Pythagoras And Ancient Athenian Culture - 1708 Words

Pythagoras and Ancient Athenian Culture The ancient Greeks did not always possess the deeply creative and accepting culture imagined by society today. They started off as very ritualistic and stubbornly polytheistic, rejecting those who denied the gods and ostracising people who seemed unpious. While some of these traits never disappeared, others became more like the Greeks we recognize today starting in the fifth century BCE. It was around this time that Pythagoras lived and taught. Today we remember him as the founder of much of modern mathematics, but at the time he was also the founder of a religious and philosophical sect that carried on for centuries after his death. It can be argued that his teachings, with their mix of†¦show more content†¦Pythagoras was not only a mathematician; in fact it is sometimes doubted whether the math we attribute to him was actually his own work or simply reprocessing of the work of others. He was instead generally seen as a religious figure and was the leader of what is s ometimes referred to as a â€Å"cult.† He was described as â€Å"part philosopher, part priest, and part conjuror† and had a lot of bearing in both the religious and scientific views of his time. He believed that religion and science were indeed one and the same, with math serving as a pathway for discovering the workings of the universe. This belief was controversial, and many philosophers referred to Pythagoras sarcastically, but it was a belief that would continue onward throughout Greek history in the minds of other philosophers, such as Aristotle. It was the basis for the interest in mathematics and astronomy, because he taught that by learning the movement of the heavenly bodies, or planets, humans would be able to find the formula for all movement in the universe and predict future events. His belief in the immortality of the soul also persevered into the new intellectual shift. It was based on the traditional myth of Hades, the land of the dead, but put forth further logical conclusions.

Psychotherapies for a Victim of Child Abuse - 662 Words

Throughout our life we come across a variety of obstacles, they can range from facing your fear of spiders or overcoming a lifestyle of bad decisions. For every problem, there is almost always a solution, and in order to reach the solution you must locate the underlying issue. Sometimes people will doubt that such issues exist, but once they have discovered their predicaments they tend to look for help. Say for instance a young girl named Annabel was badly beaten as a child, she then grew up having an addiction problem to heavy drugs. Looking for a way to escape her past, and neglecting to face her fears, her addiction began to climax. Later resulting in a near death experience, that sent her on a journey to recovery. There are several different psychotherapies that she could look into in order to get the assistance she needs such as: psychodynamic, client-centered, counterconditioning, or cognitive-behavioral psychotherapy. Each therapy is unique in their own way and potentially sui table for Annabel. Psychodynamic psychotherapy is a form of therapy that focuses primarily on revealing the unconscious content of the client. The therapist forms a bond with the patient which allows the patient to trust and become more willing to talk about their self. When someone is involved in psychodynamic therapy they have a increase in self esteem, they begin to focus on recognizing and expressing feelings, and they develop the ability to have more satisfying relationships. If AnnabelShow MoreRelatedThe Effects Of Childhood Sexual Abuse On Adults Sexual Behavior1521 Words   |  7 Pagesimpact of Childhood Sexual Abuse on Adults Sexual Behavior Jamila Kamara Dr. Lauren Vansluytman Morgan State University Sexual abuse leaves many scars, creating feelings of guilt, anger, and fear that haunt survivors throughout their lives. These traumatic experiences can be detrimental to the victims’ sense of their own sexuality. Numerous individuals who have been abused have trouble pursuing adult relationships and engaging in sex  as an adult. The abuse can color a person s sexualityRead MoreInterventions For Children Exposed At Intimate Partner Violence1421 Words   |  6 Pages Interventions Available for Children Exposed to Intimate Partner Violence Marie Garza Florida Atlantic University Abstract Recently, it has been acknowledged that not only does intimate partner violence affect the victim, but it may also cause psychological damage to children who may be exposed to it, both directly and indirectly. This paper will aim to examine two types of evidenced-based interventions available for children who have been exposed to intimate partner violence and haveRead MoreThe Long Term Psychological Effects Associated with Sexual Assault959 Words   |  4 Pagesand sexual abuse prevention in their cultures and families which may affect their disclosure of sexual assault in adulthood (Washington, 2001;Wyatt, 1992). 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IntroductionRead More Adult Children of Alcoholics Essay1597 Words   |  7 Pages nbsp;nbsp;nbsp;nbsp;nbsp;In the United States, twenty million children are experiencing physical, verbal and emotional abuse from parents who are addicted to alcohol. Growing up in an alcoholic house can leave emotional scars that may last a lifetime. This is tragic because we consider that childhood is the foundation on which our entire lives are fabricated. When a child’s efforts to bond with an addicted parent are handicapped, the result is confusion and intense anxiety. 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Language Loss Language Revival Essay Example For Students

Language Loss Language Revival Essay I must confess that this is actually the first time I followed a professors advice to write the texts introduction at the very end of the work on the paper. Now I know that this is definitely the right way to do it, because this approach gives me the opportunity to give the recipient a guideline how to read the term paper, so to speak.  The text starts with a section which could be seen as a rather bold experiment, especially for a student. Although there is a vast amount of secondary literature on the issue of language loss/revival available, I was unable to find a simple explanation for the correlations between language, culture and ethnicity. So I decided to bite the bullet and compose a short summary of the main points as well as a simple graph which should visualize this important aspect. After this general introduction, I tried to collect as many voices as possible on the issue whether language revival is obsolete or not. To be more precise, I investigated the question if language revival is a slowdown of social evolution. In the following point, this problem is visualized by an example out of the present situation in Latvia, where Russian people are discriminated because of their culture and heritage.  Chapter 3 of my term paper copes with language loss in general. Reasons why language loss occurs and its impact on a society are investigated. The very last section consists of several theoretical approaches how to revive or revitalize languages, as well as a very interesting report on Eliezer Ben-Yehuda, the man who is considered to be the person initially responsible for the revival of the Hebrew language. Hebrew, the only extinct language which has ever been successfully revitalized.  2. General Questions  2.1 Ethnicity Culture Language  This figure shows that these 3 terms: Ethnicity, culture and language are inseparably connected.  Ethnicity describes a group of people who developed a unique culture. Unique because of the specific set of conditions on which the ethnic group flourished. These can be the climate of the territory the ethnic group is settled, existence of threats (nature, warlike tribes, ), if there is contact with other civilizations, the quality of the soil and many more. The language, a bare necessity in a culture, could be seen as a by-product of the whole development. The real interesting aspect of a peoples language is, that it is the prime means of identification. This measure of identification works in both directions: Members of other communities and ethnic groups identify our society mainly by our language as well as we do it for ourselves. The main point is: When matters of culture are discussed (even in our globalized modern world), language plays a very important part in it. 2.2 Pro and contra  People in command of 3 languages are trilingual, people in command of two languages are bilingual and people who know one language are Americans  (Timothy W. Kennedy, Professor for Communication University of Tampa, 2003)  This quote pretty much reflects a general basic-attitude in the United States of America. Namely that it is sometimes seen as bad or unpatriotic to be bilingual. This also explains why several Native-American parents refuse to teach their Indian mother tongue to their children. The question is: Why is that kind of thinking wrong? According to Prof. Bierbaumer, every language, especially English, is undergoing a certain development towards a more simple status (see Bierbaumer, VU The History of the English Language, 2001). Wouldnt the world be a much more peaceful and productive place if the whole humanity shared one simple code of communication? So, why should we care about language loss? Languages are a major achievement of a society, an achievement that often demanded centuries of development. Nobody knows what treasures of knowledge and wisdom lie within a dying language.  So, can all efforts to revive or revitalise languages be seen as futile attempts to hold on to antiquated values? Could one even say that it is a conscious slowdown of social evolution? .u752e7b2f178a98dd80af047dba4fec1c , .u752e7b2f178a98dd80af047dba4fec1c .postImageUrl , .u752e7b2f178a98dd80af047dba4fec1c .centered-text-area { min-height: 80px; position: relative; } .u752e7b2f178a98dd80af047dba4fec1c , .u752e7b2f178a98dd80af047dba4fec1c:hover , .u752e7b2f178a98dd80af047dba4fec1c:visited , .u752e7b2f178a98dd80af047dba4fec1c:active { border:0!important; } .u752e7b2f178a98dd80af047dba4fec1c .clearfix:after { content: ""; display: table; clear: both; } .u752e7b2f178a98dd80af047dba4fec1c { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u752e7b2f178a98dd80af047dba4fec1c:active , .u752e7b2f178a98dd80af047dba4fec1c:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u752e7b2f178a98dd80af047dba4fec1c .centered-text-area { width: 100%; position: relative ; } .u752e7b2f178a98dd80af047dba4fec1c .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u752e7b2f178a98dd80af047dba4fec1c .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u752e7b2f178a98dd80af047dba4fec1c .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u752e7b2f178a98dd80af047dba4fec1c:hover .ctaButton { background-color: #34495E!important; } .u752e7b2f178a98dd80af047dba4fec1c .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u752e7b2f178a98dd80af047dba4fec1c .u752e7b2f178a98dd80af047dba4fec1c-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u752e7b2f178a98dd80af047dba4fec1c:after { content: ""; display: block; clear: both; } READ: How Shakespeare presents the character Shylock in 'The Merchant Of Venice' EssayCrystal presents five arguments: from the general value of diversity, from the value of languages as expressions of identity, as repositories of history, as part of the sum of human knowledge, and as interesting subjects in their own right. But the most important point of all is the fact that language is inseparably connected with culture. So when a language is on the verge of death, the society around the language is always too. A rivalry between cultures and its result is a part of the regular course of the world, where the stronger defeats and conquers the weaker one.  And it can be considered as one of the worlds worst calamities, when a culture dies, and all the wisdom and cultural treasures, such as the language, dies with it. Russian in Latvia  A very interesting example for Language in conjunction with Ethnicity was brought up by Steven C. Johnson, an Associated Press reporter who lives and works in Latvia (see Johnson 19991).  Things changed after the fall of the Soviet empire in 1991. In newly independent nations such as Latvia, the linguistic minority had become the majority. Former captive nations began righting the wrongs of decades of Russification. (Johnson 1999) After half a century of Soviet influence, Latvian was almost extinct. As any superpower in history did, the Soviet-Union tried to form one homogenous state out of the many cultures which were held together by a common border. Now, the native Latvian peoples anger is directed towards the hundred thousands of Russians who have immigrated the country during the past 50 years.  It seems paradox, but the measures taken by the Latvian government are quite similar to e.g. the ones taken by the British Crown to extinct the Aboriginal culture of Australia. Latvian-only signs went up, while Russian or bilingual signs were successively scratched out. The Parliament passed laws that forced the people to use Latvian at public events, and set up a corps of language officers to ensure that the population knows enough Latvian to get along. The governments actions do also throw up certain questions of ethic and morale: Is it justified to discriminate 40% of the population whose mother tongue is Russian, in order to keep the superior status of the Latvian language? Or, is the systematic extinction of a language (which is, as seen above, inseparably connected with its culture which is destroyed too) less bad if there are millions of speakers left located on another spot of the world?

Money and Capital Market Analysis

Question: Discuss about the Money and Capital Market Analysis. Answer: Introduction The Basel committee is named on the city of Basel, Switzerland. The Basel rules are recommended over banking regulations. It can be divided into Basel I, Basel II, and Basel III. BCBS which is Basel committee on banking supervision has issued Basel norms. Basel committee consists of a group of ten members apart of Spain and Luxemburg, which includes representatives of central banks and other regulatory authorities. The implementation implemented by the committee members are based on national or European union wide laws and regulations. That is the committee does not recommend anything (Banks for international statements). Project finance can also be termed as non- recourse finance, limited-resource. In this financing how various specific assets or projects can be financed. However the repayment to such financing will only be done by cash flows generated from the project. Project finance can be done by combining equity and debt (Akintoye, Beck Hardcastle, 2003). Basel II was introduced in 2004, which has described about the capital adequacy, disclosure requirements and risk management that can be divided into operational risk and market risk. The main focus of Basel II is to strengthen the regulatory framework of capital. Basel II consists of three pillars those are Pillar 1, Pillar 2, and Pillar 3 (The Basel II accord). Here Pillar 1 states about the capital adequacy requirements that refer to adequate capital base for risk of credit, market risk and operational risk. Pillar 2 consists of quantitative and qualitative aspects; while Pillar 2 considers only qualitative aspects. Here Pillar 3 consists of additional disclosure requirements regarding capital adequacy and assessment over risk. It brings discipline over market (Gattani, 2014). Credit risk to Basel II standard Credit risk is the risk of nonpayment of a debt amount. The nonpayment of the debt amount can be in loss of principal, interest, loss of cash flows or increase in cash collection costs. Credit risk can be classified into credit default risk, Concentration risk and country risk. The nonpayment of debt obligations by the borrower is called as credit default risk. The risk, where a bank diversifies its outstanding banks account over the number of debtors is called as concentration risk (Bird Bird, 2006). To whom the bank or financial institution has lent the money. Country risks are the risk of political and economic factors affects issuers securities for doing business in a particular country (Roy, 2005). The approach in Basel II followed in relation to credit risk is called as standardized approach. This approach considers about the techniques of credit risk management as proposed under norms of Basel II capital adequacy for better regulations of banks and financial institution (Benz in, Truck, Rachev). In this approach, different ratings are required by the banks as done by external credit rating agencies. So that required capital can be quantified for measurement of credit risk. However the Basel norms provide a choice between two broad methodologies so to calculate capital requirements for credit risk (Bank for international settlements, 2015). Inadequacy of Basel II as issue faced by the financial institutions around the world Basel II standards were introduced to cover the weaknesses of Basel I. the weakness laid in Basel I were in relation to capital adequacy for banks. This can be covered by reporting detailed information of credit risk and requiring prices for other forms of risks. For all banks and financial institutions, liquidity is the key area to be considered. According to Basel II banks which consists of sophisticated risk management system, can use their own models for risk assessment in order to determine about minimum amount of capital that need to be required by the regulators in case to escape from unexpected losses (APRA, 2016). However there are some issues related to Basel II. That can be quoted as; the objective of recapitalizing banks is not fulfilled in case of banks. That is in case of recapitalizing banks, internal risk models of various banks have performed very poor, and they were highly exposed to under estimated risk. This has forced banks to reassess and pricing again credit risk. This has caused a difficulty for banks in case of using their own model for underestimating credit risk, sometimes due to their optimistic attitude regarding risk exposure so to reduce required regulatory capital and increase in return on equity (PWC). The shortcomings in the Basel II rules and regulations are that it does not lay any regulations on debts. Hence the banks are not instructed to how to take note of debt in their books. Besides this Basel II takes only financial institutions into consideration, and it ignores the systematic risk (Murphy, 2015). The requirement of Basel III in Australia Australia is a member of Basel committee. The shortcomings laid in Basel II resulted into financial crisis in 2008. Basel III was introduced in 2013, and it is estimated that it would be implemented to 31st march, 2019. It enhances the regulatory framework of Basel I and Basel II. Besides the shortcoming consisted in Basel II, Basel III lays norms on banks and financial institution regarding ensuring the amount of debt. It is a voluntary and global framework that regulates on banking capital adequacy, market liquidity risk and stress testing. To restrict banks and financial institutions from taking excessive debt, and not to rely much more on short term funds. Besides this it focuses on requirement of different level of reserves for different deposits and borrowings by banks (The conversation, 2015). APRA which is Australian prudential regulatory authorities has introduced some changes to reporting standards and prudential standards in relation to apply ADIs which is authorized deposit- taking institutions. These changes are required to be implemented as a part of requirement over liquidity which is known as Basel III liquidity issues (McCoach, Chernishev, 2014). According to APRA, new disclosure requirement that is in relation to Basel committee to improve the banking institutions comparability various reforms have been formed. On risk profiles and facilitating market discipline leverage ratios, liquidity coverage ratio and an identification of potential G-SIBs that is global systematically important banks need to be provided. In case of leverage ratio an approval from APRA need to be taken in case of internal model approach for the risk based capital adequacy framework that required disclosing about quantitative and qualitative information. In case of liquidity coverage ratios, ADIs must report that whether they are able to provide liquidity short term stress which is of 30 days. This requirement excludes foreign banks. While in case of identification of potential G-SIBs banks are required to report 12 indicators according to Basel committee. This is required by those banks those are considered as important on global scale (Davis Lawrence , 2015). Funds raising under Basel III According to Wayne Byres who is APRAs chairman quoted about big four Australian banks that they need to hold more capital in case of an emergency occurred. However banks are against of this proposal as the cost of holding large amount of capital would lead to increase in the cost as borne by shareholders and customers. However the Big four banks have accepted some of the proposals like an increase in weighted risk of mortgages. Big four banks are required to comply with Basel III norms. These banks are commonwealth bank of Australia, Australia and New Zealand banking group limited, Westpac banking corporation, and national Australia banking group limited (Regulation impact statement). Australian banks had got a break from new Basel III norms so to manage liquidity. As there are some deviations in the Australian debt system because of having highly liquid assets which can be termed as long term government bonds, so that it can be easy to manage an immediate run on a bank. For making debt system easier the RBA and APRA have combined together to arrive at a solution called as CLF which is committed liquidity facility (Reserve bank of Australia, 2013). In case of one of the big four Australian banks commonwealth bank of Australia has capital ratio of tier 1 capital of common wealth bank of Australia as on 30th September, 2016 is calculated as 9.4%, while the leverage ratio comes out to be 4.8% (Commonwealth bank, 2016). Critical analysis over Basel III The big four banks of Australia are commonwealth bank of Australia, Australia and new Zealand banking group limited, Westpac banking corporation, and national Australia banking group limited. These are considered as G-SIBs and they will be requiring reporting about 12 indicators as required by the Basel committee. By understanding the challenges as faced by the Australian banks, it can be said that capital planning, investor relations, and risk management will be continued by the banks. An appropriate internal organization and analytical tools would lead to organizational success. Besides this a roadmap need to be prepared for educating board regarding demonstration of complexity for the next 5-10 years describing about capital. That is how and when the capital target level would be defined so to improve the financial performances. Apart from this according to APRA banks require to set internal target capital level (Mccoach, 2014). Under Basel III requirements the regulatory capital includes Tier 1 capital and Tier 2 capital. Tier 1 capital includes bank core capital that is share capital and retained earnings, while the tier 2 capital consists of hybrid capital instruments, revaluation reserves, term debt, loan reserve general and undisclosed reserves. It is required under Basel III norms to have 6% tier 1 capital ratio, whereas tier 2 capital requires 8% total capital ratio. It is very difficult to gauge that whether implementation to Basel III standards have affected significantly banks in relation to pricing and funding limitation either internationally or from domestically. The new reforms of Basel III have affected the banks in terms of restrictions on holding capital and liquidity ratios. For this bank has to use more capital funding as compare to previously applicable norms. This has restricted banks in financing for new projects and by this rate of fixed capital formation has been slowed down. However using more capital and having more liquidity has lead to increase in stability of financial system and has given more confidence to depositors and investors. Project finance According to International project finance association (IPFA) project finance is done for financing long term projects like industrial products or financing of infrastructure. This finance usually depends upon cash flows generated from the project. In this financing it is secured by the project asset, which includes the contracts producing revenues. Here all the assets are surrendered to the loan providers. It is done to safeguard the creditors in case of non repayment of loan. In project finance the parties involved are lenders, sponsors, financial advisors, technical advisors, legal advisors, debt financiers, equity investors, regulatory agencies, multilateral agencies. Project financing is usually attractive to private sector, because major projects can be funded off balance sheet items (World Bank group, 2016). The reasons for PPP in project finance One of the major advantages in project financing used in public private partnership is that it provides an off balance sheet financing for the project. Another advantage is that it will not impact on shareholders or the government, or the contracting authority. In this financing a part of the risk is transferred to the lenders, as in return they get a higher margin of profit as compare to lending provided in normal course. Another reason of public private ownership is that it keeps project financing and liabilities off balance sheet. Usually the debt on project as contained by the subsidiary are not included in the balance sheet. Hence by this it reduces the impact on shareholders of existing debt. Apart from this project financing can also be used by government. This is done to keep debt and liabilities off balance sheet. However by this it will not reduce the actual liabilities over the firm or government. It is prescribed to use off balance sheet items more carefully and a proper mechanism should be followed. It offers a better tax treatment so that it can benefit the project as well as the sponsor. Critically analysis over 4 major risks that are related to PPP This is a critic to project finance that it requires greater disclosure in relation to proprietary information and strategic deals. There is lot many risks involved in the project financing. It is not necessary that all the risks are contained in each and every project, as it differs from region to region. Like in case of domestic project financing there is not any currency risk involved. However some of them are discusses as below: Policy risk: this risk is the risk in which due to change in the policy of the project, the profitability also got changed. By having policy support not only the PPP model can be applied in the project but also it can scatter policy risk of the partner of project up to a certain degree. Exchange risk: this type of risk shows about cash receipts in domestic terms. These receipts cannot be converted into international currency. To make stable this risk, government takes some measures to undertake some portion of risk. This is done to make stable exchange rate of foreign currency and ensuring the amount of foreign exchange reserve and besides this the availability and convertibility of currency for example dollar. Financing risk: These are those risks in which cash flow of the project are not sufficient to repay the amount on debt and interest amount. This can lead to turn the project into insolvent, which will also lead to the PPP project turn into loss. However by managing finance risk the companies are able to manage their finance risk in a better way by making required capital structure (World Bank group, 2016). Operational risk: it is that risk that mainly arises from the uncertainty factor in the financial income of the project. By applying PPP model in a logical manner the private partner can control and transfer the risk (Zhang, Shen, Zhang, Zhang, 2015). Critical analysis over 3 key success factors on PPP A success in PPP can be ensured by clear contractual rules, comprehensive planning, credible contract enforcement and competitive procurement. The success can be attributed by having adequate feasibility studies on traffic forecasts and contribution of funds. There is not any research conducted by which key success factors can be determined (Geroniks, Lejnieks, 2015). However on the basis of comparative analysis and local social economic environment, success on PPP model can be determined as follows: The availability of a competent person: it need to be ensured for the project success that there is an availability of a competent person or an expert at all the levels of project like project planning, project implementation, project control. By involvement of public sector in PPP model can also lead to project success. In such involvement by government, chances of reputation at large scale and issues related to trust can be ensured. However the ability of the projects can lead to assurance of success that can be in relation to stability, competence level and experience level of project partner (Lukac, 2008). Stability in macro-economic environment: it is a considerable factor that can lead to success in a project finance of PPP model. It has a dual impact on development decision on large scale and project implementation. It can help the project partners in commitments in long terms. It can also lead to reduce cost by decrement in implementation cost, low financing cost and less risk provisions of country specific (Chan Cheung, 2014). Cost benefit analysis: an assessment need to be done of cost- benefit analysis. It acts as a foundation of decisions related to PPP model. For proper cost and return analysis a proper risk allocation and sharing of risk must be done. That is proper distribution of risk to be done between the project partners and public sector. If the analysis would not be done in an appropriate manner it can lead to increase in operational cost, a major cash outflow (Yescombe, 2011). Conclusion Adoption to Basel III norms has lead to increase in financial stability for financial institutions and banks in terms of required adequate capital and maintain liquidity. In this enormous amount of consumers can withdraw their deposits from banks and at the same time they can demand cash or can transfer to other safe institution as per they believe. Having project financing the financial risk will be reduced or isolated. It would lead to analysis of risk that can lead to structure of project, scrutiny of project, reducing the level of risk and would enable the parties in appropriate allocation of risk. However the critics to it are that it lays more complex transactions as compare to public financing, it also levies higher transaction costs hence due diligence process has to be processed by the parties in relation to high in development cost. Besides this negotiation between parties can be done above than expectation, this required a proper monitoring control for expostulate guarantees specially. References Akintoye,A. Beck, M Hardcastle,C. 2003. Public- private partnerships: Managing risks and opportunities. Cornwall APRA. 2016. Discussion paper: Basel III liquidity- the net stable funding ratio and the liquid assets requirement for foreign ADIs. Retrieved at https://www.apra.gov.au/adi/PrudentialFramework/Documents/160329%20DP%20Liquidity%20NSFR%20FINAL%20CLEAN.pdf (Accessed: 27th January, 2017). Bank for international settlements. 2015. Basel committee on banking supervision consultative document standards revisions to the standardized approach for credit risk. Retrieved at https://www.bis.org/bcbs/publ/d307.pdf (Accessed: 27th January, 2017). Banks for international statements. Retrieved at https://www.bis.org/(Accessed: 28th January, 2017). Benzin, A. Truck, S Rachev, S, T. Approaches to credit risk in the new Basel capital accord. Retrieved at https://www.pstat.ucsb.edu/research/papers/benzin_trueck.pdf (Accessed: 27th January, 2017). Bird Bird. 2006. Basel II: Credit risk mitigation. Retrieved at https://www.twobirds.com/en/news/articles/2006/basel-ii-credit-risk-mitigation (Accessed: 27th January, 2017). Chan,A,P,C Cheung,E. 2014. Public private partnership in international construction: learning from case studies, Routledge, Abingdon Commonwealth bank. 2016. Basel III Pillar 3: Capital adequacy and risks disclosure as at 30th September 2016. Retrieved at https://www.commbank.com.au/content/dam/commbank/about-us/shareholders/pdfs/shareholder-information/commbank-basel-iii-pillar-3-capital-adequacy-risk-disclosures-30-sept-2016.pdf (Accessed: 28th January, 2017). Davis, K Lawrence, K, M. 2015. Basel III and IV and Australian banking. Retrieved at https://australiancentre.com.au/wp-content/uploads/2016/04/Day1Paper1-Davis-Lawrence.pdf (Accessed: 27th January, 2017). Gattani, V. 2014. Quora. What are BASEL 1, 2, 3 norms? What are the basic differences between these norms? Retrieved at https://www.quora.com/What-are-BASEL-1-2-and-3-norms-What-are-the-basic-differences-between-these-norms (Accessed: 27th January, 2017). Geroniks,A Lejnieks,P. 2015. Critical success factors for private public partnership (PPP) implementation in Latvia. SSE Riga student research papers (Accessed: 26th January, 2017) Lukac, D. (2008) Key success factors for foreign direct investment (FDI): the case of FDI in western Balkan, Hamburg McCoach, L Chernishev,A. 2014. Mondaq. APRAs final Basel III liquidity rules now in force. Retreived at https://www.mondaq.com/australia/x/292010/capital+adequacy+BASEL/APRAs+final+Basel+III+liquidity+rules+now+in+force (Accessed: 27th January, 2017). Mccoach,L. 2014. Round-up of regulatory capital requirements for Australian ADI. Post- basel III. Retrieved at https://www.claytonutz.com/knowledge/2014/may/round-up-of-regulatory-capital-requirements-for-australian-adis-post-basel-iii (Accessed: 28th January, 2017) Murphy, J. 2015. Parliament of Australia. Murray financial system inquiry recommends raising capital requirements for Australian ADIs. Retrieved at https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/FlagPost/2015/February/Basel_III_banking_reforms (Accessed: 27th January, 2017) PWC. Basel III: an Australian perspective on a global challenge. Retrieved at https://www.pwc.com.au/financial-services/basel.html (Accessed: 27th January, 2017) Regulation impact statement. Implementing Basel III capital reforms in Australia. Retrieved at https://www.apra.gov.au/Policy/Documents/September-2012-Basel-III-capital-regulation-impact-statement.pdf (Accessed: 26th January, 2017) Reserve bank of Australia. 2013. The Basel III capital reforms in Australia. Retrieved at https://www.rba.gov.au/publications/fsr/2013/sep/box-b.html (Accessed: 27th January, 2017) Roy,P,V. 2005. Credit ratings and the standardized approach to credit risk in Basel II. Retrieved at https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp517.pdf?6d91d46f21c928dd5508592da2ab3027 (Accessed: 27th January, 2017) The Basel II accord. Retrieved at https://www.basel-ii-accord.com/Basel_ii_Credit_Risk_Standardised_Approach__50_to_65.htm (Accessed: 28th January, 2017) The conversation. 2015. Australian banks are still too big to fail. Retrieved at https://theconversation.com/australian-banks-are-still-too-big-to-fail-44913 (Accessed: 27th January, 2017) World Bank group. 2016. Public private partnership in infrastructure resource centre. Retrieved at https://ppp.worldbank.org/public-private-partnership/financing/project-finance-concepts (Accessed: 27th January, 2017) Yescombe,E,R. 2011. Public- private partnership: Principles of policy and finance, Butterworth- Heinemann Zhang, Z. Shen, Z, M. Zhang, J Zhang, R. 2015. LISS 2014: Proceedings of 4th international conference on logistics, informatics and service science, Springer Heidelberg, New York. Money and Capital Market Analysis Questions: 1. Discuss the inadequacies of Basel II to deal with the contemporary issues faced by financial institutions around the world? 2. Discuss the reasons Basel III was introduced? 3. Discuss and critique whether Basel III ought to be applied to the Big 4 banks in Australia? 4. Discuss how any one of the Big 4 banks in Australia managed Basel III with respect to how funds are raised? 5. Define project finance in your own words? 6. Explain the reasons public-private partnerships (PPP) are common in project finance? 7. Discuss and critique 4 key risks related to public-private partnerships? 8. Discuss and critique 3 key success factors in public-private partnership? Answers: 1. Inadequacies of Basel II that the global financial institutions face to deal with the contemporary issues: The Basel Committee on Banking Supervision has introduced Basel II in 2004 for ensuring greater transparency in the banking regulations. The framework is designed to minimise the loopholes inherent in Basel I along with protecting the banks against global financial and economic crises (Angelini et al. 2015). However, the implementation of Basel II framework has resulted in huge losses for the big global financial institutions due to the following inadequacies: Underestimation of risk exposure: The requirement of bank recapitalisation indicates that the models of internal risk have not performed efficiently due to underestimation of risk exposure. This has compelled the global financial institutions in reassessing and repricing the credit risk (Blundell-Wignall, Atkinson Roulet, 2014). As a result, it signifies the complexities of accountability for low profitability; however, large events. Development of perverse incentives: Another fundamental problem related to Basel II is the dev elopement of perverse incentives in underestimation of credit risk. This is because the banks are permitted to utilise their own models for evaluating risk and ascertaining the amount of regulatory capital (Kou, Peng Heyde, 2013). As a result, the financial institutions tend to be overoptimistic regarding their risk exposures for minimising the amount of regulatory capital in order to increase the overall return on equity. Fall in bank capital asset ratios: The bank capital asset ratios have declined considerably, which has been around 7% of the overall assets. It has been observed that the Basel Committee on Banking Supervision has undertaken several methods over the years for exploring the consequences of moving from Basel I to Basel II framework (Hong, Huang Wu, 2014). From the results of the undertaken methods, it has been found that the capital requirements of the financial institutions would decline further for many banks, in case; the norms of Basel II are entirely implemented. Restricted loans to banks and companies with no or lower rating: With the introduction of Basel II norms, the availability of credit has been reduced for the banks and companies, which have lower credit rating along with addition to the financing cost. The reason behind this is that the Basel II norms have prevented the financial institutions in providing loans to the unrated organisations, as provision of such loans is prone to entire risk-weight. 2. Reasons behind the introduction of Basel III: The Basel Committee on Banking Supervision has enforced the Basel III framework to protect the world economy from the negative impact of both financial and economic crises. In this context, Grosse Schumann (2014) advocated that with the help of Basel III framework, the economic contribution of the financial institutions and banks have increased significantly in terms of added responsibilities for safeguarding the same against any unexpected crisis. The major reasons behind the introduction of the Basel III framework are briefly demonstrated as follows: Enhanced capital quality: With the initiation of Basel III, the framework has laid down a stricter capital definition. The enhanced capital quality represents higher capacity of loss absorption (Dermine, 2015). Such greater capacity would enable the banks and further financial institutions to increase their strengths to combat in any periods of distress. Buffer pertaining to capital conservation: The banks and financial institutions are needed to maintain a buffer pertaining to capital conservation of 2.5% after the enforcement of the Basel III framework. The intention identified behind such need is to ensure the banks to hold a cushion of capital (Joshi, 2017). Such cushion would enable the banks and other financial institutions to absorb losses effectively in time of financial and economic distress. Countercyclical buffer: The countercyclical buffer is the basic characteristic of the framework of Basel III and it is enforced with the motive to accumulate capital requirements at boom along with reducing the same at distress. In addition, such buffer would reduce the banking operations during overheating and it would support lending during tough periods. Such buffer is projected to differ between the ranges of 0% - 25% that constitute of common equity or capital absorption loss. Least common equity and Tier 1-capital requirements: The least requirement for common equity has risen from 2% to 4.5% of the total risk-weighted assets. The Tier-1 capital requirement constitutes of common equity and associated financial instruments have risen to 6% from 4%. Therefore, despite the minimum capital requirement of 8%, the entire capital requirement would rise to 10.5% after mixing with the buffer of conservation. Leverage ratio: The international financial crisis of 2008 has depicted that the values of assets have declined drastically compared to the past assumptions. Thus, the initiation of leverage ratio for the financial institutions has served as a precautionary measure under the framework of Basel III. As commented by King (2013), leverage ratio is the comparative amount to entire assets; however, there is exclusion of risk-weighted assets. Thus, the framework of Basel III aims to reduce the swelling of leverage in the world banking industry. Thus, 3% of leverage ratio of Tier 1-capital is needed to be tested before the complete enforcement of this ratio. Liquidity ratios: The framework of Basel III has developed ways for the financial institutions in handling liquidity risk in an effective fashion. These ways include initiation of liquidity coverage ratio: in 2015 and net stable funding ratio to be initiated in 2018. Needs Basel II Basel III Minimum ratio of entire capital to risk-weighted assets 8% 10.5% Minimum ratio of common equity to risk-weighted assets 2% 4.5% -7.5% Tier 1-capital to risk-weighted assets 4% 6% Core Tier 1-capital to risk-weighted assets 2% 5% Buffer of capital conservation to risk-weighted assets - 2.5% Leverage ratio - 3% Countercyclical buffer - 0% - 2.5% Liquidity coverage ratio - 60% (in 2015) Net stable funding ratio - To be initiated in 2018 Table 1: Comparison of capital requirements under the frameworks of Basel II and Basel III (Source: Morris Shin, 2016) 3. Application of Basel III to the top four banks in Australia: The Basel III implementation in the major Australian banks would help in minimising the coverage of high risk and enhance the quality of investment. Along with this, Basel III helps in eliminating any problem previously witnessed on the part of Basel II. The top four Australian banks include Westpac (WBC), National Australia Bank (NAB), Commonwealth Bank (CBA), Australia, and New Zealand Banking Group (ANZ). Hence, the application of Basel III in the above-stated banks is mainly depicted as follows: Rules related to fixed capital: Basel III has developed capital rules, which would help the four Australian banks in obtaining bigger loans with sufficient leverage. Moreover, with the help of this framework, the banks could hold pertinent capital and provide loans to the borrowers. Such measure would help the four Australian banks in minimising the negative impact of an economic crisis. Thus, the adoption of rules related to fixed capital would help the banks in providing sufficient capital to the borrowers capable of supporting the financial obligations (Laas Siegel, 2013). Minimum needs and buffer inclusion: Basel III is extremely beneficial to the four Australian banks, since it helps in minimising the entire risk resulting from investment. This is because this framework takes into account appropriate risk-weighted assets, which enable the banks in undertaking relevant investment decisions (Mariathasan Merrouche, 2014). In addition, the addition of countercyclical buffer is of immense importance for the four Australian banks to find additional cushion during recession, which would ensure smooth operations. Finally, with Basel III application, the four Australian banks might form a department for assessing liquidity risk to identify the investment risk associated with various projects. However, there are a number of limitations that could limit the operational strength of the four banks in Australia, if Basel III is applied and they are described as follows: Focus on capital ratios: Basel III focuses more on capital ratios, which could restrict the four banks in providing loans to the small-sized firms. In addition, the prevalence of shadow banking system in Australia would restrict the banks in completing their operations in an effective manner, Excessive trust on credit rating agencies: Basel III puts emphasis on credit rating from the external agencies. However, the credit rating agencies have certain limitations, which could be detected from the global financial crisis of 2008, in which the values of the assets were inflated. Thus, Basel III is based on amorphous credit rating, which would raise the entire investment risk (Marino, 2014). 4. Way through which Commonwealth Bank managed Basel III relative to fund accumulation: CBA uses APRA Prudential Standard APS 330 Public Disclosure that aims to enhance the requirements of capital funding. In addition, the bank makes use of Tier 1 and Tier 2 capitals for its fund disclosures. Therefore, the below-mentioned measures have been used for raising funds to support the operational activities of CBA: Additional instruments of Tier 1 capital: The bank has adopted Basel III to identify the pertinent borrowers for increasing the return from investment to deliver maximum benefits to its shareholders. As a result, the overall risk of the organisation is minimised, which would eventually lead to increased return from investment. Instruments of Tier 2 capital: The instruments of Tier 2 capital would help CBA in identifying the relevant borrowers, which would be helpful in minimising the total investment risk. Commonwealth Bank uses the constituents of Basel III like focus on capital, leverage and buffering ratios. As a result, it has helped in enhancing the allocation of assets and loans to the potential borrowers. In this regard, Nguyen (2014) stated that the implementation of Basel III would enable the financial institutions in enhancing the operational efficacy through increased cash reserves. The Commonwealth Bank of Australia has implemented the Pillar 1 minimal capital need for internal models in assessing the risks associated with market and interest rate. Moreover, the organisation is having a CET1 ratio of 4.5% along with a buffer of capital conservation of 3.5%. This has helped the bank in managing its capital management activities effectively. Thus, the implementation of Basel III measures has helped CBA in ensuring sufficient distribution of capital. However, Sutorova Tepl (2013) argued that Basel III framework focuses on certain guidelines, which could help the financial institutions, if they adopt ethical measures. Figure 1: Capital adequacy ratio of Commonwealth Bank in 2015 and 2016 (Source: Commbank.com.au, 2017) From the above figure, it has been found that the capital adequacy ratio of Commonwealth Bank has declined, which has enabled the bank to enhance its ability in generating greater loan advances to manage its capital effectively. 5. Project finance: Project finance is a complex and interesting financial area, which assists in the economic advancement of a country. However, project finance takes into account the attributes of relative risk, since longer timeframe is required for project completion (Gatti, 2013).For instance, development of tunnels, power stations and toll roads are few project examples. Along with this, project finance enables the organisations in identifying project feasibility to enhance the future profitability level. As commented by Weber, Staub-Bisang Alfen (2016), the yearly return from investment and financial performance could be identified through project finance. However, as argued by Subramanian Tung (2016), if the organisation fails to comprehend the cost assumption, project finance might lose its friction. The detection of risk and effective allocation of the same is the main constituent of project finance. It has been observed that a project contains a number of risks, which include technological, environmental, economic and political risks in the developing countries. The financial institutions and project sponsors are of the belief that the risks pertaining to operations and project development could not be funded. Thus, the financing of these projects is needed to be shared amongst different parties for sharing risk and assuring profit for all the parties. 6. Causes behind the commonness of public-private partnerships in project finance: Project finance is primarily associated with bigger projects, which aims to public infrastructure. Therefore, public-private partnership is of immense importance in finishing the public projects within the specified schedule. These projects include development of hospitals, roads and schools. As depicted by Lee, Choi Kim (2014), the financial projects require huge capital needs and resources, which are obtained from the public-listed companies. On the other hand, Magni (2016) remarked that project finance is conducted for assisting the public projects, which fail to deliver appropriate income from investment. The main reasons of commonness of public-private partnerships in project finance are demonstrated as follows: Enhanced infrastructural quality: The interference of private organisations in public projects helps in enhancing the overall infrastructural quality through continual innovation. In the words of Yescombe (2013), the private organisations adopt modern technologies and innovative methods to minimise the overall project cost and time. The adoption of modern technology for public projects might increase the project cost, which urges the need for public-private partnerships. Due to such intervention, the overall cost is minimised due to the specialisation of private organisations in the projects. As indicated by Gatti et al., (2013), the public-private partnerships help the government in selecting the right tender with better quality and cheaper prices to enhance the infrastructural quality. Enhanced project quality and design: With the help of private intervention in government projects, the project quality and design could be enhanced greatly. The incorporation of private organisations enables to improve the design by minimising expenditures and increasing overall project benefits. Moreover, the government could enhance the quality of the project by choosing the right project during the process of bidding. As a result, the overall quality and efficiency of the concerned project is maximised. However, Clews (2016) argued that interference of government funding primarily raises the probability of delayed completion, which might minimise the overall project benefits. Minimised performance and operating risk: The financial projects primarily carry undue risks, which influence both the performance and operations of the projects. Thus, public-private partnerships are beneficial in minimising the overall project risk. The private organisations could adopt cost-effective methods, while the public organisations could deploy capital for reducing the operational risk of the concerned project. In addition, the operational ability could be enhanced by using the latest technologies of the private sector. As mentioned by Pinto Alves (2016), due to greater risk in project finance from increasing inflation the project benefits might be reduced. Enhanced project planning and budgeting: The government aims to complete project finance effectively at a sufficient budget. The incorporation of private organisations would help in improving the operation. This is because the private organisations possess relevant experience of skilled personnel in developing budgets to complete the project within the specified schedule at controlled costs. This sufficient experience of the private organisations relating to project budget is necessary for the public sector to conduct cooperative arrangements for enhancing project planning and budgeting. As cited by Eisenbach et al., (2014), the cost-effective method of the private organisations helps the government in minimising its debt burden. However, as argued by Cooper Nyborg (2016), the unethical measures of the government mainly reduce the overall benefits of public-private partnerships. 7. Four major risks associated with public-private partnerships: Various risk factors might dampen the association related to public-private partnerships. As depicted by Feldman, Lowder Schwabe (2016), the organisations make use of the net present value approach to determine the time value of money derived from long-term projects. Such detection of the monetary value has helped the organisations in undertaking effective decision to assess the project feasibility. On the other hand, Bodmer (2014) is of the view that the greater risks influencing the project feasibility might decline the benefits to be realised form public-private partnerships. The below-depicted factors could be identified as the major risks, which could arise out of public-private partnerships: Political risk: The political risk is one of the major risks, which could arise due to modification in political agenda controlling the project operations. The uncertainty associated with the government agenda and modifications in the same frequently might hamper the project operations, since the funds are expected to flow from government interference. Any change in the ruling party might delay the completion time of the project and minimise the fund flows. As a result, the risk of the private sector is increased largely. Along with this, any modification in the government regulations like increased tax rate and inflation might negatively influence the overall project benefits. In the words of Higham, Bridge Farrell (2016), the budget valuation id mainly reliant on the rate of inflation and financial regulations, this could be evaluated during the duration of the project. Risks related to increasing costs: The increasi8ng construction cost in the global arena could be treated as a significant risk factor that might limit the captivities of public-private partnerships. The hike in labour costs and that of material would raise the overall expenditure of the government, in which the authorisation of public companies is necessary. In addition, delay in collecting the letter of approval along with lack of sufficient communication could enhance the construction risk. The government of a nation lays stress on bidding process and tenders for minimising the risk related to construction in the mid-half of the project. Operational risk: The change in tax rate and costs could increase the expense of the organisation, which is estimated on the part of the private organisations. This increased cost might result in increased operational risk, since the private sector carry on with its operations for earning profits. Hence, a modification in the cost structure might minimise the projected profits, which might increase the completion time of the project. However, the increasing debt burden of the government could minimise the probability of project continuation and hinder profit margin of the private organisations. Risk related to extended work: The public-private partnership is undertaken for long-term projects and thus, it is necessary to obtain prior consent of the stakeholders. This is because the private organisations mainly rely on profit margins before the initiation of operation. Along with this, the private organisations focus on projects, which could add to the capacity of revenue generation in delivering maximum benefits to the shareholders. Hence, the risk from extended work needs to be taken into account before entering into public-private partnerships. 8. Three success factors associated with public-private partnerships: The mixed operations of public-private partnerships could deliver benefits to both the parties. The public-private partnership is inherent in the global marketplace due to a wide range of success factors. As commented by Morrison (2016), the incorporation of private organisations in public projects detects the lowest cost, which is needed in order to complete the project while ensuring higher quality. The main success factors associated with public-private partnerships are briefly represented as follows: Strong private conglomerate: The public-private partnerships have engaged the private sector in improving the nations infrastructure. The reason behind this is that the link between the private and the public sectors would result in enhanced value of public services and amenities. Along with this, the private sector engagement in the construction of public services would reduce the government spending of the nation. However, the private sector plays the major role in fulfilling the needs of the project. Due to this, it might lead to high level of stakeholder dissatisfaction, which would enhance the completion time of the project while reducing the infrastructural quality. Thus, it is vital to obtain the permission of the stakeholders to complete the project within time before the partnership of the public and private sectors. Technical project feasibility: As the private sector is involved with the creation of innovative methods, the technical viability of the project could be improved further. Moreover, the private organisations have appropriate personnel expertise possessing all the necessary skills and experiences. Hence, the technical requirements of the project could be ascertained in an effective manner. However, the private sector might adopt unethical practices in minimising its level of expenses that might reduce the potential project prospects. Furthermore, it has been evaluated that the private sector is responsible for maintaining the operating expenditures during the project phases. Hence, ascertainment of the technical feasibility is the main success factor related to public-private partnerships. Effective apportionment and risk distribution: Under the public-private partnership projects, both the public and private organisations divide the entire project risks. However, majority of the risks are passed on to the private sector under such partnerships. 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