Monday, December 30, 2019

International Financial Markets And Forex Desk Brs Finance Essay - Free Essay Example

Sample details Pages: 14 Words: 4126 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? The main objective of multinational financial management is to make financing and investment decision that add as much value as possible to the firm. The main focus of this report is on foreign exchange and the risks associated with it. The primary purpose of the foreign exchange market is to assist international trade and investment, by allowing businesses to convert one currency to another currency. Don’t waste time! Our writers will create an original "International Financial Markets And Forex Desk Brs Finance Essay" essay for you Create order This report will cover the risk management tools with reference to hedging and derivatives in depth. The main topics discussed in detail in this regards are exchange rates, foreign exchange risk exposure and the use of option. FOREX DESK BRS EXCHANGE RATES: Internationalization of businesses has long since begun when companies through stiff competition looked for new markets and cheap materials and labour. So today a global foreign exchange market is not something new. Money is easily transferred from investors and borrower and buyers and sellers even across borders. Since different countries use different currencies, money has to be converted. Conversion occurs when there is foreign currency exchange. The place where exchange of currency happens is called the foreign exchange market. The date on which two foreign currencies are exchanged is called a settlement date. Before discussing about the fundamental determinants of exchange rates, it is essential to know the significance of exchange rate. Significance  [1] The exchange rate expresses the national/domestic currencys quotation  in respect to  foreign  ones. For example, if one US dollar is worth 10 000 Japanese Yen, then the exchange rate of dollar is 10 000 Yen. If something costs 30 000 Yen, it automatically costs 3 US dollars as a matter of accountancy. Going on with fictious numbers, a Japan  GDP  of 8 million Yen would then be worth 800 Dollars. Thus, the exchange rate is a  conversion factor, a multiplier or a ratio, depending on the direction of conversion. In a slightly different perspective, the exchange rate is a  price. If the exchange rate can freely move, the exchange rate may turn out to be the  fastest moving  price  in the economy, bringing together all the foreign goods with it. Types of exchange rate Firstly it is essential to distinguish nominal  exchange rates from  real  exchange rates.  Nominal  exchange rates are established on foreign exchange (forex) markets. Rates are usually established in continuous quotation, with newspaper reporting daily quotation (as average or finishing quotation in the trade day on a specific market). Central bank may also fix the nominal exchange rate. Real exchange rates are  nominal rate corrected  somehow by  inflation  measures. For instance, if a country A has an inflation rate of 10%, country B an inflation of 5%, and no changes in the nominal exchange rate took place, then country A has now a currency whose real value is 10%-5%=5% higher than before. In fact, higher prices mean an appreciation of the real exchange rate, other things equal. Foreign Exchange Rate Determination: There are three broad factors that affect foreign exchange rate: supply and demand for money, government intervention and inflation. Supply and demand of money:  [2]  the more people want a certain currency the higher the foreign exchange rate will be of such currency. The laws of supply and demand show that:  [3] High supply causes low prices, and high demand causes high prices. When there is an abundant supply of a given commodity then the price should fall. When there is a scarce supply of a given commodity then the price should increase. Therefore, an increase in the demand for a commodity would cause it to appreciate in value, whereas an increase in supply would cause it to depreciate. I have taken the example of British pound and US Dollars to show how these forces work. Demand Curve: The following figure shows the demand for British pounds in the United States. The curve is a normal downward sloping demand curve, indicating that as the pound depreciates relative to the dollar, the quantity of pounds demanded by Americans increases. For Americans, British goods are less expensive when the pound is cheaper and the dollar is stronger. At depreciated values for the pound, Americans will switch from American-made or third-party suppliers of goods and services to British suppliers. Before they can purchase goods made in Britain, they must exchange dollars for British pounds. Consequently, the increased demand for British goods is simultaneously an increase in the quantity of British pounds demanded. Supply Curve The following figure shows the supply side of the picture. The supply curve slopes up because British firms and consumers are willing to buy a greater quantity of American goods as the dollar becomes cheaper (i.e. they receive more dollars per pound). Before British customers can buy American goods, however, they must first convert pounds into dollars, so the increase in the quantity of American goods demanded is simultaneously an increase in the quantity of foreign currency supplied to the United States. LAW OF ONE PRICE: The  Law of One Price  says that identical goods should sell for the same price in two separate markets. This assumes no transportation costs and no differential taxes applied in the two markets. For example, an ounce of  gold should cost the same on commodity exchanges in Chicago and London. If the gold costs more on one exchange, then traders would have incentive to purchase the gold on one exchange and sell it at the other one. They would do  what is called an  arbitrage. Interest Rates: Interest rates, inflation and exchange rates are all highly correlated. By manipulating interest rates,  central banks  exert influence over both inflation and exchange rates, and changing interest rates impact inflation and currency values. Higher interest rates offer lenders in an economy a higher return relative to other countries. Therefore, higher interest rates attract foreign capital and cause the exchange rate to rise. The impact of higher interest rates is mitigated, however, if inflation in the country is much higher than in others, or if additional factors serve to drive the currency down. The opposite relationship exists for decreasing interest rates that is, lower interest rates tend to decrease exchange rates Rate of inflation.  [4]  The faster prices rise, the lesser is the value of money. Traders watch the development of inflation closely because inflation is said to erode the value of money. If $20 can buy two pairs of running shoes four years ago, by inflation it is possible that only a pair of shoes can be bought at present time. As a general rule, a country with a consistently lower inflation rate exhibits a rising currency value, as its purchasing power increases relative to other currencies. The countries with higher inflation typically see depreciation in their currency in relation to the currencies of their  trading partners. This is also usually accompanied by higher  interest rates. Balance of Payment: A  balance of payments (BOP)  sheet is an accounting record of all monetary transactions between a country and the rest of the world.[1]  These transactions include payments for the countrys  exports  and  imports  of  goods,  services, and financial capital, as well as  financial transfers. The BOP summarises international transactions for a specific period, usually a year, and is prepared in a single currency, typically the domestic currency for the country concerned. Sources of funds for a nation, such as exports or the receipts of loans and investments, are recorded as positive or surplus items. Uses of funds, such as for imports or to invest in foreign countries, are recorded as a negative or deficit item. 2) Fund Flow Theory and Asset Approach: The net of all cash inflows and outflows in and out of  various  financial  assets. Fund flow is usually measured on a monthly or quarterly basis.  The performance of an asset or fund is not taken into account, only share redemptions (outflows) and share purchases (inflows).  [5] PURCHASING POWER PARITY: Type of Purchasing Power Parity Purchasing power parity (PPP) is a theory which states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries. This means that the exchange rate between two countries should equal the ratio of the two countries price level of a fixed basket of goods and services. When a countrys domestic price level is increasing (i.e., a country experiences inflation), that countrys exchange rate must depreciated in order to return to PPP. The basis for PPP is the law of one price. In the absence of transportation and other transaction costs, competitive markets will equalize the price of an identical good in two countries when the prices are expressed in the same currency. Emperical Evidence: A particular TV set that sells for 750 Canadian Dollars [CAD] in Vancouver should cost 500 US Dollars [USD] in Seattle when the exchange rate between Canada and the US is 1.50 CAD/USD. If the price of the TV in Vancouver was only 7 00 CAD, consumers in Seattle would prefer buying the TV set in Vancouver. If this process (called arbitrage) is carried out at a large scale, the US consumers buying Canadian goods will bid up the value of the Canadian Dollar, thus making Canadian goods more costly to them. This process continues until the goods have again the same price.. Economists use two versions of Purchasing Power Parity: absolute PPP and relative PPP. Absolute PPP was described in the previous paragraph; it refers to the equalisation of price levels across countries. Relative PPP refers to rates of changes of price levels, that is, inflation rates. This proposition states that the rate of appreciation of a currency is equal to the difference in inflation rates between the foreign and the home country. For example, if Canada has an inflation rate of 1% and the US has an inflation rate of 3%, the US Dollar will depreciate against the Canadian Dollar by 2% per year. This proposition holds well empirically especially when the inflation differences are large. INTEREST RATE PARITY:  [6] Interest rate parity  is a relationship that must hold between the spot interest rates  of two currencies if there are to be no  arbitrage opportunities. The relationship depends upon  spot  and  forward exchange rates between the currencies. It  is Where s  is the spot exchange rate, expressed as the price in currency a  of a unit of currency  b;   f  is the corresponding forward exchange rate; ra  and  rb  are the interest rates for the respective currencies; and m  is the common maturity in years for the forward rate and the two interest rates. There are two types of interest rate parities covered and uncovered.  Covered interest rate parity is when the interest rate returns of the two methods are equal and in parity because the investor covered himself through a forward contract against the currency changes.  Uncovered interest rate pa rity assumes that the difference between the interest rates of two currencies will equal the predicted depreciation of a currency. INTERNATIONAL FISHER EFFECT: International Fisher Theory states that an estimated change in the current exchange rate between any two currencies is directly proportional to the difference between the two countries nominal interest rates at a particular time. According to  International Fisher Theory hypothesis, the real interest rate in a particular economy is independent of monetary variables. With the assumption that real interest rates are calculated across the countries, it can also be concluded that the country with lower interest rate would also have a lower inflation rate. This will make the real value of the countrys currency rise over time. This theory is also known as the assumption of Uncovered Interest Parity. The International Fisher theory is calculated by the following formula: E = [(i1-i2)/(1+i2)] ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã‚ °Ãƒâ€¹Ã¢â‚¬   (i1-i2) Where: E represents the percentage change in exchange rate i1 represents the interest rate of country A i2 represents the interest rate of country B For example, if the interest rate of country A is 10% and that of country B is 5%, then the currency of country B should appreciate roughly 5% compared to the currency of country A. FOREIGN EXCHANGE QUOTATION: It can be quoted in two ways : Direct Quotation : It means a rate of exchange quoted in terms of X units of home currency to one unit of foreign currency. Indirect Quotation It means a rate of exchange quoted in terms of Y units of foreign currency per unit of home currency. Example: Now Future (Spot Rate) (Future Spot Rate) Cs Fs Lets assume, the current exchange rate is $ 1.6/  £. If the UK inflation is 10% and US is 6%, what would be the exchange rate in one year . Direct Quotation Formula: Fs / Cs = ( 1 + i home / 1 + i foreign ) Fs = 0.625  £ / $ ( 1 + 0.10 / 1 + 0.06) = 0. 648  £ / $ Indirect Quotation Formula: Fs / Cs = ( 1 + iforeign / 1 + i home ) Fs = 1.6 $ ( 1 + 0.06 / 1 + 0.10 ) = $ 1.541/  £ SPOT RATE AND FORWARD RATE: The  forward rate  is the rate which appears in a contract to exchange a currency for another date in the future. It is distinguished from the  spot rate, which is the rate used in agreements to exchange one currency for another immediately. No currency changes hand between the parties in a forward contract at the time it is signed; the currency is exchanged at the maturity date of the contract date in the future. The bid ask spread represents the difference between the bid and the ask price. Some  securities  will have a very small spread (as small as one penny) and others will have very high spreads which generally mean that the  security  is very illiquid. Current spread for US$ =bid rate- ask rate = 1.55813 0.64180= 0.91601 Current spread for GBP( £)= 1.55815-0.64179=0.91636 TIME SERIES PLOT: GBP PER US DOLLAR: USD PER GBP: From the plot, it can be observed that: In 2009: 1 USD = 0.61834 £ In 2010 1USD = 1/1.56673 $ = 0.63827 £ Hence the value of the GBP depreciated by: (0.61834-0.63827)/0.61834= 3.3% FOREIGN EXCHANGE RISK EXPOSURE: Foreign Exchange Exposure: The sensitivity  of the real home currency value of an asset, liability or an operating income to an unanticipated  change in the exchange rate, assuming unanticipated changes in all other currencies as zero. Foreign Exchange Risk: It is the variability  of the domestic currency values of assets, liabilities, operating incomes due to unanticipated  changes in exchange rate. Amount lent by the US based firm to British Client for 1 Year is : $ 10,000,000 Suppose the spot exchange rate is $1.5/ £. Therefore the British client will receive in Pounds can be calculated as: $10,000,000*  £1/1.5 =  £ 6,600,000 Therefor the client will return back  £6,600,000. There are 2 scenarios to be considered: If the exchange rate becomes low: say $1.2/ £ Therefore the client will be paying back  £6,600,000*$1.2 = $7,920,000 Hence the foreign exchange risk exposure for the US based firm will be $10,000,000 - $7,920,000 = $2,080,000 If the exchange rate becomes high, say $1.8/ £ Now the client will be paying back  £6,600,000*1.8$ = $ 11,880,000 Hence the clients risk exposure will be $1,880,000 or  £ 1,044,444 HEDGING FOREIGN ECHANGE RISK EXPOSURE: The following are the ways in which the US based company and the British based clients can Hedge their foreign exchange risk: Hedge using futures or forwards contracts. This is the most common way of managing foreign exchange  risk. A forward contract is a transaction in which the delivery of the commodity is postponed until the contract has been made. The delivery is often in the future, however, the price is well determined in advance. Hedging is the act of taking an offsetting position in a related security. A good example would be if you own a currency, you will sell a futures contract stating that you will sell the currency at a set price in the future. A perfect hedge can reduce risk to nothing except the cost of the hedge. Use options trading as a  strategy  to reduce foreign exchange risks. Just like stocks, currencies have calls and puts that allow buyers to buy or sell the financial asset at a predetermined price during a certain period of time or on a specific date (exercise date). Options is considered to be the most dependable form of hedge. When traditional positions are used with a forex option they can minimize the risk of loss in a currency trade. Use swaps: If firms in separate countries have comparative advantages on interest rates, then a swap could benefit both firms. For example, one firm may have a lower fixed  interest rate, while another has access to a lower floating interest rate. These firms could swap to take advantage of the lower rates. For example, our company based in the United States our client company based in England. Our company (US based) needs to take out a loan denominated in British pounds and our client needs to take out a loan denominated in U.S. dollars. The two companies swap to take advantage of the fact that each company has better rates in its respective country. When these two companies swap, they will be able to save on interest rates by combining the privilege they hav e in their own countrys market. c) INTEREST RATE SWAP AND CURRENCY SWAP: A  swap  is a  cash-settled  OTC  derivative  under which two counterparties exchange two streams of cash flows. It is called an  interest rate swap  if both cash flow streams are in the same currency and are defined as cash flow streams that might be associated with some fixed income obligations. The most popular interest rate swaps are  fixed-for-floating swaps  under which cash flows of a fixed rate loan are exchanged for those of a  floating  rate loan. A  currency swap  [7]  Ãƒâ€šÃ‚  is most easily understood by comparison with an  interest rate swap. An interest rate swap is a contract to exchange cash flow streams that might be associated with some fixed income obligations say swapping the cash flows of a fixed rate loan for those of a  floating  rate loan. A currency swap is exactly the same thing except, with an interest rate swap, the cash flow streams are in the same currency. With a currency swap, they are in different currencies. Since the client is British based requires loan in terms of pounds and the home currency is US Dollars, my recommendation would be to go for currency swap to minimize the risk of foreign exposure since currency swap involves swap of two different currencies whereas for interest rate swap the currency should be the same. C. USE OF OPTION:  [8] TYPES OF FOREIGN CURRENCY OPTION: A foreign currency option is an option which gives the owner the right to buy or sell the indicated amount of foreign currency at a specified price before a specific date. The Call Option establishes a ceiling for the exchange rate, and the option can be used to hedge foreign currency outflows (potential payments). The 2 major types of foreign currency options are: CALL OPTION: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢If SX (Where S is the Spot price and X is the exercise or Spot exchange rate) Profit increases one-for-one with appreciation of the foreign currency. At (X+P) the holder of the option breaks even (ceiling price). Here P is the Premium. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢If SX The call option will not be exercised, because the holder is better off buying the foreign currency in the spot market. The holder will have a negative profit reflecting the premium,  P Profit Profile For a Call Option Example: The holder of a call option expects the underlying currency to appreciate in value. Consider 4 call options on the euro, with a strike price of 152 ($/ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬) and a premium of 0.94 (both cents per ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬). ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢The face amount of a euro option isÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬62,500. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢The total premium is: $0.0094 ·4 ·ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬62,500=$2,350 PUT OPTION: The Put Option establishes a floor for the exchange rate, and the option can be used to hedge foreign currency inflows ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢If SX = The call option will not be exercised, because the holder is better off selling the foreign currency in the spot market. The holder will have a negative profit reflecting the premium, P If SX = Profit increases one-for-one with depreciation of the foreign currency. At (X-P) the holder of the option breaks even (floor price). Profit Profile for a Put Option EXAMPLE: The holder of a put option expects the underlying currency to depreciate in value. Consider 8 put options on the euro with a strike price of 150 ($/ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬) and a premium of 1.95 (both cents/ ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬). ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢The face amount of a euro option is ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬62,500. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢The total premium is: $0.0195 ·8 ·ÃƒÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬62,500=$9,750 BUYING A CALL OPTION AND WRITING A PUT OPTION: Buying a call option: A person would buy a  call option  in the commodities or futures markets if he or she expected the  underlying  futures price to move higher. Buying a call option entitles the buyer of the option the right to purchase the underlying futures contract at the  strike price  any time before the contract expires. This rarely happens and there is not much benefit to doing this, so dont get caught up in the formal definition of buying a call option. Most traders buy call options because they believe a commodity market is going to move higher and they want to profit from that move. You can also exit the option before it expires during market hours, of course. Writing a put option:  [9] Put  writing is an essential part of  options  strategies. Selling a put is a strategy where  an investor writes  a put contract, and by selling the contract to the put buyer, the investor has sold the right to sell shares at a specific price. Thus, the put buyer now has the right to sell shares to the put seller. Selling a put is advantageous to an investor because he or she will receive the premium in exchange for committing to buy shares at the strike price. If the price of the stock falls below the strike price, the put seller will have to purchase shares from the put buyer when the option is  exercised. Therefore, a put seller usually has a neutral/positive outlook on the stock or expects a decrease in  volatility  that he or she can use to create a profitable position. 3.) Two options which are similar in all respects but with different expiration dates would not trade at the same premium due to the consideration o f time value of money. The value of an option can be calculated using The Black-Scholes model. It is used to calculate a theoretical call price (ignoring dividends paid during the life of the option) using the five key determinants of an options price: stock price, strike price, volatility, time to expiration, and short-term (risk free) interest rate. The original formula for calculating the theoretical option price (OP) is as follows: Where: The variables are: S = stock price X = strike price t = time remaining until expiration, expressed as a percent of a year r = current continuously compounded risk-free interest rate v = annual volatility of stock price (the standard deviation of the short-term returns over one year). See below for  how to estimate volatility. ln = natural logarithm N(x) = standard normal cumulative distribution function e = the exponential function DEEP-IN-THE MONEY OPTIONS: An option is said to be deep in the money when it is very favourable to exercise the option. A call option is said to be deep in the money if its exercise price is extremely lower than the strike price. For example: Suppose the exercise price agreed for the option was 40  £ and the strike price is 70 £, then it is obvious that the buyer will definitely but the option. Hence it does not go unexercised. On the other hand a put option is said to be deep in the money if its exercise price is higher than the share price. For example: Suppose the exercise price of the option was set at 50 £ and the strike price is 30 £. Then the seller will definitely sell the option and exercise the option since it profits the seller. Hence a deep in the money option never goes unexercised. If GBP ( £) were to depreciate against US $, British exports would become cheaper. This can be illustrated using the following figures used in section A. The GBP depreciated from 0.61834 £ to 0.63827 £, so the foreign market will demand for more products from the UK, so exporter will buy the put option to protect the value of his receivables. Conclusions The risk management tools used by the bank with specific reference to hedging and derivatives have been discussed in depth. Exchange rates which are the most important factor to be considered in international investment have been discussed considering the current spread in the market. The calculation of the foreign risk exposure has also been performed and it is advised that the use of option as a hedging technique would benefit both the home company and the foreign company. Therefore as far as foreign exchange market is conserved it is very essential to keep a watch on all the risks that a company may face and be prepared to minimize of the risk. :BIBLIOGRAPHY: Solnik, B. McLeavey, D., 2004. International Investments. 5th Edition. London: Pearson Education. Buckley, A., 2004. Multinational Finance. 5th Edition. London: Pearson Education. Shaprio, Alan C., 2003.Multinational Financial Management. 7th Edition. US: John Wiley Sons, Inc.

Sunday, December 22, 2019

Relationship Of The American Dream In Amy Tans Two Kinds

â€Å"Two Kinds† by Amy Tan is a short story about a mother pushing her ambitions and dreams unto her daughter, Jing- mei. Born during the American Dream era, Jing-mei’s mother believed that anyone â€Å"could be anything [he/she] want to be in America. [He/She] could open a restaurant†¦ work for the government†¦ buy a house with almost no money down†¦ and become rich† (Tan 43). With this mindset, Jing-mei’s mother pushes her daughter to become a prodigy, thus the adventures of Jing-mei trying new things began: such as learning the names of capitals, becoming a ballerina, imitating Shirley Temple, and playing the piano. At first Jing-mei is excited and even believes that she could become a prodigy, but after various failed attempts Jing-mei realizes†¦show more content†¦Jing-mei realized that she was an ordinary individual and that she would not let her mother’s expectations change that. She no longer believed that she  "could be anything [she] wanted to be, [rather she] could only be [herself]† (Tan 44). In using a limited, first-person point of view, Tan is able to show Jing-mei’s emotional progress of following her mother’s dreams to finally realizing her own dream. Because this is a retelling of a mother-daughter relationship, Jing-mei is the protagonist and main character of this short story while her mother is the antagonist. Jing-mei is a dynamic character. At the beginning all she wanted to do was please her mother and accomplish her mothers version of the American Dream, but then her epiphany happened: she realized that this is not her dream, thus she rebelled and began to follow her own dream. On the other hand, Jing-mei’s mother is a static character. All her emotions, thoughts, and feelings surround one motive: for Jing-mei to become a prodigy. Although at the end she stops asking Jing-mei to do multiple hobbies, she still believed that Jing-mei had â€Å"natural talent [and that Jing-mei] could [still] be a genius if [she] wanted to† (Tan 48). In the end, Jing-mei’s mother realized that she no longer could control her daughter, yet that still did not stop her from hinting that her daughter still had the ability to become aShow MoreRelatedAmy Tan Overcoming Faulty Relationships and Self Identity Essay1514 Words   |  7 PagesAmy Tan struggled with many issues caused by her dual cultures, which she expressed thoroughly in her works. Daisy and John Tan were post war immigrants and the parents of Amy Tan (Amy Tan). Tan was given the Chinese name An-Mei, which stands for blessings from America (McCarthy). To them she was the blessing that they had received after their own struggles. Tan’s father came to America after WWII to become a minister (Amy Tan). 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She was led to believe that she can be someone. At first, she followed her mother, but when she felt that her mother was already forcing her and stealing her youth, she told hers elf that it was the end. The story is aRead MoreEssay on The Duality of the American Dream in Amy Tan’s Two Kinds1055 Words   |  5 Pagesthe American dream can be found in Amy Tan’s short story, â€Å"Two Kinds.† The story centers around the daughter of a Chinese immigrant who desperately wants her daughter to become successful. In the story, the author shows the difficult lives immigrants face when moving to a new culture. In this short story, the theme shows the protagonist’s conflict with her mother on the type of daughter her mother wants her to be. The author establishes the theme of how difficult mother-daughter relationships canRead More Comparing Amy Tans The Joy Luck Club and The Woman Warrior Essay1866 Words   |  8 PagesComparing The Joy Luck Club and The Woman Warrior  Ã‚     Ã‚  Ã‚   Amy Tans immensely popular novel, The Joy Luck Club explores the issues faced by first and second generation Chinese immigrants, particularly mothers and daughters. Although Tans book is a work of fiction, many of the struggles it describes are echoed in Maxine Hong Kingstons autobiographical work, The Woman Warrior: Memoirs of a Girlhood Among Ghosts. The pairs of mothers and daughters in both of these books find themselves separatedRead MoreTwo Halves of the Same Song Essay758 Words   |  4 PagesTwo Halves Of The Same Song One of the crucial components of Amy Tans Two Kinds is her choice of narrator. This narrative voice develops the story by adding to the characters. By using this narrator, Amy Tan allows the story to come alive through the eyes of a child. Jing-Mei, who is the daughter of a Chinese immigrant, paints the picture of her relationship between herself and her overbearing mother. Being the protagonist of the story, Jing-Mei is able to portray what she is going throughRead MoreHuman Oppressiveness in Two Kinds and AP Essay2357 Words   |  10 PagesIt was Emerson who said it best, â€Å"For nonconformity, the world whips you with its displeasure† (Porter 1155). With a detailed look of Amy Tan’s â€Å"Two Kinds† and John Updike’s â€Å"AP,† you will find that this quote is entirely applicable in the context of oppressiveness and in the likeness of â€Å"coming of age.† These two stories document the different perspectives of two charactersâ€⠄¢ growing up and how the role of the invisible hand of oppression guides developing adolescents into mature adults; without

Friday, December 13, 2019

Self-Assessment and Reflection Paper Free Essays

As I look back over the years I thought about my position as an educator in the early 1990’s. I taught adults 18 years and older typing and introduction to computers at Barclay Career Center in Jacksonville, Florida for three years. It never ceased to amaze me at their eagerness to learn. We will write a custom essay sample on Self-Assessment and Reflection Paper or any similar topic only for you Order Now Also as a minister, I experience numerous individuals from various backgrounds. Every one of them is managing problems or difficulties that impede their achievement of intention every day. They look for profound direction and a deeper association with from me and I am there to offer assistance. However, as I started to examine from the top to the bottom for solutions of taking care of the issues of the individuals, I also discovered that numerous adults had an illiteracy impairment which is a hindrance, and of absence of basic education. I found on both professional levels that although the majority were eager to learn, we still needed to assist most of our adult learners in preparing for postsecondary education, so that they could have successful careers, and productive lives. They were acking so many essential skills I cant even explain how they were allowed in the program without it. Thus we started an Adult Basic Education Program at Barclay Career Center. This program included program instruction in basic literacy skills: In reading, language, writing and math. We emphasized writing, basic math computation vocabulary development, dictionary skills, comprehension improvement, critical thinking, and math problem solving. After a few months we begin to see the turn around especially in their reading, writing and math. So when I was asked why do I want to become an adult educator, and what aspect f adult education or training do I plan to pursue? All these memories flooded my mind. I enjoy empowering adult learners to realize that they can achieve educational excellence, and become what ever they desire no matter what the age. Through my compassion and desire for others ignited me to want to make a difference in other peoples lives. I have selected a vocation in instruction because I believe that it is one of the most essential task performed in our society. I believe that educators exclusively and altogether can change the world, as well as to enhance it. How to cite Self-Assessment and Reflection Paper, Papers

Thursday, December 5, 2019

Romeo and Juliet Coursework Essay Example For Students

Romeo and Juliet Coursework Essay In Shakespeares plays he very rarely used original ideas. Most of the plays he wrote, such as Romeo and Juliet, were adapted from other peoples stories. Shakespeare used these ideas as basic outlines for his plays. The story of Romeo and Juliet had been around for hundreds of years before Shakespeare created his own version. The most recent was a poem by Arthur Brooke. His version was called Romeo and Julietta; this play was over 3000 lines long and written in rhyming couplets. There are lots of parts of Brookes poem that Shakespeare has used in his play such as the characters Mercutio, Tybalt and Paris. Although Shakespeares play has a lot of similarities to Arthur Brookes poem, Shakespeares version also has a lot of differences. Tybalt, who is only mentioned once in Arthur Brookes poem, plays a very important part in Shakespeares where he helps keep the feud going between the two households. Also Brookes version takes place over months whereas Shakespeares only takes place over a few days, this adds greater interest to the play because so much happens so fast. Arthur Brookes poem is also less interesting compared to Shakespeares because Shakespeare exploits the use of unusual contrasts such as action and comedy, intimate romance and public spectacle. In addition, Shakespeare adds a large number of new features to the story of Romeo and Juliet. In Brookes poem he doesnt use must detail or emotion in his characters whereas Shakespeare makes his characters a good deal more entertaining, giving them interesting and intriguing personalities. Shakespeare also adds the fight scene in Romeo and Juliet, which is a very important scene in the play because Romeo loses his best friend, Mercutio, and also kills Tybalt, his wifes cousin. This scene is entertaining to the audience due to the large amount of action, and the fact that it draws upon the audiences empathy towards the characters, particularly Romeo. Shakespeares version uses a lot more complex ideas, such as Brookes poem places a lot of the blame on fate and bad luck, but Shakespeare makes it so all the characters are share the blame in some way. When Romeo and Juliet first see each other they fall in love at first sight. The love that Romeo and Juliet experience, which is a romantic and passionate love, is a different type of love to the others that Shakespeare uses in the play, like the way Paris loves Juliet which is more physical and he thinks of her more like property. Romeo and Juliets love is very intense, when Romeo describes it he uses words like sun, moon, stars, and heaven, which makes their love seem particularly spiritual. Romeo tends to use complex language, to represent Romeo and Juliets intense love. When Romeo describes Juliets hand as a holy shrine, he uses a metaphor; this makes Juliets hand seem especially important to Romeo, like something that is worthy of worship. Shortly after Romeo uses this he uses an oxymoron, gentle sin, which are words that dont go together normally. This is similar to Romeo and Juliet themselves since they are in love but, enemies at the same time, my only love sprang from my only hate. Another type of language often used by Romeo and Juliet is hyperbole, such as, I am no pilot, yet wert thou as far as the farthest sea, I would venture for such merchandise. The hyperbole language shows to the audience how deeply in love they are. There were a lot of things that prevented Romeo and Juliet being together. The biggest problem was that they were from opposing households. Juliet doesnt seem close to anyone in her family, her father is abusive towards her when she doesnt want to marry Paris and her mother wont defend her, this would have made it a lot ea sier for Juliet to marry Romeo behind her parents back, whereas Romeo though seems a lot closer to his family because they are very upset over his banishment and his mother dies of grief for him. How does Shakespeare create tension in the trial scene of the Merchant of Venice EssayThis slowly changes to a mood of disbelief and later anger. He uses repetition and asks questions as you do when you are in that state How, how, how, how? Chop logic?. The threat of violence is brought to the front now as Juliet still defies him. This is used to finally regain control and make her do as he wishes. My fingers itch The Nurse and Friar Lawrence show qualities that could be recognised as more modern parenting techniques, when speaking to Romeo and Juliet. The friar calls Romeo his good son. The Friar attempts to prove to Romeo the potential error in his actions through democratic persuasive words of advice. Young mens love then lies not truly in their hearts but in their eyes, How much salt water thrown away in waste The nurse in defence of Juliet is extremely brave and stands up to Capulet. You are to blame, my lord, to rate her so. She does also however display perverse intentions when she makes unsuitably suggestive remarks about Paris and Romeo earlier in the play. Romeo? No, not he, though his face be better than any mans and An eagle madam, hath not so green, so quick, so fair an eye as Paris hath. Beshrew my very heart. When she finds Juliet in her false state of death she finds place for the phrase God forgive me within her speech. She is evidently aware of her part in what she believes to be the suicide of Juliet. She feels she has allowed her personal intrigue to interfere with Juliets best interests at best, at worst, she has been a contributory factor in her death. The end of the play shows us lessons learnt the hard way. Two families, feeling the same senses of grief, understanding each others plight, make their peace. A statue is erected, perhaps an attempt to prevent any reoccurrence. The Prince sums up a glooming peace this morning with it brings; the sun for sorrow will not show his head. Go hence, to talk more of these sad things. Some shall be pardoned and some punished; for never was a story of more woe than this of Juliet and her Romeo. Age is not a factor in learning and the actions of children in this case, teach the older generation profoundly.