The importance of financial intermediaries

The importance of financial intermediaries Introduction Nowadays financial intermediations play the important role in the economy. Firms and individuals can find sources to finance its new project. Also lender can invest their money in secure positions. Financial intermediations raise funds from the depositors for short term and lend them to the borrower for long term. The main job of those institutions is to provide finance through taking extra risk. So there are three parties engaged in those investments process. The lender or the depositor could lend his money on secure way and low cost. The borrower can find the finance of his project. The financial intermediation manages the process of those transactions. The question now is that why do lender and borrower need financial intermediation to manage this relationship. Why do not they do it directly without a third party? The answer of this question needs to know the main reasons why financial intermediations exist. There are three reasons explain this issue. First reason is that, the dif ferent requirement of those two parties. Second reason is the transaction cost. Finally is the asymmetric information. In this assay we will focus on the asymmetric information as a reason of the existence of the financial intermediation. Also, in this essay I will first explain the Asymmetric information, adverse selection and moral hazard. Then I will brief some empirical study about the issue of the effect of Asymmetric information to represent the importance of this issue. Also, I will explain the effect of the transaction cost because it has relation with the information cost to avoid unobserved information. Finally, I will explain the financial intermediary natural and their role in guiding the financial process. My conclusion refers to the importance of financial institutions to avoid asymmetric information. I am also touched upon the difference between the risk transferring and risk sharing and the fails of those conventional institutions in the last financial crisis. I reco mmended Islamic industry is an alternative to those convectional ones which can be able to withstand during the crisis because they works as a partner with their consumer and they share the risks with them. The impact of Asymmetric information, adverse selection, and moral hazard on the lender. It is important to the lender to have the good quality and quantity information about the borrower to be in the save side. When the information is poor that means there will be risk exist. Asymmetric information is an important concept in finance and needs to be understood. It means said Bucle (1998); the information refers to the situation where one party has more information than the other party. This is a problem with most types of transactions, financial or non financial transactions. In the Case of a financial transaction, the borrower will have more information about the Risks and return of the investment project for which funds are being borrowed and the lender do not have the same information the borrower does. So it may leads to actual conflict. Asymmetric information more affect lender, before he gives loan to the borrower and after. Adverse selection is the result of asymmetric information which means a bad selection with high risk of default. The adverse selection refers to the borrower with adverse return. Also, the second result of asymmetric information is moral hazard continued Bucle (1998). The lender will face this particular problems, in which always happened after lending. This problem is described as bad behaviour that accurse when the lender take the money from the lender and because the money is not belonged to him he will use it badly. He will use it for risky activities. As a result the lender will be at risk of losing his money. Karlan and at al (2005): investigate the moral hazard and adverse selection in credit market in South Africa. The random sample of 58000, of male and female, direct offers mail used by a larger lender in South Africa by three classes. First, offer interest rate. Second, contract interest rate which is equal or less the offer interest rate and revealed to more than 4000 borrowers that agreed to the first offer rate. Finally, a dynamic repayment with a good price on future loans for borrowers still in a good positions. These three stages supported by full information given to the lenders. The study setup distinguishes adverse selection from moral hazard impact on repayment. The result found that approximately 20% of default is because asymmetric information problems. Another empirical study of the impact of asymmetric information conducted by Gaul and at al (2008) investigate the effect of unobservable information on corporate loan market, and if the borrower gives the lender the incentive to reduce the asymmetric information effects. The study used a regression to give evidence of a positive relationship between some measure of loan borrower by lender, contract terms, negotiating loans, and the amount of non- publicly information. The study found that, moral hazard and adverse selection problems do exist in the corporate loan market. As a result of asymmetric information, adverse select, and moral hazard is the transaction cost. So what do we mean by transaction cost? Bucle (1998) counts four types of transaction costs which are as follows. Firstly, search cost, the borrower and the lender will be affected by high cost of searching for accurate information about each other to avoid risks associated to default and loss money. Also, verification costs, which mean the cost that accrues when lender tries, ensure that information he has is true. Furthermore, monitoring costs, the lender after given loan to the borrower should follow the borrower activities to make sure he will be able to make payment as agreed. Finally, enforcement costs, in case of default the lender wants to ensure that the lender can be enforced to get the money back. The importance of the financial intermediaries The financial intermediation is the entity which in a med position between two parties and manage the financial transaction between them. Commercial banks, investment banks, stock investing services, insurance providers, etc are examples of the financial intermediation. So we can imagine the importance of those entities. For example banks, it does the important role. Banks obtain funds from depositors and then lend those funds to borrowers. Also provide financial services said Fraser and et al (2001). Also individual as lender can get fixed income at cheaper cost. Also, when the lender uses the financial intermediary he wont need to bear those costs. He does not have to spend money and time for collecting information to find good borrower. Moreover, he can get his money back at any time he want it. Also he does not have to bear risks of default the borrower and other risks because the risks are borne by the bank. Always banks have information and policy system about their clients and diversify their investment in case mismatching the maturities of their assets and liabilities said Saunders (2008). Saunders and et al (2008) said because of costs of monitoring, liquidity, and price risk, as well as for some other reasons, savers often prefer to hold the financial claims issued by FIs rather than those issued by corporations. Diamond (1984) developed a model of delegate monitoring. Financial intermediary acts as monitor by promising the lender a fixed income and monitor the borrower activity to fulfil the lender the promise said Allen at al (2008). Another model developed by Boot and Thakor (1997) about delegated monitoring. They assume that, there are three kind of information. First, incomplete and unclear information about the future activity that the borrower is going to do and they suggest the solution is using financial market to obtain this information. Second the lender does not have information about the lender activity in term of invest the money in safe or risky project, and they suggest the solution by intermediary. Finally, borrower might have the chance to invest in a risky project and also they suggest the solution by intermediary said Allen at al (2008). Conclusion and recommendations: In conclusion, financial intermediaries do not exist by chance the economy has found them. As it shows above it exist because the need of the two separate parties and these parties represent the structure of the economy in any country. Borrower wants to have finance in his new project. Also lender need to be safe from asymmetric information, adverse selection of borrower and moral hazard and it is the financial intermediarys main job. To collect information about the borrower is not an easy task. It contains high cost for the small lenders which prevents him to invest his money. Also, he cannot give his money to the wrong person or firm. Financial intermediary could do this job on behalf of the investor. This job can be done by financial intermediaries in a low cost because of the large number of the customer they deal with. Also they act as specialist to this kind of financial transactions. However, financial intermediary is not always the haven. It has also risks of default, credit risk, liquidity risk, and etc. As we experience in the last financial crisis and the collapse of the biggest financial institutions around the world as a result of transferring risk. I think Islamic banks are the solution. They share risks instead of transfer them. Every party have to bear part of the risk to be able to continue. Transferring risks are not the solution, which means party will have nothing and other will have everything as a result part of the economy, will continue and the other part will collapse. Lets imagine the collapse party is the banks. So, the crisis will extend to the economy as a whole.

Comparing Beowulf with the Green Knight

When it comes to groundbreaking, classical literature, not many works can trump what Beowulf and Sir Gawain and the Green Knight have done. Although similar through importance, readers would be hard pressed to discover any more similarities between the two. Beowulf is an epic poem from the Anglo-Saxon period, while Sir Gawain and the Green Knight is a tale from the medieval period. The main characters of each novel, Beowulf and Sir Gawain, each endure personal struggles in the â€Å"problem of pride. In completely separate fashions, both of them lust for domination (libido dominandi) throughout each of their respective stories. Beowulf, the earliest of epic heroes, was significantly known for his bravery. With his lack of fear for death, he without a doubt was known as the greatest warrior at the time. However with great skill and the constant appraisal from fellow warriors, Beowulf becomes very boastful in his continued desire for dominance. In fact, his first words of the tale were, â€Å"When I was younger, I had great triumphs. Then news of Grendel, hard to ignore, reached me at home. Off the bat, he introduces himself as an accomplished warrior who felt it was his duty to slay the monster Grendel the minute he heard about his destruction. Beowulf revels in his decision to come over from Geatland to protect King Hrothgar and his people. He feels that this is his opportunity to come and â€Å"protect the thrown† in a God-like manner. Furthermore, in Beowulf’s quest, he completely ignores the medieval warfare’s protocol on weapons. While warriors typically use weapons in battle, Beowulf disagrees with this approach, risking his humanity while stepping outside of his human limits. He decides to fight Grendel on his own terms, and this over prideful, â€Å"superheroesque† mind frame (first interpreted as heroic) would come back to haunt Beowulf in his eventual death. As the story of Beowulf continues, Beowulf’s pride wears him down in his lust for domination. King Hrothgar, at one point, even warns a younger Beowulf to not let libido dominandi occur. Hrothgar proclaims, â€Å"He covets and resents; dishonors custom and bestows no gold; and because of good things that the Heavenly Powers gave him in the past he ignores the shape of things to come †¦ O flowers of warriors, beware of that trap. Choose, dear Beowulf, the better part, eternal rewards. Do not give way to pride. † However, Hrothgar’s advice doesn’t seem to help in Beowulf’s clash with the dragon towards the end of the tale. Beowulf was praised for his nobility when he was younger, but his aging only increased his lust for domination. He simply doesn’t care about the repercussions of his death, and how leaving them unprotected would severely impact his people. In conclusion, Beowulf recklessly battles this dragon to the death. He praises God before his death as he states, â€Å"To the everlasting Lord of all, to the King of Glory, I give thanks that I behold this treasure here in front of me, that I have been allowed to leave my people so well endowed on the day I die. † This ending, going out in a blaze of glory, was exactly what Beowulf wanted to happen. It was not exactly his fate, but his desire for glory was simply too strong, thus neglecting what should have been most important to him: the safety of his people. If he was truly a great hero, he would put the well being of others before his desire for dominance. In the case of Sir Gawain, his libido dominandi was enigmatic. Personal honor and valor seemed to be the two most important aspects of his life. Differing from Beowulf, Sir Gawain’s quest is a moral epic, and not one of physical attrition. However, Sir Gawain’s libido dominandi stems from his false humility, or in other words, his refusal to accept human failure. In the introduction of the story, the Green Knight travels over to King Arthur’s castle and demonstrates his Christmas game. At first, Arthur is asked to be put to the test, but in an act of chivalry, Sir Gawain (Arthur’s nephew/right hand man at the knight’s roundtable) steps up. He explains, â€Å"While so bold men about upon benches sit, That no host under heaven is hardier of will, Nor better brothers-in-arms where battle is joined; I am the weakest, well I know, and of wit feeblest; And the loss of my life would be least of any. † It is almost as if Sir Gawain undersells himself so much, to only further enhance his heroism. During his travels the corresponding winter season, Sir Gawain’s internal conflicts continue. He is fighting against his own demons; there is no Grendel (or any other physical monster for that matter) in this story, just a desire for moral reformation and satisfaction from others. In his stay at the Bertilak of Hautdesert’s castle, Sir Gawain’s morale is only further boosted. Bertilak states, â€Å"As long as I may live, my luck is the better that Gawain was my guest at God’s own feast! † In response, Sir Gawain quickly deflects the compliment and explains that the honor is his. Furthermore, after Gawain’s final interaction with the Green Knight, he flinches when the axe is first wielded towards his neck. This of course is a normal human reaction. But to this noble knight, it is completely unacceptable. This corresponds with his problems of Pride; Sir Gawain wears the green girdle around his arm given to him by Bertilak’s wife to constantly remind him of his wrongdoings (slightly giving into her seduction). After returning to a hero’s welcome, Sir Gawain’s false humility continues as he sulks about his minor faults and lives in shame. However, as those who surround him maintain their commemoration of him, his libido dominandi clandestinely grows. Throughout the text, Sir Gawain and the Green Knight, a common theme of â€Å"doubleness† is used effectively to portray the complexity of medieval life. In other words, there was never just one, blatant solution to courtly issues. In the case of chivalry, Sir Gawain was faced with social courtesy (secular) versus Christian courtesy (religious). In the case of the Green Knight, two separate images of positivity and negativity were deliberated. And in the case of the girdle, the knotted belt and open belt showcased two different connotations. During the medieval period, the policy of chivalry to the aristocracy ruled above all. It was a code of conduct developed from warrior knights. The debate between religion versus politics was significant during the â€Å"High Middle Ages† as personal morality became a big issue in 1400’s English literature. When Sir Gawain is first introduced to Sir Bertilak’s wife, â€Å"he politely approached; to the elder in homage he humbly bows; the lovelier he salutes with a light embrace. He claims a comely kiss, and courteously he speaks; they welcome him warmly, and straightaway he asks to be received as their servant, if they so desire. Honor, graciousness, and respect marked the typical knight’s introduction. However, Sir Gawain begins to question his honor when Bertilak’s wife begins her seduction tactics. Gawain is faced with the â€Å"doubleness† issue of doing what is right as a Christian versus doing what is right in knighthood. Should he deny the sexual advances because it was another man’s wife, therefore it was a sin against God, or should he accept the lady’s wishes out of honor and respect. The theme of temptation becomes the heart of this tale, as Sir Gawain’s adherence to the code of chivalry is constantly put to the test. After rejecting the first two advances, Sir Gawain begins to crack a little during the third and final bedroom scene. Bertilak’s wife changes her evasive language to a more assertive style, and her attire (moderate in earlier scenes) suddenly becomes risque and revealing. He declares, â€Å"My body is here at hand; your each wish to fulfill; your servant to command I am, and shall be still. † Gawain gives in due to the laws of chivalry, where knights are required to respect the set of laws concerning courtly love, and do whatever a damsel asks. The Green Knight also plays a huge role in continuing with the â€Å"doubleness† theme. This character is extremely difficult to interpret as some view him as a devilish figure whose only purpose is to tempt Gawain into sin, while some view him as a holistic figure whose purpose is to build Gawain into becoming an improved knight. In the Green Knight’s introduction to the Christmas party, he arrives with a holly branch and an axe. The holly branch represents peace and happiness, while the axe is supposed to represent violence and death. Furthermore, he states, â€Å"Not all, I think, for dread, but some of courteous grace let him who was their head be spokesman in that place. He immediately references God, but then counteracts that with his threats of beheading someone. To the reader, these two polar opposites begin to question what the Green Knight’s true intentions are. In addition, even the color green goes along the lines of the â€Å"doubleness† theme. During the medieval ages, the color green was conveyed as life, love, hope, and the birth chamber to some; while to others it provoked thoughts of jealousy, death, and sometimes the color of the devil. Towards the conclusion of the tale, the Green Knight’s true persona becomes revealed as he turns out to be the host, Sir Bertilak. This plays on with the theme of temptation, as this was all set up to test Sir Gawain’s honor and virtuosity. The girdle, which is the third theme of â€Å"doubleness,† contains a symbolic meaning that has been interpreted in a variety of ways. The girdle can be viewed as sexual or spiritual. Accordingly, the knotted belt of the girdle represented chastity, good faith, and virginity while on the contrary, the open belt represented sexual advances and poor faith. This girdle is very lavish, as it is made out of green silk and embroidered with gold thread (colors that link it to the Green Knight). Sir Bertilak’s wife claims that it possesses the power to keep the wearer of it away from harm. However, it is deciphered towards the end of the story that this girdle indeed has no magical properties, and was simply another experimental tactic used against Sir Gawain. While Gawain is able to resist the brunt of Bertilak’s wife’s sexual advances, he is unable to resist the powers of the girdle. When Bertilak returns home from each of his hunting trips, Gawain does not reveal the girdle and instead hides it in shame. This showcases the spiritual interpretation; his acceptance of the girdle is a sign of his faltering faith in God. After the Green Knight reveals his identity as Sir Bertilak/the host, Gawain curses the girdle for he believes it represents his cowardice. He states, â€Å"But your girdle, God love you! I gladly shall take and be pleased to possess, not for the pure gold, nor the bright belt itself, nor the beauteous pendants, nor for wealth, nor worldly state, nor workmanship fine, but a sign of excess it shall seem oftentimes when I ride in renown, and remember with shame the faults and frailty of the fresh preserve. Yet, the others celebrate him during his return from the quest. To show their support, Arthur and his people wear green, silk baldrics that appear just like Gawain’s girdle. The double interpretation of the girdle corresponds with its complex, multi-faceted symbol. This theme of â€Å"doubleness†, the constant use of temptation with more than one side, bec omes the main driving point in Sir Gawain and the Green Knight.

Invisible Man Tone Essay - 2131 Words

Tone Essay In the novel Invisible Man by Ralph Ellison, the author portrays distinguishable tones throughout the book with several literary devices. The main devices that Ellison most commonly utilizes are diction, imagery, details, language, and overall sentence structure or syntax. In the novel the main character or invisible man undergoes a series of dramatic events that affect the authors tone and the main characters overall outlook on his life and society. The author interweaves the devices mentioned to set a tone for the reader and purposely create a sense of feeling and emotion that the main character is experiencing at the time. The novel is introduced with a prologue where the author acquaints us with the†¦show more content†¦203) The author also uses imagery within the paint factory to portray a snooty and arrogant tone of the workers and the paint factory as a whole. White! Its the purest white that can be found. Nobody makes a paint any whiter. (pg 197) Along with the subject of the paint factory the author uses symbols as details to portray an arrogant tone. He uses symbols of the colors white and black. The optic white paint that he refers to can cover up the darkest black, therefore showing that the white population attempts to cover the black population because they are viewed as inferior. After invisible mans injury at Optic White Paints he comes into contact with Mary Rambo. Mary takes on the role as a personal savior to the main character by taking care of him and giving him a place to stay. In Marys apartment the main characters tone becomes that of solidarity. He notices that she is hom ely and takes upon a mother figure. During this point in the story invisible mans character tone becomes frantic and nervous because of his money situation. When he makes an unplanned speech as an elderly couple gets evicted, he comes into contact with Brother Jack who offers him a job of public speaking. 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The Civil War And American History - 890 Words

In American History many significant events took place that reflected religious faith of multiple Americans and has shaped the world we live in today. Throughout the 1800s, the most memorable times in America took place throughout the Civil War. Events that escalated before, during and even following the Civil War resulted in a chain of reactions from many people within that period. After analyzing the events of the Civil War, I was able to draw a connection to the actions of the soldiers, women and Black Americans and how they were consistent with Christian faith. Prior to emphasizing how Americans were consistent with Christian faith, first it is vital to know a little background information on that particular period. The Civil War was seen as a traumatic period. According to the text, the Civil War was the bloodiest in American History that ended with 618,000 killed. There are various arguments between the true causes of the war. Despite the arguments that claim slavery was not the cause, slavery did however play a major factor in each argument presented. Therefore, Slavery can be considered the major cause of war, and an issue that grew over the years. According to Degler, â€Å"slavery was clearly important as a moral issue, but also as an economic institution that divided two different, and in many ways antagonistic, societies† (Degler, 2011). The division of two societies, North and South, is what lead the war itself. The Civil War consisted of battles between theShow MoreRelatedThe Civil War On American History1206 Words   |à ‚  5 Pagescountry divided, the Civil War left a huge impact in history as it helped form what our nation is today. An inevitable conflict that was due in time to transform into a war, the Civil War was influenced by societal interests, economic changes along with political disagreements. 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