Drug Development and Toxicology (High-performance liquid Essay

Drug Development and Toxicology (High-performance liquid chromatography) - Essay Example is also vital in actiation of various carcinogens and detoxification of toxic epoxides (Bauer, Faiola, Abernethy, Marchan, Pluta, Wong, Gonzalez, Butterworth, Borghoff, Everitt and Recio, 2003). The deficiency of epoxide hydrolase does not show any abnormal phenotype. This suggests that it is not important for physiological homeostasis and reproduction. However, deficiency in epoxide hydrolase results in the organism been unable to bioactivate DMBA to the carcinogenic metabolite. This results in the organism been highly resistant to DMBA induced carcinogenesis. Its deficiency causes a decrease in reaction to toxicity that is as a result of benzene as there is a reduction in the quantity of metabolites that are toxic (Bauer, Faiola, Abernethy, Marchan, Pluta, Wong, Gonzalez, Butterworth, Borghoff, Everitt and Recio, 2003). As shown in the test results, the concentration of 4, 5 – dihydrodiol reduces day after day. This means that the catalysis of epoxide hydrolase leads to its reduction. This means that the toxicity of 4, 5 – dihydrodiol is relatively reduced. For 7, 8 – dihydrodiol, the catalysis of epoxide hydrolase leads to its complete reduction. Hence, it is rendered non-toxic. The concentration of 7, 8 – diol – 9, 10 – epoxide continually rises after each day. This means that the inhibition of the catalysis of 7, 8 – diol – 9, 10 – epoxide by epoxide hydrolase leads to a rise in the concentration of this metabolite which results in an increase in its toxicity. Mr. X is likely to develop a cancer as a result of this accident. From the graph, it can be inferred on that the concentration of 7, 8 – diol – 9, 10 – epoxide gradually increases. This metabolite is not inactivated but is resistant to epoxide hydrolase and increased in quantity. This increase in concentration increases the likelihood of Mr. X developing cancer. The reason for this is, due to its resistanse to catalysis by epoxide hydrolase, this metabolite causes mutation in

How has the spread of commuinication technology affected cultures Essay

How has the spread of commuinication technology affected cultures around the world - Essay Example This has meant that communication technology has been the winner at spoiling the very basis of varied cultures across the board. The communication technology regimes have come about with an emphasis on internet and related means of inter-connection. Culturally speaking, the spread of the communication technology regimes has happened with the advent of time. There is more westernization in the society now than was present in the yesteryears. The internet and the mass media ranks have brought in adoption of the western culture in different ways and that too in a quick manner. The kids have started to get acquainted with the modern day aspects of living and hanging out with their friends which are more closely associated with the western norms (Underwood). They have started to get alienated from their own customs and rituals, which is an element of worry in the long run. The emphasis is therefore placed on the people who have forgotten their roots for all the wrong reasons, and are now trying to concentrate elsewhere, more specifically the western culture and its related spheres of influence. The parents are generally more concerned about their kids getting away from their roots and focusing more on the western practices (Barnes 2004). This has meant that they have fondness for cultural manifestations like food, music and dance which have close associations with the west rather than their own peculiar customs (Kiesler 199 7). The homogenization of the society has therefore marred it and the negativities have come about in an apparent manner. This is one issue that the western brands are trying their best to cash upon and thus earn the mileage that they so require for their respective brands and products. Looking at the same from an ethical standpoint, this is a worrisome factor because it brings to light the shortcomings of the other cultures and their dependence on the western schemes and

Impact of Pop Art and Design on British Culture of the 1960s

Impact of Pop Art and Design on British Culture of the 1960s Pop Art is a 20th century art movement and style that had its origins in England in the 1950s and spread across the globe (most notably the US) in the 60s. Pop artists often utilised the techniques and imagery of pop culture, incorporating everyday objects such as comic strips, billboards, supermarket products, pictures of celebrities and magazine advertisements into their work. The most well-known and influential artists were Richard Hamilton and David Hockney (British) and Andy Warhol, Roy Lichtenstein, Jasper Johns and Robert Rauschenberg (American). This paper will examine the impact of Pop Art on British culture of the 1960s, with a special emphasis on the movements leading figure, David Hockney. While Pop Art in its earliest incarnation in late 50s Britain had a nostalgic flavour, as it spread, it was consistently linked more to the wealth and prosperity of the post World War II era (Biddington, 2007). The term was first coined by the English critic Lawrence Alloway in a 1958 issue of Architectural Digest to describe the paintings that celebrated post-war consumerism, defied the attributes of Abstract Expressionism, and worshiped at the alter of materialism (Pioch, 2002). Practitioners of Pop Art replaced the epic with the everyday and the unique with the mass-produced, eroding the fixed divide between high and low art, good and bad taste and fine art and commercial art (ibid). Advertising and the media were some of Pop Arts favourite subjects, and the artists seemed to simultaneously celebrate and critique consumer society: Oftentimes the work itself suggested the depersonalized processes of mass production in areas of popular taste and kitsch previously considered outside the limits of fine art. It rejected the attributes associated with art as an expression of personality. Works were close enough to reality and at the same time it was clear that they were not ready-mades but artificial re-creations of real things (Damjanovic, 2006). Considered by many to be the first Pop Art piece is Richard Hamiltons Just What Is It that Makes Todays Home so Different, so Appealing?, which incorporated numerous references to popular culture and materialism (Biddington, 2007). Jasper Johns and Robert Rauschenberg followed his lead and used popular imagery such as the American flag and beer cans in their paintings, collages and prints, while Andy Warhol favoured the use of famous people and everyday objects in his silkscreens (ibid). Alternatively, Roy Lichtenstein utilised a comic strip style in his paintings. However, perhaps the most important artist of them all (and certainly the most famous and highly publicised British artist of his generation) was David Hockney. By age eleven he had already decided that he wanted to be an artist, and years later he attended the royal College of Art in London, where, in his own words, he realised that there were two groups of students there: a traditional group, who carried on as they had done in art school, doing still life, life painting and figure compositions; and then what I thought of as the more adventurous, lively students, the brightest ones, who were involved in the art of their time. They were doing big Abstract Expressionist paintings on hardboard (Lucie-Smith, 1999). Hockney, in turn, tried his hand at abstraction, but found it too bleak. In search of his own style, he rejected figure-painting as anti-modern and experimented by including words in his paintings in order to humanise them; these, however, were soon joined by figures painted in a deliberately rough and rudimentary style which owed a great deal to Jean Dubuffet (ibid). After a prize-winning career at the Royal College of Art, Hockney achieved international success by the time he reached his mid-20s with a show at the Young Contemporaries Exhibition in January, 1961 (Pioch, 2002). This show marked the public emergence of Pop Art in the UK, with Hockney as one of the movements leaders. His paintings of this period were often playful and witty (very much in the vein of Pop Art), although he was also adept at more serious and traditionally representational portraiture, such as Mr. and Mrs. Clark and Percy (Tate, London, 1970) (ibid). Hockney was also a skilled draftsman and graphic artist, and his work in this field including etched illustrations to Cavafys Poems (1967) and Six Fairy Tales of the Brothers Grimm (1969). Hockneys success was so rapid that after leaving school he did not have to rely on teaching to make a living, like the majority of his contemporaries (Lucie-Smith, 1999). In the early sixties he travelled to Egypt, Italy, Germany and the United States. He fell in love with Los Angeles, where, in his own words: Within a week of arriving there in this strange big city, not knowing a soul, Id passed the driving test, bought a car, driven to Las Vegas and won some money, got myself a studio, started painting, all within a week. And I thought, its just how I imagined it would be (ibid). Upon his return to England he began to make a series of prints which were an updated version of Hogarths Rakes Progress, and which reflected his American experiences (Gurewitsch, 2006). He also began using acrylics rather than oil paint, which led to five one-man shows in 1966 throughout Europe, and later his first major retrospective exhibition, at the Whitechapel Art Gallery in London (Lucie-Smith, 1999). By this time, Pop Art, with Hockney as its patron and star, was widely popular in Britain, and   coincided with the youth and pop music phenomenon of the 1950s and 60s, and became very much a part of the image of fashionable, swinging London. Peter Blake, for example, designed album covers for Elvis Presley and the Beatles and placed film stars such as Brigitte Bardot in his pictures in the same way that Warhol was immortalizing Marilyn Monroe in the USA (West, 1996). It could be argued that while Hockneys work was the impetus for the growing acceptance and influence of the movement, in many ways he himself was the reason for its success. For Hockney wasnt simply a talented artist; he was a personality. With his bleached hair, his outward homosexuality (the subtext of which was also found in his work), his vocal admiration of Whitman and Cavafy, his eccentricity and gregariousness made him instantly likeable (Lucie-Smith, 1999). There was an even a film about him, his life and his work (Jack Hazans A Bigger Splash) that was widely popular. People saw in Hockney the embodiment of the freedom and newness of the 60s, the tearing down and humanising of the sacred and the revered, along with a newfound openness to sexuality, and it is difficult to say where the work stopped and the person began; that is, was Pop Art the influencer, or was it Hockney himself? Were the widespread effects attributed to the movement (low art rising to the status of high and vice-versa; the pasts powerful icons suddenly relegated to mere products and everyday objects achieving the level of works of art; pop culture supplanting tired, traditional culture; the old art world establishment being turned on its head; etc.) because of his paintings or his personality? Furthermore, was Hockney himself the catalyst for this, or was he merely following the zeitgeist? While it is difficult to say, two things are certain: Hockney was an important figure during this time, and 60s Britain was forever changed. Hockney eventually turned away from Pop Art painting, and branched out into other forms, including photography, set design, costumes, lithographs and even work made using colour photocopiers. As for Pop Art, while it still survived in Britain, thanks to artists such as Hamilton, R.B. Kitaj, Allen Jones, Eduardo Paolozzi and Peter Blake, for the most part it became more associated with its American counterparts, ending up the territory of Warhol and the like. But the movements effects on the artwork and cultural climate lingered for a long time, virtually transforming television, advertising and packaging, not to mention photography (David Bailey, John Cowan, Robert Whitaker) and architecture (Cedric Price, Alison and Peter Smithson). Bibliography Biddington, J. Pop Art: What is it? Pedigree and Provenance, 2007. http://www.biddingtons.com/content/pedigreepop.html Damjanovic, Sasa. Pop Art. HuntFor.com, 2006. http://www.huntfor.com/arthistory/C20th/popart.htm Dormer, Peter. Design Since 1945. London: Thames Hudson, 1984. Green, Jonathon. All Dressed Up: The Sixties and the Counterculture. London: Pimlico, 1999. Gurewitsch, Matthew. David Hockney and Friends. The Smithsonian, 2006. Lucie-Smith, E. Lives of the Great 20th-Century Artists. London: Thames Hudson, 1999. Pioch, Nicolas. Pop Art. WebMuseum, Paris, 2002. http://www.ibiblio.org/wm/paint/tl/20th/pop-art.html West, Shearer (ed.). The Bulfinch Guide to Art History: A Comprehensive Survey and Dictionary of Western Art and Architecture. Boston: Little Brown and Co., 1996.

The Impact of Lowering the Drinking Age on State University Essay

The legal drinking age in the United States will always be a point of contention. No one can settle upon a drinking age that everyone is in agreement with; should it be 18 or 21? Ages 18 and 21 are the most popular options, yet neither one has 100% of the vote. With the current legal drinking age in America standing at 21, meaning that people under the age of 21 cannot purchase or consume alcoholic food or beverages, there is the question of whether or not to lower it to 18 or 19 years old. This paper will argue that the drinking age should be lowered, and examine its impact on State University. Almost everyone has an opinion on what the drinking age should be. Some people believe that it should stay at 21. However, others argue that it should be lowered for the sake of teen safety. The opposition to lowering the drinking age backs their argument with science. Advocates of keeping the drinking age above twenty one believe that alcohol causes permanent damage to the still-developing brains of teenagers. This group of people includes scientists such as Susanne Hiller-Sturmhà ¶fel, and H. Scott Swartzwelder, who have conducted scientific trials studying the effects alcohol has on the human brain. On the other hand, proponents of lowering the drinking age believe that the pros outweigh the cons of their story. To this group of people, including Ruth C. Engs, lowering the drinking age will come with restrictions still, although most of the restrictions will help educate young people about alcohol in the hopes of preventing alcohol related deaths. This is where universities come into the picture. Would keeping the legal drinking age at 21 prevent students on campuses from obtaining alcohol, therefore keeping them safe? Or wo... ...ty, Choose. "The Minimum Legal Drinking Age Should Be Lowered." Teens at Risk. Ed. Christine Watkins. Detroit: Greenhaven Press, 2009. Opposing Viewpoints. Rpt. from "Debating the Issues."chooseresponsibility.org. 2007. Opposing Viewpoints in Context. Web. 19 Nov. 2013. "State History of MLDA 21, 1933-present." ProConorg Headlines. ProCon.org, 27 Oct. 2011. Web. 04 Nov. 2013. Sullum, Jacob. "College dry: drinking age debate." Reason Dec. 2008: 16. General OneFile. Web. 13 Nov. 2013. University Center & Michael D. Rose Theatre Policy Manual. Memphis: University of Memphis, n.d. PDF. Wechsler, Henry, PhD, Jae Eun Lee, DrPH, Toben F. Nelson, MS, and Meichun Kuo, ScD. "Underage College Students’ Drinking Behavior, Access to Alcohol, and the Influence of Deterrence Policies." Journal of American College Health 5th ser. 50 (2002): 223-36. Web. 13 Nov. 2013. The Impact of Lowering the Drinking Age on State University Essay The legal drinking age in the United States will always be a point of contention. No one can settle upon a drinking age that everyone is in agreement with; should it be 18 or 21? Ages 18 and 21 are the most popular options, yet neither one has 100% of the vote. With the current legal drinking age in America standing at 21, meaning that people under the age of 21 cannot purchase or consume alcoholic food or beverages, there is the question of whether or not to lower it to 18 or 19 years old. This paper will argue that the drinking age should be lowered, and examine its impact on State University. Almost everyone has an opinion on what the drinking age should be. Some people believe that it should stay at 21. However, others argue that it should be lowered for the sake of teen safety. The opposition to lowering the drinking age backs their argument with science. Advocates of keeping the drinking age above twenty one believe that alcohol causes permanent damage to the still-developing brains of teenagers. This group of people includes scientists such as Susanne Hiller-Sturmhà ¶fel, and H. Scott Swartzwelder, who have conducted scientific trials studying the effects alcohol has on the human brain. On the other hand, proponents of lowering the drinking age believe that the pros outweigh the cons of their story. To this group of people, including Ruth C. Engs, lowering the drinking age will come with restrictions still, although most of the restrictions will help educate young people about alcohol in the hopes of preventing alcohol related deaths. This is where universities come into the picture. Would keeping the legal drinking age at 21 prevent students on campuses from obtaining alcohol, therefore keeping them safe? Or wo... ...ty, Choose. "The Minimum Legal Drinking Age Should Be Lowered." Teens at Risk. Ed. Christine Watkins. Detroit: Greenhaven Press, 2009. Opposing Viewpoints. Rpt. from "Debating the Issues."chooseresponsibility.org. 2007. Opposing Viewpoints in Context. Web. 19 Nov. 2013. "State History of MLDA 21, 1933-present." ProConorg Headlines. ProCon.org, 27 Oct. 2011. Web. 04 Nov. 2013. Sullum, Jacob. "College dry: drinking age debate." Reason Dec. 2008: 16. General OneFile. Web. 13 Nov. 2013. University Center & Michael D. Rose Theatre Policy Manual. Memphis: University of Memphis, n.d. PDF. Wechsler, Henry, PhD, Jae Eun Lee, DrPH, Toben F. Nelson, MS, and Meichun Kuo, ScD. "Underage College Students’ Drinking Behavior, Access to Alcohol, and the Influence of Deterrence Policies." Journal of American College Health 5th ser. 50 (2002): 223-36. Web. 13 Nov. 2013.

Honor Killings of Women Essay

The question of gender equality has always been one of the most acute in the present day world. In the western world a number of countries are promoting equal rights between men and women. The United Kingdom and the United States have always been known as the countries that gave birth to the suffragette movement, feminist movements and the struggle for female equality has always been one of the most discussed themes in the UK and the USA. It is not surprising that such a significant event as the suffragette movement and other equality organizations provided a he impact on the development of social, political and legal spheres of the United Kingdom: For years the United Kingdom had championed gender equality in public policy, in democratic institutions and through extensive anti-discrimination laws, but erasing disparity between the sexes was an unfinished project that the country’s officials were striving to complete through legislative reform and stronger women’s empowerment policies and programming, a parliamentary Under-Secretary and Minister for the East of England told the Women’s Anti-Discrimination Committee today (Committee on Elimination of Discrimination against Women, 2008) . But the threatening signals have appeared already in the Western Countries. The Immigrants find possible for honor killings even it is prohibited by the laws of the country they are living in and it significantly bothers the governmental and international human rights organizations, which assist struggle of women equality. It is not surprising such a significant event as the struggle for equal rights for women (and it should be noted that it is lasting for more than hundred years already) has significantly impacted the social life in the western world and such breaking news have become a real shock for those who participate in gender struggle. There are a number of investigators who provided numerous researches dealing with the question of equality in the Muslim countries as well as in the Western Ones. The burning question which is examined within this essay is honor killings. The problem area is why the civilized countries such as the United States are involved in the Affairs with the countries, which have such Barbarian laws and even observe this among the immigrants, who dwell in the US. Honor Killings in the Western and Islamic Countries: the Reasons, Prevention and Perspectives On February 12, 2009, Muzzammil Hassan informed police that he had beheaded his wife. Hassan had immigrated to the United States 30 years ago and, after a successful banking career, had founded Bridges TV, a Muslim-interest network which aims, according to its website, â€Å"to foster a greater understanding among many cultures and diverse populations. â€Å" Erie County District Attorney Frank A.  Sedita III told The Buffalo News that â€Å"this is the worst form of domestic violence possible,† and Khalid Qazi, president of the Muslim Public Affairs Council of Western New York, told the New York Post that Islam forbids such domestic violence. While Muslim advocacy organizations argue that honor killings are a misnomer stigmatizing Muslims for what is simply domestic violence, a problem that has nothing to do with religion, Phyllis Chesler, who just completed a study of more than 50 instances of North American honor killings, says the evidence suggests otherwise (Phyllis Chesler, 2009). It goes without saying that honor killing was a real shock for the both societies Christian and Muslim. The person, who could hardly be expected to violate anyone’s human rights, suddenly killed his wife. It is essential that it significantly undermining of confidence of the Muslim society in the eyes of the neighbors as it is not just domestic violence as it was reported by the Erie County District Attorney, but it is severe crime, which ought to be punished. It is natural that the society would be eager to learn what the reasons for such actions as honor killing are and how this could be explained, by the researches. The cultural background of the honor killings is obvious and it roots go deeply into the Muslim perception and understanding of female nature, their rights and patriarchate, which is observed in the Muslim Countries. It is a well known fact that the Muslim countries have very significant problems with the gender equality and women are not allowed even to wear the clothes they would like to, the punishment for this could be the one and only â€Å"death. Families that kill for honor will threaten girls and women if they refuse to cover their hair, their faces, or their bodies or act as their family’s domestic servant; wear makeup or Western clothing; choose friends from another religion; date; seek to obtain an advanced education; refuse an arranged marriage; seek a divorce from a violent husband; marry against their parents’ wishes; or behave in ways that are considered too independent, which might mean anything from driving a car to spending time or living away from home or family (Phyllis Chesler, 2009). The religious and ethnic prejudice does not let young people to reveal and express them. There were noticed a number of cases, when children, mostly young girls, were killed by their parents (even mothers assisted the fathers) in killing young girls, who did not want to follow the religious dogmas of Islamic culture. Unfortunately some adults do not want to understand that contemporary life goes far beyond the religi on dictates and it is essential that children want to be alike their classmates, do not wear hijab, use make up and other. The same time the parents should be also understood as they want to keep traditions as cultural as well as religious to preserve their ethnic and cultural identity. These honor killing have already become a part of their life for thousand years and they consider that westernizing is a kind of disgrace, which could be cured only by a kill. It is like some kind of ritual. The same time it does not excuse their intention to violate the human rights and kill those who do not want some have viewed honor killings as a logical extension of traditional Islamic gender practices, the natural consequence of system that enforces sex-segregation through veiling and female seclusion and harshly punishes violations of these boundaries. Others have argued that honor killings are the antithesis of Islamic morality. This latter view is essentially correct from the perspective of Qur’an, prophetic traditions (hadith), and Islamic legal thought, as a careful analysis of the relevant texts shows (Kecia Ali, 2003) It is not very hard to define whether the Islamists have a right to kill, the answer is undoubtedly no human rights are still the same for every individual: the nationality, the race, the religious beliefs. In the Muslim countries the situation is worse than in the western ones as the honor killings is majority authoritarian countries is allowed legally. Women in the Muslim Countries are living under the threat of constant death if they would bring shame on the family: Women in Pakistan live in fear. They face death by shooting, burning or killing with axes if they are deemed to have brought shame on the family. They are killed for supposed illicit’ relationships, for marrying men of their choice, for divorcing abusive husbands. They are even murdered by their kin if they are raped as they are thereby deemed to have brought shame on their family. The truth of the suspicion does not matter â€Å"merely the allegation is enough to bring dishonor on the family and therefore justifies the slaying (Amnesty International, 1999) and Pakistan is not the single country, where women live under the total oppression of men. The religious dogmas grew significantly and alongside with religious dogmas there have appeared a number of social dogmas, which does not allow women to get equal education with men, to drive cars and visit public places alone. It is a well known fact that women in Saudi Arabia do not actually participate in business and legislation prohibits a number of activities for women. We should not also forget about the fact that Saudi Arabia is a Monarchy, and Islamist country, where religion provides a significant impact on cultural and social life of people, women as well: Saudi Arabia follows a strict form of Islamic law that does not allow women self-guardianship, mandating a male guardian for women of all ages. A woman cannot travel, appear in court, marry or work without permission from a male guardian, sometimes her own son (Faiza Saleh Ambah, 2008). The female activists consider that life in the countries like Saudi Arabia could be defined as the sexual slavery. It is not surprising that men are using their power to force women doing something and oppress them in different ways. Describing relations between men and women in Islamic countries there should be noted that the women are not protected legally and could be killed according to the current legal implications of Saudi Arabia: Honor killings are justified under Islam in some Muslim countries such as Saudi Arabia. For example, tenth-grade textbooks teach Saudi children that it is permissible to kill adulterers. In April 2008, a girl was killed by her father for talking to a boy on Facebook, an online social networking website. A leading Saudi cleric, Sheikh Ali al-Maliki, was outraged that girls had access to such websites where they could post pictures of themselves and otherwise â€Å"behave badly,† but showed no concern over the girl actually killed (Supna Zaidi, 2008). We see that there is no even a slight hint of equality observed within the Islamic world, the foreign activists struggle for the gender equality and it is considered that they succeeded in some areas, especially in the educational on. But the same time the legal implications that let honor killings still exist. Honor killing occurred in Islamic and non-Islamic countries and the poor statistic illustrate the number of victims of religious dogmas. According to the data provided by the United Nations Organizations every year there are up to 5,000 people killed due the honor killings reasons. Should the United States become involved in the affairs of other countries, particularly pertaining to human rights, when they include that country’s traditions, philosophies of religious practices?

Globalisation for a country’s economy Essay

â€Å"The transformation of national segmented financial markets into integrated parts of the global financial market – the globalisation process – involves complex cross-border and cross-sectoral integration in which capital movements and financial services are key determinants.† (Oxelheim, 1996, p. 21) The large multi national corporations (MNC’s) play a major role in this transformation process, as it is these organisations that have a very wide variety of funding options. A number of the large corporations engage in arbitrage between various international markets that are less efficient and in those that are more efficient. Financial markets in a country compete with one another and with the other markets around the globe, they are all connected. The government usually plays an important role in the national financial markets, as it has the power to increase or decrease money supply within the economy. The government usually uses the central bank of the country to perform these operations. The major financial markets are the equity markets, credit market and the foreign exchange market. The government and monetary authorities like the central bank, prudential regulation authorities and other similar organisations of the country are responsible for market regulations and supervision. The global financial system consists of the interaction between various national financial systems. Buyer and sellers of certain financial instruments trade across their national borders. There have been a number of different factors that have influenced the globalisation process, these factors have led to economies forming some new regulations and the deregulation of the current capital controls and factors like market efficiency, flexibility and credibility. Imperfections in the domestic financial markets are what gave way to the development of Euro markets. Global finance encloses an odd combination of the most perfect (where there is free trade and less deregulation) and  imperfect (where there is high regulation to protect the local market from losing out to the outside markets due to competition) money and capital markets of the world. Most countries interfere in the foreign exchange market to make their currencies more stable by changing various policies and buying and selling foreign currencies. It should be understood that fluctuations in foreign exchange markets are due to the economic conditions and policies of the country. Giddy says â€Å"Currency markets are efficient, but many national capital markets are not; these national markets are partially, but not wholly, linked to the global market.† (Giddy, 1994, p. 6) From the past it can be seen that the increase in economic integration and the redistribution of financial resources within the region were important factors. Borrowing from another country was a significant force. â€Å"Economic integration and regional redistribution generated competitive pressure, which made a de jure deregulation more or less unavoidable in most countries.† (Oxelheim, 1996, p. 27) Financial innovations like developing a number of new financial products and instruments have been made possible by the developments in information technology. According to Jensen (1989), financial innovations have in general had a positive impact on the economy, as they have improved corporate access to capital and communication between management and corporate stakeholders. However, they have also reduced the usefulness of current international statistics in the monitoring of international capital flows. The core of the global market is the Eurocurrency and Eurobond markets. The increasing number of financial products like futures, options, interest rate swaps, and various other financial instruments used by participants in the international financial market, have helped in overcoming market imperfections in the global market. The Foreign-Exchange market This market establishes the price of each (domestic) currency in terms of other (foreign) currencies. Currencies are bought and sold in exchange for one another throughout the day over the telephone market by individuals, companies, securities firms, and central banks, all of which deal with the foreign-exchange traders at commercial banks. The actions of the governments buying and selling foreign currencies affect the prices of the currency and should be anticipated by the foreign exchange traders. Residents of certain countries may prefer to hold assets denominated in foreign currencies if their home currency is not stable due to high and variable inflation (value of domestic currency compared to the others may be poor). Hence, the residents of these countries might prefer to hold their assets in foreign currency denominated assets in order to protect their real wealth. The foreign exchange balances may offset some financial risks. â€Å"Foreign currency denominated assets may serve as a direct hedge for the exchange risk associated with anticipated foreign currency liabilities.† (Levich, 1998, p.67) This would be good for the economy, this would offset some of the financial risk. Another view is that domestic residents may feel that certain foreign currency assets are undervalued and hence may purchase these assets converting the currency to earn a higher return. Residents would use the domestic currency for all transactions with in the country, they may desire to hold foreign currency as an asset or store of value. The value of all currencies is not determined by the transactions in the foreign exchange market. Some currencies are pegged to other currencies, for example the Malaysian Ringgit is pegged to the US Dollar. A number of the governments influence the value of their currencies by open market buying or selling, hence push the price up or down.