Freud and Hedda Gabler: The Wolf Behind the Protagonist Essay -- Liter

From its very creation until now subtlety has been at odds with the fundamental human instinct. piece civilization is just a mechanism used to control the human instinct and place an order so a broader society can become the basic human is far from controlled. Sigmund Freud in From Civilizations and Its discontents suggest that nothing can really control human instinct but rather deter it from its piece homini lupus(Freud, 1697) nature which translates into man is a wolf to man. This homo homini lupus form of instinct suggest a more aggressive side of humans with the tendencies of not interacting with volume but merely using people. Henrik Ibsen, through his use of the character Hedda Gabler, illustrates Sigmund Freuds homo homini lupus form of instinct and uses that as a means of drawing come forth of the flaws of civilization at large. Henrik Ibsen always had the persistent theme of placing that one character within the setting that did not fit into the natural societal co nfines. This was done as a way of showing that what society or civilization was placing upon the people was unjust and unlike a natural human trait. Hedda Gabler, through her exhibition of homo homini lupus or what Sigmund Freud asserts as the natural human instinct, is the fulfillment of Ibsens one character theme. Her aggressiveness toward and utilization of others is a prime example of this societal expulsion and a primarily natural use according to Sigmund Freud. One such character that Hedda is constantly using is her newly-wed husband, George Tesman. Though Tesman loves her greatly and married her for the usual reasons (love, etc.) Heddas reasons are quite different. She marries Tesman for only selfish reasons an example of this would be wh... ...her instinct. Hedda was able to break away from the one thing civilization was trying to control. Freud suggests that the time comes when apiece one of us must give up as illusions the expectations (Freud, 1697). This implying that at the end of every illusion comes the realization that the expectation is meaningless when conforming to the civilization is just as pointless in achieving. Hedda had the expectation of financial riches but due to the ennui of the civilization at hand Hedda was inclined to omit in beauty or in Ibsens theme through the defiance of conformity.Works CitedIbsen, Henrik. Hedda Gabler. 1890. The Norton Anthology of Western Literature. Lawall. 8th edition, vol.2, 19841411-1466.Freud, Sigmund. From Civilization and Its Discontents. 1929. The Norton Anthology of Western Literature. Lawall. 8th edition, vol.2,19841696-1699.

“Hooray for the Underdog!” Essay -- Social Issues, Bullying

No one wants to be called an underdog. The emotional and feelings that comes when you keeo on trying. Being challenged as an underdog amongst peers, family members, even strangers, can have a long lasting effect for someone social being. Being casted as someone who can not measure up to any particular finale or ambitions, usually that person enters a stage of melancholy and loneliness. SHORTEN ITEver been dubbed the underdog? A bon ton of called the United States of America was claimed to be the underdog from the old domain of a functionHowever what happens if the station change and it was not an individual situation, but its was predicated on an entire nation? usually underdogs never have the support to tending their ideas and view to be noticed. angiotensin converting enzyme author took one this a underdog, America and showed how democracy in a new world can change society into a radical society of equality.When we are being bullied, its always nice to have someone to stick up for us during our time of need. Usually we do have someone who cares enough to stand up for us, but Sometimes that doesnt not happen and were left alone to exemplify for ourselves.And we look to our own inner strength to build up our crushes ego.But, imagine, that the bullying was presented in a larger scale? Imagine the victim was a conjure, how would reactions fetch out? In Tocquevilles Democracy in America, that sort of bullying was taking place. But as individuals would inattentively hurt one another, no, this is was a outrage on a America and its citizens, such as the Puritans and the liberal democracy of the America.Tocqueville was sent to view the supposed faulty political system of America, but One that was looked upon hastily was the American Puritans ( add more)... ...uotes) In the long run, this political behaviour (if not changed) can lead up to many problems in regards to building state to state relationships in the future. when trying to build relationship i n between, and using prejudices to segregate as a way to keep only(prenominal) harm alliances. A democratic political system can look scary on the outside, but in the long run the system can improve, but only as its followers want to make their system into a better place.Tocqueville was right in standing up for America because he had the experience and the intimacy that citizens from the mother land did not. In truth, his main focus in the end was to show that America was more happier, peaceful, and hold teh keys to allow democradcy to build and expand to granting immunity for all.

Online communites :: Technology Internet Computers Papers

Online communites The advance in technology during the past decade has made it possible for people tout ensemble over the world to communicate with one another. Online communities consist of groups of people communicating to one another through the use of a computer. A number of online communities exist, anyplace from Jewish teen groups to Ultima Online, a communication game in where thousands of people may play at any given time. Groups ranging in size from a few people to thousands or even millions of people are forming communities in cyberspace. Online communities are a great way for people to communicate to one another. tribe save the potential to learn leadership, communication patterns, group boundaries, cohesion, alliances and subgroupings. Online groups are quite different than in-person groups. The fact that communication is through the use of text only, covert or altering ones identity, and equalization of status are all unique benefits to joining an online community. Children with learning or developmental disabilities are areas of extraordinary interest. Ishortly teach a first through third grade class for the learning disabled at a local elementary school. Recently, a half a dozen year-old boy who has Autism has been enrolled in my class. His induce has been struggling, and has had much difficulty in raising him on her own as a single mother. Because Julian has recently been diagnosed, his mother is confused, and needs much support from her sons school and the surrounding community in which she lives. The tears of sadness in which poured from Juians mothers eyes, is what led me to want to dedicate my time as a teacher, joining support groups and chatrooms, to gather all of the resources I can to help Julian and his mother. My search will include participating in conversations with parents who have children with disabilities and other people in the community who might be able to provide some information and advice as well as various resources to, hopefully create a positive change in Julians life. Autism is a disorder in which I do not have an abundance of experience with. My association of autism is unique to each child, and that brain scans will show up abnormal, where the chemicals in their brains will appear to be different than that of a healthy child. I am also aware that children with Autism have many behaviors that may be exhibited, such as repetitive behaviors where a child may repeatedly touch his or her head or different parts of the body.

Essays --

The Evolution of Warrantless Searches With Alcohol, Blood, And DNAWith the creation of the First Congress, framers manifested the Fourth Amendment to allow for sufficient privacy standards for the citizens of the United States of America. Framers upheld the 4th Amendment to sustain a functioning government-governed relationship, where officials respect individuals privacy and rights. During the First Congress, framers explicitly granted,the right of the people to be make prisoner in their persons, houses, papers, and effects, against un sane searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized to the citizens. Moreover, courts ready delineated two major clauses from the primary text of the Amendment. The first clause essentially protects the privacy of an individual to be safe in person. The immediate second c lause introduces a circumstance which warrants are non-essential. Furthermore, both the expectation of privacy and certain circumstances to preserve government interests have conjointly emerged from the two clauses. Consequently throughout court cases in the U.S, the protections of the Fourth Amendment have resulted in disagreement explicitly concerning searches violating a persons privacy and reasonable searches for where no warrants are required. Recently, blood and DNA extractions embody an indispensable role in modern law follow outment. The advent of blood, DNA, and other technologies are now the close to significant scientific advancements in the modern era. Since the first use of forensic DNA identification in 1986, DNAs role in ... ...forcement has utilised blood and DNA tests to exonerate suspects convicted of crimes and guide officials to convict other suspects. Furthermore, in effect of the Supreme Court cases, blood and DNA tests now promote a superior justice system more effectively and efficiently. The recent cases, which have provided many exigent circumstances where warrants are not essential for a search, have developed excelling tactics and procedures to ensure the integrity of modern law enforcement. After these cases, lower courts and law enforcement teams are now able to act quicker and responsively to enforce governmental interests. In conclusion, the trials Samson v. California, Missouri v. McNeely, and Maryland v. King have established clear boundaries for 4th Amendment and they have facilitated the advancement of efficient and applicative engine room in modern law enforcement.

Romeo and Juliet Movie versus Play :: Shakespeare, Romeo and Juliet

One of the most celebrated turnings in history, Romeo and Juliet, was written by William Shakespeare in the new-fangled 16th century. It is a story about two lovers that have to meet in secret because of an ongoing family feud. Tragically, because of their forbidden love Romeo and Juliet take their lives so they preserve be unitedly. In 1997, a mental picture was adapted from the play Romeo and Juliet, directed by Baz Lurhmann. However, as alike as the movie and the play are, they are to a fault relatively different.Paramount aspect of the movie and the play, the theme, were the same, and the overall communicates in two were the same. For example, one main message in the stories was that love conquers all. This was demonstrated in both the play and the film when Romeo and Juliet kept secretly meeting each other even though they knew it was against their families wishes. In one scene of both the movie and the play Romeo and Juliet even got married and died together so that even if they could non be together on earth they would be together in death. Another message you learn from watching the movie and the play was that fighting solves nothing. In the play, when the two feuding families, the Montagues and the Caplets, find their children dead they resolve their differences and agree to build a favorable statue of Romeo and Juliet made out of gold after they state that their fighting only brought suffering. In the movie, although the families didnt make up, you can infer that it was if the families and not been fighting that Romeo and Juliet would not have killed themselves, because they would not have to meet in secret and have Friar Lawrence devise a complicated plan so they could be together without their parents knowledge .Even though the themes were similar, the plot of the movie and the play were rather different. In the movie, Mercutio, Romeos friend, got an invitation to Lord Caplets ball where Romeo and Juliet meet, but in the movie Romeo and thi s friends go to Lord Capulets party uninvited. Whats more, is that when Romeo was at the ball he was recognized by Tybalt, Juliets cousin, from the sound of his voice in the play, but in the movie Tybalt sees him. In addition to that one scene where Juliet was hysterical because she thought Romeo was dead was completely absent in the movie.

Joe Dimaggio Essay -- baseball players

Joe DiMaggio Joe DiMaggio was one of the best baseball players of all time. He set many records, including the longest wining streak in Major conference Baseball history, it lasted 56 games. He came to America as the son of poor Italian immigrants, but grew up to be an American Icon.Joseph Paul DiMaggio was born on November 25, 1914. His parents were Giuseppe Paolo DiMaggio and Rosalie DiMaggio. He had three brothers and three sisters. His brothers were Michael DiMaggio, Tom DiMaggio, and Vince DiMaggio. His sisters were Dominic, Nellie, and Marie DiMaggio. His father was a fisherman, and his family was poor. They lived in an old, small shack. Vince DiMaggio dropped out of high school and turned his back on fishing. He worked at a fruit stand but still had a lot of talent in baseball. He was looked at by semi-pro teams like the Seals. both(prenominal) of his older brothers played semi-pro baseball for over one hundred dollars a month. He joined the San Francisco Seals and played fo r them. Joe DiMaggio grew up in San Francisco and went to school there. He was not bad at school through his elementary year but when he got to high school he didnt fit in. He was a poor son of a fisherman and his schoolmates were higher classed. He dropped out of high school in 10th grade. He worked as a motortruck loader, and he crated oranges and worked at a factories, but he was not satisfied doing these odd jobs for minimum wage. He thought that being his brothers Tom and Vince played maestro ball for the San Francisco Seals he might be able to too. They played for over $100.00 a month. In 1932 he joined the San Francisco Seals. That year he played 186 games with the Seals. That is a huge amount of games for one season. Joe played for the Seals from 1932-35, but made a large impact on major league baseball scouts. In 19 thirty-five, Joe DiMaggio was invited to go to spring training with the New York northerns. He met the baseball player Lou Gehrig, and other great ball play ers. Jerry Coleman, the Yankees second baseman, said some Joe, Nothing made Joe happier then to do well in a big series and help the club win. He was a winner in the finest sense of the word. He was simply the greatest ball player I ever saw and its not easy to carry that burden. Joe carried it with class and dignity. When the Yankees left fielder, Charlie Keller met Joe, he said, When... ...ll players of all time. Work Cited PageInternet sourcesVizzuso. Hall of Famer Biographies. Online getable http//xroads.virginia.edu/CLASS/AM483_P7/projects/vizzuso/final.html, April 10, 2000.No author. National Baseball Hall of Fame-Joe DiMaggio. Online Available http//www.baseballhalloffame.org/hofers_and_honorees/hofer_bios/dimaggio_joe.html, April 10, 2000.Book sourcesStout, Glen. DiMaggio, an Illustrated Life. New York Walker and Company, 1995.OutlineJoe DiMaggioControlling Purpose-The purpose about this report is to tell about the life of one of the best baseball players ever, Joe DiMagg io.I- archaeozoic LifeA.) BirthB.) FamilyC.) School1.) Elementary School2.) High SchoolD.) JobsII- San Francisco SealsA.) Getting ThereB.) course Stats for the SealsIII- YankeesA.) Early CareerB.) Team LeaderC.) Career Stats for the YankeesIV- Family LifeA.) Marriage 1.) Marilyn Monroe2.) Dorothy ArnoldB.) ChildrenV- After the YankeesA.) After the YankeesB.) Death

500 Word Essay Essay

What a thing of beauty is the well-written 500-word essay. In some ways, it is the perfect length to express a legitimate level of knowledge about a particular subject. It is long enough to allow the writer to show familiarity, and possibly expertise, regarding her chosen topic. tho it is not a length that requires copious amounts of research. When sufficiently motivated, one can manage to research, write, and revise such an essay in an hour or two, presumption enough practice. given over the fact that students will write dozens, if not hundreds, of essays in their high school and college careers, it can be advantageous to become familiar with the mechanics, tools, and resources associated with essay writing. The mechanics of a wallpaper include such elements as accurate spelling, correct grammar, and proper data format. The conscientious writer does not simply rely on spell brand to make sure his paper does not contain misspellings. A thorough proofreading will catch mistakes that spell check misses.For instance, spell check might not know the difference between homophones such as there, their, and theyre. A careful review by the writer (or a friend) should catch these errors. Using correct grammar in all its forms the parts of speech, subject-verb agreement, and punctuation can ensure that brilliant writing is not overshadowed by careless or sloppy mechanics (Writing Mechanics). The look of the paper is important as well. High school teachers and college professors alike appreciate readable papers with a consistent appearance.This means using the Times New papistic font, size 12, and double-spacing the body of the essay. The title should also be a size 12 font, center justified, with the first word, the last word, and other important actors line all capitalized. The default margin settings of one inch at the top, bottom, left, and right, give the paper a professional look. While having a crisp, clean look is valuable, the nerve center of the paper is of the greatest importance. Supplementing ones own personal knowledge with well-researched material is the key to a terrific essay.A 500-word essay is not deprivation to require as much research as a six- or ten-page paper. The individual assignment and the topic will determine where to seek out information. But once the research is done, the bibliography (or Works Cited list) can be assembled quite easily using EasyBib (EasyBib). What used to be quite a laborious task move sources in the correct MLA format, then alphabetizing them all is now a fairly automatic process using this handy website. Some students are intimidated when given a writing assignment.Hopefully, the hints given in this essay will make it easier for students to get started on their own essays. Becoming fairly automatic about formatting a paper prevents too much time from being wasted reinventing the wheel. Using viable, trustworthy websites and resources for research will help writers supplement their ow n knowledge. intimate how to organize these resources into a coherent bibliography will cap off the paper quite nicely. Using these tricks of the trade should help students concentrate on the composition of their papers, and not obsess on the minutiae.

Paper on ICD-9-CM, Essay

The International Classification of Diseases, Clinical Modification (ICD-9-CM), is used in assigning codes to diagnoses associated with inpatient, outpatient, and physician office enjoyment in the U.S. Volume 1 The numeric listing of diseases, classified by etiology and anatomical system, as well as a classification of separate reasons for encounters and causes of injury. This is called the tabular section of ICD-9-CM. Volume 1 is used by all health cargon providers and facilities. Volume 2 The alphabetic index used to sink the codes in Volume 1. Volume 2 is used by all health c atomic number 18 providers and facilities Volume 3 A procedural classification with a tabular section and an index. This set of procedure codes is used only by hospitals to report work. Category I Procedures that are consistent with contemporary medical exercise and are widely performed.Category II Supplementary tracking codes that can be used for performance measures. Category III Temporary codes for em erging technology, services and procedures. It is important to become familiar with each category and how the codes will be used. It is also important to know when codes from another system, such as HCPCS Level II, are required. Category I codes are the five-digit numeric codes included in the main body of CPT. Category I is the section that coders usually identify with when talking active CPT. These codes represent procedures that are consistent with contemporary medical practice and are widely performed. Category I codes are updated annually and are broken tweak into six sections. 1. Evaluation and Management2. Anesthesiology3. Surgery4. Radiology5. Pathology and Laboratory6. MedicineEvaluation and management codes are the most commonly billed codes in medicine. These are the codes for every office visit/encounter a physicianhas with a patient.V codes are used to describe encounters with circumstances other than disease or injury. V codes are used either as a first listed or con tributing code depending on the situation. E codes are supplemental codes that acquire the external cause of injury or poisoning, the intent and the place where the event occurred. E codes are intended to provide data for injury research and saloon strategies. E codes are never to be used as a primary diagnosis code.The HCPCS level II is a comprehensive and standardized cryptanalytics system that describes classifications of like products that are medical in nature by category for the purpose of efficient claims processing. For each HCPCS code, there is a descriptive language that identifies a category of like items. These codes are used primarily for billing purposes. Level I, are based on and identical to CPT codes, the codes developed by the American Medical Association.Referencehttp//www.medicalbillingandcodingu.org/icd-9-cm-coding-overview/http//www.cms.gov/Medicare/Coding/MedHCPCSGenInfo/index.html?redirect=/MedHCPCSGeninfo/

Bank6003 Notes

BANK6003 Final Exam Notes discipline 4A point of reference adventure Estimating neglect Probabilities Overview * Theory of denotation attempt less authentic than var based models of market jeopardize. * Much less amenable to precise meter than market seekiness oversight probabilities are much more unvoiced to measure than dispersion of market movements. * Measurement on individual loans is important to FI for determine and setting limits on confidence entry venture exposure. Default venture Models 1. soft Models * Assembling relevant information from private and external sources to make a judgement on the chance of disrespect. Borrower specific factors (idiosyncratic or specific to individual borrower) entangle reputation, leverage, volatility of earnings, covenants and collateral. * Market-specific factors (systematic factors that impact all borrowers include) blood line cycle and enliven regularise levels. * FI do itr weighs these factors to come to an o verall credit decision. * Subjective 2. extension Scoring Models * quantifiable models that apply entropy on observed borrower characteristics to calculate a score that re symbolises borrowers probability of default or sort borrowers into different default danger categories.Linear Probability Models (LPMs) * Econometric model to explain repayment experience on past/old loans. * Regression model with a dummy dependent variable star Z Z = 1 default and Z=0 no default. * Weakness no guarantee that the visualised default probabilities leave alone always lie betwixt 0 and 1 (theoretical flaw) Logit and Probit Models * Developed to overcome weakness of LPM. * Explicitly restrict the estimated range of default probabilities to lie between 0 and 1. * Logit as heartes probability of default to be logistically distributed. Probit assumes probability of default has a cumulative normal distribution function. Linear Discriminant Analysis * Derived from statistical technique called multiv ariate analysis. * Divides borrowers into high or low default take a chance classes. * Altmans LDM = most famous model developed in the late 1960s. Z 1. 8 (critical cling to), there is a high chance of default. * Weaknesses * all considers two extreme cases (default/no default). * Weights need not be stationary over time. 3. bracing Credit gamble E evaluation Models Newer models accept been developed use pecuniary theory and financial market data to make inferences about default probabilities. * Most relevant for evaluating loans to larger corporate borrowers. * Area of very brisk continuing research by FIs. Credit Ratings * Ratings change comparatively infrequently objective of ratings constancy. * yet chance when there is reason to believe that a long-run change in the companys creditworthiness has taken place. * S&P AAA, AA, A, BBB, BB, B and CCC * Moodys Aaa, Aa, A, Baa, Ba, B and Caa splices with ratings of BBB and above are considered to be investment grade Est imating Default Probabilities 1. Historical Data * Provided by rating agencies e. g. cumulative average default rates * If a company starts with a * faithful credit rating, default probabilities tend to increase with time. * Poor credit rating, default probabilities tend to decrease with time. * Default Intensity vs Un qualified Default Probability * Default intensity or hazard rate is the probability of default conditional on no earlier default. * Unconditional default probability is the probability of default as seen at time zero. Default intensities and unconditional default probabilities for a Caa rated company in the third social class * Unconditional default probability = Caa defaulting during the tertiary year = 39. 709 30. 204 = 9. 505% * Probability that Caa will survive until the end of year 2 = 100 30. 204 = 69. 796%. * Probability that Caa will default in 3rd year conditional on no earlier default = 0. 09505/0. 69796 = 13. 62% Recovery Rate * Usually defined as the price of the bandage 30 daytimes by and by default as a percent of its face value. * Recovery rate % = 1 LGD% * Ranking of bonds * Senior Secured * Senior Unsecured Senior Subordinated * Subordinated * Junior Subordinated Credit Default Swaps * Instrument that is very useful for estimating default probabilities is a CDS. * purchaser of the insurance obtains the right to sell bonds get alongd by the company for their face value when a credit event occurs and the seller of the insurance agrees to buy the bonds for their face value when a credit event occurs. * The add value of the bonds that chamberpot be exchange is kn protest as the CDS notional principal. * Total amount paid per year, as a percent of the notional principal, to buy protection is known as the CDS interruption. Buyer of the instrument acquires protection from the seller against a default by a particular company or country (the reference entity) * Example buyer pays a premium of 90bps per year for $100m of 5- year protection against company X. * Premium is known as the credit default spread. It is paid for the life of contract or until default. * If there is a default, the buyer has the right to sell bonds with a face value of $100m issued by company X for $100m. * Payments are greensly made quarterly in arrears * In the event of default, there is a final accrual payment by the buyer * Attractions of the CDS market Allows credit risks to be mete outd in the same way as market risks * Can be employ to transfer credit risks to a third party * Can be used to diversify credit risk Credit Indices * Developed to track credit default swap spreads. * Two important standard portfolios are * CDX NA IG, portfolio of maven hundred twenty-five investment grade companies in North America * iTraxx Europe, portfolio of 125 investment grade companies in Europe * Updated on March 20 and September 20 from each one year. * Example * 5 year CDX NA IG index is bid 165bp, offer 166bp. Quotes mean that a trader contribute buy CDS protection on all 125 companies in the index for 166 stand points per company. * Suppose an investor wants $800,000 of protection on each company. * The total approach is 0. 0166 x 800,000 x 125 = $1,660,000. * When a company defaults, the investor receives the usual CDS payoff and the y proterozoic payment is reduced by 1,660,000/125 = $13,280. * Index is the average of the CDS spreads on the companies in the underlying portfolio. design of Fixed Coupons * Increasingly CDS and CDS indices trade like bonds so that the periodic protection payments remain fixed. A coupon and a recovery rate is specified. * Quoted spread coupon, buyer of protection makes an initial payment. * Quoted spread coupon, seller of protection makes an initial payment. Credit Spreads * Extra rate of interest required by investors for bearing a particular credit risk. CDS Spreads and Bond Yields * CDS can be used to hedge a position in a corporate bond. * Example investor buys a 5 -year corporate bond ease offing 7% per year for its face value and at the same time enters into a 5-year CDS to buy protection against the issuer of the bond defaulting. CDS spread is 2% p. . Effect of the CDS is to convert the corporate bond to a riskless bond. If the bond issuer does not default, the investor earns 5% per year. If the bond issuer defaults, the investor exchanges the bond for its face value and this can be invested at the risk-free rate for the sell of the five years. The try-Free Rate * The risk-free rate used by bond traders when quoting credit spreads is the Treasury rate. * Traditionally used LIBOR/swap rate * radiation diagram market conditions risk free rate is 10bp less than the LIBOR/swap * disquieted conditions, the gap is much higher Asset Swaps Provide a direct estimate of the excess of a bond yield over the LIBOR/swap rate. * Example asset swap spread for a particular bond is quoted as cl basis points. 3 possible situations 1. Bond sells for its par value of 100. Company A pays the coupon and Company B pays LIBOR plus 150bp. 2. Bond sells below par, give voice 95. Company A pays $5 per $100 of principal at the outset. After that, Company A pays the coupon and Company B pays LIBOR plus 150bp. 3. Bond sells above par, say 108. Company B pays $8 per $100 of principal at the outset. After that, Company A pays the coupon and Company B pays LIBOR plus 150bp. therefore, the bow value of the asset swap spread is the present value of the cost of default. CDS-Bond Basis * CDS-Bond Basis = CDS spread minus the bond yield spread * Bond yield spread is usually calculated as the asset swap spread * Should be close to zero, but there are a turning of reasons why it deviates 1. Bond may sell for a price significantly different from par (above par = positive basis, below par = negative basis) 2. There is counterparty risk in a CDS (negative direction) 3. There is a cheapest-to-deliver bond excerption in a CDS (positive direction) 4.Pa yoff in a CDS does not include accrued interest on the bond that is delivered (negative direction) 5. Restructuring clause in a CDS contract may lead to a payoff when there is no default (positive direction) 6. LIBOR is great than the risk-free rate assumed (positive direction) Estimating Default Probabilities from Credit Spreads * Average hazard rate between time zero and time t * s(t) = credit spread, t = maturity, R = recovery rate * s = 240bps, R = 0. 40, hazard rate = 0. 04 = 4% Real World vs Risk-Neutral Default Probabilities * Real world = backed out of historic data Risk-neutral = backed out of bond prices or credit default swap spreads * Produce very different get outs. Why? * Corporate bonds are relatively illiquid * Subjective default probabilities of bond traders may be much higher than the estimates from Moodys historical data * Bonds do not default some(prenominal)ly of each other. This leads to systematic risk that cannot be diversified away. * Bond returns are hi ghly skewed with limited upside. The non-systematic risk is difficult to diversify away and may be priced by the market. * Use real world for calculating credit VaR and scenario analysis. Use risk-neutral for valuing for credit derivatives and PV of cost of default Option Models * Based on the idea that paleness prices can provide more up-to-date information for estimating default probabilities. * Employ pickax pricing methods e. g. KMV. * Used by many of the largest cants to superintend credit risk. Mertons Model * 1974 companys virtue is an option on the assets of the company. * Equity value at time T as max(VT D, 0) * VT is value of the firm * D is the debt repayment required * Option pricing model enables value of a firms equity today to be colligate to the value of its assets today and the volatility of its assets.Read also Recording General Fund Operating Budget and Operating TransactionsVolatilities * Equation together with the option pricing relationship enables valu e and volatility of assets to be determined from value and volatility of equity. Example * Company equity = $3m * Volatility of equity = 80% * Risk-free rate is 5% * Debt = $10m * Time to debt maturity = 1 year * Value of assets = $12. 40m * Volatility of assets = 21. 23% * Probability of default is 12. 7% * Market value of debt = $9. 40m * PV of payment is 9. 51 * Expected passing 1. 2% * Recovery rate 91% Use of Mertons Model to estimate real-world default probability (e. g. Moodys KMV) * get time aspect Calculate cumulative obligations to time horizon (D) * Use Mertons model to calculate a theoretical probability of default * Use historical data to develop a one-to-one mapping of theoretical probability into real-world probability of default. * Distance to default TOPIC 4B Credit Value at Risk Background * Credit risk is the risk of blemish over a certain time period that will not be exceeded with a certain confidence level. * Calculate credit risk to determine both restricti ve heavy(p) and economic capital. * Time horizon for credit risk VaR is often longer than that for market risk. Market risk usually one-day time horizon and then scaled up to 10 days for the calculation of regulatory capital. * Credit risk VaR, for instruments that are not held for trading, is usually calculated with a one-year time horizon/ * Historical simulation is the main as well asl used to calculate market risk VaR, but a more elaborate model is usually necessary to calculate credit risk VaR. * Key sight is credit correlation. Defaults (or downgrades or credit spread changes) for different companies do not happen independently of each other. * Credit correlation increases risks for a financial under social organization with a portfolio of credit exposures. approach * essential economic capital allocations against credit risk are based on banks estimate of their portfolios probability density function of credit losings. * Probability of credit losings exceeding some level , say X, is equal to the shaded area under the PDF. * A risky portfolio is one whose PDF has a relatively long, fat tail i. e. where there is a significant likelihood that actual losses will be substantially larger than pass judgment losses. * Target insolvency rate = shaded area under PDF to right of X * Allocated economic capital = X expected credit losses Expected vs Unexpected Credit loss Expected = amount of credit loss expected on credit portfolio over the chosen time horizon * Unexpected = amount by which actual credit losses exceed expected credit loss. Economic crownwork Allocation * Economic capital = estimated capital required to support credit risk exposure. * Process is similar to VaR methods used for allocation of capital for market risk. * Probability of unexpected credit loss exhausting economic capital is less than the banks target insolvency rate. * Target insolvency rate usually consistent with desired credit rating. * AA rating implies a 0. 3% chance of defau lt. guide enough economic capital to be 99. 97% certain that credit losses will not cause insolvency. * Based on two inputs 1. shores target insolvency rate 2. Banks estimated PDF for portfolio credit losses * Two banks with identical portfolios could commence very different economic capital for credit risk, owing to 1. Differences in attitudes to risk taking (reflected in target insolvency rates) 2. Differences in methods of estimating PDFs (reflected in credit risk models) Measuring Credit Losses * Credit loss = current value future value at the end of some time horizon. Precise definition of current/future values contingent on specific credit loss paradigm. * Current generation of credit risk models employ either of two conceptual paradigms 1. Default-Mode (DM) Paradigm * Most common. * Credit loss arises only if default occurs within the time horizon. * Two-state model only two outcomes, default and non-default. * If borrower defaults, credit loss = banks credit exposure pr esent value of future net recoveries (cash payments less workout expenses). * Current values are known but future values are uncertain. Estimate reefer probability distribution with respect to 3 fibers of random variables 1. Associated credit exposure 2. Indicator denoting whether facility defaults during planning horizon 3. In the event of default, the loss granted default (LGD). Unexpected losses approach * Assumption that PDF is well-approximated by mean and standard release. * Set capital at some multiple of estimated standard leaving of losses. * Requires estimates of expected and unexpected credit loss from default. * Expected loss (? ) depends on 3 key components 1. LGD = loss given default, expressed as a tenfold . PD = probability of default 3. EAD = expect credit exposure at default. * Standard deviation of portfolio credit losses * i = stand-alone standard deviation of credit losses from ith facility * i = correlation between credit losses from ith facility and those on the overall portfolio 2. Mark-to-Market (MTM) Paradigm * Credit loss can arise in response to decline in credit risk quality. * Multi-state model default is only one of several possible credit ratings a loan could migrate to over the horizon. * Credit portfolio marked to market at the beginning and end of planning horizon. Likelihood of a customer migrating from its current risk rating to any other category within the planning horizon is typically expressed in terms of a rating transition matrix. class = current rating Column = prob of migrating to another risk grade * Complex estimation need to estimate credit risk migrations at end of horizon as well as future credit spreads (risk-premium associated with end-of-period credit rating). * Two approaches 1. Discounted contractual cash flow (DCCF) approach 2. Risk-neutral valuation (RNV) approach an option valuation framework. In each methodology, a loans value is constructed as a discounted PV of its future cash flows. * arisee s differ mainly in how discount factors and yield spreads are estimated or calculated. TOPIC 5 OPERATIONAL RISK Overview * Definition the risk of loss resulting from in equal of failed internal processes, people and systems or from external events. * Harder to set and succeed operational risk than credit or market risk. * FIs make a conscious decision to take a certain amount of credit and market risk but operational risk is a necessary part of doing business. Operational risk has become a more significant issue as a result of * change magnitude use of highly automated technology and sophisticated systems * Growth of e-commerce * New wave of M&A * Increased risk mitigation techniques that may produce other risks * Increased prevalence of outsourcing * Over 100 operational loss events exceeding USD 100m since the end of the 1980s * Internal fraud * External fraud * Employment practices and workplace safety * Clients, products and business practices * Damage to physical assets * Bu siness disruption and system failures Execution, delivery and process focal point Regulatory Capital for Operational Risk * Three methods which represent a continuum of approaches characterised by increasing sophistication and risk sensitivity 1. Basic Indicator climb up (15% of crude income) 2. Standardised Approach (different % for each business line) 3. Advanced Measurement Approach 1. Basic Indicator Approach * KBIA=GI ? ? GI = average yearly gross income (net interest income + non-interest income) ? = 15% 2. Standardised Approach Bank activities divided into 8 business lines.Capital charge for each line is calculated by multiplying its gross income by the denoted beta. Total capital charge KTSA= (GI1-8 ? ?1-8) To qualify for use of this approach, a bank essential satisfy, at a minimum Its tabular array of directors and senior concern, as appropriate, are actively involved in the oversight of the operational risk oversight framework It has an operational risk management system that is conceptually run and implemented with integrity. It has equal resources in the use of the approach in the major business lines as well as the control and audit areas. 3.Advanced Measurement Approach (AMA) * Regulatory capital requirement is determined using the quantitative and qualitative criteria for the AMA. * Banks can only use this approach if their local regulators/supervisory authorities drive provided approval. * Qualitative Standards 1. Bank essential make believe independent operational risk management function that is responsible for the design and execution of banks operational risk management framework. 2. Banks internal operational risk measurement system must be closely integrated into the day-to-day risk management processes of the bank. 3.There must be regular reporting of operational risk exposures and loss experience to business unit management, senior management, and to the instrument panel of directors. 4. Banks operational risk managemen t system must be well documented. 5. Internal and/or external auditors must perform regular reviews of the operational risk management processes & measurement systems. * Quantitative Standards 1. Banks must demonstrate that its approach captures potentially severe tail loss events. 2. Required to calculate regulatory capital requirement as the sum of expected loss (EL) and unexpected loss (UL) 3.Must be sufficiently granular to capture the major drivers of operational risk. 4. Operational risk measurement system must include the use of internal data, relevant external data, scenario analysis and factors reflecting the business milieu and internal control systems. Distributions important in estimating potential operational risk losses 1. Loss frequency distribution * Distribution of number of losses observed during the time horizon (usually 1 year). * Loss frequency should be estimated from the banks own data as far as possible. One possibility is to assume a Poisson distribution on ly need to estimate an average loss frequency. 2. Loss severity distribution * Distribution of the surface of a loss given that a loss has occurred. * Based on both internal and external historical data. * Lognormal probability distribution is often used only need to estimate mean and SD. AMA * The two distributions above are combined for each loss type and business line to determine the total loss distribution. * Monte Carlo simulation can be used to combine the two distributions. Four elements specified by the Basel Committee 1. Internal Data Operational risk losses subscribe not been recorded as well as credit risk losses * Important losses are low-frequency high-severity losses * Loss frequency should be estimated from internal data 2. External Data * Data sharing or data vendors * Data from vendors * Based on macrocosmly available information biased towards large losses * Only be used to estimate the relative size of the mean losses and SD of losses for different risk catego ries. 3. Scenario Analysis * Aim is to generate scenarios covering all low frequency high severity losses * Can be based on both internal and external experience Aggregate scenarios to generate loss distributions 4. Business Environment and Internal manoeuvre Factors * Takes account of * Complexity of business line * Technology used * Pace of change * Level of oversight * Staff turnover rates Power integrity * Prob (v x) = Kx-a * Power law holds well for the large losses experienced by banks. * When loss distributions are aggregated, the distribution with the heaviest tails tends to dominate. This means that the loss with the lowest alpha defines the extreme tails of the total loss distribution. Insurance * Important decision re operational risk is the extent to which it should be insured against.Moral Hazard * Risk that the existence of the insurance contract will cause the bank to behave differently than it otherwise would. * Example a bank insures itself against robberies. As a result of the insurance policy, it may be tempted to be lax in its implementation of security measures making a robbery more likely than it would otherwise have been. * Solution * Deductible bank is responsible for bearing the first part of any loss * Coinsurance provision insurance company pays a predetermined region of losses in excess of the deductible. * Policy limit on total liability of the insurer.Adverse Selection * This is where an insurance company cannot distinguish between full(a) and ruffianly risks. * To overcome this, an insurance company must try to understand the controls that exist within banks and the losses that have been experienced. Sarbanes-Oxley * Sarbanes-Oxley Act passed in the US in 2002. * Requires age of directors to become much more involved with day-to-day operations. They must monitor internal controls to ensure risks are being tasked and handled well. * Gives the SEC the power to censure the board or give it additional responsibilities. A companys auditors are not allowed to carry out any significant non-auditing services. * Audit committee of the board must be made aware of alternative accounting treatments. * CEO and CFO must return bonuses in the event that financial statements are restated. TOPIC 6 LIQUIDITY RISK Overview * Liquidity refers to the ability to make cash payments as they become due. * Solvency refers to having more assets than liabilities, so that equity value is positive. Types of Liquidity Risk * Liquidity trading risk markets can become illiquid very quickly.Cannot unwind asset position at a fair price fire bargain prices. * Liquidity funding risk risk of being unable to service cash flow obligations. Liquidity call for are uncertain. Liquidity Trading Risk * Price received for an asset depends on * The mid market price * How much is to be sold * How quickly it is to be sold * The economic environment Bid-Offer Spread as a Function of Quantity * Dollar bid offer spread, p = Offer price Bid price * There is a spread which is constant up to some measurement. After a critical level (size limit of market makers), the spread widens.Proportional bid-offer spread= Offer price-bid priceMid-market price * toll of liquidation in normal markets i=1n12si? i * N is the number of positions, alpha is the position of the instrument, s is the proportional bid-offer spread for the instrument. * Spread widens if market is in stressed conditions. * Cost of liquidation in stressed markets i=1n12(? i+ i)? i * Mean and SD, lambda is required confidence level Liquidity Adjusted VaRLiquidity-Adjusted Stressed VaR VaR+i=1n12si? i VaR+i=1n12(? i+ i)? i Unwinding a Position Optimally (Two Options) Unwind quickly trader will face large bid-offer spreads, but the potential loss from the mid-market price moving against the trader is small. * Unwind over several days bid-offer spread each day will be lower, but the potential loss from the mid-market price moving against the trader is larger. Li quidity Funding Risk * Sources of fluidness * Liquid assets * Ability of macerate trading positions (funding risk and trading risk are interrelated) * Wholesale and retail deposits * Lines of credit and the ability to borrow at short notice * Securitisation * Central bank borrowing (lender of last resort) Basel III Regulation * Liquidity Coverage Ratio designed to make sure that the bank can survive a 30 day period of acute stress * Net Stable Funding Ratio a longer term measure designed to ensure that stability of funding sources is consistent with the permanence of the assets that have to be funded. Liquidity Black Holes * Occurs when most market participants want to take one side of the market and liquidity dries up. Positive and contradict Feedback Trading * Exacerbates the direction of price movements * Positive feedback trader buys after a price increase and sells after a price decrease. Negative feedback trader buys after a price decrease and sells after a price increase. * Positive feedback trading can create or accentuate a black hole. Reasons for Positive Feedback Trading * Computer models incorporating stop-loss trading. Stop-loss trading = discarding position to prevent further losses. * Dynamic hedging a short option position. Example if you have sold an option cover yourself by going long i. e. buy underlying asset when price rises and sell when price decreases. * Creating a long option position synthetically * Margin calls The Leveraging CycleThe Deleveraging CycleIs Liquidity Improving? * Spreads are narrowing but arguably the risks of liquidity black holes are now greater than they used to be. * We need more diversity in financial markets where different groups of investors are acting independently of each other. Principles for Sound Liquidity Risk counsel and Supervision (June 2008) * GFC regulators responded by undertaking a fundamental review of existing guidance of liquidity management and issued a revised set of principles on how ba nks should manage liquidity. Fundamental Principle for the Management and Supervision of Liquidity Risk 1.Sound management of liquidity risk robust risk management framework. Governance of Liquidity Risk Management 2. Clearly articulate a liquidity risk tolerance 3. Strategy, policies and practices to manage liquidity risk 4. Incorporate liquidity costs, benefits and risks for all significant business activities. Measurement and Management of Liquidity Risk 5. Framework for comprehensively projecting cash flows arising from assets, liabilities and OBS items. 6. Actively monitor and control liquidity risk exposures and funding needs within and across legal entities. 7.Establish a funding strategy that provides effective diversification. 8. powerfully manage intraday liquidity positions and risks to meet payment and settlement obligations. 9. Actively manage collateral positions. 10. Conduct stress tests on a regular basis. 11. Formal contingency funding plan (CFP) in case of emerge ncy. 12. Maintain a soften of unencumbered, high quality liquid assets in case of stress scenarios. Public Disclosure 13. Publicly disclose information on a regular basis The Role of Supervisors 14. Regularly perform a comprehensive assessment of a banks overall liquidity risk management framework. 15.Supplement point 14 by monitoring a combination of internal reports, prudential reports and market information. 16. Should intervene to require effective and timely remedial action to address liquidity deficiencies. 17. Should communicate with other regulators e. g. central banks cooperation TOPIC 7 CORE PRINCIPLES OF EFFECTIVE BANKING SUPERVISION Overview * Most important global standard for prudential regulation and supervision. * Endorsed by vast majority of countries. * Provides benchmark against which supervisory regimes can be assessed. * 1995 Mexican and Barings Crises Lyon Summit in 1996 for G7 Leaders. 1997 Document drafted and endorsed at G7 meeting. Final version presented at annual meetings of World Bank and IMF in Hong Kong. * 1998 G-22 endorsed * 2006 Revision of the Core Principles * 2011 Basel Committee mandates a major review, issues revised consultative paper. The Core Principles (2006) * 25 minimum requirements that need to be met for an effective regulatory system. * May need to be supplemented by other measures. * Seven major groups * Framework for supervisory authority Principle 1 * Licensing and structure Principles 2-5 * Prudential regulations and requirements Principles 6-18 *Methods of ongoing banking supervision Principles 19-21 * Accounting and disclosure Principle 22 * Corrective and remedial powers of supervisors Principle 23 * Consolidated and cross-border banking Principles 24-25. * Explicitly recognise * Effective banking supervision is essential for a strong economic environment. * Supervision seeks to ensure banks operate in a safe and sound manner and hold sufficient capital and reserves. * Strong and effective supervi sion is a public good and critical to financial stability. * While cost of supervision is high, the cost of poor supervision is even higher. Key objective of banking supervision * Maintain stability and confidence in the financial system * Encourage good corporate governance and call down market hydrofoil Revised Core Principles (2011) * Core Principles and assessment methodology merged into a single document. * Number of core principles increased to 29. * Takes account of several key trends and developments * Need to deal with systemically important banks * Macroprudential focus (system-wide) and systemic risk * Effective crisis management, recovery and resolution measures. Sound corporate governance * Greater public disclosure and transparency enhance market discipline. * Two broad groups 1. Supervisory powers, responsibilities and functions. Focus on effective risk-based supervision, and the need for early intervention and timely supervisory actions. Principles 1-13. 2. Pruden tial regulations and requirements. Cover supervisory expectations of banks, emphasising the importance of good corporate governance and risk management, as well as conformism with supervisory standards. Supervisory powers, responsibilities and functions 1.Clear responsibilities and objectives for each authority involved. Suitable legal framework. 2. Supervisor has operational independency, transparent processes, sound governance and up to(predicate) resources, and is accountable. 3. Cooperation and collaboration with domestic authorities and foreign supervisors. 4. Permissible activities of banks is controlled. 5. sagaciousness of bank ownership structure and governance. 6. Power to review, reject and impose prudential conditions on any changes in ownership or controlling interests. 7. Power to revere or reject major acquisitions. 8.Forward-looking assessment of the risk profile of banks and banking groups. 9. Uses appropriate range of techniques and tools to implement superviso ry approach. 10. Collects, reviews and analyses prudential reports and statistical returns. 11. Early address of grave and unsound practices. 12. Supervises banking group on consolidated basis (including globally) 13. Cross-border sharing of information and cooperation. Prudential regulations and requirements 14. Robust corporate governance policies and processes. 15. Banks have a comprehensive risk management process, including recovery plans. 6. Set prudent and appropriate capital adequacy requirements. 17. Banks have an adequate credit risk management process. 18. Banks have adequate policies and processes for the early identification and management of problems assets, and maintain adequate provisions and reserves. 19. Banks have adequate policies re concentration risk. 20. Banks required to enter into any transactions with related parties on an arms length basis. 21. Banks have adequate policies re country and transfer risk. 22. Banks have an adequate market risk management pro cess. 23.Banks have adequate systems re interest rate risk in the banking phonograph record. 24. Set prudent and appropriate liquidity requirements. 25. Banks have an adequate operational risk management framework. 26. Banks have adequate internal controls to establish and maintain a properly controlled operating environment for the conduct of their business. E. g. delegating authority and responsibility, separation of the functions that involve committing the bank. 27. Banks maintain adequate and reliable records, prepare financial statements in accordance with accounting policies etc. 8. Banks regularly publish information on a consolidated and solo basis. 29. Banks have adequate policies and processes e. g. strict customer due diligence. Preconditions for Effective Banking Supervision 1. Provision of sound and sustainable macroeconomic policies. 2. A well established framework for financial stability policy formulation. 3. A well developed public infrastructure 4. A clear framew ork for crisis management, recovery and resolution 5. An appropriate level of systemic protection (or public safety net) 6. Effective market discipline 001 IMF and World Bank Study on Countries Compliance with Core Principles * 32 countries are yielding with 10 or few BCPs * Only 5 countries were assessed as fully compliant with 25 or more of the BCPs. * Developing countries less compliant than locomote economies. * Advanced economies generally possess more robust internal frameworks as defined by the preconditions 2008 IMF Study on BCP Compliance * Based on 136 compliance assessments. * Continued work needed on strengthening banking supervision in many jurisdictions, particularly in the area of risk management. More than 40% of countries did not comply with the essential criteria of principles dealing with risk management, consolidated supervision and the abuse of financial services. * More than 30% did not possess the necessary operational independence to perform effective super vision nor have adequate ability to use their formal powers to take corrective action. * On average, countries in Western Europe demo a much higher degree of compliance (above 90%) with BCP than their counterparts in other regions. * Africa and Western Hemisphere weak. Generally, high-income countries reflected a higher degree of compliance. TOPIC 8 CAPITAL ADEQUACY Overview * Adequate capital better able to withstand losses, provide credit through the business cycle and help promote public confidence in banking system. Importance of Capital Adequacy * Absorb unanticipated losses and preserve confidence in the FI * entertain uninsured depositors and other stakeholders * Protect FI insurance funds and taxpayers * Protect deposit insurance owners against increases in insurance premiums * To acquire real investments in order to provide financial services e. . equity financing is very important. Capital Adequacy * Capital too low banks may be unable to absorb high level of losses. * C apital too high banks may not be able to make the most efficient use of their resources. Constraint on credit availability. Pre-1988 * Banks regulated using counterpoise sheet measures e. g. ratio of capital to assets. * Variations between countries re definitions, required ratios and enforcement of regulations. * 1980s bank leverage increased, OBS derivatives trading increased. * LDC debt = major problem 1988 Basel Capital Accord (Basel I) * G10 agree to Basel I Only covered credit risk * Capital / risk-adjusted assets 8% * Tier 1 capital = shareholders equity and retained earnings * Tier 2 capital = additional internal and external resources e. g. loan loss reserves * Tier 1 capital / risk-adjusted assets 4% * On-balance-sheet assets assigned to one of four categories * 0% cash and government bonds * 20% claims on OECD banks * 50% residential mortgages * 100% corporate loans, corporate bonds * Off-balance-sheet assets divided into contingent or guarantee contracts and FX/IR forward, futures, option and swap contracts. Two step process (i) derive credit equivalent amounts as product of FV and conversion factor then (ii) multiply amount by risk weight. * OBS market contracts or derivative instruments = potential exposure + current exposure. * Potential exposure credit risk if counterparty defaults in the future. * Current exposure cost of replacing a derivative securities contract at todays prices. 1996 Amendment * Implemented in 1998 * Requires banks to measure and hold capital for market risk. * k is a multiplicative factor chosen by regulators (at least 3) VaR is the 99% 10-day value at risk SRC is the specific risk charge Total Capital = 0. 08 x Credit risk RWA + Market risk RWA where market risk RWA = 12. 5 x k x VaR + SRC Basel II (2004) * Implemented in 2007 * Three pillars 1. New minimum capital requirements for credit and operational risk 2. Supervisory review more thorough and uniform 3. Market discipline more disclosure * Only applied to larg e international banks in US * Implemented by securities companies as well as banks in EU newspaper column 1 minimal Capital Requirements * Credit risk measurement * Standardised approach (external credit rating based risk weights) * Internal rating based (IRB) Market risk = unchanged * Operational risk * Basic indicator 15% of gross income * Standardised multiplicative factor for income arising from each business line. * Advanced measurement approaches assess 99. 9% worst case loss over one year. * Total capital = 0. 08 x Credit risk RWA + market risk RWA + Operational risk RWA Pillar 2 Supervisory Review * Importance of effective supervisory review of banks internal assessments of their overall risks. Pillar 3 Market discipline * Increasing transparency public disclosure Basel 2. 5 (Implemented 2011) * Stressed VaR for market risk * Incremental risk charge Ensures products such as bonds and derivatives in the trading book have the same capital requirement that they would if they were in the banking book. * Comprehensive risk measure (re credit default correlations) Basel III (2010) * Considerably increase quality and quantity of banks capital * Macroprudential overlay systemic risk * Allows time for smooth transition to new regime * Core capital only retained earnings and common shares * Reserves increased from 2% to 4. 5% * Capital conservation buffer 2. 5% of RWA * Countercyclical capital buffer * Tracing/monitoring of liquidity funding Introduction of a maximum leverage ratio Capital Definitions and Requirements * Common equity 4. 5% of RWA * Tier 1 6% of RWA * Phased implementation of capital levels stretching to Jan 1, 2015 * Phased implementation of capital definition stretching to Jan 1, 2018 Microprudential Features * Greater focus on common equity * Loss-absorbing during stress/crisis period capital conservation buffer * Promoting integrated management of market and counterparty credit risk. * Liquidity standard introduced introduced Jan 1, 20 15 Introduced Jan 1, 2018 Available Stable Funding FactorsRequired Stable Funding Factors Macroprudential Factors * Countercyclical buffer * Acts as a brake in good times of high credit growth and a decompressor to restrict credit during downturns. * Within a range of 0-2. 5% * Left to the discretion of national regulators * Dividends confine when capital is below required level * Phased in between Jan 1, 2016 Jan 1, 2019 * Leverage Ratio * Target 3% * Ratio of Tier 1 capital to total exposure 3% * Introduced on Jan 1, 2018 after a transition period * SIFIs * Required to hold additional loss absorbency capital, ranging from 1-2. 5% in common equity

Complex and Dynamic Business World

The care world has become more complex and more energising. think tools are designed for still environss. Therefore, planning should be aband wizardd. Please, comment on this rehearsal. 1035 Words 2 I. Introduction In todays increasingly dynamic and complex business world, it is important to decide whether to make use of and trust in planning tools or if unity should abandon them because they are made for more stable environss. This essay will give an overview of the planning tools and techniques that endure for taxing the environment. It will discuss the use of planning tools in a complex and dynamic business world.The statement that planning should be abandoned in a complex and dynamic business world will be discussed in the following. II. Main Body A plan describes the chosen solution to a puzzle and lists what has to be done to achieve the close (Landau, 2012). We can categorize planning into three crashs. During the first wear goals have to be defined. In the a tomic number 16 part the corresponding strategies have to be established. The third part focuses on finalising the plans. Managers use planning tools and techniques to help their organizations be more efficient and effective. (Robbins & Coulter, 2009) In a inconstant and dynamic environment managers should not rely on planning. They should use planning as an indicator of what could potentially happen in the future and consequently deform to restructure their organization in order to cope with market uncertainty. To do so, the managerial establishment has essential several techniques. One technique to assess the business environment is environmental scanning, which fundamentally consists of competitor intelligence and global scanning. Environmental scanning helps to foresee and decode changes in the environment via screening a diffuse of instruction.By applying this technique organizations are more likely to predict issues and concerns that could affect their current or planne d activities right. look into results show that organizations that use this technique have a higher performance (according to Robbins & Coulter, 2011, pp. 276f. ). One part of the environmental scanning is competitor intelligence. In this process organizations benefit information concerning their competitors. The information will be compiled by asking questions slightly their competitors such as Who are they? , What are they doing? and How will what they are doing affect us? . 3 Competitor intelligence experts suggest that 80 percent of what managers need to know about competitors can be found out from their own employees, suppliers, and customers. (Robbins & Coulter, 2011, p. 277) Although this statistic indicates that salt away competitor intelligence can be achieved done the utilization of an organisations extended network, competitor intelligence can be seen as a problematic subject as it often features a fine line between ethical and unethical.Another part of environmenta l scanning is global scanning, which is important for organizations with global activities. In a complex and dynamic environment managers broaden their view to gather global information. For instance, they can subscribe to information clipping services that revaluation world newspapers and business periodicals and provide summaries of desired information (Robbins & Coulter, 2011, p. 277). One can say that this technique is very suitable for an unstable and dynamic environment, because it helps to foresee the environment and consequentially helps to realign, if necessary, the organizational goals and plans.On the other hand, gathered information can be interpreted wrongly, which can trigger a chain-reaction from wrong forcasting to wrong goals and plans. A second technique to evaluate the environment is forecasting. Forecasting is a prediction of outcomes, which will help to identify events that will happen in the future. The common consent about this method is that is effective and time efficient. The ultimate goal of forecasting is to facilitate decision making through gathering information. There are two divergent forecasting techniques.One is quantitative forecasting, which is preferred when sufficient and wakeless data is given. It is based on historical data and tries to predict outcomes. The other one is qualitative forecasting, which uses individualized judgment and knowledge to predict outcomes. This technique is apply when hard data is limited or hard to gather. First, its important to understand that forecasting techniques are most accurate when the environment is not chop-chop changing. The more dynamic the environment, the more likely managers are to forecast in effectively. (Robbins & Coulter, 2011, p. 79) 4 However, forecasting lacks the ability to effectively predict events like recessions or the actions of competitors. That leads to the assumption that organizations shouldnt rely on a single forecasting method, nevertheless should use s everal models to be on the safer side. But the challenge for managers is to interpret and then follow up the information into the planning decisions. Finally organizations must remember that forecasting, as a marginal skill, can be trained and improved. A third technique to assess the environment is benchmarking.Benchmarking is a tool to improve an organizations performance by adapting outstanding practices from the top organizations within the environment. Studies curb the statement, that users have achieved 69 percent faster ripening and 45 percent greater productivity (Robbins & Coulter, 2011, p. 279) when using benchmarking. Benchmarking can be seen as a quartette bar approach. It starts with the forming of a benchmarking planning team. The second step continues with the gathering of information and external data. Thirdly, when all data is gathered the analysis to identify performance gaps takes place.The withstand step is the preparing and implementing of an action plan. ( Based on Y. K. Shetty, Aiming high agonistical Benchmarking for Superior Performance, Long Range Planning, February 1993, p. 42) Managers use benchmarking as a tool to approach the leading bit of their competitors without overtaking them. And if all organizations work inefficiently it wont be revealed. So this technique should not be followed in a dynamic environment, because it increases the likeliness that a manager will copy the mistakes others make.So one can say Plans serve as a road map, although the destination may change callable to dynamic market conditions (Robbins & Coulter, 2009, p. 170). III. Conclusion To sum up, one can say that planning is very helpful and necessary but it can be misleading. No matter how many planning tools managers use, they can lone(prenominal) plan effectively if they understand how planning in dynamic environment works. They have to keep in mind that planning should only be utilize as an indicator of what could potentially happen in the fu ture.I believe that planning should not be abandoned, but improved. 5 IV. References Robbins & Coulter, S. P. R. & M. C. , (2009). Planning. In Pearson International Edition (ed), Management. tenth ed. New Jersey Pearson Education, Inc.. pp. (133-174). Robbins & Coulter, S. P. R. & M. C. , (2011). Planning. In Pearson Global Edition (ed), Management. 11th ed. Pearson Education, Inc.. pp. (204-276). Prof. Dr. Christian Landau, Principles of Management, 24. Sep. 2012 (Session 2), EBS Universitat fur Wirtschaft und Recht, Oestrich-Winkelbuilding complex and Dynamic Business WorldThe business world has become more complex and more dynamic. Planning tools are designed for stable environments. Therefore, planning should be abandoned. Please, comment on this statement. 1035 Words 2 I. Introduction In todays increasingly dynamic and complex business world, it is important to decide whether to use and trust in planning tools or if one should abandon them because they are made for more stab le environments. This essay will give an overview of the planning tools and techniques that exist for assessing the environment. It will discuss the use of planning tools in a complex and dynamic business world.The statement that planning should be abandoned in a complex and dynamic business world will be discussed in the following. II. Main Body A plan describes the chosen solution to a problem and lists what has to be done to achieve the goal (Landau, 2012). We can categorize planning into three parts. During the first part goals have to be defined. In the second part the corresponding strategies have to be established. The third part focuses on finalising the plans. Managers use planning tools and techniques to help their organizations be more efficient and effective. (Robbins & Coulter, 2009) In a volatile and dynamic environment managers should not rely on planning. They should use planning as an indicator of what could potentially happen in the future and consequently try to r estructure their organization in order to cope with market uncertainty. To do so, the managerial establishment has developed several techniques. One technique to assess the business environment is environmental scanning, which fundamentally consists of competitor intelligence and global scanning. Environmental scanning helps to foresee and decode changes in the environment via screening a lot of information.By applying this technique organizations are more likely to predict issues and concerns that could affect their current or planned activities right. Research results show that organizations that use this technique have a higher performance (according to Robbins & Coulter, 2011, pp. 276f. ). One part of the environmental scanning is competitor intelligence. In this process organizations gather information concerning their competitors. The information will be compiled by asking questions about their competitors such as Who are they? , What are they doing? and How will what they are doing affect us? . 3 Competitor intelligence experts suggest that 80 percent of what managers need to know about competitors can be found out from their own employees, suppliers, and customers. (Robbins & Coulter, 2011, p. 277) Although this statistic indicates that collecting competitor intelligence can be achieved through the utilization of an organisations extended network, competitor intelligence can be seen as a problematic subject as it often features a fine line between ethical and unethical.Another part of environmental scanning is global scanning, which is important for organizations with global activities. In a complex and dynamic environment managers broaden their view to gather global information. For instance, they can subscribe to information clipping services that review world newspapers and business periodicals and provide summaries of desired information (Robbins & Coulter, 2011, p. 277). One can say that this technique is very suitable for an unstable and dynamic environment, because it helps to foresee the environment and consequentially helps to realign, if necessary, the organizational goals and plans.On the other hand, gathered information can be interpreted wrongly, which can trigger a chain-reaction from wrong forcasting to wrong goals and plans. A second technique to evaluate the environment is forecasting. Forecasting is a prediction of outcomes, which will help to identify events that will happen in the future. The common consent about this method is that is effective and time efficient. The ultimate goal of forecasting is to facilitate decision making through gathering information. There are two different forecasting techniques.One is quantitative forecasting, which is preferred when sufficient and hard data is given. It is based on historical data and tries to predict outcomes. The other one is qualitative forecasting, which uses personal judgment and knowledge to predict outcomes. This technique is used when hard data is limited or hard to gather. First, its important to understand that forecasting techniques are most accurate when the environment is not rapidly changing. The more dynamic the environment, the more likely managers are to forecast ineffectively. (Robbins & Coulter, 2011, p. 79) 4 However, forecasting lacks the ability to effectively predict events like recessions or the actions of competitors. That leads to the assumption that organizations shouldnt rely on a single forecasting method, but should use several models to be on the safer side. But the challenge for managers is to interpret and then implement the information into the planning decisions. Finally organizations must remember that forecasting, as a marginal skill, can be trained and improved. A third technique to assess the environment is benchmarking.Benchmarking is a tool to improve an organizations performance by adapting outstanding practices from the top organizations within the environment. Studies verify the statement, that u sers have achieved 69 percent faster growth and 45 percent greater productivity (Robbins & Coulter, 2011, p. 279) when using benchmarking. Benchmarking can be seen as a four step approach. It starts with the forming of a benchmarking planning team. The second step continues with the gathering of information and external data. Thirdly, when all data is gathered the analysis to identify performance gaps takes place.The last step is the preparing and implementing of an action plan. (Based on Y. K. Shetty, Aiming high Competitive Benchmarking for Superior Performance, Long Range Planning, February 1993, p. 42) Managers use benchmarking as a tool to approach the leading position of their competitors without overtaking them. And if all organizations work inefficiently it wont be revealed. So this technique should not be followed in a dynamic environment, because it increases the likelihood that a manager will copy the mistakes others make.So one can say Plans serve as a road map, although the destination may change due to dynamic market conditions (Robbins & Coulter, 2009, p. 170). III. Conclusion To sum up, one can say that planning is very helpful and necessary but it can be misleading. No matter how many planning tools managers use, they can only plan effectively if they understand how planning in dynamic environment works. They have to keep in mind that planning should only be used as an indicator of what could potentially happen in the future.I believe that planning should not be abandoned, but improved. 5 IV. References Robbins & Coulter, S. P. R. & M. C. , (2009). Planning. In Pearson International Edition (ed), Management. 10th ed. New Jersey Pearson Education, Inc.. pp. (133-174). Robbins & Coulter, S. P. R. & M. C. , (2011). Planning. In Pearson Global Edition (ed), Management. 11th ed. Pearson Education, Inc.. pp. (204-276). Prof. Dr. Christian Landau, Principles of Management, 24. Sep. 2012 (Session 2), EBS Universitat fur Wirtschaft und Recht, Oestrich -Winkel

My Road to Success Essay

My Road to Success Many people believe that natural ability is of pivotal importance for mastery while others conclude that hard fail is the key factor. However, the person, who has a gift of ability but lack of experience gains from hard- fiddleing, may not succeed. In my opinion hard work is relieve more important as it helps us to attain the higher levels than what lazy individuals with special ability can aim. Natural ability does benefit us a lot in order to achieve success in life.Individuals, whose special abilities, do not have to study much to have subjective skills that are needed for their success. For example, math geniuses are able to do math problems easily at school with bring out spending much time doing homework. People who have acute intelligence in the business field can drive their firms to gain more profits while others have to struggle to get out of debts. Obviously, natural ability facilitates our ways to success while we do not have to suffer much.Howeve r, in order to attain success, hard work is still much more important. As skills can be learned, through hard work, we are possibly able to gain new essential skills that we are not born with. For example, behind the success of famous reporters, they have to spend hours of practicing to communicate. The more they practice, the more influent they talk and as a result, they can convey their ideas at ease on television. Moreover, mere natural ability cannot guarantee us success.If a person has exceptional ability but is always lazy and loth to work, his ability is likely not to be discovered and remains meaningless. On the other hand, people who always strive for new things are able to be exposed to new opportunities, which can drive them to more success. In short, though natural ability can facilitate us a lot, hard work is always the most crucial part to success. If we work diligently, we not only have new skills but also have more opportunities to achieve success in life.

Old Town Embark in Australia Essay

1.0 Introduction of business in Malaysia grizzly Town blank Coffee business is chosen for implementing its subsidiaries in other country by means of globalization. The store itself as a restaurant selling food and beverages are focused, scarce not their products of instant coffee (although the product will be exchange in Australia in the store too, but the store is what we should focus on). Old Town white Coffee is established and incorporated in 1999 but unfastened its first chain of outlets in 2005. The business is eer in leading position after its success and in 2012 it is still proudly the biggest kopitiam restaurant in Malaysia (Old Town, 2013). Kopitiam hindquarters be defiend as a coffee shop which the word kopi is a Malay word that has the meaning of coffee while the word tiam is the Hokkien emphasis word for a shop.The outlets of Old Town White Coffee are based on the traditional Ipoh coffee shop setting. The business expanded promptly in the years and its outlets are available in nationwide Malaysia including all(prenominal) the states. Each state has lots of outlet and mainly the most of them is Penang, fol number oneed by Selangor and Kuala Lumpur. later(prenominal) it expands to the stores in both Singapore and Indonesia. In 2009, there are around 1348 over retail outlets available in Malaysia, 550 in Singapore and 2100 in Hong Kong (Old Town, 2013).Old Town White Coffee operates mainly in selling coffee such as Nayang Kopi O and Nayang Kopi C and most importantly its signature drinks Ipoh White Coffee, but the business is also available in other beverages that are common in Malaysia such as Old Town White take out Tea, Old Town Cham and Old Town Enriched Chocolate. Other than the beverages, there are both(prenominal) classic dishes like Old Town Nasi Lemak Special, Mee Java, Old Town Mee Hoon, teetotal Curry Mee, Old Town Assam Laksa, Old Town Lum Mee, Old Town Ipoh Chicken Hor Fun and etc (Old Town, 2013). at that place are some local favorites and sweet entertain such as Kaya and Butter toast and Old Town Signature Ice Cream. These food and beverages are all local food and beverages that are hot among the Malaysians.Old Town White Coffee can be said as successful as it grow from a small business to a large corporation nowadays, and it is wellspring known in Malaysia. Since the market in Malaysia is matured it should have try to expand its business in the other countries and it is prove in both Singapore and Indonesia by its revenue and time they survived. Old Town White Coffee is well prepared to access to the world through and through globalization and try to dominate the market available to them.2.0 PESTLE factors of country selected Pestle factors is a framework of macro-environmental factors which to be used in strategic concern environmental scanning component. Political factor, economic factor, social factor, technological factor, environmental factor is included in Pestle (Byars, 1991).2.1 Pol itical factorThe factor includes rationality virtually the policy-making system, and some key figures that are relevant to administration indicators and the business in the country (Jan, 2002). Trading policies in Australia with its neighbor countries is level-headed and in favorable condition. Pressure groups in Australia will let new business to consider and practice Corporate Social Responsibility and Ethics. Australia political environment can be consider as sound as it does not involve in any form of war inside or outside the country. Besides, the government of Australia is work in the policy that encourage international businesses to invest in. Political environment in Australia is sound, as there are voting elections held in each 3 years (Australia profile, 2007). However when new government is formed there might be revising the regulations of business.2.2 Economic factorThe factor provides understanding about the economic story of the country that gives significant mac ro-economic issues a balanced assessment (Jan, 2002). In Australia the economy is facing a recession, with 2-3% inflation rate and approximately 6% unemployment rate. Sales tax, progressive income tax, corporate tax rate and etc are implied on Australia. It is very competitive for the corporate tax rate in Australia comparing to some major economies. The climate in Australia is pleasant and favorable for businesses. Other than that, Australia trade focused more(prenominal) in Asia and some pacific countries. The interest rate in Australia is approximately 3% and is favorable for investors as the business can be finance in a lower represent.2.3 Social factorThe factor deals with guest demographics involves income distribution, healthcare, educational scenario, rural-urban segmentation and centers of affluence (Jan, 2002). The media in Australia has a great impact on the peoples life.99% of the population in Australia is educated. Quality goods are more favorable among them as they are all highly educated. Religious are pretty diversified in Australia and there is a small percentage of them do not take beef, and small percentage of them is vegetarians. Other than that there is also Muslim that does not take pork. Furthermore, the Australian has high buying power which is good for trading over there (Australia profile, 2007).2.4 Technological factorThe factor enables understanding of strategic information on technological fairnesss and policies, patents, technology and telecom, technological gaps and opportunity sectors in the country (Jan, 2002). There is a number exceeding $30 million of current value of intellectual property in Australia (Australia profile, 2007). The transportation infrastructure of Australia is well formed in the country and the business can serve their customer in a best way through transportation.2.5 Legal factorThe factor enables study of legal structure, laws to start a business, corporate laws and the tax regime (Jan, 2002). Austral ia uprightness system is not binding but influential to each other. Law is passed by the Parliaments and both common law and equity, and constitutional and statute law are used. There are Australia copyright law and Australian contract law which governed the businesses trading in Australia.2.6 Environmental factorThe factor is considering the countrys performance on environmental policies and indicators (Jan, 2002). Australia is a country that supports environmental protection. When the business is operated in Australia, there should be assumption of no negative impact on the environmental issues and Australia campaign regarding environmental issues should be supported.3.0 Benefits, Cost and Risks in the business endeavourTo invest a business, there are always benefits the business can earn and there are also be whether high or low the business has to pay off. When there is an investment of business there are always risks associated with.The benefits of implementing Old Town stor es in Australia involves providing food and beverages that are local, Malaysian demeanor to those students who are studying in Australia, or some Malaysian that has immigrated to Australia. Instead of Malaysian, Singaporean, Indonesian and Bruneian are also widely available in Australia. They always seek Chinese foods that are unavailable in Australia but in the only street, Chinatown. Opening stores in Australia will definitely have a prosperous welcome of them. Other than that, through this the culture in Malaysia, the local delights of Malaysia can be spread to Australia through this method. As there are the needs from those students and immigrated Malaysian, Singaporean, Indonesian and Bruneian, opening Old Town stores in Australia will make profit.However, the cost of opening stores of Old Town White Coffee in Australia is not moth-eatenjack as there are a need of large capacity for the resources including raw materials, labor forces, and etc. Moreover, the raw materials an d labor forces in Australia is not cheap therefore the costs is highly expensive. Other than that, Old Town White Coffee has exported its 3 in one instant Old Town White Coffee worldwide therefore in this time they have to implement their store which is the restaurant selling food. This made them cannot have it to be done merchandise but the other form of method of entry. This made the costs higher.When there are higher costs there are always associated with higher risks. However, a higher risk always gives a higher return. Investments are like gambling all the time. There should have appropriate strategic management assessing all the risks and see whether it is worth it to invest. It is definitely worth it to invest when there are already customer sources. However, the people are distributed in various places, to cut cost there have to be less opening of stores and this will make the people cannot access to the stores and therefore less customers. Other than that, the Australian m ight not like Old Town food and beverages due to different tastes.4.0 Proposed Method of Entry The proposed mode of entry is the types of entry modes that to enter into foreign market which is spilt up to two major types of entry modes which are equity and non-equity mode. Equity modes involve joint venture and wholly owned subsidiaries while non-equity modes involve export and contractual agreements. The entry methods are not similar and differ in degree of risk they present, the resource commitment and control they required and the investment return they announce (Agarwal & Ramaswami, 1992). The decision on what method chosen to enter a foreign will have a significant impact on the results therefore it should be careful when doing the selections.As it is a restaurant and caf based store it is impossible for Old Town White Coffee to enter the Australia market through exporting. There should be a try of contractual agreements like licensing and franchising, joint venture or direct investment which wholly owned the subsidiaries. In our view, as the costs are very high to invest in Australia and high risks associated in it, contractual agreement should be chosen as this method has provided the least of risks and costs other than exporting among all the choices of methods of entry.The advantages of licensing and franchising include minimizes risk and investment, having the ability of circumventing trade barriers, speed of entry, and high return on investment. Furthermore, there are low political risks, low costs and simultaneous expansion is allowed across the world. In an opposite way, the disadvantages of licensing and franchising involve lack of control of assets use, and the licenses or franchises might become a rival later, the knowledge of the business is spillovers and the time period of license and franchise is limited. There might be wrong candidate of franchiser or licensor that ruin the business identify or reputation (Agarwal & Ramaswami, 1992).Over all, there should have a use in licensing and franchising when there are import and investment barriers that are high but it is not appropriate in Australia as it is low in Australia. Other than that, there is no possible protection of legal in Australia environment which made licensing and franchising throw out not appropriate. However, there are large cultural distance and low potential of sales in Australia that estimated therefore using licensing and franchising is appropriated. Other than that is has to be assured that the licensee and franchisee has less ability to turn up to be a competitor. Old Town White Coffee should try joint ventures and direct investment but for cost and risk minimizing, they will have to choose licensing and franchising.

Corcentric Announces

discipline Announces 2014 Scholarship Program Winner 1888 Press Release Correction, a guide provider of accounts payable automation and electronic Invoice Eng solutions, today announced that It has awarded Its annual Accounting packet School rashly to Kathleen Bells, of Battle Ground, WA. MCLEAN, VA Ms. Bells, who wrote the winning essay, addresses the following question posed by Correctly. Today, with online banking, debit cards, and pontifical payments, managing your person al finances may seem easier. But with no actual cash changing hands, tracking your account balances become sees increasingly important?If you were teaching a course on managing personalized finances, using your own experiences as an example, how would you instruct your students to take charge and manage their final once in effect? In her response, Ms. Believe discusses the challenges of effectively managing her peers Anal finances, while also balancing school and her home life. She explains, What I have pe rsonally found useful LU is to keep my receipts, set rules for spending limits, and to set a weekly alarm to sit down and review my sac aunt. She discusses the sessions she has learned through her personal experiences and how they could be he Full in teaching other students the importance of effectively managing their own personal finances. The Correction Accounting Software Scholarship was created to help offset the increase singly heavy cost of college and is circulate to all currently enrolled full time college freshmen, sophomores, and Juniors, as well as college bound, U. S. High school seniors. Correcting give thanks all the participants who submitted essays and wishes them well n their endeavors.About Correctly For more than 15 years, Cornstalks cloud based financial cover automation solutions have revolutionized how the worlds largest organizations manage and protect their financial assets. By c neglecting best practices with deep expertise, Cornstalks object breaking Ac counts Payable and Accounts Receivable automation solutions have enabled organizations to reduce costs, streamline processes, and Provo Did unmatched visibility executives get hold of to make critical business decisions. Learn more at http//www. Correction. Com or call 888. 525. 7677.

Beautiful Beach

The school holidays has finally arrived, my parents afford immovable to bring me and my little brother, Shepherd to go on a vacation at (Beach name). We have already planned this trip a few months ago and have done all our preparations. We were very demented to go on this trip because we have not went on a family trip since I was 12. We have brought foods such as rice, chicken, snacks, and drinks like Coke or Juice. We also brought some equipment to prepare the foods. I would neer forget my fishing rod, because there is a good area for fishing.We left our house at 2 in the afternoon ND the Journey to the edge took approximately an hour , therefore we arrived at the beach at 300 P. M. It was very fun on the way to the beach. My brother and I looked out the window and check out the crossroadss and the view there during the Journey. I would request to stop for a while to force back some pictures of a beautiful view. We enjoyed looking at the traditional houses, green farms, and a river connecting to the sea. A village close to the beach sells unclouded seafood. My mother stopped by there to buy some fresh seafood there such as shrimp, crab, and fishes to prepare our early dinner at the each.Upon our arrival, we looked for good spots at the beach, because it would be very crowded on weekends or holidays. We selected a chill out place under the trees, and broaden a mat on the white sand. The wind that blew through the trees softly made the weather cool and pleasant. Peace came into my heart when I looked at the very beautiful long white sand. People were performing all sort of games on the beach for instance they played volleyball. Some of them swam in the shallow sea. at that place were some kids that were trying to build a sand castle. Everybody looked happy at that time.

Book Review: Fyodor Dostoyevsky’s Crime and Punishment

Crime and Punishment Novel Responses He was so immersed in himself and had isolated himself so oftentimes from every atomic number 53 that he was afraid non solo of confluence his landlady precisely of meeting any champion at all told(a) told(prenominal). He was crushed by p everyplacety besides change surface his push circumstances had lately ceased to burden him. By portraying the booster shot as an individual who is acquittance by major hapless, Dostoevsky allows the audience to establish that Raskolnikov is beginning to detach and isolate himself from the world, olibanumly allowing the audience to under radical his executes subsequent on in the novel.The second fourth dimension creates a sense of apathy because still though he is crushed by poverty, the circumstances that he faces ceased to burden him. Raskolnikov had a terrible imagine To sh egresss of Giddap the small- pointed m ar starts pulling with all her might, simply she rump scarcely ma firepluge a slow walk, much(prenominal)(prenominal) less a gallop Take an axe to her Finish her off fast, sh places a third The nag stretches out her muzzle, heaves a dim sigh, and dies Papa What did they kill the poor horse for Raskolnikov sobs, but his breathing time fails, and the words burst equivalent cries from his straining chest.Chindasook2 Dostoevsky uses the story of the murder of the horse to foreshadow the oncoming fierceness that leave behind happen later on in the novel. The author films this scene to be very computer graphic by using imagery, and this accentuates the concept of guilt that Raskolnikov feels most grantting a horror, on that pointfrom suggesting that it is non his character to be violent, however the damage that he has encountered has driven him to the point of violence. Kill her and take her bills, so that afterwards with its overhaul you can devote yourself to the service of all macrocosmkind and the common cause Of course, she doesnt deserv e to be a h antiquatedish, Raskolnikov overheard this conversation between men in a bar, which shows that it isnt a coincidence as he was wishwise contemplating doing a similar act himself. This conversation allowed Raskolnikov to create to a greater extent of a reason for him to bear take down the crime as he immediately deals that he is non the moreover one that considered this. Dostoevsky uses this to accentuate the protagonists eagerness to carry out actions in which he believes atomic number 18 appropriate, even if it is morally and licitly wrong. Here a strange thought came into his head whitethornbe all his clothes were covered ith blood, perhaps there were stains all over them, and he exactly did not retrieve, did not notice them, because his reason was failing, going to pieces his mind darkening Doestoevsky uses a limited omniscient bank clerk to convey Raskolnikovs deteriorating state of mind and total into insanity. By displaying Raskolnikovs thought pr ocess, Doestoevsky is able convey the overwhelming guilt that is clouding Raskolnikovs mind. The author depicts the frantic nature in which Raskolnikov sees himself indeed portraying a sense of paranoia and the burden of the crime in which he committed.Chindasook3 Where was it, Raskolnikov thought as he walked on, where was it that I read astir(predicate) a human beings condemned to death saying or regaining, an hour beforehand his death, that if he had to decl atomic number 18 some(prenominal)where high up on a cliffside, on a ledge so narrow that there was room only for his both feetand with the abyss, the ocean, eternal darkness, eternal solitude, eternal storm all somewhat himand had to stay interchangeable that, on a squargon foot of space, an entire flavourtime, a thousand years, an eternityit would be better to fit so than to die secure straightwayOnly to live, to live, to live To live, no matter howonly to live The author portrays the internal meshing that R askolnikov is experiencing about whether or not to fink through with(predicate) the apposition of flavour and death. Dostoevsky uses the fable of the man on the ledge to depict an image of how Raskolnikovs life would turn out to be if he holds on to his secret.However, the epistrophe of the evince to live enunciates the internal conflict that the protagonist is experiencing as he would rather live a life of depression and guilt over choosing death, but he is incessantly trying to free himself from this guilt, thus creating an internal conflict as he can clean uply barelyify confessing, but is terrified of death and therefore tries to convince himself to choose to live. Raskolnikovs eyeball were flashing he became terribly pale his upper lip twitched and began to tremble. He leaned as about to Zamyotov as he could and began moving his lips without uttering anything this went on for half a minute or so he was awake of what he was doing, but could not stop himself. A terr ible word was trembling on his lips, give care the hook on that door an new(prenominal) snatch and it would jump out some different scrap and it would let go another moment and it would be spoken Chindasook4Anaphora and Parallelism are employ to intensify Raskolnikovs thought process and accentuate the protagonists inability to control his feelings about the murder whilst discussing the issue. Raskolnikov makes it clear throughout the conversation that he has a with child(p) inte lodge in this issue, qualification it appear that he is on the verge of confession. The parallelism through the use of semi colons accentuate that Raskolnikov is aware that he may be at risk of confessing as his desire to be free of this guilt overwhelms him.Dostoevsky similarly uses ep anaphora through the musical phrase another moment to make headway enunciate Raskolnikovs uncontrollable breathe in to confess as it watch overs coming up in his mind. Pride and self-confidence were growing in hi m every moment with each succeeding moment he was no durable the man he had been the moment before. What special thing was it however, that had so cancelled him a orotund? He himself did not know same a man clutching at a straw, he suddenly fancied that he, too, could live, that there alleviate was life, that his life had not died with the old crone. It was perhaps a rather hasty conclusion, but he was not idea of that, Dostoevsky uses words such(prenominal) as self confidence and pride to suggest how Raskolnikov has developed a sense of confidence that volition help him outperform his desire to confess. The protagonist is s process battling internal conflict, but encounters a moment of pellucidness after Marmeladovs death, which makes him real(a)ise that his desire to live overpowers his will to confess, thus creating a tone of swear. Chindasook5 non that he understood it, but he sensed clearly, with all the power of sensation, that it was no longer accomplishable fo r him to administer these people in the police station, not only with heartfelt effusions, as he had just done, but in any way at all, and had they been his own brothers and sisters, and not police lieutenants, there would still possess been no point in this addressing them, in whatsoever circumstances of life This cite illustrates Raskolinovs sudden realisation that that feature that he has murdered Alyona and Lizaveta, he has isolated himself from society as the bounce that formerly kept him tied to the tranquillity of society has been over stepped. Furthermore, this quote suggests that Raskolinov displays no empathy for those around him as he was able to carry out the murders. The accompaniment that it as no longer possible for him to address the people in the police station solidifies his isolation and suggests that guilt has overcome him at this point. What came of it was that I tore my caftan in two, shared it with my neighbor, and we were twain leave half naked, in accordance with the russian dictum which says if you chase several hares at once, you wont overtake any of them. But science says bonk yourself before all because everything in the world is based on self-inte residuum. If you love only yourself, you will post your affairs up properly, and your caftan will in any case remain in one piece. And economic truths adds that the more properly arranged personalised affairs and, so to speak, integral caftans there are in society, the firmer its foundations are and the better arranged its common cause.It follows that by aqcuiring solely and exclusively for myself, I am thereby hardly acquiring for everyone, as it were, and working so that my neighbor will have something more than a bust caftan, not from private, isolated generosities now, but as a result of oecumenic prosperity Chindasook6 Through the juxtaposition between Luzhins egotism and Raskolnikovs attempt to become selfless, the author implies that the reason the two do not ge t along is referable to their different fundamental morals. Luhzins true intentions of marrying Dunya is revealed to be simply out of self-interest, whilst Raskolnikovs immoral murder was for the spaciouser good of others, thus opposing Luzhins morals.Raskolnikov is hesitating in his own beliefs, therefore Luzhin causes him to further precariousness his morals, and thus leading him to doubt whether or not the murder could be justified as a selfless act. what can I tell you? I have known Rodion for a year and a half sullen, gloomy, arrogant, elevated recently (and maybe much earlier) insecure and hypochondriac. Magnamious and kind. Doesnt like voicing his feelings, and would rather do something cruel than speak his heart out in words. At times, however, hes not hypochondriac at all, but just inhumanely cold and callous, as if there really were two opposite eccentric persons in him, changing places with each other Dostoevsky further develops Raskolnikovs inner conflict through th is conversation between his fetch, sister and Razumikhin.The internal conflict has now become apparent to his friend as he explains the juxtaposition inwardly Raskolnikovs personality, which shocks his family as it becomes evident that he was not always this way, implying that his split personality was brought on by the guilt and conflicts from the murder. Chindasook7 The old woman was nearly a sickness I was in a hurry to step over it wasnt a human being I killed, it was a principal So I killed the principle, but I didnt step over, I stayed on this side All I managed to do was kill. And I didnt even manage that, as it turns out A principle? Why was that little overhear Razumikhin abusing the socialists today?Theyre hardworking, commercial people, concerned with universal happiness No, life is given to me only once, and neer will be once again I dont demand to sit waiting for universal happiness, I want to live myself otherwise its better not to live at all Dostoevsky uses the point of view of a first person narrator to portray Raskolnikovs need for plea of his murder in order to find inner peace. The protagonist has been at constant debate about whether or not he has performed a justified action. He manages to convince himself that by murdering the principle and not the person, he did not step over the morals that he strongly believes in as he was only doing it for the greater good of others.Dostoevsky allows the audience to catch Raskolnikovs thoughts so that they can feel that Raskolnikov has at long last been able to let go of a part of the inner turmoil that has overcome him throughout the novel. allow him, let him walk around meanwhile, let him I know all the equal that hes my dear little victim and that he wont phlebotomise away from me Where is he going to run to, heh, heh What is it, to run away A mere formality thats not the main thing no, he wont run away from me, not just because he has nowhere to run to psychologically he wont run away from me, heh, heh A nice little phrase He wont run away on me by a law of nature, even if he has somewhere to run to.Have you ever seen a moth near a candle? Well, so hell keep circling around me, circling around me, as around a candle freedom will no longer be dear to him, hell fall to look ating, get entangled, hell tangle himself all up as in a net, hell worry Chindasook8 himself to death Whats more, he himself will prepare some sort of mathematical trick for me, something like two times two-if I merely allow him a slightly longer intermission And hell keep on, hell keep on making circles around me, narrowing the radius more and more, and-whop Hell fly right into my mouth, and Ill swallow him, sir, and that will be most agreeable, heh, heh, heh Dostoevsky utilises Porfirys monologue to suggest that Porfiry knows that Raskolnikov is the killer and that the way to make him confess is to mess with his mind. The metaphor of the moth symbolises how Porfiry believes that Raskolniko v will eventually worry himself to death which will ultimately lead to a confession. Furthermore, Dostoevsky uses anaphora ( hell keep circling around me) to symbolise the various times that both have discussed about the murder, and that Raskolnikov has thought about confessing many times but hasnt gone through with it nonetheless. deity will forgive, Raskolnikov replied, and as in short as he uttered it, the tradesman bowed to him, not to the ground this time but from the waist, turned slowly, and walked out of the room. Everythings double-ended, now everythings double ended, Raskolnikov kept repeating, and he walked out of the room more cheerful than ever. The struggles not over thus far, he said with a spiteful grin, on his way down the stairs. The spite was directed at himself with scorn and shame he checked tail on his faintheartedness Raskolnikov is confused and does not know how to react to Nikolais confession to a murder that he didnt commit. The juxtaposition of the spi teful grin accentuates how Raskolnikov feels that the right thing to do is to confess and therefore this dapple where he is no longer suspected makes him feel relieved but ashamed of his faintheartedness.The phrase the struggles not over yet enunciates how he still cant handclasp the feeling of guilt and realises Chindasook9 that even though he was not convicted now, there is still a great possibility of him being convicted in the future as he is unable to live with the guilt and burden. I did not kill so that, having obtained agency and power I could become a bene accompanimentor of mankind. trumpery I simply killed-killed for myself, for myself alone-and whether I would later become anyones benefactor, or would spend my life like a spider, catching everyone in my web and sucking the life-sap out of everyone, should at that moment have do no remainder to meAnd it was not money above all that I wanted when I killed, Sonya not money so much as something else I know all this now Understand me perhaps, go along on the same path, I would never again repeat the murder. There was something else I wanted to know something else was nudging my arm. I wanted to find out then, and find out quickly, whether I was a louse like all the rest, or a man? Would I be able to step over or not? Would I dare to reach down and take, or not? Am I a trembling creature or do I have a right Dostoevsky uses a simile to compare Raskolnikovs life with that of a spiders to allow Raskolnikov to realise that the real reason behind the murders.By having Raskolnikov confess to Sonya, the author enunciates the root word of Raskolnikov murdering for himself instead of the greater good of others as he initially told himself that he had murdered the pawn lady for her money, but hasnt ever thought about the money once. Dostoevsky adds many elipses to show the protagonists train of thought in which he hasnt in full understood why he did those things. Ultimately, Raskolnikov now realises t hat he does not have the right to murder another individual, contrary to his previous beliefs, and that he finally knows that his actions were more selfish than he wanted them to be. Chindasook10 How it happened he himself did not know, but suddenly it was as if something lifted him and flung him down at her feet.He wept and embraced her knees. For the first moment she was terribly frightened, and her whole face went numb. She jumped up and looked at him, trembling. But all at once, in that same moment, she understood everything. countless happiness lit up in her eyes she understood, and for her there was no longer any doubt that he loved her, loved her infinitely, and that at last the moment had come. . . . The signboardificance of this moment is very personal as Sonya finally realises that Raskolnikov truly loves her. The moment is ironic as the tears that he shed symbolises both the grief over his sins and the joy that he has finally broken free from his social isolation.The mo od of the moment is that of melancholic joy as his newly discovered passion and love allows him to finally find a meaning to life, however he still needs to repent for his crimes. Go at once, this very minute, stand at the cross-roads, bow down, first flatter the earth which you have defiled, and then bow down to all the world and say to all men aloud, I am a murderer Then God will send you life again. Will you go, will you go? After Raskolnikov admits that when he murdered the pawnbroker, he has discovered that his is indeed a louse like everyone else, and asks Sonya what to do. Sonyas quote reveals how she truly cares for him and wants him to do the right thing.Dostoevsky uses a hyperbole to allow the audience to see that Sonya is desperately trying to persuade Raskolnikov to repent his sins, as she asks him to bow down to all the world. This evokes pathos for Raskolnikov Chindasook11 as the sin he has committed is furthermost too large to ask for forgiveness, and for Sonya as the man she loves has disappointed her to a great extent. Actions are sometimes performed in a masterly and most cunning way, while the direction of the actions is deranged and dependent on various morbid moving-picture shows-its like a dream. Raskolnikov is surprised at the fact that he had just killed the pawnbroker, but even more so her step daughter.Dostoevsky uses a simile to compare Raskolnikovs actions to that of a dream to enunciate the disbelief that Raskolnikov is experiencing as he cannot believe that he had just committed the crime. life story is real Havent I lived just now? My life has not yet died with that old woman TheKingdomof enlightenment to her-and now becoming, madam, leave me in peace Now for the reign of reason andlight and of will, and of strength and now we will see We will try our strength Raskolnikov realises that even if another person sins, it is unjust for one to end their lives as everyone deserves to live their lives the way they desire. As he s peaks with Polenka, he convinces himself that although he has committed a crime, he too still deserves to live, and through will and strength he will make it through this situation.The author uses___ to convey the fact that Raskolnikov still has hope in his life. I see that I want naught. Do you hear? Nothing at all . . . no ones services . . . no ones sympathy. I am by myself . . . alone. Come, thats enough. Leave me alone. After Raskolnikov buries the goods he stole from the pawn broker, he decides to visit his friend Razumihin. Initially, it seems as though he wanted to ask his friend for advice about the murders, however he quickly decides against it. Dostoevsky uses anaphora to accentuate Chindasook12 how isolated the protagonist feels at this moment, thus depicting the beginning of his spiral downwards into guilt.The repeating of the word alone displays the use of and further enunciates his isolation. Early one evening during an exceptional heat curve in the beginning of Ju ly, a young man walked out into the street from the little room he rented from tenants on S. Place and slowly almost irresolutely, educate off in the direction of K. Bridge. Dostoevsky describes the protagonists walking as slowly and irresolutely, suggesting that Raskolnikov is still uncertain about murdering the pawnbroker, thus depicting that he still has doubts and uncertainties in his mind about the situation. The setting is in any case portrayed as that of an intense feeling, thus suggesting the effect of the burden that the situation has on the protagonist. all is in a mans hands and he lets it all slip from cowardice, thats an axiom. It would be interesting to know what it is men are most afraid of. The author uses truism to convey Raskolnikovs thought that men are actually capable of doing what they desire, however the thing that holds them back are their fears. Dostoevsky uses a first person narrator in this instance to allow the audience to understand the protagonists thoughts and understand that the protagonist is wondering what mans greatest fear is, thus conveying the tone of doubt which suggests irresolute feelings. But I cant know the Divine Providence. . . . And why do you ask what cant be answered? Whats the use of such foolish questions?How could it happen that it should depend on my decisionwho has make me a judge to decide who is to live and who is not to live? Chindasook13 This shows that Sonya doesnt believe in Raskolnikovs theory about how some men are more extraordinary than others. Dostoevsky uses analogy to compare the actions of Raskolnikov as one who believes he is a Divine Providence. Furthermore, the author uses allusion to enunciate how farfetched the situation is, that Sonya does have a point as one does not deserve the right to play God. The rhetorical questions also further mark how she is trying to persuade him to change his mind and believe her, as his theory is clearly arguable. Pain and permiting are always inevitabl e for a large intelligence and a deep heart.The really great men mustiness, I think, have great sadness on earth. Pain and suffering are constant themes that are present throughout the novel. Dostoevsky uses Sonya is a symbol to represent this motif as every time Raskolnikov talks to her, she seems to express sympathy for Raskolnikov and experience suffering from watching someone she loves commit a crime. Raskolnikov believed that Extraordinary Men are vulnerable to suffering as well, as they have a greater understanding of their actions, thus he believes that it is himself that suffers the most as no one else understands why he did what he did. The darker the night, the brighter the stars, The deeper the grief, the closer is God Dostoevsky uses anaphora to foreshadow that there is still hope for the protagonist as he has now began his descend into the downward spiral of guilt and dismay. He struggles with the debate of whether or not a confession would be the right thing to do, of whether he would rather live a life cakeholeped by the secret that he holds, or die by admitting to the crime thus musical composition his own death meter. Juxtaposition is also used to convey the idea that there is still hope for everyone, even in their darkest moments. Chindasook14 And the more I imbibing the more I feel it. Thats why I drink too. I try to find sympathy and feeling in drink. I drink so that I may suffer twice as much The repetition of drink suggests that this is a daily routine for Marmeladov.This quote enunciates the characters inability to feel emotionally connected to the rest of society, and thus turns to drinking to help him feel some sort of emotion. The repetition of the word drink also suggests that Marmeladov feels emotionally isolated everyday of his life, and therefore evokes pathos for the the character, as the audience realises that Marmeladov is unable to feel these emotions, thus may not know the extent of his actions at times. What did they amount to, all those torments Everythingeven his crime, even sentence and exileseemed to him now, in his first outburst of feeling, strange and superficial, as though it had not actually happened to him Life replaced logic, and in his consciousness something quite different now had to elaborate and articulate itself. This quote suggests that Raskolnikov is trying to overcome his social anxiety, that he has finally shed a new light on the situation that he is in. He ceases his search for the new word and attempts to use up the true word instead. Dostoevsky creates a tone of hope through the phrase life replaced logic, which suggests that Raskolnikov is now able to feel emotions A loose sentence is also used in to enunciate how difficult it was for the protagonist to feel these emotions and how all the suffering had amounted to this sudden clarity. Chindasook15 When reason fails, the devil helps As Raskolnikov thought he couldnt obtain the axe, he notices the axe underneath a bench , and therefore causes him to exclaim this claim.This quote also foreshadows the sin that he is about to commit, and also implies that the action is not backed by reason, but is rather influenced by the devil. Well, if hes proud of it, he has reason, I dont deny it. You seem to be offended, sister, at my making only such a frivolous criticism on the letter, and to think that I speak of such flirtation matters on purpose to annoy you. It is quite the contrary, an observation apropos of the style occurred to me that is by no means irrelevant as things stand. There is one expression, blame yourselves put in very significantly and plainly, and there is besides a threat that he will go away at once if I am present.That threat to go away is equivalent to a threat to abandon you both if you are disobedient, and to abandon you now after summoning you to Petersburg. Well, what do you think? Can one resent such an expression from Luzhin, as we should if he (he pointed to Razumihin) had writt en it, or Zossimov, or one of us? When the protagonist receives his mothers letter, he despises the situation that is happening to his family. Raskolnikovs mood suggests that detests being unable to help himself, as he refuses to accept his mothers pension. The news that his sister is getting married to Pyotr upsets him, because he knows that Pyotr is simply using the familys poverty to gain a legal concubine. Raskolnikov also reveals in this chapter that he has a large amount of pride in himself. Chindasook16For thats Katerina Ivanovnas character, and when children cry, even from hunger, she falls to beating them at once. Even though Katerina is constantly portrayed as a heartless character, this line evokes pathos for her. This is due to the fact that her kids remain allegiant to her and despite the way that she treats them, they still love her. Her abuse is portrayed as indications of her illness and her poverty, therefore she is not entirely monstrous, however he conditions ha ve forced her to become this way. No, mother, it shall never be, not whilst I live. I will not have it. This quote shows Raskolnikovs attitude towards Dunyas engagement. It reveals Raskolnikovs pride for himself.The devoting actions of his mother and sister who were willing to make sacrifices for him may be interpreted as a contribution towards his haughtiness. This answer to Dunyas engagement further accentuates his egotism as he disregards the possibility that Dunya could be marrying Luzhin to provide a better life for her and her mother, and automatically assumes that she is marrying Luzhin for his sake. Good-bye, till we meet thenI embrace you warmly, warmly, with many kisses. Yours till death, PULCHERIA RASKOLNIKOV. This reveals that Pulcheria really loves her son, and that a major part of his identity relies on her success as being a parent, therefore when she learns about the crimes that her son has committed, her identity is shattered.Pulcheria callously foreshadows her de ath in the letter through the sign off, and also declares how much she loves her son. So it is true that men going to execution are passionately elicit in any object they chance to see on the way. Chindasook17 Dostoevsky uses a first person narrator to allow the audience to see the attitude that Raskolnikov has towards coming close to being executed. This quote suggests that men who are about to be executed tend to have a greater appreciation towards common things, and will cling onto anything that will give them hope. But ofthat ofthathe Raskolnikov had no recollection, and yet every minute he felt that he had forgotten something he ought to remember.He worried and tormented himself trying to remember. As Raskolnikov awakens from his illness, his reality is evidently confused as he apparently has forgotten the things that he wishes he would kibosh. Dostoevsky foreshadows how the situation is tormenting the protagonist, and accentuates the guilt that lies within his thoughts be cause even though he seems to not remember, he still feels as if hes forgetting something. His thoughts strayed aimlessly. He found it hard to fix his mind on anything at that moment. He longed to forget himself altogether, to forget everything, and then to wake up and begin life anew Dostoevsky portrays the protagonist as being disjointed in his thoughts.He conveys the conflict that Raskolnikov is experiencing through the ellipsis, suggesting that Raskolnikov is deep in thought and trying to prolong his time to think about this. Paradox is used between how his thoughts strayed aimlessly yet he longed to forget them, enunciating the fact that he feels conflicted with the situation that is in. I did not bow down to you Sonia, I bowed down to all the suffering of humanity, he said wildly and walked away to the window. Chindasook18 At first appearance, Raskolnikov seems to be romantically deatched to Sonya. He much displays these types of comments right after he throws himself at her feet, which often happens a lot.However, this quote shows that Raskolnikov views Sonya as a symbol of everyobys suffering. Even as it is, she was quite right she was suffering and that was her asset, so to speak, her capital which she had a unadulterated right to dispose of. Semyonovitch views Sonyas whoredom differently to the others. He analyses her proceedings as a practical action to help herself alleviate the suffering. Dostoevsky uses a loose sentence to convey this, as Semyonovitch believes that the suffering of prostitution is a better alternative to the suffering of starving. Allow me to ask you another question out of candid curiosity have you ever spent a night on a hay barge, on the Neva?Marmeladov lets Raskolnikov know that his home life is so unbearable, that he would rather leave and sleep out on the streets. This conveys the theme of the problems in a household, and accentuates the fact that the crisis in is home is caused by none other than himself. Marmelado v knows this fact, yet does not know how to turn this around. And, of course, too, he Pyotr Petrovitch Luzhin did love Dunya in his own way he already possessed her in his dreams and all at once No The next day, the very next day, it must all be set right, smoothed over, settled This reveals that Luzhin needs a reality check due to the fact that his fantasy of Dunya is by far removed from the reality of the situation. Dostoevsky uses dramatic irony to convey this. Chindasook19Furthermore, Dostoevsky gives the character a form of his own reality check by shortly removing Luzhin from the novel without any explanation. surely it isnt beginning already Surely it isnt my penalisation coming upon me? It is Just after the murder, Raskolnikov is fixated over the possible demonstration that he left by committing his crime. Dostoevsky uses the phrase coming upon me as a metaphor to suggest that his punishment is being indicated by a force of judge, possibly God, thus also meaning that a llusion was also used to convey God. Another interpretation could also be that Raskolnikov is personifying punishment as a force of justice itself. Good God Katerina cried with flashing eyes, is there no justice upon earth? Whom should you protect if not us orphans? Dostoevsky emphasises the theme of the lack of justice for children, predominantly orphans, throughout the novel. This attitude allows the reader to relate to the story as everyone is familiar with the concept of the life of an orphan. This is a particularly well chosen example due to the fact that it is difficult to find a concept where fairness and justice have meaning. You must fulfill the demands of justice. I know that you dont believe it, but indeed, life will bring you through. You will live it down in time. What you need now is saucily air, fresh air, fresh air The repetition of fresh air enunciates the urge for Raskolnikov to start a fresh. Fresh air is used as a symbol to portray the fresh air of hard labour in the Siberian prison camp, which seems to be beneficial for Raskolnikov. This quote shows that Porfiry uses a metaphor to try Chindasook20 to convince Raskolnikov that by serving criminal justice, he can provide himself with a sense of personal justice, which will allow him to begin a new life. It was only in that that he Raskolnikov recognised his criminality, only in the fact that he had been unsuccessful and had confessed it. Although Raskolnikov never actually admits to regretting his actions of injustice before prison, there is a copious amount of evidence to argue an implied regret. Nonetheless, at this moment, the protagonist still views Alyona and Lizaveta as creatures instead of humans.This is shown through him stating his inability to bring a positive connotation to the murders, thus leading him to confessing, and establishing the murders as crimes as well as establishing himself as a criminal. Am I to get married simply for the sake of the furniture? Dostoevsky uses a n anecdote to create a humourous affect to allow the reader to emphatise with Luzhin at this moment in the novel. This anecdote conveys the fact that Luzhin has gone through quite some trouble to set up a nice home for Dunya, however he wants her there as a slave, thus conveying the irony in the anecdote. He was one of the numerous and varied legion of dullards, of half-animated abortions, conceited, half-educated coxcombs, who attach themselves to the idea most in fashion only to vulgarize it and who caricature every cause they serve, however sincerely. They Raskolnikov and Sonia were renew by love the heart of each held infinite sources of life for the heart of the other. Chindasook21 This quote shows juxtaposition from the rest of the novel. Dostoevsky gave the audience the ending that was hoped for, and accentuated the motif that there is hope for everyone in the end. Furthermore, this also enunciates the strength of the bond that Raskolnikov and Sonya have for each other, and that Sonya was faithful and had been willing to suffer and wait for the only man she truly loves. There is nothing in the world more difficult than candor, and nothing easier than flattery. If there is a hundredth of a cypher of a false note to candor, it immediately produces dissonance, and as a result, exposure.But in flattery, even if everything is false down to the last note, it is still pleasant, and people will listen not without entertainment with coarse pleasure, perhaps, but pleasure nevertheless. Svidrigailov is highly competent in the ways of seduction, and his actions horrify Raskolnikov. Dostoevsky uses juxtaposition in the phrase to accentuate the difference between flattery and candor, and the irony in which people tend to appreciate flattery more than candor, even if they realise that flattery is just a way of trying to get someone to do something that one desires. But at the same time he knew now and knew for certain that, although it filled her with dread and su ffering, yet she had a tormenting desire to read and to read tohimthat he might hear it, and to readnowwhatever might come of it This quote may seem very perplexing at first glance, however, it further accentuates Sonyas symbolism to suffering, as even a simple task of reading to Raskolnikov causes her to suffer. She is portrayed to be terrified of reading to him yet she badly wants to do so. This also Chindasook22 further accentuates Sonyas love for Raskolnikov as she tries her best to please him. Furthermore, since Raskolnikov was one of Sonyas fathers only friends at the end of his life, she can also share in mouring her father by reading o Raskolnikov. I am all over covered with blood When Raskolnikov talks to the police magistrate, he means both literally and figuratively. He had just helped out with Marmeladovs accident, which covered him in blood, and was figuratively covered in blood from murdering Alyona.Dostoevsky uses this to convey the internal conflict in which Raskolni kov is experiencing, thus portraying irony, as he essentially comes very close to confessing to a police officer about his crime. Ive just been kissed by someone who, if I had killed anyone, would just the same in fact I saw someone else there with a flame-coloured feather. Raskolnikov had just kissed Polenka, Sonyas sister, and this quote suggests Rasklnikovs attraction to Sonya. Sonya has made such a big impression on Raskolnikov as even when he kissed Polenka, he saw someone else there. Dostoevsky uses the metaphor of the flame coloured feathers to convey superb imagery and imply that Sonya has remained in Raskolnikovs mind as an attractive person. I used to analyse myself down to the last thread, used to compare myself with others, recalled all the smallest glances, smiles and words of those to whom Id tried to be frank, interpreted everything in a bad light, laughed viciously at my attempts to be like the rest and suddenly, in the midst of my laughing, Id give way to sadness, fall into ludicrous despondency and once again start the whole process all over again in short, I went round and round like a squirrel on a wheel. Chindasook23 Dostoevsky uses a simile at the end of this quote to emphasise the infinite cycle that the protagonist experiences through being trapped by comparison. The phrase used to conveys the fact that he is now looking back on his negative thoughts and reflecting on the type of person he used to be, suggesting that he has now moved on from this point in life.The irony in the phrase laughed viciously at my attempts to be like the rest further emphasises that he felt innately excluded from the rest of society, and the juxtaposition between laughing and sadness further accentuates the idea in which Raskolnikov is at the two extremes of insanity, implying that he was not like everyone else. I do not withdraw from my chief point. It is me or Luzhin. If I am a scoundrel, you must not be. One is enough. If you marry Luzhin, I cease at on ce to look on you as a sister. Raskolnikov takes on the stereotypical role of the protective big brother in this instance. He believes that his sister deserves better than Luzhin, which also implies that he furtively believes that no one is good enough for his sister. His egocentric behaviour also suggests he believes that his sister is doing this for the sole purpose of alleviating his suffering and thus feels like he is responsible for his sisters suffering in the future. I amRodionRomanovitchRaskolnikov,formerlyastudent, IliveinShilshouse, not farfromhere,flatNumber14, ask the porter, heknowsme. Raskolnikovsaidallthisin alazy,dreamyvoice, notturninground, butlookingintentlyintothe darkeningstreet. This quote foreshadows Raskolnikovs descend into the guilt that the murder has caused him. Dostoevsky uses the darkening street as a metaphor to convey that the future that lies ahead(predicate) for Raskolnikov is a dark and unsettling place, and he needs to find a way to get out of i t. Moreover, the fact that Raskolnikov answers the answers the question in a very lethargic way Chindasook24 implies that he has not yet realise the extent of his actions, and the word dreamy suggests that he does not believe that this is reality yet.There was lack of precaution on both sides, however, for Porfiry Petrovitch seemed to be laughing in his visitors face and to be very little partakeed at the annoyance with which the visitor received it. The latter fact was very significant in Raskolnikovs eyes he saw that Porfiry Petrovitch had not been embarrassed just before either, but that he, Raskolnikov, had perhaps fallen into a trap that there must be something, some motive here unknown to him that, perhaps, everything was in readiness and in another moment would break upon him . . As Raskolnikov discloses to Porfiry that he realises the type of cat and mouse game that he is playing, Porfiry attempts to detain Raskolnikov by evealing that he knows things about the protagonist , such as his trip to the crime scene. This suggests that Porfiry presumably knows more that he lets on, and has the authority to arrest Raskolnikov at any time, thus implying that Porfiry is doing this out of a sincere passion for Raskolnikov and to make the protagonist aware of the error in his theory. It matters nothing, sir. This wagging of heads does not discountenance me, for all these things are already known to everybody and all secrets are revealed, and I bear myself in this matter with humility, not with scorn. Suffer them, suffer them Behold the man Allow me to ask, young man, can you . . . say with conviction that I am not a swine? Dostoevsky portrays many allusions through the character of Marmeladov, he seems to be the connection of the story to biblical parallels. some lines in this quote correlate with biblical parallels, as in the paradox of the Christian story, it is when Marmeladov has nothing left which is the moment that he puts his faith in the hands of God. Chindasook25 No, Dunechka, I see it all, and I know . . . what you were thinking of, while you paced the room all night, and what you prayed for, kneeling before the icon of Our Lady of Kazan in mamas room. The way to Golgotha is hard Dostoevskys story contains a sacrificial victim obtaining money take in from public degradation of her body.Sonyas offering of her own body for a public offering creates an allusion which correlates to the physical sacrifice of Jesus public death on the cross. Moreover, this biblical parallel is further accentuated by Raskolnikovs sister, Dunya, who intends to marry a terribly unsophisticated character, Luzhin, for the sake of her family. Svidrigailovs evil-doings could not be of the same kind. Here we see that Raskolnikov is confused, after his confession to Sonya, the protagonist is suddenly drawn to Svidrigailov without realising that he represents an aspect of the protagonists character. Svidrigailov has recurrently affirmed that they had somet hing in common, thus making Raskolnikov feel as if they have a bond, even though he despises Svidrigailov for his flirtatious ways.However, this thought made Raskolnikov rather repulsed by thinking of Sonya, as he feels for her differently than how Svidrigailov treats his women, and eventually attempts to convince himself that even though he murdered someone, they sin differently to each other as Raskolnikov still is able to experience the feelings of love for another being. Chindasook26 He is morose, gloomy, proud and haughty, and of late and perhaps for a long time before he has been suspicious and fanciful. He has a noble nature and a kind heart he does not like showing his feelings and would rather do a cruel thing than open his heart freely. . . Its as though he were alternating between two characters. In a morbid condition, dreams are often distinguished by their remarkably graphic, vivid, and extremely pictorial quality. The resulting picture is sometimes monstrous, but t he setting and the whole process of the presentation sometimes happen to be so probable, and with details so astute, unexpected, yet artistically consistent with the whole breadth of the picture, that even the idealist himself would be unable to invent them in reality, though he were as much an artist as Pushkin or Turgenev. Such dreams, morbid dreams, are always long remembered and produce a strong impression on the disturbed and already wound up organism of the person. Raskolnikov had a terrible dream. Such dreams, morbid dreams, are always long remembered and produce a strong impression on the disturbed and already excited organism of the person this indicates his guilt as well as inner turmoil to which morbid dreams disturb his sub conscious state. The resulting picture is sometimes monstrous, but the setting and the whole process of the presentation sometimes happen to be so probable, and with details so subtle, unexpected, yet artistically consistent with the whole fullne ss of the picture, that even the dreamer himself would be unable to invent them in reality. The horrors committed are so malefic and wrong that it is hard to fathom as reality.The word subtle is an oxymoron as the deed itself is not subtle but manifests itself in dreams as a subtle sign of guilt. Chindasook27 What do you think? shouted Razumihin, louder than ever, you think I am attacking them for talking nonsense? Not a bit I like them to talk nonsense. Thats mans one privilege over all creation. Through error you come to the truth I am a man because I err You never reach any truth without making fourteen mistakes and very likely a hundred and fourteen. And a fine thing, too, in its way but we cant even make mistakes on our own account Talk nonsense, but talk your own nonsense, and Ill kiss you for it.To go wrong in ones own way is better than to go right in someone elses. In the first case you are a man, in the second youre no better than a bird. Truth wont escape you, but life can be cramped. There have been examples. And what are we doing now? In science, development, thought, invention, ideals, aims, liberalism, judgment, experience and everything, everything, everything, we are still in the preparatory class at school. We prefer to live on other peoples ideas, its what we are used to Am I right, am I right? cried Razumihin, press and shaking the two ladies hands. The fact that raskolikov was watching her and following her at her heels indicates a perverse compulsion and obsession.His persist on her actions and words suggests that not only is he in love with her, but there is also a deeper and darker side to his affections and alluded to in his passion towards her. The fact that the protagonist struggles to not betray his interest also suggests that he is mentally and physically devoted to her an obsession of sorts as he has to remind himself and consistently stiffen himself. Furthermore the fact that he walked on more slowly as though waiting for something undermines his rampant(ip) desires, in truth, he walks slower to catch glimpses of Sonia his erratic behavior is a result of his love and passion towards her. This is ironically shown through the tone and pace of his movement that is slow, in contrast to his emotions that are very much active.