Unit 3DB The Green Revolution Research Paper Example | Topics and Well Written Essays - 250 words

Unit 3DB The Green Revolution - Research Paper Example In such manner, vitality preservation ought to be profoundly evaluated and thought of if to be sure the drawn out impacts of ecological protection are to be figured it out. So as to diminish individual vitality utilization, the accompanying changes can be made that would over the long haul make a huge distinction. To spare vehicle fuel vitality expended on day by day drives to work, passenger prepares or potentially bikes can be utilized to accomplish the equivalent. This won't just lessen gas fuel utilization, yet additionally help in natural contamination. Concerning different types of vitality use, for example, the ones on lighting warming and cooking, sustainable power source, explicitly, sun oriented and wind vitality can be used. These vitality structures are economical and furthermore perfect. Then again, to build vitality proficiency requires discipline in the utilization of as of now set up vitality sources. This implies little changes, for example, turning off pointless lights around the house, and utilizing vitality proficient light saver bulbs. Moreover, electric apparatuses ought to be utilized according to the makes particulars. Family unit electric machines represent almost 30% of home electric utilization. In this manner, proficient use will legitimately mean productive vitality utilization. An electric vehicle comprises of electric engines that are utilized to drive the vehicle. These can be controlled remotely, through put away electric vitality, for example, batteries, and through an inward vitality source, for example, generators. Electric vehicles are viewed as productive, clean, and above all condition well disposed. In such manner, yes I would buy an electric vehicle in view of its drawn out advantages. Fuel costs will undoubtedly rise, that is ensured, notwithstanding that petroleum derivative isn't sustainable and as such adds to ecological debasement. In view of this by itself, utilizing an electric vehicle adds to vitality preservation, has long haul money saving advantages, and is likewise vitality

The High Cost of Cool Assignment Example | Topics and Well Written Essays - 500 words

The High Cost of Cool - Assignment Example Simultaneously, Rathus, Nevid, and Fichner-Rathus (2002), plot these eight factors as comfort, cost, moral adequacy, sharing obligation, security, reversibility, insurance from explicitly transmitted disease and viability. The notes offer a distinctive clarification of these variables and the different dangers and rates of progress related with each generally utilized contraception technique (Rathus, Nevid, and Fichner-Rathus, 2002). The week after week apportioned perusing is on self-perception. Infocus depicts the body portrayal and the job it plays in sexuality. The article offers a comprehensive story on the media’s fixation on making impracticable self-perceptions to their crowd. Recommendations on the most proficient method to improve one’s picture are given. The article takes note of various issues aligned with unwanted self-perception. These incorporate dietary issues, muscle dysmorphia, utilization of steroid and shallow activity. Infocus notes weight, weight apportioning inside the body outline, one’s acumen of physical appearance, singular impression of astounding physical look, ethnic scenery, and in individuals around us. Eminent in the article is the way that that body appearance impacts an individual’s certainty and sexual conduct. A lion's share of ladies experience the ill effects of the weight of not having a remarkable self-perception (Rathus, Nevid, and Fichner-Rath us, 2002). As per Infocus, the subtle impeccable body connected with competitors and models isn't as perfect as examined. The article terms the thoughts progressed by the media that solitary a couple of people are of incredibly truly blessing as erroneous. It focuses at the way that a portion of these pictures, introduced in the media, experience various controls before conclusive introduction to the watchers. The article sees that the desired female and portrayals in the news sources that are so pined for is optimistic. Forefront notes

Problem Set Solutions Essay Example

Issue Set Solutions Paper You purchased a stock one year back for SO per share and sold it today for per share. It delivered a $1 per share profit today. A. What was your acknowledged return? B. What amount of the arrival originated from profit yield and what amount originated from capital increase? Process the acknowledged profit and profit yield for this value venture. A. 10-20. Think about two nearby banks. Bank A has 100 credits exceptional, each for $1 million, that it expects will be reimbursed today. Each credit has a 5% likelihood of default, where case the bank isn't reimbursed anything. The possibility of default is free over all the advances. Bank B has just one advance of $100 million remarkable which it additionally expects will be reimbursed today. It likewise has a likelihood of not being reimbursed. Clarify the distinction between the kind of hazard each bank faces. Which bank faces less hazard? Why? The normal adjustments are the equivalent, however hank An is less dangerous. (See answer for Problem 10-21 for full clarification of the banks relative hazard levels. ) 10-22. Think about the accompanying two, totally discrete, economies. The normal return and instability of all stocks in the two economies is the equivalent. We will compose a custom paper test on Problem Set Solutions explicitly for you for just $16.38 $13.9/page Request now We will compose a custom article test on Problem Set Solutions explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom article test on Problem Set Solutions explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer In the principal economy, all stocks move together-?in great occasions all costs rise together and in terrible occasions they all fall together. In the subsequent economy, stock returns are free ?one stock expanding in cost has no impact on the costs of different stocks, Assuming you are chance opposed and you could pick one of the two economies in which to contribute, which one would you pick? Clarify A hazard loath financial specialist would pick the economy where stock returns are free since this hazard can be broadened away in a huge portfolio. 0-30. What does the beta of a stock measure?

Romeo and Juliet how Juliet develops through the play Essay Example For Students

Romeo and Juliet how Juliet creates through the play Essay The Elizabethan culture was man centric, implying that men were viewed as the pioneers and ladies their inferiors. Ladies were viewed as the more vulnerable sex, as far as physical quality, however genuinely as well. It was accepted that ladies constantly required somebody to take care of them. This is the point at which our play is set so in principle Juliet ought to obey rules, however as we discover she doesn't generally comply with the times since she is a lady. All through this paper, I am going examine the change of Juliet. The Prologue discloses to us that the sovereign is viably burning through his time even idea he doesn't have any acquaintance with it. So this shows the topic of predetermination, connecting to the introduction: star crossd darlings. This tells the crowd that the pair of darlings are not intended to be as one even before the play begins. We know from the beginning that she is going on an excursion that will bring about her change Juliets character in the start of the story passes on that she is a loyal kid, this is outlined by, Madam, I am here what is your will? This passes on that Juliet is committing herself to whatever might be asked of her. Additionally, the word Madam discloses to us that her family is of higher status in her home than others, so she is deferential and benevolent. In this scene Juliet is likewise alluded to as a sheep: I bade her come, what sheep. This reference to a sheep implies that she is as yet youthful, it furthermore shows virtue. This is significant, in light of the fact that later on in this scene they talk about marriage despite the fact that Juliet is so youthful. It likewise suggests she is still needing direction. At the point when Romeo shows up excluded at the conceal ball in act 1 scene 5, we begin to see a change; this prompts the improvement of her character since her perspectives on adoration change and, so does her character. At the point when Romeo meets Juliet, he needs to kiss her, finishing up in Juliet beginning to play with him, so she is finding out about adoration: Lips that they should use in petition. by saying this, Juliet is making a point that lips ought not be utilized in kissing. This shows she recognizes what is correct, yet even this doesn't prevent her from kissing him. This shows she is getting progressively free and following up on what she needs, instead of what any other individual needs. Her honesty gives off an impression of being slipping as she is coy and ignores desires for herself. At the point when Romeos eyes fall upon Juliet, she is seen as a lady and not as a young lady this is delineated by As a rich gem in ethiops ear. This comparison shows that she is presently seen as a delightful, young lady. A gem proposes she lovely and this is a quality run of the mill of a lady and not a kid so Shakespeare is alluding to her turn of events. This shows she is breaking the generalization as appeared in the principal scene. Her being seen as a ladies is very not the same as in the start of this play when she is perceived as a sheep, in light of the fact that a sheep spoke to her as a kid. Toward the finish of this scene Juliet gives more indications of building up her character. We know this from her soliciting her medical caretaker names from the men when they are leaving be that as it may, this is only a cunning stunt she just needs to know the name of one individual. This shows she is breaking out of what individuals recently thought of her, a sheep, as she is being cunning: a sheep isn't smart as it typically follows its mom. When Juliet discovers that his name is Romeo and a Montague she shows unequivocal practices. This is apparent from, My one genuine romance from my solitary abhor. This shows Juliet has discovered somebody whom she cherishes, and not somebody picked. So this is another case of her getting more autonomous than she was toward the start of the play. It additionally recommends that she is delicate and keen of the peril that may follow. .u8b312276c8ec9ae19a15b4e24adbf19b , .u8b312276c8ec9ae19a15b4e24adbf19b .postImageUrl , .u8b312276c8ec9ae19a15b4e24adbf19b .focused content zone { min-tallness: 80px; position: relative; } .u8b312276c8ec9ae19a15b4e24adbf19b , .u8b312276c8ec9ae19a15b4e24adbf19b:hover , .u8b312276c8ec9ae19a15b4e24adbf19b:visited , .u8b312276c8ec9ae19a15b4e24adbf19b:active { border:0!important; } .u8b312276c8ec9ae19a15b4e24adbf19b .clearfix:after { content: ; show: table; clear: both; } .u8b312276c8ec9ae19a15b4e24adbf19b { show: square; progress: foundation shading 250ms; webkit-change: foundation shading 250ms; width: 100%; murkiness: 1; change: darkness 250ms; webkit-change: mistiness 250ms; foundation shading: #95A5A6; } .u8b312276c8ec9ae19a15b4e24adbf19b:active , .u8b312276c8ec9ae19a15b4e24adbf19b:hover { obscurity: 1; progress: haziness 250ms; webkit-progress: darkness 250ms; foundation shading: #2C3E50; } .u8b312276c8ec9ae19a15b4e24adbf19b .focused content territory { width: 100%; position: relati ve; } .u8b312276c8ec9ae19a15b4e24adbf19b .ctaText { outskirt base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: intense; edge: 0; cushioning: 0; content enhancement: underline; } .u8b312276c8ec9ae19a15b4e24adbf19b .postTitle { shading: #FFFFFF; text dimension: 16px; text style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u8b312276c8ec9ae19a15b4e24adbf19b .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; fringe: none; outskirt span: 3px; box-shadow: none; text dimension: 14px; textual style weight: striking; line-stature: 26px; moz-fringe sweep: 3px; content adjust: focus; content beautification: none; content shadow: none; width: 80px; min-stature: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/basic arrow.png)no-rehash; position: total; right: 0; top: 0; } .u8b312276c8ec9ae19a15b4e24adbf19b:hover .ctaButton { foundation shading: #34495E!important; } .u8b312276c8ec 9ae19a15b4e24adbf19b .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .u8b312276c8ec9ae19a15b4e24adbf19b-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u8b312276c8ec9ae19a15b4e24adbf19b:after { content: ; show: square; clear: both; } READ: How the characters activities and relations to the occasions depicted in An Inspector Calls EssayJuliets character in act 2 scene 2 changes, because of the nearness of Romeo. As Juliet changes in this scene she shows up as being gotten between her newly discovered indedependence and her past ward express This is represented by Its excessively careless, excessively unadvised, excessively abrupt. This catches she realizes that she is hurrying yet carries on This awful love. This shows naivety since she has understood that she is moving too rapidly, yet she proceeds with notwithstanding. This grown-up circumstance is creating turm oil inside her Juliets character in the last scene demonstrated certainty and that she was prepared to decry her family however this could change. Juliet changes into an alternate character in light of the fact that with her new mystery marriage with Romeo, as she needs to choose where her loyalties lie. In the start of this demonstration 4 scene 2, Juliet is prepared and holding up now she is on edge and she additionally she likewise shows wants of a develop lady, this is obvious from spread close blind, love performing night. This recommends she cannot hold on to solidify her marriage with Romeo, so now in the scene she cannot hang tight for him to come. This again connections to the way that she isn't a sheep any longer; she is eager and she is the one being followed. The similar sounding word usage underscores her energy and her freshly discovered enthusiasm. Later on in this scene, she is confounded in light of the fact that she hears news that Romeo has executed Tybilt, here her development is tried similar to her loyalties. This is outlined by Beautiful despot. This ironic expression mirrors her clashing feelings towards affection and Romeo. Juliet shows that she adores Romeo and nearly favors one side yet she is in two personalities as she cherishes Romeo yet as he has done s uch an awful thing a decision must be made. She is torn by his twofold nature as he seems angelical on a superficial level yet clearly has the limit with regards to fiendish. This inward disturbance is proof of Juliets battle to violate the limits of adolescence. In act 4 scene 5 scene Juliet conflicts with what her dad needs: in the Elizabethan time this would be viewed as off-base, this is on the grounds that at the time ladies were beneath men in this man centric culture. This implies she ought to do as she is told, in principle wedding Paris, however this transforms into a contention among Juliet and her dad. In this scene, Juliet has gone out, and the house believes that she has gone to see the Friar however she has not, she has gone to see Romeo. This is once more indicating that she is choosing what she needs to do as opposed to what every other person needs her to do. She controls her family into speculation she went to the Friar for absolution; this is clear from excuse I implore you. This passes on that Juliet has become increasingly rebellious in light of the fact that not just has she deceived her dad, she is presently professing to ask for pardoning, even idea she revealed to Romeo that she is set up to surrender her family for him. In any case, she is on her knees asking absolution, so in addition to the fact that she is insubordinate to her family to Romeo as well. While growing up she is confounded about where her loyalties lie, either with her family or her darling. Besides she is being misleading and shrewd which is in finished difference to how she was toward the beginning. In this scene she seems edgy If all else comes up short, myself have the ability to kick the bucket this catches Juliet is neglectful, resistant and moreover shows that she thinks about herself, so she is turning out to be progressively narcissistic. This is additionally emotional incongruity, as it will happen even idea she doesn't have a clue yet. The crowd enlists this and it makes a feeling of misery. Also in this scene the medical attendant changes her situation on Romeo which Juliet isn't content with and she gets disparaging of the medical caretaker and a hole between the two is clear because of her character advancement: Ancient damnat

Relationship Between Asset Price And Monetary Policy - Free Essay Example

With the development of capital market and the innovation of financeà ¯Ã‚ ¼Ã…’asset prices have taken a more prominent role in financial economyà ¯Ã‚ ¼Ã… ½Meanwhileà ¯Ã‚ ¼Ã…’financial crisis and economy turbulences arouse by abnormal assets price fluctuation appear in many countriesà ¯Ã‚ ¼Ã… ½Currently, China is confronted with the reality of asset prices inflationà ¯Ã‚ ¼Ã… ½Asset prices rapidly fluctuation bought gigantic impact to monetary policy, thereforeà ¯Ã‚ ¼Ã…’study the relationship between asset price and monetary policy according to Chinas economy is significantà ¯Ã‚ ¼Ã… ½ This dissertation applies correlation analysis, unit root testà ¯Ã‚ ¼Ã…’cointegration test and Granger causality test in the empirical analysis of the relationship between asset price and monetary policy, from the data analysis, we could conclude that asset prices and monetary policy have a long-term relationship. The central bank should focus on the role of asset price on the trans mit mechanism of monetary policy. Key wordsà ¯Ã‚ ¼Ã… ¡asset priceà ¯Ã‚ ¼Ã…’monetary policy, central bank . 1. Introduction Motivation With the development of modern capital market and financial innovation, the world economy has into the financial economy era, and disappears increasingly capitalization, virtualization trends. It is no doubt that modern capital market has provided a powerful lever for economic growth, but its instability also cause macroeconomic fluctuations , and in particular the asset price bubbles, which is becoming a key factor for financial crisis and economic fluctuations. So far, the most developed Western countries have experienced a long period of rapid growth, concern is that global asset price has increased sharply in recent years. In the late 1980s, the stock market and real estate in Japan as the representative of asset prices have greatly increased ,which also caused Japanese economy into the bubble economy, the credit crunch and economic recession arising from the bubble economy have serious negative effects so far. In 2006, the Dow Jones industrial average index in USA was beyon d the highest point of network technology bubble expansion from 2000, the stock market of many other developed and emerging market countries generally strongly increased and was beyond history records. In addition to the security market , the global real estate, gold and oil market are also very active. In 2001-2005, real estate prices have nearly doubled in many developed countries, meanwhile, real estate price in many developing countries has also generally increased. In May 2006, the international spot gold price reached USD per ounce 718 score in New York City market since 1980. In mid-July 2006, the International crude oil futures price GE exceeded the highest record to reach 75 USD/barrel. But, inevitably brought the more serious financial crisis in 2007, which has caused huge economic fluctuations to the economy from 2007. In China, securities market have established for ten years, the shares of negotiable securities in the structure of residents capital portfolios continu ed to be increasing, in 1992, the total value of Chinese stock market is 1048 billion yuan, accounting for only 3.9% of gross domestic product (GDP) ratio . But in 2007, the stock market value is 327141 billion yuan, the ratio of market value in GDP has being greatly rising to 130% , which is 312 times growth compared with the total stock market value in 1992 . Not only a huge amount, but also the fluctuations of asset prices have become more frequent and intense. In 2006-2007, Chinese economy under the driven of stock market and real estate market has a certain degree of asset price bubbles. While in the same time , Chinese economy is actually facing the reality of asset price falling from the top digit, shanghai security market falls rapidly from the peak position in 2007, the stock market bubbles receive the extrusion, the real estate market similarly is also facing the similar situation, house price of major cities has falls obviously, the turnover falls into the valley. All of these financial crisis constantly are reminding people that the worldwide economic fluctuations are characterized by the financial instability , and economic cyclical fluctuations, instead of disappearing, and to be getting worse, cause considerable economic depression, frequent asset price volatility and financial crisis and economic recession arising from the asset market collapse, hence , the government should focus on the asset prices on the role of macroeconomic fluctuations and the central bank in the world have to consider the information from asset price fluctuations. The Fed Chairman Alan Greenspan and Bernanke concern much about monetary policy and asset price volatility. Alan Greenspan proposed central banks should be more concerned about the issue of asset price bubbles in the anniversary meeting celebrating the establishment of the Bank of England in 1994 . Chairman Bernanke is an internationally recognized as the founder of monetary policy and asset price research. At their encouragement , the international academic community and the national central banks have recent research and debate whether the monetary authorities should intervene directly in asset price fluctuations. These research and debates are from the different backgrounds in different countries, in accordance with their different assumptions and premises, provide some significance policy advice. Financial markets in particular capital market deepening and broad-based, and financial innovation enables financial institutions have diversity features. The boundaries of currency and other financial assets is blurring, money supply and real economic variables lost stability, the monetary policy impact on the real economy is no longer limited to traditional approaches, according to the traditional Keynesian theory, this impact on consumption and investment mainly through interest rate variable . But as the improvement of financial system and increase of financial assets stock , moneta ry policy can also use the wealth effect of asset prices and Tobin q to affect the consumption and investment, causing the changes of total demand, in stick price, the aggregate demand led to a change in the output , and cause the effect of the output changes on demand, if the aggregate demand exceeds the aggregate supply ,it can lead to inflation pressures. This series of transmission mechanism make the role of asset market on the real economy become more prominent, asset price has become a major transmission channel of monetary policy . From the reality in China, the rapidly development of asset markets have a key role in our national economy, the impact of real estate market and stock market on economic and monetary policy are becoming increasingly apparent. In fact, the Chinese monetary authorities have also already begin to pay attention to the relationship of asset price and monetary policy . Xiaochuan, Zhou , as the Governor of Chinese central bank ,says that the central b ank concerns about changes in asset prices and gives full attention to information from asset price when formulating and implementing monetary policy. Thereforeà ¯Ã‚ ¼Ã…’study the relationship between asset price and monetary policy in Chinese economy is significantà ¯Ã‚ ¼Ã… ½ This dissertation analyze the relationship of asset price and monetary policy systematically, and will use econometric methodology to seek to explore the relationship between asset price and monetary policy in China by using quarterly statistics from 1998 to 2008. I will estimate the relationship between monetary policy variables and asset price variables , through correlation analysis, unit root testà ¯Ã‚ ¼Ã…’cointergration test Granger Causality test to get the conclusion. This dissertation conclude the results thatà ¯Ã‚ ¼Ã… ¡monetary policy and asset price have a long-term relationship, in a short time, the monetary policy aggravated the asset price fluctuations to some degreeà ¯Ã‚ ¼Ã…’the asset market appeared to be rapidly soared and shirked in a short period of timeà ¯Ã‚ ¼Ã… ½The central bank should focus on the role of asset price on the transmit mechanism of monetary policy. 2. Literature Review 2.1 Empirical Studies from Western Economists The research from western economists on relationship of asset price fluctuations and monetary policy mainly reflects the two views. First, asset price and monetary policy do not exist the causal relationship on behavior , and the only relationship is on the information that reflects the present and future output growth. Another view on research of asset price fluctuation and monetary policy is that asset price can affect consumption and investment through wealth effects , the change of capital cost and asset price fluctuations affect consumption and investment respectively through wealth effects and Tobin q, thus affect the financial institutions status of assets and liabilities , further affect the stability of the financial system. It is evidently that asset price has become the transmission mechanism of monetary policy. Frank Smets (1997) is one of the economist who systematically analysis the optimal monetary policy that Central Bank should response on asset price change. He has proposed the following important viewpoint: how the central bank should respond to monetary policy reflecting the unexpected change of asset price, how this change affect the central banks inflation forecast. There are two factors affecting the central bank forecast inflation. First is that the effect of asset price on transmitting mechanism of monetary policy. Second is that the unique information on asset price. He established a simple macro-economic model that contains equation of Phillips curve, aggregate demand on financial asset prices (as represented by the stock price) , arbitrage and dividend , he uses this model to examine the variety of ways that change of financial assets price affect the real economy, and analysis the optimal monetary policy of central bank response to financial asset price movements. He demonstrate that the optimal monetary policy of central bank response to financial asset price movements, that is, according to the structure of established model , weighted average of the short-term interest rate ( traditional intermediary target of monetary policy) and asset price as price index à ¢Ã¢â€š ¬Ã¢â‚¬  monetary conditions index (MCI) , and regard this index as the target of monetary policy operations, therefore it can properly guide central bank make effectively response on monetary policy to change of financial assets price. Gunnarsson and Lindqvist (1997) have discussed the role of asset price on monetary policy from the wealth effect on change of asset price and the effect of inflation. They conclude that the monetary policy should be given more attention on the change of asset price, although it is very difficult to explain. They believe that the change of asset price affect monetary policy as long as this change is long-term change, and in recent years, the impact of this change of asset prices on the economic has been more and more important, so the central bank should spend more energy to analyze the relationship of as set prices and monetary policy, although this relationship is hard to explain but indeed existing. They believe that asset price as an indicator for monetary policy might contribute to the inflation forecast. B.Bemanke and M.Gcrtler (2000,2001) have provided that :In an particular assigned situation , the monetary policy respond to the change of asset price is determined by if existing of the inflation or the deflation pressure on real economy or not, if this change of asset price do not bring the inflation or the deflation pressure on the real economy, then the monetary policy does not need to respond to this kind change of asset price, but If this change of asset price indicates that it indeed brings the inflation or the deflation pressure on the real economy, then the monetary policy should make some response to alleviates this pressure. They propose the above policy seriously under the system frame of flexible currency inflation goal. Cecchetti, Genberg, Lipsky and Wadhwan i (2000) have noted that how the central bank respond to asset price fluctuation mainly depends on the nature of the asset price fluctuation. When only have the shock of financial aspect on macro-economy, the central banks exchange rate policy should make an appropriate response, because doing so will avoid the financial shock on the stability of real economy . When the central banks target is to minimize the fluctuations of Inflation ratio and economic output gap to their target value , the central bank take possible action to eliminate the negative effects of financial volatility is a very good thing. 2.2 Empirical Studies from Chinese Scholars After the Asian financial crisis in 1997, the scholars in China have began to research the relationship between asset price and monetary policy. From a theoretical viewpoint, on the one hand, monetary policy have an impact on asset prices through the adopted operation tool, on the other hand, as a virtual asset relatively to physical asset , asset price fluctuations can also have some impact on peoples consumption and investment behaviour, hence, affect economic development through consumer and investment , further transmit monetary policy purpose to the real economy. Xiaoan Qian (1998) finds that change of asset price make a difficulty in monetary policy transmission mechanism, this will cause the certain effects on monetary quantity management, inflation control and financial risk avoidance. The increase of asset price has been made transmission role of the monetary policy in the currency market change and become a source of funds in the asset markets, causing short-term funds long-term occupation , so that the transmission mechanism of monetary policy to occur difficulty. Part of funds seperated from the bank system, directly to the virtual asset markets. Wenjun Xun (2000) believes that the development of capital market increase the number of the emerging non-bank organization such as superannuation fund, the mutual fund, the Insurance company and so on, the bank also participates in the competition of capital market , the effect of the capital market on the real economy gradually highlight, the transmitted mechanism of monetary policy increases, economic subject and its behavior are diversity, uncertainty about the economical movement increases, therefore the transmitted mechanism of monetary policy is more complex. They thinks that Central Banks monetary policy should control official interest rate through the market , thus indirectly influence the bond and the stock market price in capital market, further influence real economy, achieves the monet ary policy goal. Qiang Qu (2001) has found that it is difficult to put asset prices as the goal of direct control of monetary policy in the monetary policy operations, the possibilities and accuracy of establishment of general asset price index is very small, asset prices can only be used as an indirect reference, in short, to concern on it , but not target on it. Gang Yi and Zhao Wang (2002) have considered that monetary policy have impact on financial asset prices (in particular the stock price), the relationship of currency quantity and inflation not only depends on the price of goods and services, and in a certain degree depends on the stock market. Tianyong Guo(2006) has affirmed the role of asset price fluctuation on real economy , financial stability and monetary policy through analysis, at the same time, he also points out that the asset price as regulatory targets exist difficulties. Chang Cui (2007) analysis the role of asset price on monetary policy through th e model , in asset price inflation period, the central bank can take the measure of interest rate for a given period too control asset price fluctuation, and control the money supply when asset price bubbles exist will receive immediate effect. While in asset price downturn period , interest rate adjust asset price have obvious and relatively durable effect. Yuanquan Yu (2008) obtains through the empirical analysis: the asset price has a certain influence on macroeconomic , particularly the effect of house price is more obvious. Therefore, the Central Bank must give the appropriate attention and control on asset price in the implement of monetary policy . In an conclusion, the asset price fluctuations have an certain impact on the ultimate objective of monetary policy, we can not ignore the unique role of asset price on the transmission mechanism of monetary policy and the macro-economic activities. The central bank should concentrate on the effect of asset prices on monetary policy, particularly in asset prices fluctuations periods, the vast majority of economists believe that the central bank should take an certain monetary policy to address and reduce the negative effect of the economy. For most of research focuses on the study of asset price fluctuation and its relationship with monetary policy, the role of asset prices in the transmission mechanism of monetary policy , as well as the effect size issues ,this dissertation based on the domestic and foreign scholar research results , deeply analyzes the transmitted mechanism of monetary policy in asset price through the impact of monetary policy on asset price . 3. Data Description This dissertation focus on the relationship between asset price and monetary policy in China according to the quarterly statistics during the year of 1998 to 2008. This dissertation mainly use the stock price (index) and house price(hsp) as indicators of asset price , and use boarder money supply (m2), financial institution loan (loan), real rate (rate) as indicators of monetary policy for simplicity. Due to the amount of the data of these variables are really great, we take log of these variables to analyze. This dissertation get all needed data from China Economic Information Network, which is a professionals institution engage in the development of economic data resources and services, provide data support, data integration, and other business data analysis for government and research institutions. All the quarterly data we need from 1998 to 2008 is recorded in the China Economic Information Network. à £Ã¢â€š ¬Ã¢â€š ¬ 3.1 Indicators for asset price in China Asset prices generally including stock prices, bonds, prices, and even exchange rate, and other financial assets and house prices. However, the stock price and house price have a significant effect on real economy, and its fluctuations can have a key role in monetary policy decision-making, hence, in this dissertation , we will use the stock price and house price refer to the asset price. In particular, the Shanghai securities composite index is on behave of the stock price for data limitations, Shanghai securities composite index is established by the Shanghai stock market to reflect the Shanghai securities trading market overall trend. House price is on behave of the average house price in China. We can easily get these data from the China Economic Information Network. 3.2 Indicators for monetary policy in China Monetary policy refers to the Government or the Central Bank influence economic activity, especially by money supply control and regulation of interest rates. To achieve a specific goal or maintain target à ¢Ã¢â€š ¬Ã¢â‚¬  for example, curbing inflation ,achieving full employment and economic growth, directly or indirectly through open market operations and setting the minimum reserve rate. There are many factors needed to be consider in implementing monetary policy, for data restrictions, in this dissertation ,we mainly consider the variable of boarder money supply, financial institution loan and real rate. First, boarder money supply (lnm2) indicates the change of aggregate supply and pressure condition of inflation in the future. In china, boarder money supply is narrow money supply plus the saving, foreign currency and fiduciary deposits of government, organizations, services, businesses and institutions in financial institution. Boarder money supply can be used as a medium and long-term equilibrium target to regulate of financial markets .It is usually the rate of boarder money supply increasing should be controlled at the sum rate of economic growth and price inflation, monetary movement. Second, financial institution loan have some disadvantage as a indicators of monetary policy. First, it is closely associated with the monetary policy objective. Currency circulation and deposit currency caused by loan, the Central Bank control the size of the loan, which also mean to control the money supply. Second, financial institution loan is an accuracy an endogenous variable , loan size is positive correlation with loan demand. As a policy variables, loan size and the demand also have a positive correlation. Furthermore, data of financial institution loan is easily accessible . Third, real rate refers to the real rate of interest return that the depositors and investors can get after eliminating of inflation rate, it is calculate as nominate rate minus CPI. Real rate can be used as the indicator of Central Banks monetary policy due to following reasons : (1) real rate reflect the supply of money and credit, and able to show the relative supply and demand, it is correlation with nominal interest rate ,High level of interest rate is thought to be a tight, low interest rate level of convergence are considered monetary relaxation. (2) real rate belongs to the Central Bank , the Central Bank can use this tools to increase or decrease in interest rates. Table 1: denotation for Variables denotation Variables Implication Lnindex Shanghai securities composite index Shanghai securities trading market overall trend Lnhsp House price Real estate price Lnloan Loan financial institution aggregation loan domestic Lnm2 M2 boarder money supply: M2+M1 Rate Real rate nominate rate minus CPI. 4. Economic Theory and Econometric Model The effectiveness of monetary policy depends not only on the sensitivity of economic subjects on policy signal , but also on numerous external factors of financial system. According to the traditional Keynesian theory, when implementing expansionary monetary policy, increase of money supply will lead to rate decline, i.e. capital costs decreasing, further increasing investment expenditure, hence increasing aggregate demand and aggregate output. Meanwhile, increase of money supply will lead to the bank reserve and deposit increase, thus enhanced bank to increase the loan quantity, the fund that the borrower attains increase, then the total quantity investment will increase, which also lead to the quantity of aggregate demand increase, hence, the total output also rise. We will use following econometric model to analyze the relationship of asset price and monetary policy. 4.1. Analyzing correlation coefficient The correlation coefficient is a measure of two variables relate to each other and their close degree of effective tools. Its absolute value is close to 1 description of relevance, the stronger between variables, the more its relevance with 0. If the correlation coefficient is positive, then the variables presented to changes in the relationship, with one variable with another variable changes. But if the correlation coefficient is negative, then the variables are changes in the relationship in the opposite direction. Using correlation coefficient can be better measured variables and between monetary policy and asset price correlation between Extent its positive and negative symbol can indicate the variable ask changes direction. Generally used to be associated matrix said. 4.2. Testing for Nonstationary In time series, stationary is a key conceptà ¯Ã‚ ¼Ã…’ as it allows powerful techniques for modelling and forecasting to be developed. Stationary is generally regarded as some pattern of data stable or equilibrium. Stationary time series have constant mean and variance, but its covariance only determined by the time distance. However, when time series could not analyze as stationary, this types of time series always have a strong upwards or downward trend over time, we call it as nonstationary, and we can use differencing as an effective tool to transform a nonstationary time series into a stationary time series. Sometimes, Transforming a nonstationary time series into a stationary one needs more than once differencing operation. Generally speaking, if the differencing needs to be operated at least d times to achieve a stationary time series where d is the order of integration, then the time series is said to be integrated of order d, denoted by I(d). Hence, the I(1) time series also referred to have a unit root, while the I(0) time series are stationary. Dickey and Fuller (1979) provided an effective method to test a time series is stationary or nonstationy time series, which is also called as Dickey-Fuller (DF) test. The elementary object is to test the null hypothesis that the time series have a unit root or not. The model the Dickey-Fuller (DF) test involves bellows In this dissertation , indicates the variables on monetary policy and asset price at time t. ÃŽÂ ± denotes unknown parameter and denotes the trend. denotes the first difference which . Also, the t-statistic for testing the null hypothesis that H0: =0 against the alternative hypothesis H1: 0. In this paper, since house price , boarder money supply and loan have a strong upward trend , so we test these time series under the model H0 : against H1: While the index and real rate variable we consider under the model H0: against H1: We also can identify the fittest lag k by running t he ADF(k) test, choosing the fitted order k that gives the minimum AIC and BIC. 4.3 Cointegration Formally, Engle and Granger (1987) defined the cointegration as if there exists a linear combination of two or more I(d) time series which is I(d) with d'd. In most case, two cointegrated time series has a unit root ,as I(1),a their combination is stationary ,as I(0). In practice, we usually use cointegration test to exam the long-run relationship among variables in economics. If times series have relationship between variables, and the trend of the two time series has been common, and thus there will be a linear combination of these time series give us an stationary time series. In this dissertation , we test the long-run relationship between monetary policy variable and asset price variable by cointegration test .First, we consider the regression of two I (1) time series. The model is To test { } and { } are cointegrated, we need to exam that the residuals term { } is stationary .If the residuals term is I (1), then this two times series do not have a cointegration, othe rwise , if the residuals term is I (o), then this two times series are cointegrated. Under this case, to test the residuals for unit root ,we can conduct DF/ADF-statistic test. In this paper, we denote that monetary policy variables as and we regress on a constant and one of the asset price variables as . 4.4. Causality Test Granger (1969) provided that Granger causality test can apply generally for testing the causal relationship on two time series.Granger causality means that if { } Granger causes{ } then { } have a predict power of { } , given any other variables. More formally, it is said that { } Granger causes { }; when the forecast of given data on { } and { } outperforms the forecast of given data on { }only. Granger causality is only related to the predictability of { } using { } and is not concerned as to whether{ }causes { }, it could be that { } Granger causes { } but { } is not causal for { },and vice versa. To test for Granger causality, we could estimate the regression by OLS In this dissertation , denotes an indicator of asset price, i.e. Shanghai composite index (lnindex) , house price ( lnhsp) , Also,denotes the indicator of monetary policy, i.e. financial institutions aggregate loan (lnloan), broad money (lnm2), real interest rate (rate) . Then conduct an F test on the null hypothesis against the alternative at least one of the is not zero. If we reject the null hypothesis, then { } has predictive power for { } and therefore, { } Granger causes { }, on the other hand, if we fail to reject the null hypothesis, then { } has no predictive power for { }, therefore, { } does not Granger causes { }.We usually test the two times series for Granger causality in pairs, that is, first test whether { } Granger causes { } and then test whether { } Granger causes { }.If two variables have Grange causality relationship in both directions, i.e. { } Granger causes { } and { } Granger causes { }, then we could regard these two varibles have causality relationship in both directions, that means these two variables are related. If two variables have Granger causality in one direction, e.g. { } Granger causes { } but { } does not Granger cause { }, then we can conclude that these two variable just have a one way causality relationship. 5. Presentation and Interpretation of Results 5.1. correlation coefficient between monetary policy variables and asset prices variables We analysis the correlation between monetary policy variables and stock prices variable according to the data provided by China Economic Information Network, and the correlation coefficients are presented in Table 2 and Table 3. Table 2 Correlation coefficient between lnindex and lnloan,lnm2,rate in 1998-2008 Lnindex Lnloan Lnm2 Rate Lnindex 1.000000 Lnloan 0.4829 1.000000 Lnm2 0.4867 0.9980 1.000000 Rate -0.4717 -0.9013 -0.9067 1.000000 As we can see, stock price (Lnindex) has correlation relationship with all monetary policy variables. With a higher stock price, loan and money supply will be increased, while real rate will be decreased. For monetary variables, loan and M2 have a strong positive correlation, and M2 have a strong negative correlaton with real rate. In conclusion , for the stock price variable, it has basically the positive correlation with the loan and money supply variables , and has negatively correlatio n with the real rate. Table 3 Correlation coefficient between lnhsp and lnloan,lnm2,rate in 1998-2008 Lnhsp Lnloan Lnm2 Rate Lnhsp 1.000000 Lnloan 0.9667 1.000000 Lnm2 0.9633 0.9980 1.000000 Rate -0.8453 -0.9013 -0.9067 1.000000 From table 3, we can see house price (Lnhsp) has correlation relationship with all monetary policy variables. With a higher house price, loan and money supply will be increased, while real rate still will be decreased. In conclusion ,for the house price variable, it has basically the strong positive correlation with the loan and money supply variables , and has strong negatively correlation with the real rate. 5.2.Results for unit root test We exam monetary policy variables and asset prices variables by Augmented Dickey-Fuller (ADF) to test the stationary of time series. First ,we choose the AIC and BIC to determine the fitted lag it suggest that the optimal lag for time series is lag k =1,Then we run ADF to test stationary of time series. Results are below: Table 4à ¯Ã‚ ¼Ã… ¡Augmented Dickey-Fuller Unit Root Test for Variables Series ADF Test critical values Results 5% 1% Lnhsp -1.685 -3.41 -3.96 have a unit root Lnindex -2.085 -2.86 -3.43 have a unit root Lnm2 -1.992 -3.41 -3.96 have a unit root Lnloan -1.993 -3.41 -3.96 have a unit root Rate -1.185 -2.86 -3.43 have a unit root We conserder Lnindex and Rate for unit root test under case which is constant without trend, and get the ADF values are -2.085, and -1.185.The critical values are from the asymptotic critical values of the ADF statistic table. From the ADF stat istic table. We know the critical value at the 5% significant level is -2.86, while it is -3.43 at the 1% significant level. Since Lnindex ADF value is-2.085, which is greater than -2.86 and Rate ADF value is -2.400,which is also greater than -2.86, so we fail to reject the null hypothesis at the 5% significance level and conclude that we have evidence that both Lnindex and rate have a unit root, and also mean that the time series is nonstationary. Since Lnhsp Lnm2 and Lnloan of the data have a strong upwards or downward trend ,so we exam these three time series under case which is constant with trend,and get the ADF values are -1.1685, -1.992 and -1.993. From the ADF statistic table.We know the critical value at the 5% significant level is -3.41, while it is -3.96 at the 1% significant level. Since ADF value of Lnhsp, Lnm2 and Lnloan is -1.1685, -1.992 and -1.993 respectively , which are all greater than -3.41 at w at the 5% significance level , and which is also greater than-3.96, at the 1% significance level ,so we fail to reject the null hypothesis at the 5% and 1%significance level and conclude that we have evidence that Lnhsp Lnm2 and Lnloan have a unit root, and the time series is nonstationary. To test the orders of integration of all the time series, hence, we do first differencing to all time series and add an initial D to each variables to indicate the new variables. We use ADF-test again to test all the first differencing variables as above. The fitted lag we consider is also lag=1, the results are shown in Table 4. Table 5à ¯Ã‚ ¼Ã… ¡Results from ADF-test with first difference variables Series ADF Test critical values Results 5% 1% DLnindex -3.525 -2.86 -3.43 I(0) Stationary DLnhsp -4.484 -3.41 -3.96 I(0) Stationary DLnm2 -4.876 -3.41 -3.96 I(0) Stationary DLnloan -3.854 -3.41 -3.96 I(0) Stationary at 5% Have a unit root at !% DRate -3.943 -2.86 -3.4 3 I(0) Stationary From above table, the ADF values of all 5 variables are -3.525, -4.484 -4.876, -3.854 and -3.9459 which are smaller than the critical values at 5% significant level, so we reject the hypothesis at 5% significant level , and conclude that we have no evidence that all the first difference time series have unit roots. It suggests that, after first difference for each of the time series, data have been stationary. Moreover, it shows that the original series of lnindex,lnhsp,lnloan,lnm2 and rate are I (1); their orders of integration are 1.While at 1% significant level , the ADF value of Dlnloan is greater than critic level ,so we conclude that Dlnloan have a unit root. 5.3 Results for cointegration test We need to test the long-run relationship of asset price variables and monetary policy variables by using cointegration test , so we use ADF-test to test the residual .From the statistic table ,we know the 5% critical values is -3.34.while , the 1% critical values is -3.9. 5.31 Cointergrate test of Lnm2 and Lnindex Fitted regression model is Lnm2=7.64+0.62Lnindex+ For the residual, the ADF-test results is -4.61, Since -4.61 is smaller than critical values, so we reject H0 at both 5% and 1% significance level and we have evidence that the residual is stationary, hence we conclude that the Lnm2 and Lnindex have cointegration relationship. 5.32 Cointergrate test of Lnm2 and Lnhsp Fitted regression model is Lnm2=-3.58+2.02 Lnhsp + For the residuals, the ADF-test results is -4.883, Since -4.883 is smaller than critical values, so we reject H0 at both 5% and 1% significance level and we have evidence that the residuals is stationary, hence we conclude that the Lnm2 and Lnhsp have cointegration relationship. 5.33 Cointergrate test of Lnloan and Lnindex Fitted regression model is Lnloan =8.02+0.52Lnindex+ For the residuals, the ADF-test results is -4.777, Since -4.777 is smaller than critical values, so we reject H0 at both 5% and 1%significance level and we have evidence that the residual is stationary, hence we conclude that the Lnloan and Lnindex have cointegration relationship. 5.34 Cointergrate test of Lnloan and Lnhsp Fitted regression model is Lnloan =-1.61+1.72Ln Lnhsp + For the residuals, the ADF-test results is -4.397, Since -4.397 is smaller than critical values, so we reject H0 at both 5% and 1% significance level and we have evidence that the residuals have a unit root, hence we conclude that the Lnloan and Lnhsp have cointegration relationship. 5.35 Cointergrate test of Rate and Lnindex Fitted regression model is Rate =21.08 -2.67Ln Lnhsp + For the residuals, the ADF-test results is -4.473, Since -4.473 is sm aller than critical values, so we reject H0 at both 5% and 1% significance level and we have evidence that the residuals have a unit root, we conclude that Rate and Lnindex have cointegration relationship. 5.36 Cointergrate test of Rate and Lnhsp Fitted regression model is Rate =63.29 -7.91Ln Lnhsp + For the residuals, the ADF-test results is -4.4381, Since -4.4381 is smaller than critical values, so we reject H0 at the 5% significance level and we have evidence that the residuals have a unit root, hence we conclude that Rate and Lnhsp have cointegration relationship. In sum, by the testing procedures as above, we can conclude that monetary policy variables and asset price variables have cointegration relationship, which means that they have long-run relationship based on quarterly data during the period from 1998 to 2008 in China. The central bank should focus on the long-run relationship of asset price and monetary policy. 5.4 Results from Granger Causality Test We exam the short-run relationship between asset price variables and monetary policy variables using Grange Causality Test, and reveal the predict power of these variables. We proceed the Granger causality test of asset price variables and monetary policy variables in lag=1and 4. Results are shown below. 1. . Causality test between monetary policy variables and stock prices variable Table 7: Lag=1 Granger causality test Null Hypothesis F-Values Test Critical Values Results 10% 5% Lnloan Does Not Granger Cause Lnindex F(1,40)=0.11 4.61 5.99 Accept Null Lnindex Does Not Granger Cause Lnloan F(1,40)=0.03 4.61 5.99 Accept Null Lnm2 Does Not Granger Cause Lnindex F(1,40)=0.14 4.61 5.99 Accept Null Lnindex Does Not Granger Cause Lnm2 F(1,40)=0.07 4.61 5.99 Accept Null Rate Does Not Granger Cause Lnindex F(1,40)=0.01 4.61 5.99 Accept Null Lnindex Does Not Granger Cause Rate F(1,40)=0.4 6 4.61 5.99 Accept Null If 2 times F-values greater than critical values , we reject null. From table 7, we can conclude that in the lag of 1, at the 10% and 5% significance level ,stock price (Lnindex) variable and monetary policy variables have no Granger cause relationship, so stock price variable has no predict power to monetary policy variables, and also monetary variables has no predict power to stock price variables. Table 8: Lag=4 Granger causality test Null Hypothesis F-Values Test Critical Values Results 10% 5% Lnloan Does Not Granger Cause Lnindex F(4,31)=1.16 7.78 9.49 Accept Null Lnindex Does Not Granger Cause Lnloan F(4,31)=0.03 7.78 9.49 Accept Null Lnm2 Does Not Granger Cause Lnindex F(4,31)=0.89 7.78 9.49 Accept Null Lnindex Does Not Granger Cause Lnm2 F(4,31)=0.16 7.78 9.49 Accept Null Rate Does Not Granger Cause Lnindex F(4,31)=0.62 7.78 9.49 Accept Null Lnindex Does Not Granger Cause Rate F(4,31)=0.28 7.78 9.49 Accept Null If 2 times F-values greater than critical values , we reject null. As presented on Table 8, in the lag of 4, at the 10% and 5% significance level stock price (Lnindex) variable and monetary policy variables still have no Granger cause relationship. We can not use monetary policy variable to predit asset price variable , and vice versa. This also show that adjusting monetary policy variable affects stock markets price level is very difficult, even assuming it has the effect, it must pass through a very long time period, the effect can be appearance. 2. Causality test between monetary policy variables and house prices variable I will analyze the causality relationship between house prices variable and monetary policy variables in the same way above. Results are shown as Table 9 and Table 10 Table 9: Lag=1 Granger causality test Null Hypothesis F-Values Test Critical Values Results 10% 5% Lnloan Does Not Granger Cause Lnhsp F(1,40)=3.58 4.61 5.99 Rejec Null Lnhsp Does Not Granger Cause Lnloan F(1,40)=0.13 4.61 5.99 Accept Null Lnm2 Does Not Granger Cause Lnhsp F(1,40)=2.74 4.61 5.99 Reject Null at 10% Accept Null at 5% Lnhps Does Not Granger Cause Lnm2 F(1,40)=0.22 4.61 5.99 Accept Null Rate Does Not Granger Cause Lnhsp F(1,40)=1.57 4.61 5.99 Accept Null Lnhsp Does Not Granger Cause Rate F(1,40)=2.84 4.61 5.99 Reject Null at 10% Accept Null at 5% If 2 times F-values greater than critical values , we reject null. From table 9 , we can conclude : in the lag of one, at the 5% significance level, loan can Granger Cause house price, but house price does not Granger cause loan , these two variable just have uni-directional Granger cause relationship, house price and other monetary variable have no Granger cause relationship. While at the 10% significance lev el , loan and boarder money supply can Granger Cause house price, and also house price can Granger cause Rate. This also indicates that adjusting financial institution loan and boarder money supply can have certain effect on house price in short time, based on quarterly data, we can use financial institution loan and boarder money supply to predict the house price in a certain period. Table 10: Lag=4 Granger causality test Null Hypothesis F-Values Test Critical Values Results 10% 5% Lnloan Does Not Granger Cause Lnhsp F(4,31)=2.32 7.78 9.49 Accept Null Lnhsp Does Not Granger Cause Lnloan F(4,31)=0.12 7.78 9.49 Accept Null Lnm2 Does Not Granger Cause Lnhsp F(4,31)=1.69 7.78 9.49 Accept Null Lnhsp Does Not Granger Cause Lnm2 F(4,31)=0.36 7.78 9.49 Accept Null Rate Does Not Granger Cause Lnhsp F(4,31)=2.4 7.78 9.49 Accept Null Lnhsp Does Not Granger Cause Rate F(4,31)=2.44 7.78 9 .49 Accept Null If 2 times F-values greater than critical values , we reject null. As presented on Table 10, in the lag of 4, we can see asset price variables and monetary variables have no Granger causality relationship at 10% and 5% significance level. Synthesizes the above analysis, we can conclude that the stock price and monetary variables have no two-way causality relationship in short run, and monetary policy have no impact on stock price in short run . But in some certain degree, loan and boarder money supply can Granger cause house price, it means that loan and boarder money supply can predict house price in short time. 6. Conclusion In this dissertation , we study the relationship between asset price and monetary policy in China by using quarterly statistics during the year of 1998 to 2008. We use the stock price (index) and house price (hsp) as indicators of asset price , and use boarder money supply (m2), financial institution loan (loan), real rate (rate) as indicators of monetary policy. We expect those asset price variables would have some effect on the monetary policy. Hence, we process these time series through ADF-test, Cointegration-test and Granger causality test to reveal the long-term and short-term relationship among them. Then, from the results of cointegration test, the results suggest that the indicators of asset price have cointegration with monetary policy base on the quarterly data during 1998 to 2008 in China, hence, it implies that there is long-term relationship between the fluctuations of asset price market and monetary policy decision-making in China. Further, we use Granger ca usality test to exam the short term relationship. In the lag=1 and 4 , the results reveal that stock price variable and monetary policy variables have no causality relationship in short run, stock price variable has no predict power in monetary policy variables. But in some certain degree, that loan and boarder money supply can predict house price in short time. In summary, from analysis in this dissertation , we can get some useful policy implications in China. First, improving relevant conditions of asset prices and monetary policy transmission mechanism .As Chinas capital market development, asset price transmission channels to monetary policy gradually disappear. Although current credit market and money market funds directly or indirectly to concentrate on the asset market ,which indeed create opportunities for the monetary policy transmission mechanism , but do not form a valid investment and consumption demand, to some certain extent, resulting in distortion of the monet ary policy transmission mechanism. As money supply increasing ,financial insistutions have sufficient funds, make loan enlarge, and also cause rapid increasing in stock price. Dramatic fluctuations in asset prices, on the one hand resulted in financial system instability and, on the other hand, asset price transmission channels to monetary policy is also not very smooth. However, as the stock market, house price and other assets further development, the effect of traditional monetary policy transmission mechanism will gradually diminish, the role of asset price transimitted to monetary policy will play an important role, so now we must improve relevant conditions of asset prices and monetary policy transmission mechanism by Tobin q effect, the wealth effect, balance sheet effects and many other channels . Second, Monetary policy should focus on asset price fluctuation. The asset price has not been able to take as the independent regulation target of the monetary policy ,but sh ould take it as the auxiliary monitor target of currency regulation ,integrates to the field of the Central Bank monetary policy Central Bank .The central bank should establish indicator system relative to asset price monitoring, and make corresponding respond to estimate the impact of market movement and change of asset price on macro economic fluctuation, then determine the trend of monetary policy, implements the essential regulative behaviour, meanwhile , the central bank must clarify the shocks of asset price fluctuation. Third, the central bank should focus on the impact of the real estate market on real economy. Empirical results show that housing price has played a certain role in the transmission mechanism of monetary policy in China, the correlation with monetary policy variable is extremely high. The central banks should focus on the change of real estate market because the real estate industry is pillar industries, the real estate market price fluctuation will affect our investments, further to fluctuations in related industries, to even worse, it may affect the whole macro economy development. Accordingly, the Government should concentrate on impact of the real estate market on macro economy.

Memo to Gloria Smithson Coursework - 1375 Words

Memo to Gloria Smithson (Coursework Sample) Content: Memo to Gloria SmithsonFollowing the American Psychological Association GuidelinesNameInstitutions AffiliationsProfessors NameMemo to Gloria SmithsonTo : Gloria SmithsonFrom:Date: 22 September 2014Subject: Business formations that offer personal liability protectionIn the preliminaries of building a business, often there are many pronouncements to make; the people to hire, business location, locating the customers and at what point one should start. Consequently, the vital aspect often disregarded on the decisions made is how proprietors can protect themselves from personal liabilities. Making a choice to go into business may involves quite a number of risks, fortunately some of these risks can easily be circumvented, or at least lessened. (Arthur Sheffrin 2003). Arguably, one of the most efficient models that may help you protect yourself and your family from personal liability as a result of your business activities is to select the right business formation on which to register your business under. The write one would ensure that every liability starts and ends with the business without necessarily bringing your family and you into the matter.Gloria, in this memo, I can elaborate on three most relevant formations you may wish to choose from. These are more to your desire for protection from personal liabilities. The three basic choices for formation of a business here may incorporate options such as * Limited Liability Partnership * Corporation * Limited liability companiesTo give you a clearer insight of the types of formations above, we may describe them further in details as given below.Limited Liability PartnershipThis is characterized by a requirement of not less than one general partner and at least one limited partnership. To appropriately start up a business entity of this type, it is mandatory to register and fill some documentation with the secretary of state.An enterprise involving Limited Partnership is basically best used when so mebody anticipates to be either a "silent partner" or the "money man". Only one partner who is the general partner takes charge of the daily running and management of the business, he or she remains personally liable.On the opposite edge is the limited partner who cannot take part in daily running of the entity, he or she is not obligated or subject to personal liability for partnership debts. In this arrangement, if you are the limited partner, you may lose your protection against personal liability if you begin to take part in the management of the business. In the case you do, you lose your status as a limited partner an become a general partner, in such a situation, you exposes your family and yourself to personal liability.CorporationFormation of a corporation arguably offers personal liability protection for every of its stakeholders. Conversely, if certain procedures are not observed, the protection could easily be lost. In formation of a corporation, there is the corporate s tructure which presented in a simple model involve: * Stakeholders own the business * Stakeholders elect a board of directors to watch over the long term objectives * Directors in turn appoint the personnel who run the daily undertakingsIn a number of small businesses the stakeholder may also be a director and an officer. Very often some of them are also employees of the enterprise. However, the law compliments the diverse capacities, even in the case that the same individual take up all the three positions.The key protective factor here is the fact that the corporation stands as a distinct and unconnected unit from its stakeholders. This distinction is key as it is the major aspect that offers the protection to you in terms of personal liability. In this arrangement, the corporation could be liable for given corporate debts and liabilities, the stakeholders are not.Unluckily, the protection that may be provided for given the formation of corporation is not all perfect. This may be given away, withdrawn or may at some circumstance not apply. For example, if your corporation pays your personal expenditures, or corporate finances and your personal finances are banked in similar account, the corporate protection may often be revoked.Alternatively, a corporate proprietor may be obligated to sign a personal guarantee, this is meant to enter a tenancy or purchase contract. In such cases, you as the proprietor is seen to give way your corporate protection (Hamilton, 1995).In conclusion, corporations are run characteristically by individuals, every person is prone to committing wrongful doings. If you involved in the corporation as a worker perform a wrongful doing, you will be responsible for that given damage on personal grounds. Conversely, if your employee is involved in a wrongful act, you remain in general protected from any personal liability. Even though not often perfect, corporate units afford one of the finest heights of protection to the business proprieto r.Limited liability companiesA Limited liability company by large delivers similar liability protection as that of a corporation. The key distinction is that it may have dissimilar tax consequences. It is frequently regarded that an LLC has more flexibility compared to a corporation. Although there exists some actuality in this declaration, the flexibil...

Organizational Data Privacy and Security Policy - 1271 Words

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The Organization should ensure that the greatest extent possible based on the size of the organization that there is a clear separation of duties to prevent important management controls from being overlooked. Segregation of duties as defined in the Procedures will preserve the integrity, availability, and confidentiality of information assets by minimizing opportunities for security incidents, outages and personnel problems. 7. Training employees and other authorized users are important in an Organization and maintenance of security procedures. 8. Violations of the data privacy and security policy may result in disciplinary action up to and including termination of employment. Information Systems There are some procedures that Organization should follow to protect and maintain the security and integrity of its information systems which include infrastructure and software design, information processing, storage, transmission, retrieval and disposal. 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