Weak Form Efficient Market Hypothesis For Emerging Markets - Free Essay Example

Sample details Pages: 12 Words: 3590 Downloads: 9 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Did you like this example? Literature Review The issue of market efficiency in emerging markets is of great significance for both foreign investors and policy makers in emerging economies. This project devotes large efforts to produce a thorough and in-depth literature review for this area. This topic is to be investigated from these aspects: theoretical foundation, methodologies of tests and empirical results. Don’t waste time! Our writers will create an original "Weak Form Efficient Market Hypothesis For Emerging Markets" essay for you Create order Firstly, traditional efficient market hypothesis (Fama, 1970; Makiel, 1973) and behavior finance theories developed in recent decades (Barbris, 1998; Shleifer, 2000) have formed two main schools of thought for the issue of market efficiency. Secondly, the evolution for a series of methodologies is important for testing market efficiency. Thirdly, the empirical evidence is reviewed by consideration three major factors: trade volume and non-linear behavior, structural breaks and market evolution through time. Finally, it also reflects some important policy implications for emerging markets. Many empirical studies have been widely carried to investigate the weak-form efficient market hypothesis for emerging markets, and the results are mixed. Generally, most of emerging markets are found to be inefficient. But for some countries, such as Istanbul, Egypt and Jordan, after correcting for institutional characteristics and trading conditions, such as thin trading and the presence of non- linearity, equity markets are found to be efficient. When structure break factors are taken into account, market efficiency is powerfully rejected for countries such as Argentina, Brazil, Greece and India. There is also evidence showing that initially emerging markets are inefficient, but over time they are moving toward to be more efficient, such as in Estonian, Lithuanian and Russia duo to economic liberalization policies. These results reflect some important policy implications. Infrequent trading and illiquidity of capital markets negatively affects market efficiency, so economic policy makers should devote efforts to minimize the institutional restriction and barriers on capital flow in the financial markets and to impose strict disclosure requirements, so that investors can easily access to high quality and reliable information. Improving liquidity of capital markets can provide lower borrowing costs for investors and greater opportunities for investment diversification wit h lower systematic risks. In addition, equity market liberalization is important to help achieving market development. It can reduce cost of capital and increase capital productivity with better capital allocation. Introduction: Due to the increasing globalization of financial markets, fast economic growth and adoption of financial liberalization policies for equity markets in emerging economies, it is widely indicated that equity investment in emerging economies can provide superior returns. Past decades have witnessed spectacular growth in both size and relative importance of emerging equity markets. The market capitalization of emerging market economies accounts for twelve percent of world market capitalization and has more than doubled, growing from less than $2 trillion in 1995 to $5 trillion in 2006 (Nally, 2010). By 2015, it is estimated that the combined GDP of emerging-market economies will surpass that of the top 20 developed economies (ibid). In addition, emerging market returns are weakly correlated with returns in developed markets, so international diversification with these emerging equities can give lower portfolio risks (Levy Sarnat, 1970). The potential high rates of returns and diversif ication benefits has attracted large number of foreign fund investors, so the investigation on whether emerging markets function efficiently is significantly important. By knowing degree of market efficiency, economy policy makers and regulators can gain insights to develop right institutional and regulatory frameworks to allocate scare resources efficiently, form favourable investment condition and obtain further economic growth. Therefore, this essay is going to investigate the weak-form market efficiency in emerging markets. The efficient market hypothesis by Fama (1970), Random Walk module by Makiel (1973) and behaviour finance theories are directed related to this issue and form the theoretical foundations. Section 1 will critically give the theoretical review based on the two schools of thought that are EMH and behaviour finance theories. Section 2 will give a brief review of methodologies adopted in literature review. Section 3 will give empirical review of the weak-form E MH for emerging markets. Section 4 will indicate some brief policy implications for emerging economies and section 5 is the conclusion with some directions for further research. Theoretic Review of EMH VS Behaviour Finance Efficient Market Hypothesis Fama (1970) defines an efficient financial market as one in which security prices always instantaneously and fully reflect all available information. No investors can earn expected abnormal return by analysing past known information. Market efficiency is attained by two key forces: investor rationality and arbitrage activities (Fama, 1970). EMH assumes that investors are rational and can process information correctly and efficiently. Although some investors are irrational and may overact or underact to new information, these judgement errors are independent and random, hence can cancel out each other without affecting prices (Fama, 1998). Therefore, on average, the whole market is efficient. In addition, since numerous profit-maximizing investors are competing to analyse, value and trade securities based on all available information to exploit arbitrage opportunities, on aggregate level, security prices are adjusted quickly to reflect the effect of new information (Fama, 1998). Sec urity prices are driven close to intrinsic values. Expected returns implicit in the current price of a security should reflect its underlying risk, and higher returns are earned only as compensations for bearing higher risk. There are two main modules that explain EMH: fair-game model and random walk model (RWM). The fair-game model is expressed as: Zj,t+1 =rj,t+1-E(rj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t), E(Zj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t)=0 (Copeland, Weston Shastri, 2005). Information in à Ã‚ ¤t is fully utilized to determine equilibrium expected returns. On average, the expected return on an asset E(rj,t+1à ¯Ã‚ ½Ã…“à Ã‚ ¤t) equals its actual return (rj,t+1), so that no expected abnormal return can be gained from past information. RWM gives much stronger condition for EMH. It assumes that successive price changes have a same normal distribution and are independent. Its logic is that because new information is unpredictable and reaches market randomly, so under EMH, the resulting se curity price changes must be also unpredictable and random (Malkiel, 1973; Malkiel, 2003). No profit can be made from past information. There are three sub-hypotheses of EMH depending on the level of available information set (Fama, 1991). Firstly, market is weak-form efficient when prices reflect all security market information such as historical prices. Secondly, market is semistrong-form efficient when prices reflect all public information such as corporate news and financial statements. Thirdly, market is strong-form efficient when prices reflect all public and private information. Behaviour Finance Theories Figure1: Conceptual Framework of Behaviour Finance Source: Shleifer (2000) However, behaviour finance challenges EMH because it argues that psychological biases lead to investor irrationality and limits to arbitrage impede exploitation of mispricing opportunities (Shleifer, 2002). Psychological bias results into systematic overreaction or underreacion among investors. Many behaviour finance theories have been successfully developed to explain some market anomalies. Conservatism biases lead people adjust slowly to new information and hence the underreaction to new information leads to short-run momentum, while representativeness heuristic makes investors believe that past good stock performance will continue and people overreact to information (Barberis, Shleifer Vishny, 1998). Additionally, overconfidence causes investors to overestimate the precision of their own analyses and to neglect public signals (Daniel, Hirshleifer Subrahmanyam, 1998). Under positive (negative) priv ate signal (which is shown in following graph), informed investors overreact and security is overpriced (underpriced). When public information becomes available, biased self-attribution causes security to be even more overpriced (underpriced). Eventually, public information proves initial investment judgement is wrong, so price is driven back to intrinsic value (Daniel et al, 1998). It explains that overconfidence leads to short-run return momentum and price correction leads to long-run return reversal. Figure 2: Overconfidence and Self-attributed bias Source: Daniel, Hirshleifer Subrahmanyam (1998) Moreover, classification is a human natural instinct to process information (Barberis Shleifer, 2003). Investors naturally classify stocks by styles, so styles returns are highly positive correlated. There are two kinds of investors: style switchers and fundamental traders. Style switchers are unsophisticated investors and chase investment styles based on past relative stock p erformance. When there is good news about stock X (shown following graph), they will drain funds away from less attractive style Y. It will push up stock Xà ¢Ã¢â€š ¬Ã¢â€ž ¢s price, even higher than its intrinsic value, but further reduce stock Yà ¢Ã¢â€š ¬Ã¢â€ž ¢s price. However, fundamental traders recognize stock Y is underpriced (Barberis et al, 2003). They arbitrage away mispricing opportunities and drive overpriced stocks back toward intrinsic value. Figure 3: Switchers and Fundamental Traders Source: Barberis Shleifer, (2003) On the other hand, limits to arbitrage may obstruct information to be impounded into prices, duo to the fundamental risk and implementation costs. Noise trader risk would prevent rational investors from arbitraging (Delong, Summer Waldmann, 1990). Pessimistic noise trader drive price below intrinsic value, arbitrageurs can buy the asset, but bear risk of further deviation from the intrinsic value when noise traders become even more pessimistic and price goes down even further (Delong et al, 1990). Arbitrageurs usually have short horizon and must liquidate before price recovers, so they will incur loss. The agency problems between professionals and investors also affect arbitrage (Shleifer Vishny, 1997), so not all mispricing would be arbitraged away to lead market become efficient. However, Fama (1998) argues that behaviour finance theories do well only on the anomalies they are specially designed to explain and cannot be generalized to the entire market. Rubinstein (2001) also argues that investor overconfidence would make market à ¢Ã¢â€š ¬Ã…“hyper-rationalà ¢Ã¢â€š ¬?. Methodologies Adopted to Test the Weak-form EMH Empirical researches on testing weak-form EMH can be divided into three broad categories. Firstly, they tests security return independence. If time-series pattern of security returns shows insignificant (significant) autocorrelations, then weak-form EMH holds (is rejected) (Copeland, Weston Shastri, 2005). Secondly, they test return momentum effect. If portfolio of stocks with higher returns in the short past continues to earn higher abnormal returns in the subsequent short term, then short-run past returns contain information that could predict future returns, so EMH will not hold (Copeland et al, 2005). Thirdly, they test technical trading rules. If no trading rules that consistently derive abnormal profits can be found, then weak-form EMH holds. A series of research methodologies have been developed to exam the EMH. The runs test is non-parametric, which is used to determine whether successive prices changes are independent. Unit root tests involve three different methods to test the null hypothesis of a unit root: the Augmented Dickey-Fuller (ADF) test (1979), the Phillips-Peron (PP) test (1988) and the Kwiatkowski, Phillioh, Achmidt and Shin (KPSS) test (1992). Multiple variance ratio (MVR) tests are adopted to detect autocorrelation and heteroskedasticity in returns (Chow Denning, 1993). Empirical Results of Weak-form EMH for Emerging Markets The research results for testing weak-form efficiency on the emerging markets are mixed. World Bank study reports significant market inefficiency for 19 emerging equity markets (Claessens, Dasgupta Glen, 1995). Latin American emerging markets of Argentina, Brazil, Chile, and Mexico are weak-form EMH (Urrutia, 1995), but under the variance ratio test, RWH is rejected (Ojah Karemera, 1999). Under ADF test, EMH is also generally supported for six Latin American stock markets (Choundhry, 1997). For the emerging markets in Asia, major Asian markets are weak-form inefficient, such as Korea and Taiwan (Cheung, Wong Ho, 1993), Singpore and Thiland (Huang, 1995), but some find it is efficient for Hong Kong, Singapore and Japan (Chan, Gup Pan, 1992). When the observed index levels are used, both RWH and EMH are rejected for three equity markets of Saudi Arabia, Kuwait, and Bahrain after adjusting for infrequent trading , but when the corrected true indices are used, RWH is accepted (Abra ham et al, 2002). RWH is rejected in five Middle Eastern emerging markets, Jordan, Morocco, Egypt, Israel, and Turkey (Omran and Farrar, 2001). Weak-form efficiency is rejected for Saudi and Palestinian financial market and inefficiency might be due to delay in operations and high transaction cost, thinness of trading and illiquidity in the market (Nourredine Kababa, 1998; Award Daraghma, 2009). Many researches find that emerging markets are becoming more efficient due to the liberalization policies. Istanbul stock exchange was inefficient in the early times but it becomes more efficient as the country started liberalization and deregulation (Antonios, Ergul Holmes, 1997). 4.1 Thin Trading and Non-linearity It is argued that such mixed evidences of the weak-form EMH in emerging markets are only reliable if the methodologies adopted take accounts for the institutional characteristics and trading conditions of the markets, such as thin trading and the presence of non-linearity (Antoniou, Ergul Holmes, 1997). Ignoring these factors may lead to statistical illusions regarding efficiency. The conventional tests of efficiency based on linear model have been developed to test markets with high levels of liquidity, sophisticated investors with access to reliable information and few institutional impediments (Antoniou, Ergul Holmes, 1997). Therefore they are not suitable for testing EMH for emerging markets with characteristics of thin trading, low liquidity and less well informed investors with access to unreliable information. Thin trading will bring serious serial correlation (Fisher, 1996), so the observed dependence does not necessarily represent serial correlation among securities retu rns. In addition, prices responds to information in a non-linear behavior especially during the early development stages of emerging markets (Schatzberg Reiber, 1992), so if the return generating process is non-linear but a linear model is used to test efficiency, then EMH may be wrongly accepted. This is because non-linear systems such as à ¢Ã¢â€š ¬Ã…“chaoticà ¢Ã¢â€š ¬? ones look very similar to a random walk (Savit, 1988). However, the conventional tests cannot recognize this problem. There are several reasons for the existence of non-linear reaction of price to information in emerging markets. Transaction costs are high, information is relatively not reliable and market is illiquid or there are restrictions on trading (Stoll Whaley, 1990). As a result, investors do not always respond instantaneously to the information, which contradicts the assumptions of investor rationality and linear response of price. Scheinkman and LeBaron (1989) and Peters (1991) also empirically s upport the non-linearity of stock returns. A number of studies have researched the impact of thin trading (Fisher, 1966; Dimson, 1979; Cohen, 1978; Lo Mackinlay, 1990). Many empirical studies also have taken account of the non-linearity in price series and remove the impact of thin trading by the AR (1) model proposed by Miller (1994). Antoniou, Ergul and Holmes (1997) find that there is apparent predictability of stock returns for Istanbul stock market, but after considering the impact of thin trading, the random walk hypothesis is accepted and the market is informationally efficient for 1990 onwards. Abuzarour (2005) examines the effect of non-trading on market efficiency for three emerging Arabian equity markets: Jordan, Egypt and Palestine using the variance ratio test and the run test during the period of 1992 and 2004. Both random walk hypothesis and weak form efficiency are rejected when the observed index levels are used. However, when the indices are corrected by the Mi ller, Muthuswamy and Whaley methodologies (1994) to take account for thin trading, weak-form EMH is accepted for Egypt and Jordan stock market but it is still rejected for Palestine. All these empirical researches suggest that markets become more efficient when trading volume is high, information is much reliable and institutional frameworks are appropriate. 4.2 Structural Breaks Research on efficiency for emerging markets should not only take account for institutional characteristics and trading conditions, but also should take account for the structural breaks in the underlying series that arise from the liberalization. Ignoring structural breaks can lead to wrong inference that these indices are following random walks. Many emerging countries are liberalizing their financial markets with various degrees (IFC, 1997) and such structure changes would have affected their equity markets (Bekaert et al, 2002; Henry 2000). For instance, huge shocks occurred for equity index level for Greece, Malaysia and Philippines in late 1980s and early 1990s, which are around the same year of their market liberalization. As Perron (1989) have demonstrated that traditional standard tests for RWH in stock prices have low power against the alternative hypothesis in small samples, and the problem is especially serious when structural changes are involved. Thus failure to consid er these breaking points may wrongly support the RWH. Therefore, many empirical researches try to incorporate the structural breaks factor by more powerful test methods, such as the Zivot- Andrew sequential test (Zivot Andrew, 1992). Chaudhuri and Wu (2001) adopt both the standard ADF test and Zivot- Andrew sequential method to test the EMH in seventeen emerging markets: Argentina, Brazil, Chile, Colombia, Greece, India, Jordan, Korea, Malaysia, Mexico, Nigeria, Pakistan, Philippines, Taiwan, Thailand, Venezuela, and Zimbabwe. Results for the ADF test without breaks to each series tend to show non-rejection of the RWH. However, results for the Zivot- Andrew test with structural breaks show that RWH can be powerfully rejected at the one percent significant level in ten markets: Argentina, Brazil, Greece, India, Malaysia, Mexico, Nigeria, Philippines, Taiwan and Zimbabwe (Chaudhuri Wu, 2001). 4.3 Market Evolution Although structural breaks have been taken into account in many researches, it is argued that standard techniques are still not fit to test the weak-form EHM for emerging market, because they are not able to evaluate the evolving efficiency in emerging markets. It is also argued that methods such as a time varying parameter model and Kalman Filter technique not only can indicate the movement of stock returns from inefficiency to efficiency, but also can measure the timing of the movement towards full efficiency(Rockinger Urga, 2000; Zalewska-Mitura Hall, 1999). It is generally agreed that emerging markets are evolving from inefficiency to efficiency with the higher disclosure degree of firm practices, high trading volume and lower institutional barriers to trade (Cornelius, 1994). According to Laurence (1986), the methods of OLS or GMM test market efficiency over the whole period and hardly capture the tendency towards efficiency, so under these methods, early inefficiency would wrongly lead to the conclusion that there are profit opportunities based on the past asset price movement. In addition, the variance of the error process in the conventional test models is not constant over time, so if this changing variance structure is omitted and has a serial correlation property, then market efficiency would be incorrectly rejected (Hall Urga, G2002). Hall and Urga (2002) deal with these problems by using the Kalman Filter and combing the time varying parameter model with a standard GARCH-M model (generalized autoregressive conditional heteroscedasticity in mean). They apply this procedure to the two indexes of Russian stock market from 1995 to 2000. And find that with regard to RTS index (Russian Trading System), the market is initially inefficient and it takes about two and a half years to become efficient, while for the ASPGEN Index (Skate Press Agency General), the market is still predictable. There is evidence of a tendency towards being efficient. Kved aras and Basdevant (2002) also investigate the market efficiency in the three Baltic States: Estonia, Latvia and Lithuania by using the time-varying variance ratio statistic robust to heteroscedasticity based on time-varying autocorrelations. They find a clear trajectory to weak-form efficiency in the Estonian and Lithuanian capital markets. Its relatively small inefficiency can be explained by transaction costs and information acquiring costs (Grossman and Stiglitz, 1980). In the Latvian market, it is inefficient even at the very end of the analyzed period. Policy Implications These results have some important implications for developing effective institutional and regulatory frameworks. Since infrequent trading negatively affects market efficiency and liquidity in emerging markets, economic policy makers should pay attention to minimize the institutional restriction and barriers on capital flow in the financial markets, impose strict disclosure requirements and ensure that investors can easily access to high quality and reliable information. Improving liquidity of capital markets can provide lower borrowing costs for investors and greater opportunities for investment diversification with lower systematic risks. In addition, equity market liberalization is important to help achieving market development. It can reduce cost of capital and increase capital productivity with better capital allocation. Conclusion 6.1 Short Summary In conclusion, as two main schools of thought in modern financial theories, there is a hot debate between efficient market hypothesis and behaviour finance. EMH asserts that financial markets are informationally efficient and equity stock prices instantaneously and fully reflect all known information. While behaviour finance argues that psychological biases lead to investor irrationality and limits to arbitrage impede exploitation of mispricing opportunities, so market is not efficient. There are wide empirical researches on the issue of market efficiency in emerging markets with mixed results. It is generally found that most of emerging markets are still inefficient, but after correcting for institutional characteristics and trading conditions, such as thin trading and the presence of non-linearity, some researches find that equity markets are efficient for some countries such as for Istanbul, Egypt and Jordan. When structure break factors are taken into account, market efficiency is powerfully rejected for most emerging countries such as Argentina, Brazil, Greece and India. There are also some evidence shows that duo to economic liberalization policies, many emerging markets are moving towards more efficiency such as Estonian, Lithuanian and Russia. 6.2 Limitations of Empirical Researches and Proposed Further Research However, there are some limitations involved in these empirical researches. Some researches ignore whether the distribution is normal or not. Others using equally weighted indices may bias the results. The possible auto-correlation might be due to the noise traders but doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t imply return predictability (Cuthberston, 1996). Most of these studies focus on the test of time series of equity return to investigate EMH, but don not investigate the momentum effect or the profitability of technical trading to earn abnormal return. Therefore, further research can be extended in several dimensions. Firstly, it suggests trying to combine the tests of momentum effect or technical trading rules with the time series tests to make more robust conclusions. Secondly, since most of researches focus on traditional EMH, it can consider the factors of investor behaviour, such as psychologies bias and limits to arbitrage to do further in-depth testing of EMH. Finally, further researche s for more novel and accurate methodologies of testing EMH are significantly essential.

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In the constructivist classroom Essay Example For Students

In the constructivist classroom Essay Are you a constructivist? Or, are you a good questioner? Are theythe same or different? Since we have learned about and launched theemergent curriculum, we can understand about constructivism. However,even though we may have understood constructivism, it is not easy toapply it in teaching. Because younger children can learn many thingsquickly like a sponge absorbing water and their ability to think isdeveloping equally fast, EC educators need to inspire them to findquestions. Even if we do not give them questions, children can developtheir own questions. However, as an EC educator, I would like to be also agood questioner and would like to help them to think and create their ownideas because asking a question is a fundamental of education like in theSocratic teaching and questioning. Thus, I believe that constructivisteducators can bring a fresh approach to children and EC education, and arenaissance of EC education. First of all, according to the article, traditional educationbelieves that a teacher pours knowledge into passive students. Basically Ido not deny this traditional understanding, because sometimes we need tolearn certain things, such as traditional (performing) arts. However, inthe general education field, especially in EC education, I do not thinkthat a teacher can deal with all childrens questions and interests throughthis traditional education method. One of the qualities of constructivistsis being a good questioner. For example, in my previous placement, a boywas very interested in transportation. He knew about many different kindsof transportation. Therefore, I asked him to tell me a story of trains andto draw me pictures of his favourite transportation. He loved both theseactivities. I believe that I was a good questioner and could help himdeveloping his imagination and drawing skill through asking his favouritethings. Furthermore, in the constructivist classroom, students often canfind answers or methods with their friends while in contrast students in atraditional teaching class just listen to a teacher. In the latter theyremember an answer but in the former they remember an approach because theconstructivist does not need to remember the answer only ways to find ananswer. There is no right or wrong way in the childrens exploring and evenif they do not find an answer to a question, but they surly can findsomething new or different from each other. Collaboration is one of theessentials in constructivism because learning is not just individual butalso social. Each student may have a different idea and thus they can finda lot of ways to lead to solutions. In this process children can learn tobe cooperative and sociable and these skills will be very important for thechildrens future. There are some problems such as in the constructivist classroomeveryone needs to be active to learn. However, some students might be shyand do not like to speak in front of others. Since the constructivism isnot only for major group but also for everyone, a teacher needs to find howto help the quieter or alternative idea child to have a voice. Oftenminority opinions are ignored and these sorts of children will become morehesitant to speak out loud. From my personal experience, I recognize thatchildren would like a teacher to listen to them. Therefore, whenever I findchildren who do not feel comfortable with speaking in public, I try to bewith them and listen to them carefully. Also I try to get them used tospeaking in public little by little by asking and breaking down a question. In Socratic teaching, teachers give questions to a student, but they answerthem. A teacher is not an authority but a helper in the constructivismclassroom, however, a teacher should always be the model of a goodinquirer. .u250fbbf040ca5dd680c50b65a5ac5dc9 , .u250fbbf040ca5dd680c50b65a5ac5dc9 .postImageUrl , .u250fbbf040ca5dd680c50b65a5ac5dc9 .centered-text-area { min-height: 80px; position: relative; } .u250fbbf040ca5dd680c50b65a5ac5dc9 , .u250fbbf040ca5dd680c50b65a5ac5dc9:hover , .u250fbbf040ca5dd680c50b65a5ac5dc9:visited , .u250fbbf040ca5dd680c50b65a5ac5dc9:active { border:0!important; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .clearfix:after { content: ""; display: table; clear: both; } .u250fbbf040ca5dd680c50b65a5ac5dc9 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u250fbbf040ca5dd680c50b65a5ac5dc9:active , .u250fbbf040ca5dd680c50b65a5ac5dc9:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .centered-text-area { width: 100%; position: relative ; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u250fbbf040ca5dd680c50b65a5ac5dc9:hover .ctaButton { background-color: #34495E!important; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u250fbbf040ca5dd680c50b65a5ac5dc9 .u250fbbf040ca5dd680c50b65a5ac5dc9-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u250fbbf040ca5dd680c50b65a5ac5dc9:after { content: ""; display: block; clear: both; } READ: The Metamorphosis: Gregor Was An Unselfish Person EssayIn conclusion, basically I support the constructivism because ECeducators need to extend childrens possibilities as much as possible. Therefore, we should be good questioners to model this skill and throughquestioning and searching answers we can let children collaborate eachother in order to enhance social development. Also it is important we donot forget about minority voices. EC constructivist educators are notauthority figures but helpers for children. It might be not easy to be agood constructivist, but we are all in the process!

Islamabad the Capital City free essay sample

Many were the reasons for which Pakistan needed a new capital city. During the first stages of the life of the new State it was natural that Karachi should have been selected as the capital, since it was a large city and a convenient centre of sea and air transportation. This was not, however, a satisfactory solution from points of view of climate, tradition and the existing buildings, which were not adequate in number or to the standards required by a capital. The layout and structure of the existing port city did not allow it to take on the functions of a modern capital. On the other hand, the influx of refugees intensified the existing problems and created new ones. Fig. 1. Map of Pakistan The government of Pakistan decided to cope with the situation by creating a new capital and proceeded toward this end in a systematic manner. By decision of H. We will write a custom essay sample on Islamabad the Capital City or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page E. the President of Pakistan, Field Marshal Mohammed Ayub Khan, a special commission was established to study this problem having as its chairman Major General A. M. Yahya Khan, Chief of the General Staff. This committee had its first session in February 1959, under the chairmanship of General Yahya, and during this session nine subcommittees were set up. In February 1959 H. E. The President of Pakistan honoured Dr. C. A. Doxiadis by naming him advisor to the Special Commission for the Location of the Capital and in compliance with a request from the President and from the chairman of the commission, a report was issued by Dr. Doxiadis with reference to this problem, in an effort to incorporate the knowledge and the experience of the members of the committees as well as of that of each committee as a whole. The result of this report was that two areas were suggested for the new capital, one outside Karachi and the other to the north of Rawalpindi. Islamabad. Model of the area On the basis of reports and recommendations of the Commission for the Location of the Capital, H. E. President Mohammed Ayub Khan decided in favour of the site North of Rawalpindi, on the Potwar Plateau and made a public announcement to this effect in June 1959. On July the 2nd, 1959 Major General A. M. Yahya Khan requested Dr. Doxiadis to prepare and submit a report in order to facilitate the task of the commission in preparing the next stages of the work, especially regarding the setting up of a commission for building the new capital and setting up a programme of action. During late July and early August 1959, Dr. Doxiadis visited the site of the capital and, as a result, the report Impressions from the site The necessary data was issued. 1 In September 1959, the government of Pakistan decided to establish the Federal Capital Commission for the preparation of the master plan and programme of the new capital. Simultaneously, Doxiadis Associates were appointed as consultants to the Federal-Capital Commission. Fourteen sub-committees, later named committees, were appointed during the first session of the Federal-Capital Commission, who issued a number of reports in connection with the surveys of the existing conditions in the capital area. Following the decision of the government of Pakistan to entrust Doxiadis Associates with the design of the new capital of Pakistan, the first team of experts of the consultant arrived at Rawalpindi early in November 1959 and a methodical collection of data was started, in close collaboration with the Federal-Capital Commission and Pakistani experts. Another team of experts also started work in Athens under the leadership of Dr. C. A. Doxiadis on the study and classification of all collected and available data. A most important milestone in the history of the capital was the decision taken on February 24th, 1960 by H. E. the President and his Cabinet to give the New Capital of Pakistan the name of ISLAMABAD (the City of Islam). It can be considered that the New capital of Pakistan was born on this day. Several reports covering all facets of the problems related to the creation of the new Capital of islamabad were prepared by Doxiadis Associates. These reports referred to the size of the Capital, the cost of the project, the facilities needed, highways, transportation in general, and so on. On May 24th, 1960 the preliminary master Plan of islamabad and the planning principles that will make this capital a model for A City of the Future, were presented to the Cabinet and approved by H. E. the President of Pakistan. A special authority, the Capital Development Authority, which took over from the Federal-Capital Commission, was set up in Pakistan and charged with the overall development of the new capital. The greater area of the capital, the metropolitan area, has been planned for a future population of about 2,500,000 inhabitants within a period of two generations. Many factors influenced the decision regarding the location of Islamabad, such as transportation and communications, factors of national interest, defense, economic factors, civic factors, existing facilities, etc. After a careful study of these, the present area represented by the model on the front page was selected. The nearby existing city of Rawalpindi would offer Islamabad considerable aid in facilities and initial housing needs. The chief characteristic of the landscape is that it runs from north-east to south-west along valleys formed by a series of hills running in the same direction. The Murree Highway had to follow this direction through a valley formed by two hills: the Islamabad highway has been aligned vertically to the Murree Highway between the existing airport and Shakarparian hills. Two more highways, by-passing the existing town of Rawalpindi, have been proposed. On the basis of the above ideas, a system of four highways becomes the basic step for the metropolitan area. These axes form a big square, which will define all future transportation systems and all major functions within the metropolitan area. 2b. Formation of the Metropolitan Area The principal system of axes in the metropolitan area of islamabad defines three distinctive areas: a. the area of Islamabad proper. b. the area of Rawalpindi, the center of which is the city of Rawalpindi. c. the National Park area which will retain certain agricultural functions for several years and where sites must be provided for a national sports center, the national university, national research institute, etc. The areas of Islamabad proper and Rawalpindi are both open for expansion towards the south-west, while the National Park area is rather districted from the surrounding hills and Soan river to the south-east. Fig. 3. The main highways Fig. 4. The three parts of the metropolitan area 3 2c. Dynametropolis The cities of Islamabad and Rawalpindi will develop as twin cities serving each other in complementary ways. Islamabad will be the capital of the nation and will serve mainly administrative and cultural functions. Rawalpindi will remain the regional center serving industrial and commercial functions. The master plan for both cities has the flexibility to allow for future expansions of the center. It has been designed on the basis of the ideal city of the future and to form a dyna-metropolis. Each is planned to develop dynamically towards the south-west, their center cores growing simultaneously and together with their residential and other functions. 2d. Islamabad The whole metropolitan area is sub-divided into sectors, called Communities Class V, each for about 20,000-40,000 people and each according to the income group it will serve. The sub-division of the metropolitan area into sectors resulted from the adoption of a pattern of principal roads placed 2,200 yards apart in both- directions. Fig. 6. Islamabad The sketch indicates growth of functions in the direction of the citys future expansion Fig. 5. The central functions of Islamabad and Rawalpindi This pattern forms a modulus in the town and maintains a unified scale for the whole metropolitan area. At the same time, it facilitates the road traffic as well as the organization of the various land-use zones into communities of the same order. The field pattern provides for an hierarchical distribution of roads, starting from the highways, which have 1,200 ft. rights-of-way. The secondary roads have 600 ft rights-ofway. The third category consists of roads 100-300 ft wide entering the sectors, and surrounding the residential communities. The last category of roads, those leading to individual houses and buildings, run into the residential communities. These access roads are either for vehicles or for pedestrians. There is full segregation of motorized and pedestrian traffic. Longitudinal sections of the roads follow the same classification. The highways are designed with the sole objective of serving high speed motor-traffic. In the other categories of roads, the landscape is more respected, and on roads for the pedestrian, there are even steps where the ground rises steeply. The human scale and that of the machine are kept clearly distinct, and the elements of road design strictly observe the requirements of this separation. The many zones of Islamabad serving various functions have been planned to allow for future expansion. The administrative sector is placed at the heart of Islamabad, from which it spreads first towards and then along the hills. 4 The civic center is developed in a strip running south-west, which is the main direction of the towns growth. The residential and the light-industrial zones follow the same trend. 2e. Rawalpindi The existing town of Rawalpindi was the major man-made obstacle in designing the new capital. After a thorough study of the possibilities regarding the relation of the new capital to the existing town of Rawalpindi, it was found advisable to place Islamabad at such a distance so as to: a. orm an independent settlement for purposes of allowing the design of a physical plan independent of the existing restrictions imposed by the plan of Rawalpindi town. b. provide the new capital with services and buildings already existing in Rawalpindi in order to save the maximum amount of costs. Rawalpindi has been the subject of a special study so as to permit the coordinated and balanced growth of the two towns in a balanced way. A master plan for Rawalpindi was prepared, and regulations about zoning and interim development control were proposed. For many years to come, the existing town of Rawalpindi will perform the duties of a mother caring for her child, until the child is grown and becomes self-sufficient. 2f. The National Park The third part of the metropolitan area is the National Park, situated so as to serve both Rawalpindi and Islamabad. The National Park has been designed to provide space for: a. educational and scientific institutes of national importance, such as national university, atomic energy center, research center, national health center, etc. b. ecreational facilities, both active and passive, such as sports centers, exhibition areas, zoo, botanical gardens, etc c. agricultural areas for cultivating vegetables and fruits required for the two cities. The National Park already has the Rawal lake which was created in 1961 following the construction of a dam to collect irrigation water and to supply water to Rawalpindi. In the future, running water, may be dammed to form more lakes. Fig. 7. Rawalpindi Fig. 8. The National Park 2g. Unity of Scale A principle adopted in designing the Islamabad- Master Plan 5 was unity of scale. This was considered absolutely necessary to achieve a cohesion between the various elements of the town. The city is not a conglomeration of isolated and unrelated spaces, but one entity of interrelated spaces. A scale measurement was determined to govern the elements composing the city, such as plots, streets, open spaces, squares, roads, etc. The selection of a system of axes or prevailing orientation is equally important for the achievement of unity of expression. Based on a study of the scale of the city made by the chief consultant, volume, heights, densities, and floor indices of the buildings were specified for each particular sector. This study led to concrete proposals for the public-buildings area, the layout plan of which was designed to harmonize with the buildings of the administrative sector opposite the public-buildings area. Fig. 9. Islamabad (model) Birds eyeview from N. E. ; the Capitol with the main administrative center, the sectors of public buildings and residential communities 2h. The Master Plan of the Metropolitan Area Each of the three parts defined by the alignment of the main axes of the metropolitan area is sub-divided into sectors.