Causes and Types of Cerebrovascular Accidents (CVA)

Causes and Types of Cerebrovascular Accidents (CVA) Cerebro-vascular accident Introduction Cerebrovascular accident or CVA as it is commonly called is defined as the unforeseen death of some of the cells of the brain because of lack of the supply of oxygen to the brain. This occurs when the flood flow to the brain is hindered by blockage or some rupture of an artery going to the brain another common term used to denote a cerebro vascular accident (CVA) is stroke. The most common symtoms of a cerebro vascular accident vary depending upon the area of the brain affected. The commonly presenting symptoms of a stroke are weakness and/or paralysis of any one side of the body with either partial or complete loss of wilful movement or sensation in the arm or leg or both. Other associated problems can be speech difficulties and weakness of facial muscles which causes drooling. Tingling sensations and numbness of the limbs is a common occurrence. Cerebrovascular accidents which involve the base of brain can cause imbalance, visual imparity, trouble in swallowing, breathing difficulties and loss of consciousness. Patho-physiology A cerebrovascular accident or stroke can be classified into two broad categories- Ischemic stoke Haemorrhagic stroke Ischaemic stroke When a blood vessel like an artery supplying to the brain is hindered by a blood clot resulting in obstruction of the blood flow to the brain, ischemic stroke is said to have occurred. This occurs in two ways. One, called as a thrombotic stroke, occurs in an artery that has already narrowed. A clot may form in this artery causing stroke.this accounts for 80% of all cases of cerebro vascular accidents. Second, called as an embolic stroke or central embolism occurs when a clot breaks off from another part of the body and travels thrugh the circulation to reach the brain. 10-15% of people diagnosed with CVA fall under this category. Haemorrhagic shock Sometimes a blood vessel in the part of brain becomes weak and bursts causing blood to leak in the brain cavity. This can occur in patients with certain defects in the blood vessels of brain and is called as haemorrhagic shock. Such defects include- arterio-venous malformation (AVM) or aneurysms. The cause of vessel bursts can be high blood pressure. Haemorrhagic strokes might even occur in patients on blood thinners. A patient who has ischemic stroke can develop bleeding and change to haemorrhagic shock. Signs and symptoms The side effects of stroke rely on upon which some piece of the cerebrum is harmed. Sometimes, an individual may not realize that a stroke has happened. More often than not, side effects grow abruptly and all of a sudden. Be that as it may, manifestations may happen on and off for the first day or two. Manifestations are normally most extreme when the stroke first happens, yet they might gradually deteriorate. A cerebral pain may happen if the stroke is brought about by draining in the cerebrum. The cerebral pain: Starts abruptly and may be extreme May be more regrettable when you are lying level Wakes you up from slumber Gets more terrible when you change positions or when you twist, strain, or hack Different manifestations rely on upon how serious the stroke is and what a piece of the cerebrum is influenced. Manifestations may include: Change in readiness (counting lethargy, obviousness, and trance state) Changes in hearing Changes in taste Changes that influence touch and the capacity to feel torment, weight, or diverse temperatures Clumsiness Confusion or loss of memory Difficulty gulping Difficulty composing or perusing Dizziness or strange feeling of development (vertigo) Eyesight issues, for example, diminished vision, twofold vision, or aggregate loss of vision Lack of control over the bladder or insides Loss of offset Loss of coordination Muscle shortcoming in the face, arm, or leg (normally just on one side) Numbness or shivering on one side of the body Personality, temperament, or passionate changes Trouble talking or comprehension other problems Stroke and nervous system When you have an ischemic stroke, the oxygen-rich blood supply to some piece of your cerebrum is diminished. With a hemorrhagic stroke, there is draining in the mind. After around 4 minutes without blood and oxygen, mind cells get to be harmed and may bite the dust. The body tries to restore blood and oxygen to the cells by augmenting other veins (corridors) close to the territory. Recuperating after a stroke may feel like an overwhelming errand. In addition to other things, your mind must relearn aptitudes it lost when it was harmed by the stroke. Late research, however, demonstrates that the mind is amazingly strong and equipped for adjusting after a stroke. This implies that recuperation is more conceivable than beforehand suspected. On the off chance that blood supply isnt restored, lasting harm ordinarily happens. The body parts controlled by those harmed cells cant work. This loss of capacity may be mellow or serious. It might be transitory or perpetual. It relies on upon where and how a significant part of the cerebrum is harmed and how quick the blood supply can be come back to the influenced cells. Life-debilitating complexities might likewise happen. This is the reason it’s critical to get treatment at the earliest opportunity. Recovery relies on upon the area and measure of mind harm created by the stroke, the capacity of other sound ranges of the cerebrum to assume control for the harmed regions, and restoration. As a rule, the less harm there is to the mind tissue, the less inability results and the more prominent the possibilities of an effective recuperation. Stroke is the most well-known apprehensive system–related reason for physical inability. Of individuals who survive a stroke, half will even now have some handicap 6 months after the stroke. You have the best risk of recovering your capacities amid the initial couple of months after a stroke. Recovering a few capacities, for example, discourse, comes gradually, if by any means. About a large portion out of every other person on earth who have a stroke will have some long haul issues with talking, comprehension, and choice making. They additionally may have changes in conduct that influence their associations with family and companion. Right sided hemiplagia and resolving dysphagia Hemiplagia Hemiplegia is loss of motion of one side of the body. Hemiparesis is shortcoming of one side of the body and is less extreme than hemiplegia. Both are a typical symptom of stroke or cerebrovascular mishap. One may consider how stand outside of the body can get to be incapacitated or powerless after a stroke. Uneven loss of motion or shortcoming happens when a stroke influences the corticospinal tract of one side of the mind. The right half of the mind controls the engine capacity of the left half of the body. The left half of the cerebrum controls the engine capacity of the right half of the body. Therefore when one side of the mind is harmed, it causes stand outside of the body to be influenced. Dysphagia Dysphagia is a regularly reported grimness after stroke, yet its accounted for frequencies are broadly discrepant; going somewhere around 19% and 81%.The vicinity of dysphagia has been connected with an expanded danger for aspiratory complications and even mortality. There is rising confirmation that early discovery of dysphagia in patients with intense stroke decreases these muddlings as well as diminishes length of clinic stay and general medicinal services expenditures. A precise appraisal of the occurrence of dysphagia and its expanded danger for pneumonic outcomes in the stroke populace will be basic to guide the outline of future exploration meaning to survey advantages of dysphagia mediations. Cerebral, cerebellar, or mind stem strokes can debilitate gulping physiology. Cerebral sores can intrude on intentional control of rumination and bolus transport amid the oral phase.Cortical injuries including the precentral gyrus may create contralateral hindrance in facial, lip, and tongue engine control, and contralateral bargain in pharyngeal peristalsis. Cerebral injuries creating debilitations in subjective capacity, for example, focus or specific consideration might likewise impede control of swallowing.Brain stem strokes are less normal than cortical injuries yet bring about the biggest gulping trade off. Cerebrum stem sores can influence vibe of the mouth, tongue, and cheek, timing in the trigger of the pharyngeal swallow, laryngeal height, glottic conclusion, and cricopharyngeal relaxation. Regardless of injury area, in light of the fact that stroke is more basic in the elderly, typical age-related gulping could further compound stroke-related dysphagia. The elderly poststr oke patient may never again have the capacity to make up for ordinary changes in skeletal muscle quality that diminish mastication or lessen lingual pressure. Therefore, single or numerous parts of the swallow may be debilitated relying upon stroke sort and patient age.

Animals Should Not Be Used for Medical Research

UUB 3023 | CRITICAL THINKING| WRITTEN ASSIGNMENT: ARGUMENTATIVE ESSAY NAME| 😠 SIFAJEE | TITLE| 😠 ANIMALS SHOULD NOT BE USED FOR CLINICAL RESEARCH IN MALAYSIA| Abstract There is no doubt that throughout the centuries, animals have played a central role in medical research in Malaysia. Many of the treatments available for serious illnesses we have today have come from animal experimentation. There has been recorded that the use of animals in research has been going on as far back as the Greek writings.According to the history, Aristotle who lived in 384-322 BC was the first to use living animals in experiments; whereas Galen, a physician in second-century Rome, was known as the â€Å"father of vivisection† from his experiments on living pigs. However, these experiments were not conducted in the name of clinical research; they were done to gain knowledge about the animals themselves. In that period of time, man was not set next to animals in comparison of physiology or any other way because man was seen as a creature above the animal. From century to century, new ideas were developed when Darwin came with his theory of evolution.His theory made a path that linked human with animals; and encouraged researches to be done on different animals to learn how human physiology worked. Even though many believed animal experimentation is important for clinical study, some claimed that it is against the humanity. Many debates have been carried out to argue whether the animal testing is crucial or cruel. The writer believes though many have heard of this matter, yet people need to know about the adverse effects it plays in the toxicology field. TABLE OF CONTENTS | | Page| | Abstract| 2| | Table of Contents| 3| Introduction| 4| | Argument 1| 5| | Argument 2| 7| | Counter Argument & Refutation| 9| | Conclusion & Recommendations| 13| | References| 15| Introduction Toxicology is the scientific study of interactions between chemicals or other biohazards to liv ing organisms and their systems; and how to prevent poisoning of such substances in application to human beings. Toxicologists often practice animal experimentations called â€Å"vivisection† in order to identify the effects of certain dose of drugs in animals; whether it is beneficial or become poisonous.Vivisection also include procedures such as infecting animals with diseases, poisoning for toxicity testing, brain damaging, maiming, and blinding to administer the impacts those acts have on these animals, and then, the theories created later can be practiced to enhance the human well-being. Nowadays, many animals in Malaysia are being used in toxicology field for clinical experiments, which cause more animal extinction in our country. Many people have been aware of this matter and this polemic has led to many arguments on whether it is really necessary to use animals in clinical study.Even though some people had argued that it is necessary to conduct clinical research on a nimals, it is believed that the act is no more applicable. The writer claims that animal testing or â€Å"vivisection† is inappropriate for clinical research in Malaysia because the results can be misleading and cause sufferings to animals. Argument 1 Firstly, an animal has a total different DNA and nervous system from a human and therefore you can’t rely on the results. It is claimed that bypass surgery is conducted to save the life of human beings, but the same bypass surgery can be fatal to animals.Similarly, paracetamol is a well-known medicine to cure headache on human, but it will kill a cat, goat or horse. Many of the animal experiments are not only horrible to the animals, but also unreliable. There are tremendous physiological variations between animal and human. According to a source (http://www. veganpeace. com/animal_cruelty/animal_testing. htm), it is stated that: â€Å"Drugs like ‘thalidomide’, ‘zomax’ and DES were all tested on animals and judged safe but had devastating consequences for the humans who used them.More than half of the prescription drugs approved by the Food and Drug Administration between 1976 and 1985 were withdrawn from the market or relabeled because of the serious side effects they had on humans. They had all been tested on animals. † It has long been stated that animal testing can certainly be downright contradictory in the results it provides, as well as merely misleading (Dappleshade, 2012). According to the Medical Research Modernization Committee, human data has historically been interpreted in light of laboratory data derived from nonhuman beings. This had turned out to downtrodden medical consequences.For an example, retrospective studies on human patients, in the early 60’s, had already shown a strong correlation between cigarette smoking and lung cancer. Unfortunately, almost all experimental efforts on producing lung cancer in animals had failed (Medical Research Modernization Committee). Likewise, the relationship between alcohol consumption and cirrhosis (a liver disease caused by frequent alcohol consumption) is undeniable in human. However, experimental tests conducted to produce cirrhosis by excessive alcohol ingestion have failed in all animals except baboons.On the other hand, the case of polio research in animal models has directed to a misunderstanding of the mechanism of infection and it caused failed preventing measures and delayed the development of the vaccine. During the experimentation on monkeys, it has shown that the virus was transmitted via respiratory organs. When the vaccine tested with monkey’s cell, it has shown positive results. Eventually, the vaccine did not help in producing expected changes in human, and medical researchers found out later that the viruses of polio disease were actually transmitted through the digestive route in human.In short, it is clear that we should not rely on experimental studies in animals due to lots of misleading results and misunderstandings it catered. In Dr. Andrew Knight's â€Å"The Costs and Benefits of Animal Experiments†, it is stated that in a study of twenty randomly chosen cases, only two proved useful in further developing medicines and consistent with clinical trial data. Medical historians argued that key discoveries in fatal diseases in human were achieved mostly through observation of patients and human autopsy because there are lots of misleading results obtained through animal esting. It causes health warnings to be delayed for years, while thousands of people died of various diseases (Medical Research Modernization Committee). Argument 2 Secondly, animal testing or â€Å"vivisection† is inappropriate for clinical research because it causes horrific sufferings to animals. Masses have been debating on the issue that vivisection process is unethical because the helpless animals are harmed and it caused prolonging sufferings to t hem. Animals being sacrificed in the name of medical testing are not presented in objective ways by animal rights organizations in Malaysia.Hence, the general development of animal welfare-opinions has become more engaging. The fact why animal experimentation is against by the community is because the processes is not ended just by giving an animal a pill and see what it does, this is so much ahead than that. This include the action of applying animals with drugs, infecting it with diseases, poisoning for toxicity testing, brain damaging, maiming, blinding and other painful and invasive procedures (Anti-Vivisection Society, 2012). Furthermore, many people think that only mice and rats are being used in animal testing for clinical research.Most people don’t aware that actually rabbits, hamsters, cats, dogs, pigs, horses, goats, chickens, frogs, birds, monkeys and many more are being killed redundantly each year in laboratories. We can’t imagine what will happen to the a nimal’s population if this activity continues further. In addition, the protocols in animal experimentation turned out to be extremely heart-wrenching, where it includes procedures such as long-term social isolation, full-body restraint, electric shocks, withholding of food and water, or repeatedly breeding and separating infants from mothers.Animals suffer excessively when the medical practitioners break their legs, burn them, cut them open while they’re still alive, poison them and remove half their brains, spray fluids in their eyes and so on (Lithium Queen, 2010). The Anti-Vivisection Society further claimed that essentially, it is using animals in ways that cause distress or death in attempts to test the safety of drugs and biological products or finding treatments, prevention, and cures for human diseases. The other point to be noted is that animals are being sacrificed unnecessarily in order to maintain the human wellness.This is totally a failure of logic. Anim als in laboratories live in an intimidating environment within barren cages and experience unnatural lives of daily deprivation. The highly unnatural laboratory environment constantly stresses them. Most of the animals never get the chance to inhale fresh air nor relish sunshine. They are unable to convey their will, make choices, or exert their natural behaviors and needs. The changes that come into their lives are obviously from the intrusive experiments, which range from comfortless ‘zone’ to excruciation.Yet, they are helpless to defend themselves. Animals are not facing natural deaths in laboratories. The viruses that induced into their cells for testing may infect them vigorously and cause them to encounter death gradually. According to a research, it is stated that the viruses transmitted to animals affects the entire organism by altering pulse, blood pressure, hormone levels and immunological activities to their death. In short, it is totally unethical to conduc t animal testing for clinical researches as the adverse effects it has on the animal itself.Peter Singer wrote Animal Liberation in 1975, which has been a major formative influence on the modern animal rights movement. He wrote that â€Å"there are obviously important differences between human and other animals, and these differences must give rise to some differences in the rights that each have. † This is meant in a way that justifies the needs and rights every animal have. Thus, there is no reason to necessarily give an animal what you would have given a man (Dappleshade, 2012). Counter Argument ; Refutation However, there are those who argue that animals should be used for clinical research in Malaysia.The main reason why animals should be used is that animals are more likely resemble to human and they are more accountable to be in replace of human being for clinical studies. Animals are surrogates for humans. The basic reason for animal trials is to determine two issues before any new compound introduced to a human; safety and efficacy, whether a compound is safe for human ingestion and also whether a product works for its intended purpose (Laura Blue, June 17, 2008). In the perspective of doctors and scientists, animal testing is very important for medication and the humanity as a whole.Advocates of animal testing say that the outcomes of testing on animals are the most credible. Millions of medical discoveries decades ago were achieved through animal experimentations. According to the published journal Animal Testing in Medical Research, n. d, one of the most important discoveries was the discovery of insulin in humans. Insulin is secreted from the pancreas. In 1889, a pancreas from a dog was removed to prove its role in digestion. When the pancreas was removed, the researchers discovered flies swarming around the urine of the dog. They found sugar in the urine which proved the connection between pancreas and diabetes.For the following two decade s a lot of researches were done on dogs to figure out how to keep the dog alive without its own insulin production. Similarly, a lot of medical researches involving animals have been conducted to study the correlation it applies on human, and hence, enhance the wellness of human being. Some of the successful discoveries that has helped human from last centuries are as follows: †¢ Kidney transplants †¢ Replacement heart valves †¢ Polio vaccine †¢ Hip replacement surgery †¢ Heart bypass operations †¢ Drugs to treat mental illness †¢ Drugs to treat stomach ulcers, asthma and leukemia Drugs to control transplant rejection †¢ Life-support systems for premature babies It is affirmed that animal testing is important because in the absence of human data, research with experimental animals is reliable for detecting important toxic properties of chemical substances and for estimating risks to human and environmental health. A medical student from the Ox ford University, Kristina Cook, had argued that if this fundamental research is stopped, we won’t find a cure for cancer, a treatment for Parkinson’s disease, a vaccine for AIDS, a therapy for Alzheimer’s and a cure for paralysis.She insisted that any further advances in medicine and human health are absolutely dependent on animal research. Moreover, if to compare who is better to be used to conduct an experiment, of course people will choose animals instead of themselves, even though they realize that animals are also important creatures in our life (Daniyar, 2012). From the drugs testing on animals, now we have antibiotics and vaccines that have saved many people lives. According to Dr. Jane Goodall, n. , he said that, people got used to take all conveniences from life and forget that all those depend on medical researches on animals. In addition, the remedy that now saves thousands of women fighting with breast cancer was developed through medical testing on mice. According to Batul Nafisa Baxamusa, 2010, in DNA level, chimpanzees' body matches up with humans' in 90%. This big number facilitates successful surgeries and transplantations because of similar inner organs of chimpanzees with human's organs.According to University of Pittsburgh Medical Center (UPMC), liver from baboon was successfully transplanted to a 35 year- old man in June 1992. This case was the first known transplantation from animal to human. It is the best example of how animal testing has resulted in saving human lives. In spite of opinion that using animals for people's curing is wrong, we can’t deny that fact that annually millions of animals are killed for food; they are used for agriculture, hunted for pleasure of people and even euthanized (Natalie Kustcher, n. ). In that case, using animals to treat and save people's lives by using their organs in surgeries, wouldn’t be the worst deal. Nevertheless, this argument can be refuted because it has bee n proven that with the availability of modern alternatives now, animals testing can be considered as useless. With the development of technology in science, various new alternatives have been found to replace the experiment on animals. Studies can be undertaken upon human cell cultures and engineered tissues, than testing on animals.According to a published journal, Animals in Research: The Importance of Animals in the Science of Toxicology (2006), one alternate way is by applying ‘vitro’ tests (meaning) laboratory tests using cell or organ cultures rather than whole organisms. In other cases, organisms such as worms or bacteria are used instead of mammals. In replacement of animals, computer models can also be developed to predict outcomes of the test carried out. The viable options were meant to produce more accurate results on the clinical research and to prevent more animals from being harmed.The cloning of human organs and examining within the cell cultures are now scientifically proven to produce more reliable data to human autopsy and therefore, the need for animal testing will be no longer become an issue. Referring to a reliable source (http://www. newscientist. com/article/mg15120450. 300-pioneers-cut-out-animal-experiments. html), a company by the name of Pharmagene Laboratories in the United Kingdom utilises only tissue cultures and computer modelling on its drug development and testing.The existence of this company shows that the need for animal experimentation is now no longer the case. Medical practitioners by all means can now consider replacing vivisection on animals with cloning of organs and safely test on it. By this way, no one gets hurt, and eventually it doesn’t cost as much as animal testing. Many people may believe that modern alternatives are much more expensive than animal testing because that is what the pharmaceutical industry keeps telling them.It indeed costs quite an amount of money to switch from old techniq ues to new ones, but eventually it will be worth it. It is a one-time investment, whereas with animal testing; you have to keep paying for it. The cost to rear, feed and maintain animal subjects is extremely high, whereas the alternative methods are cheaper and thus less burdensome on the economy. So despite what the industry claims, animal testing is more expensive than the use of modern alternatives (LithiumQueen, 2010). Conclusion & RecommendationsTo sum things up, the writer would like to uphold once again that animals should not be used for clinical research in Malaysia. Through time, the welfare of the animals has come into focus, and several legislations have been made to prevent cruelty and unnecessary acts. Even though many medical breakthroughs have been a result of animal researches, we should only be grateful to the animal tests of the past for the benefits they have provided us, without seeing a need for animal tests in the future (Dappleshade, 2012).Despite of the argu ments that animal experimentation must be conducted because animal pathology is similar to that of humans, we should aware more on the consequences that the misleading results animal testing has played, and that using animals in laboratories cause horrific sufferings to them. There are more negative effects imposed by animal experimentation than the benefits it has provided us with. A professor of philosophy, Professor Charles R. Magel made his statement that: â€Å"Ask the experimenters why they experiment on animals, and the answer is: ‘Because the animals are like us. Ask the experimenters why it is morally okay to experiment on animals, and the answer is: ‘Because the animals are not like us. ‘ Animal experimentation rests on a logical contradiction. † In Europe, a research foundation called 3Rs is being implemented in order to find solution to the abundance number of animals sacrificed in the name of animal testing. The term 3Rs stands for Replacement, Reduction and Refinement. This implies the concept to replace animal testing, to reduce the number of animals used in testing, or to refine methods to minimise the distress for research animals.This kind of research foundation should be implemented in Malaysia as well, to promote good science with no animal experimentation in future. In conclusion, with the new technology lead to viable alternatives and more humane methods like use of cell cultures and imaging, it is hoped that the number of animals used in medical research can be tremendously reduced. References * Christine Egerszegi- Obrist, 3R Research Foundation (n. d). Good Science with Less Animal Experimentation. Available at http://www. forschung3r. ch/ * Dappleshade, Debate. org (2012).Animal Testing should be Banned. Retrieved from http://www. debate. org/debates/Animal-testing-should-be-banned/1/ * Kristina Cook (April 4,2006). Why Animal Research is Important AND Needed: A Copy of the Speech I Gave on the February 25th D emonstration. Retrieved from http://www. protest. org. uk/2006/04/why-animal-research-is-important-and. html * Laura Blue (June 17, 2008). How Much Does Animal Testing Tell Us?. Retrieved from http://www. time. com/time/health/article/0,8599,1815241,00. html * Lee Bowman, Scripps Howard News Service (2011).Animal Testing: Crucial or Cruel?. Retrieved from http://www. abc15. com/dpp/news/national/animal-testing%3A-crucial-or-cruel * LithiumQueen, Mibba Creative Writing (2010). The Cruelty of Animal Testing. Retrieved from http://www. mibba. com/Articles/Science/3703/The-Cruelty-of-Animal-Testing/ * Marte Thomassen, Ellen Trolid, Tonje Arondsen, Marit Gystol (n. d). Animal Testing in Medical Research- Past, present and future. Retrieved from http://www. nt. ntnu. no/users/clabec/pdf/MedicalResearchAnimalExperiments. pdf Medical Research Modernization Committee (2006). A Critical Look at Animal Experimentation. Retrieved from http://www. mrmcmed. org/Critical_Look. pdf * Neavs. org (n. d). Alternatives in Testing. Retrieved from http://www. neavs. org/alternatives/in-testing * The Society of Toxicology (2006). Animals in Research: The Importance of Animals in the Science of Toxicology. Retrieved from http://www. toxicology. org/ai/air/AIR_Final. pdf * Wanda Embar (2008). Animal Testing. Retrieved from http://www. veganpeace. com/animal_cruelty/animal_testing. htm

Risk Management Techniques And Systemic Risk Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1936 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? In my opinion, existing risk management techniques are not fit for purpose when examined in the context of overall financial stability. This is because current regulation and risk management techniques focus on protecting individual institutions rather than protecting the economy as a whole. As a result, there is no framework to alleviate systemic risk which has led to financial crises such as the most recent crisis in 2007. Don’t waste time! Our writers will create an original "Risk Management Techniques And Systemic Risk Finance Essay" essay for you Create order Section 1 will begin by defining systemic risk which is a central theme in this discussion. It will then give a brief insight into how the banking system has evolved from the traditional model to the shadow banking system which allows the use of securitization to protect individual institutions from credit risk. Finally, it will identify the negative macro consequences of the shadow banking system. Section 2 will examine the Basel Accords (I and II) to give an insight into past and current regulation of financial markets. Although the Basel Accords originally intended to regulate the macro economy, this section will show that unfortunately this has not been the case. The current focus of financial market regulation centres incorrectly on the micro economy. Section 3 will recommend new regulations for the future with a significant focus on macro-prudential regulation and the implementation of Basel III to ensure financial stability in the future. Section 1 (a) Systemic Risk Systemic risk is a central concept to this discussion however it is an ambiguous term with no clear defintion. My understanding of systemic risk combines three frequently used concepts as outlined by Kaufman Scott in 2003: When a large unexpected shock occurs, it has negative consequences for the entire banking, financial or economic system, rather than just affecting a few institutions. This definition distinguishes between the entire system as one entity (macro) and individual institutions (micro). Risk management techniques should consider both the macro and micro consequences of an event. However, up to the present day risk management techniques have concentrated on micro events. (b) Evolution from Traditional to Shadow Banking System In the traditional banking model, banks were obliged to hold loans (and associated risks) until they were repaid. (Brunnermeier, 2009) If the bank issued a twenty year mortgage, it was obliged to hold this mortgag e and its risk of default for the full twenty year term. However, the banking system underwent a transformation that led to loans being pooled, tranched and resold through securitization. This shadow banking system got its name from the fact that it sold short-term asset backed investments that were not recorded on the balance sheet. (Brunnermeier, 2009) Rather than a bank holding a twenty year mortgage, it was pooled with other loans, rated according to its risk level and sold to an investor who was willing to take on that level of risk. The aim of this technique was to identify risk accurately and divide the various levels of risk between parties who could easily bear them. (Caprio, Demirgà ¼Ãƒ §-Kunt and Kane, 2008) However, this was a micro-focused technique allowing individual banks to protect themselves from risk by offloading it to investors. Unfortunately, this technique also had negative macro effects. (c) Macro Effect of Shadow Banking System Securitization ha s had significant effects on the economy as a whole as it led to a decrease in overall credit quality and increased access to home ownership. There was no incentive for a bank to monitor the quality of loans it created when it didnt have to bear the consequences of default on a bad loan. Instead, there was an incentive to issue poor quality loans because this risk was passed on and the individual bank was protected. This is why mortgages were approved for individuals who were previously viewed as less creditworthy under the traditional banking model when banks were not able to offload risk. Therefore, securitization through the shadow banking system increased access to home ownership. (Caprio, Demirgà ¼Ãƒ §-Kunt and Kane, 2008) These mortgages were granted under the false pretence that house prices would only increase so there was no need to undertake background checks. It was believed that if a mortgage holder couldnt afford to make repayments, they would always have the opt ion of using the increased value of the property to refinance the loan incurring no loss. (Brunnermeier, 2009) Ultimately, this was not the case and mortgages were approved to people who now cannot afford to repay them. This was due to the shock of the recession causing the property bubble to burst and house prices to fall significantly. Therefore the macro effects of the shadow banking system are that overall credit quality has fallen and home ownership has been extended to people who cannot afford it. Section 2 Basel I Basel I was implemented in 1988 to regulate capital requirements in banks. It aimed to ensure banks had enough capital to cope with unexpected losses in order to protect the global financial system. (Council of Mortgage Lenders, 2010) Evidently, the aim of Basel I was macro-prudential regulation. However, it regulated in a way that continued to provide incentives for banks to act recklessly in order to protect themselves. Banks were required to hold total capital of 8% of risky assets, with 4% of this held as Tier 1 Capital i.e. shareholders funds and preference shares. (Caprio, Demirgà ¼Ãƒ §-Kunt and Kane, 2008) Basel I further encouraged securitization because securities backed by mortgages were considered less risky (20%) than holding mortgages themselves (50%). Therefore Basel I failed to protect the global financial system due to its micro focus. In section one I have already identified the significant negative consequences of securitization for the macro econom y. (Caprio, Demirgà ¼Ãƒ §-Kunt and Kane, 2008) Basel II Basel II was implemented in 2008 to promote stronger risk management practices and address the weakness that Basel I was too simple. Basel II consists of 3 pillars relating to minimum capital requirements, supervisory review of banks capital adequacy and strengthened market discipline of capital adequacy. Borio (2008) claims that Basel II is a much better method of regulation than Basel I. Pillar One ensures that capital is much more sensitive to the relative riskiness of exposures. It measures risk according to external credit ratings assigned to the borrower rather than having a fixed risk weighting as seen under Basel I. Where a residential mortgage was weighted as having a 50% credit rating under Basel I, this may be higher or lower depending on the risk associated with the particular borrower under Basel II. This seems more appropriate as mortgages do not carry a single risk level. In this manner, Pillar 1 red uces opportunities for regulatory arbitrage. In the most recent 2007 crisis, investors trusted credit rating organisations to assess risk on their behalf until it was too late and it became apparent that these ratings could not be trusted. They did so because they only had to hold the risk for a few months until it was passed on to the next investor in the securitization chain. It was easy for them to trust that credit ratings were correct because if they werent, it was unlikely that they would personally suffer a loss. Basel II promoted holding assets with good credit ratings while underestimating the fragile position of banks portfolios. In the U.S. many highly rated securities have since defaulted and been downgraded proving that they should not have been rated so highly in the first place. (Caprio, Demirgà ¼Ãƒ §-Kunt and Kane, 2008) Pillar 2 gives national regulators discretion to require additional capital to the minimum in order to compensate for additional risks tha t are not captured under Pillar 1. (e.g. interest rate risk) which may apply to individual institutions. This is a significant development from Basel I. It recognises that individual banks are faced with different risk factors. By allowing individual institutions to protect against individual risk, this should protect the financial system as a whole. Pillar 3 aims to improve market discipline and risk disclosures by requiring financial institutions to provide details of their risk management and risk distributions through the publication of financial statements. Unfortunately, Basel II does not include any measures to prevent financial institutions from becoming insolvent. It also doesnt impose any requirements on regulators to step in and implement corrective action if this does occur. This implies that under current regulation, banks may not be able to cope with shocks to the system which may lead to negative consequences for the macro economy. Section 3 Basel III Objective In September 2009 the Basel Committee agreed the basic framework for a new agreement, Basel III. This agreement aims to implement both micro and macro regulation to improve the ability of banks to absorb shocks arising from both economic and financial stress (it also includes the aims of previous Basel agreements to improve risk management and transparency). In essence, the Basel committee is attempting to alleviate systemic risk from financial markets in the future. Basel III should be fully implemented by 2018. (Bank for International Settlements, 2010) Basel III Techniques In 2008, Caprio, Demirgà ¼Ãƒ §-Kunt and Kane recommended that a simple leverage requirement is worked into Pillar 2. They believed that the current emphasis on weighting risk is a mistake and that this technique should be abandoned. In its place, they recommended that all items, both on and off the balance sheet should be included in a ratio that determines maximum leverage. This would include securitized assets and would eliminate arbitrage opportunities to acquire securitized products in order to minimise capital requirements as was the case under Basel I. The Basel Committee have announced that Basel III will supplement risk based capital requirements with a non-risk-based leverage ratio. This will reduce the emphasis on risk weighting. These combination of these two methods will result in a stronger treatment of non balance sheet items. (Bank for International Settlements, 2010) Basel III recognises that not all financial institutions pose systemic risks. Persaud (2009) advises that systemically important banks should receive closer scrutiny and have a greater requirement to contain their behaviour. Basel III has acknowledged this need for systemically important institutions to have a loss absorbing capacity beyond the minimum standards. This improves upon Basel II which did not include any method to reduce the risk of insolvency to institutions. R equiring systemically important banks to hold more capital will reduce their risk of insolvency. In short, Basel III has proven that we do not need more regulation, we need better regulation. This latest agreement addresses the need for an increased focus on macro prudential regulation. By regulating individual institutions in this manner with a view to protecting the overall macro economy, systemic risk can be alleviated. Conclusion Although Basel I and II aimed to protect the global financial system, they regulated in a way that provided opportunities for individual banks to gain through the shadow banking system that encouraged securitization. Ultimately, they encouraged micro risk management techniques that had negative implications for the overall economy. However, Basel III has moved away from this approach by introducing a non-risk based leverage ratio that will regulate in a way that monitors all assets both on and off the balance sheet. This means that banks will not be able to gain via securitization in the future. This, together with recognising that some financial institutions are of greater systemic importance and must be monitored more closely will lead to better regulation focused on the macro economy in future years. To conclude, I agree with Persaud (and it seems the Basel Committee also) that micro-prudential regulation is not adequate by itself and must be complemented by macro-prudenti al regulation that catches the systemic consequences of all institutions acting in a similar manner. We cannot prevent crises but we can reduce the number of them and their impact by implementing better regulation with a greater focus on macro-prudential regulation. (Persaud, 2009)

Qualitative Reflection - 1032 Words

When you look in the mirror what do you see? Everybody asked this question responds with a similar answer, you see yourself, of course. But individually, you are so much more than that. You study your reflection wondering what people think of you, what traits you possess, what are your strengths and weakness, and other components that make you, you. This study takes a closer look at those traits and characteristics to analyze how you are perceived through the eyes of another. Statement of Purpose The research project conducted uses a combination of quantitative and qualitative methods to collect data, analyze, then interpret how an individual is perceived in society. To evaluate the qualitative research the addition of a literature review†¦show more content†¦By collecting people’s judgements of me, I am able to evaluate my strengths and weakness as an individual and as a professional. In order to be a successful individual in society one must gain greater understanding into one’s own traits, behavior, and actions that affects people’s overall judgements of that individual. A self- analysis will provide me with adequate findings to realize was facets of myself need to be developed, altered, or even reduced. Even if this project furthers my character development, implications of this study are still possible. This research could hurt my self-esteem, make me question my actions, or even harm my self- perception. By finding out this information it could lead me to feel insecure about my appearance, actions, and traits so far in life that would be enough to contribute to me devaluating my self-worth. This information could also give me overconfidence I do not necessarily need. Finding out over positive information could harm my attitude, making me arrogant, selfish, and conceited. 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