Cheap essays
Friday, September 4, 2020
Laws of Blasphemy and Human Rights Is there a modern connection Essay
Laws of Blasphemy and Human Rights Is there a cutting edge association - Essay Example At a moment that lawful advancements have come to concentrate on the fervor made by reestablished discussion, the social and social importance of the offense and the legitimate systems have been addressed. Over the span of this paper, I have endeavored to inspect the law of impiety in vulnerabilities encompassing the effect of secularization and social pluralism, which contribute it with significant representative result. This brings to the front the ongoing recovery of disrespect laws through an appraisal of the incomprehensible idea of its belongings, with specific accentuation on those troubles that have been modeled for radicalism as a political way of thinking that attempts to guide through a period of majority and agreeable co - presence. Along these lines, the importance of lewdness is identified with the topic of the status of religion in contemporary western social orders in setting of the fitting reaction of the lawful apparatus of different nations, just as the contention that exists between the craving to justify the offense and the longing to balance the insurance it bears. Further, as of late, there have been various records of the boundaries of the law which has started a basic examination of its relationship to laws managing the contiguous zones of dissidence, vulgarity, shock to open fairness and offenses against open request. In this manner, discord over the eventual fate of the impiety law emerges at the convergence of a bunch of obstinate discussions which have rendered the theme as very touchy and difficult to pass judgment. It is currently basic to graph a short history and development of lewdness to comprehend the excursion of its advancement and how it has come to fruition to be related with Human Rights in the current day. Having initially been a piece of standard law, in the seventeenth century the offense of obscenity was pronounced a precedent-based law offense by the Court of King's Bench, deserving of the custom-based law courts. From the sixteenth century to the mid-nineteenth century, sacrilege against Christianity was held as an offense against precedent-based law, aside from being utilized a lawful instrument to oppress agnostics, Unitarians, and others. Every contumelious censures of Jesus Christ, all profane laughing at the Holy Scriptures, and uncovering any part thereof to hatred or scorn, lastly all irreverences against God, including denying His being or fortune, were deserving of the fleeting courts with fine, detainment, and flogging. In 1656, the Quaker James Naylor endured whipping, marking and the puncturing of his tongue by a scorching poker. A demonstration of Edward VI (canceled 1553 and resuscitated 1558) set a discipline of detainment for chiding the ceremony of the Last Supper. Further, it was in the 1676 instance of Rex v Taylor, when the Lord Chief Justice Sir Matthew Hale expressed that Such sorts of disrespectful words were an offense to God and religion, however a wrongdoing against the laws, State and Government, and in this way culpable in that Court.... Christianity is bundle of the laws of England and along these lines to censure the Christian religion is to talk in disruption of the law. (www.google.com) Those denying the Trinity were denied of the advantage of the Act of Toleration by a demonstration of 1688. Normally called the Blasphemy Act, a demonstration of 1697-1698, expressed that if any individual, instructed in or having
Wednesday, August 26, 2020
Determining if Bagasse Contributes to Belize Electricity Resource :: Renewable Energy Environment Essays Papers
Deciding whether Bagasse Contributes to Belize Electricity Resource Designs Missing Boyle expresses that ââ¬Å"Bioenergy is the general term for vitality got from materials, for example, wood, straw, or creature squander, which were once living materialâ⬠(p 106). The vitality put away in a living being in any event, when itââ¬â¢s dead is known as biofuel. This fuel is equipped for creating vitality. A biomass utilized for making bioenergy in Belize is bagasse. The bagasse that is delivered in Belize is made by the Belize Sugar Industries. Horticulture is the foundation of the Belizean economy, and one of the most significant yields is sugar stick. ââ¬Å"In 1994 there were 2,165 stick ranchers developing sugar stick in Belize, most in little homesteads in the Orange Walk and Corozal areas. This paper furnishes the peruser with a concise knowledge on the wellsprings of Belizeââ¬â¢s power. Boyle expresses that ââ¬Å"Increased recuperation of squanders, joined with improved effectiveness of change to power, could result in up to fifty GW of creating limit from the sugar business world wideâ⬠(p 119). Bagasse is the biomass staying after sugar stick stalks are squashed to remove their juice. It is comprised of 50% of fiber, forty-eight percent dampness, and two percent of sugar. The web reference book expresses that ââ¬Å"a sugar manufacturing plant delivers about 30% of bagasse out of its absolute crushingâ⬠(Wikipedia.org). Bagasse is frequently utilized as an essential fuel hotspot for sugar factories, when consumed in amount; it produces adequate warmth vitality to flexibly all the necessities of a run of the mill sugar plant, with vitality to save. Boyle states ââ¬Å"The absolute vitality substance of the yearly buildups of the worldââ¬â¢s two fundamental yields, sugar and rice, is assessed as 18Ej-like the aggregate for calm cropsâ⬠(p 119). In Belize sugar stick and rice are two of the yields that produce capital for the nation. Be that as it may, Belize is as yet having an issue providing its occupants with a consistent progression of power. The electrical force get goes on an off every now and then. ââ¬Å"During the dry season Mexico supplies in excess of 50% of Belizeââ¬â¢s electricityâ⬠(Belize Electricity Limited). The remainder of the power is creates through diesel generators and the dams. The damââ¬â¢s supplies should deliver around 30% of the power required. At the point when Mexico needs power they cut the power that they sell Belize and use it.
Saturday, August 22, 2020
Link Between Illness and Sense of Embodiment
Question: Examine about theLink Between Illness and Sense of Embodiment. Answer: Presentation Patients have been known to experience a few changes during their recuperation period. Ailment can cause a few changes in patients, some automatic, while others are automatic. Notwithstanding, the progressions happen in a patients body or mental express that brings a great deal inquiries to researchers most definitely. Specifically, what is the patient disposition towards the recuperation and how they will in general carry on in endeavor to adapt to their sickness? Disease can be so upsetting particularly face to face practices, socially or mentally. There are along these lines a few different ways that patients will in general adapt to ailment by exhibiting feeling of epitome. In this paper, I expect to expound a few different ways that patients embrace to adapt up to sickness and different ways that attendants have had the option to help patients adapt to disease. Notwithstanding that, I will give a definite depiction on a portion of the exploration completed to decide the do this. To begin with, accounts can signifies separating tales about people's experiences of infirmity are genuine activities in therapeutic human science, where the sickness story fills in as a key theoretical fixation and a conspicuous research methodology. Despite this, tolerably negligible sociological thought has been associated with examining the political, money related and moral movement at play in what we most likely suggest as the commodification of illness experiences (Longo, and Haggard, 2012). By the last we mean the rising of different and covering markets wherein illness stories are made, flowed, used and exchanged, creating an impetus in different courses for different people (Antelius, 2009). Scratch instances of such commodification are the creating business segment forever accounts about people's experiences of disorder (named autopathographies (Aronson 2000) or, somewhat disparagingly, crippled lit and sadness journals); the profitable sharing of information about ailment experiences by means of electronic systems administration media; the plan of patients' accounts by prosperity establishments and various relationship for fund-raising; and the amassing, assessment and estimation of patient experiences by academic authorities for a grouping of reasons, for instance, estimating the idea of human administrations organizations. It very well may be battled that failure contemplates have intentionally dismissed the subject of impaired epitome remembering the ultimate objective to disassociate inadequacy from its securing in helpful foundations and social orders. What is lost in this methodology is the way subjectivity adds to our general cognizance of sickness. Individuals don't experience ailment in withdrawal from one another, however rather manage these social experiences in manners which fuse their subjectivity. Constant infection changes one's start of oneself and alters how one considers his to be her body as working in-and-with-the-world (Conrad, and Barker, 2010). This experience can be conceptualized by investigating representation, which implies the troupe of human practices which make and give a body its place in ordinary everyday presence (Gray, 2009).The lived inclusion of the provocative or emotional body. In infection, individuals have issues continuing to be bodies, particularly the sorts of b odies they have reliably been. The accounts that people tell about living with unlimited sicknesses reflect how affliction changes a man's inclination of character. In infection, the twofold pieces of encapsulationturning into a substitute individual while proceeding as before individualrequire new and increasingly uncertain goals to the issues of the body-self. Concerning YouTube, get-togethers of individuals with various wellbeing conditions, including various sclerosis, blazing gut disease, or development, use this phase as a contraption for searching for prosperity information and as a conversation for sharing individual infection stories or getting analysis and social help from others (Longo, and Haggard, 2012). For example, examinations of accounts on YouTube made by people with various sclerosis and relating comments show that various individuals a significant part of the time disclose singular wellbeing information in this online condition , and move chronicles to give treatment direction to other people and offer individual experiences pursuing and gaining remedial consideration (Naslund, Grande, Aschbrenner, and Elwyn, 2014) . With affirmation announcing the in all cases usage of YouTube among different patient get-togethers, in the current survey we hope to examine comments introduced on YouTube by individuals who self-recognize a s having a SMI, taking the perspective that really happening peer reinforce through online interpersonal interaction may be worthwhile. We will probably observe how individuals with SMI team up on YouTube with their partners, knowing the risks of disclosure, and whether this may fill in as a way to deal with manage their own specific recovery and offer assistance to other people. There a few stories, these are In the Stability Narrative, the person's heading remains unaltered as for result: the affliction is no better, yet it is furthermore not any more dreadful. I could recount to a security story in which I am feeling incredible, as of late not thoroughly well or my sufficiency record could be at a low degree of prosperity (Davis, and Walker, 2010). I feel ghastly, for a long time, with no change, anyway no declining of my condition either. By intricacy, in the Progressive Narrative, there is improvement toward steady change. Reliably I feel a smidgen better. Or, then again, a medicine I am taking is having any sort of impact and I feel better because of it. Or, then again, I saw a counsel and now I see things in a sudden manner. I sense that I am recuperating my old self (Mazanderani, Locock, and Powell, 2013). Clearly, it is the Progressive Illness Narrative that is the darling of others. It is less difficult to find a horde of individuals for this record shape than both of the other two, with the possible unique instance of the robustness infection story, when one is consistently practically well. Perhaps the most terrifying disease account and the one that makes the people who have it generally tense and most uncertain whether they will find people to listen to it, is the Regressive Narrative. In this story there is a slipping or in invert slide. At the point when I have been in a presence condition in which the fundamental story I can tell about my exemplified experience is one in which I am not giving indications of progress, that is a regressive infection account, I have felt like I am grasping an unobtrusive piece of Styrofoam, chipped off from a barge, and that I am bobbing in the sea, waves moving over me (Gray, 2009). I don't know whether or not I have the duration to hold tight, nor whether or not the little, fake piece of demolition I stick to can keep me light. Settled in this image, anyway concealed and indistinct, is the fantasy of ensure, from quarters cloud. Adaptability in disorder is a response to a change inside one's body. The change is experienced speedily and erratically, provoking a difficulty of good ways from one's out of nowhere new body. The associate of instruments with beat significant obstructions makes a mutt of body Furthermore, mechanical assembly (Carel, 2012). As Merleau-Ponty points out, external props can transform into a vital bit of one's lived body. He expresses: the outwardly disabled man's stick has halted to be an inquiry for him, and is didn't perceive anything else for itself; its point has transformed into a zone of affectability, expanding the expansion and dynamic range of touch, in addition, giving a corresponding to find (Longo, and Haggard, 2012). End In this manner, plainly patients body will in general associate with the earth such that will make them adapt to sickness. Studies show this isn't a demonstration of urgency however a natural way that ought to be grasped by even medical caretakers. One such condition that brings this inquiry into an unmistakable picture is the issue of those with psychological sickness presented to visual stage like YouTube. These gatherings of people will in general offer their accounts to the overall population. References Antelius, E., 2009. Whose body is it at any rate? Verbalization, encapsulation, and the production of narratives.Health:,13(3), pp.361-379. Carel, H., 2012. Phenomenology as an asset for patients.Journal of Medicine and Philosophy,37(2), pp.96-113. Conrad, P. what's more, Barker, K.K., 2010. The social development of sickness key experiences and strategy implications.Journal of wellbeing and social behavior,51(1 suppl), pp.S67-S79. Davis, D.L. what's more, Walker, K., 2010. Re-finding the material body in birthing assistance through an investigation of hypotheses of embodiment.Midwifery,26(4), pp.457-462. Ferguson, A., Worrall, L., Davidson, B., Hersh, D., Howe, T. what's more, Sherratt, S., 2010. Portraying the experience of aphasia recovery through metaphor.Aphasiology,24(6-8), pp.685-696. Forthright, A.W., 2002.At the desire of the body: Reflections on sickness. Houghton Mifflin Harcourt. Dim, J.B., 2009. The intensity of narrating: Using account in the medicinal services context.Journal of Communication in Healthcare,2(3), pp.258-273. Longo, M.R. also, Haggard, P., 2012. What is it like to have a body?.Current Directions in Psychological Science,21(2), pp.140-145. Mazanderani, F., Locock, L. also, Powell, J., 2013. True to life esteem: towards a conceptualisation of the commodification of disease stories in contemporary healthcare.Sociology of wellbeing illness,35(6), pp.891-905. Naslund, J.A., Grande, S.W., Aschbrenner, K.A. also, Elwyn, G., 2014. Normally happening peer support through web based life: the encounters of people with serious psychological sickness utilizing YouTube.PLoS One,9(10), p.e
Pablo Picassos Bequest of Gertrude Essay -- Essays Papers
Pablo Picassos Bequest of Gertrude Pablo Picasso was a well known craftsman in his time. I have consistently discovered his work fascinating and one of a kind. He has a style all his own and, I accept this was what made him so popular and simultaneously disputable. The work of art I have picked is called ââ¬Å"Gertrudeâ⬠. Pablo Picasso was conceived in Spain to Jose Ruiz and Maria Picasso. He later embraced his motherââ¬â¢s increasingly recognized original surname Picasso. Picasso was a youngster wonder who was perceived as such by his craft instructor father who capably drove him along. Picasso was instructed for a couple of years and after he went to the Academy of compelling artwork in Curna Spain where his dad educated. Picassoââ¬â¢s early drawings, for example, Study of A Torso, After A Plaster Cast (1894-1895 Musee Picasso, Paris, France) exhibits the significant level of specialized capability he had achieved by the age of 14 years of age. (Encarta 2000) Picassoââ¬â¢s fine art is delegated current craftsmanship witch began in the mid 1880ââ¬â¢s to the mid 1970ââ¬â¢s. In 1885 his family moved to Barcelona, Spain after his dad got a showing post at that cityââ¬â¢s institute of expressive arts. Picasso was confessed to cutting edge classes in the institute after he finished in a solitary day the selection test that candidates were generally given a month to finish. In 1897 Picasso left Barcelona to promote his examination at the San Fernando foundation in Madrid witch was situated in the Spanish capital. His scholastic investigations didn't keep going long in Madrid. He was discontent with the preparation he was accepting and he left and returned back to his home in Barcelona Spain. Picasso visited Paris some time around the mid 1900ââ¬â¢s. After that visit he concluded that he would move back and fourth among Spain and Paris. He did this until 1904 when he at long last settled down in the French capital. Right now Picasso began to investigate and explore different avenues regarding diverse craftsmanship styles that were current. This part of his life is known as the blue time frame. This was a result of the blue tones Picassoââ¬â¢s artworks had. During the time of 1905 to 1906 an extreme change occurred in Picassoââ¬â¢s style of painting by and by. His selection of hues and state of mind were obvious in this time of his life. He utilized unobtrusive pinks and grays that were regularly featured by more splendid tones. This was tone as his rose period. (Rodenbeck, Compton's, Joseph) Along w... ...of them incorporate the Tragedy 1903, Girl Reading at the Table 1834, Crucifixion 1934, Dorra Maar 1937 thus numerous others. Picasso had an extremely interesting feeling of style. His ability and open investigation to attempt new and various things made him an incredible craftsman in his time. He had numerous gifts, he painted as well as, he was an artist, he did drawings, he worked with earthenware production and he was likewise an artist which nobody extremely new about. This is just a little look at this craftsman various life and profession as a craftsman. Picasso has contributed a ton to current craftsmanship. He has accomplished such a great deal and we have the benefit of having the option to see his work showed in exhibition halls. Book reference Comptonââ¬â¢s Encyclopedia 2000 Eakin, Hugh. (Nov. 2000) Picassoââ¬â¢s Party Line. Craftsmanship News V. 99 no. 10 p. 186-90 Encarta Encyclopedia 2000 Lobby, James. (Winter 2000), Picasso As A Sculptor. Present day Painters v. 13 no4 p. 48-50 Joseph, Daniel. (Jan 2001), ââ¬Å"Picasso: figures and portraitsâ⬠: Kunstforum Wien. Craftsmanship News v. 100 no1 p. 160. Rodenbeck, Judith, Fall 1993 ââ¬Å"Insistent Presence In Picassoââ¬â¢s Portrait of Gertrude Steinâ⬠Columbia University http://www.showgate.com/tots/Picasso/piclink.html
Friday, August 21, 2020
The United States, The Melting Pot Essays - American Culture
The United States, The Melting Pot Essays - American Culture The United States, The Melting Pot The United States has Changed from a Melting Pot to a Vast Culture with Varying Racial Backgrounds. The United States, made by mixing or ?dissolving? numerous societies together into one normal man, known as an American. ?Present day correspondence and transportation quicken mass relocations from one landmass . . .? to the United States (Schlesinger 21). Ethnic and racial decent variety will undoubtedly occur in the American culture. As movement detonated, ?. . . a faction of ethnicity ejected both between non Anglo whites and among nonwhite minorities.? (22). Up to this point, the main nation who has made a multiethnic culture work, was the United States. Hector St. John de Crevecoeur stated, in America ?. . . people of all countries are liquefied into another race of men.? Is this despite everything valid? The formation of the U.S. ?. . . was not to save old societies yet to fashion another, American culture. (Schlesinger 22). In the twentieth century, the blend isn't working, and the entire thought is enduring an onslaught (Evans 76). The United States has transformed from a mixture to a huge culture with shifting foundations. In a long time previously, America was an assortment of Chinese, Germans, Italians, Scots, Croats, and so on., all hankering opportunity. Today, even the straightforward idea of an English-talking country is blurring off the mainland. ?In the past times, foreigners were educated in English in the government funded schools.? (76). In America today, youngsters are educated in German, Italian, Polish, and 108 different dialects. The greater part of these schools are subsidized by 139 million government dollars. As of not long ago, wanderers in the United States ached for permission in the public eye's standard. Presently these gatherings request division from society, to have the option to save and moderate their traditions and dialects. The most serious issue with this interest, is whatever convenience happens, must be finished what's more, acknowledged by the getting society (Chavez 60). The expanding housing coordinated toward outsider culture stresses numerous Americans. Americans dread the exceptional treatment allowed to settlers will impact the binding together power of the nation. ?Today, the pattern is toward multiculturalism, assorted variety and adjusting the newcomer, instead of on the newcomer adjusting or herself to . . .? a differing society (61). Numerous Americans accept the country has lost control of its limits. Concerned if movement proceeds, the U.S. economy will endure, and that work will be rare. Foreigners ?. . .are flooding the government assistance rolls and are vigorously associated with crime.?(Morganthau 18). The expansion number of U. S. migrants effects the quantity of employments accessible. The issue is, workers are either profoundly qualified ( take American occupations) or are not exactly gifted in any field (increment government assistance). The view on migration today is one of a delay the economy, rather than a lift (18). In 1995, new migration laws transfigure the American culture. Therefore, races bunch together to protect their traditions. The present migration issue likewise expands the racial pressure confronting America today. One consequence of prejudice in the United States is detest gatherings and packs. Both have just a single thing in commonviolence! ?The very utilization of the term ?of shading? - which grasps blacks, . . .? Asians, Native Americans and Hispanics, ?. . . numerous whom are ethnically white - suggests that these unique gatherings are fortified just by not being of Northern European plummet.? (Henry III 73). One case of these abhor bunches is the Ku Klux Klan, known for their scorn toward African Americans, Catholics, and Jews. The developing decent variety of the American populace makes the fame of ?multiculturalism? furthermore, ?Political Correctness? detonate. The fundamental capacity of this furor is to raise minority confidence. Seen by a few, the obstruction this makes isn't to improve things. Multiculturalism joins gatherings and isolates them from the remainder of the nation. ?. . .Common freedoms and human rights is depicted as the base of all underhandedness . . . ? (Schlesinger 3). A positive methodology would have Americans quit considering themselves to be individuals from fundamentally one ethnic gathering, picking up their complete character from that gathering. White or dark, Hispanic or Asian, they should imagine themselves essentially as Americans. Brookhiser, Richard. ?The Melting Pot is
Wednesday, August 12, 2020
Can Antidepressants Make You Feel Worse
Can Antidepressants Make You Feel Worse Depression Treatment Medication Print Can Antidepressants Make You Feel Worse? By Nancy Schimelpfening Nancy Schimelpfening, MS is the administrator for the non-profit depression support group Depression Sanctuary. Nancy has a lifetime of experience with depression, experiencing firsthand how devastating this illness can be. Learn about our editorial policy Nancy Schimelpfening Medically reviewed by Medically reviewed by Steven Gans, MD on May 11, 2016 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on February 04, 2020 Depression Overview Types Symptoms Causes & Risk Factors Diagnosis Treatment Coping ADA & Your Rights Depression in Kids Rob Julia Campbell/Stocksy United While antidepressants are quite effective at relieving depression,?? it is possible that some patientsâ"in particular, young peopleâ"may temporarily feel worse when they first begin taking an antidepressant or when they make changes in their dosage. Black Box Warning In October 2004, the U.S. Federal Drug Administration (FDA) issued what is known as a black-box warning?? stating that certain antidepressants, when used in young people 24 years old and under, could increase their risk for suicidal thoughts and behaviors. However, the FDA noted that there was no association found between antidepressant use and suicidal thoughts and behaviors in adults over the age of 24. In addition, antidepressants actually appeared to reduce the risk in adults aged 65 and older. This black box warning,?? which is the most serious type of warning that can be issued regarding a prescription medication, was ordered following a thorough review of all available clinical trials, including unpublished ones, regarding the use of antidepressants in children and adolescents. The study?? included a total of 24 short-term trials of nine different antidepressants used in over 4,400 child and adolescent patients. In addition, there were 295 short-term trials of 11 different antidepressants involving 77,000 adult patients. While the risk of suicidality varied between drugs, the pattern of seeing increased suicidality in young people remained true for almost all drugs studied. It should be noted that no suicides actually occurred among the young people studied. Although there were some suicides among the adults studied, the numbers were too few for any conclusions to be drawn about whether the antidepressants used were a causal factor. It must be borne in mind that depression is also a known risk factor for suicide and cannot be ruled out in these cases. The black box warning further suggests that patients of all ages should be monitored closely when they begin treatment with an antidepressant. They should be watched for any signs of worsening depression, increased suicidality, or changes in behavior. In addition, families and other caregivers should be instructed to contact the patients physician or another appropriate medical professional in the event that any problems occur. What to Watch For In particular, the FDA recommends that a healthcare provider be contacted if youâ"or a person who you are caring forâ"experience any of the following:?? Thoughts of suicide or deathSuicide attemptsNew or worsening depressionNew or worsening anxietyNew or worsening irritabilityFeelings of agitation or restlessnessPanic attacksProblems with sleepingAggression, anger or violenceImpulsivenessExtreme increases in activity or talking (signs of mania)Any other unusual changes in mood or behavior While a black box warning might cause some to feel concerned, they should be aware that the benefits to be obtained from treating depression with an antidepressant greatly outweigh the risks in the majority of cases. Untreated depression is quite serious and is much more likely to lead to suicide than is an antidepressant. The warning is simply provided so that people can be aware of this potential effect and take appropriate measures to get help if they do begin to feel worse.
Wednesday, June 24, 2020
Indian Economy Has Gone Through Many Phases Finance Essay - Free Essay Example
Since 1991 till date Indian economy has gone through many phases. It has seen many contemporary developments in terms of changing trends in economic growth, inflation, fiscal deficits, capital investment flows (FDI FIIs),current account and capital accounts convertibility, foreign exchanges reserves etc. In 1991 when India faced major crunch of foreign exchange reserves, it opened up its economy and introduced many economic reforms with more thrust towards globalisation, privatisation and liberalisation. Over the years, out of these various economic contemporary phenomena, the one which has assumed great importance in the economic scenario of the Indian economy has been foreign capital flows (Foreign Institutional investments constituting major portion of total foreign investment in India ). These inflows have had both positive as well as negative impact on the health of the Indian economy. On the positive side, these capital inflows have raised the level of economic development by augmenting the domestic investment, contributed towards increased market capitalisation, more competitiveness in the capital market and widened financial intermediation. But at the same time, these capital inflows have also posed several threats to the economic and financial system of the recipient economy like inflationary trends, appreciation in exchange rate, overheating of the economy and unmanageable volatility in the capital market due to the possibility of their sudden withdrawal. Thus over the year s due to their increasing magnitude, the FII flows have impacted various economic factors in the Indian economy directly and indirectly like volatility in the stock market, risk-return patterns, inflationary trends, economic growth, foreign exchange reserves, decision on capital account convertibility and so on or vice versa. Over the years, FIIs have been showing diversified magnitude and changing trends with various underlying reasons for the same. During the initial year 1992-93, when the FII flows started flowing into India it just amounted to Rs 13 cr. because at this moment government was framing policy guidelines for FIIs. However within a year in 1993-94 the FIIs flow rose to `Rs. 5127 cr. increasing with 39338 percent because government had opened door for investment in India. Thereafter, the FII flows witnessed mixed trends over the years like from 1994-95 to 2008-09, FIIs showed negative comparative growth. However from 1995-96 to 2009-10, they have been showing comparative positive growth. There have been many reasons for these non patterned flows of FIIs in Indian economy. In 1997-98, FII inflow posted fall due to the South East Asian Currency Crisis. In 1998-99 FIIs also flew back. This was primarily due the economic sanctions imposed on India by US, Japan and other industrialized economies. These economic sanctions were the result of series of testing of nuclear bombs by India in May 1998. The slowdown in 2004-05 and 2005-06, 200 was on account of global uncertainties caused by hardening of crude oil prices and upturn in the interest rate cycle. During 2007-8 the whole world felt the heat of global financial crisis (popularly known as SUB-PRIME crisis) originated in USA. Even Indian economy could not remain unaffected from these global phenomena and in 2009-8-09 for the first time in the history since 1992 when FIIs first invested in Indian economy, it witnessed highest ever negative net investment outflow. During this period the gross purchases were ` 614575 and the gross sales were ` 6,60,386 Cr. It amounted to net out flow to the tune of ` 45,810 Cr. However as discussed earlier, FIIs flow has also shown positive trends over the last many years. In 2010 FIIs injected ` 1,12,000 cr.(net investment) in Indian equities. Even till date the trend is quite positive and F IIs has already made net investment to the tune of ` 7335 cr. till March 2011. It has been the experience over the years, Indian economy has not been immune to these FIIs flows. They have affected various economic factors of the economy considerably like volatility in the stock market, risk-return patterns, inflationary trends, and economic growth, foreign exchange reserves, market capitalisation of the companies listed with BSE, NSE, and government policy with regard to decision on capital account convertibility and so on or vice versa. Viewed from other perspective, there are many economic and financial determinants which have pulled and pushed the flows of FIIs into and out of India economy. Like Returns on Indian stock market, risk and inflation in foreign country might have positive impact on FIIs inflow whereas risk and inflation in domestic country and stock market returns in foreign country might have negative influence on FIIs investment to India. In addition to this, market capitalization, macro economic determinants like economic growth, liberalisati on policy (i.e. more capital account convertibility ) , burgeoning amount of foreign exchange reserves, decisions taken on tax benefits for FIIs in India might also have significant positive influence on FIIs flow in short-run as well long run. From time to time Government of India has taken many positive as well as precautionary initiatives to enhance the flow of FIIs into Indian economy but at the same time ensuring stability of stock market and protecting the interest of the shareholders. Like foreign firms and high net-worth individuals have been permitted to invest as sub-accounts of FIIs, FII ceiling under special procedure has been enhanced to 49 per cent, dual approval process of SEBI and RBI has got changed to single approval process of SEBI, Investment cap for FIIs in Government securities and corporate bonds has been increased and so on. Thus there are many perspectives attached with FIIs flows into Indian economy. From the problem of scarcity in the early 1990s to the problem of plenty now, the large foreign inflows into our economy has assumed utmost importance in recent times and managing such inflows have become a challenge in itself. Such inflows have thrown up new policy challenges as these inflows have influenced various macro level economic variables like inflation, , foreign exchange reserves, exchange rate (money value visa vis foreign currency), market capitalisation and so on etc. . Moreover, as India is in the process of liberalizing the capital account, it would have significant impact on the foreign investments and particularly on the FII, as this would affect the stability of the financial market in the short run as well as in the long run. And imposition of capital controls will reverse this process towards full convertibility of the rupee. This issue is extremely important for contemporary policy ma kers since managing such large FIIs inflows into India in recent times has come to haunt both the RBI and the Indian government.. Therefore in the light of the above scenario it has become important to study and analyse FIIs magnitude, trends , determinants and their impact upon various macro level factors, and the impact of policy decisions taken by Government of India, RBI, capital market regulator (SEBI) to enhance and the flow of FIIs. It is hoped the insight offered by this research work will help us to construct suitable policies in such a way that on the one hand the Indian economy will enjoy a large inflow of FIIs but at the same time there will not be unnecessary enhanced degree of volatility in the capital market. This will go a long way in cementing and consolidating the economic scenario of Indian economy in general and confidence of the investors in particular1. Review of Literature : Since 1990 till date several research studies have been undertaken on FIIs Flow in India. However their results have been mixed in nature and at certain time contradictory with each other also. Some of the major studies and their summarised findings have been discussed in the following pages: Classens (1993) analyzed the return and diversification benefits of investing for an investor in an industrial country with emerging markets and barriers which prevent a free flow of funds. Study found that equity portfolio flows can be affected by efficiency of domestic stock market as well as market segmentation created by barriers. Investors perception and attitude may thus matter as much as formal barriers. Chuhan (1994) analyzed portfolio switching behaviour by investors between different emerging markets. Study has found that institutional investors from Canada, Germany, Japan, United Kingdom (UK) and United States (US) have not contributed to the growth in portfolio investment in emerging markets (the countries where they have invested). These investors, who otherwise are major players in international capital markets, have approached developing countries securities markets with great caution. Institutional investors generally enter markets with significant liquidity, market capitalization and claim to have a longer time horizon in their risk return assessment than other investors such as performance based retail traders. Study concluded that any country that shows good track record in its reform process may expect to have a lower risk and e higher returns from portfolio investment, thus, consequently large portfolio flows are expected to go to such countries with good track records of liberalization, fiscal consolidation and regulatory reform than to those emerging markets that do not exhibit such a performance on sustained basis. Gooptu (1994) undertook research on Are Portfolio flows to Emerging Markets Complementary or Competitive He concluded that there is a competition between developing countries for portfolio investment from abroad. The study analyzed gross portfolio investment flows for a sample of eight emerging markets over the period of 1989 to 1993 using quarterly data. Four countries in each geographical region, namely, India, Indonesia, South Korea and Thailand in Asia while Argentina, Brazil, Chile and Mexico in Latin America have been examined. All of these countries have experienced large portfolio investment inflows in recent years. However, the gross portfolio flows to Latin America has been observed to be more significantly related to East Asia (Indonesia, South Korea and Thailand) than those to South Asia i.e., India in this study. According to the study, it is important for the policy makers in the developing economies to provide right signals to international capital markets in terms of economic and domestic institutional reforms to successfully compete with other developing economies to attract portfolio investment from abroad. Study found that to attract more private capital flows policy makers must continue to provide right signal to foreign institutional investors in terms of economic and domestic institutional reforms that attract portfolio investment from abroad. Study concludes that there is a need to continue for increasing pace of reforms in any given emerging stock market in order to maintain the steady portfolio flows to developing countries. Agarwal (1997) found that world stock market capitalization had a favourable impact on the FPI in India. FII inflow depends on stock market returns, inflation rates (both domestic and foreign), and ex-ante risk. In terms of magnitude, the impact of stock market returns and the ex-ante risk turned out to be the major determinants of FII inflow. Kumar (2001) investigated the effects of FII inflows on the Indian stock market represented by the Sensex using monthly data from January 1993 to December 1997. Kumar (2001) inferred that FII investments are more driven by Fundamentals and they do not respond to short-term changes or technical position of the market. This finding is in contradiction with the findings of Rai and Bhanumurthy (2003) who did not find any causation from FII to return in BSE using similar data between 1994 and 2002. However, Rai and Bhanumurthy have also found significant impact of return in BSE on NFI. Chakrabarti (2002) made an empirical investigation to see the inter relationship between FIIs flows and equity returns in India in the Indian context. Following the Asian crisis and the bust of info-tech bubble internationally in 1998-99 the net FII declined substantially by US$ 61 million. Using the monthly data between May 1993 and Dec. 1999, Chakrabarti (2001) found that FII flows and stock returns are strongly correlated in India. The entire sample period was sub-divided into Pre-Asian Crisis and Post-Asian Crisis period to capture the impact of the Asian crisis on the net FII inflows. The study found that there appears to be significant differences in the nature of FII flows before and after the Asian crisis. In the pre-Asian crisis period any change in FII found to have a positive impact on the equity returns ( FIIs acted as independent variable and other variable like return acted as dependent variable). But in the post-Asian crisis period it was found the reverse relation exi sted that is the change in FII was mainly due to change in equity returns ( where FIIs acted as dependent and other variables like return acted as as independent variable). It was also found that FIIs did not have any informational disadvantage in comparison with domestic investors in India, since the US and world return were not significant in explaining FII flows. Besides, changes in country risk ratings for India did not appear to affect the FII flows. The beta of the Indian market with respect to SP 500 index seemed to affect the FII flows inversely, but the effect disappeared in the post-Asian crisis period. Thus there appeared to be significant differences in the perception of FII flows before and after the Asian crisis. In the post-Asian crisis period i.e. from 1998 onwards, returns on the BSE National Index became the sole driving force behind the FII flows. Eun Rensick (2002) observed that international portfolio Investment has been growing rapidly in recent years due to (a) deregulation of financial markets (b) introduction of new investment vehicles such as international mutual funds, country funds and internationally cross listed stocks which allow investors to achieve international diversification without incurring excessive costs. Despite sizable potential gains from international diversification, investors allocate a disproportionate share of their funds to domestic securities displaying the so called home bias. Home bias is likely to reflect imperfection in the international financial markets such as excessive transaction/information costs, discriminatory taxes for foreigners and legal/institutional barriers to international investments. Mukherjee P (2002 ) undertook research study on Foreign Institutional Investment in the Indian Equity Market. Contrary to the general perception of foreign investors activities having a strong demonstration effect and driving the domestic stock market in India, evidence from causality tests conducted suggests that FII flows to and from the Indian market tend to be caused by returns in the domestic equity market and not the other way round.( returns acted as the driving force i.e independent variable ) Batra A (2003) in their study on The Dynamics of Foreign Portfolio Inflows and Equity Returns in India used both daily and monthly data in order to understand the trading behaviour of FIIs and returns in Indian equity market. It was found that there is strong evidence of FIIs chasing trends and adopting positive feedback trading strategies at the aggregate level on a daily basis. However there is no evidence of positive feedback trading on a monthly basis. The results of our analysis also indicate that foreign investors have a tendency to herd together in their trading activity in India. The trading behaviour and biases of the FIIs do not appear to have a destabilizing impact on the equity market. Trivedi Nair (2003) in their study on Determinants of FII Investment Inflow to India concluded that any investments, either domestic or foreign, would depend heavily on the risk factors. Hence, while studying the behaviour of FII, it is important to consider the risk variable. But it was only Trivedi Nair who considered this factor in their study in 2003.. Further, they have decomposed it (risk) into realized risk (observed) ex-ante and unexpected risk. Ex ante risk is an observed component and is negatively related to FII. But the relationship between unexpected risk and FII is obscure. Hence, one needs to separate the unobserved component from the realized risk while examining the impact of risk on FII. Gordon and Gupta (2003) in their study on Portfolio Flows into India: Do Domestic Fundamentals Matter conclude that given the huge volume of investments, foreign investors could play a role of market makers and book their profits, i.e., they can buy financial assets when the prices are declining thereby jacking-up the asset prices and sell when the asset prices are increasing Hence, there is a possibility of bi-directional relationship between FII and the equity returns. Boss and Coondoo (2004) undertook study on Impact of FII regulations in India A time series intervention analysis of equity flows. In this study they examined the impact of regulations over FIIs in India and gave an interesting results that the restrictive measures aimed at achieving greater control over FII flows do not show any significant negative impact on the net inflows. They also found that FII restrictive policies mostly render FII Investments more sensitive to the domestic market returns and raise inertia of the inflow. Griffin and Nardari (2004) in their study titled Are daily cross-border equity flows pushed or pulled found that foreign flows are significant predictors of returns for Korea, Taiwan, Thailand and India, indicating that foreign investors are buying before market index increases. Increasing trends of FIIs inflows can act as a predictor for upward trend in the value of index or vice versa. FII and Stock Index show positive correlation, but fail to predict the future value. They also found that contemporaneous flows are positive and highly significant in India. Kumar SSS (2005) in his study on Role of Institutional Investors in Indian Stock Market examines the pulling and pushing role of Foreign Institutional Investors in Indian stock markets. He finds using granger causality test that the market movement can be explained using the direction of the funds flow from these investors. Rai and Bhanumurthy (2006) in their study on Determinants of Foreign Institutional Investment in India studied and analyzed the determinants of foreign institutional investment in India using monthly data from January 1994 to November 2004. The study revealed the positive association of FIIs investment with return on BSE Sensex, inflation in US (home country) ; and negative association with inflation in India (host country), return on SP 500 index, ex-ante risk on BSE and ex-ante risk on SP 500 index. Thus empirical estimates seems to be perfectly in consensus with the proposed theoretical model, except for ex-ante risk in US stock market, which adversely affects the FII flow to India. This could be due to the dominant position of US stock market. However, the ex-post risk neither in US nor in India affected FII inflow to India. Study also did not find any causation running from FII inflow to stock market returns in BSE as it was found by some existing studies (Gordon Gupta, 2003). Study concluded that stabilizing the stock market volatility and minimizing the ex-ante risk would help in attracting more FII inflows. Otherwise there would be adverse impact of non-fundamental factors on FII behaviour which in turn would affect the real economy in the long-run. They further studied the impact of news on FII flows and found that the FIIs reacted more (sell heavily) to bad news than to good news. Saji kumar (2006) in his study titled FII vs. Sensex: An Emerging Paradigm analyses the performance of Sensex in terms of market Capitalisation , movement of Sensex, Returns on Sensex, trade turnover and Sensex P/E ratio and found out that they are significantly related to the surge in FIIs inflows. The behaviour of returns on Sensex and volatility has been more stabilizing due to external inflows and the fluctuations are largely due to withdraws by the domestic equity holders during the period considered. Singh (2008) in his study on FII Investment Flow and SENSEX Movement concluded that there are many variables which contribute to the positive growth of the stock market. FIIs investment is considered to be one of the biggest push after the economic fundamentals got stronger. The liberalisation of the FII flows into the Indian Capital Market since 1993 has had a considerable impact on Indian stock market. Babu and Prabheesh (2008) in their study on Causal relationships between Foreign Institutional Investments and stock returns in India concluded that the FII investments in India are more stock returns driven. Perhaps the high rates of growth in recent times coupled with an increasing trend in corporate profitability has imparted buoyancy to the stock markets, triggering off high and thereby leading to return chasing behaviour by the FIIs. Chakraborty (2007) undertook study on Foreign Institutional Investment Flows and Indian Stock Market Returns: A Cause and Effect Relationship Study. The empirical investigation of the direction of causation between FII flows to India and Indian stock market returns over the time period from April 1997 to March 2005 has revealed that FII flows are caused by; rather than causing the national stock market returns. However, the Indian policy makers must adopt a cautious approach while further liberalizing the FII policy by instituting in-built cushion within the system against the possible destabilizing effects of sudden reversal of FII flows. Rajput Thaker (2008) in their study on Exchange Rate, FII and Stock Index Relationship in India concludes that in globalized world, exchange rate, FII and Stock Index are important economic variable and reflect underlying strength and stability of business and an economy. Earlier study findings have revealed positive, negative and mixed relationship amongst those variables. They measure the relationship and its predictive power for the period ranging from January 2000 to December, 2005, in the light of third generation reforms in India. Using simple correlation and regression analysis it is found that no long run positive correlation exists between exchange rate and Stock Index except for year 2002 and 2005. FII and Stock Index show positive correlation, but fail to predict the future value. Kumar and Gupta (2010), in their study on FII Flows to India: Economic Indicators concludes that the trading by the FIIs in the Indian stock market is registering sharp hike every year but their net investment is often registering negative growth rate. It can be said here that they are much interested in making short-term profit by trading in the market. Their investment is equity oriented which accounts around 95 percent of the total investment. It has also been found that share of FIIs cumulative investment in the total market capitalization is below five percent and share of trading by FIIs in the total stock market turnover is around 17 percent. Though enjoying a lesser share in the stock market, the FIIs have emerged as the big custodian in the Indian capital market. Research Gap: Despite a number of initiatives and actions action taken by Indian government , there has been apparent problem of unwarranted volatility in the capital market due to unpatterned flows of FII in Indian economy. Due to these reasons, research in the field of FII flows in Indian Economy has received good deal of attention both for academicians and policy makers. However most of the researches have included stock return as the deciding variable for studying the determinants of FII in India. Since FII investment in stock market is sentiment driven, it is affected more or less by everything. The crucial task is to settle down on critical determinants which affect the flows of FII in India. In addition, majority of the research works have offered mixed findings. Even there are some studies which have contradicted each other in terms of their findings pertaining to the same data base. Like Kumar (2001) and Gordon Gupta, 2003). Whose findings (who supported the view that there is positive causation from FII to return in BSE) are in contradiction with the findings of Rai and Bhanumurthy (2003) ( who did not find any causation from FII to return in BSE using similar data between 1994 and 2002). More over there is a void in the field of research on FII flows in India as far as empirical investigations are concerned. After going through the review of literature, it is found that study and analysis on FII flows, magnitude, trends, determinants and the impact of government decisions need intensive investigation. This could fill part of the existing knowledge gap. Hence the study will be undertaken with these objectives. Objectives: 1. To study and analyse the magnitude and trends of FII flows in India since 2000 and make estimate for the same till 2015. 2. To study and analyse the impact of FII on Indian economy with special reference to stock market, exchange rate and foreign exchange reserves. (inflation) 3. To study and analyse the policy initiatives taken by Government of India and their impact. 4.To study and analyse the factors ( political and economic) affecting FII flow in and out of India. Research Methodology: Research Design: The proposed study will be an empirical research aiming at exploring the relation between the FII flows and various economic and financial factors operating in home and foreign country. Data Period of study: Data used for the study will be secondary in nature and the period of study will be from 2000 to 2010. Nature of Data: Research will be based upon secondary data. Methodology: The data (secondary in nature) on FII flows (sale and purchase ), return , risk will be collected from various sources/sites and the same will be analysed elaborately underlying the reasons for the same. And for estimating FII flows for future period and analysis of the same the relevant statistical techniques (as per their applicability ) like correlation, regression, standard deviation, and various econometrics methods will be used.
Subscribe to:
Posts (Atom)