See email Essay Example | Topics and Well Written Essays - 1750 words

See email - Essay Example In this research we will use Christopoulous and Tsionas (2004) model, where the growth rate of GDP is dependent of financial development along side with other variable. Some of the countries in the Asian economy which will be considered are South Korea, Hong Kong, Taiwan, Pakistan and China. These countries will be focused in trying to study the contribution of financial market in the process of developing the economy. They all have similar economic development progress, culture and geographic proximity, thus making it possible to be used in determining the impact of financial market to the overall economic growth in a particular economy. The results will vary depending on the nature of the economic system, pattern of financial system and the type of model used to analyze the data. A strong correlation that exists between economic growth and financial market is a well recognized fact which has received more attention by most economists. This can be supported by the revolutionary works of Walter Bagehot (1873) and Joseph Schumpeter (1912). Over time, the direction in financial markets has really evolved growth and a strong association of development with rapid capital increase. Generally, when there are no funds in a particular country, then, there is no incentive for economic development. Immediately after accumulation of funds and an increase in per capita, financial markets become very active with the emergence of the financial intermediaries that tend to grow in number and size. This economic growth has a positive change in the overall production level of goods and services in that particular economy. Most of the conventional economists suggest that, factors of production such as capital, land and labor are the key determinants of technological change and a re the main source of change in the production function. It is obvious that a well functioning financial

Cuba Essay Example | Topics and Well Written Essays - 2000 words

Cuba - Essay Example Cubans has produced many excellent boxers, including world champion Joel Casamayor. Music is treasured by the Cuban people who enjoy jazz, mambo and bolero genres. The family institution is highly value in Cuba, a place where family values and obligation comes first. When the son finds a suitable partner and gets marry it is not uncommon for the wife to move in and live with the husbands parents until a home is found for them. There is shortage of housing in Cuba. On a yearly basis the country only produces and builds half of the required demand for housing in the state (CultureGrams, 2007). The socialism reality of Cuba has made its residents a bit hesitant to fully cultivate religion. The Catholic Church has invested a lot of effort trying to open the minds of the people toward their cult which has worked towards a certain extend. Other types of religion practiced in Cuba include Spiritualism, Brujerà ­a and Santerà ­a. Santeria is a fusion of Roman Catholicism and a West African religion of an African (CountryWatch, 2007). Cuba is very well educated nation primary schooling is mandatory and majority of people complete secondary school. Th e literacy rate of Cuba is 97% and the country enjoys a higher educational system of 50 university institutions around the island (CultureGrams, 2007). Despite the poverty and restriction on liberties the Cuban people are very similar to Latin cultures as free as being free spirited work people who enjoy classical Salsa music and nightlife and â€Å"festivals† are part of the social life of Cuban adults. The Cubans eat a lot at home and the most important meal of the day is dinner a time for the family to reflect on their day and communicate with each other. Typical meal includes rice and beans, â€Å"viandas† and the prefer meat because of its lower price and local production is chicken. The favorite and most consumed tropical fruits eaten by the Cuban people are: mangos, avocados, oranges, lemons, pineapples and