Friday, March 13, 2020
The Empirical Project Turkey Introduction The Republic of Turkey is a republican parliamentary democratic country with the population about 68,000,000 people. Possessing a great number of natural resources, manufacturing, agriculture and a range of services, having a good location and opportunities for maritime commerce, the economical potential of the country is successful. The modern borders of the country have been created in 1920, and it is located in the southern-western part of Asia and in the southern Europe.Advertising We will write a custom essay sample on The Empirical Project: Turkey specifically for you for only $16.05 $11/page Learn More The country is influenced both by the European and Asian forces in cultural, political, and economical life. The country performs the functions of the balancing act, remaining open to the Middle East, it actively searches for the membership in the European Union. The country is a republic, but the president is elected. The economical situat ion in the country has changed as the crisis of 2008-2010 has not passed behind. Still, good potential and the desire to be a developed country have made it possible to start the economic recovery program (Sheehan 2004, p. 135). Fast industrialization of the country also contributes to the economical and political development of the country and its high value at the international arena. The main purpose of this project is to consider the political and economical situation in the country as the background for more detailed description of the following issues, economy in the business sector and the economic problems the country faces. Moreover, the fiscal and monetary policy stances are going to be discussed within the topic. Many financial factors, both at the national and at the international arena, influence the country development. Economical data in the countryÃ¢â¬â¢s financial relations provides some impact on the micro and macroeconomics of the country. Executive Summary The paper examines political and economical situation and its influence on the countryÃ¢â¬â¢s development. To have a full vision of the situation in Turkey, a number of different aspects are to be considered. The general situation in the political and economical life of the country is the best way to see the situation in the country and to analyze the general development and the opportunities the country has. The information devoted to the import and export shows the countryÃ¢â¬â¢s capacities and the necessities. The general situation at the national and international market may be considered along with the information about the modern state of the industries and agricultural sector. The information about the economy and its place in the business cycle may help understand the level of business development and state the issues which should be addressed. The economic problems in the country may be identified and analyzed on the basis of the specific financial data. Fiscal policy stanc e of the government and monetary policy stance of the central bank along with the discussion of bankÃ¢â¬â¢s independence is considered to be the focus of the analysis on the basis of the latest data taken from the up-to-date sources. Some data has been put in the table with the purpose to understand its influence on the micro and macroeconomic situation in of the country.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Having been impacted by the international polices and national privatization and democratic facilities, the county has to cope with a number of different problems and at the same time meet the standards of the EU if Turkey wants to be its member. Background To understand the background for the countryÃ¢â¬â¢s national and international development, it is important to check the political and economical situation in general, without referencing to the specific situ ations and financial activities. One of the main barriers on the way to successful development and functioning on the international arena has been the absence of democratic issues. When the whole world has entered the epoch of democratization and liberalization, Turkey remained under pressure of the Islam and the politics on the basis of this religion. The country had to suffer some hybrid regimes to achieve the democratic position is takes now. Ghanim (2009) is sure that Ã¢â¬Å"considering that legitimacy derives from people rather than from God is a huge step in the direction of political modernization and a serious commitment to democracyÃ¢â¬ (77). This is exactly what Turkey has made, it began to pay attention to human understanding of rights and now is a democratic country. The EU is considered to be the central force which made Turkey stand on the way of democratization and liberalization as the country development depends on it. The desire to become a member of the EU enco urages Turkey to improve the economic situation and the relation to the human rights (Ãâ¡arkoÃÅ¸lu and Rubin 2003, 192). The successful development of political situation and its neo-liberalism became possible only because Turkey has refused from the politics run in the Middle East and has created its own norms and principles. Some people call this politics Ã¢â¬Ëun-IslamicÃ¢â¬â¢ (Ghanim 2009, 76). Still, such politics has made possible for the country to become the candidate of EU which is considered to be the main step on the way to membership (Ãâ¡arkoÃÅ¸lu and Rubin 2003, 208). The political changes have been supported with the economical recovery and improvement. The main principle of the economics in the country is competition Ã¢â¬Å"which possesses the institutional and political capacity needed to be able to provide the appropriate regulatory framework for an outward-oriented, market-based development (Onis 2009, 411)Ã¢â¬ . Having used the Washington Consensus as t he basis for the financial changes and having accepted the idea that political liberalization does not require from the state the change of legal and institutional acts, Turkey have faced the problem of inadequate functioning of the economical processes.Advertising We will write a custom essay sample on The Empirical Project: Turkey specifically for you for only $16.05 $11/page Learn More The absence of the regulatory framework along with monetary and fiscal discipline resulted in three crises the country suffered from during different years (Onis 2009, 411). The economy of the country is on the way to recovery. Many attempts have been provided to make the economy of Turkey stable and developing. Analyzing the after-crises situation, it may be concluded that GDP is high, inflation is reduced as well as the budget deficit, the banking sector is significantly improved, GNP debt is large, but the tendency to its reduction are seen. The economy still depends on short-term capital, therefore, the risks of a new crisis is reduced due to the regulation of the banking system and better macroeconomic environment. Even though the export has increased, the current account deficit is large. In spite of the time-lag, inflows of foreign investment and privatization have significantly increased. The productivity has strongly improved and may be considered as the source of growth (Onis 2009, 422). So, the conclusion may be drawn that the general situation at the political and economical arena is stable and developing in the direction of the international market and relationships. Imports and Exports Turkey is heavily relied on exports, for which the economy was influenced by the economic crisis in 2008 (Economy Watch 2011). After the economic boom experience4 in the period between 2002 and 2007, TurkeyÃ¢â¬â¢s trade, exports, and imports Ã¢â¬Å" were hit badly in the year 2008, when the trade deficit stood at 31%Ã¢â¬ (Economy Watch 2011). The rel ation between the amount of import and export and economic growth is positively correlated, i.e. the expansion of the volume of trade leads to an increase in employment growth and labor productivity. The main exports of the country revolve around clothes, automobiles, agricultural products, and electronics. Additionally, exports include natural resources such as iron and steel, oil, precious stones, and other (Economy Watch 2011). The most apparent impact of the economic downturn of the financial crisis can be seen in 2010, where until 2009, the number of the exports continued to grow, reaching its peak of almost $140 billion. As of 2010, the export number started to recover, but they nevertheless are far behind (Index Mundi 2011). Currently, the total exports stand at $117, 4 billion (Index Mundi 2011).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More When it comes to imports, the main imported commodities for Turkey include Ã¢â¬Å"electrical equipment, mechanical appliances, optical instruments, iron and steel, and pharmaceutical productsÃ¢â¬ (Economy Watch 2011). Comparing imports and exports during the whole period between 2003 and 2011, it can be stated that Turkey suffered through a trade deficit, which can be seen through graph 1. In that regard, the decision to explore alternative markets though countries in Africa, Central Asia, and the Organization of Islamic Countries (OIC) is a wise decision. The results of such expansion can be seen through increasing Foreign Direct Investments and strengthening trade relations with Africa. Currently, TurkeyÃ¢â¬â¢s imports stand at $166, 3 billion (Index Mundi 2011). Imports, Exports, and Trade Deficit (Index Mundi 2011, 2011) Comparative Advantages and Disadvantages The competitiveness of Turkey can be attributed to several comparative advantages it enjoys, of which several are natural, and others are handmade. In that regard, the countryÃ¢â¬â¢s geographical location can be seen among the advantages the country enjoys and which contributes to the countryÃ¢â¬â¢s tourism industry. TurkeyÃ¢â¬â¢s natural endowment can be seen through the year-round sunshine, extended holiday season, ecological diversity, and others, all of which contribute to Turkey being a popular tourism destination (Europe CEIC Database Team 2011). In general, the assessment of TurkeyÃ¢â¬â¢s competitiveness internationally was revealed to be limited to labor intensive and easily imitable research-oriented products (Utkulu and Seymen 2004). Revealed Comparative Advantages (RCA) of Turkey were identified in Utkulu and Seymen (2004) in seven groups of products, which cover seven product groups, including Ã¢â¬Å"clothing and clothing accessories; vegetables and fruit; sugar, sugar preparations, honey; tobacco; oil seeds and oleaginous fruits; rubber manufactures; textile yarn, fabrics and related productsÃ¢â¬ (Utkulu and Seymen 2004, 18). The disadvantages, on the other hand, can be seen in advanced technology products, compared to the EU. It can be stated that the comparative advantages of Turkey in such sectors as textile and apparel industry are related are both natural and handmade, based on geographical location and labor. The disadvantages, in that regard, are based on capital and technology (Ã °NCE and DEMÃ °R 2009). Economy in the business cycle Having considered the economy from the point of view of business, it is possible to state the main strengths of the TurkeyÃ¢â¬â¢s business are the climate and strong government. The EU has created a customs union which continues functioning. The influence of integration with the global capital market to the Turkish economy has been considered from two different sides. On the one hand, the benefit is seen in the sphere of business investment. On the other hand, the risks and vulnerabilities are too high as t he business sector becomes dependant from the foreign savings (Gonenc, Sahinoz and Tuncel 2010, 6). It is obvious that the changes in the countryÃ¢â¬â¢s economy have influenced the business sector. Turkey has opened international investment policy that has led to the reduction of the real long-term interest rates. The tendency can be easily followed. Figure 1.1. Real long-term interest rates in selected countries (OECS 2010) Date Turkey 2001 49.86 2002 24.96 2003 20.76 2004 14.04 2005 7.89 2006 8.21 2007 11.71 2008 8.38 2009 6.28 The lowered interest rate for a long term period has become a good stimulus for the business development in the country. The dynamic development of the business sector after the crisis is considered to be the great opportunity for economy development. Turkey should direct business development in two directions, macroeconomic credibility and microeconomic efficiency. The better functioning of the business center may be achieved via the continuing modernization and improvement of fiscal institutions, updating the standing of the international market standing in Turkey, reinforcing the competitiveness of the country products at the national and international arena. The country should pay attention to the following issues while improving the economy in the business sector, maintaining equal price, structure capital inflows, and reduce the energy import dependency. It is important to regulate the legal situation and legalize the necessary acts and policies necessary for the appropriate business functioning (Gonenc 2010). Problems with the Economy One of the problems the impacts the economy of Turkey can be attributed to current account (CA) deficit. Current account deficit can be defined as the case when then spending of a country exceeds its income, i.e. the savings are little, of compared with investments (Sekmen and Calisir 2011, 166). It should be mentioned that it is not necessarily a sign of worry, with a c urrent account deficit. Nevertheless, a sign of worry might emerge when the current account deficit is accompanied by a continuously increasing deficit of the trade (Sekmen and Calisir 2011, 167). It can be stated that such case is applicable to Turkey. The account deficit experienced by Turkey is stated to be harmful to the Turkish economy by many economists and observers. Many of those economists even claimed that the deficit signs a new crisis for Turkey, similar to prior currency crises. The asymmetric increase in imports and exports experienced in September 2010 can be seen as an important factor in that matter contributing to the way current account deficit impacts the Turkish economy. The increase of trade deficit, reaching $6.7 billion, is almost 67% (Sekmen and Calisir 2011). The problem of trade deficit can be seen in relation to Gross Domestic Product (GDP), and GDP growth. A study of the relationship between GDP growth and microeconomic variables of FDI, trade, and infla tion, applied to the case of Turkey, revealed a negative relation between the coverage of the import coverage of exports, and GDP growth. That is, the higher the imports cover exports, the lower the growth of GDP (ErÃ §akar 2011). Another important finding can be seen related to the influence of the FDI supply in the country, and whether it is sufficient to guarantee an economic growth for Turkey. Study of the causal relationship among microeconomic variables such as money supply, real exchange rate, FDI, and trade balance for the period 1989-2009 showed that there is no direct relationship between FDI and output (Sekmen and Inancli 2011, 164). Such finding indicates another important problem impacting the ec0onomy of Turkey, which is an inadequate level of spending (Sekmen and Inancli 2011). Among the most recent events which implications can be seen influencing the economy of Turkey is the cut of the one-week repo rates, which indicates the move of the government to curb the infl ow of FDI into the country. The implications include the short term weakness of the lira (Monetary Policy Shift: Key Implications 2011, 3). Other than that, it can be stated that performance of Turkey is on track for recovery from the financial crises, although any deterioration of the economic environment in the next period will make Turkish economy vulnerable (Monthly review: August 2010 2010, 12-13). Among the positive notes that should be mentioned is also the recovery of confidence indicators, which nevertheless, did not reach the neutral threshold of 100 (Monthly review: August 2010 2010, 15). Fiscal Policy Stance The fiscal policy in Turkey should be viewed in the context of the budget deficit, which is the one of the main themes of the economic policy in Turkey. The stance of the government toward such issue can be seen favorable, according to an analysis of the period between 2001 and 2008. Despite the history of volatile inflation and budget deficits in the history of Turk ish economy, a study of the government expenditures and revenues in Ucal, Meltem, and Asli (2010) showed the fiscal policy in Turkey was sustainable through period from 2001 to 2008, which indicates the governmentÃ¢â¬â¢s adherence to its budget constraints during g the implementation of the programs of the International Monetary Fund (IMF) and the World Bank (Ucal and Alici 2010). The most recent demonstration of the governmentÃ¢â¬â¢s stance of the policy is the fiscal rule which oblige the government to move toward a fiscal deficit of 1% of GDP in three years, given that GDP growth of 5% is achieved. Such issue can be seen two-fold on the one hand, the sustainability of the fiscal policy shows the governmentÃ¢â¬â¢s commitment, while the postponement in acceptance of the fiscal law can be seen as an evidence that Ã¢â¬Å"the government is not eager to commit itself to fiscal tightening in 2011Ã¢â¬ (Monthly review: August 2010 2010, 12). Although the postponement of the accep tance of the rule, might be seen as a political move in general, in the long term it does not change the trend established by fiscal policies adopted by the country during the last decade. An example of the latter can be seen through the fact that the October 2010 deficit being measured 31.4% lower than the deficit recorded during the same period a year earlier (Fiscal Improvement To Continue 2011). Thus, it is forecasted that the deficit will continue narrowing into 2015, and is projected to reach 1.9% (Fiscal Improvement To Continue 2011, 3). Monetary Policy Stance The implementation of monetary policy implies the bankÃ¢â¬â¢s use of tools to attain desired level of inflation and GDP growth rates. One tool can be seen through interest rates, which are efficient policy instruments for banks to use in their monetary policy (Khakimov, Erdogan, and Uslu 2010, 319). Other considerations paid by banks when developing monetary policy can be seen through inflation and price stability. Th e use of interest rates as a tool in the monetary policy is supported in Turkey, where a review of 2010 and the most recent shifts indicate that the central bank uses rates, namely, one-week repo rate as the main instrument in the financial system. In 2010, the bank maintained the same rate throughout, which aim can be seen through the decision to maintain the rates as they are, and keep them low. The basis of such strategy can be seen through the way inflation trends remained consistent, and thus, the bank made its forecasts, considering that the rate will not change during 2010 (Monthly review: August 2010 2010). At the end of 2011, the bank made the decision to cut interest rates, from 7% to 6.5%, with the aim of curbing the foreign short-term capital inflow. The expansion of money supply lowers interest rates, and accordingly, lower interest rates do not attract foreign capital looking for higher interest rates. The increase of the money supply depreciates the lira, in the short term, but, at the same time might act through increasing net exports and a decrease in trade deficit (Baumol and Blinder 2006, 386). Such policy can be understandable when combined with fiscal policy, where policy recommendations amount to tightening fiscal policy loosening monetary policy (Baumol and Blinder 2006, 389). Such combination acts so that the decrease in budget deficit does not slow economic growth, and thus, the monetary stimulus, which decreases interest rates, compensates the fiscal policy (Baumol and Blinder 2006, 398). Conclusion The present paper provided an analysis of the economy of Turkey. The paper started with providing an overview and a background of the countryÃ¢â¬â¢s economic and political environment. An analysis of the countries important and export showed that despite of steady growth, which was only interrupted by the 2008 financial crisis, Turkey maintains a trade deficit, which can be attributed to inadequate spending. Additionally, the paper provi ded an indication of the comparative advantages of the country, which can outline the importance foreign capital and the reliance on exports as a source of money inflow. In that regard, the paper showed that the main problems influencing economy in Turkey are related to trade deficit, current account deficit, and budget deficit. The identified factors were found to be negatively correlated with GDP growth, which cannot be compensated by the flow of FDI into the country, given the current spending. The analysis of the monetary and the fiscal policy in Turkey revealed that the country chosen the right policy to pursue, which a contracting fiscal policy and a loosening monetary policy. Those policies will ensure that decreasing the deficit will not come at the expense of economic growth in the country. Thus, it can be concluded that the economy currently resides at the state of revival after the financial crises, already showing signs of steady growth that should be supported by the ad opted monetary and fiscal policies. The recommendations might include focusing on account deficit, and compensate for the coverage of the imports by importing intermediate goods, that should be used to increase production. Reference List Baumol, William J. and Alan S. Blinder. 2006. Macroeconomics : principles and policy. 10th ed. Mason, Ohio: Thomson/South Western. Ãâ¡arkoÃÅ¸lu, AliÃâ¡, and Barry M. Rubin. 2003. Turkey and the European Union: domestic politics, economic integration, and international dynamics. New York: Taylor Francis. Economy Watch. 2011. Turkey Trade, Exports and Imports. Stanley St Labs 2011 [cited 12 Apr. 2011]. Available from economywatch.com/world_economy/turkey/export-import.html. ErÃ §akar, Mehmet Emin. 2011. Growth, Foreign Direct Investment, Trade and Inflation: An Empirical Application on Turkey. Middle Eastern Finance and Economics (9), eurojournals.com/IRJFE_62_14.pdf. Europe CEIC Database Team. 2011. Could Turkey Become Tourism Ã¢â¬Å"Hot-spotÃ ¢â¬ in 2011? Internet Securities, Inc 2011 [cited 12 Apr. 2011]. Available from http://blog.securities.com/2011/01/turkey-tourism-2011/. Fiscal Improvement To Continue. 2011. Emerging Europe Monitor: South East Europe Monitor 18 (1): 3-3. Ghanim, David. 2009. Turkish Democracy and Political Islam. Middle East Policy 16 (1): 75-84. Gonenc, Rauf, Sahinoz, Saygin and Ozge Tuncel. 2010. TurkeyÃ¢â¬â¢s improving integration with the global capital market: Impacts on risk premia and capital costs. Economic Department Working Paper 812, [cited 12 Apr. 2011]. Available from oecd.org/officialdocuments/displaydocumentpdf/?cote=eco/wkp(2010)68doclanguage=en. Gonenc, Rauf. 2010. Ã¢â¬Å"Turkey: Exiting the crisis on a stronger path.Ã¢â¬ OECD, September 21, [cited 12 Apr. 2011]. Available from oecd.org/dataoecd/13/5/46067652.pdf. Ã °NCE, Meltem, and M. Hulusi DEMÃ °R. 2009. Comparative Advantage and Competitiveness: Case of Turkey and Germany. Review of Social, Economic Business Studies (6), [cited 12 Apr. 2011]. Available from http://fbe.emu.edu.tr/journal/doc/56/56Article07.pdf. Index Mundi. 2011. Turkey Exports. Index Mundi 2011 [cited 12 Apr. 2011]. Available from indexmundi.com/turkey/exports.html. Index Mundi. 2011. Turkey Imports Index Mundi 2011 [cited 12 Apr. 2011]. Available from indexmundi.com/turkey/imports.html. Khakimov, Obid A., Levent Erdogan, and Nilgun Caglarirmak Uslu. 2010. Assessing Monetary Policy Rule in Turkey. International Journal of Economic Perspectives 4 (1): 319-330. Monetary Policy Shift: Key Implications. 2011. Emerging Europe Monitor: South East Europe Monitor 18 (2):3-3. Monthly review: August 2010. 2010. Country Report. Turkey (8): 11-18. OECS. 2010. Ã¢â¬Å"Economic Survey of Turkey 2010.Ã¢â¬ [cited 12 Apr. 2011]. Available from oecd.org/document/26/0,3746,en_33873108_33873854_45958682_1_1_1_1,00.html. Onis, Ziya. 2009. Beyond the 2001 Financial Crisis: The Political Economy of the New Phase of Neo-liberal Restructuring in Tur key. Review of International Political Economy 16 (3): 409-432. Sekmen, Fuat, and Mustafa Calisir. 2011. Is There a Trade-off between Current-Account Deficits and Economic Growth? The Case of Turkey. International Research Journal of Finance and Economics (62), eurojournals.com/IRJFE_62_14.pdf. Sekmen, Fuat, and Selim Inancli. 2011. Foreign Direct Investment, Trade Balance and Domestic Performance in Turkey: A Causality Analysis. Middle Eastern Finance and Economics (10), eurojournals.com/MEFE_10_13.pdf. Sheehan, Sean. 2004. Turkey. Singapore: Marshall Cavendish. Ucal, Meltem, and Asli Alici. 2010. Is Fiscal Policy Sustainable in Turkey? Emerging Markets Finance and Trade 46:89-93. Utkulu, Utku, and Dilek Seymen. 2004. Revealed Comparative Advantage and Competitiveness: Evidence for Turkey visvis the EU/15. In European Trade Study Group 6th Annual Conference. Nottingham: ETSG. Title Date Analysis Source Turkeys benchmark rate cutspurs selloff in financial stocks 22.01.2011 The lowering of liras value leads to the increase of the dolar in the country and reduction of the ecnomic activities. At the same time, the central bank has an opportunity to raise reserve requirements with the purpose to slow credic growth. Some call this event a buying opportunity, but it is too early to judge. The trade appears at risk. Turkeys benchmark rate cutspurs selloff in financial stocks. 2011. Gulf News, January 22. Turkey: An Exception In The Middle East 11.02.2011 The information presented in this article helps us understand that the situation in Turkey is rather positive in the comparison with other countries in the Middle East. Turkey way to the internation market has been smooth and progressive, while others countries have to do everything fast and without specific system. Furthermore, the successful geographical position may be really useful for the country development and leadership among the countries in the Middle East Jin, Zhong. 2011. Turkey: An Exception In Th e Middle East. San Francisco Chronicle, February 11. January CAD surges 91.4 pct to reach $5.86 bln 12.03.2011 Turkey has faced the problem that its current account deficit has increased on 91.4% in March. The main outcome this problem may lead to is the reduction of the foreign trade and the trade deficit in general. Tourism business suffers mostly as it is considered to be one of the main international opportunities the country can offer. The increase of the tourism revenue is going to be put on the customersÃ¢â¬â¢ shoulders who may refuse to visit Turkey for high prices which are considered to be unfairly increased. January CAD surges 91.4 pct to reach $5.86 bln. 2011. Todays Zaman, March 12. Turkey bonds rally as oil prices slump 17.03.2011 The oil prices slumped 4.5% on March 16 and it led to the unstable situation of Turkey at the international market. The reduction of oil price may lead to the chaos at the global arena that is sire to slower the economic growth in the c ountry. TurkeyÃ¢â¬â¢s lira is predicted to increase if the change of the prices of il are going to jump for raising to lowering. Turkey bonds rally as oil prices slump. 2011. The Gulf Today, March 17. Turkish exporters to get $300 mln in World Bank loan 19.03.2011 If Turkey manages to get the loan of $300 million, it will be able to complete the Turkeys export program directed at helping the exporters to expand capacity and improve competitiveness at the international market. The capacity of banks is also going to continue developing. The leasing companies will be able to offer loans for the companies which deal with exporting products. The World bank is going to provide loan for a long term period, so the country will have an opportunity to settle business and then pay its debt. Turkish exporters to get $300 mln in World Bank loan. 2011. Todays Zaman, March 19. Turkish CB keeps interest rates steady in Sept 19.01.2011 The article discusses the decision of the central bank in Turkey to keep the interest rates on hold. Considering the date the article was issued, the article shows the commitment of the bank that was established during the 2010 to keep the rates at the same pace, and decrease them in 2011. Eventually, the bank decreased the rates. Hurriet. 2011. Turkish CB keeps interest rates steady in Sept. Hurriet -Daily News.com 2011 [cited 19 Jan. 2011]. Available from hurriyet.com.tr/english/finance/9930048.asp?scr=1. OECD releases glowing figures for Turkeys growth, inflation levels. 30.01.2011 A statement by Organization for Economic Cooperation and Development (OECD) in which it predicts continual growth for Turkey, over the next five years. The prediction also covers a higher growth rate than the other European country. Considering the implemented policies, those predictions hold true, while an analysis of the inflation rate for the period between January and April show a downward trend. Hurriet. 2011. OECD releases glowing figures for Turkeys growth, inflation levels. Hurriet -Daily News.com 2011 [cited 30 Jan. 2011]. Available from hurriyet.com.tr/english/5550669.asp?gid=74. Turkeys inflation rate set to rise to double-digit figures 05.02.2011 An article in which the Turkish Statistical Institute argue that the inflation rate in Turkey will as high as 10.4 % in a year, after a 9.7 April. As of March the inflation rate remained at 4%. Hurriet. 2011. Turkeys inflation rate set to rise to double-digit figures. Hurriet -Daily News.com 2011 [cited 7 Feb. 2011]. Available from hurriyet.com.tr/english/turkey/9087247.asp?gid=231sz=5650. Turkey Leaves Rates on Hold 15.02.2011 The article follows with the banks decision to hold the rates on hold, after the predicted cuts that were successful for two months. The nmain aim is discouraging money flow, which appear to be consistent with the lira deppreciation. Oz, Erkan. 2011. Turkey Leaves Rates on Hold. Market Watch 2011 [cited 16 Feb. 2011]. Available from marketwatch.com/sto ry/turkey-leaves-rates-on-hold-2011-02-15. Turkeys foreign direct investments fall 45.5 pct in Jan-Jun term 03.03.2011 A report on a record breaking inflation rate in Turkey, which puts the need for Bank to increase interest rates. Hurriet. 2011. Turkeys foreign direct investments fall 45.5 pct in Jan-Jun term. Hurriet -Daily News.com 2011 [cited 3 Mar. 2011]. Available from hurriyet.com.tr/english/finance/9416031.asp?scr=1. Record low inflation takes heat off Turkeys c.bank 04.04.2011 A report of the fall of the numbers of direct investments, which supports the intention of the bank to cut the inflow of foreign investments through decreasing interest rates. Reuters News. 2011. Record low inflation takes heat off Turkeys c.bank-UPDATE 3. Thomson Reuters 2011 [cited 4 Apr. 2011]. Available from forexyard.com/en/news/Record-low-inflation-takes-heat-off-Turkeys-cbank-2011-04-04T122820Z-UPDATE-3.
Wednesday, February 26, 2020
Assessment and Analysis of Whether We Are Coming Closer to the Objectives of Delivering Sustainable Communities - Essay Example This increasing population means that there is a strong need to develop more housing to accommodate the growing population, while maintaining the liveability and usability of the existing infrastructure. However, considering the environmental consequences of creating more buildings, the question of housing is not limited to just making more houses to accommodate people. With the anticipated level of growth, it is essential that the new developments be made such that their impact on the environment can be minimised and environmental sustainability can be built-in from the start. The question of environmental sustainability, then, is not limited to construction of buildings alone, but to creating sustainable communities which also encourage minimal use of personal transportation, minimise pollution, and maximise preservation and regeneration of green areas and other natural resources. The concept of sustainable communities was brought forward in UK in 2003 by then Deputy Prime Minister , Mr John Prescott, through a ?38bn plan for economic, social, and environmental development (OPDM, 2003). He termed sustainable communities as Ã¢â¬Å"places where people want to live, and work, now and in the futureÃ¢â¬ . ... on services and housing caused by economic success, and reforming for delivery by ensuring right legal framework to support the action plan in the agenda. Appendix 1 shows the details of this budget for the different steps proposed in the policy document. This paper analyses the progress made in UK until now on these counts to assess how close UK has come to delivering sustainable communities. One of the key elements of sustainable communities is sustainable construction. The Cambridgeshire County Council has brought forward a guide for good practices on sustainable construction (Land Use Consultants, 2004). This guide illustrates how builders can make buildings that respect the environment and what key parameters builders must take into account in designing and constructing the buildings. These key parameters are: 1) Adapting to climate change: guidelines on ensuring healthy and comfortable environments for living and working through efficient landscaping and reducing the impact of natural disasters on buildings. 2) Energy: guidelines on minimising the amount of energy people need to use to lead their lives comfortably 3) Waste: guidelines on minimising the amount of waste generated and not reused in any way, in both demolition/ construction and occupation of buildings 4) Water: guidelines on encouraging the sustainable use and management of water resources 5) Materials: guidelines on minimising the wider impact of new developments through maximising the use of local, natural and sustainable materials II. Discussion The issue of delivering sustainable communities is systematically considered within the UK government planning, one of the 6 levers identified in the OPDM report of 2003. This is evident from the fact that the Sustainable Communities Act was made a law in
Sunday, February 9, 2020
Homework - Assignment Example 5.Go to Earth-Sun in the "to scale" mode. Click to show the masses of each object. At this point the Earths period should be 365 days (if it is not, just hit the reset button). Double the SunÃ¢â¬â¢s mass. What is approximately the new period? Dont forget your units! 8. According to Newtons theory of gravity, if I double the mass of the Sun, by how much should the velocity of the Earth change? How much should the period change?. Does this agree with what you found in question 5? If not, why not? Now imagine that instead of orbiting around an object you are orbiting inside of an object of uniform density (this is possible if you are orbting inside of a thin gas with no drag for example). We will assume the orbit is circular. Newton showed that the only mass that matter for your orbiting motion is the mass inside of the radius you are orbiting as the figure below shows. where V is the volume which goes like the radius cube. The mass inside of a radius r increases as the volume increases. As I move the satellite further away from the center, there is more and more mass inside the orbit. The figure below shows the measured speed of stars (in km/s) orbiting a neighbor galaxy as a function of distance from the center of that galaxy. Kpc stands for kilo parsec and it is an astronomical unit to measure distance. On the figure, we added the image of the galaxy. Amost all the visible matter ends at 4 kilo parsec. Can you explain the graph between 1 kpc and 4 kpc? What do you think is going on between 4 kpc and 6 kpc? Between 4KPC and 6 KPc Ã¢â¬â Despite an increase in the radius increases the the velocity is increasing. The increase in velocity can be attributed to the fact that the masses of the of the bodies beween 4kpc and 6kpc are
Thursday, January 30, 2020
Homosexuality in the Middle East Essay Homosexuality lacks respect in the Middle East. It is considered to be an immense scandal. Nowadays, the idea of gay marriage is completely disregarded. They donÃ¢â¬â¢t display it on Arabic television. The media is controlled by the government, and hence they are not allowed to air or publish such Ã¢â¬ËdishonorsÃ¢â¬â¢. Therefore, most Arabs remain unaware and ignorant. There are undoubtedly many homosexuals in the Middle East who hope to get married. However, the chief problem is that itÃ¢â¬â¢s against the law. The Middle Eastern governments have placed rules and regulations against homosexuals. If they were to alter their rules, the Arab community may begin to accept the gay community. Furthermore, another chief problem is that the government is heavily influenced by religion. All prevalent religions do not approve of gay marriage. Hence, if marriage were to become civil, gay marriage might be permitted in the future. But in order for all these actions to take place, the Arab community must unite and try to make a change. Gay marriage should become an acknowledged concept in the Middle Eastern society. The Arab governments are one of the principal obstacles that are preventing gay marriage from happening. They decree many rules and regulations that are against homosexuals. One such example of these laws is Article 534 of the Lebanese Penal Code, a result of French colonialism, in consideration of diehard religious groups and sects. Article 534 states that: Ã¢â¬Å"sexual intercourse contrary to nature is punishable for up to 1 year in prisonÃ¢â¬ . This article, in essence, deprives a large Lebanese demographic from partaking in ordinary civil life, and restricts their civil liberties. By restricting civil liberties, this so-called Ã¢â¬Å"lawÃ¢â¬ prevents the democratic process from occurring smoothly for all citizens, and is an obvious black mark on the face of the supposedly Ã¢â¬Å"freeÃ¢â¬ Lebanese democracy. This article also prevents Lebanese homosexuals from being properly integrated into society, and they therefore seek other Western societies, that are more open to homosexuality, and emigrate in search of a better life. Article 534 includes Ã¢â¬Å"the act of Sodomy, or any sexual intercourse between two men, which includes penetrationÃ¢â¬ . The article, theoretically and legally, does not concern intercourse that does not include penetration, and does not include sexual acts between two women. The execution of this article has been scarce in modern day Lebanon, and so a conclusion can be made that it is used instead to prevent any debate on sexuality from occurring. One Helem article cites that Ã¢â¬Å"The association of unnatural acts with homosexuality contradicts modern scientific foundations, especially psychological and medical studies and research that removed homosexuality from the list of mental illnesses, something recognized by the World Health Organization on 17 May 1992, a date that was announced as Ã¢â¬Ëthe international day against homophobiaÃ¢â¬â¢. Ã¢â¬ (Helem) (Helem is the first LGBT organization in Lebanon). In Islam, homosexuals (called qaum Lut, the people of Lot) are condemned in the story of Lots people in the Quran (15:73; 26:165) and in the last address of the Prophet Muhammad. However, attraction of men to Ã¢â¬Å"beautiful male youthsÃ¢â¬ has been a part of the culture of some Islamic societies and the attraction is not usually looked down upon in itself. When it comes to lesbian homosexuality, some have argued that since penetration is not involved, female homosexual acts should be less severely punished. Islamic law is most concerned with openly gay public behavior, so there is no strong disapproval of homosexuality if it is not displayed in public (Homosexuality, Oxford Concise Dictionary of World Religions. ) Ã¢â¬ËStruggle for Gay Rights in the Middle EastÃ¢â¬â¢ is an article that was written by Hala Gorani for CNN. One of the situations mentioned in the article is how the Egyptian police invaded a homosexual hangout on the river Nile called the Queen Boat. Some of the people who were involved in the hangout were arrested and imprisoned for sin. The article also notes that when governments raid homosexual gatherings, they do it for political instead of ethical reasons. Brian Whitaker, in his paper Ã¢â¬ËUnspeakable Love: Gay and Lesbian Life in the Middle EastÃ¢â¬â¢, argues that homophobia in Arab Muslim countries Ã¢â¬Å"is not a religious or a cultural issue, but is foremost a political problem of which culture and religion are reliant factorsÃ¢â¬ , arguing that Homophobia in the Muslim world can be attributed to the attitude this world has to its counterpart, the modern secular European and Western civilization. Whitaker goes on to write that attitudes concerning homosexuality in the Middle East have become increasingly intertwined with politics on an international scale, stating that Ã¢â¬Å"claiming that homosexuality is anti-Islamic, or against the Arab Ã¢â¬Ënature,Ã¢â¬â¢ has become a way to oppose Western policiesÃ¢â¬ . The Muslim world views gay rights as a Western import, imposed on them by the changing world in view of globalization, and the stronger Ã¢â¬Å"imperialist forcesÃ¢â¬ . But, even if the government were to change its laws concerning the issue of homosexuality, the peopleÃ¢â¬â¢s view on the subject might not change at all. Since the conservative citizenÃ¢â¬â¢s view on the issue is so deeply rooted in his beliefs already, it wouldnÃ¢â¬â¢t matter to him/her if the government changed a few rules and stuck some new wording in the Penal Code. They would still think the same thing, and say the same hateful things. Another major difficulty is the social rejection of gays in the modern Arab society. Most Arab people disregard and disrespect homosexuals. A recent article in BBC news written by John Muir called Ã¢â¬ËIraqi gay men face Ã¢â¬Ëlives in hellÃ¢â¬â¢ describes how a young boy was caught wearing womenÃ¢â¬â¢s underwear. Men poked the boy with sticks and interrogated him, asking why he was dressed in such a manner. The boy frightfully explained that he was trying to aid his familyÃ¢â¬â¢s monetary situation. Another event that was mentioned in MuirÃ¢â¬â¢s article was harassment. Homosexual Iraqi men were often harassed and brutally murdered for being what they were. Several dead men were found lying near placards with the terms Ã¢â¬ËpuppiesÃ¢â¬â¢ and Ã¢â¬ËpervertsÃ¢â¬â¢ written on them. Another article called Ã¢â¬ËPeople Think itÃ¢â¬â¢s a Mental IllnessÃ¢â¬â¢, published in The Guardian, by Brian Whitaker accounts his travels around the Middle East, where he interviewed many homosexuals. One of the people he interviewed told him that his brother actually threatened him at gunpoint when his homosexuality was discovered. Article 534 of the Lebanese Penal Code, mentioned earlier, is used as Blackmail in Lebanon. One BBC article, in an interview with HelemÃ¢â¬â¢s co-ordinator George Azzi states that The authorities use this article to blackmail homosexuals by asking for money or using violence or insults, all the while knowing that it will cost them nothing at all to do so. The article also states that many gay men have lost their jobs after being uncovered as gay, and they suffer from verbal and physical abuse and degradation (especially in the case of more effeminate gay men). This hardship also exists within the family, where a majority of gay men have been threatened with murder and are kicked out of their houses. The article goes on to say that if a gay man or woman were to be a doctor or lawyer, he/she would be in a very tough situation, where people would lose f aith in their ability to treat them or give them legal advice. The only for the gay Arab community to escape social judgement is simply by keeping themselves in the closet, and restricting their beliefs only to themselves, in order not to get caught. This repression of attitude would definitely lead to major psychological and social problems for Arab homosexuals, most notably depression and social isolation from oneÃ¢â¬â¢s social group, in order not to be judged or criticised for who he/she is. The gay individual may also start to feel denial because of his/her sexual orientation, and would start considering suicide as an easy way out. All these factors would not work well for the gay community, and would therefore lead to its downfall, and then the government would have won. Another important issue that needs to be tackled in the idea of civil marriage in the Middle East; traditionally, marriages are conducted by a Priest or a Sheik, with no regard to inter-religious marriages (sort of like a religion caste system). People of different religious backgrounds who want to get married usually travel to European countries, where civil marriages are conducted routinely, in order to obtain a legal marriage license and elope. Civil marriage has not been recognized in many, if not all, Arab countries, and multi-sectarian Arab governments steadfastly oppose the idea of legalizing civil marriage, where the idea of civil marriage takes Ã¢â¬Å"GodÃ¢â¬ out of the sacred bond between man and woman. Since civil marriage is illegal in these countries, so is marriage between homosexual members of society, as they cannot get married in a church of mosque (even though some priests who are open to the idea may officiate gay marriages inside their respective churches, but the marriage would still go unnoticed by the government). Both the former Lebanese Minister of Interior Affairs and the current Maronite Patriarch (surprisingly enough) have voiced their opinions on being with the idea of civil marriage in Lebanon, but no action to pass a law concerning this issue has taken place as of yet. If civil marriages are legalized in these countries, then same-sex partners have the right, and the choice, to get married if they wanted to. In one Guardian article, entitled Ã¢â¬ËWhatÃ¢â¬â¢s wrong with being gay and Muslim? , Brian Whitaker talks about how many Arab same-sex couples, or same-sex couples of Muslim descent in Britain are looking to civil marriage there in order to have a legal binding marriage contract. Whitaker gives one such example, writing that Ã¢â¬Å"two lesbians arrived at their local register office to tie the knot, both were Muslims and both were wearing hijabsÃ¢â¬ ; saying that that was the first Muslim gay marriage to take place in England. The question still remains, if civil marriage we re to become legal at some point in the future, would Arab same-sex couples still want to tie the knot locally? They would remain afraid and weary of the repercussions that might result as a product of their marriage, and of the backlash of the conservative religious communities in these countries, and would probably not consider local Arab civil marriage a good solution, and would travel abroad anyway. In closing, the issue of homosexuality in the Middle East is still a taboo topic, regardless of the winds of change that might be sweeping part of the region. The point is they have still not had their effect on the region as a whole. The question of homophobia in these areas should be answered, is it one of culture and rejecting diversity, or is it a question of rejecting foreign politics and holding a united front against the western world? In any case, homophobia should not even still be a phenomenon of our 21st century civilization, whether locally or abroad. It is mainly a discussion on racism in general, and racism as a whole should have been abolished a long while ago. One day, the Middle Eastern governments will alter their challenging policies and people will begin to understand how ordinary gay marriage is. People should not feel troubled to be exposed and generate awareness to others around them. The face of the Middle East should case to be the face of extremism and terrorism, and should start being the face of a shining beacon of revolution and change, and especially of tolerance and unity. Marriage is first and foremost based on love, so why deny same-sex couples their right to love?
Wednesday, January 22, 2020
Business Plan for Internet Site - Crowdz.com 1. 0 Executive Summary Ã Ã Ã Ã Ã There are 3 major elements that helped incubate the idea behind Crowdz.comÃ¢â ¢Ã¢â ¢. The first element would be individuals, the average Joe on the street. The second, organizations that cater solely to entertainment more specifically, Clubs. Third the banning of cigarette companies from advertising direct nor indirectly in Malaysia. Ã Ã Ã Ã Ã Crowdz.comÃ¢â ¢Ã¢â ¢ has its total idea, image, and vision to thank for by the presences of individuals, specific age group 18 Ã¢â¬â 35 years old, with no idea as to where to party for the weekend or any other day for that matter. A group of four guys were sitting down at a cafÃ © down town at Bangsar. Then the question came, Ã¢â¬Å"Where shall we party tonight?Ã¢â¬ There were silence for the next 10 minutes, serious brainstorming was at work. However none had a clue as to where to go. Hence ending up in a lousy joint where they had partied last week. Spending at a place, which cannot really give the satisfaction that, they were really looking for. Ã Ã Ã Ã Ã Now, this is a true story. Clubbers, partygoers in general donÃ¢â¬â¢t really know where to go for a good night out. ItÃ¢â¬â¢s boring to be venturing the same old place. There is not much advertisement for new and up coming clubs, even if there is, it doesnÃ¢â¬â¢t really hit the market that well, as due to lack of funds to be splurged on advertising. The advertising would be minimal and hence not create a big BANG so to speak to the masses. A few questions had been thrown in for the idea behind Crowdz.comÃ¢â ¢Ã¢â ¢. Questions pertaining to Clubs: 1)Ã Ã Ã Ã Ã In what ways can small middle and even large scale clubs able to adve... ... Office Fixtures and Portal Designing. Ã Ã Ã Ã Ã Cost / Month is RM 28,500 inclusive of Salaries. Actual initial 3 months is projected not to have any Sales. Ã Ã Ã Ã Ã A sponsored cigarette company will gain from indirect advertising via the internet, which complies to the banning of advertisments by cigarette companies, under the Malaysia Law. Hence providing the Sponsored Capital of RM 2 Million. Ã Ã Ã Ã Ã Projected Balance Sheet and Income statements are based on a tax projection of 28% Ã Ã Ã Ã Ã A projected assumption of how many members and club that will sign up with Crowdz.comÃ¢â ¢ is provided. This is vital to comprehend as it will give a basic understanding of the Projected Income Statement and Balance Sheet that is provided.
Tuesday, January 14, 2020
What nursing theory or theorist is used in your place of employment, or which one should be used? Why? What is the link between concepts and theories? How are theories tested? What is the difference between theory-guided practice and evidence-based practice? What nursing theory or theorist is used in your place of employment, or which one should be used? Why? What nursing theory or theorist is used in your place of employment, or which one should be used? Why? What is the link between concepts and theories? How are theories tested? What is the difference between theory-guided practice and evidence-based practice? 6. How are theories tested? General Questions Ã¢â¬â General General Questions In chapter 1, specific explanations are given of the terms Ã¢â¬Å"disabilityÃ¢â¬ and Ã¢â¬Å"handicapÃ¢â¬ . Create a scenario of a student with a Ã¢â¬Å"disabilityÃ¢â¬ and discuss at least three Ã¢â¬Å"handicapsÃ¢â¬ that could be needlessly imposed on this student. Include discussion of what the special education services team should do to eliminate those handicaps. If you plan to move to a different state, or if you are going to live on the campus, think about whether you really need to bring your car. It may be difficult to find a place to park, especially in crowded cities. In addition, you may struggle to pay for the registration, insurance, and high gas prices. This is definitely true if you do not work. The work NUR 513 Week 3 Discussion Questions includes solutions on the following questions: What nursing theory or theorist is used in your place of employment, or which one should be used? Why? What is the link between concepts andÃ theories? How are theories tested? What is the difference between theory-guided practice and evidence-based practice? WhaÃ¢â¬ ¦ Click this link Now for Complete Course Ã¢â¬â https://bitly.com/1xpug6m If you plan to move to a different state, or if you are going to live on the campus, think about whether you really need to bring your car. It may be difficult to find a place to park, especially in crowded cities. In addition, you may struggle to pay for the registration, insurance, and high gas prices. This is definitely true if you do not work. General Questions Ã¢â¬â General General Questions In chapter 1, specific explanations are given of the terms Ã¢â¬Å"disabilityÃ¢â¬ and Ã¢â¬Å"handicapÃ¢â¬ . Create a scenario of a student with a Ã¢â¬Å"disabilityÃ¢â¬ and discuss at least three Ã¢â¬Å"handicapsÃ¢â¬ that could be needlessly imposed on this student. Include discussion of what the special education services team should do to eliminate those handicaps. Ã¢â¬ ¦
Monday, January 6, 2020
How to Choose a Sure-fire Topic for Your Persuasive Speech It goes without saying that the success of your persuasive speech depends hugely on the topic you opt for. This is the first thing that will either catch the attention of your audience or will doom you to miserable failure. Therefore, you shouldnÃ¢â¬â¢t treat this initial stage of your preparation light-heartedly and fix upon some random topic. To ensure that your persuasive speech produces a favourable impression, it is recommended to follow some basic guidelines while choosing its topic. Firstly, you can look for a topic by brainstorming the things you are passionate about. You have to be interested in the topic if you want to persuade your audience to feel in a particular way. For instance, you can focus on your hobbies, like music or sports. The next step would be to think of a controversial topic related to your area of interest. In case you are a fan of video games, you could give a speech on whether it makes teenagers more aggressive. However, research the opposite point of view, because your speech has to be argumentative and consider different opinions. Alternatively, you might concentrate on local events or hot issues at your campus, as those will really grasp the attention of your audience. At the same time try to avoid the topics that might hurt your listenersÃ¢â¬â¢ feelings, such as racist, anti-gay or other sensitive subjects. Moreover, it is not advisable to choose something that is too general or has already been discussed by students lots of times. I nstead, be creative and narrow down the topic, or bring up its up-to-date aspect. All in all, do not be afraid to experiment and try new approaches. Originality has always been held in high esteem, so take advantage of it!