Relationship Between Savings and Inflation

Relationship Between Savings and Inflation Savings help cushion the business cycle as the economy faces hard economic situations (Syden, 2014). To have a sustainable economic growth, there is a need for sustainable resources to support it. That is why savings are needed to finance capital spending. These high savings rate levels have allowed the economy to gain high levels of investment (Horioka Terada-Hagiwara, 2011). China’s domestic savings rate is one of the highest in the world (Loayza, Schmidt-Hebbel, Serven, 2000). Inadequate savings would leave the economy vulnerable to shocks in income uncertainty and unexpected rise in prices. At 52% of the national GDP, China’s domestic savings rate is among the highest in emerging markets inadequate savings leave households vulnerable to shocks in income and rising prices, add burden to government in providing retirement assistance, constrain individuals in accumulating wealth inadequate savings leave households vulnerable to shocks in income and rising prices, add burden to government in providing retirement assistance, constrain individuals in accumulating wealth. Many factors come into play with regard to how much to spend and how much to ‘keep’ for future spending. REVIEW LITERATURE There have been a lot of theoretical and empricical research studies about the relationship of savings on different factors like inflation rate, unemployment rate, and interest rate. It has been argued that savings are important, and when the economy is hit hard, having money in the bank can ease the problem (Elmerraji, 2010). Saving rates around the world differs widely. (Loayza, Schmidt-Hebbel, Serven, 2000) stated that China, world’s fastest growing economy, had one of the largest national saving rates in the world. Those at Sub-Saharan Africa save less than 15% of their gross national disposable income while East Asia saves more than 30%. In recent years, saving rates have doubled in East Asia while those in Latin America were stagnated. What people do not spend after consuming part of their income is called personal savings. People tend to put their savings on bank accounts or partly invested (Piana, 2003). Given a certain income, the decision of consuming a good negatively affects savings. Postponing such consumption would increase savings and in contrast, savings can rise due to negative expectations for future income. As economic shocks occur on business cycles, households experience hard time in unexpected reduction in income. According to the Life-cycle hypothesis by Milton Freidman, people would eventually save more and minimize consumption to avoid future uncertainty. (Zaman, Carannate, Ferra, 2013) In times of economic crisis like the recent financial crisis on 2008, policy measures and uncertainty affects household consumption and saving decisions. In the Spanish economy, after the great recession, there has been an evolution of saving rates (Bande Riveiro, 2012). The behavior of households has changed after the great recession, through increasing saving rates. Large increase in savings rates is connected to the increased uncertainty in the future (Bande Riveiro, 2012). EMPLOYMENT Macroeconomic instability which is measured by inflation, causes an upward trend in saving. The season of high inflation and high unemployment, as well as cutting public benefits have raised income uncertainty and changed the expected future income of the economy (Chowdhurry, 2014). When an economy has a crisis, it leads to unemployment, and the risk of future uncertainty in income makes households save more (Zaman, Carannate, Ferra, 2013). When part of the households are affected with future uncertainty of income, it stimulates to low demand and consumption which would worsen the economic situation of the country. Financial crisis happens when labor market is distorted with high unemployment, changing households’ structure of saving portfolio. Any sort of financial crisis leading to a recession would have a significant effect on household savings. ECONOMIC GROWTH Growth models includes Harrod (1939), Domar (1946) states that economic growth is highly dependent on level of savings and output ration. These models indicate that increase in saving means high investment which stimulates economic growth. The availability of funds for investment increases as effect of having higher savings (Sothan, 2014). The higher the level of saving rate leads to increased capital stock that in progress leads to a high level of output. Business Cycle Different economies go through different patterns of ups and downs in the value of its Gross Domestic Product (Riley, 2012). This business cycle has four phases namely boom, recession, depression, and recovery. Economic boom has high consumer spending, profits, and investment. Unemployment tends to be low in this economic situation. Economic Recession has low level of consumer spending, income, and investment, and has a rising unemployment as businesses cut costs. Economic depression is when there is a declining GDP, showing weak level of consumer spending and investment, rapid rise of unemployment and prices starting to fall. Economic recovery is when economic situation starts to get better and consumers begin to increase spending and investment. Every country’s goal is for an economy to achieve a sustainable level of growth (Riley, 2012). Trend growth rate is what helps assess and compare the growth of the different economies. (Lequiller Blades, 2007) REVIEW OF RELATED LITERATURE EFFECT OF INFLATION ON SAVINGS RATE Almost all the past literatures that were found concerning the relationship of the variables inflation rate and savings rate concluded that the relationship between the two are positive and significant. In a cross-sectional data on inflation rates and savings rates of various countries in the world, both developed and developing, the results obtained in the recent study showed that inflation rates of all the countries positively impacts each of the countries’ savings rate (Cheng Li, 2014). El-Seoud (2014) conducted a study on the effect of Gross Domestic Product, interest rate, and inflation rate on the national saving rate in the kingdom of Bahrain over the past 20 years. The researcher found that inflation rate has a positive relationship and significant impact on Bahrain’s saving rate in both the long run and short run. Similarly, Syden (2014) also found that in their study of South Africa’s 48 years of household savings data, inflation significantly creates a positive impact on the continent’s saving rate. As for the case of Turkey, Er, Tugcu, Coban (2014) used the Autoregressive Distributed Lag approach and the study’s results indicated that there that inflation positively affects inflation rate and savings but there was no relationship of significance between inflation and savings in the short run. Using two stage least squares model, the study of Chaturvedi, Kumar Dholakia (2009) on the relationship between economic growth, inflation, and saving rate in Asia revealed that inflation rate has a positive effect on the interest rates of the Asian countries as well. On the other hand, Heer Suessmuth (2006) utilized data of the inflation and saving rates from United States postwar period in order to analyze the monetary policy regimes of the three eras, namely the Pre-Volcker Era (’65-’78), Volcker Era (’79-’87), and the Greenspan Era (’88-’98). There appeared to be ambiguous resu lts on the effect of inflation on the saving rates. In the Pre-Volcker Era and Greenspan Era, inflation negatively affected the saving rates. In the Volcker Era, on the other hand, inflation is positively associated with saving rates (Heer Suessmuth, 2006). EFFECT OF INTEREST RATE ON SAVINGS RATE El-Seoud (2014) concluded from his previously mentioned study that the interest rate in Bahrain, just like inflation, has a positive and significant effect on the national saving rate in the short run. However, in the long run, El-Seoud (2014) saw that while the interest rate still has a positive relationship on Bahrain’s saving rate, this effect is now insignificant. On the other hand, in the results acquired from the study of Syden (2014) on South Africa, it showed that interest rate has a negative relationship and significantly impacts the saving behavior of South Africa. In a study on the Turkish economy, the researchers found that there was no significant relationship between interest rates and saving rate found in the long run (Er, Tugcu Coban, 2014). (Challe Ragot) (Romer) References El-Seoud, M. S. (2014). The Effect of Interest Rate, Inflation Rate And GDP On National Savings Rate. Retrieved from http://www.gifre.org/admin/papers/gjcmp/1-7-EFFECT-vol-3-3-gjcmp.pdf Syden, M. (2014). Trends and Determinants of Household Saving in South Africa. Economic Affairs: 59(2): 191-208 Cheng, Q. Li, X. (2014). Cross-Country Effects of Inflation on National Savings. Retrieved from https://smartech.gatech.edu/bitstream/handle/1853/52867/Cross-Country Effects of Inflation on National Savings(ECON3161).pdf Chaturvedi, V., Kumar, B. Dholakia, R. H. (2009). Inter-Relationship between Economic Growth, Savings and Inflation in Asia. Journal of International Economic Studies, No.23, 1–22. Retrieved from http://repo.lib.hosei.ac.jp/bitstream/10114/3628/1/23VaibhavChaturvedi-ather.pdf Heer, B. Suessmuth, B. (2006). The Savings-Inflation Puzzle. Retrieved from http://www.cesifo-group.de/pls/guestci/download/CESifo Working Papers 2006/CESifo Working Papers January 2006/cesifo1_wp1645.pdf Er, P. H., Tugcu, C. T. Coban O. (2014). Investigating The Link between Savings, Inflation and Economic Growth: An ARDL Analysis for The Case of Turkey. Journal of Economics, Finance and Accounting. Vol. 1, Issue 2. Wachtel, P. (1977). Inflation, Uncertainty, and Saving Behavior since the Mid-1950s. Retrieved from http://www.nber.org/chapters/c9102.pdf Bibliography Bande, R., Riveiro, D. (2012, October). Private Saving Rates and Macroeconomic Uncertainty: Evidence from Spanish Regional Data. Iberian Regional Economics Network. Retrieved March 2015, from http://otega.usc.es/docs_idega/documentos_de_traballo/irene/irene_4.pdf Challe, E., Ragot, X. (n.d.). Precautionary Saving over the Business Cycle. Retrieved March 2015, from http://www.su.se/polopoly_fs/1.57517.1321520817!/ChalleRagot.pdf Chowdhurry, A. (2014, December). Terms of Trade shocks and Private Savings in the developing Countries. Journal of Comparative Economics. Retrieved March 2015, from http://dx.doi.org/10.1016/j.jce.2015.02.006 Elmerraji, J. (2010, February 28). How Savings Are Saving the Economy. Retrieved February 2015, from http://www.investopedia.com/financial-edge/0310/savings-are-a-blessing-in-a-slow-recovery.aspx Horioka, C. Y., Terada-Hagiwara, A. (2011, November). The Determinants and Long-Term Projections of Saving Ratesin Developing Asia. National Bureau of Economic Research. Retrieved from http://www.nber.org/papers/w17581 Lequiller, F., Blades, D. (2007). Understanding National Accounts. 415. doi:10.1787/9789264027657-en Loayza, N., Schmidt-Hebbel, K., Serven, L. (2000). Saving in Developing Countries: An Overview. The World Bank Economic Review, 14, 393-414. Piana, V. (2003). Savings. Economics Web Institute. Retrieved February 2015, from http://www.economicswebinstitute.org/glossary/savings.htm Riley, J. (2012, September). Economic Environment. Retrieved March http://www.tutor2u.net/business/strategy/economy-business-cycle.html, 2015 Romer, C. (n.d.). Business Cycles. The Concise Encyclopedia of Economics. Retrieved March 2015, from http://www.econlib.org/library/Enc1/BusinessCycles.html Sothan, S. (2014). Causal Relationship between Domestic Saving and Economic Growth: Evidence from Cambodia. International Journal of Economics and Finance, 6. doi:10.5539/ijef.v6n9p213 Syden, M. (2014, June). Trends and Determinants of Household Saving in South Africa. Economic Affairs. doi:10.5958/J.0976-4666.59.2.018 Zaman, R., Carannate, M., Ferra, E. (2013, June 17). Effects of Uncertainty on Household Saving Rate. Munich Personal RePEc Archive. Retrieved March 2015, from http://mpra.ub.uni-muenchen.de/51208/

Ramadan Celebration Essay

Ramadan, the ninth month of the Islamic Calendar, is considered as one of the holiest months of the year. In this month when the prophet Muhammad was said to have received the holy book (Quran). Each day during Ramadan, followers of Islam, known as Muslims, do not eat or drink from sunrise to sunset; they are also supposed to avoid bad thoughts and bad behavior. Muslims break their daily fasts by sharing meals with family and friends. During Ramadan Muslims fast from dawn to sunset. All Muslims who have reached puberty and are in good health are required to fast. At sunset, families get together to break the fast known as Ifatr. You start eating with two or more dates like the Prophet Peace Be Upon use to do. The Ifatr meals consist on milk, water, dates, and desserts. (A team of cardiologists in the UAE found that people observing Ramadan enjoy a positive effect on their lipid profile, which means there is a reduction of cholesterol in the blood) http://en.wikipedia.org/wiki/Ramadan It is very important in Ramadan to pray 5 times daily, and recite Quran every day. Ramadan helps us become patient and washes away our bad deeds. It reminds us of the people that are starving and teaches us that how lucky we are that Allah-Tallah provided us with these benefits and help us become better Muslim. After the Ifatri you go to Mosque and pray Magrib and Isha to complete your fast. Thirdly, in Ramadan avoid bad thoughts and bad behavior. Respect your elder and listen to them, you are not allowed to use foul language or hit someone. Keep your mind away from the bad thoughts and the best way to do that is pray and keep saying Allahakabar, Alhumdullah, and Astagfirullah it will keep your mind away from bad thoughts. In Quran Allah- Tallah said if one does not abandon falsehood in words and deeds, Allah has no need for his abandoning of his food and drink.’

How does Shakespeare present love in ‘A Midsummer Night’s Dream’? Essay

Shakespeare uses many different themes to present love; relationships, conflict, magic, dreams and fate. Overall, he presents it as something with the ability to make us act irrationally and foolishly. Within A Midsummer Night’s Dream we see many examples of how being ‘in love’ can cause someone to change their perspective entirely. ‘The path of true love never did run smooth’ is a comment made from one of the main characters, Lysander, which sums up the play’s idea that lovers always face difficult hurdles on the path to happiness and will usually turn them into madmen. Shakespeare presents love through the relationship shared by Hermia and Lysander. This relationship, at the start of the play, is portrayed as the traditional true love; Hermia chooses to become a nun instead of marrying the man her father has chosen for her such as her bond with Lysander and intentions for him, ‘I will tield my virgin patent up Unto his lordship’, and they decide to elope, ‘Through Athens’ gates have we devis’d to steal.’ However, as the play develops our perception of their love differs, after Lysander is mistakenly put under a spell meant for Demetrius he attempts to pursue his new love, Helena, without any regard for Hermia, ‘Not Hermia but Helena I love’, he now treats Hermia as if she had always meant nothing to him, ‘Should I hurt her, strike her, kill her dead? Although I hate her, I’ll harm her not so’, the magic potion removes any positive emotions. He also presents love through the dominating relationship through the father-daughter figures shared by Egeus and Hermia within the play. In the time the play was set the father made the decision who his daughter would marry because of the patriarchal society they lived in, ‘As she is mine, I may dispose of her’, however Egeus did not chose Lysander to marry Hermia, he chose Demetrius, ‘all my right of her I do estate unto Demetrius’. Despite how they expected Hermia to obey them, she defied her father’s will and fought for the love that she and Lysander shared, this shows how she was unwilling to follow society’s expectations as love empowers people to be independent and go against social norms, however Theseus, the King of Athens, warned her: ‘if you yield not to your father’s choice, you can endure the livery of a nun’, as he must enforce the law as her father’s words are absolute and if Hermia chooses to go against them she will have to face the consequences. Other relationships that represent female power that is suppressed by male authority are the ones shared by Theseus and Hippolyta and Oberon and Titania. These two relationships share many characteristics, they both hold the title of King and Queen; Theseus and Hippolyta being the King and Queen of Athens and Oberon and Titania being the King and Queen of the Fairies but also the male dominance within the relationships. Theseus holds dominance over Hippolyta as he reminds her ‘I wooed thee with my sword’, which could lead the reader to assume that Hippolyta held some sort of authority before she was conquered by the man she is now ‘betrothed’ to. We also see how Oberon holds dominance over Titania by how he questions her ‘am not I thy lord?’ and how he speaks of her after she has denied him what he wants ‘thou shalt not from this grove Till I torment thee for this injury.’ Even though, Titania, unlike Hippolyta, retaliates to enforce her power in the relationship ‘Then I must by thy lady’ and accuses him of ‘versing love to amorous Phillida’, Oberon is very insistent that he remains control of Titania and therefore uses his loyal jester, Puck, to use magic to humiliate her as a punishment for disrespecting him. This shows how he believes that women should obey men and follow their every command; he punishes her by forcing her, by using magic, to fall in love with Bottom who, at the time, was half human, half donkey. He does this to humiliate and shame her to make her realise that she is nothing without him. Because Oberon believes that women are the inferior sex he sympathises with Helena, she is in love with Demetrius and is willing to do anything for him ‘I am your spaniel’ because that is also how she believes relationships should be, he appears to endorse this subservience, therefore he chooses to cause Demetrius to fall madly in love with her. The artificial love given by Titania to Bottom demonstrates how magic can duplicate the realist atmosphere given from true love as both of those involved are unable to recognise that it is false. True love can cloud judgement and Shakespeare shows how artificial love can do the same, Titania is convinced Bottom is beautiful even though he has the head of a donkey ‘Thou art as wise as thou art beautiful’. Bottom responds to the beautiful, magical fairy queen’s devotion as nothing out of the ordinary and that all of the trappings of her affection, including having servants attend him, are his proper due. His unawareness of the fact that his head has been transformed into that of an ass parallels his inability to perceive the absurdity of the idea that Titania could ever truly fall in love with him. However, Shakespeare uses Bottom to draw the audience’s attention to serious themes, such as the relationship between reality and imagination. He is also the most down-to-earth character in the play as he does recognise that Titania’s statements about him aren’t true, when Titania devotes her love to him ‘On the first view to say, to swear, I love thee.’, Bottoms responds with ‘Methinks, mistress, you should have little reason for that’, also when Titania states ‘Thou art as wise as thou art beautiful’ Bottom corrects her with ‘Not so, neither: but if I had wit enough to get out of this wood, I have enough to serve mine own turn’, showing that he knows love and reason don’t often work at the same level. Shakespeare also uses Bottom to remind the audience of a recurring theme in the play: whether love and reason can relate, and should love be based on reason or fantasy? Shakespeare also presents love through conflict, for example, the friendship shared by Hermia and Helena show how even best friends since youth can be turned against each other when love is involved. Shakespeare wants to show the audience the great friendship they share ‘Is all the counsel that we two have shared, The sisters’ vows, the hours that we have spent’, ‘As if our hands, our sides, voices, and minds Had been incorporate. So we grew together,’, this then allows the audience to understand how severe love can be and how their strong friendship quickly disintegrated when they became involved with the two men; their entire childhood together is forgotten in an instant as they both begin to argue, Hermia feeling cheated and thinking Helena was the one to blame ‘O me, you juggler, you canker-blossom,’ and Helena, thinking it is all a cruel trick against her ‘Lo, she is one of this confederacy. Now I perceive they have conjoined all three To fashion this false sport in spite of me. Shakespeare wanted the audience to realise how the magic within the play isn’t all to blame for the conflict as it is not the love potion which has had this effect on the women directly. Their relationship has changed completely, their friendship before the argument contrasts greatly to the hostility afterwards, all caused by a mischievous spirit. Shakespeare presents love through the fairies’ magic which creates the comedic atmosphere given throughout the play. Shakespeare shows how magic distorts true love by how easily Demetrius’ and Lysander’s hearts are manipulated by Puck’s magic potion. At the beginning of the play Shakespeare makes the effort to show the audience the strong and loyal love Hermia and Lysander devote to each other, ‘I am beloved of beauteous Hermia’ is how Lysander speaks of Hermia before the love charm is cast upon him. However after it is cast he expresses his feelings for his new true love, Helena, almost immediately, ‘Not Hermia, but Helena I love!’. When Lysander fights for Helena Shakespeare purposefully makes it almost impossible for the audience to tell the difference between the two men, as he wants them to know that all foolish young lovers are alike.

Ethnography of Starbucks Essay - 1647 Words

The Status of Starbucks For my ethnography project, I decided to observe the Starbucks on Rockside Road in Independence, Ohio. My plan was to observe the subculture of Starbucks’ customers. A subculture is defined as a â€Å"structured social inequality or, more specifically, systematic inequalities between groups of people that arise as intended or unintended consequences of social processes and relationships.† My question was twofold. Does Starbucks appeal to certain social statuses? And if so, does Starbucks serve as another example of social inequality? The City of Independence has approximately 7,000 residents. The City is a hub for business, the majority of which are primarily based on Rockside Road. There are a variety of†¦show more content†¦I found that the majority of the clientele appeared to be middle or upper class individuals. It became apparent that Starbucks appealed to people of a certain socioeconomic status through their thoughtful use of products, language, dà ©cor, and location. Socioeconomic status (SES) is defined as â€Å"an individual’s position in a stratified social order,† meaning upper middle, or lower class. SES is primarily determined by income. The remainder of this paper will look at the different ways that Starbucks caters to the more privileged. First, Starbucks products are clearly designed for those with a disposable income. Realistically, who would spend almost three dollars for a small cup of coffee when you can get a jumbo coffee for .99 cents at a gas station? One reason could be quality. Starbucks claims to use high-quality whole bean coffee and sells them in a traditionally European style. But the products are not limited to coffee. 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