Capital Mrket Assignment Example | Topics and Well Written Essays - 500 words

Capital Mrket - Assignment Example It is arguably better if RBAs maintain the cash rate as compared to the federal government simply setting the cash rate. One of the reasons why it would be better if the RBAs are allowed to maintain the cash rate is because they are better in responding to pressures in their money markets. This is because of the Australian flexibility in frameworks for operating open markets within the country. The bank is therefore best suited to respond to pressures within the market more promptly and seamlessly with minimal alterations within the operating framework. RBAs method of trading in the money market to maintain the cash rate is again better than if the federal government simply set the cash rate because banks carry out their open market operations everyday. This ensures offset of smooth flows between the government and the private banking system. It also ensures that there are enough funds to operate within the market and adequate cash rate to maintain target. This, the bank operates by predominantly employing (repos) repurchase agreements, in which it buys a security with the agreement that it would sell bank in future at an agreed price (Felmingham 1995, p. 114). Unlike the federal government, the bank in this case can, and has been able to operate at a deal of a variety of terms and discriminatorily against a range of collateral classes. The official cash rate is a term that is used in both New Zealand and Australia for the bank rate to refer to the interest rate that is charged by the central bank to commercial banks on overnight loans. This gives the Reserve Bank of Australia the ability to adjust to the interest rates of the country’s economy. An additional advantage of the RBAs maintaining cash rate over the government setting cash rate is that the bank, unlike the federal government, can settle all interactions within banks immediately. The bank is

Philosophy of Law Research Paper Example | Topics and Well Written Essays - 1250 words

Philosophy of Law - Research Paper Example Amongst them includes the Natural School of thinking, The positivist School of thinkinginter alia. This subject is a broad area of study and our discussion will be confined within the understanding, conceptualization, and comprehension of the Positive school of thinking under which Legal positivism being the theory, which was propagated by John Austin famously, referred to Austin’s Theory, was extracted. Austin’s theory commonly referred to as Legal Positivism revolves around the idea that law is what it is and not what it ought to be. As was contradistinguished with the idea drove forth by the Natural School of law thinkers who opined that law must reflect eternal principles of Justice and morality which they believed originated from a super natural power beyond human’s understanding but which dictated the lives of men and which existed independence of government recognition (Austin 40). Austin’s approach to Law offered the best-formulated alternative of both the natural school of law and utilitarian approaches, which were propagated by Bentham. He also advanced the idea that there should be a complete separation of between law and morality and that law should be developed towards maximization of utility or personal pleasure or pain. Consequently, wisdom of a guiding policy can be calculated by addition of all pleasures and subtraction of all pain brought to everyone. (Ibid) Austin’s theory of law is most often referred to as the â€Å"command theory of law† based on the fact that the concept of command lies at its core viz law is the command of the sovereign, backed by a threat of sanction in the event of non-compliance or disobedience aimed at undermining its dictates (Patterson 244-46). A proper case scenario includes the laws of a state orchestrated from which norms and policies of a state are debated and passed by the legislative arm of the government. Assented by the president as the head of the executive, the sa me becomes a law, which commands the activities of the national within their sovereignty (Petterson 244-46). If a tort feaser feasernegligently causes an injury to a complainant, then the claim against him will be made based on the law. In the cause of his engagement with the claimant, the tort feaser must have been alive to the requisite norm. Once you subject one to danger and the same consequently occurs the event that proceeds thereafter shall culminate to liability or remedy compensational by rules put forth in the statute, otherwise referred by Austin as sanctions of the state. The element of the breach originated from the actual conduct of the injury otherwise referred to as the actusreus is what dictates whether he is suppose to be held accountable or liable for the injury against a claimant. The same argument equally applies to the criminal case instance where once it is established that the element of both mensrea and actusreus exists then the accused person can be punishe d according to a source of law that is in existence with accordance to the law of that state. Legality according to Austin, on this basis, is determined by the source of a norm and not based on the merits of its substance. The answer to the question â€Å"what is law?† is therefore obtained vide resort to facts not value. According to John Austin, a rule R is legally valid in a society S if and only if R is commanded by the sovereign in S and is backed up with the threat of a