic credit is used as indicator of Banking sector Development. Generalized form of data has been used in this study. Keywords: Banking Sector development, Real GDP, Trade openness, Discount Rate, Financial Liberalization INTRODUCTION The financial sector of Pakistan has shown a substantial growth in past few years, however there is still need for continuous development. The financial sector of Pakistan consists of a variety of specialized financial institutions à ¢Ã¢â€š ¬Ã¢â‚¬Å" commercial banks, DFIs, NBFCs, micro finance banks, Islamic banks, Modarbas, Stock Exchange and Insurance companies. Thus the whole financial sector of Pakistan offers a wide range of products and services to its customers. (Zaidi, 2005) states that growth of financial sector is significantly related with economic growth therefore, country needs well developed financial sector in order to fully utilize the financial resources. Banking system has a significant importance in financial market. Banking Sector of Pakistan is an important financial intermediary and responsible for the economic growth in the country. In 1990, Denationalization of Government owned banks have changed the overall scenario of the banking sector of Pakistan. After the amendments in banking companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ ordinance, Muslim Commercial Bank (MCB) and Allied bank Limited (ABL) were denationalized in 1991 and 1993 respectively. The process of denationalization remains suspended for numbers of years and was restarted in early 2000s, when United Bank Limited (UBL) was privatized. In 2004, Habib Bank Limited (HBL) was also denationalized and due to which, the asset share of public sector banks was reduced to 25% at that time. In the last decade, state bank of Pakistan has made several efforts in promoting the Islamic modes of financing. In 2002, the first Islamic bank was established under the name of Meezan bank. Since then, the number of Islamic banks has been opened. Various traditional ban ks are now opening Islamic specialized branches. At the end of 2009, total assets of the Islamic banking have reached to 366.3 billions and the deposits in Islamic banks have reached to 282.6 billions  [1]  . At the end of calendar year 2009, there are 9522 total branches of banks in Pakistan which shows an increase of 376 branches in banking sector from the 3rd quarter of 2009. Moreover, the asset base of banking sector has shown a growth of 7 percent over the last quarter. (Yasmin, Jehan, Chaudhary, 2006) explains that after independence in 1947, Pakistan avoided trade openness because of weak industrial structure. In 1960à ¢Ã¢â€š ¬Ã¢â€ž ¢s, industrial base was laid and manufacturing industry expanded widely in Pakistan. However, industrial expansion face setback in 1970à ¢Ã¢â€š ¬Ã¢â€ž ¢s due to nationalization of industries. In 1980à ¢Ã¢â€š ¬Ã¢â€ž ¢s, IMF and World Bank provided facilities to the Pakistan in order to initiate the financial restructuring in country. A loan of $150 million and $200 Million was provided for this purpose under à ¢Ã¢â€š ¬Ã…“Financial sector adjustment loanà ¢Ã¢â€š ¬? in 1989 and 1997 respectively. Another project named as financial sector deepening and Intermediation project was initiated in 1995. The estimated worth of that project was $216 million. (Hanif, 2002) Despite of the remarkable performance since last two decades, the banking sector of Pakistan is less developed and remains small in relation to the economy, when it is compared to the other banking sectors of the world. This shows that a number of financial and banking needs are still ignored and that much of the economic potential of Pakistan is not achieved yet. LITERATURE REVIEW (Christopoulos Tsionas, 2004) states there is no one opinion of economist on the issue of financial development and growth of economy. (Pagano, 1993) describes that savings are mobilized towards the productive investment due to financial deepening which helps in improving corporate governance. (Khan Qayyum, 2007) says there are three major channels through which financial development can affect economic growth (i) marginal productivity of capital can be increased (ii) savings are directed towards the investment (iii) level of private saving rate can be increased. The relationship of economic growth and financial development was first discussed by (Goldsmith, 1969), (McKinnon, 1973) and (Shaw, 1973). Their study shows that there is a positive relationship between financial development and the level of output i.e. when the financial market will increase the credit level, the investment will increase thus, showing that real income and real interest rate is a positive function of financial development. (Yu Gan, 2010) study shows that due to positive real interest rate, the mobilization of savings of banks increases and it also increases the growth with the increase in volume and productivity of capital. (Yanikkaya, 2003) argues that trade openness has a significant impact on the GDP share. In developing countries, trade openness creates new opportunities to increase the growth process and hence the unemployment level decrease. (Jin, 2000) states that trade openness facilitates in establishing the development process. Moreover, local technology and production process can be improved through trade liberalization. One school of thoughts is of view that the financial liberalization is also a major contributor towards the financial development in developing countries. à ¢Ã¢â€š ¬Ã…“Financial liberalization means the deregulation of domestic financial markets and liberalization of the capital account.à ¢Ã¢â€š ¬? (Attaullah, Cockerill, Le, 2004) empirically shows that the effectiveness of banking sector is improved following the financial liberalization. (Bekaert, Harvey, Lundblad, 2005) Suggests that there is a significant relationship between financial liberalization and economic growth. However, (Stiglitz, 2000) argues that increase in financial liberalization enhances the macro economic vulnerability of nations and chances of crises becomes significant. The study of (Gong, Lee, Chen, 2004) supported the fact that increase in financial liberalization can cause crisis. (Wyplosz, 2001) suggested that financial liberalization is effective if the objective is to increase the competition and d ecrease the monopoly powers. However, financial liberalization is quite risky for developing countries. Many developing countries in Asia and Europe have grown faster even with strong financial restraints. MODEL SPECIFICATION Based on the above literature, we can propose that in Pakistan, banking sector development is a function of real Gross Domestic Products (RGDP), Discount date (DR) and Trade openness (TO) and Financial Liberalization (FL). This can also be shown as BSD Pak = f (RGDP, RI, TO, FL) Where, BSD Pak = Banking Sector Development of Pakistan In this study, we have used following models which are estimated by using least square techniques. In model 1, we will use Liquid liabilities as the indicator of banking sector development. In model 2, Private Sector Credit will be used as the indicator of banking sector development where as in model 3, domestic credit will be used as the indicator of banking sector development. (Yu Gan, 2010) ln LL= ÃŽÂ ²o+ÃŽÂ ²1ln RGDP+ ÃŽÂ ²2 DR + ÃŽÂ ²3TO+ ÃŽÂ ²4FL + e ln PRI= ÃŽÂ ²o+ ÃŽÂ ²1ln RGDP+ ÃŽÂ ²2 DR + ÃŽÂ ²3 TO+ ÃŽÂ ²4FL+ e ln DC= ÃŽÂ ²o+ÃŽÂ ²1ln RGDP+ ÃŽÂ ²2 DR + ÃŽÂ ²3 TO+ ÃŽÂ ²4FL+ e where, ln LL= Natural logarithm of liquid liabilities ln PRI= Natural logarithm of Private sector Credit ln DC= Natural logarithm of Domestic Credit Data source: We have used annual data from 1970 to 2007 in this study. The data is obtained from the World Bank database and international financial statistics. However, Financial Liberalization Index of Pakistan, constructed by (Waliullah, 2010) is used in this study. Real GDP (RGDP) is calculated by using following formula EMPIRICAL METHODOLOGY In this study, Ordinary Least Square (OLS) technique has been used. In order to run the OLS model, order of integration of every variable is determined. There are two methods to examine the order of integration i.e. Augmented Dickey-Fuller (ADF) test and Phillps-Perron test. In this study, we will use ADF test for examining weather the data is stationary or non-stationary. We will run co-integration test when all variables becomes stationary at same level. The generalized form of data has been used in this study. In model 1, liquid liabilities have been used as an indicator of banking sector development. Table 1 show that Real GDP, Financial Liberalization and Trade openness are statistically significant and Discount rate is not statistically significant to the development of banking sector in Pakistan. However, Trade openness is inversely related with liquid liabilities which means that increase in trade openness will eventually affects the development of banking sector. While, Real GDP and Financial liberalization have a significant impact on the banking sector development i.e. higher Real GDP and Financial Liberalization in Pakistan will leads towards development of banking sector. R square is (.99) which shows substantial explanation of independent variables in dependent variables. Table 2. OLS Results of Model 2 (Private Sector Credit) Dependent Variable: PRI Method: Least Squares Date: 01/24/11 Time: 16:16 Sample: 1970 2007 Included observations: 38 Variable Coefficient Std. Error t-Statistic Prob. RGDP -7.684614 5.715274 -1.344575 0.1879 TO -7.525119 3.603842 -2.088082 0.0446 DR 25.87713 9.222809 2.805775 0.0084 FL -0.204028 1.108112 -0.184122 0.8550 C 0.033118 0.090551 0.365739 0.7169 R-squared 0.343149 Mean dependent var 0.041883 Adjusted R-squared 0.263531 S.D. dependent var 0.648747 S.E. of regression 0.556741 Akaike info criterion 1.788644 Sum squared resid 10.22868 Schwarz criterion 2.004116 Log likelihood -28.98424 F-statistic 4.309923 Durbin-Watson stat 1.880175 Prob(F-statistic) 0.006483 In model 2, we have used Private sector credit as an indicator of development of banking sector in Pakistan. Results of table 2 indicate that discount rate and trade openness have significant impact on the development of banking sector. However, Trade openness is inversely related to the banking sector development. Financial liberalization and Real GDP are not found statistically significant. R square of model 2 is (.34) which shows that independent variables are explaining 34 % of the dependent variable. OLS Results of Model 3 (Domestic Credit) Dependent Variable: DC Method: Least Squares Date: 01/24/11 Time: 16:20 Sample: 1970 2007 Included observations: 38 Variable Coefficient Std. Error t-Statistic Prob. RGDP 0.289400 0.002316 124.9755 0.0000 TO -0.007190 0.001983 -3.626526 0.0010 DR 0.014020 0.005240 2.675496 0.0115 FL 0.001211 0.000307 3.938439 0.0004 C -6.23E-06 4.61E-06 -1.351692 0.1857 R-squared 0.999939 Mean dependent var -1.15E-05 Adjusted R-squared 0.999931 S.D. dependent var 0.003380 S.E. of regression 2.80E-05 Akaike info criterion -18.00387 Sum squared resid 2.59E-08 Schwarz criterion -17.78840 Log likelihood 347.0735 F-statistic 134392.7 Durbin-Watson stat 1.559156 Prob(F-statistic) 0.000000 In model 3, we have used domestic credit as an indicator of banking sector development. Results of table 3 indicate that all variables are statistically significant to the development of banking sector of Pakistan. R square of model 3 is (.99) which shows that independent variables have a significant impact on the dependent variable. (Goldsmith, 1969) As mentioned above, generalized form of data has been used in this study and numbers of tests have been applied on these three models and there is no serial correlation, heteroscedasticity. CONCLUSION AND DISCUSSION The results of this study shows that Trade openness is inversely related to the development of banking sector in Pakistan in all three models which validates the findings of (Siddiqui Iqbal, 2005) that Trade openness negatively affects the economic growth of a country. However these results are not according to the findings of (Miller Upadhyay, 2000) which states that trade openness leads to the development of financial sector. Moreover this study also does not support the findings of (Yu Gan, 2010) which states that trade openness have no impact on the development of banking sector. In case of Liquid liabilities as indicator of banking sector development, it is clear that Real GDP and Financial liberalization have the significant impact on the development of banking sector of Pakistan. This result is according to the findings of (Yu Gan, 2010) and (Attaullah et al, 2004) which show that Real GDP and Financial Liberalization significantly impact the banking sector development. It means that increase in Real GDP and Financial Liberalization will lead the banking sector of Pakistan towards prosperity. In case of Private sector credit as the indicator of banking sector development, it is found that discount rate is statistically significant to the banking sector development. It means that increase in discount rate will lead towards increase in private sector credit which will eventually results in financial sector development. However, financial liberalization was found inversely related to the banking sector development and Real GDP was not found significant which is against the findings of (Yu Gan, 2010) which identifies that Real GDP has a significant impact on the development of financial sector of Pakistan when Private sector credit is taken as indicator of banking sector development. In case of Domestic credit as indicator of development of banking sector, results shows that all four variables are statistically significant to the financial sector development which are according to the findings of (Rajan Zingales, 1998), (Cetorelli Gambera, 2001) which states that Financial Liberalization and Real GDP significantly impact the development of financial sector. PRACTICAL IMPLEMENTATIONS FOR BANKING SECTOR On the basis of the findings of this study, we can conclude that trade openness is having inverse relationship with the banking sector development. As a result of Trade openness, the less developed banking sector of Pakistan faces tough competition from the developed financial sector of other countries. Moreover, increase in trade openness increases the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s exposure to international shocks i.e. if any economy faces will suffer a crisis, there will be more chance of transferring crisis in Pakistan. Discount rate is also found significant in this study when Private sector credit and Domestic credit was used as an indicator of banking sector development. When the discount rate will be high, financial institutions will be encouraged to get loan from state bank of Pakistan. Banks usually uses discount rate as benchmark interest rate when they further lend the money to borrowers. So increasing the discount rate will eventually lead the banking sector to development.

Essay --

Critical Lens Essay John Steinbeck once stated, â€Å"It is the responsibility of the writer to expose our many grievous faults and failures and to hold up to the light our dark and dangerous dreams, for the purpose of improvement.† In others words, people should expose the many flaws and failures that every human has. By revealing them and making it eye-catching, that person can recognize that flaw and work to improve their flaws and failures. The journalistic novel Random Family by Adriene Nicole LeBlanc and the non-fiction novel Friday Night Lights by H.G. Bissinger both reveal that true mental and emotional freedom is dependent on finding a solution for your defects and deficiency. The literary elements used to prove this quote was conflict and irony. The novel Friday Night Lights by H.G Bissinger illustrates how a person’s failures can deeply affect others negatively. For example, the conflict was a person to person---fight between two people because Charlie is angry with his son Don for failing to hold the football during a game or practice. Charlie expresses how he feels by interr...

Essay --

This essay offers a contextual, and theoretical explanation as to why Stereoscopes are a product of modernity: drawing particular attention to the stereoscope - that enables what many viewers perceive as a greater level of realism in the cinematic image -, existing arguments around the topic which have been developed to interpret and explain its social significance within the modern period. The discussion begins with an informative differentiation of both ideologies, which we identify as Modernism and Modernity; the second paragraph, is a brief background of the optical instrument which hopefully bleeds into the main body of ideas conceived from thorough research via David Trotter, Jonathan Crary and Goethe. My interest in this particular subject arose out of empirical knowledge of cameras from studying Photography at A Level and a prior thesis I conducted in regards to Capitalism: Slavery, an excerpt by filmmaker Ken Jacobs. A metaphorical screening considering the relationship of b oth fields not only in their shared money form but also the difference surrounding these two highly charged and complex kinds of bodies: the slave body and the corporate body which in reality are the a biological form and a wealth form. Modernism indicates a branch of movements in art (Impressionism, Post-Impressionism, Fauvism; Cubism; Expressionism; Dada, Surrealism, Pop Art. Etc.) with distinct characteristics, it firmly rejects its classical precedent and classical style, what Walter Benjamin would refer to as â€Å"destructive liquidation of the traditional value of the cultural heritage†; and it explores the etiology of a present historical situation and of its attendant forms of self-consciousness in the West. Whereas Modernity is often used as ... .... 'It is a moment when the visible escapes from the timeless incorporeal order of the camera obscura and becomes lodged in another apparatus, within the unstable physiology and temporality of the human body'. Crary further demonstrates the shift in vision's location from camera to body by examining the way in which it was reproduced in various optical devices invented during this same period, specifically the stereoscope, the kaleidoscope, the phenakistiscope, and the diorama. His examination is based on a provocative premise: 'There is a tendency to conflate all optical devices in the nineteenth century as equally implicated in a vague collective drive to higher and higher standards of verisimilitude' (110). According to Crary, such an approach tends to neglect entirely how some of these devices were expressions of what he calls 'nonveridical' models of perception.

Leadership model Essay

â€Å"Discuss what leadership theory/model you would use as a health care leader and the theory/model you believe is least effective. Explain why the models you’ve selected would or would not work in a healthcare field.† Among a dozens of leadership theory/models listed in the book of â€Å"leadership for health professionals†, I would like to say that Bennis’s competency-based model of leadership is most effective one in the health care field, while House’s charismatic leadership model† is least one. Bennis competency-based model has been widely embraced by professional organizations. This model suggests that the skills and tools necessary to lead organizations must be learned-whether through incremental on-the-job training, formal education, or years of professional development. It implies that leaders are made and not simply born. To become chair of any departments of medical division, one cannot effectively hold such a position without yea rs of medical education and a successful practice of medicine because the correct diagnosis and proper treatment for patients are the fundamental goal of all hospitals. The competent leader is a key point to reach this goal. Let’s take the department of pathology and laboratory medicine as an example. The department of pathology has several division including clinical pathology, surgical pathology and blood banking. Each division has several subdivisions. For example, surgical pathology includes microscopy diagnosis made by pathologist, grossing surgical specimen performed by pathologist’s assistants, and tissue slides prepared by histotechnologists. The head of department of pathology is always held by pathologists rather than pathologist assistants or histotechnologists. Why? The answer is it is pathologists who have finished 4 years medical school education, 5-years resident and fellowship training and many years of practices. During the study in medical school and training in hospitals, Patholgosits go through all divisions and subdivisions in the department of pathology, they knew how to make diagnosis, how to dissect the specimen, how to get the tissue section, how to perform flow cytometry , how to determine the blood crossmatching. Therefore, whenever there are tech nical problems which other staffs cannot resolve, Pathologist is able to do it. Moreover, because pathologists know how each division functions, they can manage the workflow well, coordinate the each division and understand the tough issues in each  division. For instance, they know the difficulty to cut the bone sample, they would not demand the perfect bone slides which made by technologists. On the other hand, Pathologsit’s assistant and histotechnologist spends only 2 and 1 year studying in specific fields of either grossing or microtoming, respectively. They don’t know how other divisions works. Thus, it is hard for them to lead the department of pathology. In terms of House’s charismatic leadership model, I think it would not work in the healthcare field. First of all, unlike competency-based model which can be measured by the leaders’ education background and working experience, charismatic leadership inspires followership through intangibles in personality that cannot be measured by any tangible property in a universal way. Similar to the old adage â€Å"beauty is in the eye of the beholder†, charisma is in the eye of the beholder. Therefore, levels of acceptance and acknowledgement cannot be uniformly communicated by the members of the organization. Without the professional skill and profound knowledge in the field of healthcare, the leadership can be challenged and questioned by staffs who are not the beholder. Secondly, the charismatic leadership model suggests that the charismatic leaders are born with this quality. It is very difficult for those without natural charisma to mimic those who possess this natural ability on the long-term basis. It’s important for leaders in the fields of politics and business to possess Charismatic personality, for example, President John F Kennedy who inspired trust, faith and confidence in nonmechanical ways. However, JFK would not be successful chair of department of pathology because he would lack professional discourse in the medical field and could not solve the technical problems to make a correct diagnosis. All in all, each leadership theory/model has its strength and weakness, as well as applications for use. As far as I am concerned, Bennis competency-based model is the most applicable to leading health organizations, whereas House’s charismatic leadership model† is least effective way.