Dinoflagellates And Bioluminescence Emission

Dinoflagellates And Bioluminescence Emission Bioluminescence is the emission of light from living organisms, without giving out appreciable or no heat. It is basically a 100% efficient system. Virtually all of the energy generated is converted into light with almost none lost in heat or sound production. It is literally a cold fire. The light results from a chemical reaction mediated by enzymes and involving specialized molecules in the organisms. Bioluminescence occurs in species too numerous to list but the most recognizable ones include dinoflagellates, some jellyfish and fireflies. Dinoflagellates and fireflies are by far the most common sources of bioluminescence in the ocean and on land respectively. Some deep sea fish are equipped with organs that produce luminescence to which prey is attracted. The flashes emitted by male and female fireflies are used as species specific signals for mating. The use of bioluminescence in an organism can be to evade predators, attacking its enemies, camouflage, food, attracting their mate s or sometimes due to organisms inside an organism. Dinoflagellates are unicellular aquatic organisms which come under the order Dinoflagellida and the class Phytomastigophorea with two uneven flagella for locomotion. Several thousand species of dinoflagellates are known to mankind. Most contain chlorophyll and are photosynthetic. Among these there are the diatoms, which are the primary producers of energy in the ocean food chain. Like many complex one celled organisms, dinoflagellates show traits of both animals and plants and are claimed by zoologists as protozoans and by botanists as algae. They are mostly marine creatures and in warm shallow waters they sometimes reproduce in enormous numbers resulting in a bloom. Many species of dinoflagellates are bioluminescent. Both heterotrophic and autotrophic dinoflagellates are known. Some can be both. They form a significant part of primary planktonic production in both oceans and lakes. Most dinoflagellates go through moderately complex life cycles involving several steps, sexual and ase xual, motile and non-motile. Some species form cysts composed of sporopollenin, and preserve as fossils. Dinoflagellates display considerable morphological variations and many share a common anatomical pattern during at least one stage of their life cycle. Most of them have two flagella inserted into their cell wall via the flagellar pores at approximately the same location. In many one of the flagella wraps around the cell and is known as the transverse flagellum, while the other longitudinal flagellum extends tangentially to the cell, perpendicular to the plane of the transverse flagellum. The beating of the longitudinal flagellum and the transverse flagellum imparts a forward and spiraling swimming motion, and defines the anterior and the posterior. The flagellar pore and point of flagellar insertion defines the ventral with the opposite side dorsal. Left and right sides of the cell are then defined as in most organisms. Basic anatomy of a thecate, dinokont dinoflagellate A depression occurs on the ventral surface at the point of flagellar insertion, and is known as the sulcus. The transverse flagellum occurs in a furrow known as the cingulum which encircles the cell except where it is interrupted by the sulcus on the ventral surface. The cell wall of dinoflagellates is subdivided into multiple polygonal amphiesmal vesicles of varying numbers from half a dozen to hundreds. In some dinoflagellates, these vesicles are filled with relatively thick cellulose plates with bounding sutures. When this occurs, the cell wall is referred to as a theca. Dinoflagellates possessing a theca are often referred to as armored dinoflagellates, while the ones which lack are referred to as naked dinoflagellates. Redrawn from Fensome et al. 1996 Schematic life cycle history of dinoflagellates Coming to the life cycle of dinoflagellates which is multi-staged and about 6 stages can be clearly identified in peridiniales dinoflagellates. The six stages are: When rapid growth and a population expansion is observed vegetative propagation dominates and takes over. Now the schizonts act as gametes and pair up to form zygotes. Due to this process one or more theca may be lost. A new theca is formed from the new diploid zygote. The activity level of the cell decreases, and with time the flagella is lost. This zygote is termed as a hypnozygote. When the theca is separated and broken and decayed the cyst is formed and completed. The cyst now settles down in the bottom on the sea. After the period of dormancy the theca is grown again and it becomes motile. For an organism to give off light, at least two chemicals are required in the presence of oxygen and the energy molecule ATP (Adenosine Tri Phosphate). The one which produces the light is generically called a luciferin and the one that drives or catalyzes the reaction is called a luciferase. Luciferase is the enzyme that catalyses the oxidation of luciferin which is the basic substrate in bioluminescent reactions. The basic reaction follows the sequence illustrated above: The luciferase catalyzes the oxidation of luciferin. Resulting in light and an inactive oxyluciferin. In most cases, fresh luciferin must be brought into the system, either through the diet or by internal synthesis. Sometimes the luciferin and luciferase are bound together in a single unit called a photo protein. This molecule can be triggered to produce light when a particular type of ion is added to the system (say calcium as it happens in the jellyfish, Aequorea victoria). Dinoflagellate luciferin is thought to be derived from chlorophyll, and has a very similar structure. In the genus Gonyaulax, at pH 8 the molecule is protected from the luciferase by a luciferin-binding protein, but when the pH lowers to around 6, the free luciferin reacts and light is produced. The structure of the luciferin in a dinoflagellate The ability to produce luminescence is strictly dependent upon the day or night cycle. In a twelve hour light or twelve hour dark cycle, dinoflagellates will only flash brightly during the dark phase. Light emitted is brightest after several hours of darkness. Early in the morning, glowing activity is reduced and they no longer give off light upon shaking or disturbing them. During the day, the dinoflagellates appear as ellipse shaped cells, pigmented red, indicating the presence of chlorophyll which enables photosynthesis to occur so they may harvest light from the sun. The luminescence is transient and the cells soon return to their resting state. Most cells flash for less than a second, however others appear toglow for 1-6 seconds. Upon repeated stimulation, light emission is much reduced. Within about half an hour of rest, the luminescence becomes brighter again. 12 hour light cycle Bioluminescence is used to evade predators which act as a type of burglar alarm for defense mechanism in dinoflagellates. They produce light when the deformation of the cell by minute forces triggers its luminescence. When the cell is disturbed by a predator, it will give a light flash lasting 0.1 to 0.5 seconds. The flash is meant to attract a secondary predator that will be more likely to attack the predator that is trying to consume the dinoflagellate. The light flash also makes the predator jump and worry about other predators attacking it, making the predator less likely to prey on the dinoflagellate.2 In most dinoflagellates, bioluminescence is controlled by an internal biological rhythm. They are on a circadian rhythm. Towards the end of daylight, luminous chemicals are packaged in vesicles called scintillons. The scintillons then migrate to the cytoplasm from the area around the nucleus. It is not currently known how the scintillons are moved to the cytoplasm. During the night light is triggered by mechanical stimulation. When action potential generates in the vacuole, the action potential propagates throughout the rest of the cell. This allows protons to pass from the vacuole to the cytoplasm. The cytoplasm becomes acidified, normally by hydrogen ions and the process is activated in the scintillons. Dinoflagellates have distinct chromosomes through the whole cell cycle although their condensation patterns vary during interphase, with a maximum unwinding corresponding with the peak of replication in S phase. They are attached to the nuclear envelope and have a unique organization. Free-living dinoflagellates have high chromosome numbers per haploid genome while parasitic dinoflagellates have only a few chromosomes. Chromosomal ultra structure varies during interphase, and lacks the typical banding pattern of mitotic eukaryotic chromosomes, reflecting the genome compartmentalization. Dinochromosomes show a banded and arched organization by transmission electron microscopy (TEM) and freeze-etching that corresponds to a cholesteric organization of their DNA with a constant left-handed twist. Whole-mount chromosomes have a left-handed screw-like configuration with differentiated roughly spherical ends. Dinomitosis occurs without nuclear envelope breakdown and nucleolar disassembly an d with an extra nuclear mitotic spindle without direct contact with the chromosomes. Dinoflagellates are true eukaryotes that experienced a secondary loss of histones during evolution, constituting the only living eukaryotic knockouts of histones. The ancestral group of the alveolates, that includes the dinoflagellates, had eukaryotic histones as observed in ciliates and apicomplexans suggesting that dinoflagellates may have experienced a secondary loss of histones, and a set of primitive bacterial HLP may have been reintroduced from a prokaryotic source by gene transfer. Dinoflagellates have significant genomic differences compared with higher eukaryotes at all levels, from base composition and methylation, to the structural organization of their DNA and chromosomal domains, that nevertheless led to a similar organization and functioning of nuclear domains. The exact way they use to regulate gene silencing and activation without histones is still unknown, although the high proportion of base methylation could be involved. The very mention of red tides brings to mind the fear of dead fish and toxic seafood. Red tide is a naturally occurring, higher than normal concentration of the microscopic algae. The massive multiplication of these tiny, single-celled algae is usually found in warm saltwater and is commonly referred to as a bloom. Even though they are important producers and a key component to the food chain, dinoflagellates are also known for producing deadly toxins, especially when they are present in large numbers. They can not only kill a large range of marine species, but can also impart fatal toxins into several species, especially shellfish. Usually deadly to finfish, shellfish are relatively unaffected. These shellfish may then be eaten by humans, who are then affected by the stored toxins.

The Multiple Intelligence Theory

Developed in 1983 by Dr. Howard Gardener, a professor at the very prestigious Harvard University, the multiple intelligence theory states that testing a person’s intelligence through IQ tests is very restricting. In his very popular work, Frames of Mind: The Theory of Multiple Intelligence, Dr. Howard Gardner cited eight kinds of intelligence that are innate in men- linguistic intelligence (â€Å"word smart†); logical-mathematical intelligence (â€Å"number/reasoning smart†); spatial intelligence (â€Å"picture smart†); bodily-kinesthetic intelligence (â€Å"body smart†); musical intelligence (â€Å"music smart†); interpersonal intelligence (â€Å"people smart†); intrapersonal intelligence (â€Å"self smart†); and naturalist intelligence (â€Å"nature smart†) (Armstrong, 2000). Logical-Mathematical Intelligence Those who possess the logical-mathematical intelligence would usually end up as a scientist or mathematician. They are mostly sensitive to and have the capacity to differentiate logical and numerical patterns (Gardner & Hatch, 1989, being well versed with everything that has something to do with logic, abstractions, inductive and deductive reasoning and most of all, numbers. Because of this, they are said to be excellent in mathematics, chess, computer programming and other activities that involves numbers and logic (WIkipedia.org). They also have the ability to handle long chains of reasoning (Gardner & Hatch, 1989). Linguistic Intelligence Those who possess this form of intelligence on the other hand are most likely to end up as poets and journalists for it has got something to do with words, be it spoken or written. These are the people who are sensitive to sounds, rhythms and of course, the meanings of different words. Likewise, these people are very knowledgeable in the different functions of language (Gardner & Hatch, 1989). They are good in reading, writing and even telling stories. At the same time, they are good in memorizing dates and words (Wikipedia.org, 2007). They rely on taking notes, reading, listening to lectures, discussions and debates as their primary source of knowledge. These people are said to learn foreign languages easily, having a very high verbal memory and the capacity to understand the structure of words and sentences. Musical Intelligence People having musical intelligence tend to become composers, violinist, musicians, singers, etc. They have the ability to produce and at the same time, appreciate rhythm, pitch and timbre together with the appreciation of the different forms through which music is expressed (Gardner & Hatcher, 1989). Those who also possess this kind of intelligence tend to learn and memorize different types of information through the use of music. More often than not, they work efficiently and effectively with music playing in the background (Wikipedia.org, 2007). Spatial Intelligence Possessing this kind of intelligence, a person may end up as a navigator, sculptor as they are good in visualizing and mentally manipulating objects (Wikipedia.org, 2007). With this perception comes their accuracy in performing transformation based on their perceptions (Gardner & Hatch, 1989). Body-Kinesthetic Intelligence Those who possess this kind of intelligence, on the other hand end up as athletes or dancers, as this has something to do with movement. People who are intelligent based on this often prefer activities that make use of body movements, which make them also good in building and making things. They remember things through their body, making use of what is known as muscle memory (Gardner & Hatcher, 1989). Interpersonal Intelligence Possessing this type of intelligence makes one individual a future therapist or salesman, having the capacity to respond to the moods, temperaments, motivations and desires of other people (Gardner & Hatcher, 1989).   They are usually extroverts who excel so much in interacting with others. Intrapersonal Intelligence They end up to be a person with detailed, accurate, self knowledge that could access one’s feelings and be able to draw them in guiding behavior, strengths, weaknesses, etc (Gardner & Hatcher, 1989). Education and the Multiple Intelligence Theory The concept of intelligence permeates our day to day lives just like any other psychological concept. Before completing and even entering an institute of education, students are asked to complete and aptitude exam that would measure their intelligence quotient or IQ that could determine their preparedness and capacity to learn in institutions like the one they are applying in. Intelligence tests have been a very important tool that is being used in most educational institutions that place a very high importance on the relationship between intelligence and education (Wagner & Sternberg, 1984) According to Dr. Gardner, most of the schools and cultures tend to focus more on the linguistic and logical-mathematical intelligences of its pupils thus raising the self esteem levels of individuals who are well versed in their language, of individuals who know so much about math, individuals who are expert in reasoning. The different cultures and societies fail to recognize the achievements and intelligence of those people who have display other types of intelligence- the artists, architects, musicians, designers, athletes, and those other who truly show their importance in the other aspects of the society (Armstrong, 2000). It is also because of the societies focus on the linguistic and logical-mathematic intelligence that schools are unable to address the needs of students who are not gifted with these kinds of intelligence. Unfortunately, those who have not been giving due recognition for the intelligence they have [as they possess other kinds of intelligence apart from those society deems very important] usually suffer ADD or Attention Deficit Disorder (Armstrong, 2000). As Gardner reiterated in his study of MI theory, an individual is mechanically equipped with unique intelligence to cope up in a diverse cultural society. It provides students with options to success and recognition for whatever talents they have. Linguistic intelligence and personal intelligence gives great opportunities for individuals in a globally competitive society. The structural views of education are now diverse in regarding intelligence out of just the normal scope of intelligence. The multiple intelligence theory is said to be a threat to formal education, a death knell as they say, believing that teaching to address a single kind of intelligence is already hard. However, most schools have actually responded positively to Gardner’s theory as it is said to validate educator’s everyday experience, recognizing the difference in the way students think and learn. At the same time, educators have recognized the possession of the seven kinds of intelligence as a necessity in living life well. It is for this reason that teachers are being called to attend to all kinds of intelligence, not just the two kinds of intelligence traditionally addressed by educators and educational institutions (Smith, 2002). MI is a means to foster high quality work. MI should be used as a tool to promote a high quality of education instead of just a theory (Smith, 2002). Creativity is promoted in the nuance of education and by which it helps the production of more creative ideas to continually support the existing knowledge we learn in school. Students are also encouraged to learn beyond the four walls of the classroom, in preparing them for the real world. They are equipped with facts that they could apply in their day-to-day lives. Gardner’s multiple intelligence theory has inspired a lot of schools to undergo educational reforms that could help raise the quality of education. According to Thomas Armstrong (2000), several methods have been incorporated in teaching academic topics. For example, the study of the law of supply and demand in economics does not just involve linguistic and logical-mathematical intelligences such as studying by reading about it and the mathematical expressions by which the law is expressed. In the study, spatial intelligence is also incorporated through examination of graphic charts, observing the laws of the natural world (naturalist), the human world of commerce (interpersonal), the law in terms of one’s own body (bodily-kinesthetic and intrapersonal) or even the writing/finding a song that proves the accuracy of the law of supply and demand. It is for this reason that numerous schools have redesigned their curriculum to satisfy the needs of the people possess different types of intelligence. Arts PROPEL, in the US have developed a series of modules that serve the goals of the curriculum as well as the needs of its students. MI is a means to foster high quality work. Using MI as a tool to promote high quality student work rather than using the theory as an end in and of itself (Smith, 2002). Creativity is promoted in the nuance of education and by which it helps the production of more creative ideas to continually support the existing knowledge we learn in school. Students are also provided not only to think inside of the boundaries of the classroom but rather prepare them in the real world and set them in more ways than one. One which is only equipped with facts but not able to apply it in situations he or she faces. In the same way, Patricia Bolanos designed a public school in Indianapolis that supports the multiple intelligence theory. The curriculum is designed in such a way that it helps in finding the kind of intelligence a student is said to be possessing and at the same time, guide them in enriching what they have. Through the different steps that these schools have taken, they have in a way, considered the role of people who exhibit other kinds of intelligence. At the same time, the theory of multiple intelligence has become of vital importance to language teachers as it has allowed them to examine their teaching methods and how it effectively caters the need of their students. Different approaches shall be used in order to address the intelligence profiles of the students. Once again, the said theory has been responsible in enhancing the curriculum design, lesson planning and program development of various schools (Zulkuf Altan, 2001). Conclusion The rise of Howard Gardner’s multiple intelligence theory has lead to different reactions by the academe and psychologists, considering its importance in every day lives. Schools require students to meet a certain score in their achievement tests before allowing them to enter into their respectable institutions. It showed the society that other intelligences, aside the two traditional ones that have been regarded as important in the society is important and should also be taken into consideration. Students have different interests, react to different subject matters and topics and of course, adopt different ways of taking in information (Gardner, 1995).. It is for this reason that educational institutions nowadays have readjusted their curriculum, in their hopes to cater to artistic, musical, body intelligences, etc. It is believed that it is only through this that schools could properly respond to the needs of their students having possessed a different type of intelligence, aside from the traditional, more popular ones (Gardner, 1995). With the multiple intelligence theory, various learning-styles have been built on particular sense modalities such as auditory, visual and kinesthetics, believing that it is only through this that educators may transmit the lesson and information to the brains of their students without giving them a hard time, giving them the access to information that could best meet their needs (Gardner, 1995). REFERENCES Armstrong, T. (2000). Multiple Intelligences. Retrieved October 21, 2007 From http://www.thomasarmstrong.com/multiple_intelligences.htm Klein, P.D. (1997). Multiplying the Problems of Intelligence by Eight: A Critique of  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Gardner’s Theory. Retrieved October 21, 2007 from Jstor Database Gardner, H. (1995). Multiple Intelligences as a Catalyst. English Journal Vol. 84 No.8. p.8. retrieved October 21, 2007 from Jstor Database Gardner, H. and Hatch, T. (1989) Multiple Intelligence Go to School Educational  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Implications  Ã‚  Ã‚   of the Theory of Multiple Intelligences, by Howard Gardner. Educational  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Researcher.  Ã‚  Ã‚  Ã‚   Volume 8. No. pp.4-10. Retrieved October 21, 2007  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   from Jstor Database Smith, Mark. (2002). Howard gardner, multiple intelligences and education.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Retrieved October 20, 2007 from http://www.infed.org/thinkers/gardner.htm Wikipedia, the free encyclopedia. (2007). Multiple intelligences, Retrieved on  Ã‚   October 20, 2007 from  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://en.wikipedia.org/wiki/Theory_of_multiple_intelligences Zulkuf Altan, M. (2001). Intelligence Reframed: Multiple Intelligences for the 21st  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Century, Review. TESOL Quarterly: Vol. 35, No. 1, p. 35. Retrieved October 21,  Ã‚  Ã‚  Ã‚   2007  Ã‚  Ã‚   from Jstor Database      

Moral Hazard Causing A Deadweight Social Loss Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 2048 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? According to Kaminsky and Reinhart, 1999, there have been many currency crises during the post-war era. They can be classified as first-, second- or third-generation currency crisis. A currency crisis is an episode in which the exchange rate depreciates substantially during a short period of time. Don’t waste time! Our writers will create an original "Moral Hazard Causing A Deadweight Social Loss Finance Essay" essay for you Create order FIRST GENERATION CURRENCY CRISIS MODEL: Krugman (1979) and Flood and Garber (1984) models come under first generation models. It states that, traders speculate against fixed exchange rate in order to profit from an anticipated speculation. In first-generation models, the collapse of a fixed exchange rate regime is caused by unsustainable fiscal policy. A hallmark of first-generation models is that the government runs a persistent primary deficit. The key ingredients of a first-generation model are purchasing power parity (PPP), government budget constraint, timing of deficits, money demand function, governments rule for abandoning the fixed exchange rate and the post-crisis monetary policy. In first-generation models the government follows an exogenous rule to decide when to abandon the fixed exchange rate regime. This model suggests that- The crisis is due to the poor government policy. The source of the upward trend in the shadow exchange rate is given by the increase i n domestic credit. Even though the crisis is sudden, it is a deterministic event: the crisis is inevitable given the policies and the timing is in principle predictable. These models are not harmful and it doesnt have effect on output. The crisis determination is a future policy stances that investors foresee, not the one observed in the past. The importance of policy choice in deciding to quit the fixed exchange rate regime. In fist generation models, there is no relation between capital flight and abandonment of the peg. There is no long-run equilibrium exchange rate. SECOND GENERATION CURRENCY CRISIS MODEL: These models are mainly based on the interactions between expectations, macro economic trade-offs and decisions. These are characterized by multiple equilibria and the interactions between market expectations and policy outcomes. In second-generation models the government maximizes an explicit objective function (Obstfeld, 1994). This maximization problem dictates if and when the government will abandon the fixed exchange rate regime. These differs from the first generation models in no irresponsible policy, no predictability of the crisis and there is no negative impact on employment and output if the country leaves the peg. 2. MORAL HAZARD Moral hazard is a situation where one party has more information(usually the party that is insulated from the risk) than the other in a transaction (usually the party paying for the negative consequences of the risk). It arises because an individual/institution does not take the full responsibilities of its doings and also from principal-agent problem. EXPANDED GOVERNMENT GUARANTEES FOR BANK LIABILITIES: A key element of policy crisis is the government provision of a financial safety net for financial institutions. So governments have felt obliged to go beyond the usual support measures, moving to expand existing guarantees and to introduce new ones. The valuation problems and other related actions like loss sharing arrangements for assets and capital injections were appeared to prevent further loss of confidence on the part of market participants by raising that the retail depositors and other creditors would continue to provide a stable source of funding for banks. It leads in reducing the threat of insolvency of these entities. By doing this, the government earns a small fee from the debt issuer for lending out its top credit rating like as financial guarantee insurance companies,. There are no further hidden costs associated with these measures. Even if guarantees do not generate significant upfront fiscal costs, they create large contingent fiscal liabilities, as well as other potential costs that may arise as a result of distortions of incentives and competition. Another important issue related to the additional guarantees is their pricing. In this respect, the potential distortions should be limited to the extent that government guarantees are priced appropriately. By contrast, distortions may arise because when guarantees are offered at prices that are substantially lower than market or some form of fair prices. WORKING OF CIRCULAR PROCESS IN REVERSE TO CAUSE ASSET PRICES COLLAPSES The mechanism of crisis involved that same circular proces s but in reverse: falling asset prices made the insolvency of intermediaries visible, forcing them to cease operations, leading to further asset deflation. This circularity explain both the remarkable severity of the crisis and the apparent vulnerability of the Asian economies to self-fulfilling crisis. The boom-bust cycle in Asian economies experienced in the investment and in asset prices. It showed that assets were in imperfectly elastic supply. In the first period, investors bid for fixed assets(land) and set their price. In the second period they receive rents, which are uncertain at the time of bidding. The intermediaries can bid on the land based not on the expected value of future rent but on the Pangloss value. So all assets will end up owned by intermediaries, and the price of the assets will be double what it would be in an undistorted economy. 3. MORAL HAZARD CAUSING A DEADWEIGHT SOCIAL LOSS Moral hazard is the lack of any incentive to guard against a risk when you are protected against it by the insurance is called moral hazard. It is the phenomenon of undertaking risky corrupt loans and transactions, but knowing that if it fails the state will pick up the tab. In the table 1, one yields $107 million; the other will yield $120 million in favourable conditions (good state), but only $80 million in unfavourable conditions(bad state). The good state and the bad state are equally likely, so that the expected returns on this risky investment are $100 million. But, the owner of the financial intermediary knows that while he can capture the excess returns in the good state, he can walk away from the losses in the bad state. So if he chooses the safe investment he gains a sure 7; but if he chooses the risky investment he gains 20 in the good state, loses nothing in the bad state, for an expected gain of 10. Thus his incentive is to choose the risky investment, even though it has a lower expected return. And this distortion of investment decisions produces a deadweight social loss: the expected net return on the invested capital falls from $7 million to zero. The globalization of trade and finance is changing international relationships at several levels of interaction like in the conduct of commercial activities, in relation to labour standards, the protection of physical environment and in other social and political issues. Both the captivity and the willingness of the parties who control financial capital to supply or withdraw capital from an economy quickly contribute to the rapid development as well as the severity of balance of payments and debt crisis for some economies. The process of globalization leads to an overall increase in the level of economic activity and everyone benefits from this process. The potential benefit of financial globalization will likely lead to a more financially interconnected world and a deeper degree of financial integration of developing countries with international financial markets. The main benefit of financial globalization for developing countries is the development of their financial system (Levine, 2001). There are two main channels through which financial globalization promotes financial development. First, financial globalization implies that a new type of capital and more capital is available to developing countries. Second, financial globalization leads to a better financial infrastructure, which mitigates information asymmetries and, as a consequence, reduces the problems such as adverse selection and moral hazard. 4,5, 6 7. DIFFERENCES BETWEEN THE EXPECTED VALUE OF LAND RENT AND ITS CORRESPONDING PENGLOSS VALUE There is a two period model to explain land value. In the first period, investors bid for land and setting its price. In the second period they receive rents, which are uncertain at the time of bidding. The financial intermediaries will be willing to bid on the land, based not on the expected value of future rent but on the Pangloss value. So all land will end up owned by intermediaries, and the price of land will be double what it would be in an undistorted economy. In an undistorted economy we can solve backwards for the price. The expected rent in period 3, and therefore the price of land purchased at the end of period 2, is 50. Therefore the expected return on land purchased in period 1 is = The expected rent in period 2 (50) + The expected price at which it can be sold (50), for a first-period price of 100. This is also the total expected rent over the two periods. Now suppose that intermediaries are in a position to borrow with guarantees. Again working backward, at the end of period 2 they will be willing to pay the Pangloss value of third-period rent, 100. In period 1, they will be willing to pay the most they could hope to realize off a piece of land: the Pangloss rent in period 2, plus the Pangloss price of land at the end of that period. So the price of land with intermediation in period 1 will be 200. It seems that the multi-period version of the model, in which part of the return to investment depends on the future prices of assets, makes no real difference to the distortion of those prices imposed by guaranteed intermediaries. However, this result changes in a dramatic way once we allow for the possibility of changes in the financial regime that is, if we believe that moral hazard may be a sometime thing. 8. KRUGMANS MODEL JUSTIFICATION ON OCUURANCE OF SELF-FULFILLING FINANCIAL CRISIS A key feature of a self-fulfilling crisis is the collective action of economic agents(Obstfeld, 1996 and Radelet and Sachs, 1998). This collective action may be promoted either by random shocks or the direction given by an obvious market leader. In both cases, if the intrinsic self-fulfillingness is believed to be the main reason for the financial crisis, then relatively little can be proposed in the way of future preventive policies. Self-fulfilling crisis may happen even though the countrys financial management is strong. So tough measures such as regulating sort-term capital flows were proposed to prevent the crisis. Krugman noted that the conflicts among the policy objectives do not necessarily ensure a random occurrence of crisis, even if the policy is formulated endogenously. He also stated that when market participants expect gradual worsening of market fundamentals, the economy tends to have unique equilibrium, and crisis erupts as soon as the economy heads into a crisis zone. If the crisis do not occur when an economy enters the crisis zone, this could be due to both arbitary nature of expectations as well as changing expectations about future fundamentals. 9. EXPLANATION OF ASIAN CRISIS 1997 BY KRUGMANS MODEL The Asian financial crises can be attributed to three major factors. They are international factor, domestic factor and intrinsic market failure. Among these three, both the domestic and international factors didnt responsible to much cause of Asian crisis, but the third one intrinsic market failure was responsible for that crisis. So the Asian crisis was because of a unpredictable self-fulfilling financial panic, which is a phenomenon typical of market failure. A key feature of a self-fulfilling crisis is the collective action of economic agents. This collective action may be promoted either by random shocks or the direction given by an obvious market leader. In both cases, if the intrinsic self-fulfillingness is believed to be the main reason for the financial crisis, then relatively little can be proposed in the way of future preventive policies. Self-fulfilling crisis may happen even though the countrys financial management is strong. So tough measures such as regulating sort-t erm capital flows were proposed to prevent the crisis. The East Asian crisis shed the light on the world economy to prevent or escape from the effects of similar crisis that will result in the future. Such developments relate to the deregulated nature of world financial markets, so that the triggering mechanism of a crisis may be financial. This is not to deny that financial panics may also emanate in situations where there has been no significant deterioration in the real economy above all on the profit rates. Hence when profits start to dip a careful calculation needs to be made. In regard to direct investment, the decision naturally cannot be acted upon with immediate effect, but in financial markets exiting from markets can be done almost instantaneously.

Pregnancy A Time Of Either Joy Or Anxiety For Many Moms...

Running head: DEVELOPMENTAL 1 DEVELOPMENTAL 12 Developmental Analysis Stephanie Hernandez Liberty University Abstract Pregnancy is a time of either joy or anxiety for many moms to be. When my mother, Becky Siekmann, was pregnant with me the pregnancy was normal with no complications with my birth happening on my due date of July 10, 1990. Breastfeeding is the best form of nutrition for babies and children under the age of 2 years old per the World Health Organization (WHO) (WHO | Infant and young child feeding, 2016). When talking with my mother about my development as an infant I found that I was a normal infant, but that I got repeated ear infections that ultimately resulted in having tubes put in before the age of one. Formula Fed babies are linked with having more cases of ear infections and other diseases then babies that are breastfed. My mother chose to formula feed me because of the negative stigma that breastfeeding had around the time of my birth. As a toddler, I was very apprehensive to new situations and places per my mother. This would be the result of having a slow to warm tempe rament. Having a slow -to-warm temperament means that one is very passive and needs adequate time to adjust to new situations and people (Wong, Hall, Justice, Hernandez, 2015). This goes also with Erik Erikson?s first stage of Psychological Development which addresses trust versus mistrust. Trust is fostered when needs areShow MoreRelatedFlashbacks : Nightmares During Pregnancy Essay2287 Words   |  10 PagesNightmares During Pregnancy By:- Aditi Kapoor Its true that during pregnancy or shorty after they’ve given birth dream perception of the people changes. But have you wondered why this happens? (Of course, We’re talking to the women in this post, but you men can feel free to read along and learn something as well). 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