Racial Profiling Essay Samples

<h1>Racial Profiling Essay Samples</h1><p>Racial profiling exposition tests are a decent method to improve your composing capacities. These example expositions are intended to assist you with considering fascinating and innovative thoughts regarding profiling. Since you are perusing these examples as a specialist, the composed work is bound to be influential and entertaining.</p><p></p><p>As an example articles peruser, you will locate the accompanying example articles accommodating in improving your composing aptitudes. By utilizing the examples, you can improve your composing capacities and better set yourself up for a genuine activity interview.</p><p></p><p>Let's beginning with a basic depiction of what racial profiling is. The police are paid to uphold laws that are proposed to secure individuals. In this way, they are given wide powers and should utilize those forces capably. On the off chance that they neglect t o practice the best of their capacities, they can be held at risk for misconduct.</p><p></p><p>In most profile articles, you are searching for something easy to state. For instance, you might need to state that profiling is legitimate and fundamental. Actually, you should not have to state much by any stretch of the imagination. Simply utilize the example to spread out your feeling and leave it at that.</p><p></p><p>Now how about we take a gander at an increasingly convoluted model. You may compose an article that examines profiling dependent on sexual orientation. Maybe, you may have a specific inclination for one sex over another.</p><p></p><p>Perhaps, you have perused profiles that you find very hostile. Maybe, you just don't care for profiling dependent on sexual orientation. The example would make this simpler for you. Truth be told, you would not have to utilize words, for example, 'men'women.'</p>&l t;p></p><p>One thing to remember when utilizing these example expositions is that you are a specialist. Along these lines, you will need to utilize the most ideal guide to demonstrate your skill. Keep in mind, you are a specialist. You are likewise looking to build up your composing skills.</p><p></p><p>Always be cautious while picking an example article for use in your perusing. Ensure you have enough foundation to help your focuses. It might be conceivable to compose an article in under one hour yet in the event that you don't comprehend the subject, you won't have a triumphant case.</p>

Essays and Term Papers - Are They Really Different?

<h1>Essays and Term Papers - Are They Really Different?</h1><p>Essays and research projects require various aptitudes. What's most significant is that you realize what you have to know to compose an article or how to make a research paper. The two are totally not the same as one another and ought not be blended together.</p><p></p><p>Essays and research papers request a ton of consideration. Indeed, composing these sorts of papers is a work of art, which requires comprehension and cognizance of the current subject. More or less, you should have the option to peruse the whole composed work.</p><p></p><p>What makes expositions and research papers more troublesome than short stories? The last are just composed for diversion. They can be short and clever, and would for the most part need small altering. In any case, with regards to expositions and research papers, the procedure is totally different.</p><p></ p><p>The sort of article being done must be finished with all vital data that you have to compose an exposition. This incorporates insights regarding the writer, to what extent prior the individual in question composed the piece, the writer's experience, their perspectives, what was the subject of the exposition? These are probably the most significant focuses that the exposition or research project needs to have, particularly if the work is required to get into college.</p><p></p><p>Although papers and research projects are unique, there are likenesses between the two. No different, they despite everything have various qualities. The organization, to what extent it is, its structure, and how much info the author is permitted are for the most part one of a kind to articles and research papers. It is extremely unlikely that your short story will bode well if you somehow happened to submit it to college.</p><p></p><p>It's a dire ct result of this that you need to take extraordinary consideration recorded as a hard copy expositions and research papers. You have to figure out how to appropriately make a useful article diagram. Papers require some schoolwork to be done before the composing starts. It requires a ton of arranging, and all things considered, it is your last scholarly project.</p><p></p><p>So how would you make your article layout? Start by thinking about all the themes that are referenced in the composed work. This incorporates the creator's experience, their perspectives, their perspectives, their past accomplishments, and their present musings. You can likewise incorporate the central matter of your paper, yet ensure you don't go excessively far off track.</p><p></p><p>You can discover various expositions and research papers, and you can likewise download them from the web. You can even approach your educator for help on composing an exposition. A long these lines, you won't need to stress over pushing yourself into difficulty by having an excessive number of assignments.</p>

An Introduction For Argumentative Essay Needs to Be Very Comprehensive

An Introduction For Argumentative Essay Needs to Be Very ComprehensiveIf you are composing a presentation for a contentious paper, you will need to make it a point to cover probably the most urgent focuses that your peruser should detract from the exposition. Your article is extremely just comparable to the presentation that is composed for it. You need to have the option to do this with the goal that you get your paper distributed and acknowledged. It can now and again be a difficult task to persuade individuals that you are the correct individual to compose a presentation for your paper, yet this would one say one is of the most significant pieces of the article and it ought not be underestimated.So, is it the most significant piece of the exposition? All things considered, there are a few people who accept along these lines, other people who think it is a filler. The truth is that any acceptable exposition is made out of a presentation and factious parts, and you should be an expe rt at both.So, what should your presentation spread? There are a variety of variables that ought to be mulled over when composing a presentation. You should have the option to pick between one that is enticing and one that is expected to gracefully data. All things considered, you need the prologue to be engaging, with the goal that it will catch the eye of your peruser and keep them perusing until the finish of the exposition. Be that as it may, you would prefer not to turn to any kind of 'spam' or amateurish writing around there as well.This some portion of the paper is one of the most significant, in light of the fact that it is the place you need to take major choices about the future course of the contention. You ought to have the option to ensure that the contention is convincing, and that it is something that will give an enduring impact on your peruser. You must intrigue the peruser about the contention and need to peruse on. Obviously, you need the peruser to recollect your article, with the goal that they will need to pass it along to other people. When you comprehend what your acquaintance is going with be, at that point you have to decide how you will introduce it. Do you utilize a paper group? Okay use projectiles or a numbered list? Recognizing what is normal from you in the presentation will give you the apparatuses that you have to compose it properly.Another significant piece of the presentation is whether you are going to utilize a section break toward the finish of each passage. A great many people will in general do this since they need more information about syntax, so it is extremely significant that you figure out how to utilize this to further your potential benefit. You will get your work distributed in the event that you follow this advice!Finally, you will need to ensure that you have a plainly characterized start and completion. As I referenced previously, you will need to have the option to introduce the contention first, with the goal that the peruser can get a grip of what you are attempting to state. In any case, you additionally need to ensure that the start and closure of the paper don't turn out to be too confusing.So, what sort of expositions are most appropriate for a contentious article? All things considered, it relies upon the subject of the paper. Nonetheless, in the event that you are composing a presentation for a pugnacious paper on governmental issues, at that point you won't use as much energy as though you were composing a progressively genuine exposition.

Apush Essay Samples

<h1>Apush Essay Samples</h1><p>Apush Essay tests are accessible in different arrangements like Postcard, paper, fax, and email. These papers are normally utilized as the consequences of school selection test. The Apush exposition tests incorporate inquiry papers, midterm papers, finals papers, explore papers, basic papers, venture proposition, understudy profiles, article presentations, papers, and theses.</p><p></p><p>The Apush exposition tests are commonly written in English language. The understudy can pick the configuration as indicated by their inclination. The configuration is commonly reliant on the sort of paper. There are five fundamental Apush designs - proposal, report, conversation, examination, and expositions. The arrangement is diverse as indicated by the kind of paper.</p><p></p><p>This process has been trailed by numerous understudies of various nationalities for planning such expositions. The understu dies by and large compose the articles inside twenty-four hours of enrollment. The finished work ought to be submitted for endorsement. There are three stages for which the papers must be submitted; first is composing the synopsis of the work, second is assessing the work, and the third is the exploration of the paper.</p><p></p><p>A short exposition that ought to be efficient is required with the goal that all the parts of the paper are checked well. The organization of the paper ought not be astounding as it is hard to comprehend the entire structure of the exposition. The authors should attempt to make the expositions as straightforward as could be expected under the circumstances and for this they have to concentrate on what they need to compose. They have to remember that they should concentrate just on their writing.</p><p></p><p>For this reason, composing should be possible with the assistance of a word reference. This word refe rence will help the understudy in understanding the significance of a word or even an expression. The understudies can likewise rehearse their composing aptitudes by keeping in touch with some short notes while composing the exposition. The Apush audit process is additionally done by the understudies during this process.</p><p></p><p>Apush article tests have been structured so that the understudies can without much of a stretch figure out how to compose the expositions by rehearsing in the solace of their home. The whole procedure has been improved by the instructors so the understudies can traverse it without any problem. The exercises are arranged into various gatherings with the goal that the understudies can comprehend easily.</p><p></p><p>The Apush test given by the instructor is generally an important and accessible asset for the understudies. The instructor likewise offers other valuable guides to the understudies, for example, message sheets, online assistance articles, prospectus formats, and test expositions. Every one of these guides help the understudies to gain simple ground in this process.</p><p></p><p>The understudies can likewise utilize the past papers that are doled out by the instructor. The understudies may select to purchase the papers from the provider and afterward make their own Apush exposition tests by altering the papers to suit their requirements. They can likewise employ the administrations of the staff individuals to set up the papers for them.</p>

Paper Editor

Paper EditorA paper editor is responsible for editing the content of a paper in order to ensure that it conforms to the standards set by the newsroom. The role of the editor includes ensuring that the content conforms to rules set by the organization and delivers a consistent flow of information. It also includes writing up summaries for the organization, evaluating the quality of the paper and making sure that each paper conforms to the various guidelines that the organization has set forth.The newspaper editor is responsible for ensuring that the news articles are in compliance with the rules that are set forth by the publication. This involves researching the information that is required and using the best tools available to get the facts correct. The editor is responsible for determining if the news is newsworthy and contains facts that are appropriate to the news organization. As well, they must ensure that the stories are compelling enough to keep the reader's attention for as long as necessary.The paper editor works under the editorial supervision of the news director or editor. The editor is responsible for establishing the tone of the publication and ensures that it remains consistent. The editor is also responsible for the news coverage. He or she is responsible for all editorial decisions, such as how the news gets written, who is assigned to write it, who writes the stories and edit them, and what is used to review the stories before they are published.The editor will not only work with the news organization to establish the tone of the publication but is also responsible for managing the staff of the publication. The editor is the manager and supervisor for the newsroom. In addition, he or she oversees all aspects of the newsroom including the news staff, correspondents, photographers, and producers.The paper editor should also be familiar with the various rules set forth by the publication. The editors must be familiar with the rules so that he or she can ensure that the paper conforms to the rules and guidelines set forth by the publication. One way for the editor to maintain consistency in the paper is to proofread the paper. All mistakes must be caught and corrected as soon as possible.The paper editor is also responsible for ensuring that the story is interesting enough to keep the reader's attention throughout the article. It must also have an authoritative voice and should present the facts clearly without allowing the reader to become distracted. As well, the paper editor is responsible for establishing the tone of the publication. Once again, this includes managing the newsroom staff and ensuring that the publications are consistent with the tone set forth by the editor.The paper editor is also responsible for the quality of the paper. This includes quality control and ensuring that the paper conforms to the standards set forth by the publication. It also involves checking and editing to ensure that the papers confor m to the proper format and formatting requirements.The paper editor is also responsible for the design of the publication. The editor is responsible for hiring designers and professional graphic artists to produce layouts that conform to the publication's needs. It also includes designing the brochures and other promotional materials for the publication.

A Brief Note On Discrimination And The Workplace Essay

BAD 240 Research Paper Discrimination in the Workplace Imagine being restricted of certain jobs for reasons that have nothing to do with your capability to do something or your skills This is called discrimination. Discrimination is â€Å"the unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex† (Oxford Dictionary). It is obvious that people have to go through this everyday just because they don’t fit the description of what society has imposed as the ideal or normal employee. It is unfair that people could have their right of getting a job just by their appearance. There is vast amount of laws passed that protect people against discrimination in the workplace and the U.S is working on decreasing these occurrences, but it seems like this issue cannot be erased completely. No one should have to experience discrimination. Although businesses and corporations sometimes do not have the choice to chose one aspect of a person over the other, there are still many reason s why people face discrimination, such as age, gender, race, and sexual orientation. These aren’t the only reasons. The list could go on and on. Sometimes, employers don’t mean to discriminate. If an employee is looking for a certain worker who for example, needs to carry heavy items, needs to be proficient in a certain computer software, or be able to analyze statistical data, the employee will not hire someone who doesn’t meet the criteria. Why? It’s notShow MoreRelatedA Brief Note On Workplace Discrimination And The Workplace1063 Words   |  5 PagesWorkplace Discrimination Throughout history, discrimination happens all the time without one being aware of it. One place this happens very frequently is in the workplace. Discrimination has been indeed a controversial topic in every generation. There are many ways discrimination is often occurred in a workplace, and gradually increases when treating someone unfairly because of their gender. Another form of discrimination is women discrimination in a workplace. In most cases, it can lead to quittingRead MoreA Brief Note On Discrimination And The Workplace2046 Words   |  9 Pages Zack Sousa Research Paper Rough Draft Period 6 3/9/15 Discrimination in the Workplace Typically, people see monsters as ugly, frightening creatures. But the sick truth is that monsters come in all shapes and sizes. They can be as beautiful as human being. A human stands out because they are everywhere. A human is able to blend in with the crowd and that is the cruel thing about the world which everyone has to deal with. There are countless types of monsters that live among everydayRead MoreThe Workplace Of The Lgbt Community1494 Words   |  6 Pages History and background of topic Workplace discrimination in the lgbt community has been an issue since the early 1900’s, but lgbt rights weren’t progressing much until 1990’s. It was not until 1973 that the first federal bill introduced to congress prohibit discrimination in employment based on sexual orientation (Badgett, Lau, Sears, Ho, 2007). In 1994 the Don t ask, don t tell (DADT) was the official United States policy on service by gays, bisexuals, and lesbians in the military (BadgettRead MoreSexual Orientation Struggles By Jennifer Brown1175 Words   |  5 PagesSexual Orientation Struggles Jennifer Brown National University Author Note A brief author note (which should not be included in papers submitted in Paul Rose’s classes) goes here. It may include acknowledgment of funding sources, expressions of gratitude to research assistants and contact information for the author who will handle requests. I have a few notes of my own to share here. First, I am very grateful to everyone who has emailed me with suggested improvements; I’m sorry I can’t acknowledgeRead MoreOverview of the Clip about Jim Performing a Prank on Dwight in The Office1280 Words   |  6 Pages1. Introduction Workplace related injuries tend to have far reaching repercussions. The concept of safety is rarely considered as a strong contributor in elimination of workplace related injuries. The culture of space is one that involves creation of space that enables individuals to feel and be comfortable, welcome, and safe. This means that there is no discrimination on grounds of biological sex or sexual orientation, cultural background, age, physical or mental ability, race, or gender. This workRead MoreTask 2 Manage meetings1527 Words   |  7 PagesAssessment Task 1. Note: The work completed for this Assessment Task provides the basis for Assessment Task 3. You will need to retain a copy of the minutes from this assessment for use in Assessment Task 3. Ensure you keep an electronic and/or hard copy of this completed assessment for future use. Procedure 1. Review Appendix 1 ‘Assessment Task 2 Submission Form’ and use this document to complete this assessment. 2. For those who are completing this assessment in their workplace, identify and describeRead MoreHuman Resource Management and Regulations1323 Words   |  5 Pagesgroup which can be seen as vulnerable to discrimination in that particular environment. 2. Genetic Information Nondiscrimination Act (a brief overview is attached) The Genetic Information Nondiscrimination Act is relevant to the Selection, Appraisal, and Personnel Planning functions of Human Resources Management. The Act makes it illegal for employers to make use of genetic information in making employment decisions. Specifically, it forbids discrimination on the basis of genetic information whenRead MorePolio : An American Story1378 Words   |  6 Pagesstanding during the polio crisis, the disabled community was far from being treated with the respect it deserved. Historically known as the Disability Rights Movement, the disabled community fought for half a century to eliminate various forms of discrimination which the disabled were subject to. Many polio survivors took part in this fight for equality. Those who were disabled â€Å"did not have access to public transportation, telephones, bathrooms and stores. Office buildings and worksites with stairsRead MoreDeveloping Product Knowledge Of The Coffee Shop Essay1405 Words   |  6 Pagess elected industry and workplace, identify at least SIX (6) key information sources that can assist you to identify selected products or services. Write down the each of these reference sources and summarise the information that these references can provide to assist you developing the knowledge of selected products or services. In providing your responses, you should also provide a brief analysis of how reliable and valid of these identified information sources. (Students please note that these informationRead MoreShould Marijuana Be Legalized?1613 Words   |  7 Pagesemployers discharging employees based on the violation of drug-free workplace policies by using marijuana. As of 2016, twenty-eight states and the District of Columbia have enacted laws that legalize marijuana in some form (Rubin, 2016). Despite the fact that various state governments have legalized the use of marijuana, when it comes to federal law, it remains illegal. This has created discrepancies regarding drug-free workplace policies that mimic the federal policy enacted by Ronald Reagan in 1986

How to Choose Video Game Argumentative Essay Topics

<h1>How to Choose Video Game Argumentative Essay Topics</h1><p>There are a variety of approaches to move toward composing a contentious article point. A great deal of the techniques utilized in this article are as of now notable and individuals are alright with them. In any case, I would urge you to take somewhat more innovative freedom and take a stab at a couple of different philosophies to perceive what works best for you. Truth be told, you may be astounded to discover that the techniques that appear to be old and stale are really the ones that work best for you.</p><p></p><p>First of all, with regards to contentious exposition themes, you can choose to make up your own subject or you can get from a portion of the models I recorded before. Interestingly, your point is unique. A portion of the mainstream exposition points that individuals obtain from incorporate article subject thoughts, for example, the accompanying: the film The Devil's Advocate or The Newsroom. You can likewise obtain thoughts from anecdotal themes, for example, the Twilight Zone or Star Trek.</p><p></p><p>Another technique that you can use to help with your article subject is to discover somebody who previously composed a paper point on the theme and approach him for some assistance. In the event that you would prefer not to duplicate another person's work, you can generally go on the web and discover somebody who has composed a paper on a similar theme you are keen on. Along these lines, you won't need to compose the exposition yourself. In any case, I would even now recommend that you keep your exposition as like the first article as could be expected under the circumstances with the goal that it will peruse better to the reader.</p><p></p><p>Some of the best parts about utilizing the Internet to discover subjects for your paper is that you will have the option to locate a few distinctive expositi on themes that are like yours and that you can expand upon. That implies that you won't have to invest energy doing examination to locate the ideal subject in light of the fact that there are numerous assets accessible online that can give you a lot of thoughts to browse. In the event that you are keen on utilizing the Internet for your article theme, you ought to consider looking at a portion of the numerous destinations that give paper subjects to you.</p><p></p><p>When you are picking an exposition point, I prescribe that you first attempt to discover one that has been utilized before and that has not gotten stale or overlooked. These are things to remember provided that the article point that you are utilizing is as of now ordinary, you will presumably be exhausting the peruser and will simply wind up disappointing them as opposed to instructing them.</p><p></p><p>I ought to likewise make reference to that with regards to composing for papers, you will frequently find that you need to do a great deal of research yourself before you are even part of the way through composing your paper. In this way, in the event that you are experiencing difficulty discovering theme thoughts, you should make an effort not to do the entirety of the exploration yourself. You should depend on the paper point thoughts that you discover on the web and read through the thoughts and attempt to consider subjects that identify with them.</p><p></p><p>Once you have discovered a decent exposition subject to use for your article, you should begin doing some exploration to locate the correct hotspots for your article theme. Set aside some effort to limit your inquiry, search for incredible assets, and discover progressively about the point and it will definitely pay off in the end.</p>

MG-402 Final Term Solved Papers - How To Get The Best

<h1>MG-402 Final Term Solved Papers - How To Get The Best</h1><p>The MG-402 Final Term Solved Papers is not, at this point the least expensive conceivable. This is a direct result of the presentation of the Online paper-put together composing test with respect to a similar stage. There are numerous organizations who offer these papers for their workers and consequently they gain great money.</p><p></p><p>You may imagine that it is the initial step yet this sort of web based composing test is something that has not been created at this point. It is a decent practice to set yourself up a long time before stepping through the exam in light of the fact that not every single online test are the same.</p><p></p><p>So you should comprehend what is the best alternative to pick when you are going to take the MG-402 Final Term Solved Paper. You should simply to examine the various types of tests, the modules and the term that th ey are made for. You will locate this online test valuable since it will cause you to recall what precisely you ought to think on.</p><p></p><p>When you go to the workplace to take the Final Term Solved Paper, you will discover that all your past work is there. So you don't need to stress over discovering it as you will discover it without any problem. On the off chance that you would prefer not to invest more energy, at that point you can compose the test online.</p><p></p><p>Online composing test is extremely helpful and quick since you can compose it at your own home. With this there is no compelling reason to go anyplace else just to do your composed work.</p><p></p><p>There are numerous who want to compose the test online on the grounds that it is substantially less exorbitant contrasted with heading off to the test community and you will see that the composing test is the most costly. By going on the web, you can set aside bunches of cash and spare time.</p><p></p><p>In short, take the FinalTerm Solved Paper and demonstrate yourself to the world. Notwithstanding, you should have the authority of English before you can do as such. The higher the degree of capability, the better you will think back and consider the results.</p>

Who is Talking About Essay Samples for Cbest and Why You Need to Be Worried

<h1> Who is Talking About Essay Samples for Cbest and Why You Need to Be Worried </h1> <p>Our index of completely free CBEST practice tests are given beneath. CBEST online courses give accommodation and effortlessness of use. CBEST enlistment can be done on the enrollment page. A few destinations that give CBEST programming additionally offer completely free test questions. </p> <p>Following your time for testing, you can buy the product so you're ready to use its full abilities. Therefore, the presentation on this piece of the test will exhibit the ability to compose and bolster thoughts rapidly. Chosen enrollment arrangements utilize as a path to specific cutoff times, alongside at whatever point everybody pick as an approach to information exchange will have an effect on the genuine costs and also installments partnered together with getting the entirety of the test. Search for the best web projects and attempt the ones which you find helpful. </p& gt; <p>The CBEST is comprised of 3 areas. When you have enlisted, you probably won't change your segment choice in the event that you don't pull back and register once more. Cause notes or a layout before you to initiate composing. Some example subjects are given beneath. </p> <h2> How to Get Started with Essay Samples for Cbest? </h2> <p>You can pick up from it later on the off chance that you finish the test and locate a steady profession as an instructor. The CBEST is a huge test as it has the ability to affect how soon you may begin your profession as a government funded teacher in Oregon or California. On-line coaching is ideal in case you're taking the test for the absolute first second. </p> <p>The tests you should take rely upon the point matter you need to educate. Upon the arrival of the CBEST test, you'll be approached to sign a structure saying you have perused all the CBEST arrangements. Or maybe, it's conceivable to advance through the test at your private pace, allowing you to take as much period as you should handle the more hard locales of the test as you experience them. You can attempt a few strategies for getting ready for the tests. </p> <p>Also, there's no restriction to the scope of times somebody may pick the test in order to pass. The lowest pay permitted by law in the usa has become the subject of discussion for quite a long while. The making some portion of the CBEST is made out of 2 composing subject prompts that ascertain your ability to compose viably. There's no punishment for speculating. </p> <h2>Essay Samples for Cbest Fundamentals Explained </h2> <p>Items may appear to be hard, however extraordinary pl anning using CBEST practice tests should promise you will perceive every sort of inquiry. These inquiries can assist you with expanding your CBEST test score. Every one of the 3 segments of test must be passed, to pass the CBEST. Our thoroughly free CBEST test tests gracefully you with a chance to assess how well you're prepared for the genuine test, and after that focus on the locales you will require take a shot at. </p> <p>Internet enrollment is accessible 24 hours consistently, 7 days out of every week. A specific test site will be given subject to the offices offered and proper for test organization. The free CBEST Writing practice test is particularly intended to verify that the test-taker is educated about the CBEST and has the capacity to comprehend what things to anticipate that when it's time should take the Writing some portion of the CBEST. </p> <h2>Essay Samples for Cbest and Essay Samples for Cbest - The Perfect Combination </h2> <p>Our gifted scholars can manage pretty much any sort of composing task, together with Math and Physics challenges and significantly more. All the math ideas need essential calculation capacities. At the finish of every exercise, you may utilize the web tests to check your own comprehension of the material. Neither one of the topics requests any progressed, specific comprehension. </p> <h2> Finding the Best Essay Samples for Cbest</h2> <p>Throughout your school life you may have taken a particular course about which you had certain desires that probably won't have been met. It is basic for understudies to remain at the top of the priority list it can take a little while for CSET results to be handled. More understudies have issues with tests because of the way that they don't peruse cautiously than for some other explanation. All things considered, some instruction understudies need basically to pass CBEST so they can continue to the educating calling. </p> <h2>The Pain of Essay Samples for Cbest </h2> <p>The second the author is delegated, they start taking a shot at your exposition in accordance with the necessities you have indicated in your buy. The composing segment contains two expositions. Remember to take a gander at your composition after you've wrapped up. Your composing should be perfect and clear. </p> <p>Be sure that your article is finished. There are a few assortments of expositions, it isn't difficult to dispense with an eye on the entirety of your composing assignments. 1 article will necessitate that you make an investigation out of a particular circumstance or proclamation. The paper needs to get your private experience, however also needs to get passionate clearness and demonstrate development to work. </p>

Whos Worried About Research Paper Cover and Why You Should be Listening to Them

<h1> Who's Worried About Research Paper Cover and Why You Should listen Them </h1> <p>Make sure that everything inside the body of your paper is as per the proposal explanation, not inverse. Your diagram should be made out of the considerable number of focuses you intend to cover in the substance. In the event that making diagram is a piece of your task, follow the headings you were given. An incredible blueprint has become the most critical advance recorded as a hard copy an extraordinary paper. </p> <p>The title should be around 10-12 words in length and should be focused in the focal point of your page. Much like a report, theory titles regularly should be altered for precision and consistency. In such a condition, the postulation title might be various words or lines, incorporating a chief title notwithstanding a caption. Making a paper title convincing isn't as equation based. </p> <h2> The Downside Risk of Research Paper Cover </h2> <p>Keep as a top priority, even the most prepared scholastic veterans have expected to figure out how to create an examination paper sooner or later in their profession. Albeit all the referenced data of the Chicago style inquire about paper might be found in the commentaries, there's habitually an interest for understudies to make their catalog list moreover. The subject of your paper and the chose writing should be nearby. It's conceivable to discover all the more in regards to understudies' research projects here. </p> <p>Note, when you have just composed the examination paper, yet have issues with your reference group, we'd be satisfied to help you with that. It's compulsory to moreover emphasize the proposal proclamation and notice any up and coming exploration. Obviously, expositions with clear titles become downloaded and perused all the more often. Clarify the objective of your paper and the manner in which you need to move toward the point. </p> <p>There are different focuses to consider so as to arrive at an incredible research paper by methods for either a lattice paper layout or a lined paper format, in light of your inclination or the examination necessity. In this manner, in an exposition paper, however proposition proclamation might be given, there's no prerequisite for all intents and purposes any approach to be utilized. It's additionally legitimate to create an increasingly careful blueprint for yourself even in the occasion the prerequisites are extraordinary. By utilizing our exploration paper arranging administrations that you see your addition in numerous reference list of your examination paper. </p> <h2> Details of Research Paper Cover </h2> <p>Otherwise, you are likely thinking about what you could do so as to get your examination paper done in time and limit your chances of bombing the class. Regardless of whether a specific research paper theme is getting a lot of buzz right no w or others appear to be keen on expounding on it, don't feel enticed to make it your point in the event that you don't really have an enthusiasm for it too. Understudies think that its difficult to settle on the absolute first thought they see on the net or in the print media it's tied in with picking awesome research paper subjects on the significant issues. </p> <p>Another thing to consider is whether you genuinely have all the notes that you should discover the business done. The absolute last thing that you need to do is present a convincing exploration paper with awful language or typographical blunders. Focus on the things on which you've dealt with. Other than certain components your theoretical needs to contain, there are a couple of things you should stay away from. </p> <p>It isn't constantly easy to be in a situation to reveal an exploration paper that will satisfy your necessities consummately. There are heaps of acceptable references to help you with investigate system and specialized composition. Without a reasonable substance, better research paper themes aren't going than bode well. In the occasion the examination isn't finished at this point, you can comprise of primer advantages or hypothesis about the conceivable result. </p>

Find Quality Journal Research Writing Services

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Research Papers About Cluster Analysis

Research Papers About Cluster AnalysisResearch papers about cluster analysis are very interesting and there are quite a number of those that are written by experts. What is different in them?The first point to keep in mind is that they are all from respected and established people who have made a living studying and writing papers about such a subject. These papers, even if written by the authors, still are by experts who have accumulated years of experience. Even so, the work is a good start to studying the subject and finding answers to questions that you have.But not all papers are so powerful and up to date that they serve as great information sources for you to come up with your own research papers about cluster analysis. This is because some researchers and writers still make mistakes in their writings and make errors in thinking while researching and drawing conclusions.Good research papers should be original and well written. Good ones should be clear and it should be able to connect the methods and the findings to the real issues and challenges in the market. The research papers about cluster analysis should also be well grounded with a clear frame of reference. There should be a thesis statement that starts with a definition and explains the working principles.All the research papers about cluster analysis should also be able to attract attention with their facts and conclusions. Any article or paper that does not have strong persuasive arguments and illustrations will not make any difference in the minds of readers. So make sure you are clear about your conclusion and what you are trying to convey.The best research papers about cluster analysis will focus on specific topics. If you want a research paper about cluster analysis on video games, try to find out what kinds of problems and research problems in the area are there and if anyone has published any papers yet.More often than not, a good research paper about cluster analysis can turn out to be t he greatest source of information to help you become a better person. Research papers are always a big help in finding out the issues that you need to focus on.

Rumors, Deception and How to Write a College Term Paper

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Characteristics Of A Good Leader - 869 Words

In the world today, there are leaders everywhere such as Parents, Pastors, The President, CEO of Companies, Supervisors and World leaders just to name a few, these individuals can be good or bad, for you or against you. A leader is a person that sees things through in order to make change either in the mental growing aspect of one’s life, the economics of the world, or spiritual belief. The characteristics of a good leader are the leaders’ ability to inspire others willingness to leader and integrity. The most important attributes of people is to be able to inspire others to do things out of their normality by making one feel needed, and wanted. Using tactics such as incentives and rewards can be offered. When you need people to contribute to a project sometimes an incentive needs to be presented in order for them to consider the offer. The tool available to do this is called a bonus payout. (Thurman, M. 2015). The other things that can inspire others is that end of the year bonus, this will allow others to work hard in hopes to reap the benefits of a large employee bonus, for all the hard work that was contributed to the company that year. (Thurman, M. 2015). A good leader can inspire others with his or her words or with an incentive, this is also used by parents by giving an allowance for doing chores; Furthermore, this type of measure is utilized every day in our society, we are inspired to work in order to receive a paycheck at the end of the week. There is alwaysShow MoreRelatedCharacteristics Of A Good Leader916 Words   |  4 PagesTo Be a Leader In the world today, there are leaders everywhere, such as Parents, Pastors, The President, CEO of Companies, Supervisors, and World Leaders just to name a few. These Leaders can be good or bad, for you or against you. A leader is a person that sees things through in order to make changes either in the mental growing aspect of one’s life, the economics of the world, or spiritual belief. The characteristics of a good leader are the leaders’ ability to inspire others, willingness toRead MoreCharacteristics Of A Good Leader905 Words   |  4 PagesIn the world today, there are leaders everywhere, such as parents, Pastors, The President, CEO’s of companies, supervisors, and World Leaders just to name a few. A Leader can be good, bad, for or against an individual. A leader is also a person that sees projects and life through in order to make changes either in the mental growing aspect of one’s life, the economics of the world, or spiritual belief. The chara cteristics of a good leader are the leaders’ ability to inspire others, willingnessRead MoreCharacteristics Of A Good Leader1655 Words   |  7 PagesIndividuals are all defined by certain behaviors and characteristics. Specifically from a management standpoint, it is important to understand these behaviors and characteristics so that the manager can demonstrate a certain leadership style that will work best within their own organization. There is a common saying within most organizations, stating that all leaders should be managers, but not all managers should be leaders (Sun). Aspiring leaders need to identify the various types of leadership stylesRead MoreCharacteristics Of A Good Leader1727 Words   |  7 Pages Characteristics a Good Leader Should Possess BU430 Leadership Christine Troglen June 28, 2015 Miller-Motte College Characteristics a Good Leader Should Possess The traits or characteristics of a good leader play an integral part in how that leader decides, acts and leads. The actions of a good leader also play a role in how they affect the rest of those they lead. That leadership, for example, impacts the ultimate goals of the group or the company. A good leader must haveRead MoreCharacteristics Of A Good Leader912 Words   |  4 Pageswhat traits a leader should contain. Within the development of surveys people are able to decided what characteristics they believe are those of a good leader. Surveys are not just used to see the good they are also used as a form of improvement where people can assess a person’s trait to help them better themselves. Having a standard for what a good leader is, is not necessarily used the same in each position or job field. Some places of employment look for particular characteristic that others mayRead MoreCharacteristics Of A Good Leader2712 Words   |  11 PagesThe description of a leader is a p erson that leads a group of people. A leader that has positive traits is a valuable asset in today’s society. A good leader will be honest and caring with a desire to make a positive outcome by encouraging followers and work toward a goal for the organization they are a part of. This paper will discuss the traits of a good leader as well as emphasize on past leadership experiences. Leadership theories can come from people closely involved with an individual, andRead MoreCharacteristics of a Good Leader2287 Words   |  9 Pagesinfluence, another definition by Peter Drucker in his foundation The Leader of the Future says the leader is someone who has followers. A good leader always tries to develop the working methods so as to achieve the set goals and keeps constantly tries to improve his functional skills in various fields, also the good leader challenge the process, have a vision and share it with others and encourage others to act. One of the leaders that I would like to write about is Mr.Arif Nasser Ali Bani-Uraba,Read MoreLeadership Characteristics Of A Good Leader859 Words   |  4 Pagesways. Characteristics of a good leader is questionable. Leadership styles and theories, such as servant leadership, collective leadership and dictatorship may vastly differ but still share similar attributes. While servant leadership and collective leadership similarly encompass specific attributes, the collective leadership theory lacks vision and empowerment. Leadership characteristics differ in leaders. There are characteristics that make the difference between a qualified leader and a good managerRead MoreTraits And Characteristics Of A Good Leader Essay2018 Words   |  9 PagesTraits and Characteristics of a Good Leader A trait is a distinguishing quality or characteristic (Trait, n.d.). Businesses spend around $1,228 per employee on learning and development. Forty-four percent of businesses believe they will be increasing the amount of money spent on leadership development (The 10 defining traits of an amazing leader, n.d.). Could they save money if research could determine what traits and characteristics are imperative for a good and effective leader? This paper willRead MoreEssay about Characteristics of a Good Leader526 Words   |  3 Pages A good leader needs to have many particular characteristics. Some of these are obvious, such as that they care about what you are doing and always puts you before themselves. Also another trait of a good leader is that they always keep promises they make. Some of the subtle attributes of a good leader are that they do not hide behind bad news. Moreover, they are easy people to talk to and they have a good if not excellent sense of humor. In my opinion, the best leader would be one that enjoys

Financial Development and Monetary Policy free essay sample

These papers present research in progress of the staff members of RBI and are disseminated to elicit comments and further debate. The views expressed in these papers are those of authors and not that of RBI. Comments and observations may please be forwarded to authors. Citation and use of such papers should take into account its provisional character. Copyright: Reserve Bank of India 2013 Financial Development and Monetary Policy Transmission Across Financial Markets: What Do Daily Data tell for India? 1 Partha Ray 2 and Edwin Prabu 3 This paper seeks to address two questions In Indian context. First, what is the nature of integration among different segments of Indian financial markets? Second, what has been the influence of monetary policy on different segments of financial markets? As far as domestic financial integration is concerned, the study finds that the money market segment is fairly integrated. At the next level, among the constituents of the domestic financial markets, G-sec and corporate bond market are somewhat integrated. There is, however, limited evidence of integration between the money market and stock market. Using daily data over January 2005 – November 2012, the paper constructs a structural Vector autoregression (SVAR) model and studies the financial markets microstructure and monetary policy transmission in India related to four key segments, viz. , money, bonds (GSec and corporate debt), forex and stock market. While the transmission of monetary policy to money market is found to be fast and efficient and the effects on bond and forex market are on expected lines, the impact of monetary policy to stock market is limited. The nature of monetary policy transmission, however, tends to vary, depending on the extent of liquidity (i. e. , whether there is surplus or deficit liquidity). JEL Classification: C32, E52, F41 Keywords: Monetary Policy, Structural Vector autoregression, impulse responses 1 The authors are indebted to Shri Deepak Mohanty, Shri K U B Rao, Dr. Himanshu Joshi and Shri Anand Shankar for their comments on an earlier draft of the paper. The authors are also indebted for the comments of the participants of an internal seminar at the Department of Economic and Policy Research on November 30, 2012 where they have had the privilege to present an earlier version of the paper. Usual disclaimer applies. The paper reflects personal views of the authors and not necessarily of the institution(s) to which they belong. 2 Director, Department of Economic and Policy Research, currently on sabbatical to Indian Institute of Management, Calcutta as Professor of Economics; email. 3   Assistant Adviser, Department of Economic and Policy Research; email:    1 Introduction The process of financial development in any emerging economy would invlove the intimately interlinked developments of both financial institutions as well as financial markets. It is well-known that transmission of monetary policy, to begin with, takes place via financial markets. Financial market developments and extent of market integration across various segments of domestic financial markets play a key role in this context. The more integrated financial markets are, in all likelihood the more would be the strength of monetary transmission across financial markets. Empirically, however, the locomotion from microstructure to macro behaviour is essentially couched in terms of some aggregation. Two issues are important her e. First, the level of aggregation could dictate the nature of market. Illustratively, when the market for fruits is formed by aggregating apples and oranges, there is indeed some loss of information but the investigator still goes for it to discern broader trends. Thus, tension of inferring about the woods without missing the trees is inherent in any investigation on market integration. Second, there is yet another issue that is important in this regard, viz. presence of regulation. Illustratively, even if the quality of rice could be reasonably homogenous across all India, in presence of government regulation restricting movement of rice across states, market for rice will be segmented across India. Thus, in terms of first principles, level of aggregation and extent of regulation may determine the degree of market integration. 4 While both these issues are important for financial markets, one would expect the flow of information (as well as the products) would be much smooth in financial markets than their real counterparts. After all, most of the financial products are virtual and geographical distance and transport cost will have little relevance for financial markets. Thus, the law of one price (in the form of equality of risk adjusted returns) has a higher probability of getting validated for financial markets. Nevertheless, financial transactions are highly leveraged hence the possibility of regulation leading to market segmentation will be accordingly high in financial markets. At this stage one may segregate between two levels of integration – (a) among different segments of domestic financial markets, and (b) among a specific segment of domestic financial market and its global / foreign counterpart. Both these Ayuso and Blanco (1999) rightly noted, â€Å"†¦perfect cross-market integration is generally understood as a situation in which there is no barrier of any kind to cross-border financial transactions, such as tariffs, taxes, restrictions on the trading of foreign assets, information costs or any other cost that makes it more difficult to trade across countries than within them. With perfect cross-market integration there are no cross-market arbitrage opportunities and the law of one price – i. e. , portfolios with the same payoffs should have the same price in different markets– holds†. 4 2 types of integration are on the rise with the increasing trends in globalization. It has been rightly observed: â€Å"The progressive globalisation of financial institutions and services over the last two decades has led to a complex web of interconnected markets, institutions, services and products. Institutions transcended borders; markets became accessible in real time and financial services were available from everywhere. In short, financial markets and institutions declared ‘death of distance’ and ‘conquest of location’ † (Subbarao, 2009). How integrated are the segments of Indian financial markets? What is the relationship of financial markets with monetary policy actions? What has been the inter-temporal behaviour of financial market integration? The present paper seeks to answer some of these questions in Indian specifics in recent period. In particular, it concentrates on the first type of financial integration, viz. , among different segments of domestic financial markets. Specifically, it seeks to address two questions: ? ? What is the nature of integration among different segments of Indian financial markets? and What has been the influence of monetary policy on different segments of financial markets? There are three discerning features of the study. First, it uses daily data over a fairly recent period, viz. , January 2005 – November 2012 to decipher the extent of financial market integration. Second, it seeks to probe into the mechanism of monetary policy transmission across various segments of financial markets viz. , money, G-Sec, corporate debt, forex, and equity. Third, given the short run nature of the data (notwithstanding the number of observations), it uses structural vector autoregression models to discern econometrically robust conclusions. A scan of the existing literature on financial market integration in India reveals that most of them concluded in favour of increasing but partial integration among the different segments of the financial markets. At the same time, because of low frequency of data most of these studies covered a period in which there was regime change with respect to monetary policy operating procedure. It is here that our study makes a departure and concentrates on a focused and recent period (i. e. , January 2005 November 2012), which is free from such issues. In some sense, it is less likely to be subjected to, what in generic term may be called as, the â€Å"Lucas Critique†. 5 We choose to ignore the credit market for two reasons. First, there is a large literature on credit channel of monetary policy looking into transmission of monetary policy to credit market in India (e. g. , Pandit et al, 2006). Second, credit market has a number of regulatory restrictions that may allow only partial integration with other financial markets. At the same time, we are aware of two specific limitations of the study. First, high frequency data are often more noisy and hence signal extraction could be difficult. But monetary policy also functions in such a noisy data environment, and hence, a priori, a high frequency model is expected to be more useful. Second, ours is a story of integration among different segments of financial markets and impact of monetary policy on them. We are, thus, quite contracted in our focus – we do not consider variables such as output, prices, or even fiscal policy, all of which could impact financial markets and monetary policy decisions. Put differently, we are confined to a partial equilibrium model where the market players in a particular segment of the financial market are concerned only with what is happening in other segments and monetary policy. But such a caricatured world might perhaps capture the very short-run and may be representative of the behaviour of the typical financial market player on a day-to-day basis. In the financial markets, where it is often joked that, â€Å"a long term investment is a short term investment that failed†, we thought our emphasis on the day-to-day activities may not be entirely misplaced. Rest of the paper is organized as follows. Section 2 gives a bird’s eye review of the relevant literature. While issues related to financial market microstructure in India are discussed in section 3, some stylized facts on inter-temporal behaviour of rates in different segments of the financial markets are taken up in section 4. Section 5 is devoted to the extent of market integration and its relationship with monetary policy. The econometric results are discussed in section 6. Section 7 concludes the paper. 2. Received Literature: A Synoptic Review There have been two distinct trands of literature on financial markets integration, viz. , domestic and international. Typically the studies on international financial market integration look into the movement of a similar type of market across different countries; for example, the relationship between Sensex and Nasdaq would be classified as a study on international stock market integration. Such studies typically would use the covered / uncovered interest parity condition to formalize the law of one price across geographical or political boundaries. In this paper we refrain from studying this issue. Instead our primary interest is confined to the extent of 6 See for example, Kaminsky and Schmukler (2002), Moosa and Bhatti (1997) or Fratzscher (2001) on financial market integration across different global territories. Kaminsky and Schmukler (2002) suggested that equity prices tend to be more internationally connected than interest rates. Moosa and Bhatti (1997) found high level of integration between goods and financial markets of Japan and six Asian countries by testing uncovered interest parity (U IP) and ex ante purchasing power parity (PPP). In this line Hansda and Ray (2002) found that prices of dually listed stocks at different stock exchanges like BSE or Nasdaq are highly related. Also see Raj and Dhal (2008) on this issue of stock market integration in India and abroad. 4 integration across different segments of domestic financial markets – that is to say we confine our attention to issues like how does a change in call money rate influence the yield on a ten year G-Sec. We will have a quick rundown of the studies done in the Indian context. In terms of methodology, most of these studies probe into the issue of existence of a co-integrating relationship between a subset of interest rate / yield variables in the different segments of the financial market. Dhal and Bhoi (1998) in one the early studies on the subject studied the extent of domestic financial market in the initial years of reforms (viz. , over April 1993 – March 1998). Using monthly data, they found that although fully competitive environment was yet to emerge, several segments of the financial market have achieved operational efficiency. In particular, Indias financial markets were getting increasingly integrated at the short-end of the market, such as, money market, credit market, Government securities market. However, capital market is least integrated with the rest of the financial sector; there were also early indications about integration of money market and forex market. However, integration of domestic and overseas financial markets has not been found to be robust. Similar results are obtained by others as well (e. g. , Pattnaik and Vasudevan, 1999). Nag and Mitra (1999) got similar results using the technique of Artificial Neural Network. Using monthly data from January 1993 to December 2002, Jain and Bhanumurthy (2005) examined the issue of financial market integration. In particular, they tested for existence of a cointegrating relationship between 91-day Treasury bill rates, call money rates and Indian Rupee/US dollar exchange rate (ER) as a measure of returns in the domestic financial markets and the LIBOR (used as the measure for the foreign interest rate). The study found that there was a strong integration of the domestic call money market with the LIBOR. Though, the study found that there is a long-term co-movement between domestic foreign exchange market and LIBOR, it is statistically insignificant. As the Government securities market in India was still in the development stage within the sample period, it was not found to be integrated with the global markets. RBI (2007) delved into the issue of financial market integration in detail. From the correlation structure of the rates in different segments of the financial market, the evidence of growing integration of financial markets beginning 2000 comes out. Interestingly, while in the money market segment, there is evidence of stronger correlation among interest rates in the more recent period 2000-06 than the earlier period 1993-2000, the sharp improvement in correlation between the reverse repo rate and money market rates in the recent period implies enhanced effectiveness of monetary policy transmission. The equity market, however, appeared to be segmented with relatively low and negative correlation with money market segments. Thus, it concluded, â€Å"Domestic financial market integration in India has been largely 5 facilitated by wide-ranging financial sector reforms introduced since the early 1990s. Financial markets in India have acquired greater depth and liquidity; in the process, various market segments have also become better integrated over the years† (p. 312). Bhattacharyya and Sensarma (2007) examined the efficacy and robustness of alternative monetary policy instruments in transmitting the policy signals and its impact on different segments of the financial market in India. Employing a Structural VAR model with monthly data over a 10-year period (April 1996 – March 2006), they segregated the whole period into pre-liquidity adjustment facility (LAF) and post-LAF and tried to ascertain the relative importance of alternative instruments like Bank rate, CRR or the repo rate. They found â€Å"increasing evidence of market integration between the money, the foreign exchange and the government securities market, particularly at the short-end; although the term structure turned out to be somewhat segmented, transmission across the yield curve was in evidence†. Using monthly data, Singh (2011) in a recent study examined the passthrough as well as asymmetric response of policy interest rates to financial markets for the period March 2001 through October 2011. Using the framework of distributed lag model, the study found that short end of the financial market display a significantly high instantaneous pass-through in response to changes in the monetary policy rates. The study also finds that the prevailing liquidity conditions in financial markets also play an important role in conditioning the pass-through of policy rate changes to short end of the financial market. However, the bank deposit and lending rates exhibit relatively longer lags in transmission. The study also found significant asymmetry of transmission of policy rate changes during the surplus and deficit liquidity conditions, particularly at short end of financial markets using the VAR model. 7 To analyze the dynamic effects of monetary policy shocks on financial markets, RBI (2011) constructed an SVAR model with the following variables, viz. , policy rates (Repo, Reverse Repo, corridor width); overnight money market rate (call money, weighted average of call money, CBLO and market repo rates), CD/CP rates; and bond market (91-day t-bill rate). The model has been estimated using weekly data separately in liquidity deficit (Net LAF is negative between December 2006 and November 2008) and liquidity surplus (Net LAF is positive between April 2001 and December 2006, and December 2008 and May 2010) conditions. The 7 In the context of monetary transmission channel for India, using quarterly structural vector auto regression (SVAR) model, Mohanty (2012) finds that policy rate increase have negative effect on output growth with a lag of two quarters and a moderating impact on inflation with a lag of three quarters; he overall impact persists through 8-10 quarters. 6 identification conditions are as follows. First, Central bank does not respond contemporaneously to shocks to financial market rates. Second, policy rates are determined independent of corridor width. Third, overnight money markets respond immediately to changes in policy rates and other rates with a lag. Fourth, CP/CD rates are sensitive to policy rates and overnight m oney market movements. Fifth, bond yields are sensitive to policy rates and money market movements. In such a framework, the empirical exercise indicate that, â€Å"though the impact of the interest rate channel of monetary transmission varies across the segments of the financial market, it is the strongest in the money market (RBI, 2011; p. 48-49)†. The monetary transmission turned out to be substantially more effective in a deficit liquidity situation than in a surplus liquidity situation. To sum up, most of these studies using cointegration related technique tried to discern the market integration patterns over a fairly long period time in which the monetary policy operating procedure might have undergone changes. In spirit our study is very to the model developed in RBI (2011) and we develop a structural VAR (SVAR) model using high frequency data. But as a prelude to construction and discussion of such a SVAR model, we delve into the generic issues related to financial market microstructure. 3. Financial Market Development in India As a prelude to answer the two questions raised in the introduction, this section gives some details on financial markets microstructure in India. Our attention is confined to four key segments, viz. money, bonds (G-Sec and corporate debt), forex and stock markets. In the last two decades of economic reforms, the financial markets in India has come a long way from being a underdeveloped market to a reasonably well developed, transparent and an efficient market. The Government of India, the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) all have taken a proactive role in the development of financial markets within their respective domains. Money Market Walter Bagehot started his book Lombard Street (1873) with, â€Å"A notion revails that the Money Market is something so impalpable that it can only be spoken of in very abstract words and that therefore books on it must always be exceedingly difficult. But I maintain that the Money Market is as concrete and real as anything else† (Para 1. 1). He was perhaps emphasising the opaqueness of the money market. Money market, being the overnight market, is crucial for the RBI, as its monetary policy is first transmitted to it. Money market is the key link in the transmission mechanism of monetary policy to financial markets and finally to the 7 market economy. The call money market, however, continued to show high volatility on account of the predominant lending by non-banks and chronic borrowing by banks. The high volatility in the call money market also inhibited the proper risk management and pricing of instruments. With the introduction of collateralised money market segments, the share of call money market has reduced in the recent year. Currently, the share of call money market in aggregate money market transactions is around 29. 0 per cent only. 8 Collateralised Borrowing and Lending Obligations (CBLO) The CBLO in some sense is unique to the Indian money market. This product was developed by the central counterparty, the Clearing Corporation of India Limited ( CCIL) and was introduced on January 20, 2003. The facility was introduced with a view to provide avenues for non-banks and banks to manage their day-to-day liquidity. CBLO is a discounted instrument available in electronic book entry form for the maturity period ranging from one day to 90 days. Transactions are backed by collaterals in the form of Central government securities and treasury bills with a residual maturity of six months. CCIL acts as the Central Counter party and members borrow and lend funds through the anonymous trading system. Since the CBLO is collateralized, the rates in the CBLO market are, in general, below the call money market rate. With the development of CBLO market, there has been substantial migration from uncollateralised market to it. Currently, the CBLO market accounts for around 51. 6 per cent of the market share in the money market. Market Repo Market repo is another facility for banks and non-banks to manage their shortterm liquidity mismatches. Market repo operates outside the RBI’s liquidity Adjustment Facility (LAF) and transactions are backed by collaterals. The collaterals accepted in the market repo facility are central government dated Securities, treasury bills and state government securities. Earlier, market repos were permitted only among banks and PDs. In order to broaden the repo market, the RBI allowed all non-bank entities maintaining subsidiary general ledger (SGL) account to participate in the market. Further, the RBI also allowed NBFCs, MFs, Housing Finance Companies (HFCs) and insurance companies not holding SGL accounts to undertake repo transactions from March 2003, through their ‘gilt account’ maintained with the custodians. The measures taken by the RBI have widened and deepened the money market in terms of instruments and participants, enhanced transparency and improved the signalling mechanism of monetary policy while ensuring financial stability† (RBI 2007, Table 2). The overnight interest rates in the money market have more or less remained within the informal corridor of LAF. 8 The stability in c all money rates also helped to improve integration of various money market segments and thereby effective transmission of policy signals (Mohanty 2010). 8 During bulk of the period under study, the Indian monetary policy was operated through a repo (injection of liquidity) and a reverse repo (absorption of liquidity) by the RBI, where the unwritten objective of the RBI was to keep the call money rate within this informal corridor of repo and reverse repo rates. The details are explained in section 5 of the paper. 9 Table 2 : Key Features of Money Market for November 2012 Features Players Call Market ? SCBs excluding ? RRBs, Co-operative Banks and ? ? PDs. No 8. 04 19. 7 CBLO SCBs, FIs, Insurance ? Companies, MFs, PDs, NBFCs, Non government provident funds and Corporates Yes 7. 96 51. 4 Market Repo SCBs, Insurance companies, MFs, PDs, NBFCs and HFCs Yes 7. 97 28. 9 Presence of Collateral Interest Rate (%) Share in Money Market Average Daily Volume (%) Source: Compiled from various RBI publications. Bond Market From the standpoint of the issuer, there are two distinct constituents of the bond market, viz. , Government securities market and corporate debt market. In deference to their distinctness and differing degree of development in India, we will discuss them separately. Government Securities Market Prior to 1990s, the government securities market was underdeveloped and constrained on account of unlimited automatic monetization of the central government budget deficits, interest rate on government securities were administered and were kept low to ensure low cost of government borrowing (RBI, 2007). Further, the market for government securities was a captive one where the players were mainly financial intermediaries such as banks and LICs, who had to invest in government securities to fulfil high statutory reserve requirements. The first major reform was the introduction of auction based system for issuance of government securities in 1992, which signalled the transaction to a market related interest rate system. The abolition of automatic monetization through ad-hoc treasury bills and the introduction of ways and means advances (WMA) system from April 1997 also provided operational autonomy and greater market orientation for government securities (RBI, 2007). The statutory liquidity ratio (SLR), which signifies the captive market for government securities, was decreased from the peak rate of 38. per cent of net demand and time liabilities (NDTL) in February 1992 to 25 per cent in October 1997. Right now, the SLR has been further reduced to 23 per cent of NDTL for banks. 10 The RBI has introduced the primary dealers (PDs) as market makers in the GSec market. PDs ensures the success of the G-Sec auction in the primary market through underwriting but also act as market makers in the secondary market by provid ing continuous two-way quotes. The PD system also facilitates open market operations of the RBI, besides taking over the responsibility of market making from the RBI (RBI, 2007). The various reforms initiated by the RBI have ensured successful completion of market borrowing programmes of both the central government and the state governments. The daily volatility of the yields has been declining indicating, inter alia, maturity of the government securities market (Gopinath, 2008). With the issuance of long-term securities, the yield curve has emerged for across 30 year maturity (Chart 1). â€Å"Thus the government securities market in India has witnessed a transition to an increasingly broad-based market, characterized by an efficient auction process and an active secondary market† (Mohan, 2007). Notwithstanding these improvements, the government securities market continued to be illiquid at the long end. Further, the major investors in the government securities are institutional investors, who hold securities to maturity, on account of statutory prescriptions, which makes the market illiquid. With the permission to FIIs to invest in dated government securities and Tbills with certain specified limits, the secondary market is expected to be more liquid. Chart 1: Government Securities – Yield Curves 1. 1: Period: March 2005 to March 2009 1. : Period: March 2010 to November 2012 Source: FIMMDA. 11 Corporate Bond Market A well–developed bond market is important to ensure a well-integrated financial system. Before the 1990s, the corporate bond market was dormant on account of control on the interest rates for corporate bonds as well as limited issuances in the market were also dominated by public sector companies (issuers) and banks (buyers) (Rajaram, et al 2011). T he first reform in the corporate bond market was the abolition of ceiling interest rate for corporate bonds on May 1992. Thought, the primary issuances have been significant, most of these were accounted for by public sector financial institutions and were issued on a private placement basis to institutional investors. The secondary market, therefore, has not developed commensurately and market liquidity has been an issue (Reddy, 2007). Major reforms have started in the corporate bond market following the recommendation of the High Level Committee on Corporate Bonds and Securitisation (Government of India, 2005) on corporate debt market in India. The corporate bond market in India continues to be nascent despite measures taken from time to time over the past fifteen years based on the recommendations of several official committees. However, in recent years, the corporate bond market has shown significant growth in terms of outstanding stock and volumes traded in the secondary market (Table 3). Much of the increase in volumes has come in the OTC segment of the corporate bonds as reported in the reporting platform developed by the Fixed Income, Money and Derivatives Market Association (FIMMDA). Table 3: Secondary Market Transactions in Domestic Bonds (Rs. billion) Outright Transactions in Transactions Total Share of Government securities in corporate Transactions corporate Bonds in bonds bonds in Central State Total total bonds Govt. Govt. Securities Securities 2004-05 8852. 2 264. 7 9116. 9 2005-06 6735. 0 200. 7 6935. 7 2006-07 7566. 6 125. 5 7692. 0 2007-08 14785. 4 157. 5 14942. 8 958. 9 15,902 6. 0 2008-09 19645. 9 352. 5 19998. 4 1,481. 60 21,480 6. 9 2009-10 25218. 9 764. 3 25983. 2 4,012. 00 29,995 13. 4 2010-11 25926. 7 483. 3 26410. 6,052. 74 32,463 18. 6 Source: RBI and SEBI. Forex Market The Indian forex exchange market was virtually nonexistent from the 1950s to 1970s as India was using trade controls to foster import substitution. The origin of forex market can be traced to the year 1978, when banks in India were allowed to 12 undertake intra-day trade in foreign exchange (RBI 2007). But the market was very limited as India followed a fixed exchange rate syste m. In the 1990s, as in other segments of financial markets, various reforms were taken in the foreign exchange market. The introduction of market-based exchange rate regime in 1993, adoption of current account convertibility in 1994, and substantial liberalization of capital account over the years were the most important reforms in the forex market. The RBI and the Government implemented various committees’ recommendations towards relaxation of restrictions to vitalize the foreign exchange market. The reforms in the forex market were focused on dismantling controls, developing the institutional framework and increasing the instruments for effective functioning, enhancing transparency and liberalizing the conduct of foreign exchange business (RBI 2007).