Intrigante-2. Continuation of the novel Sidney Sheldon Review Essay Example

Intrigante-2. Continuation of the novel Sidney Sheldon Review Paper Essay on Intrigante-2. Continuation of the novel Sidney Sheldon I believe that the continuation of the book, especially if they are already written by other authors, are rarely successful. However, just knowing that someone named Tilly Begshou wrote a continuation of one of the best novels of my favorite Sidney Sheldon, I immediately bought it. Without further ado, I hitherto unknown writer called his book Intrigante 2. Publishers together with the author of the book certainly hoping that fans will present talent Sidney Sheldon wonderful and unexpected gift. Well, lets see Again, the familiar and favorite characters Blackwell family. Again, endless intrigue and terrible tragedy, the latter has so much that they no longer believe in the reality of history. The impression is that almost all the characters have escaped from a mental hospital. There are only a few people who are of sound mind and memory. However, the author is very fast and famously cracked down on them. Leaving only those who are in need of urgent treatment by a psychiatrist. We will write a custom essay sample on Intrigante-2. Continuation of the novel Sidney Sheldon Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Intrigante-2. Continuation of the novel Sidney Sheldon Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Intrigante-2. Continuation of the novel Sidney Sheldon Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Kate Blackwell on the first pages out in another world. I no longer have someone to admire. All other characters pathetic and sometimes even anger. Well, I can not understand how the work can be higher than family values. Yes, it is very important to love his job, we did spend in her company a huge amount of time. But it should not become the main love of life this is overkill. The victim, who may have no one will appreciate, and life will be wasted in anywhere and does not give second chances. And yet, I can not understand how you can cherish for years in places like. With this it is so hard to live, even, I would say it is impossible. For this I am not vzljubili heroine continuing family saga Lexie. Yes, shes strong, beautiful, clever, only the soul of her dead. She had been poisoned by revenge. And its killing everything else. In general, the continuation of happened pretty average. This is not the Sidney Sheldon. In addition, the author went through some psycho. too many of them turned to one book. Nevertheless, fans of the Sidney Sheldon advise you to read and evaluate the continuation of the schemer. Actually, she is intended for fans of this writer.

buy custom Cup Cake Business Plan essay

buy custom Cup Cake Business Plan essay As already mentioned a business plan must have certain peculiar items and must be executed in the right manner. In order to develop a good plan, it is important to do enough research of the industry. This could be sometimes expensive considering that one could only depend on research from survey companies which comes at a price. In addition, a new person may not know what is relevant or not in terms of the information gathered. That should not however deter us from coming up with a plan considering its significance in the business world. Let us now look at how to come up with a plan for our cup cake business. Product strategy, points of difference of the product and ideas for new products. Marketing segments Key points of differences of the product to satisfy the segments needs Ideas for specific new products High school students The cakes must take in to account that students like snacking and therefore it should be well balanced. Students are also known to be adventures and therefore the designs should look uniquely different from what is already in the market. The point is that the customer should have so many choices that everyday they will want to try something different. This calls for abundant creativity. The entrepreneur should develop new designs and products such as pastries in order to give the young adults many choices. Look for different designs on the internet as well as in books Lower school childen Children like sweet things and therefore this must be put into consideration. Different shapes of cakes would also fit children. These could include shapes of dolls, toy cars and toy airplanes. The entrepreneur should also consider introducing new items such as cookies. Some children carry snacks to school and this would come in hardy. Grown ups (Adults) Adults would prefer something healthy not necessarily with much sweetness. This would help them cope with their busy schedules where some of them have no time for a meal like lunch. The entrepreneur can consider delivering to homes and offices for orders made or even to new customers. This would enhance customer relation thereby increasing sales. Special diet people Customers in this section will require cakes made with certain specific ingredients according to their condition. For instance, a person suffering from diabetes will need cakes made with little or no sugar. Other sweeteners could be used instead. There is also the case of people who are allergic to different things such as gluten and nuts. (Kerin, Hartley Rudelius 2008) The availability of certain specific customers is what will dictate the classification one needs to come up with. If for instance it is realized that a customer with a certain allergy keeps on asking whether cakes with or without a certain ingredient is available, the entrepreneur should plan to make them available. Stage in product life cycle, marketing mix,, branding and packaging strategies. This product (cup cake) is at the market introduction stage where customers must be provoked to try it and demand has to be created (Kerin, Hartley Rudelius 2008). The sales volume could be low thereby making little profit. This means that strategies have to be put in place to create awareness, demand and thus improve sales. The market mix which comprises of product, price, promotion and distribution, must be well integrated to maximize profits and keep expenditure within reasonable limits (Day, 1981). As we continue developing our plan, it is of paramount importance to look into how we do our branding and packaging. Our cakes must establish an identity in the market. Once we have the final product ready, we must make it look attractive to prospective customers especially considering that it is new in the market. The brand should be packed in a well designed and finished packaging that draws the attention of customers on the first glance. Beautiful and bright colors should be used in order to make it stand out of other such products. Since branding and packaging will influence a customer either negatively or positively, we must ensure that we create a lasting impressive image (Capozzi, 2011). In conclusion, business planning and proper execution plays a significant role in the success of any investment. In order to end up with a lasting and progressing cup cake business we need to organize the production, branding and packaging which makes marketing easier and the product is enabled to realize sales within a rational budget. The product life cycle management is also important so that relevant steps are taken in each stage. At the market introduction stage, where our cup cake is starting off requires proper market mixing to realize profits in good time. Buy custom Cup Cake Business Plan essay

A BUSINESS PLAN FOR ROXE APPAREL Essay Example | Topics and Well Written Essays - 1250 words

A BUSINESS PLAN FOR ROXE APPAREL - Essay Example These initial costs will be used for rent, recruitment, salaries and start-up expenditures. While serving the whole family, Roxe Apparel will focus more on the younger people aged between 16 and 35, because they are the cream of the clothing market. Introduction The apparel industry in the UK is a very lucrative one. However, it also has many barriers to entry. Nevertheless, there are many opportunities due to a number of possibilities that the fashion subsectror in the industry offers. Starting a business in the industry can be challenging but also highly rewarding. In this regard, it is prudent and worthy to start a clothing company in UK. The following is a business plan for starting a clothing company in the UK. The company will be called Roxe Apparel and will seek to serve the UK market as a medium class apparel company. The market for middle class clothing is very big in the UK, and it will be easier for such a new firm to commence its operations. The firm will concentrate on t he younger generations as the main market niche, but will also serve the whole family. Competitor Analysis The environment The clothing industry is a very competitive industry due to the fact that it is affected by some special factors which do not impact other industries (Gwilt and Rissanen, 2011). Popularity is a very important issue in the clothing industry since customers always buy from the clothing companies they are already used to. Unlike other basics needs, clothes are some of the few basic products which people choose carefully where they buy because that also matters. In other words, an individual may choose to buy from a more expensive store if the store is popular, and not to buy the exact same product from a cheaper one if the store is regarded lowly (Shishoo, 2012). This is especially so in the UK clothing market where competition is so tough and there are so many already established clothing firms. At the same time, most UK people are loyal customers, who choose to f ollow one brand and not to try many different ones. Creating the balance between branding the company as a popular one and giving the customer the best price is always a challenge in the clothing industry, and this is going to be a bigger concern for Roxe because it is a new firm. No clothing firm wants to be regarded as cheap, but at the same time, it is necessary to give the customers the best price. This makes already established firms more popular and entry into the industry very difficult. The main competitors that Roxe Apparel will face include established firms. These businesses already stand firmly on the ground and have a well established rapport with the customers in terms of knowing what the customer wants and expects. They have also been able to relate well with suppliers, which is a very important thing with regard to the fact that it determines how successful a business is going to be in the market. Economies of scale The other competitors are well established and have achieved higher economies of scale, which Roxe Apparel will not be able to reach in its initial months. This will mean that they will be able to compete more strongly in the market. As Briscoe (1971) argues, economies of scale are important for any business in the clothing industry because this is the only way to beat the market challenges. Customer service Most of the competitors rate very lowly in this respect and cannot make their customers happy. This is because most of them are large firms and therefore find it harder to create useful customer service. Large firms are also quite old, which increases the risk that they have not evolved enough to apply the concepts appropriate to the modern business environment (Kotter, 1998).

Compression Test on a Piper Aircraft Lycoming Engine Research Paper

Compression Test on a Piper Aircraft Lycoming Engine - Research Paper Example When doing this correction, the propeller should be rotated to make sure that the piston does not lie at the Top Dead Centre (TDC) so that the valve does not strike the top of the piston in the engine.The engine should be rotated to ensure reseat of valves in a correct manner before a compression recheck is done.   The top spark plug from each cylinder is removed before the compression check is performed. This is done by connecting the pressure regulator and the adapter to cylinder number two and the propeller is turned on to ensure that the piston was at TDC on the compression stroke of the engine. The pressure gauge was set at 20 psi following AC 43.13 recommendations to make sure that we achieve the TDC.The gauge was turned to 80 psi following the manufacturers and the AC 43.13 recommendations.The first gauge reading was 80 psi and the air gauge reading was 76 psi. The prop was moved back and forth to ensure proper placement during double checking on the readings obtained.Howeve r, leakages occurring after recheck compel for correction of pressure readings obtained. This correction can be done by placing a fiber drift on the engine rocker arm located directly over the valve stem and the drift is tapped several times using a hammer in orde to remove any foreign materials between seat and valve face. Pressure losses exceeding 25% of the applied pressure is an indication of cylinder defection, but this is subject to operating the engine for a time period of at least three munities to enable.

Compare and contrast Essay Example | Topics and Well Written Essays - 750 words - 9

Compare and contrast - Essay Example d moving through various places during a life, so their understanding of the â€Å"home† were formed without a long belonging to one village or a town. Both of them agree that nowadays it is not something uncommon to change places of living, especially in America. Sanders even considers that the mobility is the particular national characteristic of Americans, whose â€Å"Promised Land has always been over the next ridge or at the end of the trail, never under [their] feet† (173). Ford, explaining his numerous relocations, asserts that he is â€Å"just an ordinary fish aswim in a confluence of swirling currents† (183). Yet, both of them admit that in spite of all inner and outer voices urging people to seek new territories for life, in spite of the famous American slogan â€Å"Stand still – and you die†, the â€Å"staying put" by Sanders (173) or "to feel enfolding" by Ford (183) is of a great importance for them. For Sanders the key valuable meaning of home is the taking root in a place, in a specific physical location, rather than in ideas or in memory, as it is suggested by Salman Rushdie regarding to explaining of the migrant sensibility. Sanders argues that the most of the abuses, which has happened in the history of America, were caused by actions of â€Å"people who root themselves in ideas rather than places â€Å"(Sanders 173). And, on the contrary, when people become inhabitants, local residents instead of migrants, they are more committed to the place, they want and like to learn and care for their places, to â€Å"pay enough heed and respect to where we are† (Sanders 174). Sanders gives a bright example of such commitment to the place, describing the Millers family, who underwent three tornado, which heavily destroyed the family’s house, but each time after the tornado, the Millers stayed on the same place and rebuilt their house anew. Sanders supposes such behavio ur, â€Å"staying put† (172), can serve as an evidence of a third human instinct, as a response onto

Monetary Policy and Financial Institutions of Kenya

Monetary Policy and Financial Institutions of Kenya CHAPTER ONE 1.0 INTRODUCTION The world is turning into a â€Å"demon† to its own people as many are living in deplorable situations that are hardly bearable. The price level have risen sharply in the recent past coupled with dwindling wage levels and declining growth rate, especially, in majority of African countries where poverty has embedded itself to an extent that people in these countries live below one dollar per day. However, majority of governments have embarked on instituting major reforms through introduction of avant-garde monetary policy schemes, which forge the way forward through which the monetary authority re-design its policy by focusing primarily on price stability as the primary objective. In the last twenty years, majority of both developed and emerging economies respectively have embarked on IT framework as their best choice in conducting monetary policy, with none of inflation countries targeters abandoning the framework, save for Finland and Spain, that have already joined the European Monetary System (EMS) in late 90s. IT-framework; an approach to management of monetary policy was pioneered by the New Zealand Government in 1990 after it abandoned its pegged exchange rate five years later. By the year 2009, over twenty-five countries comprised of developed, emerging, and developing countries around the world had so far espoused the IT-Framework and have reported greater achievement of low inflation rate. Majority of these countries mainly from Latin America, East Asia and United Kingdom had experienced high bout of inflation and financial crises exacerbated by their former monetary policy regimes. These not only resulted to sacrificing output and employment but als o resulted to severe increase in international capital flow leading to a switch to floating exchange rate. 1.1 Historical Background In relation to many other African countries, the monetary policy and financial institutions of Kenya has developed rapidly within the last two decades and probably more advanced than other countries at a similar stage of underdevelopment. Kenya opened its own Central Bank in September 1966 with the hope that, it would at least generate secondary expansion by facilitating the creation of bank credit and accelerate the process of monetization of the economys subsistence sector, in spite, of its openness and sensitivity to fluctuations of primary commodities. The next decade following the establishment of her Central Bank witnessed interesting changes in Kenyas monetary and banking policies as the oil shock of 1973 created inflexibility in the foreign exchange reserves as they declined considerably. Hence, the magnitude and speed of reduction in credit expansion were not adequate to show the decline in foreign exchange reserves. In fact, the fear that tight monetary policy induced from outside could hamper the rate of development at home led to feeble corrective measures such as restraining inflation impact due to price boom of exports, which coincided with expansionary monetary policy under a low profile of interest rates. In the early 1980s and 1990s Kenya experienced high inflation resulting from a prolonged spell of drought and political instability that resulted from introduction of a multiparty system in the Kenyan political history in late 1980 and also general elections followed later in 1992. Besides, in 2002, the growth per capita was negative due to high corruption of the highly ranked government official and political interferences of major decision-making organs of government including the Central Bank of Kenya, as it could not carry out its mandate freely. In the year 2008, Kenya faced another dark moment in terms of its political stability as the whole country went into turmoil due to the highly disputed general elections of 2007. The once giant of East African countries went down into â€Å"ashes† and major sectors of the economy especially the financial sector got hurt the most. Since then, it has been very difficult for the resurgence of economic stability, political stability a nd financial institution even after the power brokering that gave birth to a coalition government in that same year. However, in late 2010, the coalition government of Kenya gave hopes to recovery of major sectors of the economy when the New Constitution unanimously voted into existence in a referendum. This Constitution has brought about major reforms in the financial and political arenas more specifically in the Central Bank of Kenya as per se; hence, major changes are expected to be instituted by CBK for an effective and independent monetary policy conduct. 1.1.2 Road map of Kenya towards adoption of ITF 1.1.2a) Central Bank of Kenya main policy objective The amended Central Bank of Kenya Act of 1996, CAP 491(4) permitted the Banks operational autonomy in the conduct of monetary policy and mandated price stability as one of its primary objectives through formulation and implementation of such principal object of the bank, thus, promoting the long-term goal of economic growth. In fact, the Central Bank of Kenya does not announce an inflation target; instead, it uses money growth reserve as her main nominal anchor of which the repo rate forms its main operational target. It is in this perspective that the CBK monitor and control inflation rate through interest rate transmission channel as a way of conducting monetary policy. Apart from the main objective that is price stability, the Bank has a mandate to balance its inflation goals against other goals such as exchange rate stability and promotion of liquidity, solvency and steady-market back up while ensuring equilibrium in domestic and external payments. 1.1.2b) Central Bank of Kenya attributes that favor ITF adoption The Bank like any other bank of its caliber is mandated by the legislation to carry out its objectives in a more coherent and consistent manner without any external interference, thereby commanding greater central bank independence. The ‘Old Constitution of the Republic Kenya of (1963) and ‘Newly Promulgated Constitution of the Republic Kenya of (2010) have further strengthened the Banks Act, thereby, empowering the bank to carry its main objective without political interferences and curbing time-inconsistency trap. The appointment and removal of the CEO of the Bank (governor) and his/her deputy rest with the president discretion for a period of four years term in office unless stated otherwise. In connection to the governor term of office termination, the president has a directive to appoint a tribunal comprised consisting of a chairperson and two members who hold offices in High Court or Court of Appeal. This tribunal enquires on matters related to termination of such appointments and make recommendation to the president. Nevertheless, these might undermine the Banks credibility in upholding autonomy in case the termination of the governor might be unlawfully since the appointing authority might compromise the tribunal to favor his/her decision. In conformity with the Act CAP (491), the MPC is hereby required to forward a report at least every six month to the Minister detailing all dealings the bank is undertaking hence the Minister shall table the MPC report before the Parliament for further amendment and deliberations. The Bank is exempted from any taxation whatsoever in respect to losses or profits. The Banks books of records and financial statements subjected for auditing by the Controller and Auditor General only if the Minister of Finance deems it appropriate for such auditing. Both Governor and Deputy Governor are indebted to adhere to the bank in totality and prohibited from engaging in any other paid businesses, professional activities or employment while still in office. These is in agreement with majority of literature such as (Klomp and Haan 2008) who based their idea on Cukierman Index which states the following inherent features for a central bank to be termed as more independent: (i) if the governor appointing authority rest with BOG rather than the president, is not prone to relieve of his/her duty, and has a longer tenure in office. (ii), if the government has no tendency to interfere with banks conduct of business, for example, in policy formulation and implementation; if there is a greater independence be it of legal instruments or goal instruments; and also if the government has no capacity to borrow from the bank. (iii) last but not least, if the bank main objective is price stability. 1.1.2c) Economic Independence of CBK Kenya has also experienced tremendous financial innovations intensifying greater implications to monetary policy transmission mechanism. The Bank is empowered to act as a fiscal agent of the government or any public entity. Similarly, the advance made by bank to the government is supposed to be secured with securities issued by government, of which are supposed to mature before twelve months, bears interest at market rate, and are advanced for a short-term period to the government. In compliance with the statute, the CBK has an authority to grant loans and advances not exceeding three years in fixed period to government as a Deposit Protection Fund Board (DPFB), while the bank has mandate to lend or give credit to public entity, although, it is limited in extending such credits. The main interest is built on the various chief features associated with the introduction of inflation targeting framework by most of the Central Banks of both developed economies and transitional economies around the world; borrowing heavily from various aspects of literature that have analyzed greatly the development of this framework in order to determine the viability of the framework in low income countries such as Kenya. indeed, little has been done in A model specific to the needs of Kenya will be developed while building a general structure within the framework of an ITF so as to distinguish between group characteristics of the inflation-targeting and non-targeting central banks since its inception, and the relationship between various variables mentioned in the hypothesis. In addition, the paper depicts lessons learned by countries that have already adopted the strict ITF since 1990s. What become apparent evident in process of this review, however, is that several contributory problems must first be solved before forming an informed judgment on the likelihood of low-income countries embracing the framework. The first of these problems is whether there are impetus and aspect linked with decisions to move from a specific monetary practice to another. Second problem revolves around the feasibility of other policy designs of monetary policy such as exchange rate regime and central bank independence Third problem will address chief pitfalls that could prevent low-income countries from embracing this policy design. The study hypotheses investigates the relationship between conditions that lead to adoption of inflation targeting framework in developed economies and examine if these pre conditions have a replicate effect in low income countries. The other parts of the paper shall be structured as follows: In section II, assess modification of monetary policy conduct under ITF by various developing countries central banks, the cons and pros of shifting to such strategy. In section III evaluate the exchange rate transition and its role to inflation targeting framework more specifically the following interrelated issues will be taken into considerations: the role of nominal exchange rate it plays as a nominal anchor, the costs associated with the real exchange rate overvaluation; and the approach for exiting the pegged exchange rate. Section IV reviews the role of the central bank independence since it forms the core tenet of conjecture that is built around the inflation targeting framework.Likewise, other contributory factors to embracing the framework will be captured in this Section. The paper concludes with the policy recommendation and the way forward. 1.3 General Salient features, Implementation and Experience A better strategy for monetary policy is built on the following inherent characteristics as summarized by Svensson Lars 1997; Friedman, 1990; McCallum, 1990 that is, it is supposedly to be highly correlated with the goal and has a tendency to be controlled by central bank with much ease than the goal itself. Similarly, the public and the central bank should be able to comply to it with much ease than the goal. In addition, transparency is of greater importance in terms of the efficiency and effectiveness of the bank communicating to the public its objective and procedure of conducting its monetary stance. Literature from (Bernanke and Mishkin 1997), Bernanke et al. (1999) and (Svensson Lars 1997) has vehemently mentioned various elements that form this framework which includes. First, price stability is formally chosen as the main intent of monetary policy, which indicates the monetary stance and the central banks principle of appraising its performance. Second, the central bank issues a declaration, which categorically states the numerical target for inflation within a specific, horizon-thus the bank has the latent to lessen the possibilities of falling into time inconsistency trap in carrying out its primary goal. Third, either the government can opt to choose the target, independently or collectively with the central bank, which is associated with appropriate changes in the central banks law thus enhancing instrument independence of the institution in achieving its target. Fourth, the ITF promotes high transparency in the conduct of monetary policy thus enabling flow of information from the central bank to the public and government. Svensson Lars (1997) stated that, when the authority anticipate the policy target deviation, the strategy should be attuned in such a way it is neither contractionary nor is it expansionary in accordance with keeping the policy on target. On this background, the IT-framework work best in forecasting future inflation, that is, the relevant information for forecasting monetary policy is of greater importance in predicting future inflation. Indeed, this transparency of inflation targeting forms a better juncture in terms of motivating and focusing the activities insi de the central bank. More so, there is high tendency of central bank accountability, which is often outlined in case of breach of inflation target, meaning it helps in clarifying what the central bank is capable and incapable for it to be accountable. Although, inflation targeting has proved to be the best modern strategy it does not lack some criticism or problems that characterizes it in terms of implementation and monitoring. For instance Svensson Lars (1997) has described some of the inherent problems that makes this strategy ineffective, which includes: central banks inability to restrain inflation due to the fact that, previous decisions and contracts play a vital role in determining current inflation. In other words, the authority can only have power over the future inflation. In addition, monitoring and evaluation of monetary policy by public faces a greater set back due to the inadequate control of inflation. CHAPTER TWO 32.0 Literature Review A large body of literature has been developed to analyze the effectiveness of an explicit numerical anchor since such framework was adopted in early 1990s. There exists a large number of literatures on major development of Inflation Targeting Framework since its inception in developed countries and emerging economies. However, there is little development in low-income countries in regards to adoption and implementation of this framework varies greatly in most of these countries because of lack of a well-developed financial market, inadequate fiscal position, political interferences and also lack of market integration in majority of them thus posing a bigger challenge to welcoming this framework as a way of monetary policy conduct. Therefore, the section borrows heavily from past studies that have since been done in order to demarcate the gaps that have made the framework ineffective. 3.1 Transition to Inflation Targeting Framework: Central Bank of Kenya In the past decades, the monetary policy encountered by most of the emerging markets economies has been depressing, these resulted to extreme periods of monetary instability, vacillating from high inflation, to colossal capital flight, and thereby led to downfall of many financial systems. However, the forecast for successful monetary policy in the majority of countries in transition have so far been augmented. This has been typified by considerable decline of inflation rate in Latin America region as an example of an emerging region, which dramatically fell from an average of above 400% in 1989 to less than 10% (Mishkin Savastano, 2001) According to Morande and Schmidt-Hebbel (997), â€Å"this objective of inflation control has been interpreted by public as formal targets or â€Å"hard† targets.† Thus enables the central bank to be more accountable by explicitly announcing a multi-year target for inflation. Downs and Vaez-Zadeh (1990) declared that â€Å"during the transition it is not possible to forecast market behavior†¦..[s]ince the old money-model is bound to be obsolete and perhaps of little use† (318). Indeed, the ‘old fashioned regime of money-growth targeting framework has proved inefficient in the recent past, although the Central Bank of Kenya has been able to maintain inflation rate as low as possible. Above all, the de-regulation of economic activities in the early 1990s marked a major landmark in the conduct of monetary policy in Kenya in terms of objectives, instruments and institutional framework. Mwega 1990(a) developed a model that sought to explain the changes in the CPI Growth e.g. real income (T) changes, changes in money supply (M2), changes in import prices and changes in previous years inflation rates (Pt-1) were the expansionary variables. In these results, he found money supply to be a significant determinant of inflation. Similar study was done by Ndungu (1993) where he did a comprehensive study on the dynamics of the inflationary process in Kenya for the period 1970-1991. He used a monetarist model, named the error correction form of model and empirically showed monetary growth, interest rates changes, real income growth and excess money printing which were significant determinants of inflation in Kenya assuming a closed economy. When he included the external economy, he found the exchange rate had a significant effect on the domestic price level. The results of his study indicated inappropriate government policies (monetary and fiscal) resulted lack of control of inflation especially in 1980-1990 where inflation level escalated. Mishkin and Schmidt-Hebbel (2007) in there panel data analysis comprising of both inflation-targeting industrial countries and non-inflation targeting industrial countries, argued that ITF has helped these countries in achieving stable inflation rate in the long-run where they are attributable in oil-prices and exchange rate shocks, and that are associated with strengthening of monetary policy independence and enhanced policy efficiency. Taguchi and Kato (2010) assessed the performance of the IT in East Asian economies where they adopted a co-integration approach between money and inflation. The estimation results were that, the ITF in the sample of few selected economies, except for Philippines, proved to work well as an anchor for controlling inflation through speeding up price adjustments (stabilizing inflationary expectations) against money supply in the context of floating exchange rate. Similarly, they argued that, â€Å"well-functioning inflation targeting framework was consistent with enhanced monetary autonomy under the post-crisis floating exchange rate.† Aizenman and Hutchison (2008) used a simple empirical model where they estimated panel data for 17 emerging markets for both inflation-targeters and non-inflation targeters and concluded that there was a stable inflation response running from inflation to policy interest rates for inflation-targeters in emerging markets who have anchored their inflation than in non-inflation targeters whose central banks respond less in such markets. Similarly, they argued that â€Å"the response to real exchange rate was much stronger in non-IT countries, however, suggesting that policymakers are more constrained in the IT regime where they attempt to target both inflation and real exchange rate and these objectives are not always consistent.† 2.2 An overview of the exchange rate transition and its role in ITF The Central Bank of Kenya policy objectives have been to protract an exchange rate that will ensure international competiveness while maintaining domestic rate of inflation at low levels through conduct of strict monetary stance. Calvo and Reinhard (2002) argued that Majority of emerging markets are facing problem in performing inflation targeting due to various issues of how to manage the exchange rate under the condition that their external debt is primarily denominated in U.S. dollars. Therefore, the idea of this framework is believed to work best under floating exchange rate regime.Hence, inflation targeting framework as a monetary policy strategy becomes unrealizable in majority of this countries due to too much concern towards exchange rate volatility. In recent times, countries with fixed exchange rate have a tendency to fix their domestic currency value to countries whose main objective is to anchor their inflation in readiness to keep inflation rate in check. Most of the countries that have adopted a crawling target or peg their currency tend to devalue at a firm rate in order to keep their inflation rate low vis a vis their counterpart anchoring countries. These periods marked a milestone that foresaw an accelerated money supply growth and high inflation, but at the same time there was a move to speed up economic reforms and accelerate the pace of liberalization. â€Å"An exchange rate regime makes central bank quite accountable because it has clear-cut goals [b]ut can actually weaken accountability of the Central Banks in emerging- markets countries, by eliminating important signal that can help keep monetary policy from becoming too expansionary† (Blejer, Ã…  creb, 1999, p. 41).Also, for the same reasons described in (Mishkin, 1999a) â€Å"exchange rate targeting can promote financial fragility and lead to foreign exchange crises that can also lead to full-fledged financial crises with disastrous consequences for the economy†(Cited by Blejer Ã…  creb, p.50) .Hence, a continuous adherence of exchange rate regime is probable to have far-reaching impact of economic sluggishness and exacerbate redundancy in the economy, w hich is exactly what Kenya has experienced in the past. Therefore, the Central Bank should move more assertively by provision of an extra credibility, where policy easing is desired to prevent output reductions, without igniting fears of renewed inflation. Mishkin Savastano ( 2001) acknowledged that â€Å" [t]here are three broad monetary policy strategies that can produce an explicit nominor anchor that credibly constrains the discretion of the central bank over the medium : â€Å"hard† exchange-rate pegs, monetary targeting, and inflation targeting†. In spite of this, majority of industiralized economies, notably the United States, have used a more or less the same strategy of anchoring inflation. However, it does not explicitly anchor inflation but it implicitly anchor its inflation. a monetary policy with an implicit but not an explicit nominal anchor sought of monetary policy strategy to achieve macro-economic goals. Whereas, the three monetary policy strategies have enabled emerging economies to set up institutions and mechanisms that have effectively and efficiently constrained the discretion of their monetary authorities; their suitability to conditions in different markets differs according to each strategy that is adopted by each country. Reinhart and Rogoff (2004) declared that, â€Å"Developing countries central banks tend to pursue exchange rate targets that considerably are more deterministic than their official pronouncements†¦.[while] a managed floater might be operating a fixed exchange rate or a crawling peg for extended periods†. Likewise, Kenya has undergone myriad exchange rate regimes in the past mostly driven by various economic cycles, and chiefly the balance of payments deficit. For instance, up to 1974, the exchange rate was pegged to the dollar, but later the devaluation of the currency resulted to a change of the peg to the SDR.1 from 1974-1984 period. This regime lasted until 1990 when a dual exchange rate system was adopted that lasted till October 1993 when, after a series of devaluations, the official exchange rate was abolished. (Mwega and Ndungu, 2001) acknowledged that â€Å"Kenya adopted a unified and flexible exchange rate in the early 1990s, as part of a market-based reform program designed to improve the investment environment and spur economic growth†(Cited by Ndungu, 2008). In addition, the (Kenyan Economic Survey, 1995) revealed that the nominal exchange rate suddenly depreciated by about 32%, moving to Ksh38 to the U.S dollar from Ksh 44 to the dollar, and inflation declined from 46% in 1993 to 28.8% in 1994 (as cited in Ndungu, 2000) as a result of shilling appreciating against dollar in 1995†. 2.3 Central Bank Independence The literature on ITF in emerging market economies suggests that this monetary policy strategy should be adopted only if some institutional preconditions are met. One of them is Central Bank Independence. Many scholars have given much attention to the central bank autonomy and the role it plays in adopting ITF. Indeed, where central bank is autonomous from government interference it is likely to insulate itself from political pressures to finance government fiscal deficits, which can result to over-expansionary monetary policies that would lead to inflation above target. Cukierman, Webb and Neyapti (1992) constructed Central Bank Index that was designed in two folds that is, legal independence and turnover rate of governors, where both revolved around central bank charters and legislation and the relationship it has over the overall performance of the economy. This paper provides an overview of the mushrooming literature on authority autonomy and precision relating it to the mechanis ms through which central banks have in the past adopted greater openness, thereby, focusing more on the role they play in adoption and effective implementation of inflation targeting framework. (Klomp and De Haan, 2010) used a random coefficient model and they estimated a sample of more than 100 countries to re-examine the relationship between CBI (measured by both governors TOR and central bank legal indicator) and inflation. They found Central Bank Index to be negatively insignificant with the level of inflation rate of country specific. Most literatures in developing countries have focused on de facto independence as a proxy of CBI that is governors turnover rate. Studies of Cukierman, Webb and Neyapti (1992) stated that the average and variance of inflation has a negative correlation to governors turnover rate in most of the developing. This is due to the fact that, majority of studies has expressed doubts over the reliability of most of indicators used to construct Central Bank Independence indices. Indeed, there exist a greater divergence when it comes to categorization of indicators used to measure CBI incase of high income countries, emerging countries and low income countries. Cukierman,1994 and Eijffinger and De Haan (1996) have categorically contended that, the CBI indices in majority of high income countries are arises from central banks laws interpretation and are of great concern to legal independence indicator, whereas, in developing countries de facto independence indicators form the main measure of central bank independence. Axel Dreher, Jan-Egbert Sturm, Jakob de Haan (2010) used a data set comprising of eighty-eight countries term of office of central banks governors since 1975-2005. They used logit model to test the likelihood central bank governor term of tenure geting terminated before their legal term in office expires. According to their results, the probability of a TOR as a measure of CBI tend to soar under certain condtions which includes: unstable political system, undue elapse of governor term of service in office and during elections period in self-governing countries. Accordingly, they indicated in their hypothesis that there was a higher chance of the governors getting replaced if there was huge drop out of veto players from the government. Alex, Webb and Bilin (1992)) developed legal independence where they mentioned some of the intrinsic features such as the degree of independence that the authority should bestow to the Bank, and lone dependence on legal component of independence. Beside s, the legal independence is significant in ascertaining inflation rate in developed economies. Whereas, turnover rate of governors forms a better turning point of inflation determination in developing countries. Likewise they argued that, in cases where governor legal term of office is shorter than that of government CBI is likely to be compromised by the government, thereby, resulting to increased TOR. More over, the governor is likely to be susceptible from government influence thereby derailing long-term objective of policy formation and implementation under the pretext of political pressure especially during election periods. (Kuttner Kenneth, Posen Adam 2010), took the same direction and indicated that undue appointment of governor in office result to construed information to the bank in terms of carrying out its primary objective of price stability. For instance, unjustifiable appointment of governor under low inflation periods may reinforce the exchange rate, while the opposite is always true. Since governors appointment seem to contain valuable information regarding the exchange rate and inflation rate. Gutierrez (2003) indicated that CBI has positieve impact in reducing the chances of governments incurring budget deficits through quasi-fiscal activities. Since such activities can be understood on their inflationary impacts. Posen and Kuttner (2010) estimated the effect of legal appointment of governor to office exchange rates and bond yield and argued that the main test was to verify the scope to which markets observe that the next governor will bring a swing in policy, whereby he/she is expected to determine the bearing of such swing. This is in conformity with the fact that, the news conveyed may favour either one side due to markets reaction after such appointment. 2.4 Financial Institutions Another important prerequisite for successful ITF stressed by the literature is a healthy financial and banking system. Several reasons can be advanced to explain the great importance of well-functioning financial system under inflation targeting framework. First, a sound financial system is essential to guarantee an efficient transmission of monetary policy through the interest rate channel which forms the major channel through which the CBK carries out its main objective of price stability, and more specifically forms an enabling environment of smooth exchange and provision of credit. Second, according to Mishkin (2004), a weak banking sector is potentially problematic to achieve inflation target, because the central bank would be hesitant to raise short-term interest rates for fear that this will impact the profitability of banks and lead to a collapse of the financial system. Third, countries characterized by weak financial institutions are more vulnerable to a sudden stop of cap ital outflows, causing a sharp depreciation of the exchange rate which leads to upward pres

From the Pillars of Civilization to the Pillars of Law :: Law College Admissions Essays

From the Pillars of Civilization to the Pillars of Law As sweat dripped down my nose and mixed with the dirt, I yelled, "I found glass!" Glass is considered a rare find, and upon hearing my announcement the excavation team stopped digging. Later, as I sat under the overhang on the laboratory roof patiently brushing dirt off a pottery shard and reconstructing a pot from the shard, I realized that archeology parallels the process of producing a paper, piece by piece and note-card by note-card. I came to Mallorca, Spain because of my passion for Egyptology and archeology. I was determined to excavate, and although Mallorca is not Egypt, this was my opportunity to do so. I love solving puzzles - discovering pieces, analyzing their importance, uncovering relationships and then utilizing the information to produce a final work. An archeologist discovers an object; draws on knowledge of the culture, materials available, and history to analyze the object; deciphers its role and determines its value. Writing, research, legal study, and legal prac tice share this process with archeology. Instead of finding a pottery shard in soil, the discovery is information and requires research and analysis. The challenge of researching and analyzing an unknown subject is the most enjoyable part of academic life. An honors thesis I wrote on Colombian environmental policy allowed me to study a topic about which I had been ignorant. I chose Colombian environmental policy because my Latin American Politics class did not cover Colombia, and I was interested, after writing about French and American environmental policy, in continuing my study of different countries' environmental policies. Colombia, however, presented a greater challenge than the other two countries due to the paucity of available material. After the Colombian consulate was unable to help me, I located one of the few experts in the field who directed me to relevant material. I threw myself into a provocative topic, formerly unknown to me, and transformed it into something about which I was knowledgeable. The process is like discovering a shard, or if lucky, a piece of glass. The Colombian paper also stands out as one of my favorite projects because of the analysis and interpretation it required. The class analyzed events using a matrix comprised of political, social, international, and domestic factors. The environmental articles offered no obvious examples of reasons for the events; my analysis relied solely on my interpretation. From the Pillars of Civilization to the Pillars of Law :: Law College Admissions Essays From the Pillars of Civilization to the Pillars of Law As sweat dripped down my nose and mixed with the dirt, I yelled, "I found glass!" Glass is considered a rare find, and upon hearing my announcement the excavation team stopped digging. Later, as I sat under the overhang on the laboratory roof patiently brushing dirt off a pottery shard and reconstructing a pot from the shard, I realized that archeology parallels the process of producing a paper, piece by piece and note-card by note-card. I came to Mallorca, Spain because of my passion for Egyptology and archeology. I was determined to excavate, and although Mallorca is not Egypt, this was my opportunity to do so. I love solving puzzles - discovering pieces, analyzing their importance, uncovering relationships and then utilizing the information to produce a final work. An archeologist discovers an object; draws on knowledge of the culture, materials available, and history to analyze the object; deciphers its role and determines its value. Writing, research, legal study, and legal prac tice share this process with archeology. Instead of finding a pottery shard in soil, the discovery is information and requires research and analysis. The challenge of researching and analyzing an unknown subject is the most enjoyable part of academic life. An honors thesis I wrote on Colombian environmental policy allowed me to study a topic about which I had been ignorant. I chose Colombian environmental policy because my Latin American Politics class did not cover Colombia, and I was interested, after writing about French and American environmental policy, in continuing my study of different countries' environmental policies. Colombia, however, presented a greater challenge than the other two countries due to the paucity of available material. After the Colombian consulate was unable to help me, I located one of the few experts in the field who directed me to relevant material. I threw myself into a provocative topic, formerly unknown to me, and transformed it into something about which I was knowledgeable. The process is like discovering a shard, or if lucky, a piece of glass. The Colombian paper also stands out as one of my favorite projects because of the analysis and interpretation it required. The class analyzed events using a matrix comprised of political, social, international, and domestic factors. The environmental articles offered no obvious examples of reasons for the events; my analysis relied solely on my interpretation.

Holt Case Essay

The Holt Case relates to the company’s snapshot, case situation and key management issues pertaining to the Holt Renfrew which was being operated in Canada. Company Snapshot Holt Renfrew was constituted as a hat and fur shop in Quebec City in 1837. The company is recognized as one of the elite high-end retailers of Canada. Almost 10 stores were operated by the company in seven cities of Canada in which cosmetics and designer fashions were being sold such as Oscar de la Renta, Gucci, Prada, Dolce & Gabbana and Armani. These products were usually imported from Asia, Europe and the United States. The top quality was the base of Holt Renfrew brand which included private-label and branded assortments and designers that were exclusively for men and women. The Holt Renfrew was then owned by Galen Weston who is a Canadian business leader heading The Wittington Group. Case Situation During the observation of case situation, it was revealed that the staff used to spend much of the time in telephonic communication for adjusting and confirming previous orders. The stock of merchandise was quite high due to which staff remains busy on phone lines for orders tracking, delivery status, confirmation and shipment with transportation service providers and suppliers. The goods were delivered to the distribution centre by suppliers without prior intimation which used to cause inconvenience in scheduling routine tasks. Even it was not possible to determine whether right quality and quantity is being received. Warehouses were so much loaded that only in DC; inventory was stored around $40 million worth which created a hindrance in tracking the shipment in a timely manner. Even the complaint was lodged by store managers regarding overstocks of merchandises which prove the worse condition of warehouses. Key Management Issues The key management issues could be the closure of secondary warehouse and the consolidation of operational warehouse into DC. It would be useful for DC if the addition of mezzanine floor up to 20,000 square feet with a cost of $1 million could be practiced. Additionally, the warehouse problems arose due to overloaded stock. The reason behind this fact was the less sales target being accomplished and improper system involving excessive merchandises which was ordered without prior requisition or sanction and the same was too seriously complained by the store managers.

Representations of Australia and its Soldiers essays

Representations of Australia and its Soldiers essays Different people think differently of Australia and its soldiers in the First World War. They have been depicted differently by many sources. It is obvious that there is a general opinion that the Australian soldiers at Gallipoli were eager, determined and very brave. But some have described them in a very different way. In the film Gallipoli, the character of Archy is seen to be a determined and brave young man who lost his life in what seemed a useless attack on the Turks. Frank is a cautious and sometimes bad tempered man who is also very brave and had to run through places where snipers could easily get him. He doesnt die but did a lot to help the Australians. These two, though, also had some bad points. They scratched their names on the pyramids, Frank started to argue with a shopkeeper and Archy shouldnt have been at the war at all because he was underage. In a book called Australia and the Great War, one extract says that Australians were riotous, undisciplined, loutish and disobedient. They supposedly had wild donkey ides, riots in Brothels, threw drivers off trams, scratched their names on the pyramids and had fights with shop owners. In a newspaper article, Australian soldiers are said to have made an inspiring scene in which to make her European debut as a fighting unit of the Empire. They say that after already doing this they should get all the Australians back home. In Gallipoli, once again, you get the idea that it was the Britishs fault for the loss of so many lives in Gallipoli. The British were said to be drinking tea when the Australians were fighting. The officer who order the continuation of the assault at The Nek has a British accent in the movie when he was actually Australian. This shows that many people think that in was the British who killed the Australians. Most sources tell of Australia as a country with a red, barren and harsh environment. Most people then onl...

Analysis of Theoretical Perspectives, Research Methodologies and Methods Essay Example

Analysis of Theoretical Perspectives, Research Methodologies and Methods Essay Example Analysis of Theoretical Perspectives, Research Methodologies and Methods Paper Analysis of Theoretical Perspectives, Research Methodologies and Methods Paper According to the Dictionary of Qualitative Inquiry â€Å"postmodernism is an attitude toward the social world at the current stage of its historical development- more of a diagnosis than a theory† (Schwandt 1997, 201). Using this definition â€Å"Children and the Revolution† most comfortably fits into the theoretical perspective of postmodernism. This becomes obvious in the very first lines of the article when the author states her opinions in terms of the current social atmosphere (Craig 2006, 125). More evidence of this theory is found in Craig’s statement that â€Å"we have had half a sex revolution† (2006, 126). Craig seems to be presenting her ideas in this article in order to correct a social assumption that the time and effort of child rearing has become more equal among the sexes, but as her study shows, it has not. This research also fits best within the concept of survey research, even though the researcher herself did not perform the surveys, but used survey information collected from the Australian Bureau of Statistics in their 1997 Time Use Survey (TUS) instead (Craig 2006, 128). Considering the depth of the TUS and the breadth of the number of the individuals that completed the survey as well as the completion rate because of mandatory cooperation with government research such as this, Craig’s analysis of this data is likely to be much more complete and accurate than if she were to conduct her own survey (Craig 2006, 129). Craig’s methods seem to be a comparative analysis, or cross-case analysis (Schwandt 1997, 46). Single cases of individuals’ time spent in certain activities were collected on both male and female, and parent and non-parent participants. These reports of activities and time spent were then averaged according to group, and then compared; male vs. female, parent vs. non-parent (Craig 2006, 129). In contrast, â€Å"Time and Labour† seems to take the more or less rather raw data that Craig offers on time spent in child care for fathers and asks analyzes this a little deeper. The theoretical perspective used in this article seems to be interpretivism. Dermott takes into account the same kind of information that Craig has presented and determines that not only is there a disparity in the actual time spend in child care between men and women, but there seems to be a distinct difference in the psychological frame of mind between mothers and fathers. Dermott looks at the social constructs behind being a â€Å"good worker† and a â€Å"good father† as far as time investment in each activity (Dermott 2005, 91). This research seems to imply that, not only do fathers spend less time in caring for their children, but they do not feel that spending an amount of time equal to that of the mother is necessary for them to achieve the same degree of esteem. Though the methodology that Dermott uses could be considered the same as Craig’s since they both use direct survey-type material straight from their participants, it would be more accurate to say that Dermott is using a heuristic inquiry approach. On the surface both Craig and Dermott are investigating the same phenomenon, just on opposite ends of the spectrum. However, Dermott’s departure from simply analyzing the hours spent in childcare can be seen in such places as on pages 93-94 where she begins by stating that â€Å"Feeling responsible† was one cited reason why the men participating in the study chose to spend more time at work than with their children. Dermott’s investigation of why there is a discrepancy between the role of men and women in rearing children is what makes her work more heuristic than simply a survey. Dermott’s methods are also in contrast to Craig’s since her methodology requires a deeper, more personal look at her subjects than a collection of recorded numbers can provide. Clearly, through various quotes taken directly from her subjects, Dermott has used an interview method to obtain her research material. When comparing the two articles, Crotty’s discussion of the four elements of social research becomes quite poignant (Crotty 1998, 1). Ultimately Craig and Dermott are researching almost identical topics, though they are focusing on the different genders in the same topic. Craig’s approach expresses the discrepancy, but focuses on showing that raising children is, in fact, a major financial and temporal burden, and the women take the brunt of the temporal responsibility as well as play a major support role in the financial responsibility. She shows how this has actually evolved over the years through the change in women’s roles in society. Dermott, on the other hand, addresses the same topic, but explores the reasons behind the disparity. Interestingly enough, Dermott’s research serves as an extension of Craig’s work, though it also shows that the men have the same problem with the one-sided sexual revolution by stating that, though men are being inc reasingly expected to spend more time in child care their roles as the main support of a family have not changed enough to keep up with this trend (Dermott 2005, 92). This stands both in opposition and in explanation of Craig’s statement that though women have entered the workforce in huge numbers the expectation of them taking the majority of the domestic and child care responsibility has not changed (Craig 2006, 126). It is because of the subtleties in the development of the four elements that these two researchers could approach practically the identical topic and yet develop such different perspectives that provide unique information about the topic.

BS1106 Business Environment Essay Example | Topics and Well Written Essays - 1000 words

BS1106 Business Environment - Essay Example some of the recurring costs that an airlines industry requires to survive. The airlines industry is a complex one. It is a high risk industry as is known after the incidents of 9/11, yet it is a highly lucrative industry with potential of high profits. Huge investments, high risks, squeezing profit margins, growing competition are some of the major barriers to entry in this industry. The global economic downturn has also severely affected the expansion of the airlines industry worldwide. As a result of decreasing profit margins and to consolidate their position, a major trend within the global airlines industry has been for companies to seek strategic alliances with other airlines and benefit from synergies in operations. The success of low cost airlines and the increasing airline alliances has in general resulted in contributing towards improvement in the airline industry (Datamonitor, 2005). With the opening of economies and market driven forces taking over the business prospects, the customer has become the real king in the airline industry. Now companies do everything possible to invite the customer towards them by offering them good bargains, club memberships, loyalty programmes, sumptuous meal and goodies on board. The customer relationship management (CRM) has to play a key role in managing and retaining the customer as the customer has become very demanding, and resorts to bargain prices before purchasing the ticket. The top 10 leading names which have successfully made use of this trend are shown in the table below; With more low cost airlines dotting the airspace, the industry is further reaching towards saturation. Brand name and frequent flier point programmes also play a role in the Airline industry1. An airline with a strong brand name and incentives can usually be enough to lure a customer (even if their prices are higher). The figure below lists some of main customer satisfaction determinants (Ipsos

Understanding the Law Essay Example | Topics and Well Written Essays - 1750 words

Understanding the Law - Essay Example While the binding principle of judicial precedents applies to ratio decidendi as applied in the original case, obiter dicta do not bind. This means that in cases where a judge is bound to use a precedent, the judge must apply the rules of law that were applied by the former judge as ratio decidendi. Other elements of the precedent case that do not form part of the precedent’s ratio decidendi are not binding (Robertson, 2010, p. 20). Types of judicial precedents Application of judicial precedents defines the types of precedents that have been identified in the judicial system. A judicial precedent can be original, binding, or persuasive. An original precedent is a first establishment of rule of law in cases where no precedent has been laid. This occurs when the facts of the case at hand does not correspond to facts of any other case for which a rule of law has been established in interpretation of the law. The presiding judge therefore establishes a precedent to the case called original precedent. A binding precedent is on the other hand a judicial decision that has already been established in a previous decision and whose application binds a judge. The principle of a binding precedent imputes a judge’s obligation to apply an already established precedent irrespective of the judge’s opinion over the principle of law as was established in the earlier case. This application is based on the rule that decision of a higher court binds judges of lower courts (Robertson, 2010, p.18- 19). Persuasive precedents are however not strictly binding to a judge as the judge has the freedom to either apply the precedent or not. This means that unlike in the case of a binding precedent, application of a persuasive precedent is at the... Understanding the law The paper will explore concepts of the two legal applications. Judicial precedents Judicial precedents, as defined by Robertson, are a source of law that originates from the judicial system. The doctrine of precedents establishes former decisions by judges to form ground for decisions to be made by other judges in future cases. The doctrine is based on the principle that an established rule of law through decisions of judges should remain standing. Robertson argues that the doctrine establishes ground for â€Å"fairness and certainty of law†. The doctrine of judicial precedence is a deviation from the traditionally perceived judicial role of interpretation of the law for implementation. While the primary role of the judiciary is to determine the best meaning in application of law in litigations, the doctrine of judicial precedents offers the judiciary a law making authority. This is because judicial precedents are recognized source of law in which an already established decisi on is to be applied in future cases involving similar facts. Application of judicial precedents however relies on two principles, ratio decidendi and obiter dicta. While the jury limits the powers of the judge in determining the case, the judge ensures that jurors are properly selected to eliminate chances of bias. The above views are therefore completely justified within the concept of democracy, openness, and fairness of the jury process.