Subprime Crisis And Impact On Banking In India Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3722 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Subprime crisis, the turmoil on mortgage markets has claimed several causalities. Banks have transferred risks to special entities SIVs and SPVs. This practice has given the impression that the credit risk has been transferred from banks to investors. Don’t waste time! Our writers will create an original "Subprime Crisis And Impact On Banking In India Finance Essay" essay for you Create order In traditional banking loans were kept in on bank ´s balance sheets. Now the complete process of originates and distribute model involves borrowers, originators, arrangers, credit risk agencies and investors. This process means credit market imperfections. The banks have less incentive to monitor the quality of borrowers and the quality on original loans. As a result of originate and distribute model of subprime loans there is a capital shortage on financial markets. Market participant do not rely on each other. Banks have lost money on mortgage-backed securities on two ways; Prices went down on the trading books and defaults went up in the banking books. It is estimated that the total write-downs on subprime asset backed securities will reach 285 billion US Dollars. In the case of the subprime crisis, the situation is based on an accumulation of several risks; market risks, credit risks and also strategic risks. So the crisis poses real challenges for financial markets reg ulation process. In the case of the subprime crisis, the situation is based on a collection of several risks: market risks, credit risks and also strategic risks. Originate and distribute strategy has generated a situation, where banks have lost money on mortgage backed securities in two different ways, prices went down on the trading books and defaults went up in the banking books. Subprime crisis, the turmoil on mortgage markets has claimed several causalities. Banks have transferred risks to special entities SIVs and SPVs. This practice has given the impression that the credit risk has been transferred from banks to investors. In traditional banking loans were kept in on bank ´s balance sheets. Now the complete process of originates and distribute model involves borrowers, originators, arrangers, credit risk agencies and investors. This process means credit market imperfections. The banks have less incentive to monitor the quality of borrowers and the quality on orig inal loans. As a result of originate and distribute model of subprime loans there is a capital shortage on financial markets. Market participant do not rely on each other. Banks have lost money on mortgage backed securities on two ways, Prices went down on the trading books and defaults went up in the banking books. It is estimated that the total write downs on subprime asset backed securities will reach 285 billion US Dollars. In the case of the subprime crisis, the situation is based on an accumulation of several risks; market risks, credit risks and also strategic risks. So the crisis poses real challenges for financial markets regulation process. Subprime crisis: The main tasks of financial institutions are there allocation of resources, division of risks and sustaining the general payment system. (1994, 19-20) From an operational point of view, it is possible to divide the functions into three key elements: payment system, loans and deposits. Payment system refers to a service provided for the customer, where a cash transaction can be deposited to a bank. This task is shifting from manual, over the counter transactions to electronic and internet-based formats. Modern banking is facing various new challenges, such as continuous need for creating innovations and improving operations in the banking industry. A bank is defined generally as a financial intermediary. There is also another way of thinking the concept. One example is Prosper, an online community for lending and borrowing money without the intervention of banks. Prosper is an online auction platform. It generates revenue by collecting one-time fees on funded loans from borrowers an d assessing loan service fees to lenders. Still the traditional banking is operating on the 6 traditional ways. A financial intermediary participates to the payment system and finances customer entities in financial deficit using the funds of customer entities in financial surplus. At the macroeconomic level, banks finance each other through interbank operations. Among the financial intermediaries, the specificity of banks is to issue money, broadly defined as demand deposits and short-term deposits. Taking deposits is therefore the main task of a bank. Customers are accustomed to rely on banks and this is the main reason for giving money to a bank depository account. If a customer needs a loan, the primary commodity is naturally the money, in other words capital. You can see also the secondary advantage: saving time. The loan, given by a financial institution, makes it possible for the customer to purchase items of significant value or invest the capital, whenever the need arises. From the bank point of view, credit always involves handling risks. In the market economy, the banks are competing with loans and credit risk. Subprime Crisis and the Impact on India: As interest rates started falling due to excess liquidity, house prices rose rapidly, creating a pool of wealth in the hands of Americans, which they unlocked by contracting mortgage loans. It benefited them in two ways they got huge liquidity at inflated housing prices and interest rates that were practically lowest in the last twenty years. This became a virtuous cycle, which resulted in very high consumer spending, obviously fuelling global growth. As interest rates started rising in the US due to inflation concerns, this virtuous cycle came to a standstill and the demand for houses started tapering. This resulted in lower prices for houses and many were unable to cover the mortgage loans. It has now hit the entire  banking  industry in the US and the virtuous cycle is becoming a vicious cycle. Perhaps a similar story will unfold in the next couple of months for these lenders who have lent big money into the subprime markets. One or more banks will fold, jus t like Enron did, resulting in a huge crisis of confidence. It would be naive to wish away this major problem inflicting the global markets and to presume that the Indian market is decoupled. If the global super-tanker US, which has a 25 per cent share of global GDP, slows down it will definitely have an impact on the Indian economy. Only time can decide which policy becomes successful. More importantly, no one can predict a change of plans in the Oval office. The Impact of US subprime crisis on India may not be very large according to economists. It is being anticipated that the developing countries might be spared for a year or two and neither of the countries would be affected either by economic recession in the USA or the prevailing US subprime crisis. This notion was put forward by the leading economist of the World Bank. Effect of US Subprime Mortgage Crisis on the Banking Sector: Effect of US subprime mortgage crisis on the banking sector has been immense. This is evident from the fact that banks as well as stock markets were affected in every nook and corner of the world. The European Central Bank or the ECB came to the rescue of many. The amount injected by the ECB to rescue the other banking institutions was ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬95 billion. The rate of interest was 4%. This was the first rescue operation, the second and the third followed with a cash assistance of ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬61 billion as well as ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬47.67 billion respectively. The approach taken by the authorities of other Central Banks were also varied. Central Bank of Japans contributions to the financial markets comprised injection of 600 billion yen or ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬3.6 billion. The price of stocks fell in Frankfurt, Tokyo and New York. In fact, the financial assistance, which the ECB had shelled out, exceeded the amount it shelled out after terrorist attacks on the World Trade Center on 11th September. Effect of US subprime mortgage crisis on the banking sector did not spare IKB Deutsche Industry bank in Germany (Europe). The bank had to be bailed out by a payment of USD11.1 billion. It has investments in the United States mortgage market. A bank in France, known by the name BNP Paribas halted all withdrawals. This step was taken by the bank as the actual value of the assets was not being ascertained. Another bank, which was about to declare bankruptcy was West LB. Deutsche Post bank as a measure to combat the effects of US subprime mortgage crisis on the banking sector redirected or re routed Euros worth hundred million of the banks funds. Baffin, a federal agency in Germany is responsible for the regulation of the industry dealing with financial services. Other effects of the crisis include rise in rates of interest. As a result of this, lending business got stalled. The signals started from the money market. In the money markets there is liquidity and the bank s carry out several transactions to keep the system functioning. If the functioning of the money markets gets distorted, the whole system gets upset. Indian Banking sector challenged by domestic, not global, factors: October 14, 2008: CRISIL believes that the Indian banking system is relatively insulated from the factors leading to the turmoil in the global banking industry. Further, the recent tight liquidity in the Indian market is also qualitatively different from the global liquidity crunch, which was caused by a crisis of confidence in banks lending to each other. Says Roopa Kudva Managing Director and Chief Executive Officer, CRISIL, While the main causes of global stress are less relevant here, Indian banks do face increased challenges due to domestic factors. The banking sector faces profitability pressures due to higher funding costs, mark-to-market requirements on investment portfolios, and asset quality pressures due to a slowing economy. CRISIL views the strong cap italization of Indian banks as a positive feature in the current environment. Indian banks global exposure is relatively small, with international assets at about 6 per cent of the total assets. Even banks with international operations have less than 11 per cent of their total assets outside India. The reported investment exposure of Indian banks to distressed international financial institutions of about USD1 billion is also very small. The mark-to-market losses on this investment portfolio, will, therefore, have only a limited financial impact. Indian banks dependence on international funding is also low. Subprime crisis impact on Indian economy: The Impact of US subprime crisis on India may not be very large according to economists. It is being anticipated that the developing countries might be spared for a year or two and neither of the countries would be affected either by economic recession in the USA or the prevailing US subprime crisis. This notion was put forward by the leading economist of the World Bank. Further, it is being fathomed that even if there is an impact of US subprime crisis on India, it will not be taking place earlier than two years. However, it will be wrongly said if the developing nations like India would be entirely untouched by the ripple effect. The prevailing economic condition in these countries are so strong that it may not feel the upheaval as it would have felt had the economy of these countries been sluggish. During the East Asian crisis, the Indian economy was in the regime of limited convertibility (current account and capital account) thanks to the careful and gradual move towards globalization decreed by the RBI and GOI, which worked as a blessing in disguise and we were not particularly affected. Things have changed since and owing to various international obligations and the understanding that capital is important for the overall growth of the economy, the RBI and GOI have liberalize d a lot on both the current and capital accounts. Integration of the Indian economy into the world economy has brought about many disadvantages too. The question is how to continue as an integral part of the world and also remain unaffected by the crisis happening in other parts of the world? This question may not be so pertinent to a developed economy but for an emerging economy like ours, if we are affected to a great extent by a crisis arising in another part of the world, this will imply one step forward and two steps backward. The present crisis in US may not have such an impact on the world economy because it is confined to one sector of the economy, viz., mortgage and housing but one cannot deny that housing is a sector with large-scale implications. Then what do we learn from this housing crisis? 1. Sound banking practices: The root cause of the subprime mortgage (even prime mortgage loans are in trouble in US; e.g., trouble in Countrywide, Americas bigges t home loan lender) crisis is the unsound credit practices that emerged in the US market. Fake certification, which helps an ineligible person to raise a home loan, cannot be ruled out in India. Housing loan frauds are not uncommon in the cities of India and the aggressiveness with which housing loans are being sold by banks and financial companies in violation of sound credit practices cannot be ignored. Personal loans and overdue credit cards are the other sectors which the regulators and bankers should handle carefully because they have the potential to plunge the Indian banking sector into a crisis. 2. Controlled Derivatives market: Derivatives are financial instruments, which can spread the default risk attaching to loans. All the same, indiscriminate use of such derivatives can lead to havoc as in US. Derivatives lead to such a chain reaction that it will be nearly impossible to quantify the risk of exposure to bad loans and advances subsequently. RBI and GOI should prohibi t indiscriminate use of such derivatives if they intend to introduce such products in India. 3. Limited investment by Indian companies abroad: Prudent investment abroad should be the order of the day. Reckless investment in the derivatives market abroad by banks and financial institutions has to be controlled. In the recent crisis, BNP Paribas of France and Macquarie Bank of Australia have been affected because of such overseas investments. The exposure of Indian banks to the subprime crisis of US is minimal. 4. Quality Inward Investment: FDI should be given priority over FIIs as history has shown that flight of capital in case of FDI is low compared to that in respect of FIIs. Due to their stable nature, FDI can help in the growth of the countrys infrastructure. Articles: Abstract: Indian economy would be less adversely affected by the global economic crisis Link https://cje.oxfordjournals.org/content/33/4/725.full By: Jayati Ghosh The view that the Indian economy would be less adversely affected by the global economic crisis because of limited integration and other inherent strengths has proved to be wrong. The economic boom in India that preceded the current downturn was dependent upon greater global integration in three ways: greater reliance on exports particularly of services; increased dependence on capital inflows, especially of the short-term variety; and the role these played in underpinning a domestic credit-fuelled consumption and investment boom. These in turn made the growth process more vulnerable to internally and externally generated crises, as is now becoming clear. Abstract: Link https://ssrn.com/abstract=1273487 By : William B. and Sanders, Anthony B. The Sub Prime Crisis: Implications for Emerging Markets This paper discusses some of the key characteristics of the U.S. subprime mortgage boom and bust, contrasts them with characteristics of emerging mortgage markets, and makes recommendations for emerging market policy makers. The crisis has raised questions in the minds of many as to the wisdom of extending mortgage lending to low and moderate income households. It is important to note, however, that prior to the growth of subprime lending in the 1990s, U.S. mortgage markets already reached low and moderate-income households without taking large risks or suffering large losses. In contrast, in most emerging markets, mortgage finance is a luxury good, restricted to upper income households. As policy makers in emerging market seek to move lenders down market, they should adopt policies that include a variety of financing methods and should allow for rental or purchase as a function of the financial capacity of the household. Securitization remains a useful tool when developed in the c ontext of well-aligned incentives and oversight. It is possible to extend mortgage lending down market without repeating the mistakes of the subprime boom and bust. Abstract:   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€š Link https://ssrn.com/abstract=1124961 The Subprime Mortgage Crisis and the Social Capital Response By: Raymond H. Brescia This article explores the extent to which social capital theory can respond to the crisis in the subprime mortgage markets. Building on the groundbreaking theories of Robert Putnam in his book BOWLING ALONE: THE COLLAPSE AND REVIVAL OF AMERICAN COMMUNITY, this article seeks to explore the role of trust and social capital in micro-economic transactions, specifically those involving homeownership in general and the subprime mortgage crisis in particular. The article posits that asymmetries of information, the lack of fiduciary obligations between the mortgage broker and the subprime borrower, the incentives built into the subprime mortgage market as a result of mortgage securitization that promote abusive lending practices, deregulation that led to the influx of subprime mortgage products into communities of color, the limits of anti-discrimination laws to address this influx adequately, and restrictions on refinancing built into securitization agreements have all led to the current crisis. In response to these causes of the current crisis, this article suggests changes to the broker-borrower relationship, the promotion of greater consumer education and the creation of problem-solving courts to address the looming foreclosure crisis ABSTRACT: Accounting in and for the Subprime Crisis Link https://link.aip.org/link/ACRVAS/v83/i6/p1605/s1 By: C. P. Chandrasekhar* This essay describes implications of the subprime crisis for accounting. First, I overview the institutional and market aspects of subprime lending with the greatest accounting relevance. Second, I discuss the critical aspects of FAS No. 157s fair value definition and measurement guidance and explain the practical difficulties that have arisen in applying this definition and guidance to subprime positions during the crisis. I also raise a potential issue regarding the application of FAS No. 159s fair value option. Third, I discuss issues that have arisen regarding sale accounting for subprime mortgage securitizations under FAS No. 140 and consolidation of securitization entities under FIN No. 46(R) associated with mortgage foreclosures and modifications. Fourth, I indicate ways that accounting academics can address the implications of the subprime crisis in their research. Abstract: Understanding the Subprime Mortgage Crisis https://rfs.oxfordjournals.org/content/early/2009/05/04/rfs.hhp033 By: James W. Kolari Using loan-level data, we analyze the quality of subprime mortgage loans by adjusting their performance for differences in borrower characteristics, loan characteristics, and macroeconomic conditions. We find that the quality of loans deteriorated for six consecutive years before the crisis and that securitizes were, to some extent, aware of it. We provide evidence that the rise and fall of the subprime mortgage market follows a classic lending boom-bust scenario, in which unsustainable growth leads to the collapse of the market. Problems could have been detected long before the crisis, but they were masked by high house price appreciation between 2003 and 2005. Objectives To find out the reason of subprime crisis. To know the affect of subprime crisis on banking sector. To know that how the Subprime crisis rising. Affect of subprime crisis on Indian economy and financial institutions. To know that how the subprime crisis affect the Banking sector. Research Methodology: RESEARCH Research is a Purposeful investigation. It is a scientific and systematic search for knowledge and information on a specific topic. Research is useful and Research objective can be achieved if it is done in Propose Process. METHODOLOGY The word Methodology spells the meaning itself i.e. the method used by the researches in obtaining information. The data (Information can be collected from the Primary sources and Secondary sources.) Definition of Market Research:- Market research is the constant search for and analysis of fact. It is defined as diligent investigation. By Charles F. Kellering. A researcher looks forward to see what industry may do when it can go longer do what it is doing. He further says that research is done in mans minds are not in laboratories may be necessary. Data collocation method: There are two types of data collocation method- 1. Primary 2. Secondary Primary data- Primary data are those which are collected a fresh and for the first time, and thus happen to be original in character. Method of Primary data collection: Observation method Interview method Questionnaire method Schedule method Secondary Data: Secondary data means data that are already available, they refer to the data which have already been collected and analyzed by someone else. In this case he is certainly not conformed to the problems that are usually associated with the collection of originals data. Secondary data may either be published data or unpublished data. My data collection in primary source was questionnaire and schedule. In secondary source of data collection I have use internet, magazine, books, and Indian journal of marketing. Researcher must be very careful in using secondary data. He must make a minute scrutiny because it is just possible that the secondary data may be unsuitable or may be inadequate in the context of the problem which the researcher wants to study. Source of Secondary data: The secondary source of data collection is the Books, Internet, News paper, etc. These are the secondary source of data collocation. Research methodology: We use the research methodology to find out the hidden truth and research the problems. I have chosen secondary data for this term paper. Secondary Data: Secondary data was collected through various publications of books and journals, websites. CONCLUSION: The subprime crisis arised from the USA and then this affects the whole countries of the world. One of the country is India which had bad affect of this. And then in India various sectors were affected by this crisis private sector and public sector also. Many banks were affecting by this crisis and they were insolvent. In the case of Insolvency the banks were cant be able to payment to the creditors. The mail function of the bank is to provide loan and get profit by this but in the rotation the banks are insolvent and cant be able to return money. The subprime crisis had bad affect to the banking sector of the India and it is also harmful for the Indian economy.

Public School And Why Should They Be Kept - 993 Words

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PEST Analysis of CJ Clark Free Essay Example, 5250 words

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Development Of Exceptional And Special Needs Children Essay

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This disability starts during a child’s development period and may last for a life time. Special educational programs are available for children with development disabilities. The diagnosis of developmental disabilities can be done at an early age. It is the duty of parents to take their children to a specialist who can help themRead MoreTaking a Look at Special Education879 Words   |  4 Pages Special education is an ethically and politically complex area of professional education (Paul, French, Cranston-Gingras, 2001). Critics have claimed that special education does not benefit student with disabilities and should be renounced for ethical reasons (Gartner Lipsky, 1989). Others assert that special education is unethical because it stigmatizes and segregates minority students and violates the rights of children (Grossman, 1998; Granger Granger, 1986). On the other hand, proponentsRead MoreChildren With Learning Disabilities Are Inherently At Risk876 Words   |  4 PagesChildren with learning disabilities are a population who are inherently at risk. They are at risk of not being able to utilize the presented curriculum, as their non-disabled peers do. They are also at risk of suffering from emotional stress and or low self-efficacy as they negotiate classrooms assignments and expectations. Our Exceptional Children text states that children with learning disabilities, â€Å"†¦ often struggle with reasoning, attention, memory, selecting and focusing on relevant stimuliRead MoreLeadership, Organization And Administration1529 Words   |  7 Pageshow school leaders, who promote a vision that all students will learn using IDEA and the No Child Left Behind Act (NCLB), ensure that the needs of children with disabilities are met while improving educational outcomes. As with economics as John F. Kennedy coined, â€Å"A rising tide lifts all†, therefore improving the instructional policies and practices in the special education classroom ensures the benefit of all students. Today, schools must provide students with disabilities appropriate access to theRead MoreDown Syndrome: An Intellectual and Developmental Disability E ssay1163 Words   |  5 PagesWhile completing a course on children with exceptionalities we used the textbook â€Å"Educating Exceptional Children†. While this textbook covered a variety of exceptionalities, I chose to research one further, Down syndrome. It is one of the most common and easily identified exceptionality and based on the higher prevalence of Down syndrome about 1 in 733 births (About Down Syndrome) I believe that this may be one of the exceptionality I will have an increased chance of encountering during my teaching

Pro Immigration Law Free Essays

The Supply and Demand for Immigration Laws! One of the most controversial political and economical issues facing the United States today is immigration. The rules against illegal immigrants coming into the United States should be stricter along with the number of legal immigrants we allow into the United States lowered. The reason for these stricter laws and smaller amount of foreigners is due to the drastic increase violence due to immigrants, they also bring in a plethora of diseases while increases the cost of health care and degrading health care service. We will write a custom essay sample on Pro Immigration Law or any similar topic only for you Order Now Immigrants whether legal or illegal should be under harsher rules and should be constantly observed. Sister Helen Chaska was walking around in her hometown of Oregon doing missionary work when Maximiliano Esparza—illegal immigrant for Mexico—raped her and then strangled her with her rosary beads (Crime Victims). In another cases three young boy s, two of age 9 and the other age 10, were brutally killed by two illegal immigrants. One of the young boys was beheaded while the other two almost beheaded; the children also suffered from blunt force trauma and asphyxiation (Crime Victims). Immigrants such as Esparaza and the killers of the 3 young boys have no compassion or care for Americans i. e. 9/11. A majority of the violence that occurs in cities is committed by immigrants but once they are caught they are deported back to their country of origin. Once legal immigrants are able to receive their green cards they must be immunized and screen to assure the American government and citizens that they are not bring any diseases over to the USA. Chagas Disease, Tuberculosis, Hepatitis, Swine flu, Leprosy, and Dengue are example of diseases that began in other countries and were bought over to the United States by Immigrants (Engler). In the past 40 years the United States only had 900 cases of Leprosy but it was reported in 2003 that 7,000 people were infected with the disease. Leprosy was first bought over to the United States by illegal from Brazil, Mexico, India and the Caribbean. We also cannot forget the Hepatitis outbreak in Pittsburgh; the outbreak was caused by a Mexican restaurant shipping food from Mexico to United States (Engler). When illegal immigrants come over to the United States they do not care about what type of sickness they could be bringing over to the United States. A majority of Immigrants whom come over are uninsured. Forty-three percent of immigrants that come to the United States under the age of 65 have no health insurance. That equals out to 9. million uninsured immigrants and not including the illegal ones whom are unaccounted for. The cost of medical care for the uninsured immigrants is passed over to taxpaying citizens. Immigrants also use hospitals, clinics and emergency services twice the rate of U. S. born citizens. This causes long lines and over capacity health care faculties which results in the patients being rushed in and out. A California study showed that U. S. tax payer dollars continuously goes to the delivery of babies from illegal alien mothers. In one year 74,987 babies were delivered and it cost the taxpayers around 215 million dollars (Illegal Immigration). We have neglected areas in our economy where taxpayers’ dollars should be spent rather paying for illegal immigrants. The statue of liberty was not built to welcome and greet the worlds’ tired and huddled masses. The actually purpose of the Statue of Liberty was to symbolize the French-American friendship and the underlying political message of America supporting and helping Third Republic of France. Furthermore, the statue of liberty has nothing to do with freely allowing immigrants into the United States (The History). The French initial intent of Lady Liberty is to inspire many culture and countries around the world to emulate the enlightened United States such as the Sculptor of Lady Liberty, Frederic-Auguste Bartholdi, hoped to glorify the United States in the republic of French (The History). The message of the Frederic Bartholdi was not intended to be a welcome mat as many immigrants argue but encourage citizen other countries to admire America. Illegal immigrants are a burden to our country. They blatantly bring in foreign diseases, which could kill of half of our population. When the Immigrants come over here they also commit horrid crimes that are unthinkable in America but are common in their countries. Most of the crime that is actually reported here in the United States is committed by Immigrants. Due to the abundance of immigrants the cost of health care is increasing drastically and the quality of health care is decreasing. Therefore, the U. S. overnment should implement stricter rules and enforcement around our borders and we should decrease the amount of immigrants we allow in the states. Works Cited â€Å"Crime Victims of Illegal Immigrants. † Immigration Human Cost. Web. 14 Nov. 2009. Engler, Robert. â€Å"Immigration And Disease: It’s Enough to Make You Sick. † American Daily. 21 Nov. 2003. Web. 14 Nov. 2009. â€Å"Illegal Immigration and Public Health. † Federation For American Immig ration Reform. Web. 15 Nov. 2009. â€Å"The History of the Statue of Liberty. † The Statue of Liberty- Ellis Island Foundation, Inc. Web. 13 Nov. 2009. How to cite Pro Immigration Law, Papers

Introduction to Criminology and Criminal Justice for Health Canada

Question: Discuss about theIntroduction to Criminology and Criminal Justice for Health Canada. Answer: The Legalization of Marijuana in Canada Canada is a country where recently marihuana or marijuana has been legalized for the medical purposes under the access to Cannabis for Medical Purposes Regulation Act, which has been issued by Health Canada. The marijuana has collected by the cultivation of the hemp plant of the genus Cannabis where the scenes grains and fiber production only used under a license by the health Canada (Hajizadeh, 2016). The government has Canadian federal election 2015 has started a campaign with the people who want to legalize the Cannabis for personal use but majority of the government has voted against the personal consumption according to the Controlled Drugs and Substances Act but it has been legalize for the medicinal purposes under some licensed permission (Rehm, Crpault Fischer, 2017). The new law also enacted the rules for it provides punishment for the people who convicted of supplying cannabis to minors and impairment while driving motorcycle. However, the official date has been published which is 1st July 2018 from when the legalization of marijuana will be applicable in the all over the country. The act has provided the rules which has power to determine the method of distribution and sale of legal Cannabis use along with the excise tax while distributing the Cannabis. In the past history of Canada, the Cannabis use is illegal due to various criminal charges against middle class citizens about using the Cannabis as drugs but later The cannabis is distributing for the medicinal purposes which has make the legalization of the use of marijuana (Hajizadeh, 2016). Though it has the legalization in the country it has several effects in human body and it must not used by the young people (Rehm, Crpault Fischer, 2017). The marijuana is a form of toxic which affect our neurons and regular use of such drugs can change the developing the brains framework. It was not completely harmless and has negative effects in our body. Therefore the Canadian Medical Association has set a limit where they have suggested that the human brain continues to mature until is 25, therefore a person should have completed the age of 21 to use marijuana. Most of the cases the young person becomes attracted by such drugs. The country people also have fear that legalization of marijuana can increases impaired driving from using marijuana along with the alcohol (Lake Kerr, 2017). Marijuana is also known as pot, weed and grass, which are mainly, found from the plant Cannabis sativa and it grows naturally in many countries. Marijuana is using for medicinal purposes from thousands of years and it remains illegal to grow, use and causes in most of the countries including Canada. However, in a recent report has found that in Canada the populations, which aged 15 to 24 years, are reporting to use marijuana more in Canada where males are mostly like to use the Cannabis rather than females (Rehm, Crpault Fischer, 2017). Therefore the current system in Canada has raises several issues of legalizing and the criminalizing of marijuana. It has affected the political, economic growth. The decriminalization of marijuana is still illegal to use and recognize as a criminal offence but when it will be legalized that means the adults will have rights to use and sale marijuana like tobacco and alcohol (Volkow, et al., 2014). Sometimes the illegal sales also took place. This pr ocess may increases the crime by the youth of the country or they may face dangers for the possibility of overdose risk of tragic intoxicated behavior and risk of addiction. It is important for the Canadian government that they must be strict while providing license to the people who are selling and using the marijuana for the medicinal purposes (Hajizadeh, 2016). The legalization of marijuana in Canada has increased tax revenue, which has been a great economy for Canada government. Therefore the government can collect a huge amount of taxes of legalize drugs (Lake Kerr, 2017). There is a high demand for marijuana due to the legalization of Canada and in the free market price; the marijuana is estimated to be low without taxation (Rehm, Crpault Fischer, 2017). Therefore, the government can impose higher taxes on these drugs for maintaining the price at a competitive level with other intoxicated products like alcohol and tobacco (Volkow, et al., 2014). However, the Canadian government can collect a huge amount of tax for the product but it also increases the black market of marijuana in Canada rather than alcohol and tobacco. In a recent report, it has found that Canadian Imperial Bank of Commerce world markets has estimated that it could create a 10 million dollar per year in industry and the Canadian Government and collect 50% or more than $10 million as the drug taxes for the legalization of marijuana. Therefore, it would help to generate some other job opportunities for individuals who are connected with educational sessions and Health Promotion initiative to promote safe use of the drugs. Therefore, the legalization of marijuana can lead to a substantial savings in drug incarceration and enforcement cost in Canada (Rehm, Crpault Fischer, 2017). According to the social impacts due to the high demand of marijuana in Canada can help to expansion on the black market where the illegal drug dealers can sell the marijuana without any accountability (Hajizadeh, 2016). When the legalization of marijuana has established in Canada it helps to reduce the cost and the economical growth in the black market share. It has related with the illegal drug dealers and other relative criminal activities. When the illegal drug dealers sale and use in Canadian black market, it increases the criminal offences. Due to the use of marijuana the social problem will be increases and the marijuana will effect as unsafe products in the environment and the illegal distribution of such drug only being level for such criminal activities. Therefore, for the youth in the Canada the illegal market of marijuana is highly risk and dangerous issues (Lake Kerr, 2017). The use of marijuana has dangerous impacts in the human body. Regular use of such toxicities can affect human brain but along with the bad effects. Marijuana is used for medicinal purposes (Hajizadeh, 2016). It has various benefits as if the use of marijuana can lower the risk in neuropathic pain, inflammatory bowel diseases, and helps to manage symptoms of chemotherapy and treatment resident epilepsy in children. The Centre for Addiction and Mental Health Organisation has recently published a report where they mentioned about the healthy benefits of the use of marijuana along with the risks, which are decreasing the brain development among youth. The progression to use of other illicit Drugs depression or anxiety, injury, risk of death from motor vehicle collision, symptoms of chronic bronchitis, schizophrenia and addiction problem (Rehm, Crpault Fischer, 2017). The casual effects of regular use of marijuana can become the reason of disorders, schizophrenia, lung cancer and traffic injuries. There are several disabilities has also found due to the regular use of marijuana where the highest rated of risk in the motor vehicle accidents which is most common side effects income order along with other countries (Volkow, et al., 2014). The legalization of marijuana can helpful and benefited for the government to collect highest paid of taxes. It also helps to government to develop in the country. However, due to the legalizati1on of such toxicities product also increases criminal activities in all over the country. The illegal market of drugs has already increasing in Canada and after the legalization of marijuana (Lake Kerr, 2017); it increases the high rated criminal offence for the society. Canada government should prepare some appropriate rules and policies to keep the drug out of the hands of the minors. They must increase awareness and knowledge on harmful effects of the drug and to prevent impair driving and collision between the motor and vehicles. the Canada is not only the first country who attempts to in provision of marijuana but the Portugal, Uruguay and United States have also realize the use of marijuana where they also applied several provision policies and strategic models for the legalization of marijuana (Volkow, et al., 2014). However, several States have legalized the use it helps Canada to found new laws and rules to prevent such criminal offences and other harmful effects (Rehm, Crpault Fischer, 2017). However, the legalization of marijuana is one of the unique opportunities to know about the effect of legalizing marijuana on the national scale (Lake Kerr, 2017). Reference Ammerman, S., Ryan, S., Adelman, W. P., Committee on Substance Abuse. (2015). The impact of marijuana policies on youth: clinical, research, and legal update. Pediatrics, 135(3), e769-e785. Haines-Saah, R. J., Johnson, J. L., Repta, R., Ostry, A., Young, M. L., Shoveller, J., ... Ratner, P. A. (2014). The privileged normalization of marijuana usean analysis of Canadian newspaper reporting, 19972007. Critical public health, 24(1), 47-61. Hajizadeh, M. (2016). Legalizing and regulating marijuana in Canada: review of potential economic, social, and health impacts. International journal of health policy and management, 5(8), 453. Lake, S., Kerr, T. (2017). The Challenges of Projecting the Public Health Impacts of Marijuana Legalization in Canada: Comment on" Legalizing and Regulating Marijuana in Canada: Review of Potential Economic, Social, and Health Impacts". International Journal of Health Policy and Management, 6(5), 285. MacKay, R., Phillips, K. (2016). The legal regulation of marijuana in Canada and selected other countries. Library of Parliament= Bibliothque du Parlement. Minaker, L. M., Bonham, A., Elton-Marshall, T., Leos-Toro, C., Wild, T. C., Hammond, D. (2017). Under the influence: examination of prevalence and correlates of alcohol and marijuana consumption in relation to youth driving and passenger behaviours in Canada. A cross-sectional study. CMAJ open, 5(2), E386-E394. Rehm, J., Crpault, J. F., Fischer, B. (2017). The Devil Is in the Details! On Regulating Cannabis Use in Canada Based on Public Health Criteria: Comment on" Legalizing and Regulating Marijuana in Canada: Review of Potential Economic, Social, and Health Impacts". International Journal of Health Policy and Management, 6(3), 173. Volkow, N. D., Baler, R. D., Compton, W. M., Weiss, S. R. (2014). Adverse health effects of marijuana use. New England Journal of Medicine, 370(23), 2219-2227.

Decoding Cultural and Regional Planning

Question: Discuss about the Decoding Cultural and Regional Planning. Answer: Introduction: The planning systems in the use of the urban land have emerged in numerous forms around the world. Some basic procedures and elements are common within the countries, in an organized system for the development and regulation of the land use through the legal statue. The process of the organized planning can be coordinated differently, but the complementary potential objectives are associated with the process of development, such as the necessity to make available the new infrastructure and housing, and the necessity to look after the environment (Hedgcock, Pidal, 2014). The regional and urban planning in Australia plays a vital role to ensure the prospect sustainability of the cities in Australia. Australia is the highlyurbanizedsociety in the globe. The continued growth in the population has resulted in an increasing pressure on the Australian city's infrastructure, such as the roadways, energy, public transport, water and air systems surrounded by the urban environment (Hedgcock, Pidal, 2014). The urban and the regional planning system in Australia is based on the exclusive grouping of the institutional planning that offers for; the simple and strong legislation ; the centralised legislative provincial planning, facilitation and control of the subdivisional in local planning ; financial support for improvements in the metropolitan cities; the legislative authority for exercise powers, to assign resources and also to endow with the advice that is based on the professional support of department State Government (Krueger, Buckingham, 2012). Emerging issues and challenges: The changes in the Demographics and the growing population: The growth in the population and changes in the demographic are one of the key considerations in the regional and urban planning of Australia. The data collected indicates that around 75 percent of the Australians lives in 17 different cities with exceeding the population size of more than 100,000. Five different largest cities Melbourne, Sydney, Perth, Adelaide, and Perth consist of the majority population of the urban Australians (Hedgcock, Pidal, 2014). Changes in the demographic such as the rise in the smaller households, population ageing resulted into the increased demand of the housing in the urban planning (de Vries, 2010). The few metropolitan areas are also experiencing shortages in housing, predominantly refer to the terms of reasonable or within means accommodation. Pressure is also placed on the affordability of the housing with only single income. The cities are efficiently connecting with the people, business , knowledge, and the markets, and how efficiently the human capital and the economic is being utilized have a direct impact on the regional and urban areas economic performance also on the ability to contribute to the productive growth nationwide (Krueger, Buckingham, 2012). Issues related to the environmental sustainability and to engage the individuals from the household scale up to the world level. The growing trends of population, energy usage , waste management, transport emissions, rainfall patterns urban development, and tremendous weather events like heat waves, droughts, bushfires, severestorms and extensiveflooding highlights the requirement for the increased focus on the sustainability in the areas of Australia (Krueger, Buckingham, 2012). The global concerns regarding the ecological impact of urbanization and the connected pattern of consumerism, ranges from a loss of biodiversity through the changes in the climate, fortify calls for the effective and the stronger planning related to use of land in the urban growth. The rapid growth in the urban population results into an increased pressure on the environment through an increased demand for the natural resources and results in an increased production of the waste materials and pollution (de Vries, 2010). Hence, there should be a plan to reduce the emission of the carbon pollution generated by different resources consumed by the individuals and to adapt the process which is environmentally beneficial and to become resilient for the future schools, including the impacts of the changes in the climate (de Vries, 2010). Systems related to the plan-making, planning appeals, and development assessment in the Australian territories and states (Miller, 2012). The undeviating contribution of the governments in the regional and the urban development is repeatedly characterized as the positive planning form in distinction with the passive role connected with the adaptable expansion sponsored by private segment (Zimmer, 2010). Nevertheless, the preponderance growth and change in the urban occurs ahead of the public segment, managing and regulating such processes for achieving the community outcomes that are positive and involves the active form of the development control (Miller, 2012). Expansion of nationalized urban policy towards the City Strategy,desires to save or protect the sustainable, liveable and the productive prospect of the Australia. The Government and council of the Planning Ministers authorized the issue, purpose and system principles documented as the National Planning System Principles (Miller, 2012). Such declarations related to the urban and regional planning were joined and merged with the statement on the integrated land use and the transport planning. The urban and regional planning designing in a large way contributes to the wellbeing and the health of the community by sustaining the active living and reflexive opportunities of recreation, social connectivity and public transport (Thompson, 2009). Frameworks for the territorial and state planning policies and legislation in Australia Australia lacks the nationwide approach to regional and urban planning.The territories and state have evolved their personal eccentric planning systems, legislation, policies, and approaches. The frameworks help in developing the comparative overview of such systems and highlight the key differences and similarities (Thompson, 2009). To understand the various functioning system related to the planning in the Australian cities assists in transferring the better practices and knowledge between the jurisdictions. Such framework is based on the development of the broader policies and to establish a national agenda for the environmental planning and to promote the specific priorities, such as housing affordability or the ecologically sustainable growth (Thompson, 2009). The federal system of the Australian governance and the two territories and six states are having their own planning procedures and laws that results in the separate planning system and management related to the land use t hat includes the different departments of the administration that regulates and oversee the land use and the planning activities (Bohnet, Smith, 2007). In Australia, there are numerous planning systems that independently operate with each other along the state based lines. The Australian government system and processes deal in a poor way with the interfacing and the interrelated issues that are in a great affect the operation and the development of the nation towns, cities, and regions (Zimmer, 2010). This also includes the regional and the urban economic planning and development, the supply of land for the urban expansion, housing provision, labour markets, and affordability. It also includes the smart and the strategic infrastructure, transportation, environmental resources, climate change management and financing (Zimmer, 2010). Conclusion: Urban and regional land use planning of Australia: weaknesses, strengths, and reform priorities. The Government of Australia is loyal to strengthen the Australias city's advantages and also to respond towards the emerging infrastructure, social changes and the environment. In the first release of the National Urban Policy, the government of Australia established d the comprehensive framework related to the objectives, principles and goals which are committed and to apply the same in determining the future actions for the major cities of Australia that is the cities having population of more than 100,000 (de Vries, 2010). The Australian Government is devoted to making the constructive difference in the cities. The strategic planning system of the regional and the urban planning of the Australian cities must focus on to provide the sequence, evidence-based and planned land release for meeting the housing requirements of the growing population and to keep the home affordable for the middle-class population. The planning system for the proper development needs balancing in the greenfield and infill development. Implementation of the credible plans for the reduction of the greenhouses gas emission through several initiatives such as the energy efficient measures, town planning changes, improvements in the infrastructure of the public transport building reform regulations and codes (Bohnet, Smith, 2007). The planning strengths are to adapt towards the climate change risk which is the inundation of the coastal and the other extreme events of the weather. Emphasize on the selected designs of the world in association with the architectural integrity. To upgrade the significant national infrastructure such as the intermodal connections, transport corridors, utility networks and communications (Bohnet, Smith, 2007). Having the advice of the experts towards the implementation and objectives related to the planning system. The Australian regional and Urban Planning helps in understanding the chronological origins of the development and nature miscellaneous current changes that both threatened and reshaped its creative purposes. The planning is presented as one form of the urban governance where the spatial guideline reflects such challenging claims as the social justice, worldwide economic transformation, economic growth, and the ecological sustainability (Bohnet, Smith, 2007). References Bohnet, I., Smith, D. (2007). Planning future landscapes in the Wet Tropics of Australia: A socialecological framework.Landscape And Urban Planning,80(1-2), 137-152. de Vries, J. (2010). Planning Cultures in Europe: Decoding Cultural Phenomena in Urban and Regional Planning.Regional Studies,44(3), 386-387. Hedgcock, D., Pidal, A. (2014). Education, practice and professionalism: a comparative history of the development of urban and regional planning in Italy and Australia.Planning Perspectives,29(4), 527-542. Krueger, r., buckingham, S. (2012). Towards a Consensual Urban Politics? Creative Planning, Urban Sustainability and Regional Development.International Journal Of Urban And Regional Research,36(3), 486-503. Miller, C. (2012). Planning Australia: An Overview of Urban and Regional Planning (Second Edition).Urban Policy And Research,30(4), 463-465. Thompson, S. (2009). Planning Australia An overview of urban and regional planning.Australian Planner,46(1), 60-60. Zimmer, A. (2010). Urban Political Ecology. Theoretical concepts, challenges, and suggested future directions.ERDKUNDE,64(4), 343-354.