Compound Prepositional Phrases in Spanish

Prepositions are handy words for showing the relationship among the various words in a sentence. But with something like only two dozen prepositions available, youre limited if you stick to simple prepositions to indicate the connection that a noun or pronoun might have with another word. Fortunately, both Spanish and English have a wide range of prepositional phrases, also known as compound prepositions, that function in much the same way as simple prepositions Using Compound Prepositions An example of compound preposition can be seen in a sentence such as Roberto fue al mercado en lugar de Pablo (Robert went to the market instead of Paul). Although en lugar de is made up of three words, it functions much the same as one word and has a distinct prepositional meaning as a phrase. In other words, like single-word prepositions, prepositional phrases show the connection between the noun (or pronoun) that follows and other words in the sentence. (Although you could probably figure out what en lugar de means by translating the individual words, that isnt true of all prepositional phrases.) The list below shows some of the most common phrases that function as prepositions. Prepositions can also be used in phrases that are used as adverbs, as explained in our lesson on adverbial phrases. As you can see in the examples following this section, not all Spanish prepositional phrases are best translated as prepositional phrases in English. abajo de — underneatha bordo de — aboarda cambio de — in exchange or trade fora cargo de — in charge ofa causa de — because ofacerca de — about, concerningademà ¡s de — besides, in addition to, as well asadentro de — insidea disposicià ³n de — at the disposal ofa excepcià ³n de — with the exception of, except fora falta de — due to the lack of, in the absence ofa fin de — with the goal or intent of, in order toafuera de — outsidea fuerza de — by means ofal contrario de — contrary toal estilo de — in the style of, in the manner ofal frente de — at the forefront ofal lado de — next toalrededor de — aroundantes de — before (in time, not location)a pesar de — in spite ofa prueba de — roughly equivalent to the English suffix -proofa punto de — on the verge ofa travà ©s de — through, acrossbajo condicià ³n de que â€⠀ on the condition thatcerca de — nearcon rumbo a — in the direction ofde acuerdo con — in agreement withdebajo de — underneath, underdelante de — in front ofdentro de — withindespuà ©s de — afterdetrà ¡s de — behind, afteren caso de — in case ofencima de — on top ofen contra de — againsten forma de — in the shape ofenfrente de — oppositeen lugar de — instead of, in the place ofen medio de — in the middle ofen vez de — instead ofen và ­as de — on the way tofuera de — except forfrente a — opposite, towardslejos de — far frompor causa de — because ofpor razà ³n de — because of Samples Sentences Using Compound Prepositions Las complicaciones despuà ©s de la cirugà ­a de cataratas pueden incluir visià ³n opaca o borrosa. (Complications after cataract surgery can include dull or blurry vision.) A pesar de todo, digo sà ­ a la vida. (Despite everything, I am saying yes to life.) Vea nuestra coleccià ³n de cà ¡maras compactas a prueba de agua. (See our collection of compact waterproof cameras.) La ciudad grande està ¡ a punto de un desastre ambiental. (The large city is on the verge of an environmental disaster.) No busques mà ¡s hoteles cerca de este. (Dont look for more hotels near this one.)  ¿Por quà © los gatos duermen encima de sus humanos? (Why do cats sleep on top of their humans?) Muchas cosas cambiaron por causa de mi error. (Many things changed because of my mistake.) Key Takeaways Compound prepositions in both English and Spanish are phrases that function in the same way as single-word prepositions.Meanings of compound prepositions cant always be determined by the meanings of the individual words.

PG Market Analysis - 596 Words

PROCTOR AND GAMBLE COMPANY DECISION SHEET The LDL market segmentation for Procter amp; Gamble is based on three main product attributes. Performance describes the product’s primary cleaning benefit, mildness describes the gentleness on hands, and price provides the benefit of low cost. Pamp;G positioned its three LDL brands very differently. Ivory is positioned to appeal to females, primarily middle-class mothers, who enjoy the benefit of younger looking hands. Advertisements depict a mother/daughter comparison to illustrate this youthful appeal. Its creamy-white color and light scent relates this LDL to the Ivory bar soap, which consumers recognize for its mildness. Dawn is positioned purely as a performance LDL for those who seek†¦show more content†¦Dawn will be reformulated with H-80 components to improve its performance, expectantly taking advantage of the growing performance segment. The H-80 has proved especially effective for grease-cutting and tough, baked on foods, two of the most desirable c onsumer-rated attributes. Adding this ingredient to the Dawn brand will increase its favorability among consumers seeking such performance attributes. Furthermore, for general dishwashing, H-80 performs as well as other LDLs when diluted with water, allowing the consumer to use less of the product under normal circumstances. This improves overall product value, especially relevant for economically-minded consumers. The nonabrasive scrubbers in the H-80 formula are made from biodegradable shells of microscopic sea organisms, a natural ingredient that could be perceived safer and more environmentally friendly than competitors’ harsh chemicals. This could be especially desirable for mothers worried about the health and welfare of their families. 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Wastewater reuse growing unprecedented populations and increasing pressure. Free Essays

Chapter 1 Wastewater Reuse: An Overview 1.1Introduction Growing unprecedented populations and increasing pressure on the development of new water resources have prompted a variety of measures to reclaim, recycle and reuse wastewater over the last two or three decades. As part of this trend, some municipalities have commenced to reuse wastewater for non-potable water needs, such as irrigation of golf courses and parks. We will write a custom essay sample on Wastewater reuse growing unprecedented populations and increasing pressure. or any similar topic only for you Order Now In a little but increasing number of municipalities, these measures involve the use of treated wastewater to augment the general water supply. A major catalyst for the development of wastewater reuse, recycling and reclamation has been the need to provide alternative water resources to achieve water quantity requirement for industry, irrigation, urban potable and non-potable water applications. The benefits coupled with reusing treated wastewater for supplemental applications prior to disposal or discharge include environmental protection, preservation of high quality water resources and economic advantages. These â€Å"wastewater reuse† projects are made possible by reliability and effectiveness of wastewater treatment technologies that can turn municipal wastewater into reclaimed wastewater that can serve as a supplemental water resource in addition to meeting standards established by the Safe Water Drinking Act. However, important problems remain regarding the levels of testing, monitoring and treatment needed to ensure human health when reclaimed wastewater is consumed for potable purposes. Some engineering and public health professionals oppose in principle to the reuse of wastewater for potable purposes, because standard public health philosophy and engineering practice call for using the purest source possible for drinking water.1 Others worry that existing techniques might not discover all the chemical and microbial contaminants that may be present in reclaimed wastewater. Several guidelines pertaining to potable reuse of wastewater have been issued, but these guidelines o ffer conflicting guidance on whether potable is adoptable and, when it is adoptable, what safeguards should be in place. 1.2 The Earth’s Water Resources Earth is known as the â€Å"Blue Planet† because water is discovered in many places on Earth including in the atmosphere, on the surface of the Earth and within rocks below the surface. The total volume of water on the planet is about 1,360,000,000 km3. About 71 percent of Earth’s surface is covered with water, and the oceans hold about 97 percent of all Earth’s water. Figure 1.1 illustrates the approximate distribution of the locations of water on Earth, of which only about 3 percent of the Earth’s water is classified as freshwater and only about 0.91 percent is discovered in freshwater lakes, swamps, rivers and groundwater supplies available for human consumption. Figure 1.1 Distribution of water in the hydrosphere. The water cycle or hydrologic cycle describes the continuous movement of water within the hydrosphere. This indicates the cyclic movement of water evaporated from water surfaces, land surfaces and snow fields or evapotranspiration from land plants and animals to the atmosphere. Atmospheric moisture condenses into clouds and precipitated to the earth as rain, snow, hail or in some other form. Once the precipitated water has fallen to Earth, it may percolate through soil strata to form groundwater aquifers or runs off into streams, lakes, ponds and the sea. Groundwater and surface water drain toward the sea for recycling. Many sub-cycles to the global-scale hydrologic cycle exist, involving the managed transport of water, such as an aqueduct. Wastewater reuse, reclamation and recycling have become important elements of the hydrologic cycle in industrial, agricultural and urban areas. Figure 1.2 illustrates an overview of the cycling of water from ground water and surface water resources to water treatment plants, industrial, irrigation, municipal application, and to wastewater reclamation and reuse facilities. Figure 1.2 Water reuse application. 1.1Types of Water Reuse When considering the reuse of treated wastewater for potable purposes, critical distinctions must be made between â€Å"indirect† and â€Å"direct† potable reuse and between â€Å"unplanned† and â€Å"planned† potable reuse. The key distinction between indirect and direct potable reuse is that direct potable reuse does not make use of any environmental barrier. In other words, simply sending treated wastewater from a wastewater treatment facility directly to a potable water-supply distribution system or a potable source treatment facility. This practice is rarely use because of the increased potential risk to public health and the negative public perception. Indirect potable reuse is that the purified reclaimed water is pumped into a raw water supply, such as an underground aquifer or in potable water storage reservoirs, resulting in mixing, dilution and assimilation, thus providing an environmental buffer. Indirect potable reuse can be unplanned and planned. Unplanned indirect potable reuse occurs continuously in the environment. This results when a water supply has a natural source that contains unintentional addition of wastewater. Planned indirect potable reuse is common practice to artificially recharge water supply sources with reclaimed water derived from treated wastewater. The water receives additional treatment prior to distribution. The reason that indirect potable reuse is not considered to cause a health risk is that the treated wastewater benefits from natural treatment from storage in surface water and groundwater aquifer before abstraction to ensure good water quality. 1.2Overview of Wastewater Treatment Technology The problems surrounding wastewater reuse are essentially related to public health. Only in unusual situations do the substances in sewage significantly downgrade the value of water for other purposes. Many diseases are caused by organisms that may be present in wastewater. In addition, there are many toxic and carcinogenic substances present in wastewater at levels that may or may not be adequate to cause disease. The effective wastewater treatment technology to meet water quality requirements for wastewater reuse applications and to protect public health is a crucial element for wastewater reuse system. Conventional wastewater treatment consists of a combination of physical, chemical and biological processes and operations to eliminate solids, organic matter, pathogens, metals and sometime nutrients from wastewater.2 Common terms used to define different degrees of treatment, in sequence of increasing treatment level are preliminary, primary, secondary, tertiary and/or advanced treatment. In some regions, disinfection step for control pathogenic organisms sometimes follows the last treatment step. Figure 1.3 shows a generalized wastewater treatment diagram. Figure 1.3 Generalized flow diagram for conventional wastewater treatment 1.1.1 Preliminary Treatment The purpose of preliminary treatment is the removal of sands, solids and rags that would settle in channel and interfere with treatment processes. Removal of these materials is necessary to protect the operation of subsequent treatment units. Preliminary treatment of wastewater typically includes screening, grinding, grit removal, flotation, equalization and flocculation. Treatment equipment such as bar screens, comminutors and grit chambers are adopted as the wastewater first enters a wastewater treatment plant. In grit chambers, the velocity of wastewater through the chamber is retained sufficiently high, so as to avoid the settling of organic solids. Comminutors are sometimes used to supplement course screening and serve to decrease the size of particles so that they will be removed and disposed of in a landfill. 1.1.2 Primary Treatment Primary treatment is the second step in treatment and removes organic and inorganic matters from raw sewage by the physical processes. Primary treatment includes screening to trap solid matters, comminution for removal of large solids, grit removal and sedimentation by gravity to remove suspended solids. In general, about one-half of suspended solids and 20 to 50 percent of the biochemical oxygen demand are removed from the wastewater by primary treatment process. Nutrients, pathogenic organisms, trace elements and potentially toxic organic compounds that are associated with solids in wastewater can also be removed by primary treatment processes. 1.1.3 Secondary Treatment Secondary treatment systems remove the biodegradable dissolved and colloidal matter using an array of biological processes coupled with solid/liquid separation. Biological processes are engineered to provide effective microbiological metabolism of organic substrates dissolved or suspended in wastewater.2 Part of the organic matter is oxidized by the microorganisms, thereby producing carbon dioxide and other end products. The remaining organic matter in wastewater provides the materials and energy needed to sustain the microorganism community. Secondary treatment systems can remove suspended solids and up to 95 percent of the biochemical oxygen demand entering the process, as well as certain organic compounds and significant amount of heavy metals. 1.1.4 Tertiary and/or Advanced Treatment Tertiary and/or advanced treatment is adopted when specific constituents which cannot be removed by primary and secondary treatment must be removed. In general, tertiary treatment refers to additional removal of suspended material by granular medium filtration and chemical coagulation. In other cases, advanced treatment refers to more complete removal of specific constituents, such as ammonia or nitrate removal by ion exchange or total dissolved solids removal by reverse osmosis.2 These processes essentially remove more than 99 percent of all the pollutants from wastewater, producing an almost drinking water quality. 1.1.5 Disinfection The objective of disinfection in the wastewater treatment is to destroy all pathogenic microorganisms. The major groups of pathogenic microorganisms include bacteria, viruses, amoebic cysts and protozoa. In general, disinfection can be achieved by chemical or physical method that destroys pathogens. Chemical methods are based on the addition of a strong acid, alcohol or an oxidizing chemical (such as chlorine, ozone, hydrogen peroxide or bromine). Alternatively, physical methods might include heating, incineration and irradiation with ultraviolet radiation. Disinfection is frequently combined with treatment plant design, but not effectively practiced, because of the reduced effectiveness of ultraviolet radiation or the high cost of chlorine where the water is not sufficiently clear or free of particles. 1.2 Types of Contaminants An important issue for people to understand that there are various types of contaminants that may be in your water. The specific contaminants leading to pollution in water involve a wide spectrum of pathogenic organisms, inorganic chemicals and organic chemical. High concentrations of contaminants can have adverse effects to our health. 1.2.1 Pathogenic Organisms Bacterium in water, also known as pathogenic organism, is a public health hazard with risk factors in nearly all regions of the world. It is evident from the water purification attempts throughout history that human realized that drinking water could be hazardous. Several other infectious diseases can be transmitted by contaminated water. Bacterial diseases include Typhoid fever, Cholera, Shigellosis and Salmonellosis. Gastroenteritis, Hepatitis A and SARS are examples of viral disease. Parasitic diseases, such as Schistosomiasis, Ascariasis and Taeniasis, are also transmitted via water. 1.2.2 Inorganic Chemicals Wastewater contains many inorganics that present known or potential health risks if consumed. These contaminants include such compounds as lead, cadmium, chromium, arsenic, nitrate and sulphate. Arsenic and lead are cumulative chemical poisons that can result in cancer, dermal lesions, peripheral neuropathies and vascular effects. 1.2.3 Organic Chemicals In a 1980 survey, a number of organic chemicals were found in water supplies. The term organic chemicals in this sense mean that they contain carbon atoms, such as chlorinated hydrocarbons, aliphatic compounds, benzenes and phenols, which mean that they are derived from petroleum. Organic chemical can easily combine with human tissue which can cause damage that includes kidney, liver system problems and increased cancer risk. Chapter 2 Wastewater Reuse Criteria 2.1 Introduction The principal issue of concern for consumer of treated wastewater is the quality of this water includes its physical, biological, chemical and radiological characteristics. These concerns therefore necessitate the formulation of criteria, standards and guidelines that are appropriate for the consumers of this water.3 A first stage in establishing wastewater reuse regulations and guidelines is wastewater reuse criteria. Wastewater reuse criteria are principally directed at health and environmental protection and typically address wastewater treatment, reclaimed water quality, treatment reliability, distribution systems and use area controls.2 Wastewater reuse criteria imply an idea condition without a legal basic. Regulations and guidelines are different in that regulations are legally enforceable and spell out specific figures that can be used for enforcement and administrative action, which guidelines do not have legal basic and compliance is voluntary. In theUnited States, the Environment Protection Agency issued guidelines in 1992 that are intended to offer guidance to states, which have not developed their own regulations or guidelines. At the international level, the World Health Organization has developed guidelines for wastewater reuse in agriculture and aquaculture. The World Health Organization guidelines are adopted throughout the world and provide all countries with the necessary information to set their own wastewater reuse regulations or guidelines. 2.2 Wastewater Quality for Reuse Applications Table 2.1 presents general wastewater reuse applications. The types of wastewater reuse may be classified into the following six broad categories include agricultural and landscape irrigation, industrial reuse, groundwater recharge, recreational and environmental, non-potable urban uses and potable reuse. Wastewater reuse can be employed to satisfy the water demand in various fields and contribute to the freshwater resources conservation. Table 2.1 Categories of Wastewater Reuse and Potential Constraints Wastewater reuse categoryaPotential constraints Agricultural and landscape irrigation Crop irrigationEffects of salts on soils and crops. Commercial nurseriesPublic health concerns, surface and groundwater pollution, marketability of crops, and public acceptance. Parks School yards Freeway medians Golf courses Cemeteries Greenbelts Residential areas Industrial reuse CoolingScaling, corrosion, biological growth, and fouling; public health concerns. Boiler feed Process water Heavy construction Groundwater recharge Groundwater replenishmentPotential toxicity of chemicals and pathogens. Salt water intrusion Subsidence control Recreational and environment Lakes and pondsHealth concerns and eutrophication. Marsh enhancement Streamflow augmentation Fisheries Snowmaking Non-potable urban uses Fire protectionPublic health, foulinf, scaling, corrosion, and biological growth. Air conditioning Toilet flushing Potable reuse Blending in water supplyPotential toxic chemicals, public health, and public acceptance. Pipe-to-pipe water supply a Arranged in descending order of anticipated volume of use. From Asano, T.D., et al., Water Environ. Technol., 4, 36, 1992. 2.2.1Wastewater Reuse for Agricultural Irrigation By far the biggest user of wastewater is agriculture throughout the entire semi-tropical and arid tropical areas of the world. Agriculture receives 67 percent of total water withdrawal and account for 86 percent of consumption in 2000. In Asia and Africa, an estimated 85 to 90 percent of all the freshwater use is for agriculture. By 2025, agriculture is anticipated to increase its water demands by 1.2 times. Therefore, wastewater reuse is important for sustainable water management. The reuse of wastewater for agriculture has some benefits as well as some disbenefits.4, 5 Benefits include the following: Source of extra irrigation water. Conservation of freshwater for other beneficial uses. Low cost source of a water supply. Alternative way to dispose of wastewater and avoid pollution and sanitary issues. Dependable, continuous water source. Effective use of plant nutrients contained in the wastewater, such as nitrogen and phosphorus. Provides extra treatment of the wastewater before being recharged to the groundwater. Disbenefits include the following: Wastewater not properly treated can cause potential public health issues. Hazardous chemical contamination of groundwater. Certain soluble constituents in the wastewater could be present at concentrations toxic to plants. The wastewater could contain suspended solids that may plug the capillary pores in the soil as well as block nozzles in the water distribution system. Great investment in equipment and land. Regulation, guideline and criteria have been established for the reuse of wastewater for agriculture and are normally based on several parameters, such as public health protection and concentration of components in the water. These components include salinity, boron, exchangeable ions and trace metals are of particular important. Table 2.2 presents the details of guidelines for water quality to be used for agricultural irrigation. These guidelines are established by the Food and Agricultural Organization in United Nation. I. Salinity As indicated, salinity is the most influential parameter in determining the applicability of water for agricultural irrigation. Salinity refers to the presence of dissolved salts in the soil and water. Table 2.2 Guidelines for Interpretation of Water Quality for Irrigation Degree of restriction on use Potential irrigation problemUnitsNoneSlight to moderate Severe Salinity (affects crop water availability)a ECdS/m0.70.7-3.0 3.0 or, TDSmg/L450450-2000 2000 Infiltration (affects infiltration rate of water into the soil. Evaluation using EC and SAR together)b SAR= 0-3and EC =0.70.7-0.2 0.2 = 3-6and EC =1.21.2-0.3 0.3 = 6-12and EC =1.91.9-0.5 0.5 = 12-20and EC =2.92.9-1.3 1.3 = 20-40and EC =5.05.0-2.9 2.9 Specific ion toxicity (affects sensitive crops) Sodium (Na)b Surface irrigationSAR33-9 9 Sprinkler irrigationmg/L33 Chloride (Cl)c Surface irrigationmg/L44-10 10 Sprinkler irrigationmg/L33 Boron (B)mg/L0.70.7-3.0 3.0 Trace elements (See Table) Miscellaneous effects (affects susceptible crops) Nitrogen (NO3-N)dmg/L55-30 30 Bicarbonate (HCO3) (overhead sprinkling only)mg/L1.51.5-8.5 8.5 pHNormal range6.5-8.4 a EC = electrical conductivity, a measure of water salinity, report in deciSiemens per meter at 25 °C (dS/m) or in units millimhos per centimeter (mmho/cm). Both are equivalent. TDS = total dissolved solids, report in milligram/liter (mg/L). b SAR = sodium adsorption ratio. At a given SAR, infiltration rate increases as water salinity increases. Evaluate the potential infiltration problem by SAR as modified by EC. c For surface irrigation, most tree crops and woody plants are sensitive to sodium and chloride; use the values shown. Most annual crops are not sensitive. With overhead sprinkler irrigation and low humidity (30%) sodium and chloride may be absorbed through the leaves of sensitive crops. d NO3-N, nitrate nitrogen, reported in terms of elemental nitrogen (NH4-N and organic-N should be included when wastewater is being tested). From Ayers, R.S. and Westcot, D.W., FAO, 7, 11, 54, 69, 1976. There are two assessments that characterize the salinity of water involving measuring total dissolved solids and electrical conductivity. Total dissolved solids refers to the material left in a vessel after evaporation of a filtered water sample and subsequent placed in a drying oven at a defined temperature.6 The total dissolved solids concentration relates to the conductivity of the water. The total dissolved solid can be calculated by multiplying conductivity by a factor, but the factor is not a constant. A factor most often used in agricultural is 640. TDS (mg/L) = EC (mmho/cm or dS/m) ? 640 Electrical conductivity is other measurement that more useful than total dissolved solids because it can be made easily and instantaneously by irrigators in the field. Salts that are dissolved in water conduct electricity. Therefore, the salt in the water is related to the electrical conductivity. Table 2.3 presents general guidelines as to the salinity hazard, total dissolved solids (TDS) and electrical conductivity. Table 2.3 General Guidelines for Salinity in Agricultural Irrigation Watera Classificationb TDS (mg/L) EC (mmhos/cm)c Water for which no detrimental effects are usually noticed500 0.75 Water that can have detrimental effects on sensitive crops500-1000 0.75-1.50 Water that can have adverse effects on many crops, requiring careful management practices1000-2000 1.50-3.00 Water that can be used for tolerant plants on permeable soils with careful management practices2000-5000 3.00-7.50 a Normally only of concern in arid and semiarid parts of the country. b Crops vary greatly in their tolerance to salinity (TDS or EC). c EC = electrical conductivity. Adapted from USEPA, Office of Water Program Operations, EPA-430/9-75-001, 1975. The adverse impacts of salinity can be augmented by a soil with poor characteristics (such as high evapotranspiration rates and poor drainage) that can indirectly affect the crop. The only way to control salinity hazard is by applying more water that carries off excess salt and leaches throughout the plant’s root zone. II. Exchangeable Cations The concentration of exchangeable cations in irrigation water must be considered. The exchangeable cations include sodium, calcium and magnesium. When sodium concentrations are high, the soil permeability is reduced and the soil structure is affected. When calcium is normally the predominant exchangeable cation in soil, the soil tends to have a granular structure which is easily worked and readily permeable. The sodium adsorption ratio has been developed to assess the degree to which sodium in irrigation water and provide an indicator of its potential deleterious effects on soil structure and permeability. The sodium adsorption ratio (SAR) of water is defined to the equation below: where: Na+= sodium Ca2+ = calcium Mg2+ = magnesium For irrigation water containing significant values of bicarbonate, the adjusted sodium adsorption ratio is sometimes used. The equation of adjusted sodium adsorption ratio (SARadj) is defined as follow: where: pK’2 – pK’c = empirical constants p (Ca2+ + Mg2+) = negative logarithm of the calcium and magnesium ion concentration in moles/liter p (ALK)= negative logarithm of the total alkalinity in milliequivalents/liter For general crops, the tolerance value of SAR and adjusted SAR for irrigation water is 8 to 18. In fact, the calculated SAR values in the range are suitable for sensitive crops. III. Boron Boron in treated wastewater is a potential hazardous ion for agricultural irrigation at high concentrations of around 1mg/L. The sources of boron in wastewater are normally from household detergents, industrial plants and sewage system where boron fertilizers are used. However, it must be remembered that boron is essential in crop productivity at low concentrations. Boron is also one of the important micronutrients for crops to obtain a high quality and quantity crop yield. As indicated, the deleterious effects for boron can happen on crop. Such effects are dependent on crop sensitivity to boron and boron concentrations in soil. A number of crops have been tested by experiment for boron sensitivity. The boron sensitivity of selected crops is listed in Table 2.4. Table 2.4 Relative Tolerance of Crops and Ornamentals to Boron TolerantSemitolerantSensitive (4.0 mg/L of Boron)(2.0 mg/L of Boron)(1.0 mg/L of Boron) AthelSunflower, nativePecan AsparagusPotatoWalnut, black and Persian or English PalmCotton, Acala and PinaJerusalem artichoke Date palmTomatoNavy bean SugarbeetSweetpeaAmerican elm MangelRadishPlum Garden beetField peaPear AlfafaRagged-robin roseApple GladilsOliveGrape (Sultanina andMalaga) BroadbeanBarleyKadota fig OnionWheatPersimmon TurnipCornCherry CabbageMiloPeach LettuceOatApricot CarrotZinniaThornless blackberry PumpkinOrange Bell pepperAvocado Sweet potatoGrapefruit Lima beanLemon (2.0 mg/L of boron)(1.0 mg/L of boron)(0.3 mg/L of boron) Note:Relative tolerance is based on the boron concentration in irrigation water at which boron toxicity symptoms were observed when plants were grown in sand culture. It does not necessarily indicate a reduction in yield. Tolerance decreases in descending order in each column. From Ayers, R.S. and Westcot, D.W., FAO, 7, 11, 54, 69, 1976. In United Nations, the Food and Agricultural organization issued guidelines for boron concentrations in irrigation water. The guidelines indicate that no issues will occur will occur for crops at boron concentration less than 0.75 mg/L. Between 0.75 and 2.0 mg/L of boron concentrations, increasing problem will exist, and severe problem happen at boron concentration above 2.0 mg/L. Table 2.5 presents the detailed guidelines for the allowable concentration of boron in treated wastewater for agricultural irrigation. Table 2.5 Limits of Boron in Irrigation Water Permissible Limits (Boron in miligrams per liter or parts per million) Crop Group Class of waterSensitiveSemitolerantTolerant Excellent0.330.671.0 Good0.33-0.670.67-1.331.0-2.0 Permissible0.67-1.01.33-2.02.0-3.0 Doubtful1.0-1.252.0-2.53.0-3.75 Unsuitable1.252.53.75 From van der Leeden, F., Troise, F.L., and Todd, D.K., The Water Encyclopedia, 2nd ed., Lewis Publishers, Boca Raton, FL, 1990, 466. Wastewater treatment systems are not efficient at removing boron unless some form of treatment is carried out, such as chemical precipitation. Some management options can also be adopted to degrade the toxicity of boron in treated wastewater and improve yields. These management options are engineered to provide additional nitrogen to maximize fertility of the soil. IV. Trace Metals or Elements All wastewater sent to treatment plants contain trace elements. The source of trace element is usually from industrial plant, but wastewater from residences can also have high trace element concentrations. Trace elements normally occur in treated wastewater but at very low concentrations, usually less than a few milligrams per liter with most less than 100 micrograms per liter. Some trace elements are essential for plant and animal growth at low concentrations, but all can exhibit plant toxicity at elevated concentration. The essential trace elements in wastewater include cadmium, chromium, copper, lead, mercury, molybdenum, nickel and zinc.7, 8, 9 The concentrations of trace elements in treated wastewater vary with wastewater treatment processes provided and their sources. Typically, the concentrations of trace elements in treated wastewater are in the range where negative effects are not likely to happen in short term. However, long term application of treated wastewater containing trace elements may lead to accumulation of trace elements in soil and may potentially result in groundwater contamination and plant toxicity. The range and recommended maximum concentrations of the trace elements in treated wastewater for agricultural irrigation are presented in Table 2.6. Table 2.6 Recommended Limits for Constituents in Reclaimed Water for Irrigation7 Long-Term UseShort-Term Use Constituent(mg/L) (mg/L) Remarks Trace Heavy Metals Aluminium5.0 20.0 Can cause nonproductivity in acid soils, but soils at pH 5.5 to 8.0 will precipitate the ion and eliminate toxicity. Arsenic0.10 2.0 Toxicity to plants varies widely, ranging from 12 mg/L forSudangrass to less than 0.05 mg/L for rice. Beryllium0.10 0.5 Toxicity to plants varies widely, ranging from 5 mg/L for kale to 0.5 mg/L for bush beans. Boron0.75 2.0 Essential to plant growth, with optimum yields for many obtained at a few-tenths mg/L in nutrient solutions. Toxic to many sensitive plants (e.g., citrus) at 1 mg/L. Usually sufficient quantities in reclaimed water to correct soil deficiencies. Most grasses relatively tolerant at 2.0 to 10 mg/L. Cadmium0.01 0.05 Toxic to beans, beets, and turnips at concentrations as low as 0.1 mg/L in nutrient solution. Conservative limits recommended. Chromium0.1 1.0 Not generally recognized as essential growth element. Conservative limits recommended due to lack of knowledge on toxicity to plants. Cobalt0.05 5.0 Toxic to tomato plants at 0.1 mg/L in nutrient solution. Tends to be inactivated by neutral and alkaline soils. Copper0.2 5.0 Toxic to a number of plants at 0.1 to 1.0 mg/L in nutrient solution. Fluoride1.0 15.0 Inactivated by neutral and alkaline soils. Iron5.0 20.0 Not toxic to plants in aerated soils, but can contribute to soil acidification and loss of essential phosphorus and molybdenum. Lead5.0 10.0 Can inhibit plant cell growth at very high concentrations. Lithium2.5 2.5 Tolerated by most crops at up to 5 mg/L; mobile in soil. Toxic at citrus at low doses – recommended limit is 0.075 mg/L. Table 2.6 (continued) Recommended Limits for Constituents in Reclaimed Water for Irrigation Long-Term UseShort-Term Use Constituent(mg/L) (mg/L)Remarks Trace Heavy Metals Manganese0.2 10 Toxic to a number of crops at a few-tenths to a few mg/L in acid soils. Molybdenum0.01 0.05 Nontoxic to plants at normal concentrations in soil and water. Can be toxic to livestock if forage is grown in soils with high levels of available molybdenum. Nickel0.2 2 Toxic to a number of plants at 0.5 to 1.0 mg/L; reduced toxicity at neutral or alkaline pH. Selenium0.02 0.02 Toxic to plants at low concentrations and to livestock if forage is grown in soils with low levels of added selenium. Tin, Tungsten, Titanium2 2 Effectively excluded by plants; specific tolerance levels unknown. Vanadium0.1 1 Toxic to many plants at relatively low concentrations. Zinc2 10 Toxic to many plants at widely varying concentrations; reduced toxicity at increased pH (6 or above) and in fine-textured or organic soils. Other Parameters ConstituentRecommended Limit Remarks pH6 Most effects of pH on plant growth are indirect (e.g., pH effects on heavy metals’ toxicity described above). TDS500-2000 mg/L Below 500mg/L, no detrimental effects are usually noticed. Between 500 and 1000 mg/L, TDS in irrigation water can affect many crops and careful management practices should be followed. Above 2000 mg/L, water can be used regularly only for tolerant plants on permeable soils. Free Chlorine Residual1 mg/L The secondary treatment processes vary in their effectiveness at the removal of significant trace elements. However, advance treatment process such as carbon adsorption and chemical coagulation can remove over 90 percent of the trace elements from the wastewater. As indicated, some trace elements are toxic at elevated concentrations. Cadmium, copper and molybdenum can be hazardous to animals at concentration too low to affect crops. Cadmium is of special concern as it can accumulate in the food chain. It does not affect ruminants in the little amounts they ingest. Most beef and milk products are unaffected by livestock ingestion of cadmium as it is stored in the kidneys and liver of the animal rather than the muscle tissues or fat. Copper is not harmful to monogastric animals but can be toxic to ruminants. However, the animal’s tolerance to copper increases as available molybdenum increases. Molybdenum may also be hazardous when available in the absence of copper. While zinc and nickel are a lesser concern than cadmium, copper and molybdenum. They have negative effects on plants at lower concentrations than the levels harmful to plants and animals. However, zinc and nickel toxicities are decreased as the pH is increased. 2.2.2 Wastewater Reuse for Industrial Use Treated wastewater can be an important potential source of water for many industries, particularly in water-short regions. The quantity of water used in power generation and manufacturing processes is very large and the availability of unlimited of water was considered as a prerequisite. Wastewater reuse for industrial use has many potential applications, ranging from common housekeeping options to advanced technology implementation. The reuse of wastewater for industry can be adopted through industrial processes, internal recycling and non- industrial reuse of industrial facility effluent. The major industrial categories that use treated wastewater include:7 Evaporative cooling water, Boiler feedwater, Process water, and Irrigation and maintenance of plant grounds, fire protection, and dust control. Among the various industrial users of treated wastewater, cooling water is the greatest single application. All heat from various industrial processes must be removed and the most efficient coolant is water. The water can be a once-through recirculating cooling system or cascading use of cooling water in other applications. Water quality requirements for industrial applications are related to four different issues include scaling, corrosion, biological growth and fouling, which may affect industrial process efficacy and integrity, as well as product quality. These concerns are addressed by the options summarized in Table 2.7. Table 2.7 Industrial Water Reuse: Concerns, Causes, and Treatment Options ConcernsCausesTreatment options Scalinginorganic compounds,saltsscaling inhibitor, carbon adsorption, filtration, ion exchange,blowdown rate control Corrosiondissolved and suspended solids pH imbalancecorrosion inhibitor,reverse osmosis Biological growthresidual organics, ammonia, phosphorousbiocides, dispersants, filtration Foulingmicrobial growth, phosphates, dissolved and suspended solidscontrol of scaling, corrosion, microbial growth, filtrationchemical and physical dispersants From Asano and Levine, 1998. Pathogens in treated wastewater used in industrial applications present potential health risks to workers and public from aerosols and windblown spray. Aerosols contain toxic organic compounds and bacteria, such as Legionella pneumophila, which causes Legionnaire’s disease. In recent years, the net quantity of water used has reduced sharply because water shortages and discharge regulations have made it necessary to treat it before disposing it away. A large quantity of this reduction is achieved by internal reuse. 2.2.3Wastewater Reuse for Recreational Use The treated wastewater may serve a variety of recreational applications include swimming, boating and fishing. The appearance of treated wastewater is essential when it is used, and treatment for nutrient removal may be adopted. Without nutrient control, there is a potential issue for algae blooms, resulting in odors and eutrophic conditions. The criteria, regulations and guidelines of treated wastewater for recreational purposes will vary with the potential for human contact, as well as the sources of the secondary pollutants, such as body discharges, air contaminants and sewage. The criteria, regulations and guidelines of treated wastewater to be used for recreational applications can be subdivided into the following three groups. I. Elementary Body Contact Recreational Water This group of treated wastewater used in situations where there is intimate contact between the human body and the water and where there is a potential risk of ingesting a large amount of water which may pose a health risk. The treated wastewater used for contact recreational purposes include swimming, waterskiing, bathing, etc. The methods of transmission of virus may happen due to ingestion of water or via the exposed mucous membranes and skin in protective ski barrier. Swimming pools have been implicated as the adenovirus pharyngitis and conjunctivitis, as well as enterovirus meningitis.10 Some of the diseases transmitted by swimming pool water are listed in Table 2.8. Table 2.8 Some Diseases Transmitted by Swimming Pool Water DiseaseCausative agent ConjunctivitisVirus Sinusitis and otitisStreptococci and Staphylococci (propagated by nasal mucus) Certain types of enteritisSome pathogens or certain viruses ingested with water Skin disease: EczemasKoch bacillus GranulomaMycobacterium marinum EpidermophytosisBrought about by the fungus that attaches itself to the skin between the toes and is contracted particularly easily when walking on areas around the pool. Typhoid feverSalmonella typhi DysenteryEntamoeba histolytica, Shigella Infectious hepatitisVirus Compiled from Reference 10 and 11. Normally, the criteria, regulations and guidelines of treated wastewater used that are adopted for this group are more stringent. For use in recreational applications where full body contact with the water is permitted, the water should be colorless, microbiologically safe and non-irritating eyes or skin. II. Secondary Body Contact Recreational Water This group of treated wastewater used includes fishing, boating, canoeing, camping, and golf course and landscape irrigation. Treated wastewater used for this category should not contain high levels of heavy metals or pathogens that accumulate in fish to degrees that pose health threat to the consumers. The recommended water quality criteria for body contact and secondary body contact are presented in Table 2.9. References 1Committee to Evaluate the Viability of Augmenting Potable Water Supplies with Reclaimed Water, Water Science and Technology Board, Commission on Geosciences, Environment, and Resources, National Research Council, Issues in Potable Reuse: The Viability of Augmenting Drinking Water Supplies with Reclaimed Water, National Academy Press, Washington, D.C., 1998. 2Takashi Asano, Wastewater Reclamation and Reuse, Technomic Pub.,Lancaster,Pa., 1998. 3 Donald R. Rowe, Isam Mohammed Abdel-Magid, Handbook of Wastewater Reclamation and Reuse, Lewis Pub., Boca Raton, Fla., 1995. 4 Shuval, H. I., Water Renovation and Reuse, Academic Press,New York, 1977. 5 Rowe, D. R., K. Al-Dhowalia, and A. Whitehead, Reuse of Riyadh Treated Wastewater, Project No. 18/1402, King Saud University, The College of Engineering Research Center, Riyadh, Saudi Arabia, 1988. 6 USPHA, Standard Methods for the Examination of Water and Wastewater, 15th ed., American Public Health Association,Washington,D.C., 1980. 7 USEPA, Manual – Guidelines For Water Reuse, EPA/625/R-92/004, Office of Water, Office of Wastewater Enforcement and Compliance, U.S. Environmental Protection Agency, Washington, D.C., September, 1992. 8Ayers, R. S. and D. W. Westcot, Water Quality for Agriculture, Food and Agriculture Organization of the United Nations,Rome, 1976. 9USEPA, Process Design Manual for Land Treatment of Municipal Wastewater, EPA 625/1-77-008, E1, E2 U.S. Environmental Protection Agency, Washington, D.C., October, 1977. 10 WHO, Report of a WHO Scientific Group, Human Viruses in Water, Wastewater and Soil, TRS 639, WHO, Geneva, 1979. 11 Glossary Water and Wastewater Control Engineering, 3rd ed., American Public Health Association,Washington,D.C., 1981. How to cite Wastewater reuse growing unprecedented populations and increasing pressure., Essay examples

Emerging Concepts for the Axial Age free essay sample

Emerging Concepts for the Axial Age Religion has not always existed in the world according to academia. Preceding religion was an age of magic where man attempted to manipulate nature by force with enchantments alongside preliterate religious activity. l Once people realized the failure in their magic, religion started evolving and an appeal to a more superior, supernatural divinity that ultimately controlled their security. The intricate pattern of ritual, myth, and faith explains the transition from food-gathering societies to food- producing states. Development of more civilized cultures attracts the most attention in religious history, but the indigenous religions that are even older are important as well. Intrigue in the popular religions must be studied and explained with the history of indigenous religions that preceded it. People view Christianity, Islam, Hinduism, and other widespread religions as the sole source of history, but previous ideals must be explained to understand how the popular religions arose. Multiple periods before the Axial Age include significant developments in the oundation of popular religions. The Paleolithic period (c. 20000 to 8000 BCE) was the essential stepping stone to understanding life and survival through the earliest form of mythology. Crucial to their existence, [it was] natural for these indigenous people to think in terms of myth and symbol because they are highly conscious of a spiritual dimension in their daily lives. more real than the material world. 3 Tribes attributed skill-requiring activities, crucial for survival, to ancestors. Hunting and athering was the center of life needing a particular sacredness. Ordinary experiences of these early people had distinguished meaning and recognition. The supernatural did not necessarily dictate their mythology; it was the human for transition between monumental life experiences. Next, the Neolithic Period (c. 8000 to 4000 BCE), where agriculture advanced mythology, was the most influential time period. A recognition of food production, not food gathering emerged with an awareness of sacred and fertile divinities. Mythical imagination thrived in agrarian ultures linking their lives to an undifferentiated sacred force, which made the earth herself a manifestation of the divine. 5 This period also marks the development of the popular definition of mythology associated with gods and goddesses, especially those associated with peace and harvest. Early stories about an Earth Mother develop during this period. Myths included struggles of farming in the myth of Anat, stories of Osiris in Egypt, the Mesopotamian goddess Inanna, and the Greek myth of Deme ter. 6 Lastly, the Pre-Axial Age (c. 4000 to 800 BCE), where organization and ivilizations began, was the step before humans was introduced to the large religions of today. Early biblical characters arose in this period. They describe the new way of life as the separation from God that had followed the expulsion from Eden. 7 Obviously, people change their opinion on humanity and divinity when entering new eras, and, in these new civilizations, people were forwardly thinking. Men and women had realized their control on their destinies; making them disillusioned with the old mythical vision that had nourished their ancestors. 8 This began the thought of independence, away from gods, and a necessity for self-liberation. These new ideals initiated the upcoming beliefs found abundantly in the Axial Age. Axial people developed differently throughout the world. People of India were leaders in the Axial age consistently. The first attempt at Axial spirituality were the Russian Aryans, also known as Indo-Europeans that had to face a choice during an aggressive time. In Israel and India too, insecurity and the difficulties of maintaining a society ntroduced violence and aggressive imagery. 9 These hectic circumstances introduced new ideas of how to cope and deal with catastrophe through ritual. India found its Axial Age as the Brahmin ritualists had used their science to liberate themselves from the external rites and the gods, [creating] a wholly novel sense of the independent self. 10 Meanwhile, Israeli prophets and historians were irregular and had only a brief period of extreme distinction. Israelites established kingdoms that begun biblical history. Developments of the Axial Age included the idea of monotheism, single life for a human, final Judgment, and the main characteristics of religions today. The Chinese were slow until Confucius developed the first full Axial spirituality in the late sixth century. ll Greeks polarized themselves entirely from other regions until later ages. It was not until the emergence of Christianity, did a lot of Greeks separate from pagan ideology. When studying world religions, it is difficult to understand how the main ideas appear all over the Eastern Hemisphere. As I have tudied different religions and Christianity, the background information has helped with understanding. Overall, most religious beliefs created thousands of years ago cannot be directly applied to todays life and must be comprehended metaphorically because of the contrasting environments of Axial Age and our millennia. Therefore, the evolution of religions helps solidify and apply dogma to current-day situations. Work Cited Armstrong, Karen. A Short History of Myth. Edinburgh: Canongate, 2005. Armstrong, York: Knopf, 2006. James, E. O.. History of religions. 1957. Reprint, New York: Harper, 1964.

The news of the engagement by Arnold Bennett, and Tony Kytes the Arch Deceiver by Thomas Hardy Essay Example

The news of the engagement by Arnold Bennett, and Tony Kytes the Arch Deceiver by Thomas Hardy Paper Hardy was the first major writer to focus on the countryside but when he wrote his stories, times were changing and the Industrial revolution affected the countryside population. Bennetts writing forms a contrast to Hardy; his story is centred in the five towns (the pottery towns) around Stoke on Trent. His story reflects the change of the young man returning home from London and the big city life. Philip Durance is returning home at Christmas time from London. He has come with news of his engagement and he did not want to just write a letter to his mum because he did not know what to write. Philips relationship with his mum was quite close because he writes to her every week telling her of most of his doings. When Philip visited his mum she was more excited than usual. Philip finds it difficult to talk to his mum about Agnes his fiancà ¯Ã‚ ¿Ã‚ ½e and his engagement because his mum tells him first of her engagement. So Philip feels that he does not want to spoil his mothers news, because she is so happy and he does not want to take the spotlight away from her. Tony Kytes says things that are amusing they are; singing a song as if it was a hymn, he sweet talks the girls saying how could he refuse them a lift and saying he never noticed how pretty the girls are. The funniest thing that Tony does is get all the girls to hide in his wagon. It all started by Tony riding around town in his wagon when he is asked by the girls for a lift one at a time, and every time a new girl gets in the wagon the previous girl hides, so at one point he has got 3 girls in the wagon at once. We will write a custom essay sample on The news of the engagement by Arnold Bennett, and Tony Kytes the Arch Deceiver by Thomas Hardy specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The news of the engagement by Arnold Bennett, and Tony Kytes the Arch Deceiver by Thomas Hardy specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The news of the engagement by Arnold Bennett, and Tony Kytes the Arch Deceiver by Thomas Hardy specifically for you FOR ONLY $16.38 $13.9/page Hire Writer All the 3 girls really like Tony and want to marry him, so they always suck up to him, although at the end all the girls went off him because he made them hide and they did this even though he was engaged. One of the girls even hears Tony say he loves another girl but she did nothing for some reason. At the end Unity one of the 3 girls rejects Tony straight after Hannah, probably to not seem desperate but secretly wanting him to ask her later on. So in the end Tony is left with the one girl he decided against. All in all the Arch deceiver is about a man who is split between which woman he wants to marry and just transports them all around town and in the end none of the women want him.

Explanation and Chart of Ser Versus Estar

Explanation and Chart of Ser Versus Estar There are few things more confusing for beginning Spanish students than learning the differences between ser and estar. After all, they both mean to be in English. Differences Between Ser and Estar One way to think of the differences between ser and estar  is to think of ser as the passive verb and estar as the active one. (The terms arent being used in a grammatical sense here.) Ser tells you what something is, the nature of its being, while estar refers more to what something does. You might use soy (the first-person present of ser, meaning I am) to explain who or what you are, but youd use estoy (the first-person present of estar) to tell what you are being or doing. For example, you might say, Estoy enfermo for I am sick. That would indicate that you are sick at the moment. But it doesnt tell anyone what you are. Now if you were to say, Soy enfermo, that would have a different meaning entirely. That would refer to who you are, to the nature of your being. We might translate that as I am a sick person or I am sickly. Note similar differences in these examples: Estoy cansado. (I am tired.) Soy cansado. (I am a tired person. My nature is to be tired)Estoy feliz. (Im happy now.) Soy feliz. (I am happy by nature. I am a happy person.)Est callada. (Shes being quiet.) Es callada. (Shes introverted. Shes naturally a quiet person.)No estoy lista. (Im not ready.) No soy lista. (Im not a quick thinker.) Another Approach to Ser vs. Estar Another way of thinking about the two verbs is to think of ser as being roughly equivalent to equals. Another approach is that estar often refers to a temporary condition, while ser frequently refers to a permanent condition. But there are exceptions. Among the major exceptions to the above way of thinking is that ser is used in expressions of time, such as Son las dos de la tarde for Its 2 p.m. Also, we use estar to indicate someone has died- quite a permanent condition: Est muerto, he is dead. Along that line, estar is used to indicate location. Estoy en casa. (I am at home.) But, soy de Mà ©xico. (I am from Mexico.) Ser, however, is used for the location of events: La boda es en Nuevo Hampshire. (The wedding is in New Hampshire.) There are also a few idiomatic expressions that simply need to be learned: La manzana es verde. (The apple is green.) La manzana est verde. (The apple is unripe.) Est muy bien la comida. (The meal tastes very good). Note that sometimes estar is often modified by an adverb such as bien rather than an adjective: Estoy bien. (Im fine.) Although rare, there are a few situations where you can use either ser or estar. A married man  describing his marital status could say either Soy casado or Estoy casado. He might be more likely to use soy because he considers being married as part of his identity, although he might use estoy to indicate that he had been married recently. Present Conjugation of Ser and Estar Both ser and estar are irregularly conjugated. Heres a chart of the indicative present tense: Pronombre Ser Estar Yo soy estoy Tà º eres ests Él, ella, usted es est Nosotros somos estamos Vosotros sois estis Ellos, ellas, ustedes son estn Sample Sentences Susana es atenta y con buena comunicacià ³n. (Susana is thoughtful with good communication skills. Ser is used with a personal quality.)Susana est atenta a la situacià ³n de su amiga. (Susana is attentive to her friends situation. Estar is being used to characterize behavior.)Roberto es nervioso como mi hermano. (Roberto is as nervous of a person as my brother is. Ser is used here for describing what kind of person someone is.)Roberto est tan nervioso como mi hermano. (Robert is as nervous as my brother is now. Estar is used for an emotional state that is independent of personal qualities.) Quick Takeaways Ser and estar are the two verbs most frequently used as the equivalent of the English to be.Ser typically is used in describing the nature of someone or something.Estar typically is used in referring to a state of being that isnt necessarily innate.

Media Power Essay Example | Topics and Well Written Essays - 1500 words

Media Power - Essay Example Persons with power are rather few in number and are associated with even few owners and corporations producing, directing, editing and selecting topics and issues deemed "newsworthy." Given media's extreme power to influence, study of media is most critical to understanding how political behavior is, or can be influenced. News should be logical and objective, applying every possible test to verify the data or information gathered. The journalist should constantly strive to eliminate personal feeling and preference. He or she must resist temptation to seek only the data that support his topic. There is no attempt to persuade or to prove. The journalist should elevate clear thinking and logic as well as suppress feeling and emotion in his analysis. Politics - the struggle over who gets what, when and how - is largely carried out in the mass media. The arenas of political conflict are the various media of mass communication - television, newspaper, magazines and the internet. What we know about politics comes to us largely through these media. Great power derives from the control of information. Who knows what helps to determine who gets what. The media not only provide an arena for politics; they are themselves players in the arena. The media not only report on the struggles for power in society; they are themselves participants in those struggles. The media have long been referred to as America's "fourth branch" of government - and for a good reason. Media power is concentrated in leading television networks, the nation's leading newspapers and broad circulation magazines. The reporters, anchors, editors and producers of these prestige news organizations constitute a relatively small group of people in whose hands rests the power to decide what we will know about people, events and issues. The Myth of the Mirror Media people themselves often deny that they exercise great power. They sometimes claim that they only "mirror" reality. They like to think of themselves as unbiased reporters who simply narrate happenings and transmit videotaped portrayals of people and events as they really are. Occasionally, editors or reporters or anchors will acknowledge that they make important decisions about what stories, people, events, or issues will e covered in the news, how much time or space they will be given, what visuals will be issued and what sources will be quoted. They may also occasionally acknowledge that they provide interpretations of the news and that their personal politics affects these interpretations. But whether or not editors, reporters, producers or anchors acknowledge their own power, it is clear that they do more than passively mirror reality. Government and the media are natural adversaries. Public officials have long been frustrated by the media. But the US Constitution's First Amendment guarantee of a free press anticipates this conflict between government and the media. It prohibits the government from resolving this conflict by silencing its critics. Media professionals are not neutral observers of American politics rather are active participants. They not only report events but also discover events to report, assign them political meaning, and predict their consequences. They seek to challenge government officials, debate political candidates, and define the problems of society. They see their profession as a "sacred trust" and themselves as the true voice of the

Health reform legislation in the US Case Study Example | Topics and Well Written Essays - 750 words

Health reform legislation in the US - Case Study Example The legislation seeks to reduce the annual appropriation funds the local authorities give the hospital to help in its running. The fund helps in the facilitating of the payment of workers in the hospital. The fund also helps the hospital acquire new machines and pay for the maintenance of the already bought machines. Over the years, the hospital has being able to set up new facilities that make it serve extra people. The legislation put forward aims to slash the annual fund provided for the hospital by a certain percentage. This means that the hospital will receive less than what it used to get. To this effect, the hospital’s normal operations would be interrupted, as it has to go out of its way to get the extra finance needed to supplement its budget. The hospital will also have to change its budget for it to be in line with the new funding provision. This measure would include having to charge extra fee to patients. Some workers in the hospital would have to lose their jobs to enable the hospital cut the extra costs. This are some of the drastic changes that the hospital would undertake in order to enable it operate on the reduced funding. My role of being requested to offer advice to the council is because I am the President of the Hospital. I participate in the drafting of the hospital’s budget and thus I am better placed to know the effects of the legislation. In addition to that, I head the finance department and the committee in charge of the hospital workers. My reason for choosing to be the one writing to the mayor is that my position makes me know and understand fully the running of the hospital. I have held the position for the past decade making my experience unparalleled. The reduction of the funding will affect women mostly those who are pregnant. The reason for this is that the larger share of the money goes to the women requirements facilities in the hospital.

Public Sector Accounting Assignment Example | Topics and Well Written Essays - 2000 words

Public Sector Accounting - Assignment Example Conversely, the cash flow accounts have been adopted into company accounting in the latest decades, however, it is not called â€Å"adoption of public segment accounting.† Regardless of the significance given to cash inflow accounts, it acts only to â€Å"add-on the data in the balance sheet as well as the statement of income† (Hopwood 2000, p.24). In the debate enclosing present day’s public sector accounting restructuring, the existing philosophy intervenes an absolute changeover from â€Å"company accounting-like† techniques, by which on hand information is re-organized to produce additional financial accounts, to double-entry accounting and other company accounting techniques ‒ that is, the execution of company bookkeeping practices for public segment accounting ‒ and this transformation will necessitate significant reforms to the existing framework (Budding & Tagesson 2010, p.55-73). Bookkeeping has traditionally been split into company accounting as well as non-profit bookkeeping on the grounds of whether the monetary unit works to generate net profits. Comparisons with company bookkeeping, which has, in general, the â€Å"bookkeeping† aspect, should be drawn when debating changes of public segment accounting. One setback mentioned in the present system, nonetheless, is that such assessm ents have included nothing more than cataloging those components available in company bookkeeping but not available in public segment accounting, although the two vary in their aims. As a result, this manuscript will study the nature of public segment bookkeeping as it was and company bookkeeping as it is, and will examine the adoption of company bookkeeping practices in public segment accounting now getting underway (Handbook of national accounting: Public sector accounts 2003, p.44)

Coincidence of Cycles in Credit and Property Markets

Coincidence of Cycles in Credit and Property Markets Abstract What caused the financial crisis that is sweeping across the world? What is the role of debt and leverage in causing asset market bubbles to form and collapse? What keeps asset prices and lending depressed? What can be done to remedy matters? This paper will present a qualitative review of the role of debt and leverage in causing asset market bubbles to form and collapse in the real estate market under the context of the global financial crisis. Long-run causality appears to go from property prices to bank lending. Literature Review The direction of causality between bank lending and property prices The causality between bank lending and property prices goes in both directions. Property prices may affect bank lending via various wealth effects (Hofmann, 2003). First, due to financial market imperfections, households and firms may be borrowing constrained. As a result, households and firms can only borrow when they offer collateral, so that their borrowing capacity is a function of their collateralisable net worth. Since property is commonly used as collateral, property prices are therefore an important determinant of the private sectors borrowing capacity. Second, a change in property prices may have a significant effect on consumers perceived lifetime wealth, inducing them to change their spending and borrowing plans and thus their credit demand in order to smooth consumption over the life cycle. Finally, property prices affect the value of bank capital, both directly to the extent that banks own assets, and indirectly by affecting the value of loans secured by property. Proper ty prices therefore influence the risk-taking capacity of banks and thus their willingness to extend loans. The literature in the last few decades referred to risk-taking behavior of financial market participants in times of abundant liquidity, banks leverage targeting behavior and a portfolio real balance effect of other financial intermediaries. Financial intermediaries, which must maintain an adequate ratio of capital to assets, can be deterred from lending, or induced to shift the composition of loans away from bank-dependent sectors such as small businesses, by declines in the values of the assets they hold (Bernanke Gertler, 2000). Bank lending, on the other hand, may affect property prices through various liquidity effects. The price of property can be seen as an asset price, which is determined by the discounted future stream of property returns. An increase in the availability of credit may lower interest rates and stimulate current and future expected economic activity. As a result, property prices may rise because of higher expected returns on property and a lower discount factor. Property can also be seen as a durable good in temporarily fixed supply. An increase in the availability of credit may increase the demand for housing if households are borrowing constrained. With supply temporarily fixed because of the time it takes to construct new housing units, this increase in demand will be reflected in higher property prices. This potential two-way causality between bank lending and property prices may give rise to mutually reinforcing cycles in credit and property markets. A rise in property prices, caused by more optimistic expectations about future economic prospects, raises the borrowing capacity of firms and households by increasing the value of collateral. Part of the additional available credit may also be used to purchase property, pushing up property prices even further, so that a self-reinforcing process may evolve. Potential simultaneity problems are controlled for the direction of causality between bank lending and property prices, as studied by Gerlach and Peng (2002). Bank lending, which was transformed into real terms by deflation with the CPI (consumer price index), is defined as total credit to the private non-bank sector. Cross-country comparisons of the development of bank lending are flawed by differences in the definition of total credit across countries. These differences in definition will be reflected in the results of the empirical analysis. Differences exist, for example, with respect to the treatment of non-performing loans (NPLs) in national credit aggregates. A drop in property prices will on the one hand have a negative effect on the extension of new loans. On the other hand, it will give rise to an increase in NPLs. The estimated effect of property prices on bank lending will therefore depend on whether banks are forced to write off NPLs quickly or not. For instance, Japan and the Nordic countries (Denmark, Finland, Iceland, Norway and Sweden) experienced severe banking crises in the late 1980s or early 1990s, which were preceded by a collapse in property prices. While NPLs were quite quickly cleansed from banks balance sheets in the Nordic countries, this was not the case in Japan. To a broader view, bank lending has contributed significantly to the real estate bubble in Asia prior to the 1997 East Asian crisis. Quarterly residential property price indices were available for all countries except for Japan, Italy and Germany. For Japan and Italy, semi-annual indices were transformed to quarterly frequency by linear interpolation. For Germany, a quarterly series was generated by linear interpolation based on annual observations from the first quarter of each year. In order to obtain a measure of real property prices, nominal property prices were deflated with the CPI. Residential property prices may not fully capture the property price developments, which are relevant for aggregate bank lending. Credit aggregates comprise bank lending to households and enterprises. The appropriate measure of property prices for the empirical analysis would therefore be aggregate property price index, comprising both residential and commercial property prices. For most countries, the available commercial property price data are available only in annual frequency and represent only price developments in the largest urban area of the country. The use of these data in empirical analysis is therefore quite problematic. In the few countries where high quality commercial property price data are available, such as Japan, Hong Kong and Singapore, residential and commercial property prices are closely correlated, suggesting that residential property prices may act as a proxy for omitted commercial property prices in the empirical analysis. The short-term real interest rate is measured as the three months interbank money market rate less four quarter CPI inflation. The short-term real money market rate serves as a proxy for real aggregate financing costs. A more accurate measure would be an aggregate lending rate. Representative lending rates are, however, not available for most countries. Empirical evidence suggests that lending rates are tied to money market rates, implying that money market rates are a valid approximation of financing costs. The global financial crisis and debt explosions A chain of events, beginning with unexpected losses in the U.S. subprime mortgage market, was destined to bring the global financial system close to collapse and to drag the world economy into recession. In the aftermath of the Global Financial Crisis between 2007 and 2009, economists have paid more attention to the role of debt and leverage in causing asset market bubbles to form and collapse. For instance, the asset price inflation and rising leverage for the United States exemplified nearly all the signs of a country on the verge of a financial crisis-indeed, a severe one. Then, we find that asset market collapses are deep and prolonged. Obviously, the transparent global banking system shows that the main cause of debt explosions is not the broadly critically valued costs of bailing out and recapitalizing. In essence, the crucial drivers of debt increases are the inevitable collapse in tax revenues that governments suffer in the wake of deep and prolonged output contractions, as well as often-ambitious countercyclical fiscal policies aimed at mitigating the downturn. Firms private investment and asset market valuation are negatively associated with their top lenders real estate exposure. Global firms have a flexible average and they can get the leverage market, so there is an opportunistic approach about it. The characteristic huge buildups in government debt are driven mainly by sharp falloffs in tax revenue and, in many scenarios, big surges in government spending to fight the recession, declared by Reinhard and Rogoff (2008). The rise in real government debt in the three years follows a banking crisis, tending to explode with a rise at an average of 86% in the major post-World II episodes (Reinhard and Rogoff, 2008). Using the money amount of borrowing from the banks is the amount of credit available to the firm. Lang, Ofek, and Stulz (1996) find that future growth and investment are negatively related to leverage, especially for real estate firms with high debt ratios. In the current economic background, the effects of firms collateral losses may also depend on firm leverage, with highly leveraged firms investing less owning to more binding borrowing constraints. Hofmann (2003) suggests that property price cycles, reflecting changing beliefs about future economic prospects, drive credit cycles, rather than excessive bank lending being the cause of property price bubbles. Most asset classes have derivative markets. Professional investors assume that property derivatives market worked property, and the deleveraged REIT returns are closely linked to underlying market. Real estate invest in real estate debt (in effect deleveraging), use derivative trades for liquidity or use long-short trading to take positions on market views, and need to buy real estate at all. Purchaser gets low cost, diversified returns without alpha. Seller hedges underlying assets or reinvests cashflow. If there are some products that allow them to invest to increase the house price, then the investors can hedge against the increase of the house price and build up my investment. The investors could track the increase of the house prices and reduce the exposure of the house. They can diversify in the portfolio. A derivative market will give you pricing information for the pricing symmetry. The U.S. real estate is strongly distorted by derivatives and arbitrage argued by Schiller. The global financial crisis and leverage: worsening the impact of collateral losses and borrowing The factors that determine the leverage level are: financial covenants, property market/cycle, income to repayment ratio, sum of deals, maintain credit rating, dividend policy, competitor debt levels, tax benefits, and other factors. They are weighted from the largest proportion to the smallest proportion respectively. Leverage does hurt growth in the sense that it worsens the impact of collateral losses. Figure 1 explores the impact of a lower steady-state leverage ratio, 25% instead of 50% as in the baseline scenario. The figure shows that a reduction in leverage significantly moderates the cycle. Figure 1. The effects of leverage on responses to an asset-price boom and bust Notes: Comparison of high steady-state leverage (ratio of net worth to capital of 0.5, as in baseline simulations) and low steady-state leverage (net worth-capital ratio of 0.75). Monetary policy is assumed to target expected inflation aggressively. For example, firms or households may use assets they hold as collateral when borrowing, in order to ameliorate information and incentive problems that would otherwise interfere with credit extension. Under such circumstances, a decline in asset values (for example, a fall in home equity values) reduced available collateral, leads to an unplanned increase in leverage on the part of borrowers, and impedes potential borrowers access to credit. Supportive of the bubble-size hypothesis shows that the greater the gain prior to the shock between 1986 and 1989, the greater the fall in the post-shock period. Leverage is significantly positive, probably suggesting that firms that can secure borrowing are better firms and those with better relationships (Gan, 2007). Lamont and Stein (1999) show that house prices into metro areas with high levels of leverage are more sensitive to income shocks than house prices in metro areas with less leverage. At an individual level, Genesove and Mayer (2001) show that leverage has a large impact on seller reservation prices in a downturn, affecting both the probability of sale and the subsequent sales prices. Others have shown that liquidity affects refinancing behavior and mobility. While Case and Shiller (1988) use surveys to show that market conditions affect the reported expectations of recent home buyers, few papers have explored the role of information and psychology on expectations formations and transactions prices. Leverage drives up volatility of returns and bad timing issues, and LTV based lending is highly risky with the characteristics of being both pro-cyclical and vulnerable to downturns. Income/earning based constraints are more robust, and NB debt maturity, downside risk and refinancing risk are both crucially important for the leverage performance. Non-contractibility imposes limits on borrowing: and debt contracts secured on land are the only financial instruments that creditors can rely on (Miller and Stiglitz, 2010). This puts a strict upper limit on the amount of external finance that can be raised: so the rate of expansion of the small businesses is determined not by their inherent earning power but by their ability to acquire collateral. Even without intermediaries, a credit-constrained market economy-where collateral is used to handle repudiation risk-can exhibit liquidity crises and asset price crashes (Geanakoplos, 2003). Highly leveraged borrowers can very easily become insolvent. Giacomini et al. (2015) show highly leveraged REITs produce lower average returns and lower Sharpe ratios over cycle and much greater falls in bear markets. Leverage is producing the worst risk adjusted return. If their net worth were only 5% of assets held as collateral for loans, a correction of asset prices in excess of this would be enough to wipe out their net worth-even before fire-sales begin. As Koo (2011) describes it, the collapse of an economy-wide asset bubble could be the economic equivalent of the collapse of a supernova-with the black hole of insolvency threatening to swallow whole sectors of an over-leveraged economy. The consequences of technical insolvency were seen as so severe, indeed, that a preemptive strategy of concealing the true balance sheet position was apparently in Japan (Koo, 2011). As lending is liberalized and leveraged increased at the same time that prices are inflated (as the result, in p art, of banks capital reserves growth), moral hazard further undermines lenders incentives to price loans efficiently and exacerbate these underlying forces for the provision of excessive credit (Herring and Wachter 1999). The impact of leverage (recall irrelevance proposition-but also costs of financial distress and no tax shield for REITs) is dependent upon market perception of management ability, and CAPM (or factor models) can be used to assess the risk premium. The study covers the short-term and long-term dynamics of the assets, correcting for leverage in the direct real estate indices. Results suggest that long-run REIT market performance is more closely related to the direct real estate market than to general stocks, similar response to shocks in fundamentals. Asset market features that hamper arbitrage processes The inefficiencies in underlying asset market include high round trip transaction costs, illiquidity and time to trade, real management costs, and heterogeneity and alpha (the retail portfolio preference). An obvious reaction to market inefficiency is arbitrage. Arbitrage signifies taking advantage of pricing inefficiencies without any exposure to risk, and creates abnormal profits (no free lunch). When arbitrage speculators enter the market, adding liquidity, it is reasonably assumed that these are mostly short-term investors, as arbitrage investors by their nature tend to buy and sell more rapidly than most other investors. Theoretical analyses suggest expected margin should be zero or close to zero for the underlying asset markets and rational margins (arbitrage portfolio). However, in practice consumers and FI do not arbitrage in the housing market (Farlow, 2004). Arbitrage in the real estate market is risky for several reasons. First, a player has to be sure that there are enough players in the market that are also arbitraging: an insufficient proportion of arbitrageurs might cause the inefficiency to persist. The execution time is more painful for the buyers than the sellers. In any one market, there are more buyers than sellers. Second, another risk is the impossibility to obtain general agreement on the deviation from a certain fundamental value. Third, houses are heterogeneous assets that rarely have close substitutes and hence are traded in segmented markets. In addition, no central exchange exists so information is far from perfect. Furthermore, the relatively high transaction costs and the absence of short-selling opportunities in housing markets make arbitrage even riskier (Hong and Stein, 2003; Farlow, 2004). Money illusion in real estate implies the failure of consumers to evaluate alternatives during a period of inflation due to a difference between nominal and real values. It plays an important role in real estate because it generally deals with long-term projects and frictions, like short-sale constraints, which makes it difficult to arbitrage mispricing away. There are several ways of the improvement of the market: the lack of liquidity, the pricing issue, the inability to arbitrage, the trench to pension funds and so on. Hence, it is better to exploit momentum in this risky market than to try to fight against it in time of excess. When the real estate portfolios lack momentum effects, they would rather have big margins. Professional investors should get rid of their retail portfolios while they are actually selling and trading. Research Methodology An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism driving asset prices to overshoot equilibrium when asset bubble bursts-threatening widespread insolvency and what Richard Koo calls a balance sheet recession (Miller Stiglitz, 2010). For the purpose at hand-to study the dangers posed by excessive leverage and how capital restructuring may be needed to avert economic collapse when an asset bubble bursts-we make use of a stripped-down framework of heterogeneous agents with explicit credit constraints but no intermediaries (Miller Stiglitz, 2010). Before considering what happens when an asset bubble collapses globally, consider how things evolve with perfect foresight, starting with small businesses that borrow up to the hilt and happily postpone consumption of traded goods to some later date. Their flow of funds accounts show land holdings, denoted evolving as: or, in symbols,  where is the amount of one-period borrowing to be repaid as (R is one plus the one-period interest rate), is price of land, and measures the productivity of land in this sector. The credit constraint, assumed to bind at all times, is that borrowing gross of interest matches the expected value of land, i.e. As the degree of leverage is keyed to expectations of future prices, there will be more lending when capital gains are in prospect-as was true for sub-prime lending according to Gorton (2008). This will be crucial when an asset bubble is considered. But with perfect foresight of future land values, substitution into (1) yields an accumulation equation for small businesses who use all their net worth to make down payments on land, namely: where the expression in parentheses on the left is the down-payment required to purchase a unit of land and the term on the right measures both the productivity of those resources in this sector and SB net worth. By adding an asset bubble to a canonical model of highly leveraged businesses, Miller and Stigliz (2010) have highlighted the vicious downward spiral that may develop when asset prices begin to fall and have outlined a variety of measures that may be used to check this-with the government stepping in because of the externalities and moral hazard involved. The authorities in both the US and UK have of course undertaken extraordinary financial interventions, amounting in total to around three quarters of GDP (Miller and Stigliz, 2010). The arbitrage scenario of the asset market bubbles Suppose in addition to the fundamentals (net rents), we define a periodic bubble component b; then any of the following form will also satisfy arbitrage conditions and be rational: , with . Thus, if at time t an asset is overvalued by an amount , a rational investor will still purchase such an asset, if the degree of overvaluation is expected to grow by a rate equal to or greater than the appropriate discount rate. In turn, this implies that a necessary condition for housing bubbles to form is serial correlation in price changes. However, to anticipate results below, in our model housing bubbles will be self-limiting because new supply is being built. Panel unit roots and co-integration tests As a tentative attempt to partly overcome this problem, I exploit the rather large cross-section dimension of my analysis to perform unit root and co-integration tests. Asa first step I perform standard augmented Dickey-Fuller (ADF) unit root tests (Dickey and Fuller, 1981) to test for the order of integration of the time series under investigation. The ADF test regression is of the form: Allowing for a maximum lag order of four, the lag order was determined by sequential t-tests eliminating all lags up to the first significant at the 5% level. The test regression for the level of each variable contained a constant and a trend; the test regression for the first difference contained only a constant. The ADF test statistic is the t-statistic of . If is significantly smaller than zero, the null hypothesis of a unit root can be rejected. I also report a panel ADF test proposed by lm et al. (2003). They show that the standardized average of the N individual ADF test statistics (6) has a standard normal distribution, where is the average of the individual ADF test statistics and and are respectively the mean and the variance of the distribution of the ADF test statistic. The appropriate mean and variance adjustment values are tabulated in Im et al. (2003). The test is one sided. The 1%, 5%, and 10% critical values are -1.96, -1.64, and -1.28. Large negative values therefore imply a rejection of the null of a unit root. On the whole, the results suggest that the natural logs of real bank lending, real property prices and real GDP are integrated of order one. This conclusion is suggested both by the individual country level tests as well as by the panel tests. The short-term interest rate appears to be a borderline case. The null of non-stationarity is rejected at least at the 10% level in seven countries out of 20 countries. The panel unit root test strongly suggests that the real interest rate is a stationary process. Given the results of the unit root tests we test in the following for the presence of a long-run relationship between real bank lending, leverage and real property prices. The level of the real interest rate is not allowed to enter the long-run relationship. The Johansen approach is based on maximum likelihood estimation of a cointegration VAR model, which can be formulated in vector error correction form: (7) where x is a vector of endogenous variables comprising the log of real bank lending, leverage and real property prices. is a vector of constants and is a vector of white noise error terms. Since I want to allow for deterministic time trends in the levels of data I leave the constant unrestricted. The rank of the matrix indicates the number of long-run relationships between the endogenous variables in the system. The cointegrating rank hypothesis for the Johansen trace test is specified as against the alternative . The lag order of the VECMs was determined based on sequential likelihood-ratio tests, eliminating all lags up to the first lag significant at the 5% level. The 1%, 5% and 10% critical values are respectively 35.65, 29.68, and 26.79 for , 20.04, 15.41, and 13.33 for for and 6.65, 3.76 and 2.69 for I also report the result of a panel cointegration trace test proposed by Larsson et al. (2001). Policy Suggestions Flexible inflation targeting Under the accommodating policy, the bubble stimulates aggregate demand, leading the economy to overheat. In contrast to the accommodative policy, the more aggressive inflation targeting policy greatly moderates the effects of the bubble. As with the case of bubble shocks, the results indicate that the policy that responds aggressively to inflation and does not target stock prices works best. Under inflation targeting monetary policy is committed to achieving a specific level of inflation in the long run, and long-run price stability is designed the overriding or primary long-run goal of policy. Inflation targeting is generally characterized by substantial openness and transparency on the part of monetary policymakers, including for example the issuance of regular reports on the inflation situation and open public discussion of policy options and plans. Regulatory initiatives to control excessive lending in real estate markets Banks have overextended their lending during periods of high asset inflation, exposing themselves to greater portfolio risks during periods of declining asset value. Bank lending to related parties, as bank owners sought to capture the gains from their speculation, has aggravated the adverse impact of speculative lending. In response, regulatory authorities have increasingly restricted lending for real estate and to related parties-as well as lending concentrated on a few borrowers. Restrictions on related lending have been difficult to implement, however, because disclosure rules are generally poor, and in Indonesia, Japan, and Thailand, banks and firms have interlinked ownership, and companies are closely held (Stiglitz and Uy, 1996). Although governments established priorities for lending-and discouraged lending for real estate and consumer goods-they still employed commercial standards. Prudential regulations, particularly capital adequacy requirements and controls on real estate lending, are essential and replicable. The adaptability of government policies-the ability to abandon policies when they fail and to change policies with changing circumstances-is clearly a lesson of general applicability, although it is hard to design institutions that capture that lesson. A monetary policy regime focuses on asset prices rather than on macroeconomic fundamentals may well be actively destabilizing. The problem is that the central bank is targeting the wrong indicator. As an alternative metric for evaluating policy responses to bubbles, Bernanke and Gertler (2000) computed the unconditional variances of output and inflation under the four different policy scenarios (accommodative versus non-accommodative on inflation, responding to stock prices versus not responding). Conclusion Over the last few years, the coincidence of cycles in credit and property markets has been widely documented and discussed in the economic policy oriented literature, In this paper, I analyse the causes of this coincidence. From a theoretical point of view, the relationship between bank lending and property prices is multifaceted. Property prices may affect credit via various wealth effects, while credit may affect property prices via various liquidity effects. Previous empirical studies were not able to disentangle the direction of causality, since the focus was usually on one of these effects bot not on both. Long-run causality appears to go from property prices to bank lending, rather than conversely. This finding suggests that property price cycles, reflecting changing beliefs about future economic prospects, drive credit cycles, rather than excessive bank lending, in the wake of financial liberalization or overly loose monetary policy, being the cause of property price bubbles. However, there is also evidence of short-run causality going in both directions, implying that a mutually reinforcing element in past boom-bust cycles in credit and property markets cannot be ruled out. References Bernanke, B. and Gertler, M., 2000. Monetary policy and asset price volatility (No. w7559). National bureau of economic research. Case, K.E. and Shiller, R.J., 1988. The behavior of home buyers in boom and post-boom markets. Farlow, A., 2004. 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