Health Psychology and the Media Essay Example | Topics and Well Written Essays - 1000 words

Health Psychology and the Media - Essay Example The target audience in the documentary was adolescents who as per the writers are the group of people who drinks heavily. The legal minimum drinking age is stated as 21, however, there still exits a problem on the sale, procession, and consumption of alcohol among adolescents. This particular group of people is more vulnerable and at risk considering the messages that bombards the media on the use of this substance. Different figures were shown reflecting the results of the psychosocial treatment methods carried on various individuals. The author investigated patterns of treatment completion and outcome among a set of heavy drinking adolescents. Participants received a cognitive-behavioral treatment that included education, relaxation, CR, and imaginal and in vivo exposure. Fourteen percent of the sample (N = 8) did not complete treatment; when completers were compared to dropouts on baseline characteristics, very few differences emerged. ... when completers were compared to dropouts on baseline characteristics, very few differences emerged. With regard to treatment outcome, cluster analysis revealed two patterns, one for responders and one for partial responders. In comparison to responders, partial responders to treatment showed more severe pretreatment numbing symptoms, as well as greater depression, pain, and irritable nature as well as lower level of global functioning. It is of note that responders and partial responders did not differ in number of sessions attended, homework compliance, stressors occurring during therapy, or the presence or absence of any litigations. Although the description provided about the techniques applied and the figures related to the participants and so on had been specific and well communicated, yet a tabular or more numerical approach to the data would have been more precise, clear and understandable. Considering that the targeted group by this page is adolescents' emphasis of passing the content should have been made clearer by the use of aids like graphics, pictures, and diagrams that are clearly and colorfully illustrated. The adolescent may learn more from such illustrations rather than literature which will take time to read through. The graphics may also look attractive to the adolescent and make the article interesting to read. These young minds can easily recall the content when it is illustrated much more than when it is in a literary form. Evaluation: Significant social problems arise from the consumption of alcohol among adolescents. These young people are looked at by the society as being deviant and anti

The Notion Of Machine Translation English Language Essay

The Notion Of Machine Translation English Language Essay The translation process was mentioned as being one of the most effective that is a means of communication especially among cultures of different languages. Translation as a concept has existed hundred years ago, but it is only during the second half of the twentieth century that it emerged as an independent academic. A terrible need for translation has prompted specialized and theorists in the field to seek for more sophisticated methods and techniques for quick, cheap and effective translation. Thus, a new type of translation has appeared to compete with Human Translation which is called Machine translation or the automatic translation. Nowadays the use of machine translation is very important than we may think, because different aspects of modern life have direct for more efficient methods of translation, thus the demand for translation is not satisfied, because there are not enough human translators, or because individuals and organizations do not recognize translation as a complex activity requiring a high level of skill, and therefore they are not prepared to pay what it is worth. This research attempts to compare the most important linguistic aspects of machine translation and to analyze its main problems. The purpose of the given research is to analyze the difficulties of machine translation. The hypothesis that we postulate for this research is that the interlingua approach display the greatest degree of difficulty in the process of translation. The specific objectives of the research are: to define the notion of Machine Translation; to identify and compare different machine translation approaches; to analyze the main problems of machine translation; The research methods employed in the work are analysis, which was used for the study of machine translation and determining its essential features; diachronic analysis, that focuses on historical development of machine translation; the classification method was used for classifying the strategies of machine translation and their problems of ambiguity. We chose this topic, because the machine translation is a tool that allows people to have information about a variety of things in different languages and to understand it without knowing the language. Furthermore it permits us to have the meaning of a word or expressions in a rapid and effective way. As well Machine Translation provides translators useful tools that help them to make their job more efficiently and faster. The most important sources that have been used are: Concise History of the Language Sciences: from the Sumerians to the cognitivists by Koemer E.F., An Introduction to Machine Translation by W. J. Hutchins and Harold L. Somers, Introducing Translation Studies: Theories and Applications by Munday J., Machine Translation by Maegaard B., and Machine Translation: An Introductury Guide by Arnold D. J, Language is the major method for people communicating with each other, but people can only communicate each other with language they both know. Unfortunately there are around 7000 different kinds of languages in the world, and these languages may have different writing systems, grammar and pronunciation. On the other hand, the fast grows of international communication (such as international businesses, national diplomacy, and international conferences) making the demand of translation (such as business document translation, legal document translation and scientific and technical documents translation) is also growing rapidly, cheap and fast translations are required. In this case machine translation becomes a solution. Identifying different definitions of Machine Translation Machine translation of natural languages, commonly known as MT, has multiple personalities. Sergei Nirenburg and Yorick Wilks, in their book Machine Translation claim that,first of all, machine translation is a venerable scientific enterprise, a component of the larger area of studies concerned with the studies of human language understanding capacity. They write that MT is also a technological challenge of the first order. It offers an opportunity to test the understanding of the syntax and semantics of a variety of languages by encoding this vast, though rarely comprehensive, knowledge into a form suitable for processing by computer programs. Also in this book Machine Translation they state that MT has a strong connection with the needs of modern societies. It can be understood as an economic necessity, considering that the growth of international communication keeps intensifying both at government, for instance, European Union, NAFTA, GATT and business and commerce levels, for instance, the exporters need product documentation in the languages of the countries where their products are marketed [12]. In the article Brief History of Machine Translation Research Leon Dostert mentions that the story of the genesis of machine translation was traced with care in the first compendium of essays on the subject entitled Machine Translation of Languages, edited by William Lock and A. Donald Booth. In which they write that the transference of meaning from one patterned set of signs occurring in a given culture into another set of patterned signs occurring in another related culture by means of an electronic computer [7]. In the report Language and Machines Computers in Translation and Linguistics is stated that machine translation means that it should go by algorithm from machine- readable source text to useful target text, without recourse to human translation or editing [1]. In An Introduction to Machine Translation W. John Hutchins and Harold L. Somers explain that the term Machine Translation is the traditional and standard name for computerized systems responsible for the production of translations from one natural language into another, with or without human assistance. Machine translation can be named as mechanical translation and automatic translation. These terms are now rarely used in English, but their equivalents in other languages are used, for example in French traduction automatique, or in Russian à Ã‚ °Ãƒ Ã‚ ²Ãƒâ€˜Ã¢â‚¬Å¡Ãƒ Ã‚ ¾Ãƒ Ã‚ ¼Ãƒ Ã‚ °Ãƒâ€˜Ã¢â‚¬Å¡Ãƒ Ã‚ ¸Ãƒâ€˜Ã¢â‚¬ ¡Ãƒ Ã‚ µÃƒâ€˜Ã‚ Ãƒ Ã‚ ºÃƒ Ã‚ ¸Ãƒ Ã‚ ¹ à Ã‚ ¿Ãƒ Ã‚ µÃƒâ€˜Ã¢â€š ¬Ãƒ Ã‚ µÃƒ Ã‚ ²Ãƒ Ã‚ ¾Ãƒ Ã‚ ´. Also in this book is written that the term does not include computer-based translation tools which support translators by providing access to dictionaries and remote terminology databases, facilitating the transmission and reception of machine-readable texts, or i nteracting with word processing, text editing or printing equipment, but, however, it includes systems in which translators or other users assist computers in the production of translations, including various combinations of text preparation, on-line interactions and subsequent revisions of output [16]. M.Kay and Xerox Parc in their article Machines and People in Translation write that we should distinguish a narrower and a wider use for the term machine translation. In the narrow sense, the term refers to a batch process in which a text is given over to a machine from which a result is collected which is the output of the machine translation process. When we use the term in the wider sense, it includes all the process required to obtain final translation output on paper [8]. In the article Machine Translation Workstation is stated that the MT is a general tree-manipulation system with several built-in inference strategies. They demonstrate the process of machine translation through the following scheme: And they say that when a user applies the machine he/she writes a rule base to control the execution of the machine and chooses the appropriate inference strategy. The machine takes well-defined linguistic trees as input and produces as output trees which represent meaning-preserving transformations of the input trees. Furthermore the MT is language independent, because it impose restrictions on what kinds of transformations are possible [4]. In conclusion we can say that machine translation is an automatic linguistic translation, namely, a word-by-word translation and it refers to the utilization of software to translate text from one language to another language. Machine Translation Strategies In the article Machine Translation and Computer-Assisted Translation Craciunescu states that Machine translation is an autonomous operating system with strategies and approaches that can be classified as follows: the direct strategy the transfer strategy the pivot language strategy She says that the direct strategy is based on a predefined source language-target language binomial in which each word of the source language syntagm is directly linked to a corresponding unit in the target language with a unidirectional correlation, for example from English to Spanish but not the other way round. But the transfer strategy  is based on the level of representation and involves three stages. The analysis stage describes the source document linguistically and uses a source language dictionary. The transfer stage transforms the results of the analysis stage and establishes the linguistic and structural equivalents between the two languages. It uses a bilingual dictionary from source language to target language. The generation stage produces a document in the target language on the basis of the linguistic data of the source language by means of a target language dictionary. The pivot language strategy  is based on the idea of creating a representation of the text independent of any particular language. This representation functions as a neutral that is distinct from both the source language and the target language. This method reduces the machine translation process to only two stages: analysis and generation. The analysis of the source text leads to a conceptual representation, the diverse components of which are matched by the generation module to their equivalents in the target language [5]. Another characterization of strategies of MT we find at W.J. Hutchins and Jonathan Sloculn in their articles Machine Translation: A Brief History and Its History, Current Status, and Future Prospects distinguish three basic strategies. The first strategy is referred to the direct translation approach. Direct translation is characteristic of a system designed from the start to translate out of one specific language and into another. For example, Russian is the language of the original texts-the source language, and English is the language of the translated texts-the target language. Translation is direct from the source language (SL) text to the target language (TL) text [14]. Arnold in his book Machine Translation represents the direct approach through the following scheme[3]: Text SL Direct Translation Text TL The second basic design strategy is the Interlingua approach, which assumes that it is possible to convert SL texts into representations common to more than one language. Furthermore the Interlingua approach is characteristic of a system in which the representation of the meaning of the source language input is intended to be independent of any language, and this representation is used to synthesize the target language output [14]. In his book Machine Translation Arnold represents the Interlingua approach through the following scheme [3]: IL Analysis Synthesis Direct Translation Text SL Text TL The third basic strategy is the less ambitious transfer approach. The transfer approach is characteristic of a system in which the underlying representation of the meaning of a grammatical unit (e.g., sentence) differs depending on the language from which it was derived or into which it is to be generated; this implies the existence of a third translation stage which maps one language-specific meaning representation into another: this stage is called Transfer. The transfer approach operates through three stages involving underlying (abstract) representations for both SL and TL texts. The first stage converts SL texts into abstract SL-oriented representations; the second stage converts these into equivalent TL-oriented representations; and the third generates the final TL texts. Whereas the Interlingua approach necessarily requires complete resolution of all ambiguities in the SL text so that translation into any other language is possible, in the transfer approach only those ambiguit ies inherent in the language in question are tackled; problems of lexical differences between languages are dealt with in the second stage (transfer proper) [14]. Arnold also represents the third approach, the transfer approach, through a scheme as follow [3]: Analysis IS SL Transfer ISTL Synthesis TEXT SL Text TL Direct Translation In brief, the interlingual machine translation  is one of the classic approaches to  machine translation. In this approach, the source language the text to be translated is transformed into an interlingua an abstract language-independent representation. The target language is then generated from the interlingua. Furthermore, the interlingual approach is an alternative to the direct approach  and the  transfer approach. Main problems of machine translation The major problems of all MT systems concern the resolution of lexical and structural ambiguities, both within languages (monolingual ambiguity) and between languages (bilingual ambiguity). The lexical ambiguity is when a word has more than one meaning, but when a phrase or sentence can have more than one structure it is called structural ambiguity [3]. Hutchins in his article Machine Translation: History and General Principles mentions that any monolingual ambiguity is a potential difficulty in translation since there will be more than one possible equivalent. For instance, homographs and polysemes (English cry, French voler) must be resolved before translation (French pleurer or crier, English fly or steal); ambiguities of grammatical category (English light as noun, adjective or verb, face as noun or verb) must likewise be resolved for choice between lumià ¨re, clair or allumer, etc. He states that the examples of monolingual structural ambiguities occur when a word or phrase can potentially modify more than one element of a sentence. And he explains this through the following example, old men and women, the adjective old may refer only to men or to both men and women [15]. Prepositional phrases can modify almost any preceding verb or noun phrase, e.g. (a) The car was driven by the teacher with great skill. (b) The car was driven by the teacher with defective tyres. (c) The car was driven by the teacher with red hair. Lexical and structural ambiguities may and often combine: He saw her shaking hands, where shaking can be either an adjectiveÆ’Â   hands which were shaking or a verb component Æ’Â  that she was shaking hands [15]. Bilingual lexical ambiguities occur primarily when the TL makes distinctions absent in the SL: E.g. English river can be rivià ¨re or fleuve (Fluss or Strom); English eat can be German essen or fressen; English wall can be French mur or paroi, German Wand, Mauer or Wall. Hutchins implies that an example which can inllustrate this is the translation of wear from English to Japanese. Although there is a generic verb kiru it is normal to use the verb appropriate to the type of item worn: haoru (coat or jacket), haku (shoes or trousers), kaburu (hat), hameru (ring or gloves), shimeru (belt, tie or scarf), tsukeru (brooch or clip), kakeru (glasses or necklace), hayasu (moustache) [15]. Also in this article is pointed out that the bilingual structural differences cover both general facts, for instance, in English the adjectives generally precede nouns but that they usually follow them in French, and differences conditioned by specific lexical differences. A familiar example occurs when translating the English verb likeÆ’Â   She likes to play tennis, as a German adverb gern Æ’Â  Sie spielt gern Tennis [15]. Other examples are: simple verbs (trust) rendered by circumlocutions (avoir confiance à  ); single clauses Æ’Â  He pushed open the door restructured as a subordinate clause Æ’Â  Il a ouvert la porte en la poussant [14]. The structural differences combine with lexical differences, for instance the translation of know into French or German, where choice of connaà ®tre (kennen) or savoir (wissen) affects both structure Æ’Â  Je connais lhomme. (Ich kenne den Mann); Je sais ce quil sappelle. (Ich weiss wie er heisst) and the translation of other lexical items (what as ce que and wie) [14]. The morphological analysis is concerned with the identification of base forms from infected forms of nouns, verbs and adjectives (irregular forms being entered as units in dictionaries), with the recognition of derivational forms (e.g. English -ly as an adverb derived from an adjective, German -heit as a noun from an adjective), and with the segmentation of compound forms in languages like German (Dampfschiff, Dampfhammer) [14]. In the An Introduction to Machine Translation Hutchins reveals that all MT systems have problems with unknown words, especially with the neologisms and new combinations. He says that if derivational elements and components can be correctly identified then can be translated with the international equivalences of many elements, for instance, French demi- and English semi-, French -ique and English -ic) [16]. However, segmentation can be problematic, e.g. extradition analysed as both extradit+ion and ex+tradition, cooperate as both co+operate and cooper+ate. He suggests that these would be resolved by dictionary consultation, but sometimes alternative segmentations are equally valid (German Wachtraum could be guard room (Wacht+Raum) or day dream (Wach+Traum), until one is eliminated at a later stage [16]. In his article Machine Translation: A Brief History Hutchins writes that in MT there are three basic approaches to syntactic structure analysis. The first aim is to identify legitimate sequences of grammatical categories, for instance, in English article + adjective + noun. This approach is based on predictive analysis, which is a sequence of categories predicted that the following category would be one of a relatively limited set. The second aim to recognize groups of categories, for instance, as noun phrases, verb phrases, clauses, and ultimately sentences. These are based on phrase structure or constituency grammar. The third aim to identify dependencies among categories, for example, reflecting the fact that prepositions determine the case forms of German and Russian nouns, that the form of a French adjective is determined by the noun it modifies. The basis is dependency grammar [14]. He also claims that SL structures are transformed into equivalent TL structures by conversion rules, in the case of phrase structure or dependency trees by tree transducers, which may apply either unconditionally, for example, English adjective+noun to French noun+adjective or conditionally, followed by specific lexical items, for example, English like to German gern [15]. Another problem which identifies Arnold is the multiword units like idioms and collocations. The real problem with idioms is that they are not generally fixed in their form [3]. Hutchins in his article Machine Translation: History and General principles points out that MT systems can fail for many practical reasons, for instance, unknown words Æ’Â  neologisms or new compounds, misspellings Æ’Â  supercede, persue, British orthography instead of expected American Æ’Â  traveller for traveler, typographical errors Æ’Â  from instead of form, wrong usages Æ’Â  principle as an adjective, ungrammaticalness Æ’Â  none of them were present. Even if full disambiguation cannot be achieved, a crude translation may be obtained with basic phrase structure identification. It is now common for systems to retain information from all levels of analysis; thus transfer (or interlingual) representations will combine morphological, syntactic, semantic and thematic information [15]. Historically, MT systems have progressively introduced deeper levels of analysis and transfer. Early word-for-word systems were restricted to bilingual dictionaries and simple morphology. Later direct systems introduced syntactic analysis and synthesis. Phrase structure and dependency analyses provided the basis for simple transfer systems with little semantic analysis. Conclusion The use of machine translation is more important than we may think. It could be claimed that the resources available to the translator through information technology imply a change in the relationship between the translator and the text, that is to say, a new way of translating. However, there is the development of new capabilities, which leads us to point out a number of essential aspects of the current situation. Translating with the help of the computer is definitely not the same as working exclusively on paper and with paper products such as conventional dictionaries, because computer tools provide us with a relationship to the text which is much more flexible than a purely lineal reading. Furthermore, the Internet with its universal access to information and instant communication between users has created a physical and geographical freedom for translators that were inconceivable in the past. Translators need to accept the new technologies and learn how to use them to their maxi mum potential as a means to increased productivity and quality improvement. As we mentioned there are problems of ambiguity when working with MT, and those problems are also common for us. A clear example would be translations from Spanish to Basque.  In those translations, apart from ambiguity problems, there would be structural problems, because structurally Spanish and Basque are completely different. Having analyzed some theoretical sources we came to the following conclusions: Machine translations enable people to have information in many languages, helping to understand it without knowing the language; MT provides translators useful tools that help them to make their job more efficiently and faster; It can output much larger volumes of translation than any team of translators; Machine translation rarely reaches accuracy levels above 70%; Machine translation is a venerable scientific enterprise, a technological challenge of the first order and it can be understood as an economic necessity; Machine translation is an automatic linguistic translation, namely, a word-by-word translation; Machine translation refers to the utilization of software to translate text from one language to another language; In the process of translation Machine Translations encounter some problems of ambiguity that make that their use to be hard. This research could be a good basis for a further development of this topic, namely, a profound analysis of different machine translation and their accuracy in translating. We consider that the given study might be of great use to researchers in the field of translation and linguistics. It may serve as a reference point for the elaboration of year and graduation papers. Finally, we should point out that machine translation has an important role in the process of translation and is very helpful for translators.

National Debt :: Economy Economics Argumentative Papers

National Debt The national debt has always been a major concern of the american public, whether they truely know what it is all about or not. What most people do know is that the debt that our country has is continualy growing faster and faster at an unbelievable rate, toan amount that many of us can not even imagine. The national debt and it's problem has been an on going issue in today's headlines, and each president is faced with this buring problem. President Clinton tried to install a balanced budget plan during his current term in office, however it lost 99-1. Althought the public was not able to vote on this plan directly, we, or at least I have an opinion concerning the issue. I personally believe that the fact that our nation is constantly growing more in debt by the minute is a major problem. Although that techincally we do not have to pay it, is not the point. What is the point is that we are a nation that is in debt. According to reports, since 1981, our national debt has grown faster than our economy has, which to me seems to be a problem. If this debt was to be spread out among the people it would be more than the average american would be able to pay. We therefore, need some sort of policy that wouldeventurally cut our national debt to some reasonable amount. A new policy would help by lowering the currentinterest rates, which in turn would allow for moreinvestment to occur. This would raise our real GNP of the economy. This increse in investment would also increase our national savings as well, which would lead to an increase in the national income average of our nation's average families. Considering the amount of our debt, this healing process needs to be done over a long period of time. According to research, if done to quickly it would only hurt the current economy. If we are going to cut the governmental sevices it will need to be done in small doses. This will enable the average american to respond and prepare for the cuts. That way the american will not be hit as hard by the governmental cuts if they are prepared, and the effects will not be as harsh.

Explore the similarities and differences Essay

Shakespeare’s original Hamlet was written in text, however Kenneth Branagh created a film version of the play as did Franco Zeffirelli. Firstly there are many advantages that film productions have over plays written in text only. For example, Shakespeare’s Hamlet cannot portray certain visual elements that can be vital in the understanding of a play – but film has that advantage and therefore can add such details as settings, characters and their costumes and body language. Even the way that a line is spoken can make a big difference in its portrayal to the audience. For example in Branagh’s version of Hamlet, whilst talking about the ghost he pauses before he says the word, â€Å"apparition,† which gives the impression he is confused as to how he will describe the spirit seen of King Hamlet. Film can use music in the background to suit the mood of the particular scene. For example in the opening scene of Hamlet by Branagh there is much imagery created even before any dialogue is used. There is an imposing view of the Kings castle at night whilst ghostly bells toll the midnight hour and you hear the crunching footsteps of Francisco guarding the gates. Just these few devices mixed together instantly create an atmosphere that cannot be recognised so easily in Shakespeare’s Hamlet. Instead, â€Å"Who’s there? † Barnado says. Starting off with a question like this immediately sets a mood of apprehension that Branagh captures when Barnado jumps on top of Francisco whilst shouting â€Å"Who’s there? † Also Shakespeare’s broken and short dialogue creates unease and confusion adding to the dark atmosphere. For example the first six lines are short and seem anxious and nervous – â€Å"Who’s there? / Nay, answer me. Stand and unfold yourself. / Long live the King! / Barnado? / He. / You come most carefully upon your hour. † Both Shakespeare’s and Branagh’s Hamlet are different in the way Branagh’s is in the format of film and Shakespeare’s is only text. However they are very similar in the way they both create a dark, corrupt atmosphere – Branagh with his dramatic imagery and Shakespeare with his broken, short dialogue. Also with Shakespeare’s Hamlet, Francisco says, â€Å"‘Tis bitter cold, and I am sick at heart,† just this single sentence adds to the atmosphere that something is seriously wrong in a very evil way. Another way in which Branagh used dramatic imagery – when the ghost appears for the first time in front of the men. The ghost is the image of the King in full battle armour floating towards them with dramatic music in the background. This imagery is clearly something that cannot easily be drawn from Shakespeare’s text on its own. A similarity between both Shakespeare’s and Branagh’s Hamlet is that Branagh’s version stays extremely faithful to the text in the original Hamlet by Shakespeare. For example, just after Horatio sees the ghost of old Hamlet he goes on at great detail about the ghost’s appearance as an omen of trouble brewing for Denmark – quite a long section of dialogue. However, Branagh’s film doesn’t cut out a single word and keeps the dialogue identical to the original text by Shakespeare. Zeffirelli’s Hamlet cuts out the whole of the original ghost scene completely substituting it with the funeral of old King Hamlet with emphasis on the King’s death rather than the ghost appearing. In this respect it loses a lot of the atmospheric effect that Branagh’s version creates. Hamlet should be portrayed in a dark, evil way to start off the play that Branagh’s does successfully. However, with Zeffirelli’s version there is no way of knowing that an evil deed has been done or that there is any corruption, guilt or suspicion of any kind. All you note is the negativity of the Kings funeral. Although both films’ opening scenes are very different in many ways they are both similar in another way. They both start with a negative theme. Branagh’s version shows the dead King Hamlet’s ghost haunting the troubled minds of the guards and this reinforces the sense of evil captured that night. Zeffirelli’s version shows the great castle and all the knights wearing black for the King’s funeral while Hamlet’s mother hysterically weeps over the still body of the King. Therefore in this way they are very similar. Another big difference is the running time of both films. Branagh’s film’s running time is 232 minutes, which is a long time compared to just 130 minutes of Zeffirelli’s version of Hamlet. This difference accounts for the fact that Zeffirelli cut out a great deal of the original Shakespearean text whereas Branagh included almost all of it in the entire film.

International Financial Integration. Is it worth it

We are witnessing the transformation of meld-20th century managerial capitalism Into global financial capitalism†. This Is what Martin Wolf expressed In an article written for the Financial Times In June 18, 2007. Even after the global economic crawls that followed the next years and from which the world Is still recovering, this statement Is of great relevance.Actually, this crawls Is a good example of how Integrated the world's financial markets have become: a financial crisis that started In some developed countries practically spread throughout the whole world. As Wolf himself hinted in his book Fixing Global Finance, it is obvious why financial crises bounce back from one country to another (2008, p. 25).First, markets are connected globally, both for commodities and financial instruments; second, an unexpected weakness in one country is seen by investors as a weakness for apparently similar countries; third, when governments fail to respond to financial crises as expected , trust in their willingness to act elsewhere will be lost; fourth, a high perception of risk in one market may spread to others; and fifth, the rationing of reedit to risk borrowers can turn a slight instability into a crisis (Wolf, 2008, p. 5). Likewise, Jeffrey Freddie adds that current regulations and technology allow money to travel around borders almost instantly, giving rise to short-term international transactions (Freddie, 1991, p. 428). With such vulnerabilities, to what extent is international financial integration (capital mobility) worth it? To answer this question, this paper will try to explain how and why capital mobility alters economic policymaking by governments as well as the tradeoffs such policies entail.By doing so, it will show the extent to which capital mobility takes policy autonomy away from governments and Indicates how It can affect certain countries more than others. To do so, first the concept of the open economy trillium will be illustrated. Followed policymaking and its interaction with exchange-rate stability and macro-economic independence and the influence this has in different countries.The Unholy Trinity Also known as the open economy trillium or the Mendel-Fleming Model in reminiscence to the economists that first set forth the concept, it indicates that overspent must choose between two of three goals: capital mobility (CM), exchange-rate stability, or monetary independence (Freddie, 2008, p. 347). Giving up CM implies placing capital controls that ultimately close world markets to a country. This is what the Latin American nations practiced from the sass's until the sass's with their import-substitution industrialization (IS') policy (Freddie, 2007, p. 10-312). On the contrary, in a financially integrated world as today, the trade-off is between exchanger stability and domestic monetary policy autonomy. If the latter is referred, the exchanger will have to be allowed to fluctuate. For example, if a government wants to encourage investment and increase consumption, policymakers will pursue low interest rates. Hence, many investors will want to move their investments to another country that offers higher interest rates.When the capital leaves the country, demand for the local currency will 2 decrease and it will end up depreciating; there is no exchange-rate stability (Walter, 2013, p. 22). Conversely, if policymakers prefer exchange-rate stability, they need to subject monetary policy solely to this goal. To neutralize depreciation or appreciation, interest rates still have to be lowered or increased, but they cannot be used for domestic objectives such as encouraging investment or promoting a rise in consumption (Walter, 2013, p. 22).With this model in mind, I now pass to explain how and why CM alters autonomous economic policymaking by governments, first by indicating its influence and then by explaining its interaction with the other two goals of the economy trillium. Influence of CM in nationa l economic policymaking worth asking: what are the benefits of CM that make it incontestable in today's world? Benefits of CM For one part, CM allows countries to borrow from the rest of the world in order to improve their ability to produce goods and services (Newly, 1999, p. 1 5).In doing so, goods and services from other parts of the world compete in local markets. This creates a more competitive environment, driving down profits and forcing companies to seek finance from outside (Wolf, 2008, p. 22). Due to the increased competitiveness, a global financial system can benefit the quality of domestic regulation: there will be pressure for better accounting 3 standards and an improved legal and financial system (Wolf, 2008, p. 3). In this sense, it will encourage companies to lobby for a more efficient, flexible and accessible financial system (Wolf, 2008, p. 3). Linked to competition, such financial systems can encourage governments to re- think' their policies (avoid requesting to o much taxes or allowing too much inflation, for example) and prevent capital outflows (Wolf, 2008, p. 23). Also, CM allows risk diversification and technology transfer (Wolf, 2008, p. 23). Furthermore, in many developing countries the economy is not big enough for its citizen's savings to finance world-level institutions. This is an important argument for allowing the presence of foreign banks (Wolf, 2008, p. 23).For example, between 1960 and 1980 South Korea annually requested funds from international sources equivalent to 4. 3% of its GAP to finance its strong economic growth (Newly, 1999, p. In addition, capital flows allow countries to avoid large drawbacks in consumption from economic crises by selling assets to and/or borrowing from outside sources (Newly, 1999, p. 1 5). It was precisely through foreign lending that Mexico and Argentina were able to overcome their 1995 crisis (Grumman, 2008 p. 51). All in all, capital flows can be beneficial for a nation.However, this type of global integration is likely to generate crisis if pursued with a low level of economic development (Wolf, 2008, p. 24). Citizens in developed countries may have enough savings within the national financial system to allow their governments to leverage enough investment and growth. However, developing countries will most likely depend on capital inflows for this and even more urgently when an economic imbalance occurs. Hence, many countries in the past have used capital controls to limit the harmful effects (Grumman, 2008, p. 107).Pinpointing on this last issue, what leads a country to prefer a fixed exchange-rate and monetary autonomy over CM? In short, the control of capital flows helps a country have economic stability (Newly, 1999, p. 21). As investors have limited information about the true value of the assets they hold in the country, they tend to infer from the actions of others, creating a herding behavior, where asset price variations cause further changes in the same dire ction, leading to a boom-bust cycle and macro-economic instability, hence Justifying capital controls (Wolf, 2008, p. 25).There are different ways this is sought by today's governments. Control of CM First, capital controls may be used to discourage capital outflows in the event of a crisis, allowing the central bank (CB) to have invulnerability with domestic monetary policy. This is how Malaysia responded to its 1998 crisis (Newly, 1999, p. 19). -. Second, economic stability can be achieved by preventing destabilize outflows in the first place, in other words, changing the composition of capital inflows (Newly, 1999, p. 21). Through capital inflow controls, the government helps prevent future and sudden outflows by investors.This is what Chile practiced in the sass's. By scrounging capital inflows, Chile was able to limit the number of volatile capital that could have left the country on short notice (Newly, 1999, p. 21). 5 Likewise, at present the International Monetary Fund (MIFF ) is recommending capital flow management measures after exhausting interest-rate adjustment and if implemented alongside foreign exchange-rate reserves accumulation and macro- prudential financial regulation (Gallagher, 2012). As mentioned above, the aim of CM controls is macro-economic stability.I will now further explain the reasons why CM causes economic instability in the first place. There are two reasons: either they are the result of irresponsible behavior in the markets or of bad policies by local authorities (Change, 1999, p. 7). The former reason has to do with human attitudes: while in economic boom, there is excess of greed; in recession, there is excess of fear (Wolf, 2008, p. 21). This leads, as explained above, to the panic and herding effect. Market that make it inherently risky – adverse selection, moral hazards, and asymmetric information (Wolf, 2008, 19).The unfortunate intervention of a government (wrong or bad fiscal and/or monetary policies) often makes them even sees safe, as is the case of poor fiscal discipline added to a lack of monetary discipline (Wolf, 2008, 22). Likewise, mistakes in exchange-rate policy can greatly affect the financial market as will be described in the next section. Both of these reasons affect the other two goals of the unholy trinity: exchange-rate stability and monetary independence. We will be able to see this by explaining the interactions of CM with these two other goals.Interaction of CM with exchange-rate stability and macro-economic independence 6 To provide a sense of how CM interacts with exchange-rate and macro-economic lollygagging, different scenarios are analyzed: fixed vs. fluctuated exchange-rate and the efficacy of monetary and fiscal policies. First, the efficacy of fiscal policy in a country with a fixed exchange-rate and CM will be considered. Supposing that a government seeks to stimulate national income, it will pursue an increase in aggregate demand by increasing government spendi ng and/or reducing taxes.Consequently, interest rates will go up and an inflow of capital from abroad will arrive. This capital inflow would lead to an excess supply of foreign currency. Therefore, as the exchange rate is pegged, the country CB would have to ay that excess supply with national currency, thus stimulating the national income even more. Although this might seem ideal, the ultimate consequence is a detriment of the country international competitiveness: exports would become more expensive to the world and imports cheaper for the locals (Greece, 2003, p. 87).Accordingly, international investors would lose confidence in the government's capacity to sustain a current account deficit brought by the capital inflow, as well as probable price inflation due to the fiscal expansion , and move their money somewhere else (Greece, 2003, p. 7). Now with a capital outflow, the CB would seek to raise interest rates, which leads to a decrease in investment and consumption, thus reducin g aggregate demand and counteracting the national income stimuli (Greece, 2003, p. 87). From a monetary policy perspective, the prospect is not positive either.If the economy wants to be stimulated, the CB would have to reduce interest rates which currency would exceed its demand, and in order to maintain its peg the country CB would have to buy the excess with 7 its foreign exchange reserves. The national currency reduction circulating in the economy and the consequent increase in interest rates and decrease of income and consumption would end up cutting the national income stimuli also (Greece, 2003, p. Now, considering a flexible exchange-rate and, again, supposing a fiscal policy intended to boost national income and hence a rise in interest rates, the country would expect capital inflows.Therefore, there is an increase in demand for the national currency, which would appreciate in value, causing imports to be less expensive in the local market and exports more expensive abroad. Accordingly, the country would lose in international competitiveness and the probable reduction of sports (because they are now more expensive for the world) would decrease national income (Greece, 2003, p. 88). On the other hand, regarding monetary policy with a flexible exchange-rate, some political scientists consider that it has strengthened as the world has become more integrated (Greece, 2003, p. 89).When a government's goal is an increase in national income, the natural response is to lower interest rates. This would provoke a capital outflow from the country, which in turn brings depreciation of its currency and hence a competitive edge in the international market. This effect would increase aggregate emend and national income even more (Greece, 2003, p. 89). However, policy preferences of economic interest groups differ within a country (Freddie, 1991 , p. 432 and Walter, 2008, p. 406). Therefore, those who depend on imports, for example, will prefer a stronger local curre ncy (Freddie, 1991, p. 45). This is, for example, Thailand experience with its 1997 economic crisis (Walter, 2008, p. 422). Thailand economy was, and still is, export-oriented. However, in 1997 the majority of its exporters produced industrial goods that needed imported inputs. Therefore, the depreciation ad no real competitive effect (Walter, 2008, p. 422). 8 Developing countries and CM As economic and financial markets in developed countries provide more stability to investors, as seen with the above interactions developing countries are more externalities on recipient countries (Gallagher, 2012).In this sense, regulating CM is an optimal tool to address market failures and enhance growth, not worsen it (Gallagher, 2012). Conclusion International financial integration alters national economic policymaking. This can be understood by first looking at the Mendel-Fleming Model and the influence and interaction of CM with exchange-rate stability and macro-economic independence. In toda y's world, CM has priority over the two other goals. However, there are certain traits that can lead a country into an imbalance or even a deep crisis, especially for developing countries.Hence, the level of openness to CM must be studied against the economic development of the country and its financial health. Countries are the custodians of national economic stability and well-being.