The National Saving and Investment Identity

- 1 -CHAPTER 1: INTRODUCTION1.1 Rationale for choosing this topicEnglish has already played a specially important role in the increasing development of science, technology and international relations, which has resulted in the growing needs for English language learning and teaching in many parts of the world. English has become a compulsory subject in national education in many countries, among which Vietnam has considered learning and teaching English as a major strategic tool to develop human resources, as a way to keep up with other countries. Therefore, in any level of education, from primary to university or postgraduate degree, learners must learn or want to learn English as a compulsory subject or their target to access to information technology and to find a good job. It is true that English teaching/ learning is essential for job training.Fully aware of the importance of the English language, the University of Technology, Ho Chi Minh National University has encouraged and required their students to learn it as a compulsory subject during the first three academic years. Therefore, English has been taught at the University of Technology since it was established, aiming at equipping the students with an essential tool to go deeper into the world. However, to evaluate how students acquire when they learn a foreign language, how well they use what they have been taught and at which level of English they are standing is not paid much attention to. The evaluation only counts for calculating the percentage of the number of students who pass English tests, which ; therefore, doesn’t say anything about the validity, reliability or discrimination of the tests. The results of English test are not successfully and completely employed. In addition, during the time I have worked as a teacher of English at the University of Technology, I have heard teachers and learners complaining about the English achievement test in terms of its content, its structure. As a result, the English section has decided to implement the renewal of the item bank in order to make it more valid and more reliable.Seeing the point, the author is encouraged to undertake this study entitled “Evaluating the Reliability and Validity of an English Achievement Test for Third-year Non- major students at the University of Technology, Ho Chi Minh National University and some suggestions for changes” with the intention to find out how valid and reliable the test is. More importantly, the writer hopes that the result of the study can then be applied to - 2 -improve the current testing and to create a new really reliable item bank. It is also intended to encourage both teachers and learners in their teaching and learning.1.2 Scope of studyThe scope of this thesis is limited to a research on examining the existing achievement test in terms of its The National Saving and Investment Identity The National Saving and Investment Identity By: OpenStaxCollege The close connection between trade balances and international flows of savings and investments leads to a macroeconomic analysis This approach views trade balances—and their associated flows of financial capital—in the context of the overall levels of savings and financial investment in the economy Understanding the Determinants of the Trade and Current Account Balance The national saving and investment identity provides a useful way to understand the determinants of the trade and current account balance In a nation’s financial capital market, the quantity of financial capital supplied at any given time must equal the quantity of financial capital demanded for purposes of making investments What is on the supply and demand sides of financial capital? See the following Clear It Up feature for the answer to this question What comprises the supply and demand of financial capital? A country’s national savings is the total of its domestic savings by household and companies (private savings) as well as the government (public savings) If a country is running a trade deficit, it means money from abroad is entering the country and is considered part of the supply of financial capital The demand for financial capital (money) represents groups that are borrowing the money Businesses need to borrow to finance their investments in factories, materials, and personnel When the federal government runs a budget deficit, it is also borrowing money from investors by selling Treasury bonds So both business investment and the federal government can demand (or borrow) the supply of savings There are two main sources for the supply of financial capital in the U.S economy: saving by individuals and firms, called S, and the inflow of financial capital from foreign investors, which is equal to the trade deficit (M – X), or imports minus exports There 1/9 The National Saving and Investment Identity are also two main sources of demand for financial capital in the U.S economy: private sector investment, I, and government borrowing, where the government needs to borrow when government spending, G, is higher than the taxes collected, T This national savings and investment identity can be expressed in algebraic terms: Supply of financial capital = Demand for financial capital S + (M – X) = I + (G – T) Again, in this equation, S is private savings, T is taxes, G is government spending, M is imports, X is exports, and I is investment This relationship is true as a matter of definition because, for the macro economy, the quantity supplied of financial capital must be equal to the quantity demanded However, certain components of the national savings and investment identity can switch between the supply side and the demand side Some countries, like the United States in most years since the 1970s, have budget deficits, which mean the government is spending more than it collects in taxes, and so the government needs to borrow funds In this case, the government term would be G – T > 0, showing that spending is larger than taxes, and the government would be a demander of financial capital on the right-hand side of the equation (that is, a borrower), not a supplier of financial capital on the righthand side However, if the government runs a budget surplus so that the taxes exceed spending, as the U.S government did from 1998 to 2001, then the government in that year was contributing to the supply of financial capital (T – G > 0), and would appear on the left (saving) side of the national savings and investment identity Similarly, if a national economy runs a trade surplus, the trade sector will involve an outflow of financial capital to other countries A trade surplus means that the domestic financial capital is in surplus within a country and can be invested in other countries The fundamental notion that total quantity of financial capital demanded equals total quantity of financial capital supplied must always remain true Domestic savings will always appear as part of the supply of financial capital and domestic investment will always appear as part of the demand for financial capital However, the government and trade balance elements of the equation can move back and forth as either suppliers or demanders of financial capital, depending on whether government budgets and the trade balance are in surplus or deficit Domestic Saving and Investment Determine the Trade Balance One insight from the national saving and investment identity is that a nation’s balance of trade is determined by that nation’s own levels of domestic saving and domestic investment To understand this point, rearrange the identity to put the balance of trade 2/9 The National Saving and Investment Identity all by itself on one side of the equation Consider first the situation with a trade deficit, and then the situation with a trade surplus In the case of a trade deficit, ... 2 The Mobile Station and the Subscriber Identity Module The GSM telephone set and the SIM are the only system elements with which most users of GSM have direct contact. The GSM telephone set and the SIM form an almost complete GSM system within themselves with all the function- ality, from ciphering to the HLR. Figure 2.1 shows a block diagram of a mobile station with a SIM slot. 2.1 Subscriber Identity Module The SIM is a microchip that is planted on either a check card (ID-1 SIM) or a plastic piece about 1 cm square (plug-in SIM). Figure 2.2 shows both variants. Except for emergency calls, a GSM mobile phone cannot be used without the SIM. The GSM terminology distinguishes between a mobile station and mobile equipment. The mobile equipment becomes a mobile station when the SIM is inserted. There is no difference in functionality between the ID-1 SIM and the plug-in SIM, except for size, which is an advantage for the plug-in SIM when used in a small handheld telephone. Today, many network opera- tors offer (at an additional cost) identical pairs of ID-1 SIM/plug-in SIM, so the same SIM can be used in a car phone and in a handheld telephone. 13 14GSMNetworks:Protocols,Terminology,andImplementation Voice encoding > Channel encoding > Interleaving > Burst generation Ciphering Modulation Amplifier Voice decoding > > > Channel Decoding De-Interleaving Re-formating Deciphering Demodul. Central processor, clock and tone, internal bus system, keyboard (HMI) SIM Subscriber Identity Module= => => => => => Figure 2.1 Block diagram of a GSM MS. 2.1.1 The SIM as a Database The major task of a SIM is to store data. That does not mean that the data is only subscriber data. One has to differentiate between data types for vari- ous tasks. The most important parameters that a SIM holds are presented in Table 2.1. It should be noted that the list is not complete and that the SIM can also be used to store, for example, telephone numbers. 2.1.2 Advantage for the Subscriber The SIM is one of the most interesting features for a user of GSM, because it permits separation of GSM telephone equipment and the related database. In other words, the subscriber to a GSM system is not determined by the identity of the mobile equipment but by the SIM, which always has to be inserted into the equipment before it can be used. This is the basis for personal mobility. The Mobile Station and the Subscriber Identity Module 15 GSM SIM . . . . . Plug-in SIM ID-1 SIM Figure 2.2 Plug-in SIM and ID-1 SIM. Table 2.1 Data Stored on a SIM Parameter Remarks Administrative data PIN/PIN2 (m/v) Personal identification number; requested at every powerup (PIN or PIN2) PUK/PUK2 (m/f) PIN unblocking key; required to unlock a SIM SIM service table (m/f) List of the optional functionality of the SIM Last dialed number) (o/v) Redial Charging meter (o/v) Charges and time increments can be set Language (m/v) Determines the language for prompts by the mobile station 16 GSM Networks: Protocols, Terminology, and Implementation Table 2.1 (continued) Parameter Remarks Security related data Algorithm A3 and A8 (m/f) Required for authentication and to determine Kc Key Ki (m/f) Individual value; known only on SIM and the HLR Key Kc (m/v) Result of A8, Ki, and random number (RAND) CKSN (m/v) Ciphering key sequence number Subscriber data Resource Mobilization, Financial Liberalization, and Investment: The Case of Some African Countries Mohammed Nureldin Hussain, Nadir Mohammed and Elwathig M. Kameir Introduction The role of interest rate in the determination of investment and, hence economic growth, has been a matter of controversy over a long period of time. Yet, what constitutes an appropriate interest rate policy still remains to be a puzzling question. Until the early 1970s, the main line of argument was that because the interest rate represents the cost of capital, low interest rates will encourage the acquisition of physical capital (investment) and promotes economic growth. Thus, during that era, the policy of low real interest rate was adopted by many countries including the developing countries of Africa. This position was, however, challenged by what is now known as the orthodox financial liberalization theory. The orthodox approach to financial liberalization (McKinnon-Kapur and the broader McKinnon- Shaw hypothesis) suggests that high positive real interest rates will encourage saving. This will lead, in turn, to more investment and economic growth, on the classical assumption that prior saving is necessary for investment. The orthodox approach brought into focus not only the relationship between investment and real interest rate, but also the relationship between the real interest rate and saving. It is argued that financial repression which is often associated with negative real deposit rates leads to the withdrawal of funds from the banking sector. The reduction in credit availability, it is argued, would reduce actual investment and hinders growth. Because of this complementarity between saving and investment, the basic teaching of the orthodox approach is to free deposit rates. Positive real interest rates will encourage saving; and the increased liabilities of the banking system will oblige financial institutions to lend more resources for productive investment in a more efficient way. Higher loan rates, which follow higher deposits rates, will also discourage investment in low-yielding projects and raise the productivity of investment. This orthodox view became highly influential in the design of IMF – World Bank financial liberalization programmes which were implemented by many African countries under the umbrella of structural adjustment programs. The purpose of this chapter is to provide a theoretical and empirical examination of the question of resource mobilization in the context of African countries as envisaged by the theory of financial liberalization. The chapter begins by developing the conceptual framework for the whole study. This involves the examination of the theory of financial liberalization, and the development of an analytical framework which exposes the theory and its critique. The chapter concentrates on examining the empirical relationship between the real interest rate, saving and investment. It draws a distinction between total saving and financial saving and estimates separate functions with special emphasis on the role of the real interest rate in the determination of each category of saving. For the relationship The Arabic Language and National Identity A Study in Ideology YASIR SULEIMAN EDINBURGH UNIVERSITY PRESS Suleiman_00_Prelims 11/10/02, 1:22 pm3 © Yasir Suleiman, 2003 Edinburgh University Press Ltd 22 George Square, Edinburgh Typeset in Goudy by Koinonia, Manchester, and printed and bound in Great Britain by The Cromwell Press, Trowbridge, Wilts MPG Books Ltd, Bodmin, Cornwall A CIP Record for this book is available from the British Library ISBN 0 7486 1707 8 (paperback) The right of Yasir Suleiman to be identified as author of this work has been asserted in accordance with the Copyright, Designs and Patents Act 1988. For Tamir and Sinan Suleiman_00_Prelims 11/10/02, 1:22 pm4 Acknowledgements viii 1 The Arabic Language and National Identity: Aims and Scope 1 Aims of the Study: The Disciplinary Context 1 2 What is National Identity? 4 3 Theoretical and Empirical Scope 9 4 Organization of this Book 12 2 Setting the Scene 1 Definition: The Achilles Heel 16 2 Two Modes of Defining the Nation 20 3 Two Types of Nation, Two Types of Nationalism 23 4 Language and National Identity 27 5 Conclusion 33 3 The Past Lives On 1 Introduction 38 2 In Praise of Arabic 42 3 Óikmat al-ÆArab: Wisdom of the Arabs 47 4 La˙n: Solecism 49 5 ÆAjam and ÆArab 55 6 The Arabs as a Nation (umma): Further Evidence 64 7 Conclusion 66 4 The Arabic Language Unites Us 1 Introduction 69 2 From Ottomanism to Turkism: The Turkification of the Ottoman Turks 70 3 From Ottomanism to Arabism: Preliminary Remarks 79 3.1 The Placards 82 3.2 Resisting Linguistic Turkification 85 3.3 The Intellectuals Speak 89 Contents Suleiman_00_Prelims 11/10/02, 1:22 pm5 4 Ibrahim al-Yaziji: From Immediate Aims to Underlying Motives 96 5 Conclusion 109 5 Arabic, First and Foremost 1 Introduction 113 2 Under the Banner of Arabic 117 3 SatiÆ al-Husri: Arabic, First and Foremost 126 3.1 Populism: A Question of Style 126 3.2 Nation, Language and Education 128 3.3 Defining the Arab Nation 131 3.4 Arab Nationalism and the Ideologization of Language 134 3.5 Nation, Language and Religion 140 3.6 Between the Standard and the Dialects: The Case for Linguistic Reforms 142 4 Zaki al-Arsuzi: The Genius of the Arab Nation Inheres in its Language 146 5 Conclusion 158 6 The Arabic Language and Territorial Nationalism 1 Introduction 162 2 The Arabic Language and Territorial Nationalism: Antun SaÆada and Regional Syrian Nationalism 164 3 The Arabic Language and Egyptian Nationalism: Early Beginnings 169 4 The Arabic Language and Egyptian Nationalism: Full Elaboration 174 4.1 The Arabic Language and Egyptian Nationalism: Salama Musa 180 4.2 The Arabic Language and Egyptian Nationalism: Taha Husayn 190 4.3 The Arabic Language and Egyptian Nationalism: Luwis ÆAwad 197 5 The Arabic Language and Lebanese Nationalism: A General Introduction 204 5.1 The Arabic Language and Lebanese Nationalism: ÆAbdalla Lahhud 207 5.2 The Arabic Language and Lebanese Nationalism: Kamal Yusuf al-Hajj 210 6 Conclusion 219 contents Suleiman_00_Prelims 11/10/02, 1:22 pm6 7 Conclusion: Looking Back, Looking Forward 1 The Arabic Language and National Identity: Looking Back 224 2 The Arabic Language and National Identity: Looking Forward 228 Notes 232 The National Interest and the Law of the Sea Council Special Report No 46 May 2009 Scott G Borgerson  Council on Foreign Relations 1777 F Street, NW Washington, DC 20006 tel 202.509.8400 fax 202.509.8490 www.cfr.org Council Special Report No 46 58 East 68th Street New York, NY 10065 tel 212.434.9400 fax 212.434.9800 The National Interest and the Law of the Sea The National Interest and the Law of the Sea Council Special Report No 46 May 2009 Scott G Borgerson The National Interest and the Law of the Sea The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization, think tank, and publisher dedicated to being a resource for its members, government officials, business executives, journalists, educators and students, civic and religious leaders, and other interested citizens in order to help them better understand the world and the foreign policy choices facing the United States and other countries Founded in 1921, CFR carries out its mission by maintaining a diverse membership, with special programs to promote interest and develop expertise in the next generation of foreign policy leaders; 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