I visualize myself as a person of an international mindset and an ardent observer of global issues and trends. I mention this because; the first, truly international issue I explored that ignited my interest in international finance was the Asian Financial crisis of 1997.
Naive at that time, I could not fully comprehend this globe-rattling issue. Nevertheless, it never left my mind that indeed a momentous upheaval had occurred in the monetary circles, and it became a global concern.
A year later, after in-depth fact finding through personal research, I gained infantile perception of global economic and monetary concerns. I was 12 years old then. Around this period, the issue of Russia defaulting GKO bonds came into world attention-The Russian Financial Crisis.
After review, analysis and observation of cut newspaper articles, several articles from "The Economist", and news commentaries concerning these economic upheavals, I realized that there were subtexts common to these "crises". I could easily find the meaning of some of the words used in these articles, these included "bonds", "interest rates”, "debt defaults", and "sovereign". Contextually, I found these words intuitive and I erroneously drew a conclusion that all these upheavals called "financial crisis" were brought about by misjudgments or miscalculations by financial policy makers.
10 years later, in the year 2008, I was a sophomore at a university called United States International University (USIU) in Nairobi studying business and concentrating in information systems and technology. As a truly world-class business school, USIU nurtured my analytical skills and improved my understanding and problem-solving ability, alongside broadening my international mindset. Des...
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..., this research will be relevant in improving my mastery of the concept so that I can apply knowledge gained in resolving issues that involve it.
Courses like "Econometric modeling and forecasting”, “Monetary economics and policy analysis", will equip me with quantitative and analytical knowledge. Cross-registering in courses "Financial risk modeling", "Debt Securities Markets" will provide me with cutting edge business knowledge and theoretical skills for making logical deductions and conclusive decisions in my career, and further expertise for tackling my thesis.
I look forward to become an IUJ alumnus with solid career goals, innovative thinking with a broad internationalized intellectual perspective. As an aspiring global leader, I will use my knowledge and experience to mentor prospective applicants, who will impact the world while flying the IUJ flag high!
The financial crisis of 2007–2008 is considered by many economists the worst financial crisis since the Great Depression of the 1930s. This crisis resulted in the threat of total collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. The crisis led to a series of events including: the 2008–2012 global recessions and the European sovereign-debt crisis. The reasons of this financial crisis are argued by economists. The performance of the Federal Reserve becomes a focal point in this argument.
Therefore, I hope that I can achieve many new valuable experiences as well as friendships through this class. As a student, I believe I have the responsibilities to pay attention in class, and contribute to the class as much as I can. Besides, I need to ensure that I finish homework before coming to class and seek for help when needed. My goal is to become a successful business woman, who has the opportunities to work with different countries and cultures around the world. I am confident that this class will help improving my analytical and organizing skills, which are helpful and beneficial for my career in the
Financial crises are a constant theme through generations. People can lose all their savings and somehow the richest 1% of the country will stay above the cumulative distributive mean of average earnings. It seems that everyday working middle class people are effected through these catastrophes losing all of their savings and future generations are now forever. Through evaluating the similarities and differences between the Great Depression of the 1930’s and the Great Recession of 2007/2008, we can learn how future financial crises can be avoided.
Cabral, R. (2013). A perspective on the symptoms and causes of the financial crisis. Journal of Banking & Finance, 37, 103-117
This essay will examine the causes of the 2008 Global Financial Crisis (GFC) from a Marxist perspective. This paper will specifically examine and critique how Marx’s Theory of Crisis can be applied to understand and interpret the underlying structural causes of the 2008 Global Financial Crisis.
The "subprime crises" was one of the most significant financial events since the Great Depression and definitely left a mark upon the country as we remain upon a steady path towards recovering fully. The financial crisis of 2008, became a defining moment within the infrastructure of the US financial system and its need for restructuring. One of the main moments that alerted the global economy of our declining state was the bankruptcy of Lehman Brothers on Sunday, September 14, 2008 and after this the economy began spreading as companies and individuals were struggling to find a way around this crisis. (Murphy, 2008) The US banking sector was first hit with a crisis amongst liquidity and declining world stock markets as well. The subprime mortgage crisis was characterized by a decrease within the housing market due to excessive individuals and corporate debt along with risky lending and borrowing practices. Over time, the market apparently began displaying more weaknesses as the global financial system was being affected. With this being said, this brings into question about who is actually to assume blame for this financial fiasco. It is extremely hard to just assign blame to one individual party as there were many different factors at work here. This paper will analyze how the stakeholders created a financial disaster and did nothing to prevent it as the credit rating agencies created an amount of turmoil due to their unethical decisions and costly mistakes.
Shortly after the financial crisis in 2008, many economists had to rethink their approach to the market. Everyone knew we had a panic because the stock market and the housing market collapsed. American economy was reaching to the bottom. Many people considered it as a second worst recession after the great the Great Depression. But what was the cause? Who were responsible for the crisis? What can we learn from this turmoil? In the recent New York Times Sunday magazine article, Nobel Prize winner Paul Krugman offered his explanation for the causes and insight toward fixing the economy.
...ape me to be a thinker and a learner. The world is literally becoming a global village where opportunities for learning are transcending physical boundaries. In a connected world, Indian knowledge workers are increasingly contributing to the global work force. International education will give me the training and the competence to meet global clients. I look forward to being an active contributing member of the student community at your University.
However, the real life implications regarding this simplified and skewed understanding are not discussed. The financial crisis as a natural disaster disseminates the idea that the crisis was not preventable and lacked direct human causes. This shifts blame and accountability away from the individuals and system that created the financial climate that eventually had to crash. Thus, making it harder for the average person to understand why certain changes should be made within our neoliberal capitalist system, and also quieting angry claims for greedy and shady bankers to be held accountable. Metaphors are a powerful way to disseminate ideas, but when these ideas cripple the populations factual understanding of an event metaphors can become problematic. They cause changes in understanding that hinders the call for progress and changes to our system that should come as a reaction to the 2008 financial
Among all the programs available, I firmly believe that the Master in Finance program at Princeton University will be the ideal preparation for my career because of its strong emphasis on quantitative techniques with practical business problem solving. The core courses offered by the program will help me build concrete foundation in financial theories and computational methods; the elective courses, such as Forecasting and Time Series Analysis, will further enhance my modeling techniques for financial forecasting in a broader application. Besides excellent teaching fellows at Princeton University, the close personal attention from academic and career advisors will be invaluable to my professional growth. Furthermore, the small cla...
Warwick J. McKibbin, and Andrew Stoeckel. “The Global Financial Crisis: Causes and Consequences.” Lowy Institute for International Policy 2.09 (2009): 1. PDF file.
I feel the lush red carpet underneath my elegant heels and smile as cameras rush up to snap pictures of the slow procession. I slowly walk into the large hall of my very first Hollywood premiere. A colleague of mine sweeps over with a large grin on her face.
My long-term professional aspiration is to enter the field of international management consulting. A MBA from your school in interdisciplinary studies will enhance my understanding of all aspects of business. This will contribute significantly to becoming effective in the consulting profession. I am extremely enthusiastic about the future of International Business. I believe that there are major breakthroughs yet to be made in the field. After completing a MBA in your school, I hope to gain practical experience and exposure with a major international business firms. Eventually, I wish to establish my own consulting company providing various financial and managerial services.
In order to advance a field and develop new concepts it is vital that one understands what has already been proposed and looked at in the past. This is why understanding the theories and principles that are already in place are so very important. There is no point in trying to reinvent the wheel if it is really not necessary. A good researcher should be able to develop what has already been done in order to move forward the thinking within the discipline. This is what I hope to be able to do with my research.
Asian financial crisis in 1997 is a good example to demonstrate the globalisation as a single issue in one country will motivate a domino effect on other countries. Since the crisis stared in Thailand because of the fail in banking system, a political upheaval was triggered in South Korea and Indonesia. At the same time, financial centres in New York, London, Hong Kong and Tokyo were also affected in this crisis. During the crisis, global news agencies utilised the Internet and telegraph updating news to their home countries. Such as the Economist, Reuters and the Financial Times which ar...