Personal Courage Essay Example | Topics and Well Written Essays - 250 words

Individual Courage - Essay Example I have depicted individual boldness in two hazardous and unsafe situations to spare a real existence. The main occurrence or situation was in a consuming house. It was a neighbor’s a house and everyone had left aside from a little youngster who was left resting inside. The inferno had overpowered the structure and in spite of the danger of hurting myself, I chose to take mental fortitude to spare the little guiltless kid. It was testing and in spite of the smoke and warmth I figured out how to spare the little kid. Subsequently, it is because of individual fortitude that empowered me to prevail in the salvage. The subsequent occurrence or situation was to spare my companion who had been assaulted. He was hijacked by wild folks nearby and being tormented. I realized my companion was not off-base subsequently it was unscrupulous for them to exercise such a cruel follow up on him. Thusly, I moved toward them in mental fortitude and assaulted the group head. I won the battle, and my companion was at long last free. Along these lines, individual mental fortitude is a noteworthy uprightness that is suggested for one’s insurance and

Proposed Ban on Neonicotinoid Pesticide

Question: What is the Proposed Ban on Neonicotinoid Pesticide ? Answer : Introducation The target of the Health Canada is to control the hurtful utilization of pesticide in horticultural land. I bolster the proposition of prohibiting the utilization of neonicotinoid pesticide named imidacloprid. The essential explanation for this choice is mischief of creepy crawlies and environment. This pesticide is basically applied on the huge number of the horticultural items, for example, crops, corn, soy, sugar and different trees. Dangers related with the utilization of pesticide are wellbeing peril of fish, winged creatures and different creatures as it influences the food sources. According to wellbeing Canada, the honey bees are presented to the hazard from blossoming crops, which contain pesticide above hazard level. This pesticide is connected to the passing of bumble bees. As expressed by Long (2012), the utilization of neonicotinoid pesticide makes settlement breakdown issue particularly for working drones. As an impact, working drones out of nowhere vanish from the hive s containing different phases of brood and sufficient food in the relinquished states. As working drones assume significant job in nectar creation and plant fertilization, passing of working drones influences the large scale manufacturing. The monetary results of this honey bee misfortune are decline in nectar creation. Therefore, it might influence the salary of the local individuals gathered nectar from the backwoods or provincial territories. Loss of the salary has genuine financial weight on the resource individuals. State breakdown issue causes misfortune in farming and plant fertilization. As talked about by Johnson (2016), neonicotinoid pesticide are solvent in water. Along these lines, modest quantity of the pesticide applied on the seed are broken up when in contact with the water in soil. Encompassing plants ingest proposals water through their foundations and the arrangements spread into the tissues and foliage. Subsequently, creatures eating plants and products of those trees are presented to life hazard. Imidacloprid is additionally unsafe for the sea-going creatures. The dirt water of the agrarian land blended in with the pesticide sullies the close by water body, for example, stream or lake. Passing of the oceanic bugs upsets the equalization of the eco framework by destructing the food wellsprings of the fish. Imidacloprid additionally pollute the ground water. It tends to be assessed from the above investigation that disposal of the neonicotinoid pesticide would be useful for the Canadian economy. Cimino et al. (2017) established that this pesticide has genuine wellbeing risk for human, for example, constant neonic introduction, unfavorable advancement of neurological results, mental imbalance range issue, manifestations of memory misfortune. Despite the fact that Health Canada didn't discover any effect on human wellbeing, boycott of imidacloprid is legitimizes most definitely. As human is additionally a piece of the eco framework, any break in the eco framework influences human life legitimately or by implication. In this way, ranchers can utilize the natural pesticide as an enhancement of the neonicotinoid pesticide. Dismissal of harmful compound utilized for farming can prompt the better food and more beneficial condition. References Cimino, A., Boyles, A., Thayer, K., Perry, M. (2017). Natural Health Perspectives Effects of Neonicotinoid Pesticide Exposure on Human Health: A Systematic Review. Ehp.niehs.nih.gov. Recovered 14 March 2017, from https://ehp.niehs.nih.gov/ehp515/ Johnson, L. (2016). Restriction on disputable pesticide proposed by Health Canada. cbc.ca. Recovered 14 March 2017, from https://www.cbc.ca/news/canada/english columbia/wellbeing canada-imidacloprid-neonicotinoid-1.3864450 Long, C. (2012). Spare the Bees Ban Neonicotinoid Pesticides - Honeybees and Beekeeping Blog. Mother Earth News. Recovered 14 March 2017, from https://www.motherearthnews.com/nature-and-condition/neonicotinoid-pesticides-zb0z1204zlon

Seven Things You Can Do to Make the Most of Your Commute

Seven Things You Can Do to Make the Most of Your Commute Seven Things You Can Do to Make the Most of Your Commute By Alexandra Jane With average commutes stretching over an hour and a half, we’re spending more and more time travelling to work. While it’s tempting to spend the whole journey half-asleep or playing Candy Crush, you can use these crucial minutes to get vital tasks done and improve your own skills. Here are a few things you can do to make the most of your travel time.   1. Improve your ability to empathize with others by reading more via GIPHY Reading every day, whether it’s the day’s news or the latest best-selling novel, can have a drastically positive impact, improving your memory and vocabulary and making you more empathetic. If your commute lasts an hour, that’s 10 hours of reading you could do every week. Add that up and it’s 480 hours a year, the equivalent of 20 solid days of reading. By downloading books onto your phone or tablet, you can always have something to read close to hand that isn’t Facebook or Twitter. If you don’t have an easy way to download books and want to avoid carrying around a heavy book, audiobooks or podcasts offer many of the same benefits as reading and could be a great alternative for you. Daily radio programmes such as Women’s Hour (which can be downloaded onto any smartphone) provide a brilliant insight into current affairs, focusing on issues from specific perspectives.   2. Add a skill to your CV and learn a new language   via GIPHY It’s been your new year’s resolution to improve your language skills for ages now, but finding the time to learn a new language has been tricky. Not any longer. The key is to integrate the process into your routine as a habit. If you associate your commute â€" or indeed any period of travel â€" with developing your language skills you’re more likely to stick at it.   3. Make a head-start on your day by planning your schedule   via GIPHY Utilising your morning commute to plan ahead and set yourself targets for the day will place you in the realms of the highly successful. Your efficiency will pay off at work, increasing your focus and allowing you to plan without the distractions of the office.   The morning commute can also be a great time to consider and draft any important messages or emails that you’ve been putting off sending to colleagues or clients. The relative lack of distractions and intermittent internet access provide you with the space to mull over your phrasing. 4. Improve your mental (and physical) health with some exercise   via GIPHY Get off the bus and get your trainers on. Not only will you be shedding the pounds and toning up in no time, being outside in the fresh air will also improve your mood and general sense of wellbeing. Running or cycling to work is a brilliant way of using your commute time, and will also cut back the number of hours you spend in the gym, making you even more efficient. Alternatively there’s a variety of different exercises you can squeeze in to strengthen your muscles while travelling to work in the car or on public transport, although obviously these will have less of an impact.   5. Train your brain with the help of the newspaper’s puzzles section   via GIPHY Daily newspapers (which are often free on public transport) always contain a puzzles page, home to the trusty Sudoku, crossword and more. These puzzles will help you train your brain to think logically and could even help to improve your memory in the long run.   You could even bring your own, more complex, puzzles if you decide you’d like to face more of a challenge. 6. Find time for the hobbies you’ve always wanted to try   via GIPHY If you’d rather have a less cerebral workout in the morning, you could try using the time to indulge in a more traditional hobby like sewing or knitting. After all, there’s no better (or cheaper) present for a family member than a hand-knitted scarf.   There’s no end to the hobbies you could dedicate time to on your commute. Even if you’re interested in something which is too impractical to do on a cramped train carriage, you might be able to find an online tutorial you can download to watch or listen to on your way into work. 7. Build your social skills and chat to a stranger   via GIPHY It might feel awkward, but try getting out of your comfort zone by striking up a conversation with a stranger on public transport. Tube chat badges may have been ridiculed, but you can gain a huge amount of insight and perspective from talking to someone from a different walk of life, and might just make yourself a new train buddy. Alexandra Jane writes for Inspiring Interns, a graduate recruitment agency which specializes in sourcing candidates for internships and giving out graduate careers advice. To browse their graduate jobs, visit their website. Lead image: Daniel Lobo (Flickr)

Best Political Science Schools in the U.S.

Personal Statement For Social Work - 1507 Words

Social Work is a specialized profession that provides counseling, assessment, intervention and support services to individuals, families, couples and communities who are dealing with psychosocial issues or require assistance obtaining social and health services. The practice of social work is guided by knowledge of social systems, human behavior and social resources, and is strictly regulated to protect the health, safety and welfare of people. I would love to have a career in social work. I was not sure on the career field I wanted to be in, but has I research more and conducted interviews in this field , I’m sure of where I want to be. Though I had the basic knowledge about the profession in social work, doing more research I came to a conclusion that seeking a career in this field is best for me. A Social worker is more than just a professional that helps people, but they also improve lives. The thought of helping people/children delight me in such a way that being in this field will bring me a rewarding feeling. I have always been the person who will listen, observe, and take note of one’s behavior as well as showing love and concern to a situation. I will give the best advice possible as well as encourage the person on the best solution to a problem. Though faced with confusion deciding the best career field to pursue in, social work seem to fit my personality and my purpose. Everyone has a purpose in life, and I believe mind is to help people especiallyShow MoreRelatedPersonal Statement : Social Work741 Words   |  3 PagesPersonal Statement I decided to apply to the social work master because I have encountered a lot of different experiences, problems, and achievements over the past four years. Similarly, I have always had a deep desire for helping others in a caring and supportive way. 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This paper will go into detail of this policy and whether I disagree or agree with it. Do my personal values play a role in my decision and if I would make any revisions to the current policy. Do I Agree Or Disagree With The Policy Statement In Social Work Speaks the policyRead MoreClassification Of Employees On The Base Of Quality Of Work Life1472 Words   |  6 Pages Classification of LIC Employees on the base of Quality of Work Life The application of factor analysis by principle component method derived Eight factors of QWL, namely, Organizational Climate Culture, Work-Life Balance, Working Environment, Welfare Measures, Compensation of Employees, Participation in Decision-Making, Opportunity for Growth Development, and Social Relevance of Work. The perception of Employees over these 8 factors is classified into heterogeneous groups through k-means

Workplace Safety Policy And Procedure - 1696 Words

MCR WORKPLACE SAFETY POLICY AND PROCEDURE BY: HANNAH RILEY Our organization is growing and we are receiving new employees. It has come to my attention that our previous safety policy and procedure seem to be outdated. This paper is to provide all employers and fellow employees information of the policy. There will be many different topics discussed. Please pay close attention to these policies because they are important. TABLE OF CONTENTS Hazards pg. 2 Health pg. 3 Violence pg. 4 Disaster pg. 5 and pg. 6 Responding to a Medical Emergency pg. 7 HAZARDS There are several safety hazards that can occur at the workplace. It may include loose railings, ungrounded electrical outlets, high hot-water temperature settings, blocked hallways and doorways, and poorly maintained equipment. If you see a safety hazard, please report it to a supervisor. FIRES A fire is one of the most common safety hazards. These are the following actions everyone should take to prevent a fire from occurring and what to do if one occurs. o Take steps to prevent and reduce the impact of fire on the workplace and carry out a fire risk assessment of the workplace. o Identify the significant findings of the risk assessment and the details of anyone who might be especially at risk in case of fire (these must be recorded if more than five employees). o Provide and maintain fire precautions necessary to safeguard anyone using the workplace (including visitors). o Provide information, instruction andShow MoreRelatedUnderstand how health and safety legislation is implemented in the health and social care workplace1565 Words   |  7 PagesHealth and Safety in the Health and Social Care Workplace Assessor name: Christine Pratt Date of Issue Completion date 27/01/2014 18/04/2014 Student No. Submitted on Assignment title Learning Outcome Learning outcome Assessment criteria LO1 Understand 1.1 how health and safety legislation is implemented in the health and social care workplace 1.2 1.3 In this assessment you will Task have the opportunity to No. present evidence that shows you are able to review systems, policies and 1 proceduresRead MoreEssay on Health and Social Care960 Words   |  4 Pagesto: LO1. 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Un Drama Nuevo Essay Research Paper Un free essay sample

Un Drama Nuevo Essay, Research Paper Un Drama Nuevo Argumento: Esta obra tiene un argumento muy interesante Y un poco confuso. Empieze con Yorick hablando a Guillermo Shakespeare sobre un papel del teatro. Yorick Es un histrion de la compa? ? a teatral de Shakespeare. Por lo general, hace los papeles de comediante, pero quiere hacer el papel del protagonista de una tragedia. Esta tragedia Es un play nuevo por un autor desconocido. Shakespeare cede, pero despu? s de mucho convencer. El papel tr? gico Es de un Conde que Se entera de que su esposa Es infiel. La cosa Se complica, wickedness trade stoppage, por Department of State razones. Primer, otro histrion, Walton, quer? a EL mismo papel Y quiere vengarse. Segundo, en la realidad, la esposa de Yorick, Alicia, es infiel Ys ella hace EL papel de la esposa infiel de la obra mientras su amante, Edmundo, hace EL papel del amante en La obra. Todo el mundo, menos Yorick, sabe del cubic decimeter? o entre Alicia Y Edmundo. Yorick est? sospechoso de su esposa, pero nunca sospechar? a a Edmundo, a quien considera un hijo. La noche del estreno, Walton se pone muy envidioso cuando oye los aplausos no parity? cubic decimeter sino parity Yorick. Walton descubre una carta que Edmundo hour angle escrito a Alicia que revela Sus planes a escapar EL vitamin D? a siguiente por un barco. El personaje de Walton se debiera darle al personaje de Yorick una carta que revela quien Es el amante de su esposa ( el personaje de Alicia ) . En vez de darle una carta blanca, Walton, en un arranque de envidia, le district attorney La carta de Edmundo a Alicia, a pesar de los esfuerzos de Shakespeara por impedirlo. A este punto, el argumento del play Se convierte en la realidad cuando Yorick Se district attorney cuenta de que Edmundo es el amante de Alicia. Las palabras de los personajes se hacen las palabras de las personas mismas. El five tr? gic o del cuento Es la muerte de Edmundo, por la espada de Yorick, y la muerte de Walton, en un desaf? o callejero. Una Cr? tica: Disfrut? La obra, Un Drama Nuevo, por Manuel Tamayo y Baus mucho. De la primera escena Al? ltimo, captaba Toda myocardial infarction atenci? n. Es una obra intensa, en que se quiere que todo sale bien, pero EL five inevitable Es La tragedia. Esta pieza cod? a ser considerada tan buena como una de Shakespeare mismo. El uso de Shakespeare como un personaje Y La muchas referencias a Sus obras es thought original vitamin E ingeniosa. Recomendar? a que todo el mundo lea O vea esta obra. Esta obra es una tragedia. El pobre Yorick Es EL protagonista de esta obra. Durante Toda La acci? n? fifty no sabe de su propia situaci? n aunque EL P? blico Y otros personajes La saben. Esta es La Fe? a tr? gica de la obra ; no obstante, hay m? s Fe? a porque Yorick quiere hacer el papel tr? gico del marido enga? ado Y die **Ning? n otro papel me cuadrar? a menos que el de marido celoso. ** Otro ejemplo de la Fe? a que lleva Al five tr? gico Es EL enga? o de Shakespeare Po R Walton con La cartas. Walton le da a Shakespeare La carta blanca que es parte de la utiler? a de la obra y le entrega a Yorick La carta de amor de Edmundo. Todas estas Fe? as culminan en el entendimiento de Yorick de que Edmundo es el amante de Alicia. Esto es su propio destrucci? n Y tambi? n resulta en la destrucci? n por la muerte de Walton y Edmundo. Aunque Edmundo no hour angle muerto, hour angle sido destru? do como character. Las palabras de Shakespeare representan bien La destrucci? n concluding: **Rogad por los muertes. ? Ay, rogad tambi? n por los matadores! ** Otra T? cnica teatral que Se encuentra nut esta pieza Es el metateatro. Hay Department of State tragedias en esta obra que corre parejas: La de Edmundo y la de su personaje. Las personas corren parejas a Sus personajes en el play nuevo. La esposa infiel del play nuevo es una esposa infiel en La realidad. Esto es La verdad con los otros, tambi? N: Edmundo, el amante ; Yorick, el marido enga? bustle ; y Walton, el mensajero de las malas noticias. La primera vez que La realidad une con EL teatro es cuando Yorick recita Sus cubic decimeter? neas, **Tiemble La esposa infiel, tiemble, ** Y Alicia Se desmaya. M? s tarde esta juntura Es completa con la entrega de la carta. Como fue mencionado en la explicaci? n del argumento, a este punto, la realidad y el teatro boy lo mismo. Este demuestra EL tema que todas Las personas del mundo boy actores y actrizes Y adem? a significa La semejanza entre lo que es existent Y lo que no Es. ? Cu? cubic decimeter Es La realidad Y copper? l no Es? ? Cu? ndo est? n character fingiendo y cuando no? Creo que estas boy preguntas que Tamayo y Baus quer? a que nos preguntemos. Tamayo y Baus utiliza La prefiguraci? n excelente parity desorollar EL argumento. Si notamos estas pistas, podemos comprender mejor La obra. Unos ejemplos de la prefiguraci? n que Se usan incluyen en la primera escena las palabras de Shakespeare, **Desdichado Yorick, ** cuando Yorick refiere a Edmundo Y Alicia como Romeo y Juliet, mostrando que ya sabe del Cupid secreto. M? s tarde, en el acto segundo cuando Yorick habla de su curiosidad, Walton refiere a Ad? n Y Eva. Su curiosidad lleva a ellos a su ca? da Y este advierte del destino de Yorick. Un ejemplo concluding de la prefiguraci? n Es Las palabras de Shakespeare, cuando Se district attorney cuenta de que ha sido enga? bustle: **La serpiente hour angle enga? ado Al lupus erythematosus? N. ? Aplaste el lupus erythematosus? n a La serpiente! ** Un poco desp? Es, Walton Se muere. La prefiguraci? N est? usado por EL libro para a? adir Al incertidumbre Y standard pressure? sfera intensa. Tamayo y Baus combina dos tragedias con EL metateatro Y usa La prefiguraci? n parity desarollar EL argumento. Adem? s, hour angle usado La vida Y obras de Shakespeare en desarollar una obra como ning? n otro. No solamente es Un Drama Nuevo un cuento excelente Y absorbente, pero tambi? n contiene muchos elementos teatrales desarollados por el autor parity hacer esta obra una de las mejores que he le? make. 323

Abraham Lincolns Historical Thanksgiving Proclamation

Abraham Lincoln's Historical Thanksgiving Proclamation Thanksgiving did not become a national holiday in the United States until the fall of 1863  when President Abraham Lincoln issued a proclamation declaring that the last Thursday in November would be a day of national thanksgiving. While Lincoln issued the proclamation, credit for making Thanksgiving a national holiday should go to Sarah Josepha  Hale, the editor of Godeys Ladys Book, a popular magazine for women in 19th century America. Hales Campaign for Thanksgiving Hale, who campaigned for years to make Thanksgiving a nationally observed holiday, wrote to Lincoln on September 28, 1863, and urged him to issue a proclamation. Hale mentioned in her letter that having such a national day of Thanksgiving would establish a great Union Festival of America. With the United States in the depths of the Civil War, perhaps Lincoln was attracted to the idea of a holiday unifying the nation. At that time Lincoln was also contemplating delivering an address on the purpose of the war which would become the Gettysburg Address. Lincoln wrote a proclamation, which was issued on October 3, 1863. The New York Times published a copy of the proclamation two days later. The idea seemed to catch on, and the northern states celebrated Thanksgiving on the date noted in Lincolns proclamation, the last Thursday in November, which fell on November 26, 1863. Lincolns Thanksgiving Proclamation The text of Lincolns 1863 Thanksgiving proclamation follows: October 3, 1863By the President of the United StatesA ProclamationThe year that is drawing toward its close has been filled with the blessings of fruitful fields and healthful skies. To these bounties, which are so constantly enjoyed that we are prone to forget the source from which they come, others have been added, which are of so extraordinary a nature that they cannot fail to penetrate and soften the heart which is habitually insensible to the ever-watchful providence of Almighty God.In the midst of a civil war of unequaled magnitude and severity, which has sometimes seemed to foreign states to invite and provoke their aggressions, peace has been preserved with all nations, order has been maintained, the laws have been respected and obeyed, and harmony has prevailed everywhere, except in the theater of military conflict; while that theater has been greatly contracted by the advancing armies and navies of the Union.Needful diversions of wealth and of strength from the fields of pe aceful industry to the national defense have not arrested the plow, the shuttle, or the ship; the ax has enlarged the borders of our settlements, and the mines, as well of iron and coal as of the precious metals, have yielded even more abundantly than heretofore. Population has steadily increased, notwithstanding the waste that has been made in the camp, the siege, and the battlefield, and the country, rejoicing in the consciousness of augmented strength and vigor, is permitted to expect continuance of years with large increase of freedom.No human counsel hath devised, nor hath any mortal hand worked out these great things. They are the gracious gifts of the Most High God, who while dealing with us in anger for our sins, hath nevertheless remembered mercy.It has seemed to me fit and proper that they should be solemnly, reverently, and gratefully acknowledged as with one heart and one voice by the whole American people. I do, therefore, invite my fellow-citizens in every part of the United States, and also those who are at sea and those who are sojourning in foreign lands, to set apart and observe the last Thursday of November next as a Day of Thanksgiving and Praise to our beneficent Father who dwelleth in the heavens. And I recommend to them that, while offering up the ascriptions justly due to Him for such singular deliverances and blessings, they do also, with humble penitence for our national perverseness and disobedience, commend to His tender care all those who have become widows, orphans, mourners, or sufferers in the lamentable civil strife in which we are unavoidably engaged, and fervently implore the interposition of the Almighty hand to heal the wounds of the nation, and to restore it, as soon as may be consistent with the Divine purposes, to the full enjoyment of peace, harmony, tranquility, and union.In testimony whereof, I have hereunto set my hand and caused the seal of the United Stated States to be affixed.Done at the city of Washington, this third day of October, in the year of our Lord one thousand eight hundred and sixty-three, and of the Independence of the United States the eighty-eighth.Abraham Lincoln

Deal Kennedy Essay Example

Deal Kennedy Essay Example Deal Kennedy Essay Deal Kennedy Essay Deal and Kennedys cultural model Page 1 of 2 Changing Minds. org Search Home Please Vote for our site Now, you can buy the real book! Blog! Executing Your Strategy Strategy2Reality provides strategy execution planning facilitation www. Strategy2reality. com Solve Your People Problem Aliign business, people and process strategies to drive performance www. mindsetgroup. biz Learn To Set Goals How Good Are You In Setting Goals? Take Our Free Quiz Now! singapore. dalecarnegie. com How we change what others think, feel, believe and do Disciplines Techniques Principles Explanations Theories Quotes Guest articles Analysis Books Help us Links Deal and Kennedys cultural model Explanations gt; Culture gt; Deal and Kennedys cultural model Feedback | Risk | The four cultures | So what? Deal and Kennedys model of culture is based on characterizing different four types of organization, based on how quickly they receive feedback and reward after they have done something and the level of risks that they take. Engagement Not Stress Does a better worklife exist? Improve your work environment www. orkengagement. com Feedback and reward A major driver of people in companies and hence their culture is the general feedback and specific rewards that tell them they are doing a good or bad job. If this feedback is immediate or shorter-term, it will quickly correct any ineffective behavior and hence lead to a consistent culture (those who cannot survive will quickly find out and either leave or be sacked). If the feedback takes longer to arrive, then can leave mistakes uncorrected, but it also lets people look further out into the future. Either way, there is likely to be some substitute activity (such as process management) to help keep things on track until actual results are known. Business Productivity Find Out How To Improve Business Productivity. Learn More Now! productivity. enterpriseone. †¦ Look inside Add/share/save this page: Risk Uncertainty and risk are something that some people hate and some people thrive on. In either case, it is another motivating force that leads people to focus on managing it. Change Management: Strategies for Handling Change Management Right the First Time. www. SixSigmaIQ. com Ads by Google School Culture Brazil Culture Asia Culture Love Culture Where the risk is low, people may be willing to take risks up to their acceptable limit. Where they are high, the risks need to be managed or accepted. High risk companies are more likely to include people who enjoy the frisson of taking a gamble. Risk Low Work-hard, play-hard culture High Tough-guy macho culture Young Manager Program For High Potential Managers Taught by World Renowned Faculty www. aventis. edu. sg Save the rain Feedback and reward Rapid SafetybizSAFE Consultant MOM Risk Consultant,bizSAFE,OHS MOM Risk Assessment Management www. aceehss. om/Call_653†¦ Slow Process culture Bet-thecompany culture The four cultures Work-hard, play-hard culture This has rapid feedback/reward and low risk, leading to: Stress coming from quantity of work rather than uncertainty. High-speed action leading to high-speed recreation. Eg. Restaurants, software companies. Tough-guy macho culture This has rapid feedback/ reward and high risk, leading to: Stress coming from high risk and potential loss/gain of reward. Focus on the present rather than the longer-term future. Eg. police, surgeons, sports. Process culture http://changingminds. org/explanations/culture/deal_kennedy_culture. htm /5/2011 Deal and Kennedys cultural model Page 2 of 2 This has slow feedback/reward and low risk, leading to: Low stress, plodding work, comfort and security. Stress may come from internal politics and stupidity of the system. Development of bureaucracies and other ways of maintaining the status quo. Focus on security of the past and of the future. Eg. banks, insurance companies. Bet-the-company culture This has slow feedback/reward and high risk, leading to: Stress coming from high risk and delay before knowing if actions have paid off. The long view is taken, but then much work is put into making sure things happen as planned. Eg. aircraft manufacturers, oil companies. So what? So if you are influencing into an organization, find out what style it has and adjust your approach accordingly. If you are a member of the organization, you may understand why you are either right at home or way out of place. See also Culture Books Buy Me =UK= =USA= =CAN= Terrence E. Deal, Allan A. Kennedy, Corporate Cultures, Perseus, 2000 A useful book on organizational culture, including Deal and Kennedys famous sociability/solidarity model. Good linkage to general cultural aspects of tribes, heroes and rites and rituals. Originally published in 1982. - Contact - Caveat - About - Students - Webmasters - Awards - Guestbook - Feedback - Sitemap - Changes - Improving Safety Culture Helping you manage your safety culture more effectively. www. safetyperformance. com INSEAD Exec Education Learn How to Successfully Move to General Management. Enroll now ! Executive. education. insead. edu Collateral Management Effectively mitigate risk exposure. Automate your processes. www. omgeo. com  © Syque 2002-2010 Massive Content Maximum Speed TOP Search http://changingminds. org/explanations/culture/deal_kennedy_culture. htm 1/5/2011

Comparison of Global Cities Essay Example | Topics and Well Written Essays - 2250 words

Comparison of Global Cities - Essay Example New York outclasses all other cities in the world because it has an extremely diverse population and over the years, it has become the financial hub of the world. Wall Street, New York Stock Exchange, and the offices of Fortune 500 companies make it impossible for the business world to deny its importance. London has an edge when it comes to cultural heritage because it attracts the largest number of foreign visitors from the entire world on the same basis. Furthermore, there is no denial to the financial importance of the city since it is the heart of Europe and the entire world in terms of its financial and economic activities. United Kingdom is an important force in the world affairs and global political arena thus making allowing London and impeccable role in global politics. Tokyo could be called as the New York or London of Japan. Since the Second World War, the city has witnessed unprecedented economic growth, which continues even as of today. With offices of more than 50 Glob al 500 companies in Tokyo, Tokyo Stock Exchange is the third largest stock market in the world in terms of market capitalization. Tokyo lags behind when it comes to attracting tourists and increasing the diversity in the society by welcoming immigrants. The debate of global cities is never ending. As mentioned earlier, even as of today, experts have not been able to agree on a single definition of a global city. Furthermore, it is rather complicated to assign a quantitative value to each of the factors that characterize a city as a global city. Quite understandably, with the rapid pace of globalization, it is highly likely that these cities will witness a few serious contenders for the top spots in the global cities lists.

Myers-Briggs Type Indicator Essay Example | Topics and Well Written Essays - 1000 words

Myers-Briggs Type Indicator - Essay Example Of course, every discipline does have an ethics or methodological code of conduct, and the point is not to criticize archaeologists. However, what the nature of their activity is as a 'type' depends on the context. In some contexts, the very same activity is grave robbing while in others, it is a respected science. Problems of identity or 'types', can be described as having a 'gray' area, and this is precisely why the question is being raised in the introduction. The problem with the Myers-Briggs Type Indicator is that there are too many cross-over to other 'types' and that the line between types is no clearer than it is for any other concept that involves some notion of 'identity'. The following will analyze the Introverted Intuitive Thinking Judging (INTJ) type and the 'mastermind' within the Keirsey scale, with an eye toward demonstrating some of the limitations. INTROVERTED: On the Myers-Briggs Type Indicator, the first attribute of the INTJ type is introverted. It is important t o stress that this is a specific form of introversion. This form might be described as an 'escaping to' rather than an 'escaping from'. Some introverts are that way because they are trying to get away from social interactions and for a variety of reasons or causes. The INTJ personality is introverted, but they are so as a matter of choice. Being introverted allows for conceptual or analytical activity to take place, and thus as a choice, for the INTJ, it can be described as just a â€Å"practical† decision [Personality Page, 2011, â€Å"INTJ†]. INTUITIVE: Like the introverted quality, the intuitive side of the INTJ and for the writer of the present analysis, is one that is not a strictly conventional definition. Intuition or the form of intuition for the INTJ can be said to be rational. As an individual who invests a lot of time in learning and investigating, the type of intuition that is accessible to the INTJ is also the outcome of conditioning through â€Å"reasonà ¢â‚¬  or â€Å"rationality† [Personality Page, 2011, â€Å"INTJ†]. That is, intuitions take the forms of finding a common thread through seemingly disparate elements, and having the insight at first which was conditioned by reasoning patterns of the past, and further, a type of intuition that can be factually verified. That is, the rational side of the INTJ will not allow an intuition into the conceptual scheme, without there being some practical or pragmatic reason to do so. And, the pragmatic or practical side of the intuition, is to verify or empirically test the intuition rather than just trust the instinctual or emotional side of the experience. THINKING: In the Myers-Briggs Personality Types, the opposite of â€Å"thinking† is â€Å"feeling† [Personality Page, 2011, â€Å"INTJ†]. As was described in the previous section on intuition, thinking or rationally analyzing phenomenon is a primary mode of operation for the INTJ. At this juncture, it is important that both the type and my own self-assessment maintain that thinking through a situation is much more important and indeed, valid, then just feeling about it. For instance, as a parent, this would mean that 'love' 'is not' all you need – that is, to invert a well known set of lyrics from the rock group, the Beatles. Rather, parenting would involve making decisions on what is most reasonable and practical, rather than what the emotion of love is dictating.  

Phaedrus by Plato Essay Example for Free

Phaedrus by Plato Essay Of all the dialogues of Plato, this has got to be one of the most impressive of all. A display of conversations that did not rely on just mediocre questioning and explanation about a single topic. Walking around the country and providing conversations on just about whatever happens to them, the Phaedrus and Socrates walking conversation displays relevant matters and enlightening words. Tackling the topic of love was the initial subject that the two had taken into consideration. Talking about philosophies of love and their own takes on how love is, Socrates and Phaedrus showcase their sides by explaining what love is to them. Thus, this conversation about love ruled most of their walk. Along the way they tackled more enlightening matters The dialogues last part tackles about writing books and its capabilities to impart goodness on a person. They explain their considerable thoughts on books. In part 229c-230 b, Socrates reflects an affirmative belief on stories of myths such as the story of Bores and Orithyia. Socrates showcases his reasoning that he doesnt have enough time as well for himself to give explanation about such occurrence that happened in the place where the story was foretold thus he results to might as well be believing in it. He believes that skeptics dont have the luxury of time challenging and explaining the truth about other creatures, monsters and occurrences as well. Thus Socrates concludes that seeking out for truth with regards to said stories is ridiculous. He believes that even those people of science that tends to explain everything will also have such a difficult time on proving such claims and that there are more important matters other than challenging these stories. The conversational walk that Socrates and Phaedrus had in the dialogue displays amenable reasoning and provides ample knowledge upon readers.

Theories of Psychology Essay -- Psychology

1. Theories of Multiple Intelligences: Howard Gardner proposed the theory of multiple intelligences in his book, "Frames of Mind" in 1983 (Smith, 2006). Initially, Gardner spoke of seven intelligences and later added two. The first two are considered fundamental and most revered in the public school system, they are Linguistic intelligence and Logical-Mathematic intelligence. Linguistic intelligence includes the capability to use, speak and learn languages and words. Logical-Mathematic intelligence is the skill of working proficiently with numbers. Musical intelligence is the ability of performing, recognizing, and writing music. Bodily-Kinesthetic intelligence is utilizing the mind and the body together to solve problems. Visual-Spatial intelligence recognizes patterns of space. Interpersonal intelligence is the ability of understanding people. Intrapersonal is the ability to understand self. The final two that Gardner added in 1999 are, Naturalist, the ability to observe patterns in the way things are organized and Exi stentialist, the ability to understand spiritual and philosophical issues. Gardner also claims ?intelligences rarely operate independently?. (Smith, 2006) Interpersonal intelligence applies best to me because I am a very good listener and I have the ability to identify and respond accordingly to various moods and temperaments. I am often referred to as the peacekeeper or mediator. The feelings of others are foremost in my thoughts and actions. I enjoy contributing to others personal development and well-being. (Smith, 2006) 2. Problem solving: Algorithm is a systematic approach such as formulas used in math. (Roberts, 2006) Representative Heuristics or a rule of thumb is when information matches prev... ...al and half environmental. Our environment was always a happy go lucky one, I never heard my parents argue or raise their voices to each other and I think that played a huge role in the way that I have viewed life and dealt with different situations over the years. (Roberts, 2006) Reference: American Heart Association., (2008). retrieved April 26, 2008 from: http://www.americanheart.org/presenter.jhtml?identifier=4545 Smith, Mark., (2006). Howard gardner, multiple intelligences and education, introduction to psychology (pp.120-126). Kaplan University. United States, Copley. Roberts, Melinda Ph.D., (2006). Personality, introduction to psychology (ch.11). Kaplan University. United States, Copley. Roberts, Melinda Ph.D., (2006). Thinking and intelligence, introduction to psychology (ch.10). Kaplan University. United States, Copley

Strategies for Resuscitating Foreign Exchange Market in a Depressed Economy (a Case Study in Nigeria)

Strategies for Resuscitating Foreign Exchange Market in a Depressed Economy (A Case Study in Nigeria) By Ijaiya Tahir Adeniyi B. sc (Hons) Econs From Lagos State University, Ojo, Lagos State, Nigeria CHAPTER ONE INTRODUCTION 1. 1BACKGROUND OF THE STUDY Exchange rate arrangements in Nigeria have undergone significant changes over the past four decades (Alaba, 2003). It shifted from a fixed regime in the 1960s to a pegged arrangement between the 1970s and the mid-1980s, and finally, to the various types of the floating regime since 1986, following the adoption of the Structural Adjustment Programme (SAP).A regime of managed float, without any strong commitment to defending any particular uniformity, has been the predominant characteristic of the floating regime in Nigeria since 1986 (Alaba, 2003). These changes are not peculiar to the Naira as the US dollar was fixed in gold terms until 1971 when it was de-linked and has since been floated. The fixed exchange rate regime induced an ove rvaluation of the naira and was supported by exchange control regulations that engendered significant distortions in the economy.That gave vent to massive importation of finished goods with the adverse consequences for domestic production, balance of payments position and the nation’s external reserves level. Moreover, the period was bedeviled by sharp practices perpetrated by dealers and end-users of foreign exchange. These and many other problems informed the adoption of a more flexible exchange rate regime in the context of the SAP, adopted in 1986.In theory and practice, a prolonged misalignment of the exchange rate in the foreign exchange market will, in the medium term, tend to impact adversely on economic performance (MacDonald, 1997). Consequently, the authorities should always provide a timely intervention to ensure that the exchange rate is in equilibrium. The monetary authorities usually intervene through its monetary policy actions and operations in the money mark et to influence the exchange rate movement in the desired direction such that it ensures the competitiveness of the domestic economy.In Nigeria, maintaining a realistic exchange rate for the naira is very crucial, given the structure of the economy, and the need to minimize distortions in production and consumption, increase the inflow of non-oil export receipts and attract foreign direct investment. In order to give vent to this, this study shall examine the foreign exchange market in Nigeria with the view of investigating the relationship between the exchange rates and some macroeconomic variables. 1. 2STATEMENT OF RESEARCH PROBLEMThere has been an ongoing debate on the appropriate exchange rate policy in developing countries. The debate focuses on the degree of fluctuations in the exchange rate in the face of internal and external shocks. Exchange rate fluctuations are likely, in turn, to determine economic performance (Kandil and Mirzaie, 2003). In judging the desirability of ex change rate fluctuations in Nigeria, it becomes necessary to appraise the various exchange rate regimes adopted in Nigeria and evaluate their effects on output growth, pattern of domestic prices and some other macroeconomic variables.Their major setbacks would also be identified in order to suggest future course of action. 1. 3OBJECTIVES OF THE STUDY The specific objectives of this study are: i) to Identify the determinants of the foreign exchange rates; ii) to examine the impact of foreign exchange rates on the value of the country’s output; iii) to examine the impact of foreign exchange rates on foreign trade; iv) to examine the impact of foreign exchange rates on external reserve; v) to examine the impact of foreign exchange rates on domestic prices of goods and services. . 4RESEARCH METHODOLOGY The Econometric approach that would be adopted to examine the relevance of the exchange rate in the official foreign exchange market to the economic growth of Nigeria shall be the Ordinary Least Square (OLS) method. This econometric method would be used because it is very reliable and widely used in researches. Simple regression models shall be adopted to capture the effect of foreign exchange rate on economic growth, foreign trade, external reserve and the domestic prices of goods and services in Nigeria.The test of the hypotheses earlier stated would be done at 5% level of significance and as such, the generalization of the study findings would be limited to this extent. Secondary data would be used in this study. The relevant data to be used would be sourced from the Central Bank of Nigeria’s statistical reports, annual reports and statement of accounts for the years under review. 1. 5RESEARCH QUESTIONS The research questions, which would guide this study, are as follows: i) What are the determinants of foreign exchange rates? ii) What has been the impact of foreign exchange rate on the growth of Nigerian economy? ii) How does the foreign exchange r ate impacts on foreign trade of Nigeria? iv) What is the relationship between foreign exchange rate and external reserve? v) How does the exchange rate affects the domestic prices of goods and services in Nigeria? 1. 6RESEARCH HYPOTHESES The research hypotheses to be tested in the course of this study are stated below as: HYPOTHESIS I Ho : That there is no significant relationship between exchange rate and the economic growth of Nigeria. H1 :That there is a significant relationship between exchange rate and the economic growth of Nigeria.HYPOTHESIS II Ho : That there is no significant relationship between exchange rate and foreign trade in Nigeria. H1 :That there is a significant relationship between exchange rate and foreign trade in Nigeria. HYPOTHESIS III Ho : That there is no significant relationship between exchange rate and external reserve of Nigeria. H1 :That there is a significant relationship between exchange rate and external reserve of Nigeria. HYPOTHESIS IV Ho : That th ere is no significant relationship between exchange rate and domestic prices of goods and prices in Nigeria.H1 :That there is a significant relationship between exchange rate and domestic prices of goods and prices in Nigeria. 1. 7MODELS SPECIFICATION MODEL I gdp = a0 + a1 exr + e Where gdp-Gross Domestic Product exr -Exchange rate a0 and a1 -Parameters e -Error term A’ PRIORI EXPECTATION It is expected that a0 > 0 and a1 < O Exchange rate is the price of a currency in terms of another currency while gross domestic product is the value of the goods and services produced in a country within a specific period of time.Exchange rate is expected to affect the gross domestic product negatively. A high exchange rate would not allow for the importation of capital goods that are need for productive activity, thereby impair economic growth. This is based on neoclassical trade models. MODEL II bot = b0 + b1 exr + e Where bot-Balance of trade exr -Exchange rate b0 and b1 -Parameters e -E rror term A’ PRIORI EXPECTATION It is expected that b0 > 0 and b1 > O Balance of trade is the net difference between total export and import.The relationship between exchange rate and balance of trade is expected to be positive negative. This is because a high exchange rate would encourage exportation and discourage importation and thereby making the balance of trade favourable i. e positive (when export is higher than import). MODEL III exrev = c0 + c1 exr + e Where exrev-External reserve exr -Exchange rate c0 and c1-Parameters e -Error term A’ PRIORI EXPECTATION It is expected that c0 > 0 and c1 < O External reserve is the amount of money which a country holds in foreign currency.It represents the savings of a nation. It is often accumulated from the proceeds from external trade. A high exchange rate would mean that a country would have to pay more to pay for the goods and services from other countries and as a result would not have much as external reserve. So the r elationship between exchange rate and external reserve is expected to be negative. MODEL IV cpi = d0 + d1 exr + e Where cpi -Consumer price Index exr -Exchange rate d0 and d1-Parameters e -Error term A’ PRIORI EXPECTATION It is expected that d0 > 0 and d1 > OConsumer price index is a measure of the general price level in an economy and as such an indicator of the standard of living of the people. A high exchange rate would impair production causing the general price level to rise. Therefore, the relationship between exchange rate and consumer price level is expected to be direct i. e positive. MODEL V gdp = e0 + e1 exr + e2 bot + e3 exrev + e4 cpi + e Where exr -Exchange rate bot-Balance of trade exrev-External reserve cpi -Consumer price Index e0, e1, e2, e3 and e4 -Parameters e -Error termA’ PRIORI EXPECTATION It is expected that e0 > 0, e1 < 0 e2> 0 e3 > 0, e4 > 0 According to the neoclassical trade model, exchange rate is expected to affect the gross domestic produ ct negatively. A high exchange rate would not allow for the importation of capital goods that are need for productive activity, thereby impair economic growth. Balance of trade represents the net trade. A favourable balance of trade (i. e net export) would increase the gross domestic product. So balance of trade would vary directly with the gross domestic product.The external reserve is also expected to have positive relationship with the external reserve. High external reserve would stabilize the foreign exchange market which therefore creates conducive environment for improved production and trade. Consumer price index is an indicator of the standard of living of the people. A high standard of living is expected to increase labour productivity and thereby stimulating growth. So consumer price index would vary directly with the gross domestic product. A high exchange rate would impair production causing the general price level to rise.Therefore, the relationship between exchange ra te and consumer price level is expected to be direct i. e positive. 1. 8SIGNIFICANCE OF THE STUDY The significance of this study are as follows: i) It would provide an empirical effect of exchange rate on the economic growth; ii) It would contribute to existing literature by identifying the major factors that are responsible for the spread between the official and parallel foreign exchange market rates in Nigeria; iii) Lastly, it would provide policy recommendations to policy-makers on ways to resuscitate the foreign exchange market in Nigeria. . 9SCOPE AND LIMITATION OF THE STUDY This study would focus extensively on the foreign exchange policies of Nigerian government and how they impacted on the structure of the foreign exchange market. The spread between the parallel and official foreign exchange market shall also be examined with the view of identifying the factors responsible for the differences. In the bid to identify the strategies for resuscitating the foreign exchange mark et in Nigeria, the importance of the official exchange rate in the economic growth process of Nigeria shall be empirically investigated.The influence of the external reserve shall also be given due consideration. Besides, major issues in the foreign exchange policy and current development in the Nigerian foreign exchange market shall be examined. These would enhance the suggestion of the ways to resuscitate the foreign exchange market in Nigeria. 1. 10ORGANISATION OF OTHER CHAPTER: 2-5 The rest of this study shall contain four chapters. Chapter two would present the literature review on the subject matter.The methodology to be adopted in the study would be stated in chapter three. Chapter four shall focus on the presentation and interpretation of the regression results. The last chapter – chapter five, would present the summary of the findings, conclusion and appropriate recommendations. REFERENCES Alaba, O. B. (2003). â€Å"Exchange rate uncertainty and foreign direct inves tment in Nigeria†. Being a paper presented at the WIDER Conference on Sharing Global Prosperity, Helsinki, Finland, 6-7 September. Kandil, M. and Mirzaie, I. A. 2003). â€Å"The Effect of Exchange rate Fluctuations of Output and Prices: Evidence from Developing Countries. † IMF Working Paper, WP/03/200, October. MacDonald, R. (1997). â€Å"What determines Real Exchange Rates? The Long and Short of it†. IMF Research Paper, WP/97/21, January. CHAPTER TWO LITERATURE REVIEW 1. INTRODUTION Exchange rate fluctuations and their effects on macro economic variables have generated an economics debate on the desirability of exchange rate policy. In judging the desirability of exchange rate fluctuations, it ecomes, necessary to evaluate their effects on output, price level and other macro economic parameter. Demand and supply channels determine the effects. The justification for this study was amply exemplified by the observation of the Secretary to the Government of the Fed eration of Nigeria, Ekaette, (2002). According to him, continuous depreciation of the Naira has encouraged currency speculation which unscrupulous individuals would naturally prefer to productive activity, leading to the diversion of invest able funds to non-productive activities.In the same vein, the former Governor of the Central Bank of Nigeria (CBN) Sanusi, (2002) stated that the choice of exchange rate regime is a critical issue. Suffice it to say that the current high interest rate structure represents the opportunity cost which the economy is paying for a misaligned exchange rate regime, indicative of the structural imbalance in the economy. The ultimate aim of this chapter is to present diversified views on the foreign exchange market and its mechanism and to also explain the exchange regimes of Nigeria as well as their effects on macroeconomic variables. 2.VARIOUS VIEWS ON EXCHANGE RATE FLUCTUATIONS IN THE FOREIGN EXHANGE MARKET According to Kandil and Mirzaie (2003), unant icipated exchange rate may be the result of a change in agents’ rational forecast, under a fixed exchange rate regime, or the result of an unexpected movement in the exchange rate, under a flexible rate regime. They noted that in line with theory’s prediction, the effects of unanticipated exchange rate fluctuations on output and prices may be positive or negative across countries, according to the relative effects of currency fluctuations on the supply and demand of the respective countries.On the hand, Kandil and Mirzaie (2003) opined that movements in the exchange rate that are consistent with agents’ expectations have limited effects on the macro economy. They however, noted that in many developing countries, high variability of exchange rate fluctuations around its anticipated value may generate adverse effects in the form of higher price inflation and larger output contraction. Rutasitara, L. (2004) observed that the parallel market exerted greater influenc e on the exchange rate during periods of shortage and controls; it disappeared as further liberalization took hold.He argued that while a more or less â€Å"stable† nominal exchange rate is desirable for trade and investment decisions, it is more important to maintain the rate at sustainable levels. He noted that the level and prospects of the foreign reserves position are important in this respect. He advised that output and export strategies to ensure a well supplied foreign exchange market need to be furthered. The supply of foreign currency would also include foreign grants and/or loans. Cheong, (2004) noted that the higher moments in the exchange rate is non-constantly varied with clustering.He investigated a possible effect of risk in exchange rates on import trade in the UK. The empirical results show that uncertainty in exchange rates negatively affects international trade and, more importantly, the effect is statistically significant. Buffie, etal. (2004) focused on the management of highly persistent shocks to aid flows in three â€Å"post-stabilization† African economies with de jure flexible exchange rates. Such shocks were found to have beneficent long-run effects. He however noted that when currency substitution is high they can produce dramatic macroeconomic management problems in the short run.Alaba, (2003) argued that the parallel market exchange rate is the more important driver of activities in the Nigerian economy. He therefore noted that proper management of exchange rate, to forestall costly distortions, constitutes an important pillar in determining flow of FDI to Nigeria and indeed Sub-Sahara African countries. He opined that it is important that monetary authorities ensure transparency in determining exchange rate process such that various economic distortions associated with exchange rate may be minimized. 3. EFFECTS OF FOREIGN EXCHANGE MARKET INSTABILITYKandil, (2004) investigated the effect of exchange rate fluctuation s on economic performance in developing countries. The investigation presented a theoretical model that decomposed movements in the exchange rate into anticipated and unanticipated components. Anticipated exchange rate depreciation determines the cost of imported intermediate goods and, hence, the output supplied. In contrast, unanticipated currency fluctuations determine aggregate demand through exports, imports, and the demand for currency, and determine aggregate supply through the cost of imported intermediate goods.The first channel increases aggregate demand; currency depreciation increases exports and decreases imports. The second channel decreases aggregate demand. On the supply side, Kandil, (2004) explains that currency depreciation increases the cost to buy intermediate goods and decreases the output supplied. The combined effects of the three channels are indeterminate on output and price. The paper investigates the effects of exchange rate fluctuations (both anticipated and unanticipated) using output and price data for a sample of twenty-two developing countries.Kandil, (2004) concluded that for a varying degree of openness, exchange rate fluctuations generate adverse effects on economic performance in a variety of developing countries. These effects are evident by output contraction and price inflation in the face of currency depreciation. Indeed, concerns about the adverse effects of exchange rate depreciation on economic performance are supported by the evidence of macroeconomic performance for a sample of twenty-two developing countries.For policy implications, Kandil, (2004) suggests that exchange rate policies should aim at minimizing unanticipated currency fluctuations to insulate economic performance from the adverse effects of this variability in developing countries. Osakwe, (2002) examined the choice of exchange rate regime using a speculative attack model that took into account the real effects of unanticipated changes in real exchang e rates. It also incorporated two features that played prominent roles in recent currency crises in emerging markets: currency substitution and volatile capital flows.The two approaches were applied to incorporate the real effects of unanticipated changes in exchange rates into standard models of exchange rate regimes. In the first approach, the effects were introduced directly by assuming that the monetary authority’s loss function depended exclusively on the variance of real output but that aggregate demand or output depended, among other factors, on the deviation of actual from expected changes in the real exchange rate.In the second approach, the real effects of unanticipated exchange rate changes were incorporated indirectly by assuming that the monetary authority’s loss function depended on the variance of real output as well as the variance of the real exchange rate. It was concluded that the traditional models of exchange rate regimes ignore the destabilizing e ffects of sharp and unanticipated exchange rate movements. Odusola and Akinlo, (2001) focused on the link among the naira depreciation, inflation, and output in Nigeria.Evidence from their study revealed the existence of mixed results on the impacts of the exchange rate depreciation on the output. They observed that the impulse response functions exerted an expansionary impact of the exchange rate depreciation on the output in both medium and long terms. The opposite (contractionary impact) was however observed for the short-term horizon. These results tend to suggest that the adoption of a flexible exchange rate system does not necessary lead to output expansion, particularly in the short term.They noted that issues such as discipline, confidence, and credibility on the part of the government are essential. However, these issues are apparently lacking in Nigeria, as partly reflected in several policy reversals. Dekle (2002) developed a model of an exporting firm that experiences fl uctuating exchange rates and shocks to its cash flow. The firm uses its cash flow and borrows from the financial markets to produce for export later in the period. They noted that exchange rate and shocks to cash flows are correlated, but the correlation could be positive or negative.If, for example, they are negatively correlated, then the firm will suffer from low cash flows when its exchange rate is depreciated. That is, the firm’s production will be constrained exactly at the time when its export opportunities are greatest. This provides the rationale for the firm to hedge against shocks to its cash flow. Dekle (2002) related nominal exchange rates to export volumes at the firm level and finds that export volumes are strongly affected by changes in exchange rates. As in earlier work, they too found that prices are sticky in the buyer’s currency.In their model of exports, the strong response of export volumes to exchange rate fluctuations arises not because of chang es in the buyer’s currency prices, but because of a loosening of financing constraints, either through the direct beneficial effect of exchange rate shocks on cash flows, or through hedging activities. Uncertainty in exchange rates which immediately followed the collapse of the Bretton Woods system may be decomposed into two components. The first reflects systematic movement of the exchange rate and the second, exchange volatility (Darby et al. , 1999).Exchange rate volatility is usually taken as some measure of the dispersion of the rate over some period of time. Volatility of the rate impacts on growth through a variety of channels, including investment and trade. Interest in exchange rate uncertainty on investment stems from the standard result in option pricing theory, which suggests that the value of an option increases with an increase in the underlying volatility of the stock (Accam, 1997). Kosteletou and Liargovas (2000) studied the direction of effects of exchange ra te variability on the pattern and flow of investment.The study suggests that in theory, there is no clear cut distinction concerning the direction of such a relationship. It identifies at least six competing models in the literature, categorised under the trade integrated models and models of financial behaviour. The first category according to Kosteletou and Liargovas (2000) distinguishes between the traded and non-traded goods model. The second category distinguishes between the monetary approach to balance of payments, the strategic behaviour of international firms, the imperfect-capital-market theory and relative labour cost theory.The first hypothesis (model) suggests that for a developing country which is a price taker, an exogenous inflow of capital will lead to exchange rate appreciation or depreciation, depending on whether foreign exchange is used to finance domestic spending or capital accumulation in the traded and non-traded sector. The second model is the model of fina ncial behaviour. According to the (portfolio) model, financial and capital liberalisation in countries result in increase in total inflows and outflows.The proliferation of exchange rate systems, especially in developing countries which restricted the forces for long, suggest that further attention should be given to the degree to which these regimes influence the behaviour of economic fundamentals, including the flow of investment. The question of what exchange management strategy a country wishing to encourage foreign flows of investment should adopt is still unclearly resolved in the literature. Accam (1997) reviews the effect of exchange rate instability on macroeconomic performance with specific reference to the effects on investment and trade.In the survey, Fiani and de Melo (1990) found that unstable macroeconomic environment constitutes one of the major impediments to investment in many Less Developed Countries (LDCs). The authors estimate an OLS regression of the fixed coun try effects of total and private investment in 20 countries using the standard deviation of the exchange rate as a proxy for instability. The study finds a negative sign associated with the coefficient of exchange rate uncertainty. Serven and Solimano (1992), also investigates economic adjustment and nvestment performance for 15 developing countries using the pooled cross-section time series data from 1975 to 1988. The investment equation estimated in the study used exchange rate and inflation as proxies for instability, and in each case, instability was measured by the coefficient of the variation of the relevant variables over three years. The two measures were found to be jointly significant in producing negative effect on investment. The same effect was confirmed by Hadjimicheal et al’s (1995) study on growth, savings and investment performance of 41 developing countries between 1986 and 1993.Goldberg (1993) considers the effects of exchange rate uncertainty on investment using conditional measure of volatility. The paper suggests that the sign of the effect of price variability on investment and industry profitability is unresolved in the theoretical literature primarily because the sign of the relationship depends on the balance of (i) negative effects of risk aversion of investors (ii) negative effects from investment irreversibility (iii) positive effects from profit convexity in prices (iv) negative effects from a profit and price uncertainty relationship that is possible under imperfect competition.The author concludes that the direction of effect of exchange rate uncertainty on investment activity remains an empirical question. Agenor (1991) using a sample of twenty-three developing countries, regressed output growth on contemporaneous and lagged levels of the real exchange rate and on deviations of actual changes from expected ones in the real exchange rate, government spending, the money supply, and foreign income. The results showed that s urprises in real exchange rate depreciation actually boosted output growth, but that depreciations of the level of the real exchange rate exerted a contractionary effect.Morley (1992) analyzed the effect of real exchange rates on output for twenty-eight devaluation experiences in developing countries using a regression framework. After the introduction of controls for factors that could simultaneously induce devaluation and reduce output including terms of trade, import growth, the money supply, and the fiscal balance, he observed that depreciation of the level of the real exchange rate reduced the output.Rodriguez and Diaz (1995) estimated a six-variable VAR – output growth, real wage growth, exchange rate depreciation, inflation, monetary growth, and the Solow residuals – in an attempt to decompose the movements of Peruvian output. They observed that output growth could mainly be explained by â€Å"own† shocks but was negatively affected by increases in exchan ge rate depreciation as well. Rogers and Wang (1995) obtained similar results for Mexico. In a five-variable VAR model – output, government spending, inflation, the real exchange rate, and money growth – most variations in the Mexican output resulted from â€Å"own† shocks.They however noted that exchange rate depreciations led to a decline in output. 2. 4EXCHANGE RATE REGIMES IN NIGERIA Ekaette, (2002) noted that one major challenge that had confronted this administration since it assumed office in May 1999 was how to quickly put the economy back on the path of sustainable growth. According to him, most of the banks are suspected to have abandoned real banking for â€Å"round tripping† (the diversion of official Foreign Exchange to the Parallel Market).Soleye, (1985) then Honourable Minister of Finance stated that conscious effort aimed at the management of the Nigerian foreign exchange resources began in 1962 with the inception of the Exchange Control A ct, which was directed at freeing the management of the Foreign Exchange from its erstwhile colonial pattern. Oyejide, (1985) stated that the Nigerian Pound was introduced in 1959. Its external value was fixed at par with the British Pound Sterling which, in turn, defined its United States Dollar(USD) value as $2 . 80.Nigeria joined the International Monetary Fund (IMF) after Independence, and the Nigerian Pound had its parity defined, in June 1962, in terms of Gold at one Nigerian Pound equals 2. 48828 grams of fine gold. This confirmed its original USD par value. Similarly, the exchange rate of the Nigerian Pound for the British Pound Sterling was determined via its gold parity. However, the sterling was devalued by 14. 3 per cent against its gold parity in November, 1967. Since Nigeria did not devalue in tandem, the value of the Nigerian Pound became 1. 17 British Pounds Sterling.The Naira replaced the Nigerian Pound as Nigeria’s currency in January 1973, its par value was set at half that of the pound. Hence the exchange rate became $1. 52 to the naira. The rigid relationship between the USD and the naira was terminated in April 1974; the fixed rate for sterling had been broken earlier in June 1972, when the sterling started to float officially. In February 1978, the system of determining the naira exchange rate against a basket of currencies of Nigeria’s main trading partners was finally adopted. According to Ugbebor (1998), the Oil glut of 1981 led to a crisis in the Foreign Exchange Market (FEM) in 1982.In December 1983 there was a change in government. With effect from January 1984 and again in May 1984 additional exchange control measures were introduced. Another change in government took place in August 1985. In September 1986, the Second-Tier Foreign Exchange Market (SFEM) was introduced. Under SFEM, the exchange rate was floated when it became obvious that a rigid or controlled exchange rate would not ensure internal balance. The prin ciples of the Structural Adjustment Programme (SAP) were adopted leading to a market – oriented approach to price determination.The Second –Tier rate was determined by auction at the SFEM using (a) the average rate pricing method, (b) the marginal rate pricing method, (c) the Dutch Auction System (DAS) which was introduced in April 1987, whereby the CBN bought and sold Foreign Exchange in this market and supplied the demand of the authorized dealers in full. The First-Tier rate was still applicable to Debt Service payments, other public sector disbursements and pre-SFEM transactions. The merger of the two markets in July 1987 to form an enlarged FEM was more technical than real.According to Akinmoladun (1990), the gap between the two rates began to grow shortly after. In January 1989, the DAS was re-introduced and the Dual Exchange Rate system FEM merged with the Inter-bank market to form IFEM. By March 1992 there was a complete floating of the naira. Another change in government in August, 1993 ushered in a new fixed exchange rate. In 1995, the Autonomous Foreign Exchange Market (AFEM) was introduced, under a policy which allowed for Central Bank of Nigeria intervention on a predetermined basis instead of arbitrarily.Under AFEM, Bureaux De Change would buy and sell from privately-sourced Foreign exchange at the AFEM rate. The fixed exchange rate was reserved for public sector use. In 1993, the Parallel Market and Bureaux de Change exchange rates were almost double the devalued First-Tier rate for the naira. The authorities saw this as a signal of a depreciation trend which needed correction. This led to a re-introduction of a fixed exchange rate which pegged the naira at N21. 996 to $1 in 1994. In January 1997, the naira was formally pegged and a pro rata system of FE allocation to end- users was adopted.The Foreign Exchange Market was further liberalized in October, 1999 with the introduction of an Inter-bank Foreign Exchange Market (IFEM). 2. 5STRUCTURE OF FOREIGN EXCHANGE MARKET IN NIGERIA The exchange control system was unable to evolve an appropriate mechanism for foreign exchange allocation in consonance with the goal of internal balance. This led to the introduction of the Second-tier Foreign Exchange Market (SFEM) in September, 1986. Under SFEM, the determination of the Naira exchange rate and allocation of foreign exchange were based on market forces.To enlarge the scope of the Foreign Exchange Market Bureaux de Change were introduced in 1989 for dealing in privately sourced foreign exchange. As a result of volatility in rates, further reforms were introduced in the Foreign Exchange Market in 1994. These included the formal pegging of the naira exchange rate, the centralisation of foreign exchange in the CBN, the restriction of Bureaux de Change to buy foreign exchange as agents of the CBN, the reaffirmation of the illegality of the parallel market and the discontinuation of open accounts and bills for collection as means of payments sectors.The Foreign Exchange Market was liberalised in 1995 with the introduction of an Autonomous Foreign Exchange Market (AFEM) for the sale of foreign exchange to end-users by the CBN through selected authorised dealers at market determined exchange rate. In addition, Bureaux de Change were once more accorded the status of authorized buyers and sellers of foreign exchange. With the failure of the Autonomous Foreign Exchange Market (AFEM), the Foreign Exchange Market was further liberalized in October, 1999 with the introduction of an Inter-bank Foreign Exchange Market (IFEM).The IFEM was designed as a two-way quote system, and intended to diversify the supply of foreign exchange in the economy by encouraging the funding of the inter-bank operations from privately-earned foreign exchange. The IFEM also aimed at assisting the naira to achieve a realistic exchange rate. The operation of the IFEM, however, experienced similar problems and setbacks as the AFEM, ow ing to supply-side rigidities, the persistent expansionary fiscal operations of government and the attendant problem of persistent excess liquidity in the system. The peculiarity of the Nigerian foreign exchange market needs to be highlighted.The country’s foreign exchange earnings are more than 90 per cent dependent on crude oil export receipts. The result is that the volatility of the world oil market prices has a direct impact on the supply of foreign exchange. Moreover, the oil sector contributes more than 80 per cent of government revenue. Thus, when the world oil price is high, the revenue shared by the three tiers of government rise correspondingly and, as has been observed since the early 1970s, elicited comparable expenditure increases, which had been difficult to bring down when oil prices collapse and revenues fall concomitantly.Indeed, such unsustainable expenditure level had been at the root of high government deficit spending. It is therefore important that rese rves be built up when the price is high to cushion the effect of revenue shortfall on government spending when oil price falls in the international oil market. Specifically, the sustained demand pressure and the consequent depreciation of the naira exchange rate under the IFEM were traced to the following causes. ? Limited sources of foreign exchange supply.In particular, the anticipated supplies from autonomous sources, such as oil companies, banks and non-bank financial institutions were significantly below what was required to broaden and deepen the market; ? The excess liquidity in the system induced by the transfer of government accounts from the CBN to banks and the huge extra-budgetary spending in 1999 on unproductive ventures; ? The heavy debt service burden; and ? Speculative demand, driven by uncertainties created by social and political unrest, expectations of future depreciation of the naira, as well as the deterioration of the external sector position.It became a matter of serious concern that despite the huge amount of foreign exchange, which the CBN supplied to the foreign exchange market, the impact was not reflected in the performance of the real sector of the economy. Arising from Nigeria’s high import propensity of finished consumer goods, the foreign exchange earnings from oil continued to generate output and employment growth in other countries from which Nigeria’s imports originated. This development necessitated a change in policy on 22nd July 2002, when the demand pressure in the foreign exchange market intensified and the depletion in external reserves level persisted.The CBN thus, re-introduced the Dutch Auction System (DAS) to replace the IFEM. The DAS was designed to achieve a realistic exchange rate of the naira that will stem the excessive demand for foreign exchange, conserve the dwindling external reserves and achieve a realistic exchange rate for the naira. The DAS was conceived as a two-way auction system in whic h both the CBN and authorised dealers would participate in the foreign exchange market to buy and sell foreign exchange. The CBN was expected to determine the amount of foreign exchange it is willing to sell at the price buyers are willing to buy.The marginal rate, which by definition is the rate that clears the market, represents the â€Å"ruling† rate at the auction. Since its introduction in July 2002, the DAS has been largely successful in achieving the objectives of the monetary authorities. Generally, it has assisted in narrowing the arbitrage premium from double digit to a single digit, until the emergence of irrational market exuberance in the fourth quarter of 2003. Secondly, the DAS has enhanced the relative stability of the naira, vis-a-vis the US dollar-the intervention currency.Specifically, the naira has fluctuated within a single digit band, since the DAS was introduced in July 2002. Thirdly, it has also assisted in stemming the spate of capital flight and curb ing rent-seeking amongst market operators. REFERENCES Accam B. (1997). â€Å"Survey of Measurement of Exchange Rate Instability†, Mimeo. Agenor, Pierre-Richard (1991). â€Å"Output, Devaluation and the Real Exchange Rate in Developing Countries. † Weltwintschaftliches Archiv vol. 127, no. 1, pp. 18–41. Akinmoladun, O. (1990). â€Å"An Appraisal of Foreign Exchange Management in Nigeria since the introduction of the Structural Adjustment Programme†.Proceedings of the 1990 One –Day seminar Published by the Nigerian Economic Society PP 29 – 69. Alaba, O. B. (2003). â€Å"Exchange rate uncertainty and foreign direct investment in Nigeria†. Being a paper presented at the WIDER Conference on Sharing Global Prosperity, Helsinki, Finland, September. Betts, C. M. and Kehoe, T. J. (2001). â€Å"Tradability of Goods and Real Exchange Rate Fluctuations. † Paper presented at a seminar, January. Buffie, E. , Adam, C. , Connell, S. and Pattil lo, C. (2004). â€Å"Exchange Rate Policy and the Management of Official and Private Capital Flows in Africa†.IMF Working Paper WP/04/216, November. Cheong, C. (2004). â€Å"Does the risk of exchange rate fluctuation really affect international trade flows between countries?. † Economics Bulletin, Vol. 6, No. 4, pp. 1? 8. Available at http://www. economicsbulletin. com/2004/volume6/EB? 04F10002A. pdf Darby J. , Hallet, A. H. , Ireland, J. and Piscitelli, L. (1999). â€Å"Exchange Rate Uncertainty and Business Sector Investment†, Paper Prepared for a Workshop on â€Å"Uncertainty and Factor Demand† Hamburg, August. Dekle, R. , (2001). â€Å"Exchange Rates and Corporate Exposure: Evidence from Japanese Firm Level Data†, mimeo.Ekaette, U. J (2002). â€Å"Monetary Policy and Exchange Rate Stability†, Proceedings of a One day Seminar held on 23 May 2002, Federal Palace Hotel, Lagos. Publisher: The Nigerian Economic Society. Pp (ix) – (xi). Goldberg L. S. (1993). â€Å"Exchange Rates and Investment in United States Industry†. Review of Economics and Statistics vol. LXXV: pp. 575-88. Kandil, M. (2004). â€Å"Exchange rate fluctuations and economic activity in Developing countries: theory and evidence†. Journal of Economic Development, vol. 29, No. 1, June. Kandil, M. and Mirzaie, I. (2003). The effects of Exchange rate fluctuations on Output and Prices: Evidence from developing countries. † IMF Working Paper WP/03/200, October. Kosteletou N. and Liargovas, P. (2000), â€Å"Foreign Direct Investment and Real Exchange Inter-linkages†, Open Economies Review vol. 11: pp. 135-48. Morley, S. A. (1992). â€Å"On the Effect of Devaluation During Stabilization Programs in LDCs. † Review of Economics and Statistics vol. 74, No. 1, pp. 21–27. Odusola, A. F. and Akinlo, A. E. (2001). â€Å"Output, Inflation and Exchange rate in Developing Countries†. The Developing Economies, vol. 34 (2), June. Osakwe, P. N. 2002). â€Å"Currency Fluctuations, Liability Dollarization, and the Choice of Exchange Rate Regimes in Emerging Markets†. Bank of Canada Working Paper 2002-6, February. Oyejide, T A. (1985). â€Å"Exchange Rate Policy for Nigeria: Some options and their consequences†. Proceedings of the 1985 One-Day Workshop Published by the Nigeria Economic Society pp 17 – 32. Rowland, P. (2003). â€Å"Forecasting the USD/COP Exchange Rate: A Random Walk with a Variable Drift’ (A paper downloaded from the internet). Rutasitara, L. (2004). â€Å"Exchange rate regimes and inflation in Tanzania. † AERC Research Paper 138, February.Soleye, O. O. (1985). Proceedings of the 1985 One-Day Workshop Published by the Nigeria Economic Society pp. 15 – 16. Ugbebor, C. O. (1998). â€Å"Development of the Nigerian Foreign Exchange Market (An overview)†, an original essay submitted to the Department of Economics, Unversity of Ibadan. CHAPT ER THREE RESEARCH METHODOLOGY 3. 1INTRODUCTION This chapter explains the various techniques used in collecting data for this study. It also provides the background against which the study is being carried out and it also states the extent to which the findings can be generalised. . 2RESEARCH DESIGN This research work intends to empirically examine the Nigerian foreign exchange market. It shall consider the influence of fluctuations in the exchange rate on major macroeconomic variables in Nigeria. The study shall focus mainly on the relationship that exists between exchange rate, economic growth, foreign trade, external reserve and the domestic prices of goods and services in Nigeria. Regression analysis method shall be employed to investigate the relationship between the specified variables with data spanning between 1980 and 2005. 3. RESEARCH QUESTIONS The study shall examine the following questions: 1. What are the determinants of foreign exchange rates? 2. What has been the impac t of foreign exchange rate on the growth of Nigerian economy? 3. How does the foreign exchange rate impacts on foreign trade of Nigeria? 4. What is the relationship between foreign exchange rate and external reserve? 5. How does the exchange rate affects the domestic prices of goods and services in Nigeria? 3. 4RESEEARH METHODOLGY 3. 4. 1 SOURCES OF DATA Secondary data shall be the basis for data analysis in this study.We shall rely much on the various publications of Central Bank of Nigeria (CBN): Statistical Bulletin, Annual Reports and Financial Reports, Federal Office of Statistics (FOS) annual reports (FOS), Conference papers, journals etc. The variables for which data would be sourced include: Exchange Rate, Gross Domestic Product, Balance of Trade, External Reserve and Consumer Price Index. 3. 4. 2 TECHNIQUE OF DATA ANALYSIS We shall employ econometric technique to estimate the parameters of the various economic relationship established in our models.The Econometric approach that would be adopted to examine impact of foreign exchange market operations on macro economic variables in Nigeria shall be the Vector Autoregressive Model (VARM) method. This econometric method would be used because it is very reliable and widely used in researches. The test of the hypotheses earlier stated would be done at 5% level of significance and as such, the generalization of the study findings would be limited to this extent. 3. 5MODEL RE-SPECIFICATION MODEL I gdp = a0 + a1 exr + e Where gdp-Gross Domestic Product exr -Exchange rate 0 and a1 -Parameters e -Error term MODEL II bot = b0 + b1 exr + e Where bot-Balance of trade exr -Exchange rate b0 and b1 -Parameters e -Error term MODEL III exrev = c0 + c1 exr + e Where exrev-External reserve exr -Exchange rate c0 and c1-Parameters e -Error term MODEL IV cpi = d0 + d1 exr + e Where cpi -Consumer price Index exr -Exchange rate d0 and d1-Parameters e -Error term MODEL V gdp = e0 + e1 exr + e2 bot + e3 exrev + e4 cpi + e Where exr -Exchange rate bot-Balance of trade xrev-External reserve cpi -Consumer price Index e0, e1, e2, e3 and e4 -Parameters e -Error term 3. 6A’ PRIORI EXPECTATION Economic A’ Priori Criteria: This refers to the sign and size of the parameters in economic relationships. MODEL I gdp = a0 + a1 exr + e It is expected that a0 > 0 and a1 < O Exchange rate is the price of a currency in terms of another currency while gross domestic product is the value of the goods and services produced in a country within a specific period of time. Exchange rate is expected to affect the gross domestic product negatively.A high exchange rate would not allow for the importation of capital goods that are need for productive activity, thereby impair economic growth. This is based on neoclassical trade models. MODEL II bot = b0 + b1 exr + e It is expected that b0 > 0 and b1 > O Balance of trade is the net difference between total export and import. The relationship between exchange rate and balan ce of trade is expected to be positive negative. This is because a high exchange rate would encourage exportation and discourage importation and thereby making the balance of trade favourable i. positive (when export is higher than import). MODEL III exrev = c0 + c1 exr + e It is expected that c0 > 0 and c1 < 0 External reserve is the amount of money which a country holds in foreign currency. It represents the savings of a nation. It is often accumulated from the proceeds from external trade. A high exchange rate would mean that a country would have to pay more to pay for the goods and services from other countries and as a result would not have much as external reserve. So the relationship between exchange rate and external reserve is expected to be negative.MODEL IV cpi = d0 + d1 exr + e It is expected that d0 > 0 and d1 > O Consumer price index is a measure of the general price level in an economy and as such an indicator of the standard of living of the people. A high exchange r ate would impair production causing the general price level to rise. Therefore, the relationship between exchange rate and consumer price level is expected to be direct i. e positive. MODEL V gdp = e0 + e1 exr + e2 bot + e3 exrev + e4 cpi + e Where exr -Exchange rate bot-Balance of trade exrev-External reserve cpi -Consumer price Index 0, e1, e2, e3 and e4 -Parameters e -Error term It is expected that e0 > 0, e1 < 0 e2> 0 e3 > 0, e4 > 0 According to the neoclassical trade model, exchange rate is expected to affect the gross domestic product negatively. A high exchange rate would not allow for the importation of capital goods that are need for productive activity, thereby impair economic growth. Balance of trade represents the net trade. A favourable balance of trade (i. e net export) would increase the gross domestic product. So balance of trade would vary directly with the gross domestic product.The external reserve is also expected to have positive relationship with the external r eserve. High external reserve would stabilize the foreign exchange market which therefore creates conducive environment for improved production and trade. Consumer price index is an indicator of the standard of living of the people. A high standard of living is expected to increase labour productivity and thereby stimulating growth. So consumer price index would vary directly with the gross domestic product. A high exchange rate would impair production causing the general price level to rise.Therefore, the relationship between exchange rate and consumer price level is expected to be direct i. e positive. STATISTICAL CRITERIA This aims at the evaluation of the statistical reliability of the estimates of the parameters. In this line, the â€Å"t-statistics† will be employed to test the hypotheses concerning the true values of the population parameters a1, a2 and a3. The â€Å"R2 – Statistics is also employed as the coefficient for determination to measure the goodness o f fit of the regression line to the observed samples values of the variable while the â€Å"F-statistics† will also be used to test the overall significance of the regression.ECONOMETRIC CRITERIA It aims at detecting the violation or validity of the assumption of the econometric method employed (i. e. OLS). To test the validity of the assumption of non-correlated disturbances, the â€Å"Durbin Watson Statistics† would be used in the evaluation of the results of estimates. REFERENCES Koutsoyiannis A. (1991), Theory of Econometrics, Hampshire: Macmillan Limited Ogede P. O. (1999), Undergraduate Econometrics, Lagos: Minerib, Accord Limited Robert S. Pindyck and Daniel L. Rubinfeld (1998), Econometric Models and Economic forecasts, Singapore: Irwin McGraw-Hill. CHAPTER FOUR PRESENTATION AND ANALYSIS OF DATA . 1INTRODUCTION The hypotheses were formulated with data spanning the period between 1980 and 2005. All the data for estimation were obtained from the publications of t he Central Bank of Nigeria (CBN) and Federal Office of Statistics (FOS). The choice of statistics adopted in this chapter is the regression and analysis of variance. The variance of the estimate is obtained by multiplying the standard error with the square reciprocal of the derivative i. e variance. The traditional test of significance of the parameter estimates is the standard error test, which is equivalent to the student’s t–test.The correlation coefficient (r) shows the relationship between the variables. The relationship could be of a direct, indirect or an outright zero correlation. The standard error is obtained by taking the inverse of the variance of the estimate. The standard errors for the estimate of a1, b1 etc. will be dealt with in this project. The standard error for the estimates a0 and b0 are left out. The F-Ratio is used to determine the overall significance of the regression models i. e. to determine the extent to which the variations in the dependen t variable can be attributed to changes in the explanatory variables.This test shall be used to measure the extent of the claimed relationship between the exchange rate, gross domestic product, balance of trade, external reserve and consumer price. F-ratio would also be used to test for causality between the variables. The coefficient of determination (R2) is used to determine the overall significance of the model just like the F-ratio. A high coefficient of determination signifies that the regression model is statistically significant, meaning that there is high relationship between the dependent variables and the interdependent variables. 4. 2PRESENTATION OF REGRESSION RESULTSMODEL I gdp = a0 + a1 exr gdp = 81582. 54 + 445. 356ex t – statistic (27. 07) (8. 573)a Std. Error (3013. 762) (51. 946)* F-Ratio -73. 503 R2-0. 762 R2-0. 751 D-W-0. 536 N-25 d. f-N – K = 25 – 2 = 23 * Figures in parentheses are the standard errors a – Significant at 5%. Source: Co mputed by Author from SPSS Regression Results MODEL II bot = b0 + b1 exr bot = -11771. 2 + 8652. 278 exr t – statistic (-0. 129) (5. 491)a Std. Error (91420923) (1575. 762)* F-Ratio -30. 49 R2-0. 567 R2-0. 548 D-W-1. 298 N-25 d. f-N – K = 25 – 2 = 23 * Figures in parentheses are the standard errors a – Significant at 5%. Source: Computed by Author from SPSS Regression Results MODEL III exrev = c0 + c1 exr exrev = -66440. 5 + 11080. 057exr t – statistic (-1. 190) (11. 509)a Std. Error (55854. 58) (962. 729)* F-Ratio -132. 457 R2-0. 852 R2-0. 846 D-W-1. 608 N-25 d. f-N – K = 25 – 2 = 23 * Figures in parentheses are the standard errors a – Significant at 5%. Source: Computed by Author from SPSS Regression Results MODEL IV pi = d0 + d1 exr cpi = 313. 623 + 40. 736 exr t – statistic (1. 69) (12. 737)a Std. Error (185. 548) (3. 198)* F-Ratio -162. 242 R2-0. 876 R2-0. 870 D-W-0. 727 N-25 d. f-N – K = 25 – 2 = 23 * Figures in parentheses are the standard errors a – Significant at 5%. Source: Computed by Author from SPSS Regression Results MODEL V gdp = e0 + e1 exr + e2 bot + e3 exrev + e4 cpi gdp = 77374. 9 + 140. 6exr + 0. 007bot – 0. 061exrev + 10. 28cpi t – statistic(-0. 243) (-1. 364)a (1. 258)a (-0. 013)a (3. 19)a Std. Error (33. 074) (0. 23)* (0. 76)* (0. 000)* (0. 000)* F-Ratio -35. 732 R2-0. 877 R2-0. 853 D-W-1. 082 N-25 d. f-N – K = 25 – 5 = 20 * Figures in parentheses are the standard errors a – Significant at 5%. Source: Computed by Author from SPSS Regression Results 4. 3INTERPRETATION AND ANALYSIS OF RESULTS MODEL I Going by the results of the regression, there is a positive relationship between exchange rate and the gross domestic product (GDP). But this result is not in consonance with the a priori expectation earlier stated. Since the standard error of the parameter estimate S. . (a1): 51. 946 is less than half of the parameter estimat e (a1/2): 222. 678, we shall therefore reject the null hypothesis and accept the alternative hypothesis. This indicates that the parameter estimate is statistically significant. The theoretical t-value at 5% level of significance with twenty-three degree of freedom is 1. 714. The theoretical t-value is less than the calculated t-value (8. 573); we shall therefore reject the null hypothesis and accept the alternative hypothesis. This implies that the parameter estimate (exchange rate) is statistically different from zero i. e. t is a relevant variable for the determination of the gross domestic product in Nigeria. The coefficient of determination gives 0. 762 or 76. 2% meaning that the regression model is 76. 2% significant i. e the variations in the dependent variable i. e. the gross domestic product is 76. 2% attributable to the changes in the independent variable i. e exchange rate. This result confirms the significance of the exchange rate in the determination of the gross domest ic product of Nigeria. The calculated F-value (73. 503) is less than the critical F-value at 5% level of significance with v1 = 1 and v2 = 23 (4. 8). We shall therefore reject the null hypothesis and accept the alternative hypothesis. This signifies that the overall regression or relationship between the gross domestic product and exchange rate is significant. This analysis revealed to us that exchange rate is a major determinant of the level of productivity in Nigeria. Besides, exchange rate was found to vary directly with the gross domestic product. MODEL II From the results of the second regression, it is evident that there is also positive relationship between the exchange rate and balance of trade.This relationship conforms with the a’ priori expectation. The standard error of the parameter estimate S. e. (b1): 1575. 762 is less than the half of the parameter estimate (b1/2):4326. 139. We shall therefore reject the null hypothesis and accept the alternative hypothesis. T his indicates that the parameter estimate is statistically significant. The theoretical t-value at 5% level of significance with twenty-three degree of freedom is 1. 714. On comparing with the computed t-value, the critical t-value is less than the calculated t-value (5. 491).We shall therefore reject the null hypothesis and accept the alternative hypothesis meaning that the parameter estimate i. e exchange rate is statistically different from zero i. e. it affects the dependent variable – balance of trade. In this model the coefficient of determination gives 0. 567 or about 57%. This shows that the regression model is 57% significant i. e the variation in the balance of trade is 57% attributable to the changes in the independent variable. The calculated F-value (30. 149) is less than the critical F-value at 5% level of significance with v1 = 1 and v2 = 23 (4. 28).We shall therefore reject the null hypothesis and accept the alternative hypothesis. This means that the overall regression or relationship between the exchange rate and the balance of trade is statistically significant i. e there is causality between the two variables. MODEL III The result of the third regression was not in consonance with what was expected. The results showed a positive relationship between the external reserve and the exchange rate. This could be attributed to import reduction strategy of the government over the years. For the standard error test, the standard error of the parameter estimate S. . (c1):962. 729 is less than the half of the parameter estimate (c1/2):5540. 02. We shall therefore reject the null hypothesis and accept the alternative hypothesis. This shows that the parameter estimate is statistically significant. The theoretical t-value at 5% level of significance with twenty-three degree of freedom is 1. 714. The theoretical t-value is less than the computed t-value; 11. 509; so that we reject the null hypothesis and accept the alternative hypothesis; implying that the parameter estimate (exchange rate) is statistically different from zero i. . it is a relevant variable for the determination of the external reserve of the country. The coefficient of determination shows 0. 852 or 85. 2% meaning that the regression model is about 85% significant i. e the variation in the dependent variable i. e. external reserve is 85% attributable to the changes in the independent variable i. e exchange rate. The computed F-value (132. 457) is greater than the critical F-value at 5% level of significance with v1 = 1 and v2 = 23 (4. 28). We shall therefore reject the null hypothesis and accept the alternative hypothesis.This signifies that the overall regression between the exchange rate and external reserve is also significant. MODEL IV Like the previous regression results, changes in the explanatory variable (exchange rate) in this model had positive effect on the consumer price index. This result is in consonance with the a priori expectation. The standa rd error of the parameter estimate S. e. (d1): 3. 198 s less than the half of the parameter estimate (d1/2):20. 368. We shall therefore reject the null hypothesis and accept the alternative hypothesis. This means that the parameter estimate – exchange rate is statistically significant.From the t-table, the theoretical t-value at 5% level of significance with twenty-three degree of freedom is 1. 714. In respect of the parameter estimate – exchange rate, the theoretical t-value is less than the calculated t-value (12. 737), we shall therefore reject the null hypothesis and accept the alternative hypothesis. This implies that the parameter estimate is statistically different from zero. The coefficient of determination (R2) gives 0. 876 or 87. 6% meaning that the regression model has a good fit i. e the variations in the dependent variable i. e. consumer price index is 85. % attributable to the changes in the independent variable i. e exchange rate. The theoretical F-value at 5% level of significance with v1 = 1 and v2 = 23 is 4. 28. Since the calculated F-value (162. 242) is greater than the critical value, we shall reject the null hypothesis and accept the alternative hypothesis. This signifies that the overall regression or relationship between the exchange rate and consumer price index is significant so, the changes in the consumer price index can to a certain extent, be attributed to changes in the explanatory variable – exchange rate. MODEL VThe results of the last regression that examined the relationship between the gross domestic, exchange rate, balance of trade, external reserve and consumer price index shows that there is positive relationship between the gross domestic product and the explanatory variables except the external reserve. Also, the standard errors of all the parameter estimates are less than the half of the parameter estimates. We shall therefore reject the null hypothesis and accept the alternative hypothesis. This sh ows that the parameter estimates – exchange rate, balance of trade, external reserve and consumer price index are all statistically significant.This means that they are important factors that affect the value of the gross domesti