Case on a childs childhood and upbringing

Case on a childs childhood and upbringing A kids childhood should be filled with happy moments, laughter and lovely toys, not memories that make one shudder even at the thought of it. Being a child should not be a painful journey. After all, children are equal holders of human rights and they should not be denied a safe environment to grow and mature. However, many adults have failed to see the importance of ensuring the well-being of these young innocent kids. Every single day, almost five children die as a result of child abuse and at least one report of child abuse is made every ten seconds (National). Child abuse may take the form of physical, sexual, emotional or neglect, with physical abuse being the most common (Child). The incidence of parents and other guardians consciously, or even willfully, committing acts that harm the children theyre supposed to be nurturing is a sad fact of human society that cuts across all borders of ethnicity and class (Joseph). Its high time for us to dig deep into the roots of this evil a nd look for solutions to combat the issue, before it continues to bring detrimental impacts to both the abused victims, and also, the society. Behind any actions, there is always a reason. Same goes to child abuse. Child abuse is triggered by many factors. According to Dr. Joel Akande, among all the contributing factors, lack of insight is the main culprit. Child abusers lack insight into the value of the children and this leads to sexual, verbal or physical exploitation of these kids (Akande). This may be due to the fact that the children are unwanted from unplanned pregnancy or they may be physically or mentally impaired (Akande). When these adults are engulfed in frustration or anger, children become their easy targets as they are vulnerable objects. If they were to value their precious kids dearly, they would always place the childrens happiness as their utmost priority. A responsible parent will try his very best to protect his child from any form of danger at all times. Apart from that, some caregivers lack parenting skills and they might have unrealistic expectations about child care (Saisan et. al). Child care is a daunting task, especially for working adults who have the heavy responsibilities to juggle between career and family. Without necessary parenting skills and support from others, caring for a child can be very stressful. Caregivers who are unable to handle child care stress tend to abuse their children as an outlet of their emotions (Gibson). They unleash their anger on the children to make themselves feel better as they have little control over their own emotions. This is especially evident in teen parents who have unrealistic and immature expectations about how much care babies and small children need (Saisan et. al). Also, parents under the power of drugs and alcohol can be abusive and easily neglect their children (Gibson). Drugs and alcohol abuse increases the likelihood of violence, because it interferes with communication among family members and abusers have lower abilities in controlling their behaviors (Miller et.al 357). Underestimation of the consequences of violence take s place at the same time as a result of interference with the brain centers that control socially unacceptable behaviors when adults abuse drugs and alcohol (Miller et.al). They lose their ability to judge whats right or wrong when they are not sober. Parents who come home drunk or high on drugs are unable to take good care of their children, make good judgments and have control over often-dangerous compulsions (Saisan et.al). The neglected children are often left to fend for themselves and scavenge for their basic needs such as food under such harsh environment. Herbert Ward once said, Child abuse casts a shadow the length of a lifetime. Indeed, it is true that child abuse leaves deep and long-lasting impacts on the victims, be it physically or emotionally. Physical abuse leaves visible signs, such as frequent physical injuries or unexplained bruises, cuts and wounds. This is often done by slapping, spanking and caning by the caregivers. Some may even resort to harsher means such as using hot iron and leather belt to harm their children. The visible physical scars and wounds will heal someday, but the emotional scarring will be embedded deep down in the childrens hearts throughout their lives. Victims of violence may face trouble developing self-confidence and a sense of self in them. It is difficult to overcome the core feelings of being worthless and hopeless, if a child is being repeatedly told that he is good for nothing since young (Saisan et. al). They no longer believe that they worth more or stand a place in the society. Abused child ren also cannot regulate and express their emotions effectively, in turn leads to unexplained anxiety, depression and anger in adult survivors of abuse (Saisan et.al). In addition, child abuse is a vicious cycle. Based on a literature review, Kaufman and Zigler have estimated that inter-generational transmission rate of child abuse is approximately 30 percent (186). This signifies that three out of ten people who were neglected in childhood will abuse their own children in the future. They are more likely to raise their children in the way they have experienced as a child, repeating the horrible cycle unconsciously. This causes unfavorable effects to the society as a whole, as the future leaders of tomorrow are not empowered to fulfill their potential as productive human beings, said Datin Seri Rosmah Mansor, the prime ministers wife of Malaysia (Getting). Hence, it is essential to put a halt to this terrible chain of abuse. First things first, caregivers have to be equipped with good parenting skills and it is vital to be mentally prepared for all the child care stress and challenges that follow. Parents should set realistic expectations of what children can handle at certain stages of development as it can help avoid frustrations and anger at normal child behavior (Saisan et.al). Emotional control and developing emotional intelligence is equally critical especially when one needs to handle children with special needs. Society has a pivotal role to play in combating this issue as well. The mindset of not wanting to encroach into other peoples lives should be discarded. One should not be reluctant to make a report to the authority if a child is suspected being abused by his caregivers. Society must realize that a small act of kindness can actually bring light into the darkness of a childs life. The earlier the victims get help, the hig her chance they have to recover from the abuse and not perpetuate the vicious cycle (Child). Truly, if there is evil in this world, it lies within the heart of mankind.

Technical communication in english

Ping Dunn Technical Communication – definition ETC is the theory and practice of effective info exchange at work- working communication ETC is a sub-discipline of communication studies (CSS) that deal with the processes of transmitting or exchanging info other sub-dish. Mass communication, mass media com, business com, health com, etc. ETC Is more general In theory than other sub-disciplines of CSS mass, health and business com deal with only one profession ETC is widely applied to the com. Activities In many professions except literature The reminisces and skills of ETC Is also applicable In other languages, not only English The purposes: 2 major – to inform- enables audience to understand info -to persuade – to convince audience to accept Idea ETC is not for the purpose to appreciate art or literature or drama What is effective communication? II. Features of modern communication Our age is the age of info. No technology – no work, life.Typical features o f MS – we have too much Info to deal with – we have to handle multidisciplinary info that we do not understand We cannot hanged the features in modern communication But we can change out language to make it work for us. We can make It simpler and easier. How to improve our language for effective communication? Ill. Pragmatic rules In ETC Deft: Rules of Language in use concerning the application of language audiences – in specific contexts – for particular purposes These rules work In specific conditions – to intend Rule 1: Follow the time order in process description: what happens first, comes first. OFF There exist different pragmatic rules of language in specific contexts. Sentences of he same meaning but different structures may affect the efficiency of communication. The objective of ETC is to put the pragmatic rules into practice so as to increase the efficiency of communication at work. IV. Three Essential Criteria of ETC 1. Comprehensibility 2. Usability 3. Accessibility 1 .Comprehensibility (easy to understand) Expressing info so the audience can understand it quickly and accurately English thinking process is lenient – like a line – easier to understand the Active better than the Passive Passive voice slows down thinking process and decreases efficiency Rule 1: Avoid using passive voice whenever possible Rule 2: Avoid using the â€Å"weak-verb + multinational† structure Rule 3: Avoid using noun-string pre-modifiers To increase comprehensibility of info you should learn technical rhetoric in writing. . Usability (Easy to use) Definition: Expressing your idea in a way that the audience can follow it to complete the task. Readers of MAT fall into three categories – professionals of the discipline – professionals of related disciplines – general readers or average people Technical writing is a writer-responsible writing It is the writers' responsibility to make their writing easy for all readers to use.To make your writing useful to the reader, you should conduct audience analysis: audience's education: write according to the lowest level education of your predicted audience; professional experience, cultural background, emotion and motivation: be reader-friendly, know your audience 3. Acceptability (Easy to find) Definition: Enabling your audience to find what they want quickly and accurately from large amounts of info. 1. A world-wall writing 2. A structured-writing or info-map

Life and Works of Toni Morrison Essay

The Life and Work of Toni Morrison Toni Morrison, a premier contemporary American novelist, chronicles the African-American experience. Morrison has written six novels and a collection of essays and lectures. Her work has won national and international acclaim and has been translated into 14 languages. Her writing has been described as lyrical and she has been applauded for â€Å"writing prose with the luster of poetry. † Morrison won the prestigious Pulitzer Prize in 1988 for her novel  Belovedand the coveted Nobel Prize for Literature in 1993. In a released statement, the Nobel Prize Committee of the Swedish Academy awarded the prize to Morrison â€Å"who in novels characterized by visionary force and poetic import, gives life to an essential aspect of American reality. † She is the first African-American writer to win the Nobel Prize, the first American woman to win in 55 years, and the eighth woman to win since the Nobel Prize was initiated in 1901. Morrison’s work, however, is not without controversy. In 1988, 48 African-American writers signed a letter protesting that her novel  Beloved  was overlooked for the National Book Award and the National Book Critics’ Circle Award. Many white authors and even some male African-American authors complained when she was selected for the Nobel Prize. They felt she received these awards due to preferential treatment based on race and sex. However, an overwhelming majority of the literary community agrees that such allegations are without merit. The Nobel Prize in Literature is not awarded for gender or race,† says Nadine Gordimer, the last woman to win the prize in 1991. â€Å"If it were, many thousands of mediocre writers might qualify. The significance of Toni Morrison’s winning the prize is simply that she is recognized internationally as an outstandingly fine writer. † Often the controversy surrounding such prizes are due in part to fierce competition for the money and prestige that are guaranteed to the rec ipients. Morrison has been hailed by experts for her ability to â€Å"re-imagine the lost history of her people. Others have recognized the Faulknerian influences in her work or that her plots have the sorrow of Greek tragedies. Along with the honor of winning the the Nobel Prize comes a cash award of $825,000. Morrison is currently the Robert F. Goheen Professor in the Council of the Humanities at Princeton University. Toni Morrison was born Chole Anthony Wofford in Lorrain, Ohio in 1931 during the Great Depression. (Toni is her nickname; Morrison is the name of her ex-husband. ) Her grandparents were former sharecroppers who migrated north from Alabama in 1910 to find a better life. Her family’s life was not without economic and racial hardships. They lived in a largely all-white town. Unpleasant memories of growing up there include being looked down upon because she was black. The only part-time job she could get at age 13 was cleaning people’s homes. In spite of these humble origins, Morrison received a B. A. from Howard University and a M. A. in English from Cornell University. Her master’s thesis was on writer William Faulkner, another Nobel Prize winner, whose work focused on life in the South. Upon graduation, one of her first round of jobs was teaching at Howard University. One of her students included writer Claude Brown who asked her to look at his 800 page manuscript. His book went on to become the classic urban autobiography  Manchild in the Promised Land. Another one of her students who went on to fame was Stokely Carmichael, a student activist and leader in the Black Power Movement of the sixties. In fact, the idea for her first book,  The Bluest Eye, came from the popular slogan â€Å"Black is Beautiful. Morrison placed a twist on that theme by focusing on a little black girl who did not think she was beautiful. After her teaching stints and the end of her marriage, she raised two sons as a single parent and wrote in her spare time. Morrison was hired by Random House, where she advanced from textbook editor to the position of senior editor. During her 18-year tenure, she helped writers to clean up their manuscripts, edited the  Black Book, a collection of Af rican-American memorabilia, and pushed for the publication of works by deserving, but often overlooked, African-American authors. Some of the authors that came to the limelight under her stewardship were Alice Walker, Gayle Jones, Gloria Naylor, and Toni Cade Bambara. Continuing to use Morrison as a guide, African-American female authors have emerged as a consistent and critical dimension in literature. In a 1994 interview with  Time  magazine, Morrison understands the significance of her work for female authors. â€Å"I felt I represented a whole world of women who either were silenced or who had never received the imprimatur of the established literary world. †¦ Seeing me up there might encourage them to write one of those books I’m desperate to read. † Before Morrison, the most successful African-American writers were males. For example, the work of acclaimed African-American novelist and essayist James Baldwin had tremendous literary impact in the fifties and sixties. Racial themes were explored as they had never been before in his books  Nobody Knows My Name  and  Go Tell It on the Mountain. Eventually, Baldwin felt uncomfortable living as a second-class citizen in the United States and became an ex-patriate who lived and worked from Paris. Richard Wright, Baldwin’s predecessor, was also an ex-patriate. Beginning with his autobiography  Black Boy  in 1945, Wright continued with  Outsiders, Uncle Tom’s Children, and his most important work  Native Son. Ralph Ellison wrote only one book. Yet Ellison’s Invisible Man won a National Book Award in 1952 and this allowed him to join the ranks of male authors successful at depicting the disenfranchisement of the African-Americans in the United States. Morrison is recognized as the most distinguished African-American novelist since Wright, Ellison, and Baldwin. In her work as an author, Morrison wanted to continue to broaden the perspective of American literature by telling the stories she felt were never told, stories about African-American girls and women and the racial and social pressures they faced. She wanted to write about people with the sensibilities of the culture she grew up in. Morrison wanted her work to focus on the joys and sorrows of their lives. She wrote her first novel when she was in her 30s. The Bluest Eye, published in 1970, is about a black girl who feels she has no beauty. If only her eyes were blue and her skin was white, then she could be someone who could be loved. The book received respectable attention. The Bluest Eye  became the first of many of Morrison’s explorations into the identity, self-esteem, and impact of racial discrimination on what she believes to be the most vulnerable—women and children. Sula, published in 1973, shows two friends, black and female, and how they fit and don’t fit into their community. With the publication of Song of Solomon in 1977, Morrison won critical and commercial success and the National Book Critics’ Circle Award. By the time her next novel  Tar Babywas due in the bookstores in 1981, she was featured on the cover ofNewsweek. Ever expanding on the theme of telling stories untold, it is said her bookBeloved  was written in memory of the millions of lives lost during slavery. The plot centers around an ex-slave Sethe who would rather kill her own children than risk that they be re-enslaved. The ghost of Sethe’s dead child tries to remain close to her mother and wreaks havoc when she cannot. All of the characters in  Beloved, Morrison’s Pulitzer Prize winning novel, try to recover from the personal and collective indignities of slavery. I was trying to make it a personal experience,† says Morrison in a question and answer interview with  Time  magazine. â€Å"The book was not about the institution—Slavery with a capital S. It was about these anonymous people called slaves. What they do to keep on, how they make a life, what they’re willing to risk, however long it lasts, in order to relate to one another—that was incredible to me,† she says. In 1992 Morrison published  Playing in the Dark, a collection of her Harvard lectures. In this collection she coins a new term, once again reinventing an already established concept. She teaches a humanities course that changes the term African-American to American Africanisms. This same year she also published  Race-ing Justice, En-Gendering Power, essays on the controversy surrounding the Clarence Thomas Supreme Court confirmation hearings. In her novel  Jazz, also published in 1992, Morrison continues her theme of giving a voice to the voiceless. Once again, she does everything she can to stretch the imagination. The novel makes both racial and historical statements about the inequities of life for African-Americans in the post-slavery era. With the writing of  Jazz, Morrison takes on new tasks and new risks. Jazz, for example, doesn’t fit the classic novel format in terms of design, sentence structure, or narration. Just like the music this novel is named after, the work is improvisational. In this work, she is influenced not only by the jazz, blues, and gospel music she was reared on, but also by the folklore, tall tales, and ghost stories that her family told for entertainment. The result is a writing style that has a unique mix of the musical, the magical, and the historical.

Economy Changing Paradigms In Global Financial Markets Finance Essay - Free Essay Example

Sample details Pages: 8 Words: 2547 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Global financial melt down in the recent decade have forced the governments of the rest of the world to think outside of the Dollar and triggered the need for a new global non-dollar financial system. A number of factors like 9-11 attack, abnormally low interest rates causing sub-prime crisis, flaws in regulatory side- introduction of the market risk amendment in 1996 etc have highlighted how Americans economic problems wreck havoc on other nations globally. US was the significant contributor for this crisis yet US simply printed fiat currency and exports inflation to oil consumers by keeping dollar cheap while draining resources backwardly.. Don’t waste time! Our writers will create an original "Economy Changing Paradigms In Global Financial Markets Finance Essay" essay for you Create order Barry Eichengreen (2009) says that inspite of this global credit crisis, the dollar has benefitted from it and has strengthened against virtually every currency. Countries with low interest rates benefitted from this volatility for carrying out trades as the borrowings were repaid. It also researches that investors got back to traditional dollar considering it to be safe haven currency. Considering the wide number of market participants using dollar, dollar would continue its dominance. On the other hand Dorothe Enskog (2009) research highlights that there is a visible impact that the declining wealth of creditors nations with major victims being China, Japan, OPEC, and the Asian NIEs. Central banks have incurred losses on their holdings of US securities and have accelerated the diversification of their dollar portfolio. As per Resenweig (2009) in November 2009 India purchased 200 tons of gold to its reserves fearing that the US dollar may weaken. China and Mexico followed India and replaced their US reserves by gold. Likewise global investors may also react in similar manner. And sooner or later there will be a drift away from dollar to any other currency. Given this volatility in financial economy, considerable research is being done in analyzing delineating from dollar and moving to a non dollar economy. The challenge is that there are other countries that are tightly coupled with the dollar that it will be extremely difficult and costly for them to decouple from dollar. This paper reviews the historic and current foreign exchange reserves, gross domestic product, foreign exchange rates, current account balances, portfolio investments and other economic factors to analyze the feasibility of this transition. Literature Review The historical evidences of how the combination of international economic political power and convenience of use have brought about the evolution of reserve currency status for any currency. Prior to 1870 gold and silver were used for international transactions. Post that Britain was the single most important single participant of capital account transactions and became the principal currency. However World War I brought about a fatal blow to sterlings reserve currency status and US dollar emerged as an alternative to Pound Sterling. In 1917 Britain suspended convertibility of sterling into gold. Post World War I, US emerged as a net creditor having large current account surpluses and recycled it though dollar dominated loans to foreign governments. Roubini, Nouriel (2009) study also includes the history of dominance of financial currency that started with the John Maynard Keynes proposing 60 years ago an international currency called Bancor, based on 30 representative commodities. After World War II, international financial system established the Bretton Woods in 1944, a fixed-exchange rate regime after which France decided to bring in the dollar as a global reserve currency. And since then dollar has been the worlds most widely used currency with US being the most dominant economies. In 1960s Western European countries restored convertibility of their currencies for current account transactions and started accumulating US dollars thus raising first question against dollars reserve status. This problem was covered by a study by Triffin who said that when the foreign holdings of dollar exceeds USs gold holdings, the credibility of US commitment to convert gold at fixed price will no longer hold valid. US will then be forced to adopt deflationary policies for dollar value preservance. This is known as Triffins Dilemna. Since then the US dollars reserve status has been questioned a number of times. In 1967 SDR[1]was created to solve the Triffins Dilemna and to support Bretton Woods system of fixed exchange rates to alleviate the shortage of U.S. dollar and gold reserves in the expansion of international trade. Zhou (2009) has emphasized on the creation of an international currency unit, based on the Keynesian proposal and stated that the scope SDR should be broadened to enable it to fully satisfy the member countries ´ demand for a reserve currency. International and Reserve Currency Dollar fulfills all the necessary roles of a reserve currency Medium of Exchange : Required by central banks to manage unwanted foreign exchange fluctuations of their domestic currencies caused by outflow and inflow of capital by private bodies Unit of account : Required by countries for managing inflation and domestic monetary policy Store of value: Acts as self insurance for any balance of payment crisis and exchange rate instability. Dollar also possesses the essential characteristics and conditions required for any currency to classify as the international currency Economic Size: Substantially large share of world output and trade. Creditor Status : Price stability and overall macroeconomic stability Developed Financial System Offers high liquidity and greater degree of financial market development Network Externalities : Self generating demand of the international currency Craig Elwell (2007) in its report to the US Congress suggested that all these factors would continue to exist for quite a sizeable period along with dollars global availability and full convertibility. Areas of concern Global financial turmoil has caused serious imbalances in the economic stability especially in the last decade. According to the US Congressional Budget Office, the US budget deficit is anticipated to triple from USD455 billion (bn) to USD1.75 trillion (tr) (or 13% of gross domestic product (GDP)) in the year ending in September 2009 (Source IMF). Consequently the financiers of US current account deficit i.e. Japan, Europe, China and now emerging countries have felt the need to explore alternatives to dollar. USDs share in total world foreign reserves has declined from 72.7 percent in end-June 2001 to 62.8 percent as of end-June 2009 (Source: Federal Reserve) Figure 1 Current composition of World Foreign Reserves, Source: IMF Philip D Wooldridges key emerging markets have accumulated vast stockpiles of foreign exchange reserves. Most are dollar-denominated and siphoned to US assets. Chinas alternative to US Dollar as a reserve currency Suzanne McGee (2009) , Humpage (2009) and Zhou (2009) said that China is considering the diversification of reserves away from the US dollar; convincing the rest of the world through political and economic agencies of adopting a new global currency; and encouraging the international use of their own currencies. US economy is under-going important structural changes, which adds haze and mist to the prognosis. US may experience higher inflation than the rest of the world, which erodes the dollars purchasing power Figure 2 -Foreign Reserves held by countries, Source: IMF Exploring Euro as an alternative Chinn, M., Frankel, J. (2008) analyzed the possibility of the Euro taking over dollar as the as Leading International Currency. They concluded that if dollar precipitates and looses it position as the leading international currency, globally banks would considerably loose considerably their current stand causing the end of economic and political development supremacy. All the current privileges like accepting short term deposits at low interest rates in return for long term investments (easy financing of large US deficits) and that too at reasonable higher than average rate of returns would also be lost. They have however suggested that when pound lost its stand to dollar in last century, there is a possibility that Euro may surpass dollar. Fritz, Ratto and Int (2008) analyzed the QUEST III model (Ratto M, Roeger W, int Veld an estimated DSGE model of the euro area with fiscal and monetary policy). They studied the macroeconomic effects of change in foreign reserves composition that indicated the deterioration in trade balance and also causes exchange rate effect on trade balance and wealth effect on private consumption. Is SDR a credit alternative? Agnes M. Yap (2009) investigated the need for moving from dollar to non dollar Economy and exploring SDR as an alternative currency. Agnes suggested that global monetary policies are forced to maintain a stable exchange rate with the US dollar. This makes them more vulnerable compared to the domestic economic problems of the US. US governments massive debt may erode the future value of the US dollar. This will debase the value of US dollar assets and the foreign exchange reserves of other countries. US dollars global reserve currency status has allowed it to have access to easy credit from other countries. This assisted FED in keeping low interest rates and encouraged excessive spending in the US-leading to the current crisis. Other Research Saul Islakes (2009) argues that there are factors that favor of continuing with dollar economy. Moving to a non dollar economy will cause a great disruption in the global marketplace. Major commodities, cross-border transactions and trade deals are denominated in US dollars. Also the cost of bringing about a new global reserve currency may require some countries to subsidize the cost of bringing buyers and sellers together, until a critical number of countries have adopted a new currency. However at the same time the stability of dollar asset markets especially short term government securities, high liquidity in the financial markets, reduced exchange rate risk and lower borrowing cost may be poise a challenge for some other currency against dollar. Emerging markets are exerting considered pressure on key agencies to adopt a new global currency and internationalize their own currencies; China is calling for a new global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy. However the fear of a sudden collapse in confidence could lead to a devastating dollar run by other foreign investors. It may cause a rapid depreciation of the dollar and interest rates. This will force emerging markets to loose their current significant wealth owing to the disproportionately large chunk of dollar-based assets. John Greenwood in Global Economic Insight (Nov 2009) highlighted the insecurity in the international monetary system and dollar has led to calls for a new system with a new denomination. These are: Any existing national currency in wide spread use like Euro, RmB, Yuan or Pound Synthetic currency designated for the purpose like SDR. John studied various possible currencies and concluded that all other currencies have both pros and cons tagged with them that make them favorable and also unfavorable as a replacement for dollar. Synthetic Research Problem The recent global meltdown has shifted the global monetary axis to non-dollar zones specifically China. The economic balance of power has resulted in engineering a paradigm shift to a great deal because of the United States relative weakness and Chinas relative strength. The debate still continues that whether dollar will be able to maintain its strength as the global currency or would this be a short lived and temporary. The question is whether the dollars status as the invoicing currency for international trade, the currency of denomination for oil and other commodity prices, and the base currency for foreignÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ exchangeÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ market transactions will remain or be lost? The study will analyze various factors like out and trade, business confidence levels, size of financial markets and exchange rates in determining the stability and suitability of dollar maintaining its international currency status. Objective of the Study Different studies have been done so far on finding whether it is possible to detach the tag dollar economy from the global economy. Various researches recommend the possibility of different existing financial currencies to overtake dollar (like RmB, Euro or SDR) while other research focuses on coming up with a single reserve currency as a replacement for dollar. This study would research would extend done the research by some of those papers and explore the possibility of whether it will be possible to divorce from the dollar world towards a common currency area? Are the alternatives currently under the microscope feasible or would dollar continue as the reserve currency? Methodology Data Collection The data would be sourced from Bloomberg, Federal Reserve, Bank for International Settlements (BIS), European Central Bank (ECB), Eurostat, the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), the United Nations (UN), and the World Bank (WB). There is no primary research included in this paper. The research done would be a secondary research. Foreign Exchange reserves Figure 3 Foreign Exchange Reserves Source: COFER Gross domestic product, constant prices Figure 4 GDP Source: IMF Business Confidence Figure 5- Business Confidence Source: OECD Foreign direct investments Figure 6- Foreign Direct Investments Source: IMF Export of Goods Services Figure 7- Export of Goods Services Source: IMF Import of Goods Services Figure 8- Import of Goods Services Source: IMF Current Account Balance Figure 9- Current Account Balance Source: IMF Foreign Exchange Rates Figure 10- Foreign Exchange Rates Source: COFER Currency composition of reserve portfolios FX market turnover by currency pair Data Cleansing The data is collected from various sources. The data format used from various sources may be inconsistent. Additionally there are certain missing data points for some specific time series / indicator. In case of missing data point linear interpolation technique with moving average will be used. Data Analysis Financial and GARCH time series tool box from MATLAB ® will be used for any matrix manipulations, algorithms like GARCH / EGARCH and plotting of functions and data. Some statistical analysis will also be done including regression, standard deviation, mean squared weighted deviation and correlation for verifying the analysis. GARCH GARCH (Generalized Autoregressive Conditional Heteroscedasticity) method assists in modeling the serial dependence of volatility of univariate time series data. Autoregressive provides a feedback mechanism that incorporates past observations into the present while Conditional implies a dependence on the observations of the immediate past. GARCH likelihood is a complicated and highly nonlinear function (Engle and Bollerslev, 1986) and provides an argument for the use of numerical derivatives. The basic GARCH(p,q) model is given by With constraints i = 1,2,3,ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. p j = 1,2,3ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ÃƒÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦q For GARCH(p,q) the lag lengths p and q, as well as the magnitudes of the coefficients and , determine the extent to which disturbances persist. Stationarity constraints are necessary and the sign of the disturbance is ignored. GARCH Limitations GARCH Models are usually applied to return series and decisions are rarely based solely on expected returns and volatilities. GARCH models often fail to capture highly irregular phenomena and other highly unanticipated events that can lead to significant structural change. EGARCH (Exponential GARCH) EGARCH(p,q) model for the conditional variance of the innovations with leverage terms and an explicit probability distribution assumption is Where EGARCH(p,q) models are treated as ARMA(P,Q) models for . Thus, the stationarity constraint for EGARCH(p,q) models is included by ensuring that the eigenvalues of the characteristic polynomial are inside the unit circle. The standardized innovation makes EGARCH models fundamentally different from GARCH model that acts as the forcing variable for both the conditional variance and the error. GARCH model allow for volatility clustering (i.e., persistence) by a combination of the and terms, whereas persistence in EGARCH models is entirely captured by the terms. Research Findings Recommendation