EU Economic And Monetary Policy Case Of Spain

EU Economic And Monetary Policy Case Of Spain This research paper aims to discuss how the EU has influenced economic and monetary policies of Spain and vice versa. This dual relationship is of utmost importance as we look at the costs and benefits the EMU has brought to Spain and the possibility of the long-standing inflation problem in Spain affecting EUs monetary policies. EU membership has undoubtedly largely influenced the economic policies and conditions of Spain. For example, Spains accession in 1986 forced the government and economic elites to adopt the necessary policies to embark on economic modernization. In addition, the European Monetary Union (EMU) Maastricht Treaty criteria resulted in Spain having to implement micro and macroeconomic policies like fiscal consolidation, central bank independence and wage moderation (Royo, 2006). Also, the current Greek debt crisis has also thrown the spotlight on Spain which is also undergoing a crisis of itself: competitiveness crisis. With this crisis in mind, it is highly unlike ly but still possible that EU might either choose to expel Spain from the euro area or undergo a series of policy reforms to deal with this crisis. This research paper will begin with an introduction of Spains accession into the EU, followed by the costs and benefits Spain experienced from complying with the EMU Maastricht Treaty. This will be followed by an investigation on the competitiveness crisis in Spain and its influence on the EU. Lastly, this paper will have a discussion on the possible economic and structural reforms that both Spain and EU should undertake to smoothen EU integration for both parties. Spains accession into the EU Before accession into the EU, Spains economy was of a protectionist nature. It remained largely outside the international economic trading area. However in the 1980s, Spain decided to integrate with Western Europe, and was enthusiastic in accommodating to the EC trade customs and rules in order to secure accession. Spain joined the EMU because it was economically beneficial then as the majority of Spains trading partners are in the EU. On January 1986, Spain joined the European community as a full member. Spain was a firm supporter of the European and Monetary Union from the very beginning and rushed to be a part of the European Monetary System (EMS) in 1989 (Sebastian Royo, 2003). The European Monetary Union was established with the purpose of creating and improves trade among European countries. Based on the accession agreement, the taxation policy of Spain was transformed dramatically. Firstly, Spain had to gradually remove custom duties as well as industrial tariffs on EC goods (US Library of Congress). Spains tax rebate on exports had to be removed too. In addition, Spain had to impose a value-added tax (VAT) which had affected Spain negatively in the 1980s. For instance, the introduction of VAT makes Spain a more expensive destination for inbound visitors/tourists and this will affect the Spanish tourism industry. 2.1 Implications of European financial integration on Spain More importantly, membership in the Economic Monetary Union has many implications on Spains domestic economic policies. This is because Spain now loses control of monetary and exchange rate polices to fix problems in its economy and have to rely on the EMUs monetary policy instead. The EMU is tasked with the objective to conduct policies to ensure and achieve stability and growth in the Euro zone (Trichet, 2005). European financial integration kick-started a series of reforms aimed at liberalizing and modernizing the Spanish economy. Accession to ERM and then EMU membership resulted in the reform of the tax system. This reform of the Spanish tax system includes the introduction of VAT as well as a reduction of import duties. This was accompanied by a fiscal consolidation process (reducing government budget and debt deficits). Membership in the EU which resulted in European financial integration has both positive effects and negative effects on the economy. The general consensus is that the economic outcome for Spains membership is still largely positive. For example, gross domestic product per capital (GDP) increased significantly from 1985 and 2005 (Elcano Royal Institute European Parliament Office in Spain, 2006). The Spanish economy has also enjoyed growth since accession. Furthermore Spain has received a large amount of funds since accession and has made use of these funds to finance regional cohesion projects and develop infrastructures to modernise the economy. In addition, with greater exchange rate stability, imports of goods and services in Spain rose significantly and thus there was a greater degree of openness in the Spanish economy. However there remain major differences in economic development between Spain and the leading economies in the EU. Financial integration due to EMU was not totally smooth-sailing for Spain. The financial integration, which resulted in industrial restricting, has adverse effects on the economy in the early 1980: it resulted in high unemployment. In addition, the 1992 EMS crisis was traumatic for Spain. The 1992 crisis originated from an increase in government spending in Germany. This coupled with contractionary monetary policy led to increase in interest rates which affected the rest of the members of the EMU. The result was a sharp decline in the growth rate of real GDP and Spain having to devalue thrice. Many jobs in Spain were lost in the crisis. Fortunately these effects were cushioned somewhat by an economic boom in Spain, the continuing fall in oil prices and large inflow of foreign direct investment into Spain as many foreign companies seek to grab a slice of Spains expanding consumer market (US Library of Congress). Therefore for Spain to seize the benefits of EU membership and enjoy economic growth as well as low inflation, it has to push forward its structural reforms as well undertake sound fiscal policies. Spain till now has succeeded in conducting sound fiscal policies. However its inherent problem of high inflation continues to threaten its competitiveness and hence its trade balance. This has not been resolved quickly partially because of complacency due to its early economic success in the EU (Royo, 2006). European financial integration of the EU which entails efficient free movement of capital, commitment to exchange rate stability as well as harmonization of capital taxes have many positive implications on the Spanish macroeconomic policies. One benefit is that free movement of capital results in a decrease in financial costs for companies and thus allowing companies to raise more resources. However European financial integration has its drawbacks too for Spain. For instance, such commitments come into conflict with the aim of the Spanish government to reduce inflation as such commitments tend to result in lower interest rates thus raising inflation rates. Nevertheless, EU membership has contributed to some extent in lowering inflation in Spain. The introduction of the Euro and the European Central Bank (ECB), have considerable success in limiting price increases. The ECBs main aim of its monetary policy is to keep inflation of those in the euro zone under control and achieves this b y raising interest rates. The ECB therefore sets long-term interest rates for all the EMU countries. Since entering the EMU and participating in the single currency, Euro, the Spanish economy has transformed in a starkly different manner as compared to its counterparts in the EU. Spains economic growth in terms of GDP and inflation rate has been significantly higher than the other member states in the EU (Andres, Hurtado, Ortega, Thomas, 2009). These differentials particularly the inflation differential is most probably caused by the convergence and the integration of foreign markets. In fact, the surrendering of a nations right to pursue autonomous monetary policy as a result of complying with EMU and ECB is one reason why Spain has problems reducing her traditionally high inflation rate. Therefore this is perhaps the reason why Spain is powerless to use initiatives like setting interest rates to control inflation. As mentioned previously, one of the most significant implications of EMU membership for Spain was the convergence of interest rates which resulted in extremely low interest rates in Spain. (Royo, 2006). The drastic decline of interest rates in Spain was necessary in order to secure entry into the EMU. In fact, this convergence of interest rates as a result of EMU membership has an indirect effect on Spains current account trade deficit. Low interest rates led to an explosion of credit and mortgages. This raises houses prices. Low interest rates cause savings to decrease and thus the saving rate is insufficient to finance investment projects, resulting in the private sector having a large trade deficit. Low interest rates also result in excess demand and leading to high goods and wage inflation. Therefore, although membership in the EU served as a primary trigger for the Spain to embark on liberalizing the economy and has largely improved trade, it also contributes to problems regarding Spains trade balance. This is because most of Spains trade partners (countries which Spain exports her products to) are in the EU. (Royo, 2006)This coupled with rising GDP, which increased at a faster rate than exports, resulted in a growing current account deficit. It is important to note that the high inflation problems and the rising current account deficit took place in a setting of fiscal stability (Ubide, 2007). Once again, membership in the EU has resulted in Spain having a lack of monetary and cyclical tools to achieve fiscal surplus and control rising inflation. Having the national currency in a fixed exchange rate due to the EMS thus caused Spain being unable to resolve these economic problems. In other words, if Spain is not a member of the EU and do not participate in the single currency, Euro, she could have devalue her currency with respect to other currencies and improve its competiveness of its exports, and thus improve her trade balance. 3.1 The Competiveness Crisis in Spain The Greek debt crisis has put the spotlight on the peripheral member states of the EU especially Spain. However Spain is undergoing another crisis which of a different nature as compared to Greece. Spains crisis is not due to a lack of budgetary discipline, but caused by the boom in domestic credit (due to convergence in interest rates in the EU). The membership in the EMU can be attributed to the boom in domestic credit leading to the construction boom in Spain. EMU reduced the cost of borrowing for households as real interest rates for households fall substantially. This is due to the reduction in the risk premium as a result of EMU membership. Therefore, reduced cost of borrowing for households led to an increased in number of houses built and thus a boom in the construction industry. The construction boom in the private sector was accompanied by poor economic performance in the other sectors; this resulted in instability as well as trade imbalance. From the late 1990s to 2007, Spain has displayed poor international cost competitiveness (as compared to the rest of the EU members) as a result a significant increase in cost of production especially in the tradable goods sector (Marzinotto, 2010).This significant increase in cost of production is caused by Spains real estate investment boom. Other factors that contributed to poor international cost competitiveness include wage indexation to past high inflation and extension of wages which are agreed at industry level (Marzinotto, 2010). In the 19809s, Spanish firms were facing intense competition from Latin America and the Far East on products like clothing, textile which are Spains main exports. These countries from the Far East and Latin America have leverage on Spain because they are able to produce these goods far cheaper than Spain due to their low wages (Royo, 2006). As a result, Spain is often overlooked by foreign investors who chose to set their operations in these countries instead. This situation worsened when the enlargement of the European Union to the central and eastern European countries materialized. This is because Spain has to deal with new competition from new members on industries which are labor-intensive which form the bulk of Spanish trade. This further affect the trade balance of Spain because these new members also are able to exploit their low wages thus are able to produce cheaper exports as compared to EU. It is a tough obstacle for Spain to resolve the resulting current account deficit because such trade imbalance exists independent of any utilization of sound fiscal policies. This is not only an important issue for Spain but also has an important influence on the EU. This is because the poor international competitiveness of Spain will affect the stability of the Euro too. 3.2 Spains crisis and its implications on the EMU Based on the current competiveness crisis of Spain, one of the unlikely options for Spain is to exit from the euro area. However such an option begs another central question: is a euro exit possible and how will the credibility of the euro being affected? Firstly, the credibility of the euro is unlikely to be threatened if countries like Spain and Greece exit from the euro zone. However in an event of a Spanish exit from the euro zone, it will lead to other troubled nations pondering over similar departures and such spill over effects will create an uncertain environment which is not conducive for further European financial integration. Nevertheless, such concerns may be redundant because the chances of Spain exiting the euro zone or any other member state doing likewise is extremely unlikely because of the difficulty in doing so. One important barrier to exit is the financial integration between the members of the EU has reached a significant degree thus cross-border assets are very high. Therefore an exit will result in massive upheaval (Willams, 2009). Of course there will be benefits for Spain to leave the euro as it implies regaining autonomy in pursuing independent monetary policy as well as exchange rate flexibility. However, the costs of withdrawal are high too. For instance, there will be a cut in access to finance as well as a sharp increase in funding costs due to a removal of funding by the EMU as a result of withdrawal. This thus suggest a likely situation where Spain will remain in the euro zone and attempt to deflate its housing boom without the use of independent monetary policy or currency devaluation. This crisis has wide implications on the EU. The EU cannot and will not hang these struggling economies out to dry. Therefore to fix the competiveness crisis in Spain, there is a need for the EU to make some changes or introduce some frameworks. One possible way in which the EU can manage this crisis is to introduce a system to monitor wage and price developments (Marzinotto, 2010). This is not exactly a novel avenue which the EU has not implemented before. One of the requirements of the Exchange Rate Mechanisms ERM (before the introduction of the euro) was that no member country could change its nominal exchange rate without the consent of the others due to its effects on competitiveness. This is not the case now. Member states can now change its real exchange rates via VAT increases and cuts in social security contributions (Marzinotto, 2010). Therefore in this avenue, the EU should regularly monitor the real exchange rates in the euro zone and should introduce initiatives whenever economic developments pose a threat to the stability and the operation of the EMU. In addition this European competiveness monitoring framework (Marzinotto, 2010) should have a euro-wide perspective and focus as Spains current account deficit means a surplus for another country. Therefore in the event of necessary adjustments, the EMU must take into consideration both the interests of the deficit and surplus member states. In addition to a monitoring framework, there should also be an alert procedure (Marzinotto, 2010)that will have an assessment whenever fluctuations in a countrys current account deficit exceed the predefined limits. In the alert procedure, the country that has flouted the predetermined limits will be assessed based on its efforts to correct this problem. If the assessment is negative, the commission will then propose initiatives to solve the problem based on a euro-wide focus. Nevertheless, despite these recommendations to help Spain and other similar countries to solve such competiveness crisis, the onus is for these countries to make a concerted effort to resolve it via national efforts. The Spanish government should implement a national competiveness monitoring framework (Marzinotto, 2010). This framework includes utilizing a range of policies for remedial action. However this will not be any easy task due to obligations to the EU. Policies that Spain is hindered from using due to euro membership include encouraging inward investment by offering tax incentives and cheap loans to investors as well as devaluation. Therefore there seems to be only supply-side policies which Spain can use to remedy the crisis. Supply-side policies are favourable because an improvement in supply-side performance tends to lead to sustained economic growth without a rise in inflation rate, ceteris paribus. However, a good supply-side performance alone is not sufficient and mus t be accompanied by a sufficiently high level of aggregate demand so the productive capacity of the economy can be utilized. The Spanish government can encourage an entrepreneurial culture by providing regional policy assistance for entrepreneurs and also helping these firms with regards to access to knowledge and advice. In addition, although Spain has managed to maintain a sound fiscal policy, it has not fully utilized the fiscal policy to deflate the housing boom. Spain can modify the tax treatments of interest payments on house loans to cool the domestic housing market. With higher cost of capital, the disposable income of a household will be affected thus leading to a reduction in excess housing demand. In fact Ireland has demonstrated that raising the cost of capital of households can be achieved by removing interest relief on mortgage interest payments, (Gerald, 2004) is possible within the EMU. This goes to show that the loss of independent monetary policy (as a result of EMU membership) to correct the crisis cannot be an excuse for failure. This is because a well targeted fiscal policy can be used effectively to reduce excess demand in the housing market. However such measures undertaken by the Spanish government may not be popular with the Spanish public. 3.3 Efforts by the Spanish government Spanish government launched the National Reform Program (OECD, 2007) in 2005 to identify challenges to the economy (as a result of indirect implications of EMU membership) and propose initiatives to solve these problems. Despite the intentions of the program, it has not been very successful in meeting the challenges. In addition, the tightening by the European Central Bank has not managed to cool the domestic demand in Spain by a small degree. Furthermore, although the housing market in Spain has showed some signs in slowing down, residential investment continue to form a significant part of Spains GDP and house prices are still steadily increasing (OECD, 2007). Industry productivity has not improved significantly thus inflation differential still persist between Spain and the rest of the euro zone members. As compared to other members of the euro zone, Spain has embarked on a fiscal consolidation policy with a more concerted effort. This is because of a need to counterbalance the effects of the current loose monetary policy conditions. Although ECB raised the interest rates in 2007, it had limited success in cooling the domestic demand in Spain. This is partially due to tax reductions on households which increase the households disposable income. Therefore Spain should continue or even enhance its restrictive fiscal stance to reduce pressure on the domestic demand. The Spanish government has also attempted to develop the rental housing market. However it has met with limited success. Therefore, it will be better to gradually phase away any forms of assistance which home owners can receive in order to balance the incentives between renting and purchasing and moderate demand pressures. (OECD, 2007). Another measure is to improve the legal security of relations between owners and tenants so as to improve the use of the housing stock (OECD, 2007). With the gradual decrease in EU transfers to Spain as a result of enlargement, there is an increasing need to have and manage the government budget effectively. The Spanish government has recognized this need and have adopted reforms to improve the management of the government expenditure and resources. The Spanish government limited the growth of government expenditure to below the projected rise in nominal GDP and also used tax revenue to reduce indebtedness (OECD, 2007). The government has also increased the accountability and responsibility of regions regarding their expenditure. This is achieved via increasing the control the regions have over the taxes imposed on their specific regions. This will have the effect of reducing the reliance by these regions on the central government for transfers. Therefore this delegation of responsibility will also enhance the regions revenue raising powers. However there are problems associated with such decentralization, there may be loss of in formation thus affecting efficiency. Therefore there have to be an independent agency to monitor and evaluate the polices of the various government agencies of the respective regions (OECD, 2007). In addition such assessments have to be transparent to the Spanish public. The Spainish government has also reformed the 2003 Fiscal Stability Law (OECD, 2007)in order to maintain fiscal stability and prudence in a decentralised system. According to the 2003 Fiscal Stability Law, each level of the government has to ensure that its accounts are permanenty in balance. In addition, the law assessed the cyclical position of the Spanish economy by monitoring its expected growth rate against it potential. Although this law seems has a great influence on maintaining fiscal stability, the government must execute this law with caution to prevent a situation of a pro-cyclical budgetary outcome where a loose fiscal stance is adopted when times are good and a restrictive fiscal stance when times are bad. Conclusion Since accession into the EU in 1986, Spain has enjoyed a positive economic growth. In addition, EU transfers had also allowed Spain to modernise and develop its economy as well as infrastructure. Although the financial integration process was difficult for Spain with the introduction of VAT and other measures, Spain accommodated its national policies to secure entry into the EMU. Despite Spain maintaining an environment of fiscal stability, the high inflation differerntial between Spain and the rest of the euro zone members threatens to harm Spains international competitiveness. This competition crisis can be partially attributed to the low interest rates set by the EMU thus leading to domestic credit boom and hence excess demand in the housing market. This is a central issue for both the EU and Spain as it has wide implications for both parties. Therefore it is likely that EUs economic policies and framework will be modified to include initiatives like a monitoring framework to mana ge the Spains crisis or other similar crisis by other member states in the future. In addition, although Spain is tied by its obligations to the EMU (which include not being able to devalue its exchange rate or pursuing an independent monetary policy to deflate its booming housing market), there are some supply-side policies and national reforms that Spain can pursue to reduce inflation. Lastly, remedial action by both the EU and Spain will invariably have implications on each other as well on the rest of Europe.

Operations Management Exam 1 Review Notes

Basic info for Exam 1 Types of questions you can expect * Ones similar to assigned discussion questions, homework * How topics in assigned articles relate to key concepts below: test questions similar to these are fair game. * You will have the formula sheet handed out during forecasting section. The most important things to know from part 1 of this class 1) Chapter 1 a) How to measure performance of a process: financial measures, external measures, internal measures and why you would choose one over another. ) 4 product attributes and their corresponding process attributes i) This is something to memorize. c) Job shops vs flow shops: attributes of each and which products is each suited for? d) Will not cover product-process matrix. 2) Chapter 2 e) How process competencies support a firm’s strategic position. ii) Market-driven strategies (identify market needs and develop processes to support them) vs. rocess-driven strategies (Amazon hosting websites, cloud computing for othe r companies, G&H with financial aid call center branching out to other services) iii) Operational effectiveness vs. operational efficiency: low cost of operations does not necessarily support the business strategy iv) Focused strategies allow for competitive advantage (1) Plant-within-a-plant: why would companies do this and what makes this succeed or fail? ) Question about hypothetical company or companies we’ve analyzed in book, articles, class discussion—what are their business strategies/product competencies and how do their process competencies support them? g) Competitive product space 2-D graph: may ask you to interpret one but not to draw one v) Idea of operations frontier, that it represents the highest level of operational effectiveness (2) Effect of technology and improved management practices on the operations frontier. h) Order-qualifiers vs. rder winners (in slides, G&H discussion) i) Will not be tested on section 2. 7 j) Last 3 slides not covered: Disney and McDonalds 3) Forecasting k) Anything covered in book is fair game: Expect questions very similar to those in class, on HW. l) General categories: subjective, time-series, associative/causal m) What are key features of each forecasting method, why would you choose one over another? n) Trends, seasonality: know what these are, which methods account for these, and how they do it. ) Forecasting error and bias: why are these important to measure, what they mean, what are differences between methods for assessing them (MAD vs. MSE, for example) p) Use of control charts: how to make one and what are they used for. 4) Chapter 3 q) Takt time not covered but everything else is fair game. 5) Chapter 4: Flowcharting and network design r) Interpret or make a simple flow chart s) Using a flow chart to start to improve operations (esp. in conjunction with chap 3 and Little’s Law)

Why Everybody Is Wrong About Moral Dilemma Essay Topics Easy

Why Everybody Is Wrong About Moral Dilemma Essay Topics Easy Ruthless Moral Dilemma Essay Topics Easy Strategies Exploited Religious beliefs will carry a great deal of weight on certain moral decisions like the death penalty. Ethical dilemma refers to a scenario where the principles that guide morality can't determine whether or not a plan of action isn't right or right. Too many folks make the incorrect decisions. When students write papers about ethical dilemmas, they'll be challenged to weigh unique faces of the circumstance and appear at things from various perspectives. To begin with, you will need to select an ethical dilemma to develop. Therefore, the dilemma is made. Ethical dilemmas face people in various professions and in a number of situations. An ethical dilemma isn't restricted to just a couple of situations. however, it can sprout with a variety of situations or rather we can say with each scenario. Family and individual issues Maybe we can begin by describing what's ethical. She has also violated a strict company policy against using somebody else's computer without their expertise and might be fired for this kind of action. Our rockstar group of professional experts is prepared to help you. Business ethics are extremely crucial in the daily running of the company. There's every chance we aren't a superior fit and we won't get the job done together. When making a determination, regardless of what the subject matter, it's important to weigh all the facts. Besides our professional team, there are lots of reasons that make us the ideal option. No one is ideal and nobody is right all of the time. The Ideal Strategy for Moral Dilemma Essay Topics Easy As it's now, nearly all women don't use abortion as a final resort and continue to utilize it to knock out unwanted pregnancies. Thirdly, a lot of abortions are carried out because a woman just does not need to get burdened by means of a kid. Moreover, men or fathers continue to get neglected within this debate. The aim of punishment isn't to benefit anyone (deterrence or maybe to teach a lesson), but instead a kind of penalization. What the In-Crowd Won't Tell You About Moral Dilemma Essay Topics Easy Who knew essay writing might be so tough. This is a truth of life that you need to think about when you begin to compose a personal ethical dilemma essay. So when you have an essay assigned that you will need help with, you can purchase essay online cheap from us. The sort of essay you're looking for will be provided to you within the deadline provided to you. You're able to easily buy unique college essays and don't neglect to tell friends and family about it. So should you need to employ college essay writer online, we're just the people that you want to contact. After you receive a task done from us you will return again if you need assistance with another one of your essays. Today, most college students find it difficult to compose an essay on a specific topic. You do not need to compose a whole essay on that, but you need to dedicate a paragraph to it. Your essay has to start with describing the scenario. To make sure it also follows the same structure, check this list. It's much more difficult to explain what sets apart a wonderful essay from a mediocre one than it is to just read a prosperous sample essay. And another kind of essay, it should adhere to a fundamental structure and use plain language. Prevent any utilize for words which usually may be problematic to comprehend. You also ought to avoid writing slang or cliches as they will use up space and don't offer helpful information.

The Implementation Of Accounting Information Systems

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Accounting information systems basis on MRP (Monthly Progress Reporting) â… ¡ system generated on the Enterprise Resource Planning (ERP) system, which provides for management of innovative applications. ERP(Enterprise Resource Planning) system achieve the pre-planned and risk control, with dynamic control, real-time analysis of various enterprise resources integration and optimization capabilities. 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Racial Discrimination Against Minorities And Immigrants

Since the start of American history, immigrants came here and brought their traditions and cultures with them. The United States is a country of immigrants. It is a place where people from all over the world come to build a better life. Some immigrants bring their families. Others come alone with nothing but determination. Racial discrimination against minorities and immigrants is an underlying problem here in America today. Racism is seen in our daily lives when people are discriminated against because of their race and ethnicity. Racism attacks the right to a person’s well-being on the basis of something they have no control over. They cannot change nor should want to change who they are. Racial discrimination is not as bad as it was fifty years ago, but it still a problem here in our country today. Our country has advanced tremendously as far as modernization and technology, but has not improved on the way we treat minorities and immigrants. 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Macro Effects of massive Earthquake Free Essays

The earthquake also caused a high tsunami which breached the safety of nuclear plants in Fukushima prefecture. What is worse, though, is it caused a partial meltdown, and now Japanese citizens not only suffered by damage of earthquake itself but also the dangerous level of radiation from the plants. On June 10th 2013, a Japanese National Police Agency announced there were 1 5,883 confirmed deaths, 6,145 injured, and 2,671 people missing, as well as 126,458 buildings totally collapsed, with a further 272,191 buildings ‘half collapsed’, and another 741,684 buildings partially damaged(â€Å"Countermeasures†). We will write a custom essay sample on Macro Effects of massive Earthquake or any similar topic only for you Order Now This is the largest economic shock for the Japanese economy since the end of World War II. It may take some time before the full economic impact of the earthquake is known, but we can still look at the scale of earthquake economically by comparing it with the Great Hanshin-AwaJi Earthquake of 19951 in Japan and how it affected on the economy. Thesis: The Earthquake’s Impacts on Economic Flow and Stocks There are two important points to consider concerning the impact of this catastrophe: flow and stock. Flow is economic activities in everyday life, such as spending, production, income, and many other economic rowths. Stock is a concept representing the abundance at some point in time, such as housing, factories, and social capital and so on. The flow of economic activities was damaged by the earthquake and tsunami. First of all, the earthquake and tsunami caused an impediment in physical economic activities such as production and consumption in the disaster area. Next, they cut off the distribution to the disaster area, and the connection between products and point of consumption was no longer smooth. Thirdly, it affected consumers psychologically. Less people spent money for entertainment and leisure, and the economy xperienced a sharp downturn in consumption. At the time of the Great Hanshin- Awaji Earthquake, the consumption and production activities fell immediately after the earthquake, but the economy slowly recovered which is mentioned later at the Impact on Japanese Macro Economy. In comparison, the Great East Japan Earthquake and Tsunami is larger than the Great Hanshin-AwaJi Earthquake, and it caused nuclear power plant accident which caused serious radiation problem and the huge power outages. It got goes worse and worse, and it will have a quite long effect on its economy. The earthquake and tsunami also caused a large loss of stocks. Stocks that about 102. 31 billion US dollars. This was equivalent to 0. 8% of the stock of the whole country. Compares to the Great East Japan earthquake and Tsunami, the loss amount is much greater than the scale of the Great Hanshin-AwaJi Earthquake. It caused crucial widespread damage on coastal areas in eastern Japan. Japan Cabinet Office estimated the loss was approximately 173 billion dollars, and it is still not completely determined yet (â€Å"Economic Basic Data†). Impact on Japanese Macro Economy In response to the earthquake, Japan’s economy was confused; there was a sharp ecline of production activities, decline of exports, and self-restraint of consumption. Japanese macro economy recorded a big decline after the earthquake. The real GDP growth rate in first quarter of 2011 declined 0. 9%, and second quarter in 2011 for 0. 5% decrease. In the case of the Great Hanshin-AwaJi Earthquake of 1995, on the other hand, there was a slight increase of about 0. 009% in first quarter of 1995. It was backed by strong yen, and the real GDP growth rate had an upward trend until first quarter of 1997. Even Hyogo Prefecture which was worst disaster area, showed a apid recovery as early as the second quarter of 1997. It is back up to 0. 04% growth (â€Å"Economic Basic Date†). If one takes the Japanese economic growth from 1995 into account, the Great East Japan Earthquake was worse than the Great Hanshin-AwaJi Earthquake. Antithesis However, there are some researchers who propose the positive effects from the disaster by economic points of view. The Japanese Society of Psychiatry and Neurology published there is a decline in suicide in disaster area. In Yamagata- prefecture, one of large damaged area from the earthquake had recorded 43 ecreases on suicidal case in 2011. It recorded there were less than 300 cases of suicide in the prefecture since 1998(â€Å"The Decline in Northeastern Japan Suicide Rate after the Earthquake†). In addition, the Ministry of Health, Labour and Welfare also published that the rate of suicide is significantly decreasing nation-wide. It decreased 1039 total suicide cases in 2011(â€Å"Suicide Measures†). It explained suicide rate is strongly linked to economic figures, and there was a Job increase in the waste disposal business and construction industry with the reconstruction budget injection. It will enhance the economy and thus leads to a decrease in the suicide rate. Furthermore, the earthquake had an effect on the aging population in Japan. To begin with, there was a high rate of elderly population in the area which had devastating damage by the earthquake and tsunami. For instance, there were towns called Otsuchi and Yamada that had over 40% of the population was people over 60 years old, and 30% by elderly people (â€Å"Estimated Future Population of Japanese Municipalities†). Japan has a huge aging problem, and it is estimated that the elderly will make up one third of the Japanese population in 2030. A relatively large number of elderly people were victims of the disaster, and the decrease of the amount of the aging population ease aging problem although it will Just have effect a short term on its demographic figure overall (Kouno). Synthesis Next, I will diagnose the macro-interaction to the earthquake with Japanese disaster mitigation policy. The Japanese government takes mitigation policies to recover the economic crisis caused by The Great East Japan Earthquake and Tsunami. First, they put large capital investment in its economy after the disaster. The Central Bank of ncluding quantitative easing and qualitative easing, which aims to break away from deflation. In addition, they claim there is no need to change the targeted inflation rate of 2%, which was the target set before the earthquake. The Central Bank of Japan was also indicated that they will implement Open-End type2 for government bond and eliminate the three years restriction for payback period for its bond (â€Å"Four Major Policy†) Second, the Japanese government tries to break away from deflation and encourage weak yen. In order to stimulate the recovery of production and anufacturing, and to support active economic activity, Japan is resuming the nuclear power plant gradually with new enhanced safety standards. This will be the basis for favorable production conditions in Japan. Japanese Prime minister Shinzo Abe takes a new policy of trade promotion and is trying to enhance the competitive position of Japan’s export-driven economy in international markets. A Weak yen is the direct way to enhance the export driven economy though Japanese trade is still in the difficult situation. There is a deterioration of the trade balance, and it has experienced decrease on current account surplus three months in a row. However, because the government sent the clear message of weak yen to the market, Japanese yen becomes cheaper in the past three and a half years. They anticipate the improvement on export. Conclusion In conclusion, the Great East Japan Earthquake and Tsunami wreaked enormous damage on Japanese economy. Even though some positive effects were followed by the disaster as some researchers advocated, they have an insignificant effect on the economy because of its tremendous damages which is considered to be one of the top five largest earthquakes in the world. Because it did not only inflict damages to ives and properties but also caused crucial damages to major nuclear plant stations, this is the most difficult crisis Japan has ever faced after World War II. From my perspective, Japanese government needs to have a more effective growth strategy to increase productivity since the workforce is decreasing. It needs to enhance efficient flow for workforce and capital. For instance, ease the regulation restriction for the workforce, and encourage the diversification on human resources. It is significant that government help to reform the active business activities for Japanese economy recovery. How to cite Macro Effects of massive Earthquake, Papers

Transformational Leaders and Transactional Leaders †Free Sample

Questions: 1. Explain your understanding of transformational leaders and transactional leaders. Next, do you consider the leader of your project organization ( COSTCO WHOLESALE) to be a transformational or transactional leader? Why? Provide specific examples to support your position. 2. Find a research article on QWL (quality of work life). Provide a brief synopsis about the article. Describe the important components of QWL programs. In your opinion, are QWL programs important to organizations? Why or why not? Answers: Introduction A leader can simply be defined as a person who has the ability to guide others while the other people tend to follow them. The process by which a leader generally guides the people is called leadership. In other words, it can be said that, leadership is a method by which team members are motivated to achieve the similar objectives. There are various types of leadership styles, like Autocratic, Democratic, Paternalistic, Bureaucratic, Laissez Faire, Charismatic and Missionary leadership styles. Different leaders use different styles of leadership, according to their personality. Similarly, there are various types of leaders also. But mainly, Leaders can be classified into two types - Transformational leaders and Transactional leaders. 1. Transformational leaders are those leaders who are mostly change oriented. They influence, guide and encourage their followers to bring about an all round change. They believe in motivating and engaging followers with a vision of future. They are mostly inspirational in nature and charismatic in personality which helps them transforming their followers. Hence they are capable of creating a strong long term relationships which leads to a high percentage of trust between the leaders and followers which acts as a motivational factor. Transformational leaders make effort to attain positive results from the workers by motivating them and keeping them involved in their respective jobs, leading to a high reward system. They are known as proactive leaders. Transactional leaders are those who does not believe in bringing about an all round change, they work between set established goals and organizational boundaries. Transactional leaders are task and outcome oriented; they lay emphasis on organization, performance evaluation rewards, supervision and group performance. Transactional leaders are mostly efficient when they develop a reinforcing environment, for which the individual and the organizational goals are in accord with each other. Transactional leaders demand the self-interest of employees who seek out rewards for themselves. Their rewarding and punishment techniques are mostly in traditional ways according to organizational standards. They are known as active leaders. It can be considered that the leader of the project organization, COSTCO WHOLESALE, is a transformational leader as the leadership theory followed by COSTCO WHOLESALE is Flexible Leadership Theory and one of the characteristics of Transformational Leadership Theory is that the rules and regulations are flexible in nature, guided by group norms. Moreover, in the given organization, the managers influence organization-level processes that determine a firms financial performance; they have a future oriented approach. Human capital or talent, efficiency and process reliability, innovative adaptation and flexibility are the key focus areas of the given organization (Blanchard, Carlos Randolph, 2010). This has lead to the success and sustained growth of the organization. For example, the given organization believes in providing value to its customers and hence lays emphasis on innovative adaption and makes effort to provide new and innovative products to the customers and hence it can be concluded that the organization is change oriented, and has a clear vision of the future, and hence the leader is a transformational leader ( Weibe, 2014). The other example of the presence of Transformational Leader, in the project organization, that is, Costco Wholesale, is that, the company considers its employees as the most vital property or asset of the organization. Thus, the company provides rewarding challenges, that is, competitive wages, huge benefits, healthy and safe work environment, opportunities for career, fun and challenging job, harassment free work atmosphere. All these indicate that the company goes beyond the daily basis of operations to enrich the team work to next higher level, for better performance and success. 2. Quality Of Work Life Quality of work life is all about ones job-related experience, the overall perception of an individual about his job. Quality of work life can also be defined as the favourableness or unfavourableness of a job environment for the people working in an organisation. During the period 1969 to 1974, Quality of work life (QWL) was considered to be a joint employee-employer cooperative projects, predominantly those intended to improve the outcomes of both the individual and the organization. The late 1970s and early 1980s brought renewed interest in the QWL. QWL is a worldwide concept and is frequently perceived as a universal remedy for coping with overseas competition, grievance problems, quality related issues, low productivity rates, etc. : (Yourarticlelibrary.com, 2015) During the period 1969 to 1974, researchers, scholars and union leaders became interested in influencing an individuals on thejob experience. Quality of work life is also one of an important interventions of Organizational Development which is a part of Human Resource Development (HRD). Job satisfaction is one of the key factors of measuring quality of work life as it is all about how an individual feels about his job or about his work life. Job satisfaction includes satisfaction with pay and relationship with colleagues. (Indianmba.com, 2015) Another important factor to be considered is that of stress management. The ability of an individual to manage stress also has an impact on ones perception of his quality of work-life, it also is a major factor in maintaining work-life balance. The more effectively and efficiently an individual is capable of managing stress, the more efficiently will he be able to struck a proper work-life balance (Srivastava Kanpur, 2014). The major components of Quality of Work Life includes- Communication- Open and free communication is very important in work-life. One must share ones views, opinions, thoughts and desires with his colleagues. This not only helps in reducing stress but also helps in building strong-relationships among colleagues. Job Security- Job security is very essential for each and every individual, as everyone wants to feel secured in his job, it also helps motivating employees to work harder. Workers participation in decision making of the organization- Employee participation in decision making helps increase the trust factor of an employee towards theorganization Career growth and Reward system QWL programs are very important for organizations as it helps motivating the employees and as a result the productivity increases and hence maximization of profit takes place. The article which is chosen for the assignment is Sainsburys to axe hundreds of UK store jobs. New management approach: Generally, new management approach means change of management, where from the view point of the organization and an individual, the systematic approach changes. Here the above quoted article is a new management approach, as cutting the jobs of higher designation, and employing more ground staffs is a new view to both the industry and the individuals. Improvement of current management strategies: A question may arise regarding the article which has been chosen for the assignment, that, cutting off jobs are for improvement of the company or not. It is very common that ordinary people will think that the company is not running smoothly, the company might go under bankruptcy, thus they are cutting off their employees. But there is an important inner meaning to this activity. To compete with the competitors of the company, Sainsbury has decided to cut off 800 employees of higher designation, instead, they will incorporate more ground staffs at lower cost, to serve the customers well and thus restructuring the company, and save money for that is essential for Sainsbury. Management practise: Jobs cut off seem to be a bad practise by the management. But in actual it is not. For the improvement of the company, but without raising the cost, that is, within the present budget, the company wants to restructure it and compete with the competitors to gain more customers. Thus, the management practise is not bad. Synopsis: On the fourth week of April 2015, Sainsbury, decided to cut off 800 jobs from their retail store (Retail-week.com, 2015).To adhere the demand of the customers they have decided to restructure their stores and also cost saving. Roger Burnley, the retail and operations director of Sainsbury has said that it was a tough decision from their part. They are working hard to deploy their employees in other stores, departments or shifts keeping in mind the welfare of the employees (tugby, 2015) Management issue: When a company faces economic problems where they have to take decisions to alter their structure according to the customer demands, it can be termed as management issue ('Journal of Management: Upcoming Issues', 2010). Sainsbury has to take this tough decision to cut off 800 jobs to restructure their resources and departments as per the customer needs hence bringing problem both for themselves and the employees ('Journal Of Management: Upcoming Issues'). Here, the company did not suffer from economic problems still it is a management issue. Because, the idea to maintain the present cost of the company on one hand, and within that economic limit, to restructure the whole company and to prepare it for competing with its cheap competitors like Aldi and Lidl for retaining superior customer service and more attractive stores. Factors Leading To The Decision The change in customers taste, demand and need has led Sainsbury to take such a decision. Again, the changes which reflect in the customers style of shopping, also bound the company to take such a decision. Also their plan to achieve the cost saving of 500m has urged Sainsbury take such a drastic step (Wiggenraad, 2015). Chance Of Recovery It can be said that, this new management approach is a success of the management department of the company, as they can reach their goal by the new plan. But on the other hand, job loss is an important factor, which also affects the economy of the country. Thus, recovery of this issue is also very important. Recovery can take place by providing job to these 800 jobless persons. Thus, instant recovery is not in the cards right now. They have said that, they are planning to cost save in the coming three years. Hence, a long term recovery plan is what they are aiming at. Conclusion The management is trying to handle the situation in the best possible way by deploying their employees in other departments, store or shifts, it may be in other industry, or in early morning shifts, and many more. But it will be difficult for them to accommodate all the 800 employees at once when all other rival stores are also adopting this technique to restructure themselves (Lipman, 2014). Thus, management should plan some other way out to give the jobs back to these 800 jobless people, and to make the overall economic condition of the country better. Reflections on A Transformational leader are encouraging and inspirational in nature, as a result helping the organization with a strong leader-worker relationship. In COSTCO WHOLESALE, they adhere by the group norms, give priorities to the human talent, efficiency and welcome new ideas. In contrast to the transactional leaders, who purely work on prior established goals, transformational leaders believe in change. COSTCO WHOLESALE also adapts to new ideas and change so that they can produce new and innovative products to the customers. Hence, we can say, COSTCO WHOLESALE entirely works on transformational leadership theory. Reflections on B According to me, QWL (Quality of work life) is the most important factor when it comes to professional career. Quality of work life is based on various components including, communication, security of job, involvement of the employees and careers growth of individual employees. It is the QWL of an organization that helps it grow in international levels. To add to this, QWL can also be termed as a remedy to cope up with stress, grievances and competitions. Reflections on C Sacking of employees in an organization, not only affect the individual but also the organization as whole as the organization has to face a lot of legal issues when it comes to termination of an employee. As per the news, not only Sainsbury but its rival companies like, Tesco, ASDA and Morrison has taken similar steps to cope up with the demands, hence it will be difficult for the employees to look for an alternative job. Hence, we can see it is a serious management issue, which do not hint at a instant recovery but a long term plan. Though the employees are being deployed but all other companies going the similar way, the deployment is not going to be a easy way out. References Journal of Management: Upcoming Issues. (2010). Journal Of Management, 36(6), 1608-1610. doi:10.1177/0149206310386551 Lipman, V. (2014). 3 Very Common Management Problems - And How To Avoid Them. Forbes. Retrieved 11 July 2015, from https://www.forbes.com/sites/victorlipman/2014/04/15/3-very-common-management-problems-and-how-to-avoid-them/ Retail-week.com,. (2015). Top 50 UK retailers 2009. Retrieved 11 July 2015, from https://www.retail-week.com/property/top-50-uk-retailers-2009/5011196.article tugby, l. (2015). Sainsbury's to axe 800 jobs as part of in-store management restructure. Retail Week. Retrieved from https://www.retail-week.com/sectors/food/sainsburys-to-axe-800-jobs-as-part-of-in-store-management-restructure/5074294.article Wiggenraad, P. (2015). Analysis: Top 50 UK retailers 2012/13. Retail Week. Retrieved from https://www.retail-week.com/city-and-finance/analysis-top-50-uk-retailers-2012/13/5057111.article Blanchard, K., Carlos, J., Randolph, A. (2010). The 3 keys to empowerment. San Francisco: Berrett-Koehler Publishers. Indianmba.com,. (2015). Quality of work life. Retrieved 11 July 2015, from https://www.indianmba.com/Faculty_Column/FC1374/fc1374.html Srivastava, S., Kanpur, R. (2014). A Study On Quality Of Work Life: Key Elements Its Implications (1st ed.). Retrieved from https://www.researchgate.net/publictopics.PublicPostFileLoader.html?id=556f34f75e9d977c9c8b45d8key=9717a6d5-a444-42c3-b7a0-078be51e2105 Weibe, V. (2014). Flexible Leadership Theory: A Costco Case Study. Retrieved from https://wwwiebe.com/flexible-leadership-theory-a-costco-case-study/ Yourarticlelibrary.com,. (2015). Quality of Work Life: its Meaning and Definition | Employee Management. Retrieved 11 July 2015, from https://www.yourarticlelibrary.com/employee-management/quality-of-work-life-its-meaning-and-definition-employee-management/26112