Macroeconomics in US Free Essays

US Economy is a blended economy where the private area assumes a significant job in monetary movement and the job of government is negligible contrasted with other industrialized nations like Great Britain, Germany, France, Spain, Netherlands, Scandinavian Countries and East European nations. Anyway after the Great wretchedness in1930’s the legislature at any rate utilized money related and financial approach to accomplish the macroeconomic destinations of full-work, value strength Outer equalization and non-inflationary financial development. Anyway the dependence on the above macroeconomic approach fluctuated starting with one organization then onto the next after world war II also the direction towards financial and money related arrangement to control or settle the economy or at the end of the day there is debate among business analyst whether the monetary and fiscal strategy will really work practically speaking and to the degree to its adequacy in balancing out the economy or whether these strategies might be counter gainful to the market economies and the reasons for financial cycles and clarification of the reasons for the incredible melancholy in any event among US business analyst or among business analyst as a rule. We will compose a custom paper test on Macroeconomics in US or on the other hand any comparable theme just for you Request Now Anyway even with these discussions and contrasting points of view how the financial factors relate and the varying certainty of market components to come to harmony at full business if the market is permitted to work with no impedance the fiscal specialists mediate in the economy to address advertise disappointment and different externalities or for some political and government assistance reasons. In this setting it is important to consider the viability of these strategies with regards to exact proof and give dueâ consideration of the basic or institutional system and the economic situations especially the work economic situations in US in merchandise advertises just as in the money related market structure and operations inside the setting of worldwide financial interdependencies between economies in the contemporary monetary atmosphere just as how the operators respond or structure assumption regarding swelling just as the political objectives impacting strategy direction in US. In macroeconomic approach advancement with regards to the US political institutional structure and political procedure just as the likelihood of monetary stuns and political stuns in different parts and how these influences the event ofâ instability in financial execution and the current worries of natural issues and the expense and benefits and the effect of guideline fair and square of financial movement and the pace of monetary development vacillation and its consistency or vulnerability in guaging monetary viewpoint for short, medium term . Too the expense of oil and the political shakiness in the center east and how the vitality issue is tended to in US by the market component will influence the financial presentation in a macroeconomic point of view for US later on and the significance or other insightful of macroeconomic arrangements or the status of macroeconomics as a rule rather than neoclassical financial matters or microeconomics establishment or neoclassical monetarist viewpoints and less inclination to monetary approaches and smaller scale monetary change or gracefully side financial aspects and insignificant impedance by government in the market activity. The adequacy of Fiscal and Monetary arrangement in US In setting of US financial framework and the adaptability of business sectors to reacts to changes sought after and gracefully and other monetary data especially the work advertise adaptability in the US contrasted with other industrialized nations and truly less inclination of financial specialists for government to be meddle in the market and in its political organizations recommends that balanced desire hypothesis might be for the most part material to US and there front the viability of Fiscal and money related strategy might be less powerful in US contrasted with other industrialized nations and microeconomic change polices and neoclassical fiscal hypothesis might be generally relevant in the US setting. Anyway the desire arrangement in all actuality isn't totally discerning and adjustment may likewise be not balanced totally and there front at any rate in transient fiscal strategy might be viable in controlling the pace of expansion with regards to US economy and keep the swelling objective at ideal level. By and by the money related and financial approach has delay to work by and by and there front in the event that they are utilized to balance out the economy in view of the delay it takes to work it might expand the repeating blast bust example of monetary turn of events and there front free its validity especially the optional monetary and fiscal arrangement in lessening joblessness or controlling expansion. Or on the other hand it might be accomplishing low joblessness at a high pace of swelling or low expansion at a significant level ofâ unemployment for the time being and in long haul the economy will move towards the first level on account of the market joins all desire normally and moves toâ the non-quickened Inflation pace of joblessness (NAIRU) too adaptability in the work market positively due to less rigid guideline of work advertise in US contrasted with state for instance Germany or other propelled European economies. Anyway financial, and money related arrangement has worked in present moment in setting of high joblessness at any rate after the extraordinary melancholy for quite a while in the 1990’s and still has a task to carry out at any rate to control swelling and reaction to inflationary stuns by fiscal strategy. In synopsis given the experimental proof and the market attributes of US and the Institutional casing work strategically and socially the macroeconomic polices viability proposes practically speaking to be less compelling in US setting. End As talked about above in US Macroeconomics is considered at any rate as far as its helpfulness somewhat accomplish its macroeconomic targets. Anyway the adequacy of such arrangements and the discussion among business analysts with respect to exchange â€off between monetary factors and its connections in US setting diminishes its significance and move towards to microeconomic establishments of Says Low or neo macroeconomic establishments and a long way from Keynesian Economics of monetary strategy especially the optional monetary approach and shortfall financing to decrease joblessness in light of market disappointment. This somewhat because of Friedman financial insurgency in US andâ cased question about the inflationary results of monetary approach and swarming out impact and its effect on premium rodent and its impact on venture level and there front not expanding yield and business level however on costs. Furthermore as examined above because of the political institutional structure and desire arrangement in US the macroeconomicâ foundations are quarrelsome in US. Moreover the adaptability of work showcase and different markets in US proposes that market may work a contrary way to invalidate the effect of these approaches on full scale monetary factors, for example, business level and expansion and builds the selection of microeconomic change and flexibly side financial matters to address financial development, joblessness, value soundness and outside parity as opposed to just depending on macroeconomic arrangements and macroeconomic speculations which has numerous discussions and various strategy remedies to address any macroeconomic target and the exchange off between these goals and the connections between monetary factors. Given the macroeconomic information how an economy functions is fragmented and its predicts are a long way from certain. There enemy given the contentions and the conversation it tends to be said macroeconomics in US has a task to carry out in detailing polices later on anyway given the functional issues of macroeconomic strategy viability miniaturized scale establishments of economy may get significant later on in setting of US economic situations and adaptability just as how desires are framed and adjustments of desires practically speaking and political institutional and political direction towards a free market point of view. Catalog Brayton. F, Mauskpf. E, Reifschneider. D, Tinsley. P, Williams. J. (1997). The Role of Expectations in FRB/US macroeconomic model. Central bank Bulletin. Recovered March, 2, 2007, from http://findarticles.com/p/articles/mi_m4126/is_n4_v83/ai_19405190 Central Bank of San Francisco. (1997). What is the Optimal Rate of Inflation?. Central Bank of San Francisco. Reteived walk 2, 2007, from http://www.frbsf.org/econrsrch/wklyltr/el97-27.html Financial and money related strategy †examinations (n.d). Recovered March 2, 2007, from http://www.tutor2u.net/financial aspects/content/subjects/fiscalpolicy/fiscal_monetary_comparison.htm Palley. T. (1998). Zero isn't the Optimal pace of Inflation. Challenge, 41, 1, Retrieved March 2, 2007, from http://www.questia.com/PM.qst?a=od=5001329648 Roach.S. (2006). Worldwide economy, Chinese monetary approach, US hosing droop, Money Week. Recovered March 2, 2007, from http://www.moneyweek.com/document/21503/the-two-key-issues-confronting the-worldwide economy.html Step by step instructions to refer to Macroeconomics in US, Essay models

Life After Author and Title Initailly Starting in Para Samples in Essay

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Quantitative report Essay Example | Topics and Well Written Essays - 1500 words - 1

Quantitative report - Essay Example Regardless of the way that Brisbane is a state capital, the chronicled foundation of the territory expresses that it’s no lesser than a huge town of the nation situated on the northern pieces of Australia. Prior the spot was known for its parochialism in the social and political settings. Anyway in the late 80’s, after the retirement of Bjelke-Petersen, Brisbane strolled on the way of modernization. Today the spot is known to have a developing metropolitan mood with creating ventures and a promising social condition, joined by clog and a creating property advertise. Inspiration Factors to Attend Event In request to investigate the genuine inspiration of individuals for going to the melodic occasion held in Brisbane, a nearby finished example survey was flowed arbitrarily to around 100 individuals that had gone to the occasion. The survey was developed in order to reflect commonsense reason that spurs a person to go to such occasion. The reactions of individuals were giv en as contribution to measurable examination and it was discovered that the three most inspiring variables for tourists’ to such occasions are Known-bunch socialization, Cultural experience and Intention. These outcomes are gotten from t-test result esteems where the p-estimations of these factors were seen as exceptionally low suggesting high certainty level and unwavering quality. Then again, the essential celebration inspiration for most melodic occasions comprise of different components like raising assets, spreading a message, advancement of a crusade, rivalry, etc. Simultaneously the crowds goes to the occasion with a few thought processes like delight (Intention), getting the organization of companions (Socialization), having an inclination for the entertainer or just on the grounds that they love music (Culture). Therefore, clearly a spot as urbanized as Brisbane would draw in a great deal of vacationer. However the land area of the spot makes a lot of obstacle for in dividuals arrive at Brisbane since it’s arranged in the remote pieces of Australia. Subsequently the groups that perform here don't locate a rousing gathering of crowd. In this setting Joel Saunders of the â€Å"Ambitious Lovers† bunch states, â€Å"They don’t come up here in light of the fact that they don’t get great turn-outs. Had they come up here in the prime time of [venue] 610 and stuff, there just would have been children there for reasons unknown, which would have quite recently turned up there (Interview 1 May 2008)† (Rogers, 2008). The neighborhood groups of Brisbane anyway figure out how to accumulate few crowds which remains profoundly subject to the scene and day of the show. It was noted by Griffin that the cutting edge time of globalization is drawing the crowds from their nearby limits and putting them in a worldwide field where the different limitations are effectively survived (Brennan, 2007). Research Question On this premise th ree research questions can be encircled 1. How the segment profile of the crowd can influence their thought process towards going to the melodic occasion? The example survey was coursed among 100 arbitrarily chose people and when their reactions were examined it was discovered that the primary segment profile for going to music occasion in Brisbane comprises of individuals with age-gathering of 18 to 30 years. The consequence of measurable investigation shows that around 46 individuals out of 100 are in that age-bunch which is additionally overwhelmed by females. This is on the grounds that 52% of this 46 individuals in that age-grou

How Involved Should You Be In The College Decision

HomeSurviveParents teensHow Involved Should You (Parents) Be In The College Decision?This page may contain affiliate links.Oct 15, 2019PARENT STORY I vowed that I was never going to be a helicopter parent. I told my daughter that it was up to her to decide where she wanted to go to college, to just let us know and as long as we could afford it, she could go. That ended up irritating her no end, because she thought we didn’t care, in comparison to all the other parents who were writing college essays for their kids and driving around for college tours. It’s not that we didn’t care, it’s that we thought the whole part of being college age was starting to make your own decisions. You know, fly away from the nest. She chose the college she did more because she had an opportunity to play soccer there than anything else. (It was supposed to be a good school for what she wanted to major in.) But, I figured live and learn, and what I learned was that she hated it. This led to two and a half years of community college during which she lived at home (not quite getting away from the nest). And then another two years at the University of Virginia, which she had originally sworn she’d never attend because it was like going to school at home since it was so close to home (where, by the way, she also lived for another two years). So she ends up going to school for around five years and she doesn’t get to major in anything she really wants to, because transfer students aren’t eligible for certain classes, all of which winds up with her majoring in anthropology. And, no, she doesn’t want to be an anthropologist. What she wants to be is in the medical profession. So now we’re shelling out some $50,000 for her to attend some accelerated program that gets her an RN and BSN at the same time (and, yes, apparently there is such a thing as having a Bachelor’s degree from two different schools). Maybe life would have been less difficult (and less expensive) if we had been more involved in the initial decision-making process. Then again, maybe I would have made it worse: I might have encouraged her to follow in the steps of her old man and be an English major. Then we’d be supporting her forever. Dave, WV ________ EXPERT INSIGHTS Anna Seltz is a private college counselor and owner of Higher Ed U, College Admissions Consulting. She has the following thoughts on Dave’s experience with his daughter: In my 14 years of working with students, both in college admissions as well as in my role as an independent educational consultant, I have seen all levels of parental involvement in the college search and application process. What I think Dave’s experience shows is that the extremes do not work. Neither helicoptering nor a completely hands-off approach is the right attitude. Like so many things in life, moderation is the key to success. Parents should start talking early (think the start of 9th grade) with their student about the college application process in a fun, low-stress way. Let the student know from the beginning that this process is a partnership and that the student will be the guiding force behind finding the final college that is the right fit for them. Being involved does not have to mean being a helicopter parent. It does mean that you are there as a support to help them make the biggest decision of their young lives. Go through the process with them and in the end, evaluate the pros and cons of each school to help them make their final choice. Road2College Debbie Schwartz is former financial services executive and founder of Road2College and the Paying For College 101 Facebook group. She's dedicated to providing families with trustworthy information about college admissions and paying for college. With data, tools and access to experts she's helping families become educated consumers of higher ed. View all posts CATEGORIES Parents teensSurvive TAGS College PlanningHelicopter parentingNEWER POSTColleges Say They Want Students With Passion, But What Does That Mean?OLDER POSTCollege Planning Presentation for My Home School Association

The Kite Runner Directed by Marc Forster - 819 Words

1. â€Å"The Kite Runner†, directed by Marc Forster, is a film that contains many elements; power, childhood, loyalty and bravery. These elements are highlighted in many ways through the use of camera angles, emotional audio, and both verbal and non-verbal communication. 2. Here, Hassan and Amir are discussing kite running, a sport which is very popular among the children in Kabul. It involves two people, one holding the kite spool, and the other controlling the movement of the kite. The idea of the sport is to take down the opponents kites, by cutting or slicing through the kite string. The strings are usually made of razor wire, to allow this. This scene shows Hassan’s absolute loyalty to Amir, and his complete faith in his ability,†¦show more content†¦This could be taken as a self-deprecating remark, or an accusatory jab at Amir and Baba, criticizing them for not providing him with something that could have increased his standing in the world. The medium close shot of Amir’s face as he reads this part shows his guilt about this, as well as his regret about not helping Hassan when he could and should have. His expression also demonstrates sadness over not only the loos of his childhood friend, but also the loss of the opport unity to appease his guilt. Amir’s clothes are symbolic in this scene because they show how he is used to living in America, and how he doesn’t belong in his home country anymore. The repetition of the colours blue and white return our thoughts to the themes of childhood and innocence, Amir wearing white symbolises his innocence and inexperience about what has been occurring in the country since heShow MoreRelatedTurning Point In The Kite Runner1568 Words   |  7 PagesMarc Forster’s The Kite Runner is a 2007 American drama film based on the novel of the same name by Khalid Hosseini. Marc Forster is Film Director, screenwriter and producer. Of the several films directed by Forster, his breakthrough film; Monsters Ball (2001), received several oscar nominations including Best Picture. The Kite Runner beautifully depicts the friendship between Amir and Hassan, and portrays the raw turning point in their friendship which will forever change the both of them. TheRead MoreThe Kite Runner: Forgiveness, Loyalty, and the Quest for Redemption2381 Words   |  10 PagesThe Kite Runner: Forgiveness, Loyalty, and the Quest for Redemption Khaled Hosseini’s The Kite Runner is an award-winning novel and considered one of today’s most popular, contemporary classics. The story is one of familiar themes such as loyalty, forgiveness, betrayal, love, and redemption. It follows the tale of Amir and how he must atone for his sins and find a way to â€Å"be good again† (Hosseini 2). The quintessential message of this book relies on the idea of second chances. Themes of redemption

Analysis Of The Dream By Langston Hughes - 905 Words

Poetry has been come out into society between the unhappy and happy times of human being and it will make friendships with humans until the end of the world. It is accurate; because prose and verses in every era also have their own specific characteristic. Prose, in the twentieth century, had an appearance of a famous versifier Langston Hughes, who was the main writer of literature movement of African American. There were many famous poems that were composed by him; and the â€Å"Dream† was one of his poems that manifested the strong conception of his type. The poet establishes intriguing repetition and strands that based on the comparison and the relationship between cause and effect that aids the emphasis on the significance of keeping dreams†¦show more content†¦Through this line, we can see an honest heart of the author that lighted up a love with life. The sentence is likely a confidential talk that wants to be pervasive in to every person, and every spatial, and send a message of person with the full experiment in life. The other sentence â€Å"For if dreams die or go† (Hughes, Dreams) also was repeated twice times in the poem. The words â€Å"die† and â€Å"go† have a same meaning that indicates the disappearance, is fragile, and loses easily. Two sentences remind people need to take a loving care of dream with careful way. Knowing to have a dream, however dream also need to have protection, does not mean hope, but making it become vain, or illusive. Moreover, these two sentences were repeated similar to the blues, one of musical types, that Hughes like listening. It presents the misery, but brought a positive hope and an unyielding personality of African people. In the next third and fourth line of verse â€Å"Life is a broken-winged bird† and â€Å"That cannot fly†, Hughes had used the comparative method to compare life with a bird. A bird can fly into the freedom firmament that is truly its life. The wings of the bird are an emblem for dreams and meditation that is also similar to the human who have right to dream and own the life. However, when the dream of people dies, it is same as with the bird without wings.Show MoreRelatedAnalysis Of The Poem Dream By Langston Hughes1909 Words   |  8 Pagesunique way as well. The two pomes are about dreams, the first poem, Dream is about what could possibly happen if we let go of our dreams and don t purse them. The second poem, Harlem is about the possibilities of what could happen when we postpone our dreams. Both poems do not exactly end with a happy ending, for they show the regret that we will be left with, possibly even death. The poem Dream by Langston Hughes is about following your dreams, because we never know what our near futureRead MoreAn Analysis of Dreams Deferred by Langston Hughes685 Words   |  3 PagesImportance of Achieving Dreams It is true that people often dream widely and unrealistically. But some people dream about basic human rights such as dignity, freedom, liberty, equal rights, and access to education. Socio-economic and political conditions sometimes put people in dire situations where they do not have access to such fundamental human needs. For such people, achieving their dreams is especially important, as the shattering of their dreams may lead to the shattering of their lives altogetherRead MoreEssay about Analysis of Dream Deferred by Langston Hughes615 Words   |  3 PagesAnalysis of Dream Deferred by Langston Hughes Dreams are the driving force of America today. Every person has some sort of dreams and or goals. Although in life everyone has dreams and goals, there are obviously more struggles for some ethnic groups than for others. The poem, Dream Deferred, by Langston Hughes, is one mans expression of his dreams during a difficult time period. As a black man in a time period where African-Americans were considered an inferior group of peopleRead MoreRhetorical Analysis Of Langston Hughes s The American Dream 3454 Words   |  14 Pagesovert racial prejudice, Langston Hughes was all too familiar with the double consciousness that came with life as an American minority. This roller coaster is the subject of the vast majority of his literary work and has continued to be a major presence and inspiration for literary work everywhere today. Hughes shows a deep loyalty to the ideals that brought the Declaration of Independence and the Bill of Rights into fruition and, through repeated motifs of the American Dream, seeks to bring aboutRead MoreRhetorical Analysis Of Langston Hughes s The American Dream 3454 Words   |  14 Pagesovert racial prejudice, Langston Hughes was all too familiar with the double consciousness that came with life as an American minority. This roller coaster is the subject of the vast majority of his literary work and has continued to be a major presence and inspiration for literary work everywhere today. Hughes shows a deep loyalty to the ideals that brought the Declaration of Independence and the Bill of Rights into fruition and, through repeated motifs of the American Dream, seeks to bring aboutRead MoreAnalysis of Dream Deferred by Langston Hughes Essay617 Words   |  3 PagesDream Deferred A dream is a goal in life, not just dreams experienced during sleep. Most people use their dreams as a way of setting future goals for themselves. Dreams can help to assist people in getting further in life because it becomes a personal accomplishment. Langston Hughess poem Dream Deferred is speaks about what happens to dreams when they are put on hold. The poem leaves it up to the reader to decide what dream is being questioned. In the opening of the poem the speaker usesRead MoreAnalysis Of Langston Hughes And His Harlem Dream1639 Words   |  7 PagesLangston Hughes and His Harlem Dream The 1900s found many African Americans migrating from the south to north of the United States in an event called the Great Migration. Many Southern African-Americans migrated to a place called Harlem and this is where the Harlem renaissance originated from. The Harlem renaissance began just after the first world war and lasted into the early years of the great depression. Harlem became the cynosure for blues and jazz and birthed forth a Negro Artist era calledRead MoreAnalysis of Harlem by Langston Hughes602 Words   |  3 PagesAnalysis of Harlem by Langston Hughes Through the turbulent decades of the 1920s through the 1960s many of the black Americans went through difficult hardships and found comfort only in dreaming. Those especially who lived in the ghettos of Harlem would dream about a better place for them, their families, and their futures. Langston Hughes discusses dreams and what they could do in one of his poems, Harlem. Hughes poem begins: What happens to a dream deferred... Hughes is askingRead MoreHarlem: a Dream Deferred1043 Words   |  5 PagesHarlem: A Dream Deferred Langston Hughes Literally Analysis Dreams are aspirations that we hope to reach on our lifetime. They are the day that gives us the drive to live our lives and accomplish our goals. When reaching our goals, we will do anything to get to our destination. But what happens when your dreams deferred and put on hold due to unseen circumstances? Or what do you so when someone tells you that you can not so the things you want to so because of the pigmentation of your skinRead MoreLiterary Analysis of Langston Hughess A Dream Deferred1028 Words   |  4 Pagescirculated, analysis of the poem must take place. It unveils and discusses the themes, figures of speech, word placement, and flow of the piece, and A Dream Deferred, is no exception. In Langston Hughess poem, A Dream Deferred, the theme is that no really knows to dreams if they are not reached, and very realistic figures of speech help convey this idea; the poem can be surprisingly related to Mr. Hughess life through the subtitle and quotes from Langston himself. The meaning of, A Dream Deferred

Parmalat free essay sample

How was it possible for Parmalat managers to â€Å"cook the books† and hide it for so long? Solution Parmalat was able to cook the books mainly due to the fact that Italy has a low level of accounting transparency. The story began in 1997, when Parmalat decided to become a global player and started a campaign of international acquisitions, especially in North and South America, financed through debt. Soon, Parmalat became the third largest cookie-maker in the United States. But such acquisitions, instead of bringing in profits, started, no later than 2001, to bring in red figures. Losing money on its productive activities, the company shifted more and more to the high-flying world of derivatives and other speculative enterprises. Parmalats founder and now former CEO Calisto Tanzi engaged the firm in several exotic enterprises, such as a tourism agency called Parmatour, and the purchase of the local soccer club Parma. Huge sums were poured into these two enterprises, which have been a loss from the very beginning. We will write a custom essay sample on Parmalat or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page It has been reported that Parmatour, now closed, has a loss of at least EU  2 billion, an incredibly high figure for a tourist agency. The losses of the Parma soccer club are not yet fully known. Here, Parma insiders are pointing at what they call the Medellin Cartel connection—i. e. , the purchase of overpriced Colombian soccer players, and other extravagances. While accumulating losses, and with debts to the banks, Parmalat started to build a network of offshore mail-box companies, which were used to conceal losses, through a mirror-game which made them appear as assets or liquidity, while the company started to issue bonds in order to collect money. The security for such bonds was provided by the alleged liquidity represented by the offshore schemes. The New York-based Zini lawfirm named by Robbins has played a role. Through Zini, firms owned by Parmalat have been sold to certain American citizens with Italian surnames, only to be purchased again by Parmalat later. The whole operation was fake. The money for the sale in the first place came from other entities owned by Parmalat, and it served only to create liquidity in the books. 2. Investigate and discuss the role that international banks and auditors might have played in Parmalat’s collapse. Solution Clearly, international banks and auditors failed to do the due diligence, hereby indirectly contributing to the failure of Parmalat. The largest bond placers have been Bank of America, Citicorp, and J. P. Morgan. These banks, like their European and Italian partners, rated Parmalat bonds as sound financial paper, when they knew, or should have known, that they were worth nothing. While Bank of America has participated as a partner in some of Parmalats acquisitions, Citicorp is alleged to have built up the fraudulent accounting system. What strikes one is not only the dimension of the scheme, but the arrogance of its authors. For instance, one of the offshore mail-box firms used to channel the liquidity coming from the bond sales was called Buconero, which means black hole! Appropriately, the first class-action suit in the United States on the Parmalat case, filed by the South Alaskan Miners Pension Fund, is against Parmalat, its auditors, Bank of America, and Citicorp—and focusses on Buconero. The Parmalat fraud has been mainly implemented in New York, with the active role of the Zini legal firm and of Citibank, said San Diego lawyer Darren Robbins, a partner in the firm Milberg Weiss Bershad Hynes Lerach, which is leading the class-action suit. We believe that Citigroup, by creating instruments like the sadly famous Buconero, has played a fundamental role in helping Parmalat to fake their balance sheets and hide their real financial situation. Former CEO Tanzi declared to prosecutors in Parma that the fraudulent bonds system was fully the banks idea. Parmalats former financial manager, Fausto Tonna, counterfeited Parmalats balance sheets in order to provide security for the bonds, but it was the banks which proposed it to Tonna, Tanzi declared. Tanzis version has been so far confirmed by Luciano Spilingardi, head of Cassa di Risparmio di Parma and member of the Parmalat board. Bond issues were ordered by the banks, Spilingardi said to prosecutors, according to leaks published in the daily La Repubblica. I remember, Spilingardi says, that one of the last issues, of 150 million euros, was presented to the board meeting as an explicit request by a foreign bank, which was ready to subscribe the entire bond. If I remember correctly, it was Deutsche Bank. Spilingardi says that he expressed perplexity about the proposal, because a previous bond issue of EU  600 million had failed, in the Spring of 2003, causing a 10% fall of Parmalat stocks in one day. But the request was accepted, and the last Parmalat bond, issued in summer 2003, made its way to the Cayman Islands black hole. At the moment of Parmalats default, in December 2003, the financial manager of Parmalat was no longer Tonna, who had left after the failed bond issue in the spring. He has been replaced by Alberto Ferraris, who comes from Citibank. In June 2003, before the last bond issue ordered by Deutsche Bank, Parmalats board gained a new member: Luca Sala, a top manager coming from Bank of America. On Dec. 9, as rumors spread that Parmalats claimed liquidity was not there, Standard Poors finally downgraded Parmalat bonds to junk status, and in the next few days, Parmalat stocks fell 40%. On Dec. 12, the Parmalat management somehow found the money to pay the bond, but on Dec. 19 came the end: Bank of America announced that an account with allegedly $3. 9 billion in liquidity, claimed by Parmalat at BoA, did not exist. In one shot, the bankruptcy was revealed, and Parmalat stocks fell an additional 66%. Later, Tonna would confess that he had faked BoA documents, using a scanner, scissors, and glue, to invent such a $3. 9 billion account, a version which is still the official one. 3. Study and Discuss Italy’s corporate governance regime and its role in the failure of Parmalat. Solution Italy has a weak corporate governance regime that does not provide a strong protection of outside shareholders. The majority of public firms are dominated by large controlling shareholders who are often the founding families. The lack of independent board of directors also contributed to the implosion of Parmalat. Q. What would you do if you were a manager? According to me, when businesses behave unethically, they act in ways that have a harmful effect on others and in ways that are morally unacceptable to the larger community. This is very serious because corporate power and impact are increasing as corporations become larger. In Parmalat case senior managers have engaged in improper bookkeeping, making company look more financially profitable than they actually are. As a consequence the stockholder value of the company increases, and anyone with stock profits irectly. Among those profiting will be those making the decisions to manipulate the accounts—and so there is a conflict of interest. However, the fallout from the downfall of Parmalat affected stockholders, employees, and society at large negatively, with innocent people losing their retirement reserves and/or savings, and employees losing t heir jobs. Behaving ethically is clearly key to the long-term sustainability of any business. Focusing on the social and environmental as well as the economic impact of a company provides the basis for sound stakeholder relationships that can sustain a business into the future.