Disconnection Between Real And Financial Spheres - Free Essay Example

Sample details Pages: 9 Words: 2813 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? The strong volatility that characterized financial markets all over the word, these last years, leaves to think the existence of a disparity between stock prices and their fundamental values, which gives us the presumption of a disconnection between the real sphere and the financial one (Binswanger ( 1999, 2000, 2004 )). The purpose of this paper is to focus on this possible disconnection by using the cointegration tests, to detect a possible equilibrium relation between the stock exchange returns and the real economic activity growth (measured by the GDP). The period of study lies between 1969 and 2008, according to an annual frequency of two series: the real yields (Stock Market Index return) and of GDP growth rates (real economic sphere indicator). Don’t waste time! Our writers will create an original "Disconnection Between Real And Financial Spheres" essay for you Create order To settle on the dynamics of short and long term between the stock exchange returns and the GDP growth, we used the Vector Errors Correction Model (VECM). Our results corroborate the existence of the disconnection between the two financial and economic series. Introduction Stock market prices fluctuations are certainly linked with economic ones, this fact was confirmed by the present financial and economic crisis of October 2008. Theoretically, stock price expectations are based on economic fundamentals. In a macroeconomic level, these anticipations depend largely on market expectation of future economic growth level. Indeed, financial market can be considered as a leading indicator of the economy. Consequently, stock price movement explanation must be held according to economic indicators fluctuations. The last few years have been characterized by several speculative accidents that have affected financial market all over the world. Many explanations based on fundamentals have been given essentially by Balke and Wohar (2001), Carlson and Sargent (1997), Heaton and Lucas (2000), Kopcke (1997), McGrattan and Prescott (2000). Contrarily, other authors like Binswanger (1999, 2000, 2004) and Shiller (2000), think that the stock price fluctuations can n ot be explained by fundamentals but they are the consequence of exogenous speculative bubbles or an irrational exuberance. Binswanger (2000, 2004) studied the role of real activities in speculative accidents explanation in the case of American market. He found no evidence that real economy would explain these disorders. This finding opposed to the classic learning of the actualized future cash flow approach considered by Fama (1990) as a reflection of the real economy à ¢Ã¢â€š ¬Ã¢â‚¬Å" lead Binswanger (2000, 2004) to explain this disconnection by the existence of speculative bubbles or fads. Moreover, in order to determine if recent fluctuations exhibited by stock prices are governed by fundamentals, we must, according to Binswanger (2000, 2004) approach, analyze whether stock prices carry on significant information about real economy growth rate. According to the future cash flow (dividend) actualization model, stock market prices must reflect investors anticipations abo ut future real economic activities. Consequently, fundamental value of a stock price will be equal to the actual value of future cash flows or dividends, witch are supposed to be generated by the firms real economic activity. Therefore, future cash flows must reflect real economic activity apprehended according to Morck, Shleifer and Vishny (1990) and Shapiro (1988) by industrial production or GDP. These aggregates are considered by Choi, hauser and Kopecky (1999) as proxies of firms earnings or profits. However, we note that all over the world, major transactions are motivated by speculative intentions independently from fundamentals. This makes us think, ÃÆ'   priori, that there is a disconnection between real and financial spheres. The purpose of this paper is to give and explanation to this disconnection between economic and financial spheres and to detect a possible equilibrium relation between stock market returns and real economic activity growth apprehended by the G DP. In these conditions, this study will be organized as follows: second section explore the literature studying relationship between real and financial spheres. Section three presents our empirical methodology. Section four comments the results. Section five concludes. Literature review Several studies tried to find whether recent stock price fluctuation could be conducted by fundamentals. A first approach analyses the relationship between financial assets returns and economic growth level such as Binswangers (2000). By reference to the Discounted Cash Flow approach, stock prices must reflect investors anticipations of the future economic growth level. Indeed, the fundamental value of a stock market must be equal to the future anticipated actualized dividends. These payments can so reflect the real growth level. Morck, Shleifer, Vishny (1990), Shapiro (1988) maintain that financial assets returns can be used as proxies for firms earnings and so for economic growth. Binswangers findings confirmed the strong classical relationship between financial assets returns and their consequences on the real economic growth level. Such relationship was often rejected in the eighties, where all estimations failed to find significant evidences. This failure was concomi tant to the submerging of speculative bubbles all over financial markets and stimulated the non fundamental approach. Choi and al. (1999) have studied this relationship in the case of the G-7 countries during the period 1957-1996. They have found a significant relationship between financial assets returns and economic level growth for all countries except Italy. However, this relationship was not the same in all the countries, especially in the case of the USA, where it was less significant compared to the rest of G-7 countries. This can be explained by the size of this economy significantly greater than the others. Then, because firms of those countries deal partially or totally abroad. Hence, investors do not include their national macroeconomic variables in their anticipations. For all these reasons, it seems that it is difficult to confirm this relationship in these countries. It would be more difficult to confirm it in the case of emerging economies. After the Second W orld War, the United States has experienced two periods of strong growth in their stock market. The first period lasted from 1949 until the first half of the 60s, and coincided with a period of strong economic growth. At that time, economic research had no problem to demonstrate the relationship between economic and financial spheres, using asset pricing standard models, under which financial asset prices are determined through market fundamentals. However, the second growth period began in the 80s and demonstrated how it became difficult to verify that asset prices could still be determined by fundamentals. If asset prices are determined by fundamentals, it will be possible to predict future economic activity. For example, Shapiro (1988) considers that the fundamental value of the in a company share will equal the present value of expected future dividends, which is simply a reflection of economic activity anticipated evolution, measured by GDP. Therefore, financial assets price s can be used to estimate the economic activity growth. Since then, several studies have been engaged, to examine this relationship, such as Barro (1990), Chen (1991), Fama (1990), Lee (1992), Schwert (1990 )à ¢Ã¢â€š ¬Ã‚ ¦they have concluded that much annual and quarterly stock returns fluctuations can be explained by the future estimations of real economic activity in the United States. Peiro (1996) confirmed these results in several industrialized economies, using changes in asset prices instead of yields. Furthermore, Domian and Louton (1997) have demonstrated the existence of an asymmetry in the predictability of economic growth through the stock returns. According to these authors, a negative stock return is followed by a decrease on a greater extent in the economic activity growth rate. In contrast, a low increase in the economic activity growth rate induces a positive change but in a greater extent of stock returns. These conclusions were also supported by Estrella and Mi shkin (1996), who concluded that variations in stock returns are more effective in predicting recession economic cycles, including a horizon of three quarters of the year. However, as Fama (1990) pointed, real activity change is not the only source of stock returns one. Indeed, there are three sources for this change: first, the market reaction to any anticipated cash flow based on GDP growth rate or industrial production (which is used as a proxy). Then, market reaction related to changes in the actualization rate, used to estimate the cah flow. Finally, the anticipated change in yields due to the change in time of the actualization rate. Indeed, Chen (1991), Fama (1990) consider that variations in expected returns are assumed to be estimated on the basis of variables such as dividend or interest rates spread. Furthermore, Binswanger (2004) tested whether the classical relationship between the real and the financial sphere remains valid for a time horizon greater than the per iod of two years, which has been highlighted by previous research, especially during the period of recession that characterized the late 20th century. Indeed, all studies have focused on clearly distinct periods (1954-1986 Chen, Fama 1953-1987, 1947-1987 and Lee Schwert: 1889-1988). So, Binswanger (2004) chose a study period that ranges from 1953 to 1997. The author has confirmed the findings of Fama (1990) to the United States, noting that much of the variation in asset returns can be explained by the future value of anticipated or actual economic activity growth. Methodology  : With reference to Binswanger studies (2000, 2004) for the G7 countries, the analysis of the relationship between the real and the financial spheres can be done through the study of the relationship between the dividend yield rate and the real economic activity growth rate. In our test, we will initially study cointegration between dividend yield rate and real economic activity growth rate (GDP), then we will use the Vector Error Correction Model (VECM) to identify short and long run dynamics between the studied variables. The disconnection between real and financial spheres has been confirmed in the American and G7 countries with Binswangers study. Consequently, our analysis will be limited to the Tunisian context as an emerging country case. The retained variables in our empirical analysis expressed in natural logarithm are the real stock returns rate (stock market index returns) and GDP growth rate (real economic sphere indicator), on an annual basis. The study period runs from 1969 until the year 2008. [Insert Table 1 here] The logarithm of price has a mean of 3.41 and a standard deviation of 0.46 with a fluctuation between a maximum of 4.21 and a minimum of 2.65. The GDP logarithm shows an average of 8.94 and a standard deviation of 1.24. The coefficient of symmetry (Skewness) and of flatness (kurtosis) are different from those of a normal distribution. The Jarque-Bera statistic cannot reject the hypothesis of a normal distribution for both series. Highlighting the disconnection between the real and the financial sphere 4.1 Cointegration test  : Before applying the cointegration test, it is wise to test first, the stationarity of the series. Our results based on the Phillips-Perron test, note the existence of a unit root in the series. So we deduce that both series are integrated of order one I (1) or stationary in first difference. [Insert Table 2 here] We conclude that the logarithm of prices is not stationary in level but stationary in first difference. [Insert Table 3 here] The GDP logarithm is not stationary in level but stationary in first difference. The cointegrating regression residue is not stationary at 5% level. Indeed, the t-Statitic for Phillips-Perron tests is equal to -1.688. The critical value, tabulated by MacKinnon (1991), is -3.3377 at the 5% level. Therefore, since the computed value exceeds the critical one (-1.688759 -3.3377), the null hypothesis of a cointegrating relationship is rejected at the 5% significance level, so the GDP logarithm and log price s are not Engle and Granger (1987)s cointegrated. The GDP logarithm, as the variable representing real economic activity, is not stationary in levels but stationary in first difference. Therefore, we can assume that the GDP logarithm is integrated of order one, that we note I (1). The real price logarithm is not stationary in level but stationary in first difference. Therefore, it is integrated of order one I (1). The presence of unit root in log prices and real GDP is consistent with results obtained by Binswanger (2000, 2004a) in his studies on the most industrialized countries of G7. The cointegration test between the two variables studied can be conducted either by the Johansen approach (1992, 1995), or through the two-stage test of Engle and Granger (1987). As part of our analysis, we apply the two cointegration tests of Johansen (1992, 1995) (Choi et al (1999), Kwon and Shin (1999) and Rapache (2001)) and Engle and Granger (1987) ( Cheung and Ng (1998) and Jafari and Strauss (2000)). The cointegration test under the Johansen (1992, 1995) uses a vector specification error correction introducing k lags as follows:    (1) Where, a vector of order (2 ÃÆ'— 1) variables integrated of order one. The cointegration test in two stages test is based on estimating the following regression: (2) (3) Where, and   Ãƒâ€šÃ‚  respectively denote the logarithm of real activity and of the stock prices; k is the number of lags included in the model;   and are error terms. [Insert Table 3 here] In the sense of Engle and Granger (1987), cointegration regression residuals are not stationary at the 5% significance level, but stationary at 10%. Therefore, the log GDP and the log prices are not cointegrated in the sense of Engle and Granger (1987) at 5%. To further refine our findings, it is convenient to refer to cointegration test in the sense of Johansen (1992, 1995); results are reported in the following table: [Insert Table 4 here] The trace test indicates the existence of one cointegration relationships between the logarithm of GDP and of prices. For a better understanding of the dynamics of short and long term variables studied, it is appropriate to apply the technique of error correction. These results demonstrate the disconnection between the sustainable real economy and the financial sphere in the short run, but in the long run, there is a balance between the real and the financial sphere. To further refine the econometric analysis between the real and the financial sphere, we apply a test that uses Vector Error Correction Model. 4.2. The Vector Error Correction Model: Initially introduced by Sargan (1964) and extended by Davidson et al (1978), the Vector Error Correction Model (VECM) allows modeling adjustments that lead to a long-run equilibrium situation. The VECM has cointegration relations built into the specification, so that it restricts the long-run behavior of t he endogenous variables to converge to their cointegrating relationships while allowing short-run adjustment dynamics. The cointegration term is known as the error correction term, since the deviation from long-run equilibrium is corrected gradually through series of partial short-run adjustments. It consists on a dynamic model that incorporates simultaneously short and long term dynamics. More formally, for two cointegrated variables, Vector Error Correction Model (VECM) is presented as follows: (5) (6) Where: and , are two white noises; , designs the cointegration relation residue between X and Y. The coefficients represent the retraction force to long term target, given by the cointegration relationship. We must have for i= 1 and 2 and , otherwise there will be no mean reversion to equilibrium behavior. Given the two relations (5) and (6), the Vector Error Correction Model allows to integrate the short-term dynamics (represented by the variables in first differe nce) and the long-term dynamics (represented by the cointegration relationship residue). The application of Vector Error Correction Model to our variables leads to the following results: [Insert Table 5 here] The table shows the results of the Vector Error Correction Model. The number of time lags is determined using the Akaike Information Criterion (AIC). Thus, the lags are chosen such as to minimize AIC. The coefficients of retraction force to the long-term target in relations (5) and (6) are all under zero (-0.039530 and -0.023288). In addition, the absolute values sum of coefficients (0.023288 +0.039530) equals 0.062818. According to these results, there is a mean reversion to equilibrium behavior. A long-term imbalance between the real and the financial sphere are balanced so that both series have similar trends. Conclusion Our results confirm the existence of disconnection, at least in the short run, between the real and financial spheres. The two series (log (prices) and log (GDP)) are not stationary but cointegrated. The Vector Error Correction Model indicates that there is a strong reversion to the long-run target: in short run, the financial sphere is not supported by real basis. So we can argue the disconnection between the two spheres. Such disconnection leads us to conclude that Tunisian stock market is not efficient and that stock prices do not depend on economic fundamentals, but they are the consequence of a speculative investors behavior. This conclusion corroborates that reported by Binswanger (2000, 2004a) in his studies on the United States and other most industrialized countries of the G7 group. It should be noted that this disconnection found between the real and the financial spheres, is the main argument which encouraged the emergence of speculative bubbles theory (Blanchard and Wat son (1982) Fung (1999a, 1999b), Norden and Schaller (2002), Evans (1991) and Fukuta (1998)). These results lead us to wonder whether such a disconnection could indicate the existence of a speculative bubble in the Tunisian stock exchange market and so whether this bubble is rational or irrational. After the recent economic and financial crisis of October 2008, the question of the inadequacy between real and financial spheres has more and more interested researchers to find explanation of the crisis and to prevent a future occurrence of it. Moreover, the regulation theory has submerged in order to avoid excessive risk-taking and to reduce this disconnection between the two spheres. We suggest to pay more attention to these subjects and to drive reflections around this interesting and crucial purpose that is the imbalance between finance and real activities.

The Qualities Of My Own Professionalism - 886 Words

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Psychology Argumentative Essay Paper Example For Students

Psychology Argumentative Essay Paper As described, there are 10 different perspectives of early psychology. These perspectives are: Structuralism, functionalism, Gestalt psychology, Behavioral, psychodynamic, humanistic, physiological, evolutionary, cognitive, and cultural and diversity. I will only be looking at three of these perspectives still in common use today here is a summary of each. The behavioral perspective focuses on the observable behaviors; thus it does not speculate about mental processes such as thinking. (Davis and Palladino, 2005).Unlike the other approaches, the behavioral perspective accentuates how it is important to learn and understand and doesnt focus on coconscious. B. F. Skinner, a well known psychologist, was a strong advocate of this thinking. He has since been called the greatest contemporary psychologist (Fowler, 1990). Skinner basically took an easy angle on his methods. Behavior changes as a result of consequences (Bjork, D. W., 1997). When it comes down to it, Skinner teaches basic skills. When applying this type of psychology to young children you will see immediate results and these can be long standing results. However, in young children, this method will not give the parent ay idea of the motivations or thoughts behind that bad behavior. Only reinforcing the correct behaviors will do nothing to help parents or teachers better understa nd the feelings of the child or the internal factors that have contributed to this behavior. Behaviorism works well in conjunction with the other theories below to help parents and teachers gain a more complete understanding of not only their childrens behaviors but why they choose to behave in a certain way. The humanistic perspective emphasizes free will and an individuals control of their own behavior. (Davis and Palladino, 2005).This was more of a human approach to psychology which was to look at and study humans by the choices they make. Laboratory specimens can not possibly equate to what a human can achieve deeming any laboratory experiment illogical. Instead of developing principals about their theories, they concluded that each individual is their own being. Humanistic psychologists believe in the inherent good nature of all people. The humanistic approach to psychology offers parents and teachers many ways to be non-judgmental when approaching children about incorrect or b ad behaviors. Educators and parents need to be very careful, in my opinion, when using only this approach with their children. Humanists will not label any behavior as bad or wrong but instead they will focus on the individuals right to choose what they will do or what decision they make on their own. In schools today I believe we place to much emphasis on making the child feel they have done well no matter the level of work they have produced or the actions they have chosen to take. The humanistic approach can work well when trying to improve a childs self-esteem or cure shyness but, when a child is not told they are doing something wrong how will they then learn what is considered right and wrong in society? Weve got youngsters here now who . . . are under the authority of the school and are being persuaded that there is a better way, and that way is to make their own decisions. Theyre being induced to make decisions about activities that the citizenry of the state have decided ar e wrong (http://www.probe.org/docs/psy-educ.html) When used in conjunction with behaviorism and cognitive psychology a child will gain a much better understanding of their place in the world as well as what is expected of them in regards to behavior. Many psychologists have accepted the cognitive perspective where the focus is on how thought occurs, memory processes, and information storage and utilization and currently conduct research in the area of cognitive processes. (Davis and Palladino, 2005) This focused more on the thinking remembering, and storing of information in the mind, unlike the behaviorists, who only focused on observational behaviors. For about a 40 year period, there was no attention being paid to this area. George Miller and Jerome Bruner established the Center for cognitive Studies at Harvard University in 1960, and Ulrich Neisser published the book Cognitive Psychology in 1967 (Davis and Palladino, 2005). .ua42d994049f0ec988a72cb1779a22c7a , .ua42d994049f0ec988a72cb1779a22c7a .postImageUrl , .ua42d994049f0ec988a72cb1779a22c7a .centered-text-area { min-height: 80px; position: relative; } .ua42d994049f0ec988a72cb1779a22c7a , .ua42d994049f0ec988a72cb1779a22c7a:hover , .ua42d994049f0ec988a72cb1779a22c7a:visited , .ua42d994049f0ec988a72cb1779a22c7a:active { border:0!important; } .ua42d994049f0ec988a72cb1779a22c7a .clearfix:after { content: ""; display: table; clear: both; } .ua42d994049f0ec988a72cb1779a22c7a { 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; } .ua42d994049f0ec988a72cb1779a22c7a:active , .ua42d994049f0ec988a72cb1779a22c7a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua42d994049f0ec988a72cb1779a22c7a .centered-text-area { width: 100%; position: relative ; } .ua42d994049f0ec988a72cb1779a22c7a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua42d994049f0ec988a72cb1779a22c7a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua42d994049f0ec988a72cb1779a22c7a .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; } .ua42d994049f0ec988a72cb1779a22c7a:hover .ctaButton { background-color: #34495E!important; } .ua42d994049f0ec988a72cb1779a22c7a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua42d994049f0ec988a72cb1779a22c7a .ua42d994049f0ec988a72cb1779a22c7a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua42d994049f0ec988a72cb1779a22c7a:after { content: ""; display: block; clear: both; } READ: Music And Violence Argumentative Essay Many educational psychologists found the behavioral approach unsatisfying and the humanistic approach to soft. Many cognitive psychologists propose that children actively construct knowledge and this construction of knowledge happens in a social context (http://copland.udel.edu/jconway/EDST666.htm)This approach to psychology offers teachers and parents several different views of how to get children to remember and apply the knowledge they have gained in any given situation. Instead of focusing on observable behaviors or feelings they can focus more on the actual thought process and use of memory in children. If we can understand how to make a child remember what he or she is doing is wrong or right then we have effectively teach them the lesson and they will apply it in the future to other situations. In conclusion, and in my own opinion, I believe all of these, as well as the other theories used in psychology are not correct or incorrect. All of the current schools of thought have s ome basis in fact and some basis in belief. If parents and educators can learn how to apply the best aspects of each theory they will be able to raise a good functional adult. In younger children I have found the use of behaviorists techniques will get real results when trying to curb bad behavior and teach the child to choose to do the right thing. When a child grows up a bit more their own internal dialogue plays more of a role in what they choose to do. Using the humanistic approach to reinforce their own decision making can teach a child to make the correct decisions and also give a more positive view of those choices no matter what they are. At any age the cognitive approach can be used to help children learn to recall information they have been taught or apply that lesson we are trying to get across. ReferencesBjork D.W. (1997) Allport: A Life in Washington D.C. American psychological associationFowler, R. D. (1990). Psychology: The core discipline. American Psychologist, 45, 1-6. Humanistic Psychology and Education. Don Closson 1991 Probe Ministries International Retrieved 4 April 2005 from http://www.probe.org/docs/psy-educ.htmlEducational Technologys Effect on Models of Instruction. Judith Conway. May, 1997 Retrieved 4 April 2005 from http://copland.udel.edu/jconway/EDST666.htmSaul Kassin, B.S., M.A., PhD, Psychology, Microsoft Encarta Online Encyclopedia 2005 Retrieved 4 April 2005 from http://encarta.msn.com Davis, Stephen F., Palladino, Joseph J. (2005) Psychology, Research and You, Psychology Chapter 1. Upper Saddle River, New Jersey: Pearson Custom Publishing

There are 3 main categories of specifically religious programmes Essay Example

There are 3 main categories of specifically religious programmes Essay There are worship programmes such as Songs of Praise, magazine programmes such as Heaven ; Earth Show including various religious chat shows and also religious documentaries such as Everyman, Heart of the Matter and Witness. A lot of these programmes are appealing to the majority of people because they concern religious issues. When TV first began, religious broadcasts were aimed at an audience that went to church regularly and accepted all traditional Christian beliefs. At that time there were very few believers in other religions. However religious broadcasting has changed and so has the target audience. Society has become more secular and so religious broadcasting is now aimed at the vaguely religious. They believe in God and that life has a purpose, but only go to church for rights of passage. There are some programmes aimed at the committed religious audience e.g. Songs of Praise, programmes at Easter and those for religious festivals e.g. Diwali, Ramadan Eid. We will write a custom essay sample on There are 3 main categories of specifically religious programmes specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on There are 3 main categories of specifically religious programmes specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on There are 3 main categories of specifically religious programmes specifically for you FOR ONLY $16.38 $13.9/page Hire Writer They cannot devote a lot of the time to programmes for the ethnic minorities who only count for 5% of the population. The BBC has to attract at least 20% of those watching T.V at any one time. This is why programmes appeal to members of the Church of England (which is the state religion) Some churches leaders feel that there are not enough religious programmes on TV. In 1998 the Archbishop of York complained that there would be no church services broadcasted on any religious Christian day. He is the chairman of the CENTRAL RELIGIOUS ADVISORY COUNSIL (CRAC) which is a multi faith body advising the BBC and ITV on their religious programmes. There is a wide range of worship on magazine programmes shown on TV. Some appear every Sunday, others at various times around the year. The most popular is Songs of Praise BBC1 Sundays at about 5:30pm. This attracts 5.7 million viewers during the God-slot time. Originally Songs of Praise showed a traditional church service with hymns and prayers. Now it has changed to make it more interesting. Hugh Faupel, the editor of the programme says, Songs of Praise is now an inspirational music programme which in 1998 was provided by people such as 911 and Lesley Garatt and Jimmy Ruffin. There are human-interest stories from ordinary people about how faith has touched their lives e.g. Christian woman who discovered her baby was handicapped and was offered an abortion but refused to take it. There are also interviews similar to those in chat shows but more related to religious faith. ITV still broadcasts an entire church service called Morning Worship which appears every Sunday at 9am. This enables people to watch a service that cannot get to a church and may appeal to the vaguely religious. BBC1 shows a magazine programme called The Heaven and Earth Show. This is presented by a couple sitting on a sofa and there is a phone in for every item to involve the audience (10am Sunday BBC1 1 hour) people can also send emails. ITV used to show a magazine type programme late on Sunday evening e.g. Saturday Night/Holy Smoke aimed at under 25s. Channel 5 has religious programmes between 8am and 9am on Sunday mornings such as various religious cartoons like Alpha Zone about the religious music scene and My Sunday which talks about famous religious people e.g. Richard Gere who is a Buddhist. The programme Heaven and Earth Show is about religious and moral issues and contains many interviews and different views. In this particular example these is an interview with Dr. Higgins who wrote a book on religious/moral issues in films such as The Matrix. The moral issue is whether fat is a sin, considering it is thought as one of the seven deadly sins. People phone in their views and then the panel discuss is. There was also a Buddhist retreat on Holy Island, west coast of Scotland where Elvis Presley also once visited. There are 30,000 trees planted and the rules are no smoking, no drinking, no stealing, no killing and no fishing. They do a lot of Tai Chi and attend the Wesak, a Buddhist festival. They are then led through current views, told by a western Buddhist. The show always has a celebrity and this time it is Michael Douglas while they looked at father and son relationships and family relationships, they also explored Douglass own religious values as well. It is presented as mainly like a religious chat show and uses married couple to present the show. I think the age group for this programme could vary depending on what is on the show. For example, with films/celebrities a lot of young people could be attracted but overall the programme is quite mature, thus it will probably attract more of the elders than youngsters. Section A: (2) Dot And Ethel Between the years 2000-2001, we followed the episodes dealing with the moral issue surrounding the death of Ethel Skinner in EastEnders a weekly soap on BBC1. The outline of the story is that Ethel and Dot Cotton had been lifelong, good friends. During Ethels final illness, Dot nursed her and looked after her. Ethel revealed that she was suffering from cancer, in particular a brain tumour. She realised that she didnt have long to live and knew that, before the end, she would most probably loose all her mental powers and would be unable to recognise friends and relatives. The thought frightened her. Ethel was taking morphine capsules/tablets to help control the pain. However, one day, Dot found Ethel hiding a bag of morphine tablets. Instead of taking her tablets regularly, Ethel had been saving them. She told Dot that she would take them all at once when the right time came. Horrified, Dot took the bag away from her and told her how wrong she thought Ethels intentions were. Dot is a Christian and a very religious person; she felt that God would punish suicide or assisted suicide. Over a period of time, Ethel repeatedly begged Dot to give her the morphine tablets and to help her, when the time came to finish her life when she wanted surrounded by friends and still with her right mind. Dot refused. After a party at The Vic, Ethel decided that she wanted to go. She had enjoyed herself, she had had a drink with her friends and now she felt she was getting physically worse. She pleaded with Dot who eventually gave in and gave her the morphine tablets. By the morning Ethel was dead. Afterwards, and particularly after the funeral, Dot became guilt ridden and Pauline Fowler and other friends could not understand why Dot and taken it so badly. Dot felt she had committed murder and deserved to be punished. She felt that God would punish her and that she would never go to heaven to be re-united with her deceased husband. In incidents and conversations that followed, we get insights into the various arguments for and against Euthanasia. Dot expressed the view that life is sacred, special to God, a gift from God what Christians have referred to as the sanctity of life. Only he has the right to take it away. She found verses in the Bible that suggested she deserved punishment from God. The EastEnders episodes on this issue did give the opportunity to hear various viewpoints on euthanasia, as expressed through the characters of the programme. Its treatment of the issue was thus fair and not one-sided. Section A: (3) Se7en. The seven deadly Sins, which are gluttony, greed, sloth, lust, pride, envy and wrath are all excesses of drives that are in balance basically good. The opposite of each sin is also a sin, which means the virtue would be somewhere in the middle. Se7en is directed by David Fincher. It was released in 1995 and stars Brad Pitt and Morgan Freeman. In Se7en, Detective Somerset, a man who lives a bachelors life in a very neat and clean apartment, meets Detective Mills, a former policeman recently made detective. They first appear mismatched, thoughtful Somerset quickly gets annoyed with Mills impulsive behaviour. In the movie, Mills makes a statement that Pride comes first, not gluttony in Dante. Indeed, here is a plan of the earthly paradise: THE EARTHLY PARADISE VII The Lustful VI The Gluttonous V The Avaricious and Prodigal IV The Slothful III The Wrathful II The Envious I The Proud THE ISLAND OF PURGATORY Pride is the sense of ones own self-respect. The balance is self-respect, appropriate regard for ones own inherent worth and dignity. In the movie, a beautiful girl was disfigured and Doe had glued one of her hands on a telephone, to the other, sleeping pills. Does name is fully John Doe; he is a deranged serial killer who believes it is his duty to punish seven sinners. This meant the beautiful girl was given a choice; either she could call for help and she would live, but she wouldnt be beautiful, or she could put an end to her misery. John Doe describes the girl as a woman, so ugly on the inside that she couldnt barely go on living if she wasnt beautiful on the outside. Greed is an inordinate desire. The opposite would lack of all desire that accompanies deep depression and withdrawal from life. The balance is the desire to accomplish, the will to do, an ambition. In Se7en, a lawyer was killed in his office and forced to cut a pound of flesh from his body. GREED was written in blood letters on the floor across the room. There was blood around the eyes of his wife on a picture, and behind a painting, the police found written in fingerprints, HELP ME. The fingerprints were Victors, who was the victim of sloth. The killer tells Mills and Somerset about this murder, you both must have been secretly thanking me for that one. This is a man who dedicated his life to making money by lying with every breath that he could muster, to keeping murders and rapists on the streets. Lust is unrestrained, intemperate, irrational, sexual desire or craving. The opposite would be catatonic unresponsiveness. In balance, lust is the longing for intimate communion, the desire for connection and closeness in mutual care and valuing. The lust victim was a whore. The killer made a man wear a blade while having sexual intercourse with her. LUST was carved on the door. To the killer, she was a, disease-spreading whore. Envy is desire and admiration turned sour. In its positive side or balance, envy becomes admiration and appreciation. John Doe envied Mills normal life, as he told him several times and Mills killed him. He had planned this as he couldnt commit suicide, it is not allowed by the Catholic Church. Gluttony is ingesting an excess of any substance, an over-indulgence, making a pig of oneself or becoming high or intoxicated. In balance gluttony is good appetite, which is essential for the affirmation and living of life. The gluttony victim was the first that was found by the police. He was an obese man who was forced to eat till death, tied to his chair with barbed wire. The word GLUTTONY was written in grease behind the refrigerator. Behind the same refrigerator was a piece of paper on which was written, long is the way and hard is that out of hell leads up to light. This is a quote from Miltons Paradise Lost. John Doe describes this man as, an obese man, a disgusting man who could barely stand up. A man, who if you saw him on the street you would point to your friends so that they could join you in mocking him. A man if you saw him while you were eating, you wouldnt be able to finish your meal. Wrath, the opposite would be apathy. In balance anger is protective, a protective device of the self to guard what one loves. Mills was wrathful at John Doe because he had killed Tracy. He shot him, and now his life is destroyed. He has no family anymore, no job either and at best he will spend the rest of his life in jail. Or he might be sentenced to the death penalty. Sloth in its original meaning is akin to despair. Sloth is to look upon the wonder of goodness of creation and turn our backs. Sloth is a rejection of the joy and goodness of life. A homosexual drug-dealer was tied to his bed and barely fed for one year. The killer took samples from his body. He took one picture every week to show his decay. SLOTH was written above his head. Actually, when they find him, he isnt dead yet, but he isnt much alive either. Rain is associated with death. As a matter of fact, it is raining most of the time in the film. In conclusion, the film is extremely symbolic, with lots of references to religion Christianity. Se7en is not about the murders of the chase, but about all that is bleak and disturbing in modern life, about moral decay, about those things that go bump in the night of the soul. Section B: Evaluation. TV always presents religious people as out of touch with the modern world. I dont think that Television necessarily presents religious people as out of touch all the time. It does in some ways but doesnt in other ways. For instance, Songs of Praise can be and probably is quite out of touch. It doesnt seem to grab interest for a wide range of audience. Instead it contains middle-aged people singing hymns but I doubt people want to watch other people singing hymns on television. Although with programmes such as Vicar of Dibley and Father Ted, they seem very much in touch. Theyre both funny comedy programmes with Vicar of Dibley starring guests such as Kylie Minogue on the programme. Although I can see how someone may think TV always presents religious people as out of touch because in some senses a lot of the programmes are. The Heaven Earth Show could be perceived as boring because some people may not want to hear about celebrities in a moral/religious light, nor would these people find the phone in discussion topics of any interest. Even with something lik e Father Ted they could say that the characters are funny because of their naivety due to lack of knowledge and touch with the modern world!