Critically discuss arguments for and against financial liberalisation Essay

Critically discuss arguments for and against financial liberalisation - Essay Example At this time, Korea also underwent significant demographic changes, where the majority of its population started residing in urban areas. While demonstrating the Korean changes Chang (1999, 31) used the term ‘compressed modernity,’ thus, aptly summarising these rapid changes. The high growth phase that lasted for almost four decades finally came crashing down in 1997, owing to the rippling effects of the Asian financial crisis that took place at around the same time in 1997- 98. After this episode, the Korean government brought in many financial changes, and while continuing with intensified financial market liberalization it followed the various recommendations given by the IMF with aims to improve the situation. Since the applications of these reforms, IMF had touted Korea’s macroeconomic recovery as being highly successful in nature. This is evident in a letter by the IMF’s Managing Director’s letter praising Korea's successful reforms which claim s, "the close cooperation between Korea and the IMF over the last few years has been exemplary and in many respects serves as a model for other countries" (News Brief No. 01/82, 2001). A majority of the researches on Korea’s recovery after the Asian crises, had attributed it to the polices of financial liberalisation and open markets. ... l interests at work, that are emulating and interacting constantly with each other, and was a result of reforms brought in by the Korean government that kept on changing, while also following the financial norms created by the former dictatorial regime. In this article, in view of the South Korean economy, studies will focus on the basic query as to whether financial liberalisation is actually the primary reason behind any country’s economy growth. Discussion What is financial liberalisation: Financial liberalization pertains to the adoptions of different measures in order to remove or lessen the stringent state regulatory mechanisms, which tend to control the functioning of the various financial institutions, and monitor the instrumental and agent activities within the various segments of the country’s economic market. These measures can be of two types, as regards a country’s internal or external regulations (Ghosh and Chandrasekhar, 2003). While working toward s internal financial liberalization, certain typical measures are followed, that may vary in certain degrees from country to country, as per the requirements, which are listed below (Ghosh, 2005, 2-4): A major step towards internal financial liberalisation includes elimination or alleviation in the controls on the return rates and interest rates, as are charged by the various operating financial agents, primarily the banks. However, the main central bank still continues to monitor and regulate the rate structures by its own functions in the liberal market economy and also through the process of adjusting the discount rates, offered by the other financial institutions. in an economy that operates under financial liberalisation the ‘interest rate ceilings’ are very often removed, thus allowing stiff

Am I A Leader Essay Example | Topics and Well Written Essays - 1000 words

Am I A Leader - Essay Example I learned of the essential theories to become a leader from the academe and from contemporary experiences. It is one’s personal contention that that there are persons born and destined to become leaders. In my case, I realized it is a process encompassing developmental stages in one’s life span. As babies, parents provide assistance in personal care and needs. Through one’s personal development, children get to stand and walk on their own. We learn to exercise our sense of autonomy. There were times when there was the persistent conviction to negate our parents just to do what we want. In this stage of life, leadership of a growing child was clearly exemplified. It is a type of leadership involving the primary care giver and the child. Leadership is thereby recognized as the process of influence in other people to achieve a certain goal. At this stage, the only goal that one has is the gratification of needs, realized through either good or bad behavior. It seems that even as a child, one learned to influence and become a leader in simple ways. The first time we pursued academic endeavors, the start of the leadership process focus on enrichment. Through school plays, group activity, participating in discussions, and joining school organizations, leadership enrichment is reflected. We came to have peers that influence us or we get the chance to influence them. Leadership is clearly expressed and felt when friends and acquaintances ask one’s opinion regarding outfits, assignments, perception, and even fun activities and endeavors. Colleagues begin to value one’s opinions with regards to group perception. I became more competitive in the latter part of academic life. I joined different organizations and performed responsibilities concurrent with higher accountabilities expected of my position. I came to enjoy different social interactions from both genders. One became more focused on achieving higher grades because of the belief that as a profound influence to others. It manifests some form of power and authority. I envisioned to be more responsible, committed, and become a role model. That was the stage of my life that I felt that I truly became a leader. Qualities of a Good Leader But what are the qualities of a good leader? Did I have that power to lead? According to Warren Bennis (1990), managers are people who do things right, while leaders are people who do the right thing. Leaders are persons with character who strives for excellence. Leaders do not command a group to achieve excellence; rather, they are engaged in achieving excellence. One sees what is desired and goes after it. One attracts followers because of the will power, determination, energy, drive, and willpower. Of course, to be a leader, trust is the most essential thing. Trust builds good relationships between the leader and the follower. Since a leader influence a group of people, one must be inspiring and must show the confidence in ac hieving identified goals and endeavors. A good leader is acknowledged to treat others fairly; should display empathy and sensitivity to other people’s values, beliefs, and emotions. In a leader’s journey to reach identified goals, insurmountable amounts of stress are expected to be overcome. The leader must have enough courage to surpass challenges and be creative in dealing with trying situations. Until now, I am thinking of qualities that I exhibited