Role of Financial Development in Total Factor Productivity

Role of Financial Development in Total Factor Productivity THE ROLE OF FINANCIAL DEVELOPMENT IN TOTAL FACTOR PRODUCTIVITY OF VIETNAM’S MANUFACTURING SECTOR Thesis Research Design Instructors: Team of MDE Lectures Student:Hà ¡Ã‚ »Ã¢â‚¬Å" Bà ¡Ã‚ ºÃ‚ £o Trà ¢n 1. Problem statement There is a large literature about the link between financial development and economic growth. Many studies indentify that productivity as one channel through which finance affects growth. The importance of financial development in raising productivity and promoting economic growth has been discussed in many reports (e.g., Goldsmith 1969; McKinnon 1973; Shaw 1973; Greenwood and Jovanovic 1990; Bencivenga and Smith 1991). The financial system pressure handicaps financial development and results in misallocation of resources, then reduce productivity and economic growth. As the financial systems develop well, overall economic productivity will be improved through the efficient reallocation of resources. At firm level, financial development of a firm allows a firm to appropriate new business opportunities, conduct investment and research activities, make a defense against financial and non-financial shocks and achieve higher productivity. More importantly, firm productivity is an essenti al indicator in transforming financial market development to economic growth at macro level. There are also many empirical studies about the impact of financial development on productivity efficiency. Levine (2005), Beck et al. (2005) point out that financial constraints, including low liquid and limited access to financial resources, make the growth prospect of firms worse. In Vietnam, manufacturing firms play an important role in the decade of economic growth. In 2013, there are 60700 businesses closed. There are many reasons such as long loss profit, management capacity, operating restrictions and lack of funds business†¦ In which, financial market development offers a crucial impetus for enhancing firm competitiveness and catalyzing industrialization. In Vietnam the scientific research using a panel data to find out the role of financial development in total factor productivity of Vietnam’s manufacturing sector is limited. This study will present the evidence of this linkage using panel data for manufacturing firms from 2003 to 2009. 2. Research objective 2.1. Research objectives To estimate the TFP growth rate of manufacturing sector To find the role of financial development in total factor productivity of Vietnam’s Manufacturing Sector. To give policy implication for improving firm productivity 2.2. Scope of the study The study will examine the role of financial development in total factor productivity of Vietnam’s Manufacturing Sector using the panel data of 2003, 2005, 2007, and 2009. 3. Literature review 1. Productivity: Concepts and measurements Productivity is commonly defined as a ratio of a volume measure of output to a volume measure of input use (Schreyer and Pilat 2001) or in other words, how much of output which is obtained from a given set of inputs (Syverson 2010). Productivity = Quantity of outputs produced/ Quantity of inputs consumed Productivity measurement efforts to point out improvements in using the capital resources, that is, to motivate and evaluate efforts to produce more inputs with fewer inputs while maintaining quality. TFP is used to measure the firm productivity. It captures the growth, which could not be explained by changes in production inputs, thus it can serve as a traditional proxy of productivity improvement. However, there is a correlation between unobservable productivity shocks and optimal choices of input. There are at least two approaches to measure the TFP, which account for the sensitive of optimal input levels to the productivity shocks. First approach is the Olley-Pakes TFP measurement which uses investment as a proxy for productivity shocks (Olley and Pakes 1996). Another approach is the Levinsohn-Petrin TFP measurement which uses intermediate inputs as a proxy for productivity shocks (Levinsohn and Petrin 2003). In this study, I will use the Levinsohn-Petrin TFP measurement to control for the unobservable productivity shocks because of three reasons. Firstly, the dataset of firm investment is not available, thus the the Olley-Pakes TFP measurement will not be feasible. Secondly, even if the investment data is available, the estimation can be suffered from the truncated report â€Å"zero† investment of firms. Finally, the Levinsohn-Petrin TFP measurement is more acceptable than the Olley-Pakes TFP measurement because of it is built from production theory. Assuming a Cobb-Douglas function, TFP is often computed by estimating the equation: yit = ÃŽ ²0 + ÃŽ ²llit + ÃŽ ²kkit + ωit + ÃŽ µit (1) Where yit is firm’s output, lit is firm’s labor, kit is firm’s capital; y, l, k are all in the nature logarithm forms. i and t denote firm and time. ωit is a state variable, which measures productivity. ÃŽ µit is an error or a random productivity shock. Both ωit and ÃŽ µit are unobservable variables. According to Olley and Pakes (1996), the OLS estimates of (1) can be biased because choice of variable inputs can be depended on the firms’ beliefs about the state variable ωi. If there is serial correlation in ωi, the variable inputs such as labor, materials, etc will be positively correlated with ωi. In order to control the bias in OLS estimates, they suggest the following partially linear model: yit = ÃŽ ²0 + ÃŽ ²llit + ÃŽ ²kkit + ht(iit, ait, kit) +ÃŽ µit (2) in which ωit =ht(iit, ait, kit), ait is age of firm i at time t, iit is investment of firm i at time t. The unobservable variable ωit can be expressed by a function of observable variables. Levinson and Petrin (2003) point out that investment data at firm level is very lumpy (there are considerable adjustment costs). If it is true, the investment proxy will not smoothly respond to productivity shock. It violates the consistency condition. They propose the following modified model: yit = ÃŽ ²0 + ÃŽ ²llit + ÃŽ ²kkit + ÃŽ ²mmit + ωit + ÃŽ µit (3) mit is the logarithm of the intermediate inputs such as raw material, power, and electricity expenditures. Its input demand mit depends on the capital variable kit and productivity ωit mit = mt (kit, ωit) The demand of intermediate inputs mit is assumed to be monotonously increasing with ωit. It can be used as a proxy for unobservable variables. Therefore, the unobservable productivity ωit is expressed by the function of two variables kit and mit. ωit = mt (kit, mit) Substituting above equation to equation (3), the production function can be estimated. The coefficients of kit and mit can be recovered by GMM method with assumption that productivity is controlled by a first-order Markov process. ωit = E[ωit/ωit-1] + ÃŽ ·it ÃŽ ·it is an innovation to productivity which can be correlated with labor but uncorrelated with capital. The logarithm TFP of firm can be obtained from the residual of actual output and predicted output. 2. Financial development and firm productivity The important role of financial development in raising productivity and promoting economic growth has been mentioned in many public researches. In traditional growth theories, the role of financial development in growth is through factor accumulations, which are regarded as the main force behind economic growth. Financial development can contribute to total factor productivity growth by increasing marginal productivity of capital (Goldsmith 1969). According to McKinnon and Shaw (1973), financial development also can improve efficiency of capital allocation so as to increase the aggregate saving rate and investment level. However, in traditional growth model, the impact of financial development on growth is limited due to diminishing return to scale of capital. Some recent researches also highlight the relationship between financial development and productivity growth. Jeanneney, Hua and Liang (2006) analyze data from 29 Chinese provinces and find out that financial development has contributed significantly to TFP growth through its positive effect on efficiency in the period from 1993 to 2001. Dabla-Norris, Kersting and Verdier (2010) use firm level dataset and find out that the positive effect of innovation on firm productivity is contributed from financial system. Firms enjoy the maximum benefits from innovation in countries with well-developed financial system. Minjia Chen (2012) examine a panel dataset of Chinese manufacturing firm from 1998 to 2007 also show that financial factors are highly essential to firms’ total factor productivity growth. At micro level, financial development affects productivity growth by various channels. A firm with better financial health tends to bring higher productivity level. Beck et al (2005) suggest that firm with high liquidity is expected to be resilient to financial and non-financial shocks. Similarly, entrance to large external finance can help a company reduce the level of credit constraints, therefore increase their ability and existence in the market (Aghion et al 2007; Levine 2005). 4. Overview of Vietnam SMEs In Decree 90/2001 ND-CP from 2001 to 2009, SME is defined as an independent business establishment which registered capital not exceeding 10 billion VND or annual average number of workers not exceeding 300. From 2009 up to now, SME is defined as: Small and medium enterprises are business establishment which have registered their business according to the law and are divided into three levels of size: very small, small and medium depend on the sizes of their total capital or their average number of workers (total capital is the priority standard). In term of size of employees, nearly 98.34% of firms are small or medium enterprises in 2012. These firms contributed to 40-60% GDP of Vietnam and over a half of total labors in 2011. SME has important role in Vietnam economy. The SME survey has been conducted by the Central Institute for Economic Management (CIEM), the Institute of Labour Science and Social Affairs (ILSSA) under the Ministry of Labour, Invalids and Social Affairs of Vietnam (MoLISA) and the Development Economics Research Group (DERG) of the University of Copenhagen. The research group selects ten provinces including: Hanoi, Hai Phong, Ho Chi Minh City (HCMC), Ha Tay, Phu Tho, Nghe An, Quang Nam, Khanh Hoa, Lam Dong and Long An. The sample covers around a third of manufacturing firms in Vietnam and seems to be the best quality to represent the characteristics of SMEs in Vietnam. 5. Methodology 5.1. Model Model: TFPit = ÃŽ ±0 + ÃŽ ±1 TFPi,t-1 + ÃŽ ±2 ln LIQUIDITYit + ÃŽ ±3 ln LEVERAGEit + ÃŽ ±4 ln SIZEit + ÃŽ ±5 ln AGEit + ÃŽ ±6 ln COMit + ÃŽ ±7 ln HUMANKit + ÃŽ ±8 ln FOWNit + uit Where i and t are index firm and time, respectively, uit is the stochastic error term. The lagged TFP variable is important due to Levinson and Petrin (2003) estimation method. The authors assume that firm productivity follows a first-order Markov process. Therefore, the lagged TFP variable must be taken in the model for controlling the serial correlation. About the variables of financial development at firm level, my econometric specification contains two proxies of a firm’s financial quality: liquidity (LIQUIDITYit) and leverage ratio (LEVERAGEit). A firm with better financial health tends to bring higher productivity level. Beck et al (2005) suggest that firm with high liquidity is expected to be resilient to financial and non-financial shocks. Similarly, entrance to large external finance can help a company reduce the level of credit constraints, therefore increase their ability and existence in the market (Aghion et al 2007; Levine 2005). Besides, we also control for several firm-specific characteristics to examine firm productivity performance. Firms’ size (SIZEit) intends to control for the impacts of economies of scale on firm productivity (Balk 2001). Firms’ size (SIZEit) and Firms’ age (AGEit) have been found to be linked to firms’ productivity (e.g. Palangkaraya, Stierwald and Yong, 2009) and are used widely in analyzing firm productivity. Oliner and Sichel (1994; 2000) indicate high-tech capital intensity (COMit) as another determinant of TFP. High-tech capital accumulation has been proven to be an essential factor for raising productivity by improving operational efficiency, profits and, finally, productivity growth (Siegel and Griliches 1992). Another determinant should be considered that is human capital intensity. Since the 1990s, developing countries in Asia, including Vietnam, have been focused on investing human capital, e.g education and training, to achieve higher economic growth. Therefore, it may be interest to estimate the extent of human capital intensity account for TFP. The last important determinant of firm productivity is mentioned widely in many researches of Arnold and Javorcik (2009), Benfratello and Sembenelli (2006), Germa et al. (2004) and Griffith (1999) is foreign ownership (FOWNit). These researches suggest that foreign owned firms are potential to have superior managers, information network and ease to connect international market. Therefore, foreign firms are supposed to get higher productivity than domestic firms. 5.2. Research hypotheses Hypothesis H1: Financial quality (liquidity ratio) will have positive relationship with firm productivity. A firm with high liquidity tends to bring higher productivity level. Hypothesis H2: Financial quality (leverage ratio) will have positive influence on firm productivity. 5.3. Data sources All data sources are available at the Survey of Small and Medium scale manufacturing enterprises (SMEs) in Vietnam, from 2003 to 2009. It gives data about production and financial characteristics of firms such as gross revenue, capital, number of labors, materials, profits, liquid assets, fixed assets, liabilities, equity†¦ The measurement of TFP: requires information on a firm’s gross output and production inputs. Net output is measured by net sales of manufactured goods. There are three inputs in the empirical model: labor, capital and intermediate materials. Labor is the number of employees working for a company. Intermediate materials include components used in the manufacturing process. Capital is measured by the value of land, building as well as machinery, equipment, excluding the depreciation of assets. Financial development variables: First variable is liquidity, which is measured by the ratio of liquid assets to total assets. Second variable is leverage ratio that is measured by the ratio of liabilities to equity. Control variables: Firm size is measured by the total sales of a firm. Firm age is measured by the number of years a firm in operating. If a firm goes in an industry for less than one year, it is set up for zero. High-tech capital accumulation is measured by the number of computers used for each worker. The proportion of skilled labor to total workers of a firm serves as the proxy of human capital investment. Finally, the ratio of investment capital undertaken by foreign parties relative to the total registered capital is used as a proxy of foreign ownership. Finally, the ratio of actual investment capital of foreign parties compared to the total registered capital is served as a proxy of foreign ownership. References: Aghion, P., T. Fally, and S. Scarpetta. 2007. Credit Constraints as a Barrier to the Entry and Post-entry Growth of Firms. Economic Policy 22: 731–119. Arnold, J.M., and B.S. Javorcik. 2009. Gifted Kids or Pushy Parents? Foreign Direct Investment and Plant Productivity in Indonesia. Journal of International Economics 79: 42–53. Balk, B.M. 2001. Scale Efficiency and Productivity Change. Journal of Productivity Analysis 15: 159–183. Beck, T., A. Demirguc-Kunt, and V. Maksimovic. 2005. Financial and Legal Constraints to Firm Growth: Does Firm Size Matter? Journal of Finance 60: 137–177. Bencivenga, Valerie R. and Bruce D. Smith, (1991), Financial intermediation and endogenous Control Unobservables†, Review of Economic Studies, Vol. 70, No. 2, 317-41. Benfratello, L., and A. Sembenelli. 2006. Foreign Ownership and Productivity: Is the Direction of Causality So Obvious? International Journal of Industrial and Organization 24: 733–751. Dabla-Norris, Kersting and Verdier, (2010), Firm productivity, innovation and financial development, International Monetary Fund. Girma, S., H. Gà ¶rg, and E. Strobl. 2004. Exports, International Investment, and Plant Goldsmith, Raymond W. 1969. Financial Structure and Development. New Haven, Conn: Yale University Press. Greenwood, Jeremy and Bruce D. Smith, (1997), Financial markets in development, and the development of financial markets. Journal of Economic Dynamics and Control 21: 145-81. Review of Economic Studies 58: 195-209. Griffith, R. 1999. Using the ARD Establishment Level Data to Look at Foreign Ownership and Productivity in the United Kingdom. Economic Journal 109: F416–F442. Levine, R. 2005. Finance and Growth: Theory and Evidence. In Handbook of Economic Growth Vol. 1, pp. 865–934, edited by P. Aghion and S. Durlauf. Amsterdam: North-Holland. Levinsohn, J., and A. Petrin. 2003. Estimating Production Functions Using Inputs to control for Unobservables. Review of Economic Studies 70: 317–341. Minjia Chen, (2010), Financial Effects and Firm Productivity: Evidence from Chinese Manufacturing Data. Oliner, S., and D. Sichel. 1994. Computers and Output Growth Revisited: How Big Is the Puzzle? Brooking Papers on Economic Activity 1994: 273–334. Oliner, S., and D. Sichel. 2000. â€Å"The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?† Journal of Economic Perspectives, Vol. 14, pp. 3–22. Olley, S., and A. Pakes. 1996. The Dynamics of Productivity in the Telecommunications Equipment Industry. Econometrica 64: 1263–1289. Palangkaraya, A., Stierwald, A. and Yong, J. (2009), â€Å"Is Firm Productivity Related to Size and Age? The Case of Large Australian Firms†, Journal of Industry, Competition and Trade, Vol. 9, No. 2, 167-95. Performance: Evidence from A Non-parametric Test. Economics Letters 83: 317–324. Schumpeter, Joseph A, (1911), The Theory of Economic Development. Cambridge Mass: Harvard University Press. Siegel, D., and Z. Griliches. 1992. Purchased Services, Outsourcing, Computers, and Productivity in Manufacturing. National Bureau of Economic Research Working Paper 3678; Output Measurement in the Service Sector, edited by Z. Griliches. Chicago: University of Chicago Press. Sylviane Guillaumont , Jeanneney, Ping Hua Zhicheng Liang, (2006), Financial Development, Economic Efficiency, And Productivity Growth: Evidence from China, The Developing Economies, Institute of Developing Economies, vol. 44(1), pages 27-52. Thangavelu, Shandre M., (2013), Financial Health and Firm Productivity: Firm-level Evidence from Viet Nam, ADBI Working Paper Series. Zhenhui, Sudeshna, (2013), Financial Development and Total Factor Productivity: Evidence from India’s manufacturing sector, Georgia College State University.

The Health Benefits of Exercise Essay -- Healthy Lifestyle Essay

Exercise is one of the most important factors in a persons’ life. Physical activity, or the lack of it, can result in a person having a healthy life or cause them to have diabetes. The benefits of exercise are countless. The positive health results, the improvement in attitude, even better academic performance are all factors which make not exercising inexcusable. Merely not using a person’s body is harmful. Not being active results in a person’s muscles becoming weak and out of condition. The effectiveness of a person’s heart and lungs will decrease. A person’s joints will become stiff and can be injured easily. Inactivity can be as much of a health risk as smoking. In addition children have become extremely lazy with all the entertainment available in this day and age. Most Americans watch three and a half hours of television every day. By the age of sixty five over nine years will have been spent in front of a screen. Over one-third children from ages four to nineteen eat fast food every day and fifteen percent in that age set are obese. It is especially important to prevent children and adolescences from becoming obese. According to â€Å"Obesity and Overweight for Professionals: Data and Statistics† eighty percent of obese children become obese adults. The number of overweight children in America has dou bled since the 1980s. People have begun resorting to unsuccessful diets and each day thousands of teens become bulimic or anorexic to lose weight. Thirty four to thirty seven percent of adults in America are obese. This has increased dramatically in the past twenty years (â€Å"Obesity†). The simple answer to this problem is to start exercising. The U.S. Department of Health and Human services says that children and teens need a... ...ical Activity for Families and Children." National Heart, Lung and Blood Institute. Web. 24 Apr. 2011. . Llewellyn, Claire. Exercise. London: QED, 2006. Print. â€Å"Mayo Clinic.† Web. 27 Apr. 2011. . "Obesity and Overweight for Professionals: Data and Statistics | DNPAO | CDC." Centers for Disease Control and Prevention. Web. 24 Apr. 2011. . Payment, Simone. What Happens to Your Body When You Run. New York, NY: Rosen Central, 2010. Print. The World Book Encyclopedia. Chicago: World Book, 2001. Print. "What Is Basal Metabolic Rate?" Personal Trainer Cindy Brotherston for Fitness, Weight Loss and Nutrition. Web. 24 Apr. 2011. .

Porphyria’s Lover: Love, Sex, and Sin Essays -- Literary Analysis, Bro

Porphyria’s Lover: Love, Sex, and Sin While it is easy to say that this poem is simply a frightening and perverse account of a man who cannot properly express his feelings for a woman, it is much more complex. Two major motifs in the poem, love and sin, create a sense of contradiction. Browning uses this contradiction to explore the relationship between art and morality. The title of the poem leads the reader to believe that the speaker and the woman have been in a relationship for some time. It evokes the image of a woman secretly visiting her lover. Then, the speaker tells the reader that Porphyria â€Å"glides† into his house and â€Å"kneel’d and make the cheerless grate/Blaze up, and all the cottage warm† (6-9). Only someone who had visited the man’s home many times before would feel comfortable enough to â€Å"glide† in and start a fire. This confirms that this relationship has been ongoing and that this is not the first time the two have met. Throughout the poem, â€Å"love† is described in terms of a struggle for power, suggesting that the balance of power, dominance, and control in the relationship between this man and woman will never be equal; that one will always be vying for agency over the other and the relationship. In the beginning, Porphyria is â€Å"murmuring how she loved [the speaker]â₠¬  (21). Women of the Victorian era were supposed to stifle their sexuality and ignore it altogether. The woman in this poem makes it clear that Browning did not agree with this view. Although Porphyria has not been able to fully repress her desires, as evident in the fact that she even went to the man’s house, she is attempting to practice some restraint. Instead of shouting or even simply saying at a normal volume that she loves him, she only murmurs. T... ...cheme, ABABB, CDCDD, EFEFF, GHGHH, etcetera. While it does follow a certain pattern, the rhyme scheme is a bit unbalanced. It is heavy on the B rhymes, the D rhymes, and so on. This imbalance in rhyme adds to the thought of the speaker’s imbalance. The most striking thing about the poem’s form is that there is no shift in its sound at any point. While describing the tumultuous storm, he uses clear language. His tone does not change when the woman enters his house; he does not give the reader any indication that he is or is not happy that she is there. The reader expects some sort of change in language as the man murders the woman, but the poem remains in the same rhythmic pattern. All of these details seem small and may even be missed upon first reading the poem, but they add enormously to the thought that the speaker may be suffering from his own type of imbalance.

And Then There Were None by Christie Agatha Essay -- Vera and Lombard,

Vera felt as though it was only right to follow the poem. Every time somebody died or disappeared a little china figure would break or disappear but at the end Vera toke the last one standing with her as a token saying that they made it to the end. While she was hanging herself the little figure broke, â€Å"The little china figure fell from her hand. It rolled unneeded and broke against the fender† (Christie 268). She also thought that’s what Hugo wanted her to because she was responsible for his nephew death. The antagonist of And Then There Were None is Judge Justice Wargrave. He was also known as Issac Morris to hide his real identity from all the other characters. He was the judge of all of the characters cases and he found them guilty and thought it was right for them to die. He knew almost everything about all of the characters, how they would think, how they would react to certain things, and some of the decisions they would make. Wargrave lead the characters to have both internal and external conflicts. For example external conflicts â€Å" They felt now like the people just awaking from a nightmare. There was danger, yes, but it was danger in daylight. That paralyzing atmosphere of fear that had wrapped them round like a blanket yesterday while the wind howled outside was gone† (Christie 243). These people are so terrified they are not getting sleep, barely eating, and hardly talking. They are living they worst nightmare. Not only that Wargrave is killing people but he is also scaring the people that is alive more and more which is causing them to have internal conflicts. For example Vera Claythorne ,the protagonist went through the deepest internal conflict â€Å"What was that-hung from the hook in the ceiling? A rope with a noose ... ...why. They all did a crime and thought they got away with it. In conclusion Agatha Christie wrote this very popular novel called And Then There Were None , to teach the readers that free or not you are never free from justice. By using both external and internal conflicts with the characters, symbolism with the poem Ten Little Soldiersand the china figures both symbolizing each character and irony of Justice Wargrave. This book is one of the reasons why Christie became the first grandmaster recognized by the mystery writers of America Works Cited â€Å"Christie, Agatha.† Literary Lifelines. 1998. Print. Christie, Agatha. And Then There Were None. New York: Harper Collins Publishers, 1939. Print. Kunitz, Stanley J., ed. Twentieth Century Authors. New York: The H.W. Wilson Company, 1973. Print. Stade, George and Karen, Karbiener., eds. British Writers. 2003. Print

Equity Feminism for the Next Generation :: Feminism Feminist

Still Enduring: Equity Feminism for the Next Generation Webster defines feminism as both "the theory of the political, economic, and social equality of the sexes" and "organized activity on the behalf of women's rights and interests" (Webster 418). Equality of the sexes (in terms of rights) and the furthering of women's rights are seemingly positive aspirations; yet people tend to describe feminism using negative terms, and feminism today has acquired a bad reputation. "Radical" and "extremists" are adjectives commonly applied to feminism as a whole, when, in truth, feminists who adopt extreme positions constitute the minority. Moreover, these "gender feminists," or "militant feminists," as many call them, although they receive the most public attention because of their aggressive tactics and high visibility, alienate people in broadcasting their views. Their goal, to create a "sentimental priesthood" that will achieve collective power and retribution as oppressed "victims" of a white-male supremacy, seems unreasonable (Himmelfarb 20). In contrast, "equity feminists," or "academic feminists," embrace the basic principles of feminism. They celebrate women's achievements, work for the individual rights of all women, and, as Christina Hoff Sommers aptly says, "want for women what they want for everyone, equal protection under the law" (Himmelfarb 20). Though not all feminists agree on how to reach this goal, most argue for a reasonable, realistic, and positive method. By contrasting the differing feminist ideas of writers like Adrienne Rich, Gertrude Himmelfarb, and Camille Paglia, one defines a winning brand of feminism: a philosophy founded on equity feminist ideology and dedicated to the achievement of social, political, economic, and intellectual reform. David Thomas and Camille Paglia, two contemporary cultural critics concerned with gender issues, share the belief that men and boys have aggressive tendencies that women must learn to understand and live with. Thomas, in his essay "The Mind of Man," asserts that women should accept boys' nature: "Boys are not on the whole, docile creatures who wish to live in harmony with one another, but are, instead, highly competitive, physically energetic creatures who hunt in packs" (341). Paglia shares this view: "There are some things we cannot change...hunt, pursuit, and capture are biologically programmed into male sexuality. Generation after generation, men must be educated, refined, and ethically persuaded away from their tendency toward brutishness" (50-51). Because Paglia believes that man's nature is inherently aggressive and poses a danger to women, she maintains that feminism of the academic type gives women a false sense of equality and ease.

Enriques Journey Essay

Just as Enrique arrives, there is tension between his mother and him. They begin to argue about how Enrique had developed bad habits such as drinking and staying out late as well as sniffing glue. These problems do not surprise me because he had been through alot on his intense journey all the way from Honduras. It hurt Lourdes to see her son do nothing but hurt himself and her family because the money he was spending on alcohol should have been sent back home to help pay for school. Enrique also put his mother down by constantly making her feel guilty for leaving and that she did not deserve to call herself his mother. Looking back at the relationship between them before she left, I thought that their relationship would have been stronger than ever after not seeing each other for years and that he would appreciate the fact that he found her unlike many of the other immigrants that search for years and are still unable to find their family members. Enriques motivation to stay in the United States is work and buy a house back in Honduras not to mention the amount of money he is making allows him to afford a lot more than he could back in Honduras. He wishes to continue working so he can support his girlfriend and his daughter back home in Honduras as well as buy a house so that he can move in with his girlfriend and daughter and finally be a family. He thinks that his girlfriend is cheating on him and he realizes that he wants to be there for his daughter and raise her before she calls someone else her father. Rather than Enrique moving back home he decides that he wants his girlfriend and the baby to move to the United States with him. I believe that there is so much conflict between Enrique and Lourdes is because Lourdes is trying to mother and discipline Enrique when she was not there raise him so he feels as if she is not his mother anymore. If she had not left and raised her family as her own they would not have any problems with their relationship and most likely Enrique would have not got himself into trouble by abusing drugs and drinking too much. I believe once Enrique begins to pick up his act and stops abusing drugs and drinking and coming home late his relationship with his mother would become better as well as eing able to function the next day and able to perform well at work so he can earn enough to visit his family back home in Honduras. I believe that Enrique made the correct decision coming to the United States, although he put his life in danger he reached his goal and finally got to see his mother after many years. Despite making the same mistake as his mother and leaving his girlfriend and daughter for a job to help pay for their needs, I believe it is necessary because if Enrique was back home there was a chance he could not have even had a job and then he would have had no way to support his family. He gained many things by coming to the United States. He had an opportunity to provide a decent living for his family as well as reuniting with his mother even though it was not easy for them at first. Enrique, on his journey, lost his sense of pride. After being harassed by so many times by the local police, he had nothing left to the point where it would have made no difference if he had died. He is in jeopardy of losing his family being many thousands of miles away from them, his girlfriend could leave him for someone who is making a better living in Honduras and would be able to be there to help raise their kids.

The Health Benefits of Bananas

The health benefits of bananas http://ph. she. yahoo. com/health-beneflts-banana-092724299. html Bananas are one of the most famous common fruits amongst people of every age. Enjoyed in its various forms, bananas are eaten raw, accompanied with desserts, added In smoothies and consumed In many more ways too. Let us look at the benefits of eating this fruit. 1. It helps regulate blood pressure. Banana Is a fruit that contains high amount of potassium and low levels of salt. This combination helps to regulate the blood pressure. It reduces the risk of heart related diseases. 2. It strengthens your bones.The potassium content In bananas Is good for the health of your bones. Eating bananas on a regular basis can prevent your bones from deteriorating. Consuming bananas can also neutralize the amount of sodium In your body, which ultimately saves calcium to get washed out from your body. 3. It's energizing. Bananas are loaded with a lot of vitamins and minerals like Vitamin C and Vitamin 8 -6. Considering this fact, it is evident that eating the fruit can provide you with great energy. Pack yourself a couple of bananas to eat in the afternoon after your lunch as been digested and your stomach asks for some food. . It boosts bowel health. If you are suffering from constipation, banana is the fruit you need to pick. The fruit contains dietary fiber that aids the maintenance of the bowel system of your body. 5. It reduces stress. When you are in stress, the metabolic rate of your body shoots up and potassium levels consequently decrease. Eating a banana can thereby flush your body with potassium, which will automatically ease you and regularize your heartbeat. 6. It's brain food. The potassium in bananas also does wonders by making you more mentally alert.Research shows that this yellow fruit aids concentration and hence is a marvelous fuel for the brain. 7. It's rich in iron. People suffering from iron deficiency can resort to eating bananas. This fruit, which is rich i n iron, can supply your body with the amount of iron it needs. This can also benefit you when you are suffering from an injury and require the blood to clot faster with the help of hemoglobin. It is unimaginable how one tiny yellow colored fruit can give your body numerous health benefits. Include bananas In your breakfast, lunch, snack or dinner and enjoy the phenomenal benefits It Imparts your body with.The Health Benefits of Bananas By emapiag162 http://ph. she. yahoo. com/health-benefits-banana-092724299. html added in smoothies and consumed in many more ways too. Let us look at the benefits Banana is a fruit that contains high amount of potassium and low levels of salt. This The potassium content in bananas is good for the health of your bones. Eating bananas can also neutralize the amount of sodium in your body, which ultimately give your body numerous health benefits. Include bananas in your breakfast, lunch, snack or dinner and enjoy the phenomenal benefits it imparts your b ody with.