Coca Cola vs Pepsi

The Coca-Cola Company versus PepsiCo, Inc. Andy Berg Ufuoma Omosebi Intermediate Accounting III ACC305 19 November, 2011 Coca Cola and Pepsi are the two most popular and widely recognized beverage brands in the United States. Pepsi and Coca Cola contrast each other on their taste, its associated colors and themes, and ingredients. Even the pension plans and funding status are a competitive comparison. 1. Compare the pension plans of Coca-Cola and PepsiCo, including type of plan and funded status at 2007 year-end. PepsiCo, Inc. as a voluntary defined benefit pension plan that includes all full time U. S. employees and some international employees. This plan is a noncontributory plan; the employer is the only contributor funding the plan therefore they bear the entire cost of the plan. This plan is a qualified pension plan allowing tax incentives for employer contributions which are calculated based on employees years of service or a combination of service and income. In addition, Peps iCo offers medical and life insurance benefits and a retiree medical plan that are only funded on a â€Å"pay as you go† basis. These plans are not generally funded by the employer since they do not fund plans where no tax benefits are received. A specific dollar amount is assigned as a â€Å"cap† for employer payments the remaining funds are received from the retiree. Coca Cola has a defined contribution plan that includes all U. S. employees and some international employees. This is a contributory plan; both the employer and the employee make contributions. This plan offers substantial tax benefits for the contributions made by the employer. In addition, Coca Cola also has a defined benefit pension plan. This plan is considered a nonqualified, unfunded plan primarily for the organizations officers, most U. S. employees, and some international employees. This plan offers no tax benefits for contributions made by the organization. In 2007, Coca Cola amended this plan to reduce exposure. Each organization offers and sponsors 401K pension plans as well as medical and life insurance benefit plans for their employees or associates. Not all employees are eligible for  participation in all plans. 2 . Calculate the relevant rates that were used by Coca-Cola and PepsiCo in computing their pension amounts. Coca-Cola reported â€Å"net periodic benefit cost† of $108 million in 2007. PepsiCo reported â€Å"pension expense† of $329 million in 2007 for U. S. plans. All of the relevant rates used by Coca Cola and PepsiCo are shown in the notes of the financial statements listed in the comparative analysis. These rates are disclosed so that users of  the statements can assess the reasonableness of the assumptions made when calculating pension expenses and liabilities. The discount rate, expected rate of return on plan assets, and rate of  compensation are the relevant rates needed to make the necessary assumptions. The rates below have been taken from the Wiley Companion Website. The discount rate influences pension expense. Coca Cola’s discount rate used to compute  pension information for December 31, 2007 is 5. 5% for pension benefits and 6% for other  benefits. PepsiCo’s discount rate used to compute pension information for December 31, 2007 is5. 8% for U. S. pensions, 5. 2% for international pensions, and 5. 8% for other benefits. The expected rate of return on plan assets determines how much funding the plan assets will earn for the plan. This information is crucial for the company because it indicates how much additional funding will have to be provided to the plan above earnings to meet obligations. Coca Cola’s expected rate of return used to compute pension information for December 31, 2007 is7. 75%. PepsiCo’s expected rate of return used to compute pension information for December 31, 2007 is 7. 8%. Pension benefits are determined by considering the employees compensation level at retirement. Therefore, the rate of compensation or expected increase percentage is necessary to determine future compensation levels. Coca Cola’s rate of compensation or â€Å"rate of increase in compensation levels† percentage used to compute pension information for December 21, 2007 is 4. 25%. PepsiCo’s rate of compensation or â€Å"rate of increase in compensation levels† percentage used to compute pension information for December 21, 2007 is 4. 7%. 3. Determine which company you would rather invest in if you were a potential shareholder. Justify your answer. PepsiCo, Inc. is also a large company that has been around since 1898. They are also a leader in the beverage market but have diversified into another area; snacks. The diversity is pretty impressive. They also indicate stability and liquidity with favorable ratios. They have a 53. 15% gross profit margin for 2007 and less than 40% of their net operating revenue comes from operations outside the U. S. Coca Cola is a large company that has been around since 1886. They are primarily marketing and selling one product; beverages. They have a 63. 9% gross profit margin for 2007and show reasonably good ratios indicating stability. For the 46th consecutive year dividends have risen. About 74% of their net operating revenue comes from operations outside of the U. S. Coke and Pepsi trade in the No. 10 and No. 9 positions at 13. 31 and 16. 67. This may be explained by the relative growth and return on capital positions of the companies. Coke has a ROIC of 23. 91% annually for the last five years, and growth of revenue per share of 9. 29% per year. Pepsi’s ROIC was 19. 96% and revenue per share growth of 13. 43%. Assessing how the market assigns value to Pepsi and Coke may come down to a view that the foods division of Pepsi is more exposed to potential inflation and therefore requires a higher cost of capital to compensate for this risk. I would invest in Coca-Cola if I were a potential shareholder. The company generates significant return for shareholders. Fundamentally, Coke has generated 16-19% return on assets; 27-40% percent return on equity; and between $1. 6 billion and $3. 2 billion in free cash flow, with all three metrics peaking in 2010. Coke has returned to shareholders $27. 4 billion in cash the last four years in the form of dividends and share buybacks. The stock has provided a total return of 83. 81% from 2006 to 2010. 4. Determine which company you would rather work for if you were a potential employee. Justify your answer. If I had to choose a company to work for it would be PepsiCo. Benefits are important in any job selection and initially it seems that Coca Cola’s benefits are better however, after my review PepsiCo is a much better company. There is something more important than benefits; it is a feeling of belonging and being cared for in an organization. The entire time I was reading PepsiCo’s statements I got a feeling that they really cared about their employees, the community they serve and the environment. At one point, they even mentioned they cherished their  employees and encouraged personal as well as professional growth. They speak of product innovations; that they want to nourish consumers and reinvent brands to produce more healthy  products for consumers. They speak of partnerships with the FDA, The World Health Organization, and Alliance for a Healthier Generation for better focus on these innovations. They have given foundation grants internationally to battle chronic diseases and encourage physical fitness thru exercise and dance. They even have plants in Arizona that use solar power to  produce products. It just seems like a friendlier more positive company. References Kieso, D. E. , Weygandt, J. J. , & Warfield, T. D. (2010). Comparative Analysis Case; The Coca-Cola Company versus PepsiCo, Inc. Intermediate Accounting III, 13thEdition, 1072-1074& 1111. Kennon, Joshua (2011). Adjusting Pension Assumptions to Manipulating Earnings, How to Spot Signs of Aggressive Accounting, Retrieved August 13, 2011, from the website: http://beginnersinvest. about. com/od/gaap/a/aa090704. htm Coca Cola vs Pepsi TABLE OF CONTENTSINTRODUCTION 3 RESEARCH OBJECTIVE 4 RESEARCH METHODOLOGY 4 SOURCE OF COLLECTION OF DATA 5 REPRESENTATION OF DATA THROUGH CHART 5 INTERPRETATION 8 RESEARCH FINDINGS 8 CONCLUSION 9 RECOMMENDATIONS 10 BIBLIOGRAPHY 10 QUESTIONNAIRE 11 INTRODUCTION PEPSI Pepsi was founded in New York in 1965. It is Producing Non-alcoholic beverage and Food processing items. Pepsi is a carbonated beverage that is produced and manufactured by PepsiCo. It is sold in retail stores, restaurants cinemas and from vending machines. The drink was first made in the 1890s by pharmacist Caleb Bradham in New Bern, North Carolina. The brand was trademarked on June 16, 1903. Pepsi arrived on the market in India in 1988. PepsiCo gained entry to India in 1988 by creating a joint venture with the Punjab government-owned Punjab Agro Industrial Corporation (PAIC) and Volta’s India Limited.Coke and PepsiThis joint venture marketed and sold Lehar Pepsi until 1991, when the use of foreign brands was allo wed; PepsiCo bought out its partners and ended the joint venture in 1994. Others claim that firstly Pepsi was banned from import in India, in 1970, for having refused to release the list of its ingredients and in 1993, the ban was lifted, with Pepsi arriving on the market shortly afterwards. These controversies are a reminder of â€Å"India’s sometimes acrimonious relationship with huge multinational companies. † Indeed, some argue that PepsiCo and The Coca-Cola Company have â€Å"been major targets in part because they are well-known foreign companies that draw plenty of attention. COCA-COLAJon Styth Pemberton first introduced the refreshing taste of Coca-Cola in Atlanta, Georgia it was May 1861 when the pharmacist concocted caramel colored syrup in three–  legged brass kettle in his backyard. He first distributed the new product by carrying Coca-Cola in a jug coin enjoys in a glass of Coca-Cola at the soda fountain. Whether by design or accident, carbonated water was teamed with the new syrup, producing a drink  that was proclaimed â€Å"Delicious and Refreshing†. Dr. Pemberton’s Partner and bookkeeper, Mr. Frank Robinson, suggested the name and penned as â€Å"Coca-Cola† in the unique flowing script that is still famous worldwide today. Dr.Pemberton’s sold 25 gallons of syrup, shipped in bright Red wooden kegs. Red has been a distinctive color associated with the No. 1 soft drink brand ever since. For  his efforts, Dr. Pemberton grossed $ 50 and spent $ 73. 96 on advertising, by 1891,Atlanta chemist as a G. Canler had acquired complete ownership of the Coca-Cola  business. He purchases it from the Dr. Pemberton family for $ 2300. With in 4 year his merchandising flair helped to expand the consumption of Coca-Cola to over $25 million . Robert W. woodruff become the president of the Coca-Cola company in 1923 and his more than six decades of leadership took the business of commercial success making16 Co ca-Cola an institution the world over.Coca-Cola begins as a never tonic, but candy merchant Joseph A. Biedenharn of Mississippi was looking for awry to serve refreshing  beverages. He responded to this demand began offering bottle Coca-Cola using syrup shipped from Atlanta, during a hot summer in 1894 RESEARCH OBJECTIVE 1. Consumer preference to buy Coca-Cola and Pepsi. 2. What are the factors would you consider to buy Coca-Cola and Pepsi. 3. What is the medium through which you came to know about Coca-Cola and Pepsi. 4. To offer some finding and suggestions to the company for the improvement of It’s  performance. NEED FOR THE STUDY In the present scenario the competitions between the soft drinks increased very high.The companies are struggling a lot to keep up their market share in the industry and to improve the sales of their products i. e. the turnover of the company. For this the company has to know their position in the market and the opinion and the loyalty of  t he customers and the retailers when compared to their competitor. Because of this reason the comparative analysis is very important and useful to the Company. By the use of comparative analysis the companies can understand the position of the company and the strength of the company in the market. Through the comparative analysis we can understand that what strategies the competitors are using for the increase their sales volume.From the study we can gather the information regarding the opinion of the consumers on the companies comparatively and this will help to plans for the future to increase the performance of the company and to gain the loyalty of  the consumers when compared to the competitors. RESEARCH METHODOLOGY We have done Descriptive research to find out our objectives. In descriptive research we use the Primary and secondary data. Research methodology is the way to systematically solve the research problem. The method used for the research is Descriptive Research to fi nd out our objectives. In descriptive research we use the primary and secondary both data, Sample Design for primary data have been collected through probability sampling.Data is Collected through Market survey in Delhi through Well prepared structured questionnaires were used in this study, which includes both closed-ended and few open-ended questions to get information based on the objective of the research process. People of different age group from different economic background were asked to fill the questionnaire containing 13 questions. Sample Size is taken 40 out of which 4 questionnaires had been rejected due to Mistakes, which was made by the respondents. SOURCE OF COLLECTION OF DATA:- All the useful data which were require for this research has been collected through Primary and secondary date. Primary data collected through Questionnaire Secondary data collected through Internet, Magazines and Newspaper   ASSUMPTIONS:-It is assumed that the chosen sample is the represen tation of whole population. It is assumed that information provided by the samples is accurate and best of their  knowledge. REPRESENTATION OF DATA THROUGH CHART RATIO OF MALE & FEMALE RESPONDANT Total numbers of respondent were 40 out of which 4 questionnaires is rejected. So final date interpretation is done on the basis of only 36 questionnaires. Total no. of respondents 36| | Gender| Number| Male| 30| Female| 6| Reasons behind choosing the product:- Total respondents 36| | Preference| Number of respondents| Taste| 28| Advertisements| 4| Thirsty| 5| Easy availability| 4| Others| 2| Effect of advertisement:-Total number of respondents: 36| | Influence of advertisements| Number of respondents| Yes| 14| No| 22| Brand loyalty:- Would you visit another store X, if you do not find it at your store. 71% of the respondents said that they go to another shop for their brand and 29% of the people said that they don’t go to another shop. Presence of pesticides:- Total number of resp ondents 36| | Respond| No. of respondent| Yes| 9| No| 27| From the questionnaire we came to know that 27 people i. e 75% said they are no pesticides and rest of them 9 people i. e 25% said Yes. INTERPRETATION On the basis research the facts which have come out:- Coca-Cola has a market share of 28%.The population between 12- 30 year prefer the cola products, while population above to 50 and below 12 prefer soft drinks, and population prefer in Delhi. Only 39% population only influenced by advertisement, rest 61% population believes that Advertisements are not much effective. 71% population are loyal to words there product. 25% population beliefs there cold drink have pesticide up to some extent. 65% of population is being influenced by taste only, while 9% population by Advertisements only. RESEARCH FINDINGS As it was 1st research Project of our life, so it gave us lot of experience which will be very helpful in our life. On the basis of that research we find that in case of beverage s people are much influenced by taste rather than Advertisements and other things. e come to know that Young generation is the biggest consumer of cold drinks than any other. By this research we analyze that male prefer cola drinks, while female prefer soft drinks. Frequency of consume to cold drinks is higher of male than female. By combining all the beverage verities we come to know that Thumps up is the market leader with 14 % total market share while Pepsi is the second highest market leader with 13% market share. If the Buying decision of consumer is rated – 1st preference will go to Taste, 2nd will go to availability, 3rd preference will go to thirsty, 4Th preference will go to Price. CONCLUSION For the purpose of the study, questionnaires were prepared for the Consumers.Care was taken to interview all types of consumers, i. e. , : a. Different age groups b. Males and females In all about 40 consumers were interviewed. The conclusions that one can draw from these answer s provided by the consumers showed that marketing activities do form a major part of the decision. One thing that was common amongst all the consumers who were once a day or once a week. The number one factors the influences a customer while buying a soft-drink was taste. This was true for all the consumers who were interviewed. The rest of the conclusions as deducted from the questionnaires are as follows: The younger generation preferred soft drinks to the older generation. a.Children up to 15 years of age liked to have soft drinks up to once a day. b. Young adults liked to have soft drinks up to 1-2 times a day. c. Adults liked to have soft drinks about once a week. Children preferred Coca-Cola. Young adults liked Pepsi. The older  generation preferred Coca-Cola. The reason given for choice of favorite’s soft drink was taste and easy availability. 90% of the people said that they prefer taste. Most of the people said that television advertising had a more impact on choos ing the brand. As everyone know there is a rumor of pesticides, but in our report we came to know that 75% of the people said they don’t believe in this rumors and only 9% of the people believe in those rumors.About the brand loyalty most of the consumers 71% said they visit another store if they won’t find the preferred brand and 29% said that they not brand conscious rather they depend on availability. RECOMMENDATIONS Though the coke is enjoying larger market share and it is market leader in Indian beverage industry. While with the 46 % market share Pepsi is on the second step. If we are analyzing properly then we find Pepsi is small product portfolio than coke, which is responsible for its second position. Pepsi should increase its product portfolio to capture the Coke’s market share. Companies should focus on the taste of the product because 90% population is influenced by taste only. Young generation is the potential consumer so companies should more focus on them. As we find that 40 % population consumes 200ml cold drinks.Which comes in glass  bottles, these bottles are being retuned back for refilling to companies? Which is incurred again cost of re-transportation. If company start to supply 200 ml cold drinks in pet bottles (plastic bottles) it will be good for company because 40% of population is using only 200ml. BIBLIOGRAPHY http://www. scribd. com/doc/48391213/A-PROJECT-REPORT-PEPSI-VS-COCA-COLA http://www. scribd. com/doc/30242566/Coke-vs-Pepsi http://en. wikipedia. org/wiki/Pepsi http://en. wikipedia. org/wiki/Coca_cola http://www. jyd. in/Summer%20Internship%20Projects/Marketing/COKE%20AND%20PEPSI%20LEARN%20TO%20COMPETE%20IN%20INDIA%20By%20Sahil%20Memon. df Business research methods (Zikmund) QUESTIONNAIRE 1. Name:- 2. Gender a) Male b) Female 3. What is your age? a) 15-25 b) 26-30 c) 31-40 d) 41-50 4. Do you know these brands (Coca-Cola & Pepsi) a) Yes b) No 5. Which brand would you prefer? a) Coca-Cola b) Pepsi c) Others 6. Which quantity of your cold drink you often purchase? a) 200ml b) 300mlc) 500ml 7. Do you think, pesticides present in Coco-Cola and Pepsi? a) Yes b) No 8. How often you consume Coca-Cola ? a) Once in a day b) Once in a week c) Twice in a week d) Once in a month e) When they required 9. How often you consume Pepsi ? a) Once in a day b) Once in a week c) Twice in a week d) Once in a month ) When they required 10. When do you consume above preferred brand? a) Travelling b) Party c) Thirsty d) Others 11. Important attribute for buying your above preferred brand ? a) Thirsty b) Flavor c) Availability d) Price e) Others 12. Give ranking to your preferred brand? ___packaging ___taste ___labeling ___price ___availability 13. Through which medium you notice about the above preferred brand? a) Tv ads b) News Paper c) Internet d) Other 14. Would you visit another store X, if you do not find it at your store? a) Yes b) No 15. Do you think that Coca-Cola and Pepsi both are lavishly spending on their ad campaigns to attract customers? a) Yes b) No

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A variety of English courses were available at my

Currency Devaluation and Its Effects on the Economy Free Essays

| Currency devaluation and its effects on the economy | Focus on the Argentine economy | Agustina DalFabbro, Michele Mottola, Giuseppe Merlino, Saskia Diehl 26. 05. 2012 | Inhalt 1. We will write a custom essay sample on Currency Devaluation and Its Effects on the Economy or any similar topic only for you Order Now Introduction2 2. Convertibility and its problems in the 1999/2001 period2 1. 1Previous Devaluation Process in Argentina2 2. First moments of devaluation3 2. 1 Fixed exchange rate vs. floating exchange rate regimes3 2. 2 Two types of exchange rates and free floating currency5 2. 2 Free floating currency6 3. Effects of Devaluation process on6 3. 1 Trade Balance6 3. 2 Productive capacity6 3. 3 Salaries6 . 4 National Accounts6 4. Conclusion6 5. Literature7 1. Introduction Stable currency exchange rate regimes are a key component to stable economic growth (http://www. policyarchive. org/handle/10207/bitstreams/1311. pdf) 2. Convertibility and its problems in the 1999/2001 period 1. 1 Previous Devaluation Process in Argentina Three main large devaluation episodes prior to the monetary reform of 1991 can be identified in the graph: 1975-1976 (the so called â€Å"Rodrigazo†), 1982-1984 (the â€Å"Post Malvinas War† monetary collapse) and 1989-1990 (the â€Å"Hyperinflationâ⠂¬ ). (http://www. cavallo. om. ar/wp-content/uploads/2012/05/Devaluation-and-Inflation-. pdf) 2. First moments of devaluation Basically you can distinguish three half-year periods centered on the political and financial collapse at the end of 2001 namely: Precollapse (to September, 2001); Collapse (October 2001 to March 2002); and Depression (from April 2002). This section will focus on the end of the Collapse and the beginning and ongoing Depression. As earlier mentioned Argentina applied a currency board at the beginning of the 90’s which pegged the peso to the dollar and formed a fixed exchange rate. After the Crisis of Argentina had begun they had to decide how they can diminish the effect of the emerging depression. In December 2001 Argentina officially defaulted and in February 2002, the value of the pesos was almost half of the dollar, Eduardo Duhalde became president. He had to manage a country which was in a really bad condition. Different economists favored different strategies to stabilize the economy. Some favored a â€Å"pesification followed by a free-floating regime† and others â€Å"devaluation and subsequent dollarization†. Both of those possibilities are heavily discussed between the leading economists worldwide. After the financial crises in the 1990’s they suggested for developing countries to choose a corner solution and all intermediate exchange rate regimes were dismissed in order to be too risky. But in 2003, after the crisis of Argentina had reached its peak, the bi-polar view might be a good solution as well. The next section will be examine what Argentina did try to escape the crisis, after they had already implemented a currency board (fixed exchange rate), which eventually, with a lot of accompanying factors, evoked the crisis. They actually started floating their currency and implemented several other measures to save their economy. If this mixture of policies was successful will be analyzed in the following. 2. 1 Fixed exchange rate vs. floating exchange rate regimes For a better understanding what the next section is talking about, a brief introduction about the different exchange rate possibilities and their advantages and disadvantages will be implemented. A fixed exchange rate regime can be created in three different ways. The first two are either a Soft Peg or a Hard Peg of the currency. Hard Pegs are for example currency boards or currency Unions (Eurozone) and mean a complete fix to the currency of a foreign country (e. g. the currency board of Argentina pegged the Peso to the Dollar). Soft Pegs are the less strict version and link to other currencies is less direct. The third possibility is a fixed exchange rate peg to several countries. The main focus of this paper lies on the currency board as it was the case in Argentina. The main economic advantage of a hard peg (currency board) is, that it comes to a better trade between the countries that are part of the arrangement. Since the volatility of floating rates causes costs for exports and imports. It also encourages international capital flows which can profit the welfare of a country. Especially in case of developing countries these capital flows can be very large. One big Problem of the exchange rate regimes is the loss of monetary and fiscal possibilities to stabilize the economy as well as Limitation of the ability to pursue domestic goals. There is a slight difference between a hard peg and a fixed exchange rate, since the fix exchange rate can be with several countries whereas the hard peg only pegs it currency to one foreign country. They have more or less the same ad- and disadvantages, but with a fixed exchange rate, which is pegged to more than one country, the pursuit of domestic goals is easier, since the country does not depend on one foreign economy. One major weakness of the fixed exchange rate is, that when devaluation becomes necessary through fundamental changes in economy. Even the announcement of devaluation creates the danger of a crisis and eventually ends in a crisis, like the case of Argentina shows. It is also likely that a currency crisis after devaluation can end up in a banking crisis, since fixed exchange rates give incentives to take on debt. see below for further information) Floating exchange rates can be found for example in the arrangement of the U. S. with their major trading partners. It means that the value of the exchange rate will be freely determined in the market, depending on demand and supply. The main economic advantages of floating exchange rates are that they leave the monet ary and fiscal authorities free to pursue internal goals. They can concentrate to generate full employment, stable growth, and price stability. Exchange rate adjustment often works as an automatic stabilizer to promote those goals. One main disadvantage of floating exchange rates is, that the exchange rate volatility and uncertainty, concerning costs on trade and investments, may discourage international investment. If foreign investment is a main source, as it is the case for most developing countries, floating exchange rate may impose real costs, not only for the exporters but also for the whole society. Whether a country should choose a fixed or a floating exchange rate depends on the dependency of the country on their neighbors and therefore their sensibility to external shocks. If it is very dependent on their neighbors and especially their neighbors’ economy the country is better of with a fixed exchange rate. But if the country is economically independent, a floating exchange rate would be the better choice in order to favor macroeconomic stability. 2. 2 Two types of exchange rates and free floating currency As the era of the currency board of Argentina was described earlier, the following focuses on the measures taken after the default of Argentina. The government chose a mixture of the two strategies mentioned before. Duhalde implemented his measures in a â€Å"schizophrenic† way. They started to devaluate the Peso from the originally 1 Peso to 1 Dollar rate to a 1. 4 pesos to 1 dollar rate (January 6 2002). On January 9th the government â€Å"pesified† dollar assets and liabilities, by converting the dollar to pesos at a 1 to 1 rate. This led to a â€Å"massive destruction of property rights† and a lot of utilities and companies ended up in bankruptcy. On February 9th they floated the peso by using the asymmetric pesification. This meant that dollar deposits were converted to pesos at the rate of 1 to 1. and dollar loans converted to pesos one to one. This imposed a large loss on the banking system and favored debtors owing dollar debts. A wide range of dollar denominated debt would be converted into pesos at the old parity of one peso to one dollar. The holders of dollar deposits in the bank could convert those at a much more favorable exchange rate 1. 4 pesos to one dollar. It followed a great loss on the balance sheet of the Banks, who could only remain one peso for one dollar in debt owed by borrowers but owed 1. 4 peso for each dollar to the debtors. The asymmetric pesification amounted a total loss of $ 10- 15 Million Dollar compared to their equity of $ 17 million they had at the end of 2001. The government finally realized that it could not risk a total collapse of the banking system and offered to help the banks. They granted $ 9 million in the form of government bonds in order of compensation. This compensation covered most of the losses in nominal accounting but since the market value of the bonds was far below par not in real terms. 2. 2 Free floating currency http://www. nber. org/papers/w9808. pdf? new_window=1 in many emerging market economies, exports, imports, and nternational capital flows are a relatively large share of the economy, so large swings in the exchange rate can cause very substantial swings in the real economy. (p6) Under these circumstances, the monetary authority is likely to display â€Å"fear of floating† (Calvo and Reinhart, 2002), defined as a reluctance to allow totally free fluctuations in the nominal or real exchange rate, which Mussa (1986) showed are very closely linked. To â€Å"pesofy† all savings and debts Currency apparently has destroyed more the trust into the financial sector than the hyperinflation in 1989 did, although it was created to generate more trust. Argentina suffered from diverse devaluations of other currencies and then they devaluated their own currencies. Which effects did that have on other economies and their own? This question will be answered in the following section. 3. Effects of Devaluation process on 3. 1 Trade Balance 3. 2 Productive capacity 3. 3 Salaries 3. 4 National Accounts 4. Conclusion 5. Literature Cline, William R. , 2003. â€Å"Restoring Economic Growth in Argentina†, Band 3158 von Policy research working papers , World Bank Publications 2003, 111 pages Labonte Marc, 2004. â€Å"Fixed Exchange Rates, Floating Exchange Rates, and Currency Boards: What Have We Learned? , Analyst in Macroeconomics Government and Finance Division, CRS Report for Congress, 24 pages Schuler, Kurt, 2002. â€Å" Ignorance and Influence: U. S. Economists on Argentina’s Depression of 1998-2002â€Å", Econ Journal Watch, Volume 2, Number 2, August 2005, pp. 234-278 ——————â₠¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€œ [ 1 ]. http://www. nber. org/feldstein/argentina. pdf, p 10 [ 2 ]. Clarin. www. clarin. com. December 2001, available at http://www. servicios. clarin. com/notas/jsp/clarin/v8/edicant/edicantArchivo. jsp? dia=mes=12anio=2001edAntTipo=edanter_diariox=13y=10, [ 3 ]. W. R. Cline p. 47 [ 4 ]. Labonte et al, 2004, p. 7 [ 5 ]. Labonte et al, 2004, p. 5- 18 [ 6 ]. Labonte et al, 2004, p. 3-5 [ 7 ]. Corrales, 2002, p. 38 [ 8 ]. Or â€Å"pesofication†, means conversion to pesos [ 9 ]. Corrales 2002, p. 39 [ 10 ]. http://www. tradingeconomics. com/argentina/currency [ 11 ]. Schuler 2003 (http://www. hacer. org/pdf/Tirania. pdf) p. 30 [ 12 ]. http://books. google. com. ar/books? id=HbEJy8KwYxcCpg=PA53lpg=PA53dq=asymmetric+pesificationsource=blots=WWVnkeKfcWsig=MEpQ9lphc-QTV68m-ctUWT2bAPkhl=desa=Xei=W6jCT5ekDZKk8QTnr-DACwredir_esc=y#v=onepageq=asymmetric%20pesificationf=false p. 45 How to cite Currency Devaluation and Its Effects on the Economy, Essay examples

A Psychological Study of the Strange Situation

Questions: 1. What is homeostasis? 2. How is body temperature maintained including why this is necessary for the organism? Water is important for homeostasis how are water levels maintained within the body and why it is important to do so? Insulin and Glucagon are homeostatic hormones how is this case and why are they necessary? 3. For each of the subdivision you have labelled above explain their functions within the nervous system and in the case of certain answers their relationships to each other Nervous system, central nervous system, peripheral nervous system. 4. Explain the relationship between structure and functions of the excretory system and what organs are involved in the excretory system and what structures do they carry out this role use annotated diagrams as part of your answer? Answers: 1. Homeostasis is a process of maintaining optimum conditions of all the biochemical and metabolic interactions in the body of any organism to sustain their lives in constantly changing environment. The body temperature and balance of acidity and alkalinity that is pH is also maintained by the process of homeostasis (He et al. 2012). When body encounters an imbalance in the normal range of any one of the important metabolites; it immediately activates its endocrine, nervous, renal and other associated systems to restore the normal body conditions. Homeostasis is a characteristic feature of all organisms from unicellular to multicellular organisms. The process enables different organs and systems of our body to work cooperatively in order to achieve the desired result (Hooper Macpherson, 2015). 2. Temperature regulation in the body is done by homeostasis. There are two different kinds of animal endotherms- those who generally maintain a constant body temperature and ectotherms- those whose body temperatures changes with eternal factors. In case of humans the body temperature is regulated by the hypothalamus. Hypothalamus is the thermoregulatory center of the human body which acts as a sensor and detects small variations in the body temperature (Forster, Hirst Atkinson, 2012). There are two different lines of thermo receptors beneath the skin which senses the change in the temperature and tranduces the signal to the hypothalamus. If it is too hot then the heat loss centre of the hypothalamus is activated but when it is too old then heat generating centre gets activated. The hypothalamus then sends response to the effectors of the autonomic nervous system. Temperature homeostasis is very important for animals to live in this constantly changing environment. Human body comprises of so many organ systems for performing specific works. The biochemical pathways performed by these systems involve active participation of a wide array of enzymes. Enzymes need an optimum temperature for their activity. The ambient temperature or the normal body temperature of humans generally serves as the optimum temperature for the enzymes to carry their normal funtion. So if temperature of the body changes then these enzymes will not function properly thereby hindering the cascade of the biochemical pathway. In addition to that enzymes are denatured at high temperature that is their native structure gets destroyed and the enzyme no longer remains functional. The biochemical pathways are catalyzed by enzymes but if their native structure is lost then the metabolic pathways will be blocked (Culling, 2013). The ultimate result of this will be dysfunctioning of the organs and the systems. So temperature homeostasis is necessary to keep all the physiological and metabolic pathways of our body in their normal condition. Water is the important component of all cells because 55% of the cell comprises of water. Water activity is an essential feature of every cell. This term determines the percentage of water content in a cell. Water is the main component of blood too as it maintains blood volume. Water potential of blood needs to be regulated in order to prevent water loss from the cells. This regulation is also done by the hypothalamus which contains osmoreceptors. The osmoreceptors detect small change in water potential. A drop in the blood volume causes a sudden fall of blood pressure. The hypothalamus signals the brain to impart a feeling of thirst indicating requirement of water in the body. Hypothalamus also releases Antidiuretic hormone which opens the water channels of the endothelial cells of the collecting tubule of the nephrons (Ainsworth et al 2014). A hormone called rennin, released by the kidney activates another hormone Angiotensin II which constricts the blood vessels and in turn increa ses blood pressure. Water also receives the toxins from the cells and excretes them out of the body. Gaseous substances like oxygen and carbon-di-oxide are also carried by water. These two gases are carried by the blood and blood is mostly composed of water. Oxygen get dissolved in the watery portion that is the plasma of the blood and carried to the cells to meet the requirement of oxygen. On the other hand carbon-di-oxide, released due to excretion of the cells, get dissolved in the plasma of blood and forms carboic acid, a mild acid, and finally comes to the lungs (Hannon et al. 2012). There in the lungs the CO2 diffuses out of the blood and finally from the lungs. Body temperature is also regulated to some extent by water. Water provides an efficient mean of regulating the body temperature. During sweating, water is released from the sweat glands and evaporates from the skin; this in turn decreases the body temperature because when water evaporates it takes the heat from the bod y so the temperature lowers. Glucose is the principal carbohydrate which is transported in the cells. Glucose level needs to be controlled in all the cells. Generally glucose concentration should remain within 0.8 to 1 g/dm3 of blood. When glucose level in the blood rises up then the situation is called hyperglycaemia and when it falls then it is known as hypoglycaemia. Both the cases are fatal and even can lead to death. Glucose homeostasis is done by two hormones called insulin and glucagon. Both the hormones are released from the endocrine glands pancreas. Pancreas contains a region of hormone secreting cells called Islets of Langerhans. The hormones insulin and glucagon are secreted by the and cells of the Islets of Langerhans. Pancreas has receptors which sense the concentration of glucose in the blood. Insulin and glucagon have antagonistc effect on the blood glucose level (Trung et al. 2012). Insulin stimulates cells to uptake glucose for using in the cellular respiration process. Insulin turns on a sig nal transduction pathway that converts glucose into glycogen by the process called glycogenesis. This process causes polymerization of glucose into glycogen and thus concentration of free glucose in the blood decreases. On the other hand, glucagon cleaves glycogen polymer and produces glucose monomer by a process called glycogenolysis. After taking a full meal free glucose level in the blood increases. This high blood glucose stimulates the pancreas to release insulin from the cells. The insulin triggers the glycogenesis process to switch on and polymerize free glucose into glycogen. But when blood glucose level is very low then the endocrine system triggers the glycogenolysis process to turn on and break down glycogen into glucose rendering an increase in the free glucose level in blood. Both insulin and glucagon are essential for the cells otherwise blood glucose level will be disturbed. If insulin is not released during rise in blood glucose then free glucose will not be utilized by the cells. As a result hyperglycaemia will be caused. This situation is commomnly known as diabetes mellitus. High concentration of glucose often spills out in the urine causing a serious health problem. So diabetic patients commonly need insulin therapy in which insulin is given to the patient intravenously from outside. If glucagon is not secreted properly then a condition called hypoglycaemia occurs in which the blood glucose level suddenly falls. Hypoglycaemia can lead to coma and even death. So these two hormones need to be secreted properly otherwise diabetes or hypoglycaemia may lead to serious health concern (Cantley Ashcroft, 2015). 3. Nervous system, central nervous system, peripheral nervous system Nervous system is the signaling centre of the body. It controls and coordinates different physiological, morphological and metabolic functions in the body. The main function of the nervous system is to respond to any internal or external stimulus of the constantly changing environment. Nervous system coordinates muscular activity as well as the internal relationship of the internal organs (Mathias Bannister, 2013). Function of the central nervous system: The three parts of the central nervous system performs three different functions. The forebrain helps in thinking, analyzing, learning, coordinating the activities of the motor nerves. The mid brain controls motor function, helps in visual and auditory functions. The hind brain transmits sensory information. It also helps to maintain body balance, movement, digestion, respiration and maintain heart rate. The spinal cord delivers information to and from the brain. The spinal cord is the main component of the reflex arc so it controls and coordinates reflex actions (Cantley Ashcroft, 2015). Function of the peripheral nervous system: Peripheral nervous system is involved in the voluntary actions by the skeletal musles. It contains three types of nerves-spinal, cranial and association nerves. Spinal nerves transmit signals to the spinal cord. Cranial nerves helps in smell, vision, taste etc. Association nerves help in coordinating motor and sensory functions. 4. The system which helps to remove waste products from the body is called the excretory system. The principal organs of the excretory system are two kidneys. Kidneys are bean shaped and composed of its structural and functional units the nephrons. The kidneys are located on the either side of the backbone. There are two regions in the kidneys- the outer cortex and inner medulla (Ransohoff Brown, 2012). Waste products from the cells enter into the kidneys through blood. Renal artery carries blood to the kidneys and renal vein carries blood from the kidneys. The blood containing waste products get purified in two kidneys. Figure: Excretory System (Source: My organ donation project, 2015) The waste formed in the kidneys then pass through ureters and stores in the form of urine in the urinary bladder. Urine is formed in the nephrons by reabsorption of water which is aided by a hormone called Anti-di-uretic hormone or ADH. Urine contains salts, organic compounds and most importantly uric acid and urea. Uric acid is formed due to nucleic acid decomposition and urea is the product of amino acid metabolism (Tortora Grabowski, 2003). Nephron is the structural and functional unit of kidney. It contains a capsule like structure called Bowmans capsule below which there is a tubular part called the proximal convoluted tubules. The proximal convoluted tubule is followed by a U shaped tube known as Henles loop and then another tubule called the distal convoluted tubule. The distant convoluted tubule ultimately opens in a wide tube known as collecting tubule. The collecting tubule receives the urine. Bowmans capsule contains a complex network of blood capillaries called the glomerulus. Blood enters the glomerulus by renal artery and gets purified over there. Due to the high pressure the plasma is separated from the blood producing glomerulus filtrate. Carbohydrate, protein and fat metabolism produces different toxic waste products in the body which should be washed off from the body. Excretory system of our body performs this task. Metabolism releases nitrogenous and non-nitrogenous wastes in the cells. These wastes are highly toxic for the cells and if not removed they will exert cytotoxic effects. Proper functioning of the excretory system eliminates nitrogenous wastes, toxins and all other metabolic wastes from the cells (Tindale, 2014). References: Ainsworth, M. D. S., Blehar, M. C., Waters, E., Wall, S. (2014). Patterns of attachment: A psychological study of the strange situation. Psychology Press. Cantley, J., Ashcroft, F. M. (2015). QA: insulin secretion and type 2 diabetes: why do -cells fail?. BMC biology, 13(1), 33. Culling, C. F. A. (2013). Handbook of histopathological and histochemical techniques: including museum techniques. Butterworth-Heinemann. Forster, J., Hirst, A. G., Atkinson, D. (2012). Warming-induced reductions in body size are greater in aquatic than terrestrial species. Proceedings of the National Academy of Sciences, 109(47), 19310-19314. Hannon, M. J., Finucane, F. M., Sherlock, M., Agha, A., Thompson, C. J. (2012). Disorders of water homeostasis in neurosurgical patients. The Journal of Clinical Endocrinology Metabolism, 97(5), 1423-1433. He, C., Bassik, M. C., Moresi, V., Sun, K., Wei, Y., Zou, Z., ... Levine, B. (2012). Exercise-induced BCL2-regulated autophagy is required for muscle glucose homeostasis. Nature, 481(7382), 511-515. Hooper, L. V., Macpherson, A. J. (2015). Immune adaptations that maintain homeostasis with the intestinal microbiota. Nature Reviews Immunology, 15(5), 329-329. Mathias, C. J., Bannister, R. (Eds.). (2013). Autonomic failure: a textbook of clinical disorders of the autonomic nervous system. OUP Oxford. My organ donation project,. (2015). Excretory System. Retrieved 4 July 2015, from https://bricenojoseorgandonation.weebly.com/excretory-system.html Ransohoff, R. M., Brown, M. A. (2012). Innate immunity in the central nervous system. The Journal of clinical investigation, 122(122 (4)), 1164-1171. Tindale, A. (2014). Biology: A Concise Revision Course for CXC. Nelson Thornes. Tortora, G. J., Grabowski, S. R. (2003). The endocrine system. principles of anatomy and physiology. 10th edition, New York. John wiley and sons Inc, 620. Trung, V. N., Yamamoto, H., Yamaguchi, T., Murata, S., Aimi, Y., Kuwahara, A., Tani, T. (2014). Intact neural system of the portal vein is important for maintaining normal glucose metabolism by regulating glucagon-like peptide-1 and insulin sensitivity. Peptides, 52, 38-43

The Cybernetic Plot Of Ulysses Essays - Ulysses, James Joyce

The Cybernetic Plot of Ulysses A paper delivered at the CALIFORNIA JOYCE conference (6/30/93) Good afternoon. To quote the opening of Norbert Wiener's address on Cybernetics to the American Academy of Arts and Sciences in March of 1950, The word cybernetics has been taken from the Greek word kubernitiz (ky-ber-NEE-tis) meaning steersman. It has been invented because there is not in the literature any adequate term describing the general study of communication and the related study of control in both machines and in living beings. In this paper, I mean by cybernetics those activities and ideas that have to do with the sending, carrying, and receiving of information. My thesis is that there is a cybernetic plot to ULYSSES -- a constellation or meaningful pattern to the novel's many images of people sending, carrying, and receiving -- or distorting, or losing -- signals of varying import and value. This plot -- the plot of signals that are launched on perilous Odyssean journeys, and that reach home, if they do, only through devious paths -- parallels and augments the novel's more central journeys, its dangers encountered, and its successful returns. ULYSSES works rather neatly as a cybernetic allegory, in fact, not only in its represented action, but also in its history as a text. The book itself, that is, has reached us only by a devious path around Cyclopean censors and the Scylla and Charybdis of pirates and obtuse editors and publishers. ULYSSES both retells and re-enacts, that is, the Odyssean journey of information that, once sent, is threatened and nearly thwarted before it is finally received. We are talking, of course, of cybernetics avant la lettre -- before Norbert Wiener and others had coined the term. But like Moliere's Monsieur Jourdain discovering that all along he's been speaking prose, so Leopold Bloom might delight in learning that he is actually quite a proficient cyberneticist. Joyce made his protagonist an advertizing canvasser at the moment when advertizing had just entered the modern age. Bloom's job is to put his clients' messages into forms that are digestible by the mass medium of the press. If Bloom shows up in the National Library, for instance, it will be to find a logo (in what we would call clip art) for his client Alexander Keyes. The conduct of spirit through space and time is what communication's about. And James Joyce was interested, as we know, in the conduct of spirit: his own, that of his home town, and that of his species. * * * Once they're sent, what are some of the things that can happen to messages? They can be lost, like the words that Bloom starts to scratch in the sand: "I AM A..." Signals can be degraded by faulty transmission, like the telegram that Stephen received in Paris from his father back in Dublin: "NOTHER DYING. COME HOME. FATHER." A slip of the pen -- as in Martha Clifford's letter to Bloom -- destroys intended meanings, but it also, as Joyce loves to point out, creates new ones. "I called you naughty boy," Martha wrote to Henry Flower, "because I do not like that other world." Signals can be abused and discarded, like the fate of "Matcham's Masterstroke" in Bloom's outhouse. Signals can be censored, pirated, misprinted, and malpracticed upon by editors, as happened the text of this novel itself. Signals can fall into the wrong hands, like the executioners' letters in the pub, or they can land where they're sent but make little sense, like the postcard reading "U.P. up" that Dennis Breen gets in the mail. And signals can, finally, reach their intended recipient with the intended meaning, as in Bloom's pleasure in reading Milly's letter to him in the morning's mail. And what about that book that Stephen is going to write in ten years? There's a premonitory cybernetic allegory for you, and one with a happy ending to boot. * * * I would like to sketch for you, then, a brief and cursory chapter-by-chapter account of the cybernetic plot of Ulysses. But lest the listener persist in harboring doubts, as we say, concerning the cybernetic signature of the Joycean narrative, let me anticipate the first sentence