Consumerism Childhood and Consumer Goods Essay - 1753 Words

Consumerism is a very important aspect in the life of each and every individual. Everyday, people who live in developed countries are faced with endless choices. These choices appear every where in advertisements through television and radio commercials, advertisements posted in public places, magazines, etc. Consumerism takes form in these advertisements that makes us seem imperfect. Their goal is to make us buy products to satisfy ourselves. Children are born into a world of consumerism, asking parents to buy them things just because they want it. Most of us are lured into consumerism one way or another. Consumerism begins early in life; in fact, it begins when a child is born. When a child is brought into this world, parents are†¦show more content†¦If they receive a negative response, they start whining, crying, begging, etc. This is a response that consumerism wants children to have. Also, family members play a big role in gender associating their children. Girls usuall y imitate their mothers when they are young, and boys imitate their fathers. When you ask what they want to be when they grow up, girls tend to want to grow up like their mothers and boys like their fathers. As children grow a little older and become teenagers, their main goal is to fit in. To fit in, you must dress, act, and like the same activities. Subgroups are formed to differentiate different groups of people. Being popular isn’t always the most important goal in a teenager’s mind; it is making it through high school without drama. Again, this stage in life is associated with consumerism. But, it is this stage where consumerism plays its biggest role. The teenage years in life are an individual’s most influential period. Also, somehow teenagers have a lot of money to spend on consumer products. A reason why teenagers may be able to buy such expensive consumer goods is that they save money to obtain a prized possession which can later on be a source of prid e (Walsh, 1990).This is why the mass media focuses consumer products on teenagers. For teenage girls, there is the constant trying to look good to fit in. Since teenage girls follow Hollywood media almost every singleShow MoreRelatedâ€Å"Disney Constructs Childhood so as to Make It Entirely Compatible with Consumerism1617 Words   |  7 Pagesâ€Å"Disney constructs childhood so as to make it entirely compatible with consumerism† (Smoodin cited in Giroux, 2002; 105). Discuss this statement in relation to TWO animated films from the Disney canon. The Walt Disney Company is a diversified international entertainment company (Disney, 2010) with ownership of many media outlets including radio, cinema, television and literature as well as consumer products such as stationary and toys. The Disney brand has huge recognition globally especiallyRead MoreThe Impact Of Consumerism939 Words   |  4 PagesAccording to Dictionary.com, consumerism is defined as â€Å"the concept that an ever-expanding consumption of goods is advantageous to the economy.† Basically, this definition boils down to people getting more people to buy more products is a good thing. However, things aren’t always as they seem. In order to get people to be interested in your product, there is lots of advertisement involved and this of course costs money. Unfortunately, with lots of advertisements, they may not tell the whole truthRead MoreConsumer Culture And Contemporary Childhood Agency888 Words   |  4 Pagesrelationships of production and consum ption. By introducing children as consumers, it is opens up a wide range of areas to study their influence on consumer culture. It is evident through the child’s relationship with their parents, money, identity, and social relations that children have a crucial role in consumption patterns. New marketing and advertising techniques have been introduced accordingly, further emerging the child consumer and their influence on the economy. The child’s relationship withRead MoreConsuming Kids : The Commercialization Of Childhood850 Words   |  4 PagesCommercialization of Childhood† takes a closer look at how the negative impact advertising and marketing is having on the children who are the main targeted audience especially because they are easy to manipulate. The United States is a country that cares a lot about consumers. People are around advertisement and marketing all the time in every place they go. In fact, people live to buy, people need and want things con stantly and it will never stop. In the American economy consumerism may be a leadingRead MoreThe Deterioration of Childhood Innocence Due to Media and Consumerism 1708 Words   |  7 Pagessaid Neil Postman in his novel: The Disappearance of Childhood. In recent generations, the ideal of childhood innocence has been disappearing due to several factors of modernization. But the innocence of youth needs to be protected so children will learn and grow in healthy ways, rather than rush into adulthood. It is a grown-ups’ responsibility to build a metaphorical wall between a child’s innocence and various types of media and consumerism. Although it is becoming increasingly difficult due toRead MoreConsumer Consumption Essay1316 Words   |  6 Pagesculture of consumption. Consumerism brings out a passion in people to have things, be it objects or services that will make them feel better. This passion becomes a powerful force that makes people make some unwise decisions in t heir life. The money consumers spend on these goods could be going to the ever-surmounting needs for health care, poverty help, or other things that would help the society as a whole. This is why America is the prime example of a capitalistic consumer society and not a socialisticRead MoreThe Effects Of Advertising On Children s Physical And Mental Health1531 Words   |  7 Pagescertain consumer behavior which can result in negative impacts on children’s physical and mental health. Marketing directly to children is a factor in the childhood obesity epidemic, it also encourages eating disorders, previous sexuality, youth violence and family stress and contributes to children’s diminished capability to play creatively. Marketing children is a huge business because they are an easy target. In the following articles I will talk about how there is different types of consumers throughRead MoreGatby In The Great Gatsby Analysis1329 Words   |  6 Pagesmore of this figure, to discover his inner world and complexed characteristics. I want to explain the film and theThe film can explain American society in three aspects: Individual freedom and independentsindependence, stable social class, and the consumerism or (material wealth) . *Individual, independent Gatsby came from a poor family, but he was unwilling to live in this way. With ambitious ideals and dedication, he pursued the idea of becoming wealthy and gaining prominence one day. Gatsby did notRead MoreMe Against the Media2375 Words   |  10 Pages† The few students who have actually done the reading chuckle because they know that today’s class is about the pervasiveness of consumerism in popular culture and in the schools. Over the years, I’ve resorted to lots of gimmicks like these in my quest to teach students about consumerism. I try to make my students more aware of how the media naturalize consumerism through advertisements, product placement, and especially through advertiser-friendly programming. You might be surprised to hearRead MoreThe Disappearance Of Childhood By Neil Postman944 Words   |  4 PagesEven though childhood has change for the better there is an argument stating that childhood is disappearing â€Å"at a dazzling speed† (Postman, 1996) says that there is a closing gap between childhood and adulthood. Neil Postman (1996) claims this in his book â€Å"The Disappearance of Childhood†. Postman theory was purely based on the way that communications through technology were made which shapes society today. He thinks that due to the technology such as television and the Internet children nowadays

A Vindication Of The Rights Of Women By Mary Wollstonecraft

Mary Wollstonecraft was a woman who lived during the late 18th century and chafed under the societal expectations places upon her. Inspired by the writing, A Declaration of the Rights of Woman and the Female Citizen, which demanded equal rights for both men and women, Wollstonecraft published her book, A Vindication of the Rights of Women, which called for both men and women to realize their roles concerning inequality. The book also allowed for Wollstonecraft to express her ideas and methods for the improvement of equality between the sexes. Vindication went on to print many times throughout the 18th and 19th centuries. Because of this, Mary Wollstonecraft was one of the earliest feminist writers and her writings became a cornerstone of†¦show more content†¦She writes that the second type of women can become more useful members of society but they lack the greatness of mind and taste which allows them to do so, as a result of their education. Wollstonecraft believes that wo men in this state cannot be effective mothers because all of their power derives from their believed and implied superiors, men. She then examples many different vocations and career which would be suitable for women, and criticizes these professions for being vain or useless. She then goes on to state that women, should they ever need to support themselves should and could practice as physicians, lawyers, shopkeepers and politicians; however, their lack of education and status keeps them from being able to pursue vocations where they would be effective. The excerpt then finishes with two notions, the first being that men should release women from the proverbial chains that imprison them in their lives so they can become better mothers, wives and citizens. The second is the notion that, if given the freedom, women would emulate the high moral standards of men, otherwise known as virtue which is a central theme in Vindication. Despite being a feminist writer, aspects of the gender prejudices of her time period can be seen in Vindication.Show MoreRelatedAnalysis of Vindication of the Rights for Women by Mary Wollstonecraft 787 Words   |  4 Pagesliberality. You can be passionate about many things such as love, sports, food, or intimacy. However, it can also mean having a strong yearning for something. Vindication of the Rights for Women by Mary Wollstonecraft was published in 1792, during the French Revolution. Wollstonecraft preached that intellect will always govern to persuade women not to endeavor to acquire knowledge but convince them that the soft phrases, acceptability of heart, delicacy of sentiment, and refinement of taste, are mostRead MoreSummary Of A Vindication Of The Rights Of Women By Mary Wollstonecraft1208 Words   |  5 PagesAge of Enlightenment in the late eighteenth century, Mary Wollstonecraft presented a radical essay, A Vindication of the Rights of Women, that shed light on the largest, underrepresented groups of the time, women. The essay voiced the inequalities women at the time faced and called upon Wollstonecraft’s audience to invoke a revolution for the rights of women. Through her writing, she presented a compelling argument that slowly allowed women to question their â€Å"place† in society and demand changeRead MoreMary Wollstonecr aft s Vindication Of The Rights Of Women928 Words   |  4 PagesMary Wollstonecraft’s famous book, Vindication of the Rights of Women, is â€Å"one of the earliest expressions of a feminist consciousness.† Wollstonecraft claims that women are upset mainly due to the fact that they are not receiving the education they deserve, and goes on to explain how women are notorious for being weak, and mentally unstable. She blames the education system for this since all the books are written by men, and they claim that women are barley humans and are treated as another speciesRead MoreGroundbreaking Novel in A Vindication of the Rights of Women by Mary Wollstonecraft2004 Words   |  8 PagesA Vindication of the Rights of Women A Vindication of the Rights of Women by Mary Wollstonecraft is one of the most influential and groundbreaking pieces of literature or the Enlightenment. Wollstonecraft laid the foundation for women’s rights and gender equality, and women especially have her to thank for this. Wollstonecraft was far from the prototypical women in society during the 1700’s, which is evident by her writing of Vindication. Wollstonecraft was successfully able to logically and systematicallyRead MoreThe Vindication Of The Rights Of Women1369 Words   |  6 Pages Mary Wollstonecraft, a Futuristic Feminist This research project addresses the work of Mary Wollstonecraft, The Vindication of the Rights of Women. To investigate this, I will first summarize her work and someone else s interpretation of it, then analyze the author, voice, message and significance, and finally analyze the two works to answer the question, What are the current ideas about your philosopher? How have their ideas influenced us today?. My first souce will be the primary source ofRead MoreFeminism : Mary Wollstonecraft1734 Words   |  7 Pagesmore and more women in positions of power. However, feminism has changed and evolved since the first writers expressed their wish for more women’s rights, as do all movements. â€Å"It is time to †¦ restore to them their lost dignity—and make them, as a part of the human species, labour by reforming themselves to reform the world,† wrote Mary Wollstonecraft in her Vindication in the Rights of Women (Wollstonecraft 49). Mary Wollstonecraft, the mothe r of the feminist movement wanted women to be able toRead More Wollstonecrafts A Vindication of the Rights of Women Essay1291 Words   |  6 PagesEnlightenment, some women began to question this norm and to voice their unhappiness. The Enlightenment period was an intellectual movement that sought to reform society and advance knowledge (â€Å"Age of Enlightenment†). Even with all of the Enlightenment’s great advancements, women still did not possess many rights. Women continued to be â€Å"oppressed and kept to the private sphere,† separated from men (â€Å"Women in the Enlightenment†). Few women challenged these social norms, but a few existed such as Mary WollstonecraftRead MoreEssay about Mary Wollstonecraft: A Radical Englishwoman1273 Words   |  6 PagesMary Wollstonecraft: A Radical Englishwoman Mary Wollstonecraft lived in a time where women had no right to vote, no right to education beyond what their mother or governess taught them, and basically no right to individuality or an opinion. They were considered possessions and virtually had no mind of their own. She realized that this was a problem of society and openly voiced her opinions on the matter. She wrote the book A Vindication of the Rights of Women in response to a literaryRead MoreThe Feminist Philosphoy and May Wollstonecraft743 Words   |  3 Pagesfrom conventional Mary Wollstonecraft called for more equality between the sexes; she ignited the flame that would turn into the feminist movement we know today. Wollstonecraft was a key founder of feminist philosophy. A Vindication of the Rights of Woman (1792) stated her view that women should have a wider access to education, not taught to depend on their beauty. â€Å"A committed women’s liberationist cannot retire from the job, only die at it.† (Dann, 1985) Mary Wollstonecraft encompassed this perfectlyRead MoreWomen And Material Things : The Vindication Of The Rights Of Women997 Words   |  4 PagesAssignment 2 December 6, 2014 Women and Material things The Vindication of the Rights of Woman by Mary Wollstonecraft is a compelling arguement that argues for equality for women in society. The Weaver’s Complaint Against the Callico Madams explains outcome of women’s with equal rights would do to society. Sanshiro written by Natsume Soski, focuses the details and experience of his life spent at a prestigious Tokyo University. Three of these readings relate to women and material things because they

Children of Men Film Essay - 956 Words

Children Of Men. â€Å"Children of Men† Directed by Alfonso Cuaron. Is set in the year 2027, in a chaotic world in which humans can no longer procreate, Theo Faron a former activist, agrees to help transport a miraculously pregnant woman, Named Kee, to a sanctuary located out at sea, where her child’s birth could help scientists save mankind. In the film Children of Men, there are many crucial scenes to help convey the idea of the film, however I find one of these scenes particularly important; namely the apartment scene. In this scene Theo is being driven through the streets of London to the Ark Of Arts to visit his cousin Nigel. The director uses a number of techniques to help portray the themes and ideas, such as music, setting, lighting†¦show more content†¦The images and lighting are similar to images that record the suffering of people during the depression of the 1930s. However, inside the park the weather starts to brighten making everything look lush and vibrant. It se ems absurd to see such a strong contrast after passing through the imperial gates. This brings to mind the saying â€Å"The grass is always greener on the other side† This helps to show how the members of the public see this part of London as a desired thing and that everything is better, but this saying usually ends up being false; these people still live in the same world, it is all an illusion, Further on in the scene Theo says to his cousin Nigel, â€Å"A hundred years from now, there won’t be one single sad f**k to look at any of this (meaning his apartment). What keeps you going?† To which Nigel replies â€Å"You know what it is, Theo? I just don’t think about it†. He is just ignoring the inevitable. Mise-en-scene creates a shocking impact as the viewer draws on their prior knowledge to make connections to the symbols revealed in this sequence. As Theo crosses the bridge to the Ark of Arts, above the Battersea power station, you can see a floating pig, reminiscent of Pink Floyd’s album cover for â€Å"Animals†. As Theo enters the court in the background, you can see a painting of two policemen kissing which is quite a famous piece by the street artist Banksy. After Theo enters the apartment he is greeted by his cousin Nigel. Behind him isShow MoreRelatedChildren of Men Film Essay969 Words   |  4 PagesChildren Of Men. â€Å"Children of Men† Directed by Alfonso Cuaron. Is set in the year 2027, in a chaotic world in which humans can no longer procreate, Theo Faron a former activist, agrees to help transport a miraculously pregnant woman, Named Kee, to a sanctuary located out at sea, where her child’s birth could help scientists save mankind. In the film Children of Men, there are many crucial scenes to help convey the idea of the film, however I find one of these scenes particularly important; namelyRead MoreThe Time Of The Butterflies And The Happenings Of Women Essay1729 Words   |  7 Pagesthe strong ones of the world. The men are always seeking from women a little pillow to put their heads down on. They are always longing for the mother who held them as infants† These words by author Coco Chanel perfectly depict the central theme of the film In the Time of the Butterflies and the happenings of women in the Dominican Republic during the twentieth century. Throughout the hist ory of the Dominican Republic in the 1900’s women were seen inferior to men. The stereotypical ideal existed thatRead MoreThe Vampire Is The Pure Essence Of Freud s Theory Of Thanatos979 Words   |  4 Pagesrecognition and resentment for all of the bloodshed that he is responsible for. Within the film it is revealed that Dracula used his dark abilities to kill many in horrible ways and even drive men insane as he feeds into their desires of death and destruction. The atrocities he commits range from torture to the murder of not only men but women and children as well. The added blood and gore within the death scenes of the film are enough to satiate any blood loving horror enthusiast. Which only adds to the conclusionRead MoreEssay on Racism in Disneys Aladdin993 Words   |  4 Pagesdiscrimination which exemplifies stereotypical differences between the ethnic groups to which people belong. While Disney animated films are the ideal family movies, it is undisclosed to many that such racism is being portrayed. Disney’s movie Aladdin (1992), â€Å"was a high-profile release, the winner of two Academy Awards, and one of the most successful Disney films ever produced† (Giroux, 104); however, what is often disregarded is the obvious depiction of careless racism towards Arabs seen in theRead MoreMedia Violence And The Effect It Has On Actual Behavior1500 Words   |  6 PagesAssignment 1 PART B: Argumentative essay Title: Media Violence And The Effect It Has On Actual Behaviour. While many argue that film violence has little or no influence on actual behaviour, this essay will argue that media violence has a direct influence on actual behaviour in adolescence and adults. The main ideas I will put forward are. How Media Violence Increases Children’s tolerance of Real-Life Aggression, Violence Exposure in real-life, Violent Film Characters and their portrayal of violentRead MoreModule A - Joyeux Noel + Christmas Truce939 Words   |  4 Pagesï » ¿Module A- Comparative Essay Comparative essays serve to enhance the understanding of the themes, values and ideas represented in texts, by examining their different mediums, contextual values and purposes. Christian Carrion’s feature film Joyeux Noel, and Nic Young’s documentary, The Christmas Truce, are both 21st century filmic responses to a 20th century event. The similar values of the texts are showcased through different forms, and techniques. QUESTION. Carrion has created a sanitizing versionRead More Gender in Society as portrayed in Mary Wollstonecrafts A Vindication of the Right Woman and D.H. Lawrences Give Her a Pattern904 Words   |  4 PagesIn this essay I am going to show you how things like education, job and relationship between men and women have changed and things like support are still the same since Mary Wollstonecraft and D. H. Lawrence write about them. In the essay A Vindication of the Right of Woman by Mary Wollstonecraft, the author urges women to reject their conventio nal image of weakness. Mary Wollstonecraft uses her style of diction to convince the reader of her ideas. D. H. Lawrence, in his essay, Give Her a PatternRead MoreA Comparison and Contrast Between Flowers from Another World Ad Hi, Ar1485 Words   |  6 PagesENGLISH COMPARATIVE ESSAY ASSINGMENT II ‘A comparison and contrast between Flowers from another world and Hi, are you alone? This essay will attempt to compare and contrast two films directed by Spanish director actress Iciar Bollain. The films to be compared and contrasted are Hi, are you alone? (Hola,estas sola?) and Flowers from another world (Flores de otro mundo). The most apparent reason for comparing and contrasting these two films is that both focus their attentionRead MoreViolence In Films Essay720 Words   |  3 PagesViolence In Films In this essay I am going to compare 3 scenes of violence from 3 different genres and analyse their certifications and effects on young people and whether children are finding ways of viewing secretly, or are being allowed to see, too much violence in films, T.V or through any other median. There has always been violence in films, and there has always been public debate along with it, but as the violence becomes more shocking and more accessibleRead MoreThe Film Love Actually by Bridget Jones Essay1535 Words   |  7 PagesThe Film Love Actually by Bridget Jones Love Actually Essay The film trailers designed to promote the film Love Actually represent a particular view of modern love and relationships. Explore this idea within a media analysis framework. From the makers of Bridget Jones’s Diary and Notting Hill, the film Love Actually is a romantic comedy about igniting laughter, wrecking havoc, breaking hearts, daring commitment and forcing choices. The film is of a typical

Connecting McCarthyism and The Crucible Essay - 1375 Words

The horrors of history are passed on from generation to generation in hopes that they will never occur again. People look back on these times and are appalled at how horrendous the times were; yet, in the 1950s, history repeated itself. During this time, Joseph McCarthy, a United States senator from Wisconsin, began accusing people of being communists or communist sympathizers, which is parallel to the Salem witch trials in the late 1690s when innocent people were accused of practicing witchcraft. One of the people McCarthy accused was author and playwright Arthur Miller. To express his outrage at McCarthy’s actions, miller wrote The Crucible, intentionally drawing similarities between the McCarthy hearings and the Salem witch trials.†¦show more content†¦Like Abigail, McCarthy had no evidence against the people he blamed of being communists. His list contained 205 names of communists and â€Å"[was] mainly based on a vague report† (1). Although there was not e vidence against the accused communists, the American people were ready to believe that communists had infiltrated their country because the communist Soviet Union had already taken over other countries, including China, Korea, and North Vietnam (â€Å"Domino Theory† 1). Like the American people, the town folk of Salem were willing to believe that there were witches in their town since witchcraft had just been discovered in nearby Andover, where forty people were accused of witchcraft (Andover, Massachusetts† 1). Both McCarthy and Abigail were able to take advantage of the atmosphere of hysteria during their time period to get what they so desperately wanted. Yet their reigns of power did not last long. When Abigail accused highly respected people such as John Proctor and Rebecca Nurse, the townspeople were not so willing to accept that the people they respected were practicing witchcraft. Abigail’s credibility wavered. Likewise, when McCarthy accused officials in the United States Army of being communists and innocent children like Shirley Temple, people began doubting his credibility, especially with the lack of evidence (â€Å"The Red Scare: McCarthyism† 1). Although the periods that Abigail and McCarthy controlled people’s fear wasShow MoreRelatedArthur Millers The Crucible And The Second Red Scare1293 Words   |  6 Pages In Arthur Miller’s â€Å"Why I Wrote The Crucible†, Miller connects The Crucible and the Second Red Scare by highlighting his process of writing which in return displays the two different time era’s similarities. He states, â€Å"[W]hen I began to think of writing about the hunt for Reds in America, I was motivated in some great part by the paralysis that had set in among many liberals who, despite their discomfort with the inquisitors’ violations of civil rights, were fearful†¦of being identified as Communists†Read MoreSimilarities Between The Crucible And Salem Witch Trials725 Words   |  3 PagesThe Crucible and the Salem Witch Trials are very similar to the time of McCarthyism and it the most likely reason the why the book was written. â€Å"It was not only the rise of McCarthyism that moved me, but something which seemed much more weird and mysterious.† (Budick 1985) a quote by the author himself proving it was a factor that made him write the book. They were both witch hunts one literally one not so much a witch hunt as a communist hunt. Events in the play and events in McCarthyism areRead MoreEssay about Senator Joseph McCarthy and Communism1192 Words   |  5 Pagesreleased a monumental rampage across the United States. For fear of governmental infiltration by Communists, an outbreak of accusations swept the nation as a result of the Wisconsin senator, and helped create what is known as the second Red Scare (â€Å"McCarthyism†) Joseph McCarthy was born November 14, 1908 in Grand Chute, Wisconsin to dairy farmers, lived an average life until the age of sixteen. At this point in time, McCarthy dropped out of school until 1929, when he decided to go back and finish high

Financial Market Free Essays

International Journal of Islamic and Middle Eastern Finance and Management Emerald Article: Financial market risk and gold investment in an emerging market: the case of Malaysia Mansor H. Ibrahim Article information: To cite this document: Mansor H. Ibrahim, (2012),†Financial market risk and gold investment in an emerging market: the case of Malaysia†, International Journal of Islamic and Middle Eastern Finance and Management, Vol. We will write a custom essay sample on Financial Market or any similar topic only for you Order Now 5 Iss: 1 pp. 25 – 34 Permanent link to this document: http://dx. doi. org/10. 1108/17538391211216802 Downloaded on: 26-09-2012 References: This document contains references to 13 other documents To copy this document: permissions@emeraldinsight. com This document has been downloaded 335 times since 2012. * Users who downloaded this Article also downloaded: * Mohamed Hisham Yahya, Junaina Muhammad, Abdul Razak Abdul Hadi, (2012),†A comparative study on the level of efficiency between Islamic and conventional banking systems in Malaysia†, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 5 Iss: 1 pp. 48 – 62 http://dx. doi. org/10. 1108/17538391211216820 Muhamad Abduh, Mohd Azmi Omar, (2012),†Islamic banking and economic growth: the Indonesian experience†, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 5 Iss: 1 pp. 35 – 47 http://dx. doi. org/10. 1108/17538391211216811 Samy Nathan Garas, (2012),†The control of the Shari’a Supervisory Board in the Islamic financial institutions†, International Journal of Islamic and Middle Eastern Finance and Management, Vol. 5 Iss: 1 pp. 8 – 24 http://dx. doi. org/10. 1108/17538391211216794 Access to this document was granted through an Emerald subscription provided y ASSUMPTION UNIVERSITY OF THAILAND For Authors: If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service. Information about how to choose which publication to write for and submission guidelines are available for all. Please visit www. emeraldinsight. com/authors for more information. About Emerald www. emeraldinsight. com With over forty years’ experience, Emerald Group Publishing is a leading independent publisher of global research with impact in business, society, public policy and education. In total, Emerald publishes over 275 journals and more than 130 book series, as well as an extensive range of online products and services. Emerald is both COUNTER 3 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. *Related content and download information correct at time of download. The current issue and full text archive of this journal is available at www. emeraldinsight. com/1753-8394. htm Financial market risk and gold investment in an emerging market: the case of Malaysia Mansor H. Ibrahim Market risk and gold investment 25 Department of Economics, Universiti Putra Malaysia, Serdang, Malaysia Abstract Purpose – The purpose of this paper is to examine the relation between gold return and stock market return and whether its relation changes in times of consecutive negative market returns for an emerging market, Malaysia. Design/methodology/approach – The paper applies the autoregressive distributed model to link gold returns to stock returns with TGARCH/EGARCH error speci? cation using daily data from August 1, 2001 to March 31, 2010, a total of 2,261 observations. Findings – A signi? cant positive but low correlation is found between gold and once-lagged stock returns. Moreover, consecutive negative market returns do not seem to intensify the co-movement between the gold and stock markets as normally documented among national stock markets in times of ? nancial turbulences. Indeed, there is some evidence that the gold market surges when faced with consecutive market declines. Practical implications – Based on these results, there are potential bene? ts of gold investment during periods of stock market slumps. The ? ndings should prove useful for designing ? ancial investment portfolios. Originality/value – The paper evaluates the role of gold from a domestic perspective, which should be more relevant to domestic investors in guarding against recurring heightened stock market risk. Keywords Malaysia, Emerging markets, Gold, Returns, Investments, Stock markets, Gold investment, Market return, Correlations, Market risk Paper type Research paper Introduction Over the past decades, the global ? nancial markets have witnessed a string of ? nancial crises, among them include the Mexican peso crisis in 1994, the Asian ? nancial ? in 1997/1998, the Russian crisis in 1998, the Brazilian crisis in 1999, the Argentine ? nancial crisis in 2001/2002 and most recently the US subprime crisis in 2007 and the Greece ? nancial crisis in 2009. Mentioning of these crises is likely to conjure up in the mind of many the images of excessive risk in stock market investment and to bring back interest in gold as an alternative investment asset. This interest is well-placed as gold used to be a standard of value, is still considered as a store of value and is universally accepted. Moreover, there seems to be a trong belief that gold can provide protection, as a hedge or a safe haven, against this heightened risk in the ? nancial markets. As noted by Baur and McDermott (2010), gold differs from other assets in that it reacts pos itively to adverse market shocks. As they mention, real gold value reached its historic high roughly in 1980 when the global economy faced the threat of stag? ation due to oil crises in 1970s. Likewise, at the time the US subprime crisis intensi? ed in September 2008, gold has responded with a surge in its value (Baur and McDermott, 2010). International Journal of Islamic and Middle Eastern Finance and Management Vol. 5 No. 1, 2012 pp. 25-34 q Emerald Group Publishing Limited 1753-8394 DOI 10. 1108/17538391211216802 IMEFM 5,1 26 Against a backdrop of recurring ? nancial crises and contagion as well as emerging interest in gold, several studies have attempted empirical investigation of gold hedging property. Notable among these studies are recent works by Capie et al. (2005), Hillier et al. (2006), Baur and Lucey (2010) and Baur and McDermott (2010). Capie et al. (2005) investigate an exchange rate hedge of gold using weekly data of gold price and sterling-dollar and yen-dollar exchange rates from January 1971 to February 2004. They ? nd supportive evidence for exchange rate hedging property of gold, although the strength of hedging tends to vary over time. Hillier et al. (2006) assesses the investment role of precious metals, namely gold, platinum and silver for the US market. They note low correlations between these three metals and stock market returns, which suggests diversi? cation bene? ts of gold investment. Baur and Lucey (2010) examines whether gold is a safe haven, i. e. maintaining its value in times of market stress or turmoil, for the US, UK and German markets. They document evidence suggesting the ability of gold to hedge against ? nancial risks and to serve as a safe haven in extreme market conditions for these markets. Most recently, Baur and McDermott (2010) extend the work of Baur and Lucey (2010) to a larger number of markets, which include both major developed and emerging markets. They analyze the relations between gold return and returns of world and emerging market indexes, various regional market indexes, and 13 individual market indexes. Their results demonstrate the ability of gold to provide a hedge and a strong safe haven for European and US markets. Thus, for developed markets, gold provides protection against losses during extreme market conditions. As they explain, investors in these markets sell stocks and buy gold when faced with heightened ? nancial risk. By contrast, the emerging markets seem to lack these properties indicating that investors tend to react differently to adverse shocks in emerging markets. Namely, they shift the composition of their portfolios by selling shares of emerging markets and seeking shelter in the developed markets, which are viewed to be relatively safe. In the present paper, we take lead from these studies and examine the investment role of gold for an emerging Asian market, Malaysia. We attempt to contribute to this line of inquiry in several aspects. First, in Baur and McDermott (2010), the investment role of gold for emerging markets is examined by looking at the relation between gold return and emerging market index return and individual market returns of four largest emerging markets, i. e. Brazil, Russia, India and China. We add to their study by looking at a smaller emerging market. Second, while the present study looks at gold investment from an international perspective, we look at the issue from a domestic perspective. All aforementioned studies employ gold price in US dollar in their analysis. Instead of using the dollar-denominated gold price and converting it into domestic currency unit as in Baur and Lucey (2010), we use domestic gold price instead. While we acknowledge that the Malaysian gold price may have depended on the global gold price, the use of gold price quoted domestically in ringgit screens out potential confounding effect of exchange rate movement and currency onversion. Finally, we bring out a new empirical perspective in evaluating the investment role of gold. Namely, we examine whether gold maintains its value or its relation with market returns when faced with consecutive negative daily returns. We focus on Malaysia due to deep interest in gold shown by Malaysian policymakers and academics in the face of 1997/1998 Asian ? nancial crisis. Tun Mahathir Mohamad, the then Prime Minister of Malaysia, voiced interest in this universally accepted asset and proposed the use of gold particularly in international trade settlement The News Strait Times, 2001). A series of international conferences have been organized on the subject of gold and gold Dinar[1], among them include International Conference on Stable and Just Monetary System and International Conference on the Gold Dinar in Multilateral Trade in 2002, International Conference on Gold in International Trade in 2003 and International Conference on Gold Dinar Economy in 2007. In July 2001, Malaysia became the 12th country in the world to have its own gold bullion coins through the launching of the gold bullion coins known as Kijang Emas by the Royal Mint Malaysia. This is followed by the issuance of Royal Mint gold Dinar in 2003 and Kelantan State gold Dinar in 2006. While the introduction of these gold coins is to serve primarily as a store of value or an alternative ? nancial asset for investment, the gold investment performance for the case of Malaysia has hardly received any empirical attention. The availability of daily domestic gold bullion price since 2001 provides us an opportunity to examine the investment role of gold from a domestic market perspective and, at the same time, widens the literature on emerging markets. The rest of the paper is structured as follows. In the next section, we provides the empirical framework used in the analysis. Then, we describes the data and present estimation results. Finally, we conclude with the main ? ndings and some concluding remarks. Empirical framework We specify our empirical model using an autoregressive distributed lag model along the line of Capie et al. (2005). Thus, we have: RG;t ? a ? rRG;t21 ? b1 RS;t ? b2 RS;t21 ? 1t ?1? where RG is the daily return of gold investment and RS is the corresponding return of stock investment. The lagged dependent is included to allow for autocorrelation structure in gold return. Meanwhile, the incorporation of once-lagged stock return is based on our presumption that, in emerging markets, the transmission of information among markets may take time. That is, the changes in stock return may be impounded into the gold return with lag. The total sensitivity of gold return to stock market ? uctuations is based on the sum of stock market coef? cients, i. e. b1 ? b2. If this sum is signi? cantly positive and is far from unity or the model explanatory is close to zero, we may conclude that gold serves as a diversi? cation asset (Hillier et al. , 2006). Meanwhile, if it is not signi? cant or is signi? cantly negative, then gold investment can provide a hedge against ? nancial market risk (Baur and Lucey, 2010; Baur and McDermott, 2010). We refer to equation (1) as our basic model. Based on equation (1), we ask further whether gold return dynamics remain similar under conditions of consecutive negative market returns. To this end, we adapt the framework used by Nam et al. (2005) in their analysis of stock return asymmetry by modifying equation (1) as: RG;t ? a0 ? a1 Nmt ? rRG;t21 ? ?b10 ? b11 Nmt ? ? RS;t ? ?b20 ? b21 Nmt ? ? RS;t21 ? 1t ?2? here Nmt is a dummy variable representing consecutive negative market returns. Five alternative dummies corresponding to days of consecutive negative returns are considered and they are de? ned as: Market risk and gold investment 27 IMEFM 5,1 N0 ? 28 † N1 ? N4 ? † † 1 if RS;t , 0 0 otherwise 1 if RS;t , 0; RS;t21 , 0 0 otherwise ?3? ?4? . . . 1 if RS;t , 0; 0 otherwise RS;t21 , 0; :::; RS;t24 , 0 ?5? Note that we include Nm as both intercept and interactive dummies. The intercept dummy is intended to capture the level effect of m ? 1 consecutive negative market returns, current return and the returns of last m days, on gold return. Meanwhile, the interactive dummy is to capture the changing relations between stock return and gold return under conditions of consecutive negative market returns, the main interest of the paper. In the paper, we denote these models with alternative de? nition of dummies, respectively, as model N0, N1, N2, N3 and N4. In equation (2), the sum b10 ? b20 captures the relation between the two markets under normal market conditions while b10 ? b20 ? b11 ? b21 measures their relation when the stock market experiences m ? 1 days of consecutive negative returns. Accordingly, the signi? cance of b11 and b21 re? cts the changing relations between gold return and market return in times of market downturns. If they are signi? cantly positive, then the gold return tends to move in closer tandem to stock market movement, weakening gold investment role as a diversi? cation asset. However, if they are signi? cantly negative, then gold investment is said to provide at least a hedge against ? nancial losses during market downturns. Finally, if they are insigni? cantly different from 0, the dynamics of gold return tends to resist the slumps in stock prices and preserves its relation to the stock market regardless of the market conditions. We believe that this perspective that we bring provides a nice complementary empirical exercise to the works of Baur and Lucey (2010) and Baur and McDermott (2010) that look at the relations between the two during extreme market conditions. In the implementation of equations (1) and (2), we take note of ample evidence that high-frequency asset returns tend to exhibit leptokurtic property or volatility clustering, the so-called autoregressive conditional heteroskedasticity (ARCH) effect. In ? nance literature, various error distributions have been assumed and variance equation speci? cations have been suggested. The error distribution is assumed to be distributed according to either the normal distribution (N), t-distribution (T), or generalized error distribution (G). Among the time-varying variance speci? cations include the generalized autoregressive conditional heteroskedasticity (GARCH), threshold ARCH (TARCH), and exponentional GARCH (EGARCH). The latter two allow for asymmetric responses of volatility to positive and negative shocks. To avoid arbitrary model selection, we follow Capie et al. (2005) by basing on the maximum of log likelihood as a selection criterion. We ? nd asymmetric volatility speci? cation (TARCH or EGARCH) to best ? the gold return dynamics and generalized error distribution to best describe the error distribution. The suitability of asymmetric volatility modeling for gold return is in conformity with the behavior of other asset returns (Lobo, 2000; Koutmos and Martin, 2003). Data We employ 2,261 daily observations spanning from August 1, 2001 to March 31, 2010. T he beginning date is dictated by data availability of gold bullion price. The selling prices of one troy ounce domestic gold bullion are used to represent domestic gold prices while the Kuala Lumpur composite index is used to represent aggregate prices of stock market investment. The data on the two prices are sourced, respectively, from Malaysia’s central bank, Bank Negara Malaysia, and Data Stream International. We compute gold and stock market returns as the ? rst difference of the natural log of respective series. Table I provides descriptive statistics of the two returns. We also plot these series in level and ? rst-differenced forms in Figure 1. Both gold and stock prices experience an upward trend over the sample period. While the daily average gold return is relatively higher than the daily average stock market return (i. e. 0. 6 percent against 0. 03 percent), it is more volatile than the market return as re? ected their respective standard deviations. This is accounted by the more extreme positive values of gold return (0. 1246) than the stock market return (0. 0426). Meanwhile, the extreme negative value of stock market return (2 0. 9997) is only slightly higher than the corresponding value of gold return (2 0. 0782). From the plots, we also note marked reduction of stock market prices around years of the Argentine ? nancial crisis in 2001/2002 and of the US subprime crisis in 2007/2008. While the gold return is positively skewed, the market return demonstrates a negative skewness. Both return series are characterized by excess peakness having kurtosis statistics to be substantially higher than 3. This suggests volatility clustering in the return series, which is apparent in the graphical plots. The Jarge-Bera statistics reported at the bottom of Table I soundly rejects the null of normality for both returns. These characteristics in the data seem to justify the use of GARCH-type models for model speci? cation. As a preliminary analysis, we report the cross-correlations between RG,t and RS,t for up to ? e lags. With the standard error in the order of 0. 021 in absolute value, the correlation of roughly 0. 042 and higher suggests signi? cance correlation between the two returns. We note very low and mostly positive correlations between gold return and contemporaneous and lagged stock returns. Among these correlations, only the DG Mean Median Maximum Minimum SD Skewnes s Kurtosis Jarque-Bera Probability Observations 0. 000305 8. 72 ? 102 5 0. 042587 2 0. 099785 0. 008518 2 0. 999659 15. 06466 14,082. 94 0. 000000 2,260 29 DS 0. 000561 0. 000000 0. 124645 2 0. 078182 0. 011909 0. 092587 12. 8588 8,656. 123 0. 000000 2,260 Market risk and gold investment Table I. Descriptive statistics IMEFM 5,1 8. 4 0. 15 0. 10 8. 0 0. 05 30 7. 6 0. 00 7. 2 6. 8 –0. 05 02 03 04 05 06 07 08 09 –0. 10 02 03 04 05 06 07 08 09 08 09 (b) Gold Return (a) Natural Log of Gold Price 7. 4 0. 08 7. 2 0. 04 7. 0 0. 00 6. 8 –0. 04 6. 6 Figure 1. Graphical plots of gold and stock prices and returns –0. 08 6. 4 6. 2 02 03 04 05 06 07 08 09 –0. 12 (c) Natural Log of Kuala Lumpur Composite Index 02 03 04 05 06 07 (d) Stock Market Return correlation between gold return and once-lagged stock return is signi? ant. Its correlation is positive, suggesting that the gold market tends to follow the stock market with one-day lag. The cross-correlations bet ween gold return and lead stock returns indicate the absence of signi? cation correlations. Accordingly, the gold market does not lead the stock market. This preliminary analysis seems to provide a basis for our one-equation empirical approach with no feedback from gold return to stock return and with the inclusion of once-lagged stock return in the mean equation of gold return. As regards to our main interest, it indicates at best the diversi? ation property of gold investment since its noted positive correlation is far from unity. However, this ? nding is only suggestive and must be subject to a formal analysis, which we turn next (Table II). Estimation results This section conducts a formal analysis of gold return and its relation to stock market return as speci? ed in equations (1) and (2) using GARCH-type models. We experiment with various error distribution assumption and variance speci? cation and choose the one that maximizes the log likelihood. The values of log likelihood functions for alternative models are given in Table III. This log likelihood criterion unequivocally suggests the generalized error distribution of error terms. It also suggests either TARCH or EGARCH speci? cation to best describe variance speci? cation. TARCH speci? cation is chosen for basic model, model N0 and model N1 while EGARCH speci? cation for other models. Note that the differences in the log likelihood values between the two speci? cations are marginal. Estimation of the TARCH (1, 1) model for the basic mean equation yields the following results (numbers in parentheses are p-values): RG;t ? ht ? 0:0004 20:0344RG;t21 20:0111RS;t ?0:016? ?0:046? 0:582? 0:0000014 ?0:008? ?0:07721221 t 31 ?0:0502RS;t21 ?0:014? 20:05351221 I t21 t ?0:000? Market risk and gold investment ?0:003? ?0:9413ht21 ?0:000? N ? 2; 259; GED Parameter ? 1:7025 ? 0:000? ; Log Likelihood ? 7; 168:42 where It ? 1 if 1t , 0 and 0 otherwise. The use of TARCH model implies that previous shocks have asymmetric effects on volatility. Since the coef? cient of 1221 I t21 is negative, t bad news (1t , 0) tends to dampen market volatility. In other words, once-lagged positive news (1t2 1 . 0) exerts a greater impact on gold return volatility than negative news does, which conforms to the ? ding of Capie et al. (2005). Moreover, gold return volatility tends to be highly persistent as suggested by large coef? cient of lagged volatility. Turning to our main theme, we note the signi? cance of only once-lagged stock return. This conforms to the correlation structure observed in the previous section. However, its coef? cient is small, in the order of 0. 05. Thus, a 10 percentage point k RG,t, RS,t-k RG,t, RS,t? k 0 1 2 3 4 5 0. 0032 0. 0579 2 0. 0224 0. 0127 2 0. 0085 0. 0173 0. 0032 0. 0240 0. 0151 0. 0254 0. 0258 2 0. 0167 GARCH Speci? cation Basic N0 N1 N2 N3 N4 GARCH-N GARCH-T GARCH-G TGARCH-N TGARCH-T TGARCH-G EGARCH-N EGARCH-T EGARCH-G 7,035. 569 7,146. 246 7,163. 378 7,046. 186 7,153. 767 7,168. 421 7,026. 377 7,158. 247 7,168. 083 7,035. 893 7,146. 520 7,165. 204 7,046. 458 7,154. 348 7,170. 701 7,026. 710 7,158. 82 7,170. 554 7,036. 291 7,146. 26 7,163. 645 7,046. 785 7,153. 782 7,168. 730 7,027. 169 7,158. 361 7,168. 641 7,034. 568 7,142. 140 7,159. 647 7,045. 231 7,149. 472 7,164. 399 7,031. 521 7,154. 147 7,164. 628 7,031. 221 7,138. 171 7,156. 706 7,043. 397 7,146. 017 7,162. 170 7,030. 436 7,151. 064 7,163. 104 7,030. 379 ,134. 302 7,152. 533 7,042. 447 7,141. 644 7,157. 886 7,031. 285 7,146. 542 7,159. 008 Table II. Estimated cross-correlations Model Table III. Log likelihood of alternative GARCH speci? cations IMEFM 5,1 32 reduction in stock returns is associated the decrease in stock return by 0. 50 percentage point on average and likewise for the stock market increase. Note that the coef? cient of lagged gold return is negativ e. This suggests that the gold return tends to exhibit a reversal pattern and that the long run impact on gold return of stock market variations is even smaller. In order to evaluate the dynamics of gold return during times of consecutive negative market returns, we estimate the chosen GARCH models (Table III) for the consecutive negative returns ranging from one to ? ve days (equation (2)). Results of the estimation are provided in Table IV. Note from the table that there are no changes in the results for the variance equation. Gold return volatility depends mostly on its past volatility and positive shocks tend to propel higher volatility. In the mean equation, we generally observe no level effect of consecutive negative market returns on gold return except for model 3. Similar to the basic model, we note signi? cant positive coef? cient of lagged stock return in all models except one, i. e. model N0. More importantly, there seems to be no changes in the relations between gold and stock returns in times of consecutive negative market returns. The coef? cients of interactive dummies are all indistinguishable from 0 except one, i. e. the N3 model. In the case of N3 model, the investment role of gold is further enhanced. In responses to four consecutive Estimated coef? cients Mean equation a0 a1 r b10 b11 b20 b21 Variance equation u0 u1 u2 u3 N0 (TARCH) 0. 0000 2 0. 0007 2 0. 315 * 0. 0465 2 0. 0602 0. 0352 0. 0254 N1 (TARCH) 0. 0003 2 0. 0004 2 0. 0320 * 2 0. 0054 0. 0263 0. 0545 * * 2 0. 0114 Model N2 (EGARCH) N3 (EGARCH) N4 (EGARCH) 0. 0004 * * 0. 0001 2 0. 0341 * * 2 0. 0093 0. 0110 0. 0474 * * 0. 0150 0. 0004 * * 2 0. 0025 * * 2 0. 0265 2 0. 0034 2 0. 0979 0. 0549 * 2 0. 2243 * * 0. 0004 * * 2 0. 0008 2 0. 0284 * 2 0. 0036 2 0. 0146 0. 0507 * * 2 0. 2640 0. 000001 * * * 0. 000001 * * * 2 0. 1156 * * * 2 0. 1064 * * * 2 0. 1261 * * * 0. 0809 * * * 0. 0776 * * * 0. 0858 * * * 0. 0830 * * * 0. 0923 * * * 2 0. 0575 * * * 2 0. 0539 * * * 0. 0595 * * * 0. 0603 * * * 0. 0592 * * * . 9402 * * * 0. 9410 * * * 0. 9942 * * * 0. 9950 * * * 0. 9936 * * * Notes: Signi? cant at: *10, * *5 and * * *1 percent, respectively; the estimated models are: Mean equation: RG;t ? a0 ? a1 Nmt ? rRG;t21 ? ?b10 ? b11 Nmt ? ? RS;t ? ?b20 ? b21 Nmt ? ? RS;t21 ? 1t Variance equations: TARCH: Table IV. Estimation results of extended models ht ? u0 ? u1 1221 ? u2 1221 ? I t21 ? u3 ht21 t t GARCH: p log ht ? u0 ? u1 j1t21 = ht21 j ? u2 1t21 =ht21 ? u3 log ht21 negative market returns, current and last three-day returns, the gold market tends to move in the opposite direction of stock market slumps. The coef? cient of interactive dummy-lagged stock return in the N3 model is signi? cantly negative and its magnitude (in absolute term) is substantially higher than the coef? cient of lagged stock return. Thus, there seems to be a movement of the gold market away from downward trend in the stock market. The evidence that we uncover, thus, supports strong resistance of the gold market to stock market downturns. This is in sharp contrast to the well-documented ? nding that national stock markets tend to have strong co-movements during times of market decline and turmoil, which limit potential diversi? cation bene? across national stock markets. The heightened reaction of domestic stock markets to downturns in other markets have been documented by Pagan and Soydemir (2001) and Bahng and Shin (2003) for several emerging markets. Moreover, the ? nancial crises are noted to propagate shocks more strongly through the contagion or domino effect (Dornbusch et al. , 2000; Hasman and Samartin, 2008; Markwat et al. , 2009). Thus, a ? ight to other markets for shelter during times of ? nancial crises may not help. In the case of gold investment, its diversi? cation bene? ts are not restrained in times of market downturns. Indeed, there is some evidence that the stock market may surge in value when the stock market posts a negative trend. Conclusion A series of ? nancial crises that erupted in different parts of the world and their accompanying excessive risk have raised serious concern over investment in stock markets and are likely to bring back interest in gold as an alternative investment asset. In light of this, we examine the relation between gold and stock returns and investigate whether it changes during times of consecutive negative market returns for an emerging market, Malaysia. Applying GARCH-type models to daily gold and stock returns over the period August 2001-March 2010, we uncover evidence indicating signi? cant positive relation between gold return and once-lagged stock return. However, the coef? cient of the once-lagged stock return in gold return equation is small and far from unity. We further note that, their relation has not strengthened during times of consecutive days of market declines. To the contrary, we ? nd some evidence that gold return tends to break from its positive relation with stock market return following four consecutive stock market returns. These ? dings are in sharp contrast to the observed strong co-movements among national stock markets in periods of market downturns, which are attributed to contagion or domino effect. Based on these results, we incline to suggest the favorable property of gold as an investment asset for the Malaysian emerging market. At least, gold provides a diversi? cation bene? t to investors in the Malay sian market. The domestic Malaysian gold market tends to have resistance to heightened risk in the stock market as its preserve its low positive relation with stock market variations regardless of the market conditions. At best, with evidence pointing to the negative relation between gold return and stock market return after four consecutive negative market returns, gold tends to possess a hedging property in times of market declines. In short, our results seem to support the initiative by Malaysia in introducing various gold coins, namely Kijang Emas, Royal Mint gold Dinar and Kelantan State gold Dinar, as a vehicle for preserving wealth in the midst of recurring ? nancial turbulences during the present time. Market risk and gold investment 33 IMEFM 5,1 34 Note 1. Dinar refers to the name of gold coin used in Islamic history. The interest in gold Dinar during the Asian ? nancial crisis is not only limited to its store of value role and its use in international trade settlement but also to the adoption of gold as a payment standard. References Bahng, J. S. and Shin, S. -M. (2003), â€Å"Do stock price indices respond asymmetrically? Evidence from China, Japan, and South Korea†, Journal of Asian Economics, Vol. 14 No. 4, pp. 541-63. Baur, D. G. and Lucey, B. M (2010), â€Å"Is gold a hedge or a safe haven? An analysis of stocks, bonds, and gold†, The Financial Review, Vol. 45 No. 2, pp. 217-29. Baur, D. G. and McDermott, T. K. (2010), â€Å"Is gold a safe haven? International evidence†, Journal of Banking Finance, Vol. 34 No. 8, pp. 1886-98. Capie, F. , Mills, T. C. and Wood, G. (2005), â€Å"Gold as a hedge against the dollar†, Journal of International Financial Markets, Institutions and Money, Vol. 15 No. 4, pp. 343-52. Dornbusch, R. , Park, Y. and Claessens, S. (2000), â€Å"Contagion: how it spreads and how it can be stopped†, World Bank Research Observer, Vol. 15 No. 2, pp. 177-97. Hasman, A. and Samartin, M. (2008), â€Å"Information acquisition and ? nancial contagion†, Journal of Banking Finance, Vol. 32 No. 10, pp. 2136-47. Hillier, D. , Draper, P. and Faff, R. 2006), â€Å"Do precious metals shine? An investment perspective†, Financial Analysts Journal, Vol. 62 No. 2, pp. 98-106. Koutmos, G. and Martin, A. D. (2003), â€Å"Asymmetric exchange rate exposure: theory and evidence†, International Journal of Money and Finance, Vol. 22 No. 3, pp. 365-83. Lobo, B. J. (2000), â€Å"Asymmetric eff ects of interest rate changes on stock prices†, The Financial Review, Vol. 35 No. 3, pp. 125-44. Markwat, T. , Kole, E. and van Dijk, D. (2009), â€Å"Contagion as a dom? no effect in global stock markets†, Journal of Banking Finance, Vol. 33 No. 11, pp. 996-2012. Nam, K. , Washer, K. M. and Chu, Q. C. 2005), â€Å"Asymmetric return dynamics and technical trading strategies†, Journal of Banking Finance, Vol. 29 No. 2, pp. 391-418. (The) News Strait Times (2001), â€Å"Practices in Islamic banking†, News Strait Times, June, p. 26. Pagan, J. A. and Soydemir, G. A. (2001), â€Å"Response asymmetries in the Latin American equity markets†, International Review of Financial Analysis, Vol. 10 No. 2, pp. 175-85. Corresponding author Mansor H. Ibrahim can be contacted at: mansorhi@hotmail. com To purchase reprints of this article please e-mail: reprints@emeraldinsight. com Or visit our web site for further details: www. emeraldinsight. com/reprints How to cite Financial Market, Essay examples

Chemical Determination of an Unknown Liquid free essay sample

Also per the United States Environmental Protection Agencys Technology Transfer Network Air Toxics Web Site Methanol is listed as a clear colorless liquid with an alcoholic odor, I made noted these same observations for my unknown liquid. The key data in identifying my unknown was the boiling point. I found that 5 of 8 non-water liquids listed in the lab manual had densities within 0. 012 g/mL of each other (between 0. 779 g/mL 0. 791 g/mL) considering the measured density of my unknown liquid is 0. 7792 g/mL (0. 7827 g/mL graphically) it could very well correspond with any of those 5 liquids, leaving me with a lot of uncertainty. Whereas the measured boiling point of my unknown liquid is 63. 03 Â °C which corresponds with only 2 of the possible liquids, methanol (64. 7 Â °C) 2-methylpentane (62. 0 Â °C). This data was key to quickly accurately filtering through a long list of possible liquids. Since 2-methylpentanes density of 0. We will write a custom essay sample on Chemical Determination of an Unknown Liquid or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 653 g/mL does not correlate well with the measured density of my unknown liquid and methanols density (0. 791 g/mL) does correlate with the measured density of my unknown liquid I feel safe in stating that my unknown liquid is methanol. All of the data I collected was useful in identifying my unknown liquid. The graduated cylinder was the least precise accurate of the three instruments, it was difficult to measure a specific amount, as noted by my 2nd trial where I had 31. 9 mL instead of 30 mL. The benefit is its quickness and ease of use. The most accurate instrument was the volumetric pipette, in each trial I was confident that I was adding 10. 00 mL, the downside is it is only used to measure a very specific volume of liquid. The burette had the potential to be the most precise instrument, it has clear volume markings the stopper allows a user to dispense very precise amount of liquid. Unfortunately user experience plays a factor, I felt clumsy using the stopper required a lot of patience to properly read the miniscus. If I were to repeat this experiment I would use the volumetric pipette, but once my use of the burette improves I would use that one, for the wider variety of volumes. The uncertainty values listed in the lab manual of 0. 5 mL for graduated cylinder, 0. 01 mL for volumetric pipette 0. 04 mL for burette agree with my observations. I do not believe there were any significant sources of error during my experiment to determine the density of my unknown liquid. As stated in the question the nature of the measuring devices did limit the precision of my measurements. The most obvious limitation was the use of the graduated cylinder which as previously stated was the least precise accurate of all instruments, this lead to a third of my collected density values being less precise than the other two-thirds. Another instrument that affected the precision of my density was the scale, the last digit on the scale (the hundredth position) regularly fluctuated between 2-3 numbers, limiting movement around the scale improved the fluctuations, but did not eliminate them. Since this scale was used for all trials it affected the precision of all densities calculated. In these situations it is impossible to tell the exact effect these limitations had on the calculated densities whether the calculated densities would be higher or lower if these limitations were removed. By looking at my results the graphical average density (0. 7827 g/mL) is closer the methanols density (0. 791 g/mL) than my numerical average density (0. 7792 g/mL). This does not mean that graphically is more correct than numerically, I just thought it was interesting to note, also a difference of 0. 035 g/mL is not very significant in this experiment considering every instrument used has a greater level of uncertainty. With the graph method once you have your best fit line you can easily estimate the volume that corresponds to a specific mass anywhere along that line (or vice versa), also its easier to notice outlier data points when they are graphed. The downside is that unless you us e a computer a graph could easily be imprecise it takes time to complete. The numerical method is fairly quick and easy, a calculator is all you need. The graphical approach is great for a larger experiment with many data points, let the computer handle all the work. For a small experiment, like this one, numerical method is perfectly reliable much quicker. No data points were excluded. The boiling points were consistent for each trial (63. 0 Â °C, 62. 9 Â °C, 63. 2 Â °C) with a variation of only 0. 3 Â °C through all the trials I am confident in stating that my methodology led to precise recording of the boiling point. My average boiling point of 63. 03 Â °C is a bit lower than the literatures value of 64. 7 Â °C, which means it is not completely accurate with the literature. A reason for this could be that the atmospheric pressure in the room was 101. 1 kPa which is slightly lower than the atmospheric pressure for the normal boiling point (101. 3 kPa). A lower pressure leads to a lower boiling point as seen by the formula PV=nrT where P = pressure, V = volume, n = number of moles, r is a constant T = temperature; since our volume number of moles stay the same when the pressure goes down the temperature must also go down. This could explain why my average boiling point was not completely accurate with the literatures value. I know this formula is used for gas stoichiometry but I believe it is also relevant here. The determination of my boiling point had a greater level of precision than my determination of of the density. As noted earlier through my three boiling point trials there was a variation of 0. 3 Â °C, or 0. 48% of average boiling point (0. 3 Â °C / 63. 03 Â °C * 100 = 0. 48%), whereas my nine density trials had a variation of 0. 018 g/mL, or 2. 3% of numerical average density (0. 018 g/mL / 0. 7792 g/mL * 100 = 2. 3%). Conversely the determination of my density was more accurate then the determination of boiling point. My calculated average density of 0. 7792 g/mL is 98. 5% (0. 7792 g/mL / 0. 791 g/mL * 100 = 98. 5%) of the noted literature value for methanol, whereas my calculated average boiling point of 63. 03 Â °C is 97. 4% (63. 03 Â °C / 64. 7 Â °C * 100 = 97. 4%) of the noted literature value for methanol. To begin I would eliminate the use of the graduated cylinder, the uncertainty level with this instrument is too high for the readings we are taking, a 10 mL reading has an uncertainty level of 5% which could greatly affect our calculated density. I would also take more than 9 mass/volume readings, something along the lines of 20 readings would supply a much stronger average density, especially if they were all taken with the more accurate precise instruments. Finally if the experiment could be conducted in an area that is regulated to 101. 3 kPa it would lead to a more accurate boiling point reading. All of these conditions put together would lead to a more precise, accurate reliable average density. Conclusion: After completion of the experiment I calculated a numerical average density of 0. 792 g/mL and an average boiling point of 63. 03Â °C for my unknown liquid. Though I do believe that the precision of my calculated data could be improved with better instruments I do not feel that this lack in precision is sufficient to negate the findings I have made. In conclusion I believe that my unknown liquid is in fact methanol which has a known density of . 791 g/mL a known boiling point of 64. 7Â °C. Also, as a secondary co nclusion I have found that graduated cylinders are not as precise or accurate for measurements as volumetric pipettes or burettes.

Mental Health Is the Most Critical Section in Clinical Medicines

Question: How To Mental Health Is The Most Critical Section In Clinical Medicines? Answer: Introduction Mental health is the most critical section in clinical medicines that has not yet developed a definite method of handling the patients. However, some criterion is used to determine whether an individual has mental illness or any other associated problems. Through mental health assessment, a medical practitioner is able to understand the ideal situation of individuals based on their scores. For instance, a doctor might ask the patient about their association with their fellows or their responses to relational concerns with their significant parties (Heller, Gitterman, 2011). Through such critical evaluation, the medical practitioner is able to rule out the possibility of the patient being mental ill. In the mental assessment process, the nurses and doctors have definite roles that they should achieve to make is successful for acquiring the best diagnostic results. The constitution, chapter three explores mental health and the human rights associated with the illness (Hanley, 2015). A ny mentally ill individual has been entitled to quality treatment from the government and private health centres within the country. Nursing services offered to the patients with mental illness should be maximising by ensuring that they eat and sleep well. The social life of these patients should also be equipped to assist in their recovery process. The nursing services provided highly determines the time taken by the patients to recover their mental status. Before declaring that individually is mentally ill, there are several steps that are followed in assessing the mental state. A registered nurse (RN) who has specialised in mental illness services should understand all these steps to provide the best services to the patients (Zhang, Lin, 2014). The goals of undertaking mental health assessment are to establish a connection with the patient, understand the associated problems, collect valid and unbiased information about the mental state and develop a treatment plan that reduces the effects of the conditions to the patients. This paper will discuss psychopathology and impact of mental illness to the patients an d the recovery principles that can be used to the nurses (Green, Miller, Aarons, 2011). Psychopathology and Impact of Mental Illness Patients with mental illness are not only individually affected but also the significant others including the family, friends and the community as a whole. Therefore, this is a health condition that should be monitored to reduce the incidence and avoid any risk factors that might be associated. Patients are affected and in most cases they are not able to undertake personal activities, hence being in need of a helper or a monitor. The guardians are most important useful in helping them to manage their condition and avoid any sort of harm that may come across. In a hospital setting, the nurse is responsible for undertaking most of the tasks such as ensuring that there are in the right place and the best time and their living environment are in the best condition. It is a disturbing and situation for a person to be unable to perform basic activities due to mental instability. To the patients, it is a situation that they have to be assisted in managing it by encouraging them and providin g the best care that enhances chances of recovery. The effect of mental health on the community and family members is depended on the social and cultural effects. For instance, some individuals in the community believe that mental illness is associated to curse and bad omen. To such people, it might be hard for them to believe that there is a possible recovery. Therefore, cases of mental illness affect the communities and families on different capacities. Some would dedicate their time and resources to find best medical care to help their fellow recover, while other would assume and maybe take them to mental health centres with no further support. Although the patients are the main victim of the condition, in cases where the providers of the families are affected would create a bigger effect to the dependent. Some of such a situation is where the father in a family get mentally illness either because of depression or another risk, the children might lack someone to rely on (Dudley, Silove, Gale, 2012). Mental health problems are also associated to low self-esteem; whereby the victims feel that the environment is against their acts. These are some of the effects that might be associated with mental illness to adults and self-dependent individuals. On the issue of self-esteem, this can be instigated by failed relationships because some people do not want to be associated with people who are mentally unstable. Therefore, a rift seems to be created between the healthy individuals and people are thought to be perceiving mental illness (Riordan, Wix, Humphreys, 2008). For example, in an organisation the employees might create groups that seclude the victims, hence not involving them in any social activities. These behaviours might end up leading to suicides and dropping from the working positions, hence being employed. Without proper support from the society, mentally ill individuals might suffer stress and depression because of the possible mistreatments that might be experienced from the environment. Therefore, as the individuals have mental problems are exposed to the unfavourable situation where they do not receive the required support, the condition tends to worsen. In cases where the victim is a minor, mental illness can risk the chances of not getting sufficient education. This is because the curriculum setting does not favour individuals who does not have a sober mind. Therefore, any cases of mental problems should be handled with great care and support to help the victims live normally (Coombs, Curtis, Crookes, 2011). Mental illness can also lead to changes in physical health because the victims are not able to respond effectively to any form of command or a threat. Injuries might also be experienced in a situation when they are not monitored effectively. For instance, a mentally ill person might not be able to synthesise the intensity of harm a person is exposed to by crossing a busy road without watching carefully. As discussed in this section, there is a lot psychopathological and mental illness effect that a patient and the significant others might be exposed to when not monitored and cared effectively (Neeraja, 2008). Nurses use of Recovery Principles Registered Nurses have responsibilities in the field of mental health from the point of diagnostics to treatment proceedings. In most cases, nurses spent more time with the patients, hence understanding them more that the other medical practitioners. Therefore, they are supposed to incorporate their practice with the mental recovery principles to accelerate the process. Some of these principles include considering the factors that people are unique, empowering the patients to make their choices, and ensuring that dignity and respect prevail among others (Happell, Cowin, 2013). The nurses should acknowledge that people are unique and the main focus of mental recovery is not about the cure but making a meaning life, experiencing the quality of living by having choices and being among the valued member of the society (Scheid, Brown, 2010). Therefore, as a nurse in the mental health clinic, social inclusion should be emphasised to make the patients feel engaged and involved in the community. Immediately after a person has been diagnosed with mental illness, nurses should start caring for the patient just as any other in the mental health care program. In this cases, they can also empower all the patients to understand that they are receiving the best care for their conditions. This would reduce their worries as they understand that they are receiving the best care possible and they will recover (Kempf, 2013). The patients should always be involved in direct consultations on how their treatment should be carried out. This gives the patients a chance to make contribution and choices about their personal life. In this process, the nurses can also understand how the patients are doing based on the credibility of the choices developed. Support is required for the patient to guide them in making their choices and make them take much responsibility for their life (Mooney, Knox, Schacht, 2009). Care received by the patients and the support received by the available individuals determines how quick and successful the recovery process will be perceived. Therefore, the nurses will balance between the support from individuals and their duty of care to make sure the patients are receiving the best for the sake of their health (Reupert et al., 2015). Every individual in the community is attached to equal rights. Special treatment of the law is imposed on people perceived to have any sort of disability such as mental problems and physical disability. The nurses are therefore supposed to listen, respond and learn from the requests created by the patients and the carers. Nurses are the close personnel who can provide the best advice and care to the patients together with the carers to ensure that the best practices are embraced. In this manner, the Registered Nurses should protect the rights and citizenship of the patients because they can sometimes be unable to make credible decisions based on the intensity of the illness. When a person in the mental illness state, social support is highly needed and the nurses should instil hope of recovery and a better future for the patients (Basavanthappa, 2007). Based on the ideal situation of the patients, this should not be attached to the type of relationships they are engaged. Respect should always prevail and this would improve their self-esteem. The mental recovery process is not about the medication a partnership process that the nurse should encourage to ensure that everybody attached to the patient contributes equally. The partnerships involve sharing of important information that can be useful in creating a favourable environment for the patient to recover (Videbeck, 2006). Nurses are responsible for making the carers and family realise the hopes of recovery and understand the specific way that can be used in the process. Not only should the nurses be involved in the assessment and treatment process, by they would also be involved in the evaluation process by determining the state of mind for the patients. The evaluation process will measure the effectiveness of the used treatment and recovery principles. Conclusion In conclusion, Registered Nurses should be able to empower the mentally ill patients and their carers improve the effectiveness of recovery criteria used. The treatment process should incorporate the social factor because mental problems are directly connected to personal social life. Therefore, social inclusion can also be implemented at the community level by developing social and mental care centres that would embrace more of social connectivity (Minkoff, 2015). These are some of the key values that the nurses should advise the community in improving nursing and personal care for the mentally ill individuals in the community. As the community embraces life, mental health would be improved and the recovery would be a successful process for individuals experiencing such problems. References Basavanthappa, B. (2007). Psychiatric mental health nursing (1st Ed.). New Delhi: Jaypee Brothers. Coombs, T., Curtis, J., Crookes, P. (2011). What is a comprehensive mental health nursing assessment? A review of the literature. International Journal of Mental Health Nursing, 20(5), 364-370. https://dx.doi.org/10.1111/j.1447-0349.2011.00742.x Dudley, M., Silove, D., Gale, F. (2012). Mental health and human rights (1st Ed.). Oxford, U.K.: Oxford University Press. 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(2008). Essentials of mental health and psychiatric nursing (1st Ed.). New Delhi: Jaypee Brothers Medical Publishers. Reupert et al. (2015). Parental Psychiatric Disorder (1st Ed.). Cambridge University Press. Riordan, S., Wix, S., Humphreys, M. (2008). Forensic Community Mental Health Nurses' Perceptions of Statutory Community Aftercare: Implications for Practice. Journal of Forensic Nursing, 1(4), 172-178. https://dx.doi.org/10.1111/j.1939-3938.2005.tb00040.x Scheid, T., Brown, T. (2010). A handbook for the study of mental health (1st Ed.). Cambridge: Cambridge University Press. Videbeck, S. (2006). Psychiatric mental health nursing (1st Ed.). Philadelphia: Lippincott Williams Wilkins. Zhang, J., Lin, L. (2014). The Moderating Effect of Social Support on the Relationship between Impulsivity and Suicide in Rural China. Community Mental Health Journal, 51(5), 585-590. https://dx.doi.org/10.1007/s10597-014-9811-