An Effective Nurse Client Relationship Essay - 1144 Words

The nurse client relationship is said to be a helping or therapeutic relationship in which the main focus is to enhance the health and wellbeing of the patient. As stated by Harris,Nagy and Vardaxis (as cited in Mosby’s Dictionary,2008) â€Å"A nurse-client relationship can be defined as a therapeutic relationship between a nurse and client built on a series of interactions and developing over time† The relationship is different from a social relationship in the way that it is only focused on the needs of the client/patient.The relationship is goal oriented and has 3 phases which correspond to those of Hildegard E.Peplau which are The Orientation Phase,Working Phase and The Termination Phase. When discussing an effective nurse-client relationship many factors are incorprated in the establishment of this relationship among these factors are positve regard,trust and interpersonal skills. â€Å"People will forget what you say to them.They will never forget how you made them feel† This direct quote from Maya Angelou backs up the thesis that in order to establish an effective nurse-client relationship as a nurse you must display effective interpersonal skills.Interpersonal skills are vital life skills and when used by nurses help display an ability to communicate and interact successfully with patients/clients. In facilitating a nurse client relationship there is a variety of different concepts we must consider and apply in order for the nurse-client relationship to be a ‘helping’ andShow MoreRelatedAn Effective Nurse Relationship Between The Nurse And The Client1482 Words   |  6 PagesIntroduction Throughout all nurse to client-relationships the central component to being an effective nurse is to be able to establish a therapeutic relationship with their client. The RNAO states that â€Å"effective nursing practice is dependent on an effective therapeutic relationship between the nurse and the client.† (Registered Nurses Association of Ontario, 2002). By using the adaption of John’s (2006) Model of Structured Reflection, a clinical scenario including a nurse and a client will be analyzed forRead MoreEffective Therapeutic Nurse Client Relationships With Mental Health3086 Words   |  13 Pagesfor the client, but their family members, as well. As front-line workers, mental health nurses are responsible for developing a rapport and building a foundation with this particular population. In doing so, psychiatric nurses can positively impact client care outcomes, allowing the client to experience optimal levels of holistic care. Effective therapeutic nurse-client rela tionships with mental health clients must be developed and maintained by nursing staff in order to provide their clients with theRead MoreEffective Communication As A Health Care Professional1313 Words   |  6 PagesIt s about understanding the emotion and intentions behind the information. Effective communication is how you convey a message so that it is received and understood by someone in exactly the way you intended (L. Robinson, J. Segal, Ph. D., M. Smith. 2015). This paper looks at the requirements of effective communication as a health care professional and the essential concepts to have as a registered nurse. Effective communication assists with many circumstances in clinical situations. Arnold,Read MoreThe Model Of Reflective Thinking : Reporting1453 Words   |  6 Pageslanguage, listening and spoken word, we continually exchange messages between each other. In most professions, effective communication skills are necessary for the development of successful workplace r elationships and foster appropriate, respectful client care (Stein-Parbury, 2012,p.194). In the healthcare field, interpersonal skills are fundamental in building rapport and therapeutic relationships between the patient and other associates (Ross, 2013, p.2). To understand the importance of communicationRead MoreTherapeutic Relationship between Nurse and Patient1665 Words   |  7 PagesAccording to William C and Davis C, (2004), page 3 it has been said that a nurses most essential tool is the therapeutic use of self to understand clients health needs and their knowledge and skills to facilitate the healing process. A therapeutic nurse and patient relationship is defined as a serving relationship that is based on mutual trust and respect, the nurturing of faith and hope, being sensitive to self and others, and assisting with the gratification of patients physical, emotional andRead MoreCase Study on Nurse and Client Relationships708 Words   |  3 PagesCare provided by a nurse i s not limited to physical care. Instead, a therapeutic nurse-client relationship extends beyond physical needs ensuring that a client’s psychological and emotional needs are being met as well (National Council, 2013). In developing a relationship with a newly pregnant client, it is essential to understand common responses to pregnancy. Newly pregnant clients are often in a state of shock or disbelief, and any ambivalence detected by a nurse could simply be the result ofRead MoreNursing And Midwifery Board Of Australia ( Nmba ) National Competency Standards For A Registered Nurse1622 Words   |  7 Pagestherapeutic relationship is fundamental in providing quality patient care. The Nursing and Midwifery Board of Australia (NMBA) National Competency Standards for a Registered Nurse (2006) emphasises Collaborative and Therapeutic relationships as one of the four main domains which make up the standards. The assignment will explore one specific quality on establishing, maintai ning and appropriately concluding a therapeutic relationship in relation to a Horizon Hospital and Health Service client, in thisRead MoreReflection on Video Vignette Pregnant Stroke1011 Words   |  5 Pagescommunicating with the client with construction and enhancement of my personal skills of therapeutic communication, through analyzation and reflection. The video initiated as the paramedic staff informed the client, Sally that he was going to handover the related information to the nurse. It progressed with inter-professional communication between the professionals starting with their introduction, description of the event involved, a brief clinical background of the client and related observationsRead MoreEffective Communication For The Nursing Profession1493 Words   |  6 Pages A Reflective Essay on Effective Communication Skills in the Nursing Profession. Name: Carmela Alitin Student Number: n9713271 Unit: PYB007 Communication for Health Professionals Tutor: Aleana Green Tutorial: Thursdays 11am-1pm, Z-607 Word Count: 1,380 A Reflective Essay on Effective Communication Skills in the Nursing Profession â€Å"Effective communication is integral in every profession, but in nursing, it could mean the difference between life and death,† (E.S Alitin, personalRead MoreEffective Communication, An Essential Foundation Of Effective Healthcare1007 Words   |  5 Pages â€Å"Communication is a multidimensional and complex process in which, ideas, thoughts, values, knowledge or feelings are shared and interpreted† (Koutoukidis G, 2013). As a nurse, being able to communicate with our clients is imperative to their wellbeing and to the building of our therapeutic relationship. Effective communication is an essential part of nursing and doing it well can be an art, however it can be learned over time and usually gained from education and experience. Linguistically diverse

What is Evil Essay - 654 Words

The world is filled with many different words, some harder to define than other. One of these difficult words is considered by many to be evil. The definition of the word evil depends entirely upon the reader or writers perspective upon the word. The most innocent and simple ways that of would define evil is by simply saying that evil is the exact opposite of good, but what is good? In order to understand the true meaning of evil, we must first be able to describe what good is, what has goodness produced, and what has evil truly defied. To understand evil we must first understand the concept that good and evil are term or words referring to what one given individuals believes to be the right and wrong thing to do. Good, many times†¦show more content†¦Being good or doing good things leads to many things, but in order to give a clearer definition, one must understand what it is that these good actions created. Once one understands this, then the individual can clearly see the logic behind what some would consider an evil action. Over time, humankind has strived to become what they believed to be holy pure or good. This attempt at being what is virtuous has given birth to a set code of conduct or thoughts that are now commonly seen as the right thing. This code of conduct was based upon morals, which are any given individuals thoughts and believes on what is acceptable as good and evil. Due to the fact that mankind also strives to be accepted by there peers, a common set of morals was established and agreed upon by any specific generation of people to be the good thing. Understanding and knowing these the morals of these given times in history will be necessary to understanding how to define evil. Evil, as mentioned before, is commonly referred to the act or actions that go directly against what is to be considered good. Good, or a set or morals and believes, have differed between the many generation that have existed over time. One must properly underst and that what they believe to be pure evil could be seen as doing the right thing in the eyes of others. Evil has a very bias perception to its definition, but is always measured by the same means no matter where what and when it is describes. Evil is theShow MoreRelatedWhat Makes A Person Good Or Evil?871 Words   |  4 PagesWhat makes a person good or evil? Why are some people labeled as good and some evil? Why do some people have traits or characteristics of both good and evil? Are people truly evil or do they just make bad choices? Throughout our lives we are faced with making decisions about our lives and often the choices we make can determine the path we follow. Depending on our life choices we can be labeled as either good or evil. Good and evil are relative; one person can be good while another evil. Read More whats good without evil Essay1219 Words   |  5 Pages Without Evil What’s Good nbsp;nbsp;nbsp;nbsp;nbsp;â€Å"If my devils are to leave me, I am afraid my angels will take flight as well.† Rainer Maria Rilke wrote this to explain the nature of humanity. He expressed his views on human behavior and how humans think. Without evil, one does not know exactly what goodness is. Everyone possesses good and evil qualities. For they are balanced and create stability in everyone. If the one doesn’t exist then humans would not be able to differentiate or comprehendRead MoreWhat Happens If I Go To Evil?2113 Words   |  9 Pagesaway from them, Yes, Alpha. What is it that you need to tell us? You got this Seraphina, dont look at her. She will be your undoing once again. Listen to my words A prophecy. What does this prophecy state? the Beta asked intrigued. It is said that the balance hangs in the hand of one man, he can be tempted to either side of the scale and that will determine who will prevail, I repeated the word from Raphael, and I am here to aid you in that fight. What fight? And who holds the balanceRead MoreWhat The Problem Of Evil Is Under A General Scope1683 Words   |  7 PagesIn this paper, I explain what the problem of evil is under a general scope in order to demonstrate the synthesis of my research. I also describe and evaluate four classic examples of solutions, or attempts, to solve the issues surrounding the problem of evil. These approaches to the problem were discussed in our textbook and include, karma, appeal to sovereignty, the consolation of promise, and dualism. I also include some selective quotations from a variety of scholars that compliment my evaluationRead MoreA Comparison Of Oskar Schindler And Amon Goeth : What Is Human Evil?1002 Words   |  5 PagesVictor Frankl once said, â€Å"Any person, regardless of the circumstances, can decide what shall become of them – mentally and spiritually.† This is true for Oskar Schindler and Amon Goeth, who both had very different reactions to World War II. Human g oodness is when one sees the truth, accepts it, and makes rational decisions based on the truth. Human evil is irrational decision-making, and when a person sees and understands the truth but choses to defy it. In Steven Spielberg’s Schindler’s List, philosophersRead MoreTo What Extent Were the Nazis More Evil than Other Genocidal Regimes?1558 Words   |  6 PagesTo what extent were the Nazis more evil (1933 – 1945) than other genocidal regimes? A. Plan of Investigation The investigation assesses the Nazi regime from 1933 – 1945 in regards to the totality of their actions. In order to evaluate the Nazi regime on whether or not they were more evil than other genocidal regimes, the investigation evaluates how the Nazis controlled their country. The investigation will start in the early years of the Nazi regime in how they set up their totalitarian governmentRead MoreGood vs. Evil, Wrong vs. Right, and Ought/Should Be vs. What Is792 Words   |  4 PagesGood vs. Evil, Wrong vs. Right, and Ought/Should Be vs. What Is Group B: Question 1: An office worker had a record of frequent absence. He used all his vacation and sick leave days and frequently requested additional leave without pay. His supervisor and co-workers expressed great frustration because his absenteeism caused bottlenecks in paperwork, created low morale in the office, and required others to do his work in addition to their own. On the other hand, he felt he was entitled to takeRead MoreExploring the Idea of Evil Essay example1162 Words   |  5 Pagesconstantly attempted to understand what evil truly is, and, if possible, how to eliminate this evil from their lives. However, first it must be known what it is that is being eliminated. Different people, cultures, and eras have all had a different view of what evil is, and how it affects their lives, and there is no true answer. Because of this, discussing the idea of whether people are born or can be evil is meaningless. The idea of what evil is, and whether people can be evil, is relative and cannot beRead MoreEvil : Evil And Evil1300 Words   |  6 Pagespaper) is fundamentally good and moral, and is even unable to create evil, then how did evil come to be in the life we are living? According to the problem of evil, if there is a God, there is no evil. But because there is evil in the world, the conclusion can be drawn that there is no God (Sober). At first glance, this argument is perfectly logical. However, this claim may be reversed. For if one is indicating that there is evil in this world, they are believing that there has been a â€Å"line† drawnRead MoreWilliam Goldings Lord of the Flies Essay872 Words   |  4 Pagesare born with genes that determine how they act and what they do. Humans are born with good or evil; There surroundings allow good or evil to thrive. A persons evil genes prosper with the given environment. Jack said â€Å"You would, would you? Fatty!†(71). This shows that his genes are bad and he doesnt like people different from him the environment the environment plays a part in how he acts because with no grownups or anyone to watch him his evil genes can tell him how to act. In Phillip Zambardo:

Humanism in Renaissance Art Free Essays

The Renaissance, occurring between the fourteenth and seventeenth centuries, was a period of great rebirth. Humanism, an important part of the Renaissance, brought about more color, perspective, and realism within the artistic community. A few aspects of humanism include individualism and Greece-Roman influences. We will write a custom essay sample on Humanism in Renaissance Art or any similar topic only for you Order Now Humanist ideals manifested themselves in works of Renaissance art such as Michelangelo Sistine Chapel and his David sculpture, as well as Repeal’s School of Athens. Individualism emerged in the works of Michelangelo along with numerous other Italian artists of the time. In Michelangelo Sistine Chapel painting, each of the over one hundred people depicted has its own distinct facial features. Prior to the Renaissance, artists would replicate the same prosaic face onto all of the people in a large group. However, Michelangelo preferred to distinguish every individual figure present. He also ventured so far as to include a depiction of God in the form of he paintings benefactor, Pope Julius II. The characteristics of individualism repeatedly appear in the works of Italian Renaissance artists. The prevalence of humanist ideals is also present through the inclusion of Greek and Roman themes. The statue of David by Michelangelo was a sculpture created between 1501 and 1504 featuring a nude male representing the biblical hero David. Davit’s contrasts pose is the Renaissance interpretation of the common Greek theme of a casually standing heroic figure. Another ancient Greece-Roman theme represented in the statue is the idea of a biblical hero depicted as a supreme athletic embodiment. Additionally, Repeal’s School of Athens, painted between 1 509 and 1 510, conveys classical Greek and Roman ideals. Aristotle and Plato, well known Greek philosophers, serve as the central focus of the scene. Furthermore, the building portrayed in the painting has the rounded appearance and incorporation of columns used commonly in Romanesque architecture. Also, there are two statues visible in the background of the painting: one is of the Greek god Apollo, the god of light and cheery, and the second is of the Roman goddess Minerva, the goddess of wisdom. A myriad of Italian artists were influenced by the humanist ideals of the great thinkers. The likes of Michelangelo and Raphael used these principles of the great Renaissance humanists to advance their artwork. Humanism in Renaissance Art By illegible How to cite Humanism in Renaissance Art, Papers

Social Development Observation free essay sample

Rebecca (to the teacher) I know how to make my name! Child 1 I know too! Children 2 and 3 I know too! I know! Teacher If you make your names I’ll give you special cuddles. Rebecca This is my letter (takes letter â€Å"R†) Child 1 I want all green letters (starts picking green letters) Rebecca Mine is not green. Child 1 I’ll make a tower (grabs several letters) Rebecca I’m making my name (takes letters â€Å"B† and â€Å"E†) Child 1 Look! It’s gonna fall! (puts seven letters on top of each other) Rebecca No. It won’t. Child 2 It will! It will! Rebecca (to child 1) What are you doing? Child 1 I’m making it bigger (puts two more letters on top of the â€Å"tower†) Teacher You are making it higher. Rebecca I am still making my name (looks at the letters in front of her) Child 1 I need more! I need those! (takes Rebecca’s letter) Rebecca No! It’s mine! (tries to stop child 1) Child 1 But I need those for my tower (looks at the teacher). We will write a custom essay sample on Social Development Observation or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Rebecca It’s my name! She is taking my name! looks at the teacher) Teacher (to Rebecca) Don’t take her letters. Play with the ones that you already have. Child 1 But my tower won’t fall. I need more. Rebecca looks at the â€Å"tower†, takes her letter â€Å"R† and gives it to child 1. Rebecca It’s O. K. I can do my name with â€Å"B†, because my mum calls me Becky. Child 1 put the letter on top of the â€Å"tower† and it falls down. All children laugh. Rebecca takes her letter â€Å"R† and gives it to child 1 again. Rebecca Do it again! I’ll do my name with â€Å"B†.

The Gadfly. Interrupted Friendship Review Essay Example

The Gadfly. Interrupted Friendship Review Paper Essay on The Gadfly. Interrupted Friendship This book made no less impression on me than the Gadfly. I always wanted to learn how Arthur Burton, cute, a bit naive, kind, touching the young man turned to Felice (Felix) Rivarez, ruthless, sarcastic, hard, mistrustful, lonely, strong Gadfly, which for the sake of its objectives and principles are not willing to accept help from the man so much loved and hated at the same time. He would prefer to die than to escape, betraying themselves and their ideas, something for which he fought and risked, knowing full well that he faces. In this novel, I have seen first and foremost the establishment of the future revolutionary fighter. He can not, will not be able, he does not want to trust the people and will never forgive them their mistakes. The fact that he immediately decided that Renà © and Margarita betrayed him, said lisch his huge, overwhelming feeling of loneliness and suspicion. He so often hurt, it then no longer believes in a disinterested friendship, love and the other a pass ion of others, which they fill their lives. No, not as Felix, all that was best in Arthur, Felix managed to turn into nothing, to destroy, to get rid of it. Although not quite. But Gadfly is another, he will never forgive those who betrayed him. After all, he himself said that the so eager to forgive, seek, try, if you want, but you can not. That door is closed. Most of all I remember the last page, where the aged Renee tells her son about people like Rivarez, only such, probably no more. If you ever met a person and it will show you different from you and other one of those rare people who are among us as dazzling stars try not to forget that these people know a great happiness, but love them dangerous We will write a custom essay sample on The Gadfly. Interrupted Friendship Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Gadfly. Interrupted Friendship Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Gadfly. Interrupted Friendship Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

International Financial Management Essays

International Financial Management Essays International Financial Management Essay International Financial Management Essay INTERNATIONAL FINANCIAL MANAGEMENT Undertaken at â€Å"TECNIA INSTITUTE OF ADVANCED STUDIES† Submitted in the partial fulfillment for the award of the degree of MASTER OF BUSINESS ADMINISTRATION Under the Supervision  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Submitted by and Guidance ofRAMAN KUMAR Ms. Sakshi Goel 05117003910 (Lecturer IFM)MBA- 3rd Sem SESSION: 2010 2012 TECNIA INSTITUTE OF ADVANCED STUDIES (Approved by AICTE, Ministry of HRD, Govt. of India) Affiliated To Guru Gobind Singh Indraprastha University, Delhi INSTITUTIONAL AREA, MADHUBAN CHOWK, ROHINI, DELHI- 110085 E-Mail:[emailprotected] rg, Website: www. tecniaindia. org Fax No: 27555120, Tel: 27555121-24 Ques 1) Bring out the similarities and dissimilarities in the financing facilities at IMF and World Bank. Discuss how the two institutions help in the development of developing countries? World Bank and IMF * The World Bank and the IMF are twin pillars supporting the worlds economic and financial struc ture. The World Bank is an investment bank owned by its member nations. The IMF functions more like a credit union whose members can draw from a common pool of funds to assist in emergencies. As of Aug. 1, 2010, its biggest borrowers were Romania, Ukraine and Hungary. 19441969 * From July 1 to 22, 1944, the IMF and World Bank Articles of Agreement were formulated at the International Monetary and Financial Conference in Bretton Woods, New Hampshire. On May 8, 1947, France became the first nation to borrow from the IMF. On Sept. 29, 1967, the IMF board approved a plan to establish special drawing rights (SDRs), which are international reserve assets used by member countries to supplement their foreign exchange reserves. 19701985 * On Aug. 15, 1971, the U. S. topped using the gold standard to settle international transactions. In 1974, the IMF adopted a new method of SDR valuation based on a basket of 16 currencies. This basket was simplified on Sept. 17, 1980, to hold five currencies , and today it holds four: the U. S. dollar, euro, Japanese yen and pound sterling. On Dec. 2, 1985, the two agencies expressed support for a U. S. initiative for comprehensive adjustment measures by debtors, increased and more effective structural lending by multilateral development banks, and expanded lending by commercial banks. 1986-Onward * On Dec. 9, 1987, the IMF established the Enhanced Structural Adjustment Facility (ESAF) to provide resources to developing nations undergoing fundamental debt restructuring and economic reform. Countries of the former Soviet Union joined the two agencies in 1992. The IMF, in conjunction with the G7, helped stabilize the 1995 Mexican peso crisis and the 1997 Asian currency crisis. On Jan. 8, 2001, the IMF and the Bank announced debt relief for 22 countries, 18 of them in Africa. On Apr. 13, 2003, a joint IMF-World Bank project was launched to monitor the policies and actions needed to achieve the United Nations Millennium Development Goals by 2015. On Sept. 25, 2005, agreement was reached on a G7/G8 proposal to provide 100 percent debt relief to the worlds heavily indebted poor countries (HIPCs). During their April 2006 meetings, the IMF and the Bank focused on ways to finance clean energy in developing countries, and the role of governance in meeting worldwide social, health and economic goals. Similarities Differences The overall structure of the  United Nations System  and  World Bank Group  has been described in previous posts. Both of those groups have expanded exponentially since their creation. Given that both the UN and World Bank were born from the same parents almost simultaneously, the extent of differences among organizations both within and between those two broad institutional systems is surprising: 1. Although membership in all entities within the UN System and World Bank Group is limited to sovereign- states, all members of the United Nations  General Assembly  are not necessarily members of  IBRD  (or other  World Bank  subsidiary bodies or specific UN  specialized agencies); 2. Although sovereign-state members are represented by their respective governments within  UN  System  and  World Bank Group  entities, different agencies within those governments represent them in those different international bodies (for example, [i] ministries of  foreign affairs  generally represent their governments  in the  General Assembly  and  Security Council, [II] bi-lateral development agencies, ministries of external affairs, or sector-specific  line ministries  normally represent them inspecialized agencies, and [iii] ministries of  finance  or  central banksnormally represent them in the  World Bank  and  International Monetary Fund  [IMF]); 3. Although informal agreements existed that the  Administrator  of the  United Nations Development Programme  (UNDP) and thePresident  of the  World Bank  should both be Americans,6  a wide range of other nationalities have always served in the highest leadership position of other UN specialized agencies; 4. Although senior leaders within both systems stressed the importance of â€Å"country-knowledge† among staff, the UN system began posting  Resident Representatives  to client countries very early-on while the World Bank continues to rely primarily on staff and consultants dispatched from its Washington headquarters; and 5. Although the UN system fairly rapidly expanded its interests in international development assistance and capacity to provide it, the attention of its overall leadership and Secretariat staff remains focused on, in the words of Craig Murphy, â€Å"matters of international high politics. † IMF and World Bank help in the development of developing countries The IMF and World Bank collaborate regularly and at many levels to assist member countries and work together on several initiatives. In 1989, the terms for their cooperation were set out in a  concordat  to ensure effective collaboration in areas of shared responsibility. High-level coordination: During the  Annual Meetings  of the  Boards of Governors of the IMF  and the World Bank, Governors consult and present their countries’ views on current issues in international economics and finance. The Boards of Governors decide how to address international economic and financial issues and set priorities for the organizations. A group of IMF and World Bank Governors also meet as part of the  Development Committee, whose meetings coincide with the Spring and Annual Meetings of the IMF and the World Bank. This committee was established in 1974 to advise the two institutions on critical development issues and on the financial resources required to promote economic development in low-income countries. Management consultation. The Managing Director of the IMF and the President of the World Bank meet regularly to consult on major issues. They also issue joint statements and occasionally write joint articles, and have visited several regions and countries together. Staff collaboration. The staffs of the IMF and the Bank collaborate closely on country assistance and policy issues that are relevant for both institutions. The two institutions also often conduct country missions in parallel and staff participate in each other’s missions. IMF assessments of a country’s general economic situation and policies provide input to the Bank’s assessments of potential development projects or reforms. Similarly, Bank advice on structural and sectoral reforms is taken into account by the IMF in its policy advice. The staffs of the two institutions also cooperate on the  conditionality  involved in their respective lending programs. The 2007 external review of Bank-Fund collaboration led to a  Joint Management Action Plan  on World Bank-IMF Collaboration (JMAP) to further enhance the way the two institutions work together. Under the plan, Fund and Bank country teams discuss their country-level work programs, which identify macro-critical sectoral issues, the division of labor, and the work needed from each institution in the coming year. A recent  review of JMAP implementation  underscored the importance of these   joint country team consultations in enhancing collaboration. Reducing debt burdens. The IMF and World Bank also work together to reduce the external debt burdens of the most heavily indebted poor countries under theHeavily Indebted Poor Countries (HIPC) Initiative  and the  Multilateral Debt Relief Initiative (MDRI). The objective is to help low-income countries achieve their development goals without creating future debt problems. IMF and Bank staff jointly prepare country debt sustainability analyses under the  Debt Sustainability Framework (DSF)  developed by the two institutions. Reducing poverty. In 1999, the IMF and the World Bank initiated the  Poverty Reduction Strategy Paper (PRSP)  approach- a country-led plan for linking national policies, donor support, and the development outcomes needed to reduce poverty in low-income countries. PRSPs underpin the HIPC Initiative and most  concessional lending by the IMF  (in particular, the  Extended Credit Facility (ECF)) and World Bank. Monitoring progress on the MDGs. Since 2004, the Fund and Bank have worked together on the  Global Monitoring Report  (GMR), which assesses progress needed to achieve the UN  Millennium Development Goals (MDGs). The report also considers how well developing countries, developed countries, and the international financial institutions are contributing to the development partnership and strategy to meet the MDGs. Assessing financial stability. The IMF and World Bank are also working together to make financial sectors in member countries resilient and well regulated. The  Financial Sector Assessment Program (FSAP)  was introduced in 1999 to identify the strengths and vulnerabilities of a countrys financial system and recommend appropriate policy responses. Ques 2) What to do understand by swap? What are the various types of swaps? An Introduction To Swaps Derivatives  contracts can be divided into two general families: 1. Contingent claims, i. e. , options 2. Forward claims, which include exchange-traded futures,  forward contracts  and  swaps   3. A swap is an agreement between two parties to exchange sequences of cash flows for a set period of time. Usually, at the time the contract is initiated, at least one of these series of cash flows is determined by a random or uncertain variable, such as an interest rate, foreign exchange rate, equity price or commodity price. Conceptually, one may view a swap as either a portfolio of forward contracts, or as a long position in one bond coupled with a short position in another bond. This article will discuss the two most common and most basic types of swaps: the  plain vanilla  interest rate and  currency swaps. The Swaps Market Unlike most standardized  options  and  futures  contracts, swaps are not exchange-traded instruments. Instead, swaps are customized contracts that are traded in the  over-the-counter  (OTC) market between private parties. Firms and financial institutions dominate the swaps market, with few (if any) individuals ever participating. Because swaps occur on the OTC market, there is always the risk of a counterparty defaulting on the swap. (For background reading, see  Futures Fundamentals  and  Options Basics. ) The first  interest rate swap  occurred between IBM and the World Bank in 1981. However, despite their relative youth, swaps have exploded in popularity. In 1987, the  International Swaps and Derivatives Association  reported that the swaps market had a total notional value of $865. 6 billion. By mid-2006, this figure exceeded $250  trillion, according to the Bank for International Settlements. Thats more than 15  times  the size of the  U. S. public equities market. Plain Vanilla Interest Rate Swap The most common and simplest swap is a plain vanilla interest rate swap. In this swap, Party A agrees to pay Party B a predetermined,  fixed rate of interest  on a  notional principal  on specific dates for a specified period of time. Concurrently, Party B agrees to make payments based on a  floating interest rate  to Party A on that same notional principal on the same specified dates for the same specified time period. In a plain vanilla swap, the two cash flows are paid in the same currency. The specified payment dates are called  settlement dates, and the time between are called settlement periods. Because swaps are customized contracts, interest payments may be made annually, quarterly, monthly, or at any other interval determined by the parties. (For related reading, see  How do companies benefit from interest rate and currency swaps? ) For example, on December 31, 2006, Company A and Company B enter into a five-year swap with the following terms: * Company A pays Company B an amount equal to 6% per annum on a notional principal of $20 million. Company B pays Company A an amount equal to one-year LIBOR + 1% per annum on a notional principal of $20 million. LIBOR, or  London Interbank Offer Rate, is the interest rate offered by  London  banks on deposits made by other banks in the  eurodollar  markets. The market for interest rate swaps frequently (but not always) uses LIBOR as the base for the floating rate. For simplicity, lets assume the two parties ex change payments annually on December 31, beginning in 2007 and concluding in 2011. At the end of 2007, Company A will pay Company B $20,000,000 * 6% = $1,200,000. On December 31, 2006, one-year LIBOR was 5. 33%; therefore, Company B will pay Company A $20,000,000 * (5. 33% + 1%) = $1,266,000. In a plain vanilla interest rate swap, the floating rate is usually determined at the beginning of the settlement period. Normally, swap contracts allow for payments to be netted against each other to avoid unnecessary payments. Here, Company B pays $66,000, and Company A pays nothing. At no point does the principal change hands, which is why it is referred to as a notional amount. Figure 1 shows the cash flows between the parties, which occur annually (in this example). (To learn more, read  Corporate Use Of Derivatives For Hedging. ) | Figure 1: Cash flows for a plain vanilla interest rate swap| Plain Vanilla Foreign Currency Swap The plain vanilla currency swap involves exchanging principal and fixed interest payments on a loan in one currency for principal and fixed interest payments on a similar loan in another currency. Unlike an interest rate swap, the parties to a currency swap will exchange principal amounts at the beginning and end of the swap. The two specified principal amounts are set so as to be approximately equal to one another, given the exchange rate at the time the swap is initiated. For example, Company C, a  U. S. firm, and Company D, a European firm, enter into a five-year currency swap for $50 million. Lets assume the exchange rate at the time is $1. 25 per euro (i. e. , the dollar is worth $0. 80 euro). First, the firms will exchange principals. So, Company C pays $50 million, and Company D pays  ¬40 million. This satisfies each companys need for funds denominated in another currency (which is the reason for the swap). | Figure 2: Cash flows for a plain vanilla currency swap, Step 1. | Then, at intervals specified in the swap agreement, the parties will exchange interest payments on their respective principal amounts. To keep things simple, lets say they make these payments annually, beginning one year from the exchange of principal. Because Company C has borrowed euros, it must pay interest in euros based on a euro interest rate. Likewise, Company D, which borrowed dollars, will pay interest in dollars, based on a dollar interest rate. For this example, lets say the agreed-upon dollar-denominated interest rate is 8. 5%, and the euro-denominated interest rate is 3. 5%. Thus, each year, Company C pays  ¬40,000,000 * 3. 50% =  ¬1,400,000 to Company D. Company D will pay Company C $50,000,000 * 8. 25% = $4,125,000. As with interest rate swaps, the parties will actually net the payments against each other at the then-prevailing exchange rate. If, at the one-year mark, the exchange rate is $1. 40 per euro, then Company Cs payment equals $1,960,000, and Company Ds  payment would be $4,125,000. In practice, Company  D would pay the net difference of $2,165,000 ($4,125,000 $1,960,000)  to Company C. | Figure 3: Cash flows for a plain vanilla currency swap, Step 2| Finally, at the end of the swap (usually also the date of the final interest payment), the parties re-exchange the original principal amounts. These principal payments are unaffected by exchange rates at the time. | Figure 4: Cash flows for a plain vanilla currency swap, Step 3| Who would use a swap? The motivations for using swap contracts fall into two basic categories: commercial needs and  comparative advantage. The normal business operations of some firms lead to certain types of interest rate or currency exposures that swaps can alleviate. For example, consider a bank, which pays a floating rate of interest on deposits (i. e. , liabilities) and earns a fixed rate of interest on loans (i. e. , assets). This mismatch between assets and liabilities can cause tremendous difficulties. The bank could use a fixed-pay swap (pay a fixed rate and receive a floating rate) to convert its fixed-rate assets into floating-rate assets, which would match up well with its floating-rate liabilities. Some companies have a comparative advantage in acquiring certain types of financing. However, this comparative advantage may not be for the type of financing desired. In this case, the company may acquire the financing for which it has a comparative advantage, then use a swap to convert it to the desired type of financing. For example, consider a well-known  U. S. firm that wants to expand its operations into  Europe, where it is less well known. It will likely receive more favorable financing terms in the  US. By then using a currency swap, the firm ends with the euros it needs to fund its expansion. Exiting a Swap Agreement Sometimes one of the swap parties needs to exit the swap prior to the agreed-upon termination date. This is similar to an investor selling an exchange-traded futures or option contract before expiration. There are four basic ways to do this. 1. Buy Out the Counterparty Just like an option or futures contract, a swap has a calculable market value, so one party may terminate the contract by paying the other this market value. However, this is not an automatic feature, so either it must be specified in the swaps contract in advance, or the party who wants out must secure the counterpartys consent. . Enter an Offsetting Swap For example, Company A from the interest rate swap example above could enter into a second swap, this time receiving a fixed rate and paying a floating rate. 3. Sell the Swap to Someone Else Because swaps have calculable value, one party may sell the contract to a third party. As with Strategy 1, this requires the permission of the counterparty. 4. Use a Swaption A  swaption  is an option on a swap. Purchasing a swaption would allow a party to set up, but not enter into, a potentially offsetting swap at the time they execute the original swap. This would reduce some of the market risks associated with Strategy 2.. Conclusion Swaps can be a very confusing topic at first, but this financial tool, if used properly, can provide many firms with a method of receiving a type of financing that would otherwise be unavailable. This introduction to the concept of plain vanilla swaps and currency swaps should be regarded as the groundwork needed for further study. You now know the basics of this growing area and how swaps are one available avenue that can give many firms the comparative advantage they are looking for.

Information Policy Essay Example | Topics and Well Written Essays - 500 words - 2

Information Policy - Essay Example Making cyber security training such as annual information assurance mandatory for all is not feasible. Institutions such as military should make it necessary as any information in the military is sensitive to national security. However, not all information is that sensitive. For example, access to class notes would not require such training as it would not pose a security threat. Such pieces of training whether in the workplace or by internet service providers might not be possible because of the hyped number of users and the costs involved. When a cyber-attack occurs, the cost of the breach is felt by the consumer, of computer-based service (Steven, Bucci, Rosenzweig & Inserra, 2013). The ISP and manufacturers of the software are not liable for the attack as per their contractual agreements. Most individuals due to lack of cyber security awareness tend to rely on antivirus protection applications. The software is for sale, and consumers who want security are encouraged to purchase them. Depending on the contractual agreements, antivirus providers can be sued if a malware commit a cyber-crime they claim they can prevent. For a stable and secure internet, three web characteristics must be preserved. The characteristics are permissionless innovation, collaboration and open access (Contreras, DeNardis & Teplinsky, 2013). ISPS, therefore, have a duty to ensure they preserve the above characteristics while providing that public access does not involve a breach of other people’s privacy. They should act when a violation of privacy occurs. According to Wired (2015), ISPs should search and shut off internet access to compromised PCs reported to them by cyber security companies. ISPs should ensure their subscribers are protected. One of the measures they should take is to blacklist a computer and users who use their Internet to commit unethical practices. ISPs should also share the information with other ISPs to ensure the dishonest users are blacklisted on