Women sport athlete injuries Essay Example For Students

Women sport athlete injuries Essay The number of girls and women participating in all levels of sports has risen greatly in recent years, and the way they play has changed too. Women’s sports used to be played by a slow defensive style. Today, the sports are played with speed, precision, and power. With these changes have come increased injuries, and female athletes have higher injury rates than men in many sports. Knee injuries have been rising in female sports. Anterior crutiate ligament (ACL) injuries have become the most common injury in the knee to female athletes. Females are four times more susceptible to injury then men. The ACL is a dynamic structure whose main function is to provide primary restraint to anterior tibial subluxation. It provides secondary restraint limiting internal rotation and restraint with the knee in full extension. Along with the posterior crutiate ligament, it provides the axis for knee rotation and links rotation with flexion and extension. We will write a custom essay on Women sport athlete injuries specifically for you for only $16.38 $13.9/page Order now The ligament is primarily made up of two bands, the anteromedial and posterolateral, and an intermediate band sometimes present. The ACL runs from the posteromedial portion of the lateral femoral condyle in an inferior, anterior, and medial orientation to an area just lateral to the medial tibial eminence. The posterolateral band is tightest when the knee is in extension, and the anteromedial band is tightest with the knee in flexion. The majority of ACL injuries suffered during athletic participation are of the noncontact variety. Three main noncontact mechanisms have been identified planting and cutting, straight-knee landing and one-step stop landing with the knee hyperextended. Pivoting and sudden deceleration are also common mechanisms of noncontact ACL injury. Basketball, soccer, and volleyball consistently produce some of the highest ACL injury rates across various age groups. Other activities with a high rate of injury are gymnastics, martial arts, and running. In most sports, injuries occur more often in games than in practice. Many injuries have occurred during the first 30 minutes of play. One-reason physicians are seeing more ACL injuries in female patients that more women play sports, and they play more intensely. But as they continued to do more studies, they are finding that women’s higher rate of ACL is probably due to a combination of intrinsic and extrinsic factors more than to sheer incre ase in the number of athletes and intensity of play. Intrinsic factors originate in the knee joint and are related to its anatomy. The intercondylar notch configuration has received a great deal of attention as a potential factor in ACL injury. Some studies have shown that athletes with smaller intercondylar notch dimensions are at greater risk for ACL injury. Reports show that notch-width indexes were less in women than in men. Another intrinsic factor is loose jointedness. Some studies have suggested that athletes who are loose jointed are at greater risk of injury than those with normal or tight joints. Anatomic alignment differences, especially the quadriceps angle (Q-angle), have been studied as the cause of gender discrepancies in injury rate. The Q-angle is the angle formed by the intersection of a line from the anterior superior iliac spine to the center of the patella and a line from the center of the patella to the tibial tuberle. Angles up to 17 degrees are considered normal in females. Differences in pelvic structure and lower extremity alignment between men and women have been blamed for much of the ACL problem. A woman’s pelvis is wider than a man’s, creating sharper angle between the calf and thigh and putting stress on the knee. This increases the tendency of the kneecap to pull out of line and rub, causing pain. .uf6609d704b017558b1c9d04e6948ae7a , .uf6609d704b017558b1c9d04e6948ae7a .postImageUrl , .uf6609d704b017558b1c9d04e6948ae7a .centered-text-area { min-height: 80px; position: relative; } .uf6609d704b017558b1c9d04e6948ae7a , .uf6609d704b017558b1c9d04e6948ae7a:hover , .uf6609d704b017558b1c9d04e6948ae7a:visited , .uf6609d704b017558b1c9d04e6948ae7a:active { border:0!important; } .uf6609d704b017558b1c9d04e6948ae7a .clearfix:after { content: ""; display: table; clear: both; } .uf6609d704b017558b1c9d04e6948ae7a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uf6609d704b017558b1c9d04e6948ae7a:active , .uf6609d704b017558b1c9d04e6948ae7a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uf6609d704b017558b1c9d04e6948ae7a .centered-text-area { width: 100%; position: relative ; } .uf6609d704b017558b1c9d04e6948ae7a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uf6609d704b017558b1c9d04e6948ae7a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uf6609d704b017558b1c9d04e6948ae7a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uf6609d704b017558b1c9d04e6948ae7a:hover .ctaButton { background-color: #34495E!important; } .uf6609d704b017558b1c9d04e6948ae7a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uf6609d704b017558b1c9d04e6948ae7a .uf6609d704b017558b1c9d04e6948ae7a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uf6609d704b017558b1c9d04e6948ae7a:after { content: ""; display: block; clear: both; } READ: Physics Persuasive EssayA final intrinsic factor is an area of current study is the effect of hormones on ligamentous relaxation, which allows for pelvic changes that accommodate fetal passage through the birth canal. Studies also show that relaxin has systemic effects on ligamentous tissue and increase the risk of ligamentous injuries in pregnant women. The role of estrogen and estrogen receptors may shed light on ACL injuries in female athletes. ACL injuries occur during the ovulatory phase of the athlete’s menstrual cycle. The ovulatory phase typically occurs during days 10-14 of the cycle and is marked by a significant rise in estrogen levels as well as high lev els of a hormone called relaxin.Researchers suspect that estrogen and relaxin have profound effects on women’s neuro-muscular systems and the mechanics of soft tissue such as ligaments and tendons. There is a big question if a hormone supplement would protect women. Extrinsic factors contributing to ACL injury are those originating outside the knee joint. They include specific movement performed during sporting activity, muscle imbalances, playing surfaces, and the use of braces. To help explain women’s ACL injury rate is the imbalance between hamstring and quadriceps muscle strength. Men tend to have more developed thigh musculature than women, and stability of the knee is thought to be more muscle-dominant in men and ligament-dominant in women. For female athletes, the quadriceps, an ACL antagonist is the dominant muscle group contributing to knee joint stability, while the hamstring dominates in male athletes. Research indicates that women have decreases hamstring-t o-quadriceps strength ratios relative to men. Studies indicate that women athletes have more knee laxity, lower levels of muscle strength and endurance, and different muscle reaction time than male athletes do. Dynamic stress tests revealed that female athletes rely on more on their quadriceps for knee stabilization during sports, compared to male athletes and nonathletic men and women, who first use the hamstring for stabilization. Female athletes took longer to generate maximum hamstring muscle with less endurance and less stability. The muscles around the knee are critical to keeping it in place. The faster the muscles tighten, the more protective they are. Studies show that women often spend more time doing bench presses and leg extensions, which strengthen the quadriceps, and pay little attention to working the hamstrings. Female athletes tend to work on their quadriceps more because they strengthen quickly. Females think their legs are getting stronger, but they are really not . They need to do activities that increase the quickness of the hamstring response, in addition to exercises that build up the quadriceps.After the injury occurs some athletes are able to stand up and walk, while others are in such great pain that they cannot move. Swelling often begins in the first few hours after injury. Pain progressively worsens, and muscle spasms may develop. The position of the knee maybe abnormal. There might be gross deformity, pulses, and sensations. A swollen knee is held in a flexed position, and active range of motion may be limited by many factors. All acute knee injuries require x-rays with anteriorposterior, lateral, tunnel, and Hughston views. The female knee may be more cruciate-dependent than the male knee. Sometimes, nonsurgical treatment of a female athlete with an ACL tear is less likely to succeed, and a trial of conservative treatment should be considered only in an athlete with mild signs and symptoms and a realistic possibility of returning to full activity. Arthroscopic surgical repair of an ACL injury is the best treatment for a female athlete. Surgical reconstruction can usually improve stability and performance enough for the athlete to resume a high level of activity. Still, a fair number of people get along well without ACL’s, including guys on every NFL team and some NBA players. With advances in surgery, athletes have a better then 90 percent success rate to return to the same level as before the injury. In the past, a torn ACL would often end a career. Studies have shown that people who have torn one ACL is more apt to tearing the other one than the average person is to injure one. Many people use braces on their knee after surgery and healing to help stabilize the knee. Yet, the knee is not a simple hinge. It flexes rolls and rotates. That makes it very difficult to design a brace that can simulate knee motion and protect those ligaments as it goes through that range of motion. Braces are costly; even the cheapest braces are expensive. After the surgery is completed it can take six months to a year for the knee to completely heal. Depending on the doctor and the effort you put to strengthen yourself determines when you are able to do what you always did before the injury. Constant icing of the knee is required to help the swelling. Physical therapy is required to help get the motion back in the knee. Tips are given out to help prevent ACL injury that can occur. A good coach is believed to help with proper training to reduce your risk of an injury. It is a good idea to play with people at your level. If you play with klutzes below your level, they may make up for their lack o f skills with brute force. If they cannot move as fast as you can’t, you may end up tripping over them. On the other hand if you are the klutz, you may twist your knee to keep up. A good coach would be able to see this problem. For many women, the default posture, how you stand when you are not thinking about it is with the knee hyperextended or arched slightly backward. If you have a bad habit of standing this way, you more likely to land wrong on jump, too. With your landings on jumps, your knees should be bent, with feet under the hips. Landing on bent knees gives the hamstrings a chance to stabilize the knee. When having to decelerate and change direction fast, take three small stutter steps instead of one big one. Building your leg muscles, especially your hamstrings can help prevent ACL injury. Be thoroughly warmed up before jumping and pivoting hard. It is a good idea to be actually sweating when you are warming up. When you are exhausted, you shouldn’t be playi ng. Never play in pain and if the pain continues to return when you begin to play again after resting. Some shoes are too good for playing. If there is too much traction, your foot won’t give way on fast stops, and the resulting torque on your knee can rip the ligament.Lastly, stick to a sport you love. If you think you are insecure about the sport you are in, and feel that it is too risky, then go into something that makes you feel comfortable. Females have taken great strides to be able to accomplish as much as males in a male dominant world. Women are more competitive and are able to play at great intensity that was thought impossible several decades ago. It is sad that women have many factors against them, making them more susceptible to injuries. Injuries occur all the time. Although there are many suggestions as to how to prevent ACL injuries, we cannot control everything.

How to Write a Quality NEDSEG Essay

How to Write a Quality NEDSEG EssayA NEDSEG sample essay is very different from other sample essays, which you find in books and online. A well structured NEDSEG essay will help you to know what your student has in mind when writing it. If you want to know how to write a quality NEDSEG essay, read on.The first step in creating an NEDSEG essay is to list all the things that the student needs to tell you. An NEDSEG sample essay is very different from other sample essays. It will help you understand the best ways to present information. Although there are no rules that will be followed in writing a NEDSEG essay, you will still need to write something unique and special. Just like any other sample essay, you will need to list the main topic, related points, conclusion, and use the introduction and conclusion.The introduction is the first part of a NEDSEG sample essay. When writing an introduction, you need to decide on the topic of the article. Just like the rest of the samples, the intr oduction will tell you how you will introduce your topic in the article. It will also help you determine if your introduction is appropriate for the article.Since students nowadays have a lot of homework at hand, most would rather study in their free time. If your students have lots of school work, they might prefer to study at home instead of going to school. However, it is important that you encourage them to go to school so they can learn from their classmates as well.Students tend to come up with good ideas when they are stressed out. You need to find out what their stress levels are before you come up with ideas for the essay. You also need to come up with a variety of topics to start off with.One of the things you should keep in mind while writing a NEDSEG sample essay is the rules of grammar. Most often students make grammatical mistakes when they write essays. Some of the major rules of grammar that are found in NEDSEG sample essays are: 'It is important to use proper gramma r'Make sure that the grammar is not too complicated'. Even though your student may use simple sentences, he/she may still make grammatical mistakes.A NEDSEG sample essay will help you get a better idea of how to write your student's perfect essay. Once you finish writing your NEDSEG sample essay, you will need to revise it until it matches with your student's idea. Make sure that you include all the correct information and use good grammar, then write an essay that your student will love.

Free Essays on The Beauty Of Art Design In Theater

How does one define art? Art echoes the natural world. It gives order to the world and intensity to human life. Art is a means of communion as well as communication, and from art, we see, and, emotionally, understand humanity. It provides pleasurable experiences along with cerebral wealth. Art also helps us to express our sentimental relations. It can beautify surprise, inspire, stimulate imagination, inform, tell stories, and record history. Art can allow one pleasure simply through the process of creating. Art can allow a feeling of expression. Art can, in contrast, allow one to provoke emotions from within the viewer, occasionally leaving the observer with an awakened or invigorated outlook. It does not begin or end with just drawing or painting, items typically considered art, or the many other recognized facets of art including architecture, drama, literature, sculpting, and music. Some may only consider a work as art if it requires a particular skill from the artist; however, art can actually be viewed as simply another form of communication. Dance, as a form of art, allows the person or persons to express themselves through the movements of their bodies, whether the dancing takes place on a stage, in a theater, or in a ballroom. This non-verbal art form can allow a dancer to express stories and strong feelings of emotion, such as sadness, sexuality, and joy or may just simply offer an outlet for energy. Poetry is an art form that offers an environment to the creative or expressive need. Writing poetry can be used as an aid to help think through the conflicting emotions that accompany life. It is an art much as gardening is. An inspiration for a poem can be a seed. The seed is planted on paper and usually, though not always, after tending to it, the seed begins to take shape until it suddenly blooms. Painting or photography- probably one of the highest acknowledged forms of art- incorporates all aspects of t... Free Essays on The Beauty Of Art Design In Theater Free Essays on The Beauty Of Art Design In Theater How does one define art? Art echoes the natural world. It gives order to the world and intensity to human life. Art is a means of communion as well as communication, and from art, we see, and, emotionally, understand humanity. It provides pleasurable experiences along with cerebral wealth. Art also helps us to express our sentimental relations. It can beautify surprise, inspire, stimulate imagination, inform, tell stories, and record history. Art can allow one pleasure simply through the process of creating. Art can allow a feeling of expression. Art can, in contrast, allow one to provoke emotions from within the viewer, occasionally leaving the observer with an awakened or invigorated outlook. It does not begin or end with just drawing or painting, items typically considered art, or the many other recognized facets of art including architecture, drama, literature, sculpting, and music. Some may only consider a work as art if it requires a particular skill from the artist; however, art can actually be viewed as simply another form of communication. Dance, as a form of art, allows the person or persons to express themselves through the movements of their bodies, whether the dancing takes place on a stage, in a theater, or in a ballroom. This non-verbal art form can allow a dancer to express stories and strong feelings of emotion, such as sadness, sexuality, and joy or may just simply offer an outlet for energy. Poetry is an art form that offers an environment to the creative or expressive need. Writing poetry can be used as an aid to help think through the conflicting emotions that accompany life. It is an art much as gardening is. An inspiration for a poem can be a seed. The seed is planted on paper and usually, though not always, after tending to it, the seed begins to take shape until it suddenly blooms. Painting or photography- probably one of the highest acknowledged forms of art- incorporates all aspects of t...

How Scientists Determine Climates of the Past

How Scientists Determine Climates of the Past Paleoenvironmental reconstruction (also known as paleoclimate reconstruction) refers to the results and the investigations undertaken to determine what the climate and vegetation were like at a particular time and place in the past. Climate, including vegetation, temperature, and relative humidity, has varied considerably during the time since the earliest human habitation of planet earth, from both natural and cultural (human-made) causes. Climatologists primarily use paleoenvironmental data to understand how the environment of our world has changed and how modern societies need to prepare for the changes to come. Archaeologists use paleoenvironmental data to help understand the living conditions for the people who lived at an archaeological site. Climatologists benefit from the archaeological studies because they show how humans in the past learned how to adapt or failed to adapt to environmental change, and how they caused environmental changes or made them worse or better by their actions. Using Proxies The data that are collected and interpreted by paleoclimatologists are known as proxies, stand-ins for what cant be directly measured. We cant travel back in time to measure the temperature or humidity of a given day or year or century, and there are no written records of climatic changes that would give us those details older than a couple of hundred years. Instead, paleoclimate researchers rely on biological, chemical, and geological traces of past events that were influenced by the climate. The primary proxies used by climate researchers are plant and animal remains because the type of flora and fauna in a region indicates the climate: think of polar bears and palm trees as indicators of local climates. Identifiable traces of plants and animals range in size from whole trees to microscopic diatoms and chemical signatures. The most useful remains are those that are large enough to be identifiable to species; modern science has been able to identify objects as tiny as pollen grains and spores to plant species. Keys to Past Climates Proxy evidence can be biotic, geomorphic, geochemical, or geophysical; they can record environmental data that range in time from yearly, every ten years, every century, every millennium or even multi-millennia. Events such as tree growth and regional vegetation changes leave traces in soils and peat deposits, glacial ice and moraines, cave formations, and in the bottoms of lakes and oceans. Researchers rely on modern analogs; that is to say, they compare the findings from the past to those found in current climates around the world. However, there are periods in the very ancient past when the climate was completely different from what is currently being experienced on our planet. In general, those situations appear to be the result of climate conditions that had more extreme seasonal differences than any weve experienced today. It is particularly important to recognize that atmospheric carbon dioxide levels were lower in the past than those present today, so ecosystems with less  greenhouse gas  in the atmosphere likely behaved differently than they do today. Paleoenvironmental Data Sources There are several types of sources where paleoclimate researchers can find preserved records of past climates. Glaciers and Ice Sheets: Long-term bodies of ice, such as the Greenland and Antarctic ice sheets, have annual cycles which build new layers of ice each year like tree rings. Layers in the ice vary in texture and color during warmer and cooler parts of the year. Also, glaciers expand with increased precipitation and cooler weather and retract when warmer conditions prevail. Trapped in those layers laid down over thousands of years are dust particles and gases which were created by climatic disturbances such as volcanic eruptions, data which can be retrieved using ice cores.Ocean Bottoms: Sediments are deposited in the bottom of the oceans each year, and lifeforms such as foraminifera, ostracods, and diatoms die and are deposited with them. Those forms respond to ocean temperatures: for example, some are more prevalent during warmer periods.Estuaries and Coastlines: Estuaries preserve information about the height of former sea levels in long sequences of alternating layers of organic p eat when the sea level was low, and inorganic silts when the sea level rose. Lakes: Like oceans and estuaries, lakes also have annual basal deposits called varves. Varves hold a wide variety of organic remains, from entire archaeological sites to pollen grains and insects. They can hold information about environmental pollution such as acid rain, local iron mongering, or run-offs from eroded hills nearby.Caves: Caves are closed systems, where average annual temperatures are maintained year-round and with a high relative humidity. Mineral deposits within caves such as stalactites, stalagmites, and flowstones gradually form in thin layers of calcite, which trap chemical compositions from outside the cave. Caves can thus contain continuous, high-resolution records which can be dated using uranium-series dating.Terrestrial Soils: Soil deposits on land can also be a source of information, trapping animal and plant remains in colluvial deposits at the base of hills or alluvial deposits in valley terraces. Archaeological Studies of Climate Change Archaeologists have been interested in climate research since at least Grahame Clarks 1954 work at Star Carr. Many have worked with climate scientists to figure out the local conditions at the time of occupation. A trend identified by Sandweiss and Kelley (2012) suggests that climate researchers are beginning to turn to the archaeological record to assist with the reconstruction of paleoenvironments. Recent studies described in detail in Sandweiss and Kelley include: The interaction between humans and climatic data to determine the rate and extent of El Nià ±o and the human reaction to it over the last 12,000 years of people living in coastal Peru.Tell Leilan in northern Mesopotamia (Syria) deposits matched to ocean drilling cores in the Arabian Sea identified a previously-unknown volcanic eruption that took place between 2075-1675 BC, which in turn may have led to an abrupt aridification with the abandonment of the tell and may have led to the disintegration of the Akkadian empire.In the Penobscot valley of Maine in the northeastern United States, studies on sites dated to the early-middle Archaic (~9000-5000 years ago), helped establish a chronology of flood events in the region associated with falling or low lake levels.Shetland Island, Scotland, where Neolithic-aged sites are sand-inundated, a situation believed to be an indication of a period of storminess in the North Atlantic. Sources Allison AJ, and Niemi TM. 2010. Paleoenvironmental reconstruction of Holocene coastal sediments adjacent to archaeological ruins in Aqaba, Jordan. Geoarchaeology 25(5):602-625.Dark P. 2008. Paleoenvironmental reconstruction, methods. In: Pearsall DM, editor. Encyclopedia of Archaeology. New York: Academic Press. p 1787-1790.Edwards KJ, Schofield JE, and Mauquoy D. 2008. High resolution paleoenvironmental and chronological investigations of Norse landnm at Tasiusaq, Eastern Settlement, Greenland. Quaternary Research 69:1–15.Gocke M, Hambach U, Eckmeier E, Schwark L, Zà ¶ller L, Fuchs M, Là ¶scher M, and Wiesenberg GLB. 2014. Introducing an improved multi-proxy approach for paleoenvironmental reconstruction of loess–paleosol archives applied on the Late Pleistocene Nussloch sequence (SW Germany). Palaeogeography, Palaeoclimatology, Palaeoecology 410:300-315.Lee-Thorp J, and Sponheimer M. 2015. Contribution of Stable Light Isotopes to Paleoenvironmental Reconstruction. I n: Henke W, and Tattersall I, editors. Handbook of Paleoanthropology. Berlin, Heidelberg: Springer Berlin Heidelberg. p 441-464. Lyman RL. 2016. The mutual climatic range technique is (usually) not the area of sympatry technique when reconstructing paleoenvironments based on faunal remains. Palaeogeography, Palaeoclimatology, Palaeoecology 454:75-81.Rhode D, Haizhou M, Madsen DB, Brantingham PJ, Forman SL, and Olsen JW. 2010. Paleoenvironmental and archaeological investigations at Qinghai Lake, western China: Geomorphic and chronometric evidence of lake level history. Quaternary International 218(1–2):29-44.Sandweiss DH, and Kelley AR. 2012. Archaeological Contributions to Climate Change Research: The Archaeological Record as a Paleoclimatic and Paleoenvironmental Archive*. Annual Review of Anthropology 41(1):371-391.Shuman BN. 2013. Paleoclimate reconstruction - Approaches In: Elias SA, and Mock CJ, editors. Encyclopedia of Quaternary Science (Second Edition). Amsterdam: Elsevier. p 179-184.

Marketing strategies of the Sage Gateshead Case Study

Marketing strategies of the Sage Gateshead - Case Study Example The intention of this study is Sage Gateshead as a famous centre for musical performance, education and conference situated in Gateshead on the south bank of River Tyne, which is found in the North-East of England. It began operations in 2004 although it was launched sometimes back in 1950s. The location of Sage is part of the Gateshead Quays development which encompass the BALTIC basis for modern Art and the Millennium bridge of Gateshead. The Sage Gateshead region entails a â€Å"curvy glass and stainless steel† construction modeled by Foster and associates, Buro Happold who participated as structural engineer, Arup as an acoustic and Mott Macdonald – building services, with observations from Gateshead Quayside and Newcastle, Tyne Bridge and the millennium bridge at Gateshead. The entire planning and development process cost more than 70 million pounds, money that was contributed mainly using the National Lottery grants. The main outworker was Laing O’Rourke. S age Gateshead centre has a variety of patrons, mainly the Sage Group Plc who raised a big lot of money to have the construction in their name. They have also been playing vital role in supporting generous activities of the Sage Gateshead since its outset. The research analyzes the strengths, weaknesses, opportunities and threats (SWOT analysis). The paper also answers vital questions concerning Sage Gateshead that helps to bring out a clear image of Sage Gateshead. ... It examines its history, facts and figures about Sage Gateshead, its marketing strategy and how it outshines its strongest competitors in the region. The paper also looks at its SWOT Analysis where it examines the strongholds of the company and its weak points and threats (Furnivall, 1999). Brief History of Sage Gateshead The Sage Gatehead’s Concourse is mostly compared to a large railway station or airport fatal and the hustling and bustling crowds and absolute scale of the space under the high-ceilinged roof surely induced that idea. However, the comparison continues since to get into The Sage Gateshead is to link together with other travelers on a voyage of musical exploration that started several years ago and has several achievable destinations (Foster and Sargent, 2007). The initial departure point was the identification for opportunities for the North East people to participate in live music whether as contestants, listeners or student were extremely restricted by inade quacy of facilities of the type that were present in almost every other provinces of England. This means that North Eastern region was lugging behind in terms of entertainment and learning about musical concepts. In early 1990s, through motivation from Northern Arts and artistes, the now famous pop group of Northern Sinfonia started functioning on plans for a new performance hall (Menon, et al., 1999). They were soon joined by the folk development group, the Folk works which hastily became obvious to all who believed that what was required was â€Å"more than just a performance hall† (Mcgregor, 2008). During the same time, it was noted that the region had several young individuals interested in

Decision-Making Process Paper Essay Example | Topics and Well Written Essays - 500 words

Decision-Making Process Paper - Essay Example Hence the steps that I will undertake in the wake of the decision-making process are reliant on how well I think through the different areas and how aptly driven my understandings are at the end of the day. The decision-making process that I have applied is exactly in line with the decision-making process that is present within the text. My methodology is much the same as has been outlined in the text and this makes for an interesting debate nonetheless. I have envisioned that the proper format for comprehending the decision-making process is to follow the very basics and this has been done properly through the textual instance which is provided to me in essence. There is absolutely no difference between my decision-making process and the one outlined in the text and hence there is no reason why the comparisons should come out in the open. The steps that have been taken are thus reliant on getting the job done which is indeed a better understanding of how to reach a decision in the f irst place. The decision-making process is a difficult one and it takes a lot of hard work and toil on the part of the person who ultimately reaches upon a decision. Therefore it would be viable to suggest success for an individual who wishes to give time, adequate analysis regimes and a comparison of the shortcomings within the entire decision-making process in entirety (Castellan, 1993). If the mistakes are taken care of and are removed essentially, then this will mean that the decision-making has been done correctly. It is important that the decision once reached upon is adhered to across the board as there is no analysis of a decision which has been wrongly made. However, it is a good measure to tackle a wrong decision within the decision-making process early on within this process. This can mean that the individual can put back the decision that has been done on his part on some of the occasions but the guarantee is not a must under such scenarios. The decision-making

Dollarization in Cambodia

Dollarization in Cambodia Dollarization occurs when a country uses US Dollar or other currency instead of or along with local currency. The picture of dollarization can be as follow: using dollar for bank Deposit, paying debt, buying goods and service, measuring national budget. 1 There are three types of dollarization: official, semi-official, and unofficial. Official dollarization occurs when a country use dollar as the legal currency instead of domestic currency. For example, Panama is the dominant official dollarization adopter. It has no domestic currency published at all. The second type is Semi-official dollarization. Some countries in the world use US dollar and domestic currency at the same time; in other word, they use bimonetary systems. This allows people to make deposit in US dollar, do some transaction, but it only act as second role in paying wage, tax, electricity, and daily expense. Adopting this system, the central bank can place its own monetary policy. Cambodia, Lao, and Haiti are the exam ples of semi-dollarized countries. Third, in unofficial dollarization, some countries majority wealth is hold in foreign currency and people can use US dollar substituting domestic currency either legally or illegally. In short, when a country uses other currency beside it own to substitute the three functions of the monetary, it is theoretically that the country has been dollarized formally, semi-formally or informally. 2. World Dollarization Implication There are two main aspects of dollarization. Dollarization is the subject of not only the economic or also of Politic. Economists think that money is only just public goods which consist of three functions: means of exchange, store value and unit of account and its purpose is only to ease the economic transaction. Dollarization is the symbol of the US power influence country money. The US aid for the reconstruction of Western Europe after the World War II and many other countries, the role of US in world stage became more important. Then after the abolishment of Gold Standard in 1971, the US dollar also became the main currency in the world. Because of shock of financial crisis, some countries adopt dollar US to reduce the risk and create stability. For, those countries adopting dollarization is only another term for fixed exchange rate compared to US dollar without much effort2. Comparing to developing country currency, it is more reliable, valuable and profitable in doing trade, st oring value, and making transaction. However, some countries use other currency with similar quality such as Germany mark, Japanese yen and now Euro in Europe. Beside economic value, money contains purchasing power which is the heart of politic. The power has distributed to the creator, the exchanger, and especially the controller. Thus, distribution of money does not only create hierarchy of people but it also creates hierarchy in the world.3 However, for some other countries dollarization is the heart of political interest. For instance, using US dollar in Latin America implies its dependence on US and also shows its inferior. East Timor adopt US dollar as its official currency to prevent Indonesian influence. In short, dollarization can be characterize into both economic and politics. Through both means the dollarization is becoming new influence of US in the world. 3. Dollarization in Cambodia Dollarization According to IMF the proportion of Dollar in economic circulation is 90% which is indifferent for a decade ago. In an article dollarization in Cambodia, and policy options on the way forward, Menon (1998) concluded that à ¢Ã¢â€š ¬Ã‚ ¦dollarization is not the problem, but is merely symptom. The problem (or the cause) is a lack of confidence in the riel, whilst the symptom (or the effect) is the use of another currency such as the US dollar.4 Dollarization in Cambodia is the result of both past and present economic and politic status. Dollarization in Cambodia is the direct legacy of the destruction of economic and financial Institutions after the 1970s, economic mismanagement in the 1980s, and the large inflows of US Dollars during the UNTAC period in the early 1990s5.Today, in Cambodia the US dollar still serves all three functions of money: it is widely used as a medium of exchange, store of wealth, and unit of account. The fact that dollarization is not the real problem but it is the lack confident in riel can be rooted as far as the Khmer Rouge Regime. In 1975 the revolution of Khmer Rouge took over the Cambodia politic and economy. influenced by the Marxism, to make Cambodia a communist country the Pol Pot abolish riel currency as well as stop the national bank operation and thus hope to fill the gap of the rich and the poor. Cambodian people lived in hardship without any personal business activity, any mean of store value or exchange, on private ownership. Fortunately, in 1979 the population was saved; however, this country returned to the state of traditional economy using barter system. Then, no t until 1980 did riel currency appear again. Experiencing shock in 1975 when their saving money became scraps in only days, Cambodian people later preferred to use other means such as gold, silver, jewelry for exchange. Most people used riel currency for only small transaction and not over 50$ saving. When the dollar was introduced again in 1990s, it is generally accepted along with previous gold and silver money. As much 1.7 as US million dollars has poured in Cambodia through UN peace keeping activity, the UNTAC6. This situation paved the ways of Cambodian economy depend on the stronger money US dollar and Cambodia was easily the most highly dollarized country in Asia, and one of the highest in the world The share of dollars in currency Circulation is highest in Cambodia, estimated at about 90 percent. Nowadays Dollar still plays major role in business transaction, and the major deposit in bank. The existence of dollarization in Cambodia is also expected to last. Another reason fo r Cambodia in accepting dollarization is just a pressure of its country as a developing economy. Even though Cambodia has done three decade or reconstructing the economy, reducing political and economic uncertainty, there are more actions to be done to get out of dollarization. While growth and political uncertainty greatly has been reduced, Cambodia remains a low income country with significant inequality and poverty, and some degree of political uncertainty remains. For example, political turmoil in 1997 combined with Asian financial crisis would have been more even more threatening to Cambodia if it had not been dollarized. 4. Conclusion As many states have problem in both economic and politic stability and weak monetary system people will consider using another currency which is more stable and valuable in most situation. In the serious case some countries do not have own currency at all but US dollar. As the US has strong monetary regime its currency impress those developing states to use US dollar; therefore, US may somewhat influence those state in both economic and politic. Some states may be dollarized in order to create financial stability; however, they are unsure what can US do with dollarization for politics. Cambodia is not the exception. Since 1970s and had been attracted to new currency US dollar in since 1990s. Until now, the degree of dollarization has changed only a little. Dollarization was injected so gradually that people get accustomed to it despite the government effort to de-dollarize in the last decade. Cambodia economic and politic problems still fuel dollarization existence. Next issue is to discuss the advantage and disadvantage in Cambodia. MC2: Situation of Dollarization in Cambodia Today and Its Cost and Benefit After the two decade of United Nation Transnational Authority in Cambodia (UNTAC) operated peace keeping activity and introduce dollarization in Cambodia, with high economic performance with average two digits GDP growth and considerable political stability Cambodia should have come out of dollarization already. However, Cambodias economy is still highly and increasingly dollarized which urge the government to critically consider whether to de-dollarize by comparing its cost and benefit. The status of Cambodia dollarization today is not far different from the 1990s1. The dollar still serves three functions in this economy: making transaction, storing value and being used as unit of account. The cash dollar in circulation in Cambodia is 90% of all value of transaction which is similar as a decade ago. Dollar has been widely use for private sector wage payment, medium of international trade and also purchase large value products. Moreover, dollars also dominate the currency deposit as storing value instrument in Cambodia. According to the National Bank, the foreign currency deposit in broad money (M2) is accounted for 75% in 2006 increasing from 54% in 1998. Furthermore, 97% of bank deposit is in term of dollar. The recent increase in dollarization is the result of two main points the higher economic growth and recent political stability has contribute to more dollarization. When the investor think Cambodia is a good place to invest they will inject more dollar investm ent. In addition, the open trade economy also allows Cambodia to do more trade with other countries using dollar as medium of international trade exchange. Long before this happen the issue of dollarization has been discussed on cost and benefit but at this time it is even more critical to figure out that the cost of dollarization is more than benefit in Cambodia2. The benefit of dollarization in Cambodia can be encouraging saving, preventing capital flight, providing low risk of currency and exchange rate devaluation. First, the dollarization increasing saving when there is a better currency that is more reliable, therefore, people will tend to save in the bank in dollar to increase their wealth as well as lubricate the economy. Second, this also prevent hot money go out Cambodia in a short time of return from investment because investor still deposit money in local bank and transfer to their homeland at any time when there is high portion of dollar deposit in the bank. Last but not least, dollarization provides security from the risk of currency devaluation and exchange rate depreciation. When the local money face inflation or depreci ation the dollar holder will not worry about the value of asset they hold in dollar. On the other hand, those benefits are little comparing to cost of dollarization. First of all, riel is the national symbol of states sovereignty so using dollar is really affect sovereignty and national identity. Second, When Cambodia use dollar as dominate to riel currency, the national symbol has been eroded because the people do not trust their own government. Instead of get easily affected by local inflation, the dollar holder get easily affect by dollar instability especially in recent years. Thus, it means that Cambodia is somewhat dependence on the US federal monetary policy. Finally, dollarization make local monetary policy less effective, in other word, the central bank cannot use its own currency to fully stabilize price and economy. When government want to print more money it will not increase much in the economy because most of transaction done by dollar and the government also cannot co ntrol the interest rate since the most deposit is in dollar not riel. Government also cannot get inflation tax (print money to finance short term deficit but let go the inflation) to finance the government budget especially in hard time.3 Being unable to use inflation tax or seignior age to support emergency needs the government of Cambodia is estimate to loss seignior age to be $682 million at the end of 2004, with an additional $61 million lost annually. and especially in the case of paying the military, the Barry Eichengreen (1994): Money can be printed to pay soldiers, to purchase materiel, and to underwrite the other costs of a war of national defense without having to wait for tax returns to be filed or for a foreign loan to be extended. As the state sovereignty and being able to use own policy is very important the cost burden by dollarization above have already exceed the benefit. Thus it is time for Cambodian government to get more effort in de-dollarized campaigned despite the problem of lack of both commitment and capacity. In short, even though the economy and politic of Cambodia has improved the dollarization has not been eliminated but it increases because of the more free market mechanism. However, dollarization has impose more cost such as hindering Cambodia from using its own monetary policy, eroding national sovereignty and being not able to finance government budget deficit which is far more significant that the benefit such as creating price stability, encouraging save and discouraging capital flight. This is the high time for Cambodia government to respond to those issues. Cambodia cannot stay aside from dollarization as it shows the higher level. The Cambodia government has to show its commitment and strengthen capacity to combated dol larization either locally or regionally. MC#3: Policy Option for De-dollarization in Cambodia The government of Cambodia has realized that the current situation of dollarization in Cambodia has higher cost than benefit. The cost is that dollarization has weakened domestic monetary policy capacity to manipulate the financial and monetary system while the benefit has gone to price stability and trade and investment integration. The Cambodian government has; therefore, allowed the side effect of US federal policy to influence its economy for a long time either good or bad. Thus, it is high time for Cambodia to strengthen de-dollarization. There are two main procedures in de-dollarization which are domestic policy and regional policy. However, this paper will cover only the possibility of policy option done by the Government of Cambodia alone. The suggested policies to de-dollarized Cambodia economy are full dollarization, currency board agreement, and continue Interim policy reform. However, the latest seems most preferable. The first choice of Cambodia is to move forward to full dollarization following the precedential example in Latin American economy especially Panama. Adopting this policy, Cambodia has a great save in transaction cost, is easy to integrate itself in the regional and global economy by trade and capital flow and also maintain high price stability. However, full dollarization seems not the right choice for Cambodia. Since Cambodian economy does not closely related to US and thus it does not allow Cambodia to keep track with US economy easily. Moreover, giving up riel currency implies scarifying more seigniorage benefit to US and has no more ability to use own monetary policy as the lender of last resort of domestic commercial bank. Moreover, the government of Cambodia hasnt showed any commitment to turn to keep dollar as legal tender. The Minister of Ministry of Economic and Finance, Mr. Keat Chhun at the Launching Cambodian Economic Forum in 2006 said However, it should be seen that the Royal Government is now implementing de-dollarization. Our economy must be based on national currency, which should be based on a basket of foreign currencies and consistent with the integration of our economy into regional and world economy. It is not likely that Cambodia take a reverse policy from its commitment. Second policy is to create currency board agreement in Cambodia. A currency board is a monetary authority, unlike central bank, issue domestic currency that is always convertible to foreign currency at a fixed exchange rate on the basis of 100%. This means that if 1$ = 4000 riel, the currency board needs 10$ reserve to issue 40000 riel. The currency board makes profit by gaining interest from its foreign reserve by the expense of cost in circulating local currency. The advantage of CBA is the gaining of seigniorage benefit over the dollarization that makes country loss in that. Although Currency board seems a good choice but it need too much effort from Cambodia and also has side effects. There is an estimated that riel is 10% of the currency of circulation and the official reserve is triple of this which is equal to 30%. Thus, it means that Cambodia need to triple the reserve to collect all dollars in circulation. Therefore, currency board may lead to a mass government debt. Is there any other ways that Cambodia can get more official reserve? Finally, the last alternative for de-dollarization is to use interim policy. Interim policy is to set objective of de-dollarization in longer term and accelerate reform. In this approach, the government of Cambodia should left the monetary system as they are on the one hand; and increase macroeconomic stability which increase riel confident and demand as well as restore riel-friendly environment on the other hand. First of all, National Bank of Cambodia plays an important role in this policy. NBC is the last resort of loan of commercial bank, so NBC provide riel as a mean to refinance. Then Cambodia government should promote the use of riel currency as a mean of exchange with security and low cost. Last, the NBC can use Treasury bill to attract the riel financial market by providing higher interest than dollars saving. Beside the role of the bank, the tax policy reform is also taken into account. Demand of riel can be raised when there is obligation to pay all kind of tax in riel. Thus, when there is more tax collection in riel implies more demand in riel. Besides, the adaptations of existing institution that allow ease the dollarization is important. For example, the minimum wage law in Cambodia is indentify is dollar not riel and the most international organization operated in Cambodia preferred to pay salary in dollar only while in other country the government required the international organization to pay 30%-40% in local currency. Moreover, there are also surplus demands of riel in microfinance that cannot be fulfilled. it is estimated that microfinance industry demand Riel 120 billion in 2008, but the supply is not enough. Thus, it is important to resolve the dollarization-friendly-condition above by remove any status serve for dollarization although there is a certain portion in dollar paying in wage and salary and increase supply of riel in microfinance industry. One can criticized that Cambodian government has done a lot in reform for macroeconomic stability but the result is still high dollarization in today economy. Cambodia has enjoyed high growth, average two digit growth in last five year, despite the distraction from the global financial crisis in 2008, yet the there still the same dollarization. In addition, to restore attract demand in riel as a secure and low transaction cost currency is not good because the commercial bank has promote it by giving higher interest rate than dollar deposit already. The problem is not focus on what have Cambodian has done, instead it is important to know what else needed to achieve long-term goal of de-dollarization. Moreover, gradually de-dollarization process can ease the economy adaption. As result, when the Cambodia reach the macroeconomic stability the authority can take advantage of strong financial system to increase confident in riel and thus to de-dollarized. In conclusion, Dollarization in Cambodia is not the matter that easily to settle because there a high link between citizen who prefer dollarization as the result of being not confident in riel and weak financial institution and a high loss in the government who is the coordinator between those two. Among the suggested policy in de-dollarization which are full dollarization, currency board agreement and interim policy, the last choice is likely the best option for Cambodia because it respresent the appropriate capacity ot the states as well as allowed people to increase confident and demand in riel considerable. However, the previouse effort in this policy is not enough so Cambodia need a higher commitment and capacity in this policy. On the other hand, domestic policy alone may not enough to deal with the dollarization which is the result from capital and trade integration. Therefore, regional cooperation combating dollarization can be the future choice for cambodia. MC4: Subregional Cooperation in Dedollarization. Cambodia, Laos and Viet Nam have shared common characteristic as the newly emergence economy. Firstly, the three countries or so called CLV countries have transform from central planned economy to free and open market economy during 1980s and 1990s. Because of the experience of price instability, fragile monetary and exchange rate policy and the underdeveloped or non existence of financial market make all countries similarly tend to use Dollar alongside the local currency despite the different level of dollarization. Although dollarization has contribute to price exchange rate stability, it is not the good choice for them in longà ¢Ã¢â€š ¬Ã‚ term because the government has lost much seigniorage, benefit and also the role of last resort of lender of central bank. CLV has tried their own method to deà ¢Ã¢â€š ¬Ã‚ dollarize to cope with shortà ¢Ã¢â€š ¬Ã‚ coming problems by their own reform so as to gain currency confident and also improving financial institution. Those policies seem to need much effort and time and CLV to achieve alone, therefore there is also another choice of subà ¢Ã¢â€š ¬Ã‚ regional cooperation among CLV countries such as exchange rate regime and single currency area. For CLV cooperation in monetary and exchange rate policy to combat both depolarization and monetary system sustainability which includes price stability, financial stability and exchange rate stability, CLV have to create cooperation environment as a precondition. First, they have to create a network of policy makers, economist elites, officials, and researcher from all level of government and financial institution to take close surveillance on CLV economic performance and discuss the possibility of new policy. Moreover, the networks should make a regular meeting information exchange, checking progress and also make consultant the possible area in economic integration in the region. Secondly, CLV countries should create strong connection of capital market among them. There are two possible alternatives for this. The Viet Nam should allow the Cambodian and Laos company to list it stock market or the CLV can create common bond market of CLV subà ¢Ã¢â€š ¬Ã‚ region. To develop capital market in CLV countries they also need to make a joint regulation and supervisory to ensure transparency to investors and they need to reduce foreign exchange restriction among the three countries to reduce exchange rate risk among investor too. After achieving the above precondition in monetary and exchange cooperation above, CLV have two choices which are exchange rate cooperation and monetary cooperation to multilaterally combat dollarization. First of all, consider the possible of future exchange regime in ASEAN+3 in the East Asian economic community, the CLV exchange rate cooperation can be pilot project of the bigger picture of cooperation. CLV countries should consider the joint peg of currency to Dollar or currency basket of currency famously Dollar, Euro and yen while the weight of currency depends on the trilateral discussion. This common peg to Dollar is a good choice for CLV countries because of several reasons despite some difficulties. First, the stable exchange rate to Dollar has showed the strength of currency against outside fluctuation thus gain credibility of currency. Second, CLV already adopt restricted fluctuation of currency against Dollar and those main trading partner, China also already peg to Dollar. By doing this the three countries will have less transaction cost in changing their currency to Dollar when they are doing trade and at the same time their currency will get confident from people since it is stable with Dollar. On the other hand, when CLV peg to the basket of currency including Dollar, Euro and Yen, the CLV country can reduce risk when there is currency shocked in US. Instead of rely solely on exchange rate stability with Dollar, CLV reduce the risk by depend on two more major economies, Europe and Japan. There is no correct proportion of the three currencies in the currency basket, yet it depends on the economic relation of CLV to the Gà ¢Ã¢â€š ¬Ã‚ 3 (US, Europe and Japan) and also their own negotiation. Besides, CLV can move further to subà ¢Ã¢â€š ¬Ã‚ regional currency board which ensures the stronger peg to foreign currency thus they get more seigniorage benefit. However, they need much more effort to achieve this. First, they have to create a stronger cooperation in coordinating currency policy. Second, they need more foreign reserve to run currency board and it needs high legal endorsement to get people use local currency. In addition to cooperation in Exchange rate regime, it is also important that CLV cooped to create monetary regime. The CLV common currency is a long term goal they require many effort from CLV to improve the credibility among public of currency as well as effective institution to handle the transitional change of currency and strong political will of CLV leaders. Besides, the CLV currency area can be established only after the Asian Currency Unit (ACI)à ¢Ã¢â€š ¬Ã‚  which is similar to European Currency Unite, has been created in ASEAN+3. When there is common peg to ACI in ASEAN+3 economy, the CLV will change to peg ACI and they can create their own subà ¢Ã¢â€š ¬Ã‚ regional common currency in lower level to increase their voice in ASEAN cooperation, in addition to the benefit for Exchange rate regime. However, some scholar suggests this option is difficult to achieve at least in short and medium term because there are many political sensitive issue to overcome, weak institution, and flexibility of people. In summary, in order to cooperate with each other so as to deà ¢Ã¢â€š ¬Ã‚ dollarize their economy CLV countries has to two choices of Exchange rate regime and single currency. Those policies are only achievable when CLV countries have strong foundation of cooperation in critical are such economic consolation and information sharing, joint assessment and so on. They can more benefit from this cooperation rather than taking action individually however it is only longà ¢Ã¢â€š ¬Ã‚ term goal for them. In prospect there is still possibility to get out dollarization when CLV are determined enough in cooperation. MC#5: Dollarization and Implication of Financial Architecture Reform Cambodia among CLV is solely dollarized countries in the world which face the problems. Dollarization is the common problem in developing countries such as Latin America also. Thus the case of dollarization in Cambodia can also reflect the situation of the change of financial architecture that affect the financial and monetary system in the world. Dollarization is the symptom of weak ability of domestic financial structure, historical price in stability and political problems urges people to use foreign currency. While the government the seigniorage benefit and role of last resort of lender the people enjoy the stability of money in deposit as well as trade and investment. Rooted from the globalization there are three main debates in global financial system: Does dollarization good for developing country? Should states liberalize people choice in using currency they like or impose people to choose national fiat money? Should IMF play important role in the world exchange rate stability? Does dollarization good for developing country? Dollarization can give price and exchange rate stability in low cost in most emergence market economy. Hanke recommend developing countries to use dollarization in case that the states do not have strong monetary and fiscal policy to tighten currency value in long term should use dollarization as monetary institution. The above idea is not raised by him alone some scholar also propose choice of dollarization because of several reasons. First, considering the financial and dept crisis during 1980s and 1990s in much part of the world and thus leads to increase of high inflation, currency devaluation and mass capital outflow by foreign investors. When developing country dollarization they can stabilize the currency, exchange rate. When those countries use a high confident and good quality currency like dollar in economy is no possibility of a sharp depreciation, and sudden capital outflows because of investor unconfident is also omitted. Second, dollarization can highly reduce transaction cost and integrate developing economy closer to US. Thirdly, the stability of dollar in the economy as currency in developing countries will encourage people to save more and foreigner to invest more. However, dollarization is costly. Government of developing countries need to scarify seigniorage benefit in dollarized economy and the Central bank losses its role of lender of last resort to the commercial bank in case there is liquidity problems. Moreover, the states will lose its sovereignty in term of monetary policy and exchange rate policy. Thus, it is a critical decision to whether or not to dollarize in developing countries because they have to compare the benefit of dollarization the cost to bear it as well as balancing the internal risk with external risk. Should states liberalize people choice in using currency they like or impose people to choose national fiat money? According to Laurence H. Meyer, a member of the Board of Governors of the Federal Reserve System when there is more global financial integration the government should increase role in market discipline, regulation and also supervision in money and also exchange rebate. The states should improve the international capital standard, market discipline. The state has monopolized the authorization on Money discipline by introduces national currency to show the selfà ¢Ã¢â€š ¬Ã‚ help system in term of currency and also gains seigniorage benefit. However, Randal Krozner, an economist at the University of Chicagos Graduate, rejects the role of government in currency circulating. He claim that private regulation found in private actors such as clearing house, credit rating agency, trader, capitalist investor, and others has provided stability and innovation because they work closely to financial and currency market. He advises that the government should reduce the intervention in the financial and monetary system and let the dynamic private sector to regulate the system. In short, while some scholar support government role in regulation the currency market, some ot