Modern Family Analysis free essay sample

Manny Manny is Gloria’s 13 year old son from her first marriage. He is very outgoing and not the least bit self-conscious. He is also very mature and intuitive for his age and is often shown doing adult like things such as having conversations about marriage and kids and drinking coffee. Jay Jay is the father of Claire and Mitchell, husband of Gloria, grandfather of Lily, Like, Alex, and Haley, and the stepfather of Manny. He is an owner of a construction firm and is wealthy. Cameron Tucker Cameron, also referred to as Cam, is Mitchell’s partner of five years, and one of Lily’s fathers, who has a very big and dramatic personality. His outgoing personality contrasts to Mitchell’s uptight manner, which causes them to have opposing character traits. Mitchell Pritchett Mitchell is Jay’s son, Claire’s younger brother, Luke, Alex and Haley’s uncle, one of Lily’s fathers and partner of five years to Cameron. We will write a custom essay sample on Modern Family Analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He is a low key and mild manner person. Claire Dunphy Claire is the daughter of Jay, Mitchell’s older sister, and the overprotective mother of the Dunphy family and their three very different children. Phil Dunphy Phil is Claire’s husband of 18 years who views himself as the â€Å"cool dad. † He constantly tries to find ways to bond with his three kids and is seen as eing juvenile attitude and is often referred to by Claire as â€Å"the kid† she is married to. Haley Dunphy Haley is the daughter of Claire and Phil who is portrayed as a stereotypical teenager. Haley is depicted as being a bit of a bimbo, who focuses more on social status than her studies. Alex Dunphy Alex is the daughter of Claire and Phil who is also the most clever and intellectual of their three children. She is the middle of the three children and enjoys messing with both her older sister and younger brother equally who are not quite as intelligent as she is and are easy to fool. Luke D unphy Luke is the youngest son of Phil and Claire. He is rambunctious and is often doing his own thing. He can be a trouble maker but he is very innocent and does not always understand the repercussions of his actions. Episodes: Episode 60 Send out the Clowns In this episode Cameron’s clown mentor dies and he must attend his funeral where he meets up with his former clown partner Lewis. The two were huge hits with kid’s parties until Cameron disbanded the team. Lewis is still unhappy with Cameron for disbanding the team. When Phil scores the biggest listing of his life things get heated between him and Mitzi Roth who tries to steal clients from good natured realtors. In an effort to expose Mitzi for what she truly is, Phil borrows Luke’s spy pen and records a conversation of Mitzi confessing to all of her dirty underhanded ways after which she gives him a friendly hug where she tries to swipe the pen from him. Later, Luke runs into Mitzi at the supermarket where he tells her how worried his dad is about money. All part of a purely genius plan to play on her deeply buried sensitive side to get her to give Phil the dream listing back. Griffin who is one of the cool kids in school comes over to hang with Manny. Griffin is only interested in Gloria and has a little crush on her. He invites everyone over to his place for a pool party. Manny discovers this when he overhears Jay and Gloria chatting, but it’s okay because Manny is only using Griffin to get close to the kid’s cute sister, so now he doesn’t feel as bad about it. Episode 65 Leap Day In this episode the Dunphy family plans on spending leap day flying high on a trapeze. But a full day of family fun is threatened when the guys realize that Claire, Haley and Alex are all having that time of the month. The guys conspire to ditch the girls so they can trapeze in peace, when the plan backfires Manny decides to head home but Phil has other plans. He wants Luke to pour fake blood on his finger so they can make a fake trip to the doctor’s office. At a sports bar Gloria gets into a shouting match where Jay must step in to calm the two down. Later, Jay gets the feeling that Gloria wanted him to fight the other guy for her but Gloria then realizes how lucky she is to be married to a calm man. Cameron is 10 years old this year, having been born on leap day. Mitchell decides to put together a Wizard of Oz party his husband in celebration of his birthday. He plans to have all of the characters at the party until he remembers that a twister recently devastated Cameron’s family. Cameron discovers that Mitchell threw this party together last minute when the captain of the boat informs them that there is not enough room to accommodate the entire party. To prove that he is still a tough guy Jay wants to fight the boat captain, Cameron is trying to overcome major leap day disappointment and Phil would rather take the place of a dead whale instead of dealing with highly emotional girls. Episode 66 Egg Drop In this episode of Modern Family Luke and Manny must design something that can protect an egg from a drop from one story. Later, Claire and Jay learn what Luke and Manny did, tricking them into doing their projects for them where it leads to a heart to heart where Jay reveals that he is proud of Claire for never giving up. Mitchell and Cameron are on the lookout for their next birthmother. When Mitchell leaves to prepare some sparkling cider, Cameron decides to perform another song to prove that he is not pitchy. The song he picks is â€Å"If you Leave me Now†, which makes Lindsay emotional and decides to keep her baby. Cameron things that it is his voice that cost them the child, but Mitchell is positive that it was the Baby, please don’t go lyric that convinced her o keep the baby. Phil starts at his new real estate agency and wants to start out by giving a stellar seminar for first-time homebuyers where he will talk about the five keys to investing wisely. Gloria will be in the audience prepared to ask a question that will lead him to his sixth key and then have Haley fire a confetti ca nnon. Gloria and Haley decide to use some down time to go to the beauty salon where their car gets towed and results in Phil doing the entire presentation solo. Gloria wants Phil to yell at her because she believes that you know you are loved when your family feels free to scream at you. Analysis: In â€Å"Modern Family† the main relationship type that occurs is family, which is a â€Å"relationship characterized by defined roles, recognition of mutual responsibilities, a shared history and future, and shared living space† (DeVito, 2011, p. 91). The majority of the main characters in the sitcom are either related to one another or very close friends. The next main relationship type that occurs in the sitcom is friendship which â€Å"is an interpersonal relationship between two people that is mutually productive and characterized by mutual positive regard† (DeVito, 2011, p. 4). The majority of the friendships are reciprocal in nature which is defined as â€Å"the ideal type, characterized by loyalty, self-sacrifice, mutual affection and generosity† (DeVito, 2011, p. 85). Friendship is an obvious part of the sitcom because of the way that Phil tries to interact with his kids trying to be the cool dad and in some situations such as Manny and Luke’s friendship where they tend to be using each other for a benefit which can be defined as a receptive which is â€Å"an imbalance in giving and receiving† (DeVito, 2011, p. 5). With every friendship and family type relationships there is also interpersonal conflict. Interpersonal conflict can be defined as â€Å"an expressed struggle between at least two interdependent people who perceive incompatible goals, scarce resources, or interference in the achievement of their goals† (Beebe, Bebee, Redmond, 2011, p. 130). When Phil and Mitzi go through their struggle over the â€Å"listing of a lifetime† is one example of how this type of interpersonal conflict is included in the sitcom. Throughout the sitcom there is also a strong presence of the relationships rules theory which is â€Å"the general assumption of rules theory is that relationships – friendship and love, in particular – are held together by adherence to certain rules† (DeVito, 2011, p. 102). The different relationships that occur throughout the episodes show that if the unspoken rules of the different relationships are broken that â€Å"the relationship may deteriorate and even dissolve† (DeVito, 2011, p. 02). One example would be the unspoken rules between the relationship of Cam and Mitchell. Their relationship can be defined as a domestic partnership because they are not a traditional family which is defined as â€Å"a family of a husband, a wife, and one or more children (DeVito, 2011, p. 92). They have been together for five years and have followed the rules throughout the five years in order to live together peacefully in a fulfilling relationship with each other.

The role of developing banks in Hungary during the beginning of transition

The role of developing banks in Hungary during the beginning of transition Introduction Hungary was a centralized economy during and before early the 1980’s. The economy was highly controlled by the government including sectors within the economy. The Hungarian banking sector was under the control of the government with no private banks in operation during this time.Advertising We will write a custom essay sample on The role of developing banks in Hungary during the beginning of transition specifically for you for only $16.05 $11/page Learn More The country was operating under a mono-bank. The bank was later divided based on specialization with introduction a two-tier banking system. This led to the establishment of three banks that were owned by the state. In 1987, Hungary initiated the transition process of converting its economy from being centralized to become market-oriented economy.[1] This transition led to the changing of Hungarian banking sector from centralized banking system to a market-oriented system through pri vatization. Creating an open competitive market for foreign banks to invest was one of the government roles in developing banks in Hungary. During this time of transition, the economy of Hungary was performing poorly and was nearly collapsing. The state-owned banks during the beginning of transition were faced with the problem of non- performing debts, bad debtors, as well as bad investments. The financial sector, which highly incorporates banking, had thus a great role to play in this transition process. In the late 1980s, Hungary was faced within the problem of bad debts, massive under-capitalization as well as high concentration.[2] The main reason of developing banks in Hungary through use of market-oriented system was to establish a stable banking system. The government had to solve the existing problems in the banking system before introducing new reforms. This paper discusses the process of consolidating state-owned banks and then privatizing them. The paper also looks into t he role of developing banks in Hungary during the beginning of transition. The transition of banking to a new system In the late 1940s, the Hungarian banking system was established with formation of the national bank known as National Bank of Hungary (NBH). NBH was established as a monopoly. It was the only bank dealing with money circulation and credit activities within Hungarian economy. The government further established a centralized banking system with the introduction of specialized banks. For example, the NBH only dealt with allocating credit to enterprises, the National Savings Bank (NSB) only dealt with colleting deposits from savers, and Hungarian Foreign Trade Bank was only involved with foreign trade transactions. All these banks were owned by the state that made them monopolies in their respective areas of specialization.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In the late 1980s, the Hungarian economy was performing poorly. The government initiated the process of transition from use of centralized economy to introduction market oriented economy.[3] The market-oriented economy meant that foreign investors would invest in Hungary. This made the government permit some foreign banks to invest in Hungary. During this time, these foreign banks faced competition from the state owned banks in foreign exchange and trade transactions.[4] The banking system became more decentralized with introduction of the two-tier banking system. This system led to NBH becoming the central bank while its commercial functions were delegated to three new commercial banks, which were introduced in the country. The government went further to allowing introduction of new specialized banks, which had very narrow functions. These reforms greatly influenced the post-socialist government to create way for more reforms in the banking sector. In early 1990s, the new democra tic government formed new reforms for the banks. The banks were expected to meet a certain percentage of capital adequacy ratios. Banks were also expected to provide reserves against their bad loans. This issue on bad loans made the banks to suffer huge losses. This is because several major banks had huge negative equity percentage of loans that were considered doubtful loans. These banks suffered huge losses, as the existing accounting laws at this time did not require provision for doubtful loans. These structural reform initiatives led to a significant drop of the country’s GDP. This drop in GDP led to heavy losses among state-owned enterprises, which made them unable to service their debts to banks. With these losses, the government had to resolve the issue on bad debts. This led to the instruction of loan consolidation program in 1993. This program enabled banks to exchange their bad debts for government bonds called consolidation bonds. These bonds had a coupon equal to 90-day treasury bills.[5] Although this program removed bad debts from banks, it did not create new capital in the banking sector. The government then went further to recapitalizing its state-owned banks to attain the minimum requirement of 8 percent. In the mid 1990s, there was a significant progress in establishing a market-oriented banking system. The government still discouraged foreign banks with its preference of keeping a golden share of the venture. To achieve transition in the banking sector the government started negotiations with foreign banks in offering them flexible terms and conditions of bank privatization.Advertising We will write a custom essay sample on The role of developing banks in Hungary during the beginning of transition specifically for you for only $16.05 $11/page Learn More Privatization of large state-owned banks involved two important stages. The first stage of privatization took place in parts with blocks of shares being offe red to different foreign investors at different times. This was a significant step for foreign investors whose initial cost and risk of investments was reduced strategically. Although the government offered block of shares to the foreign investors it still held 20-to-25 percent ownership of these banks. The government instead allowed the foreign partners to take full control on management of these banks.[6] In the second stage of privatization, the government negotiated with foreign investors. The government came into contract with foreign investors on terms of privatization. These contracts allowed subsequent price adjustments in the purchase price, according to profits to be made by the bank in future. The contract also provided for acquisitions of share from the government or any other non-private partners. This method of liberal privatization faced criticism politically even if others supported the idea as it meant a strong efficient banking sector foundation. The role of debt c learance In developing banks in Hungary, the government wanted to deal with the problem of bad debts, which had even led to collapse of many firms. This had contributed greatly to the poor economy and high rates of unemployment. In trying to overcome this problem on debts, the government had to allow for entry of foreign banks into Hungary. The government had to restructure the banking system by developing banks to deal with issue on debts as some state-owned banks had even lost their capital. The government had to deal with the issue of debts and debtors in the banking system through bank consolidation. The government wanted to develop banks with no bad loans to pave way for privatization and avoid the problem of bad debts again. In the initial stages of bank consolidation, the government had to do portfolio cleaning. Here the government gave bonds in exchange for bad debts to those banks with a capital adequacy ratio (CAR) of less than 7percent. The government then sold a part of the non-performing loans bought as bonds at a discount to the Hungarian Development Bank (HDB). Although the government left the other part of bad loans with the banks it gave them a fee of 2 percent to encourage them work out bad loans.[7]Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This measure of government exchanging bad debts with bonds solved the problem on debts partially. This is because the government did not include neither doubtful nor substandard loans. The government also failed to solve the problem of banks’ bad investments and contingent liabilities. In 1993, the bad debts were still increasing and the government had to carry out recapitalization but this time including bad investments and contingent liabilities of the banks. The government here purchased newly issued shares by the recapitalized banks through use of bonds. This increased the government ownership in the banking sector. The government then recapitalized banks by extending subordinated loans to banks. This form of recapitalization prevented increasing government ownership. The government then left the banks to solve issue on other debtors as it had more information regarding them. The objective here was to try to separate banks with more debtors from those with few. This paved way for privatization process. The government also introduced consolidation program aimed at putting banks on track. This program required banks to improve their management, internal control and come up with modernized operations. These measures enabled the government to develop banks and solve the issue of debts in the beginning of transition.[8] Role of privatization The government had controlled the banking system before transition process began in Hungary. The government had to develop banks to enable their privatization as it had being unable to run them. This is because at the time of transition Hungarian banks were facing large bad debts, and were poorly managed. The government had thus to introduce a market-oriented banking system to enhance economic growth. Therefore, another role of developing banks in Hungary during the beginning of transition was to encourage their privatization.[9] The government also encouraged privatization of banks through introduction of liberal li censing policy. This policy encouraged many foreign banks to set up subsidiaries in Hungary. This led to a decrease of government ownership in the banking sector with about 20 percent. This enhanced competition which encouraged better management skills, and provision of services in the banking sector. This left the government with the ownership of just one large commercial bank. The banks from European Union invested in Hungary contributing to the 70 percent of foreign ownership in the country. Privatization of banks in Hungary has played a great role in its economic growth. This is shown by the stabilization of Hungarian banking system that is evident as shown by the current high level of CAR. The percentage of bad debts has also decreased significantly to a very low percentage of about 3 percent.[10] The increased investment of foreign banks in Hungary has also encouraged direct investment in other sectors with banks from home countries operating in Hungary.[11] Role of bank regul ation and supervision The centralized banking system applied by Hungarian government before beginning of transition prevented better regulatory measures to apply. The government was unable to impose measures, which would regulate banking system efficiently as it was the one still controlling them. Therefore, another role of developing banks in Hungary during the beginning of transition was to establish a regulatory structure. The government had experienced high rate of non-performing debts before transition began. These debts had led to high instability in the banking system leading to a deteriorating economy. The government had thus to develop banks to as to introduce measures to regulate and supervise the banking system. These regulations in the banking sector help to control the stability of an economy. Hungary with the aid of EU has improved its regulation and supervision in the banking sector.[12] The government established a group-based supervision as opposed to the institutio n-based mode of supervision applied earlier. The group-based supervision was to be introduced through formation of a single agency to supervise all banks. Management role The government of Hungary had experience and significant increase of the non-performing debts during the late 1980s. This was due to the poor performance of the state-owned banks during this period. These banks allocated loans on basis of political influence rather than based on profitability that had contributed to the large amount of bad debts.[13] This was partially the contribution of poor management and unskilled staff in the banks. Another role of developing banks in Hungary during the beginning of transition was to improve their management and human capital. Privatization process of state-owned banks was also aimed at improving their management. In the first face of privatization though the government only allowed a given percentage of ownership to foreign investors, it left management role to them. This is because these banks were characterized with poor operations management structure that incorporates many undisguised employees. The government also introduced measures through ministry of finance to supervise these banks on basis of management. These measures led to the decrease on non-performing loans, which were now allocated on basis of profitability. Conclusion Hungary transition from a centralized economy to a market-oriented economy started in late 1980s. The government had to change the banking system from a centralized banking system to a market-oriented system. The government had to allow foreign banks to invest in Hungary. Before foreign banks were allowed to invest in Hungary, the government had to solve the problems, which existed within the state-owned banks. The role of developing banks was thus to pave way for more reforms in the banking sector which would lead to a stable banking system. One role of developing banks in the beginning of transition was first to consolid ate them. The government had to deal with the issue existing bad debts and bad debtors that had even led to the closure of some banks due to lack of capital. The government had to introduce use of bonds to buy these bad debts and those debts debtors were owing to banks. The government went further to recapitalizing the banks including their bad investments and liabilities. This was followed by privatization of these banks to be owned by other foreign banks. The government did this by first selling partial ownership before realizing full ownership in mid 1990s. The government then introduced a single group-based supervision agency to supervise all banks on standards of management, performance and services offered. This has led to improved banks management, and reduced non-performing loans within the banking sector. Through these developments of banks, the government of Hungary has been able to establish a stable banking system. References Barta, G. (2005). Hungarian spaces and places : patterns of transition. Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L. (2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer. Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund. Hajdu, Z. (1999). Regional processes and spatial structures in Hungary in the 1990’s Hungary. Centre for Regional Studies. Horvath, J. (2006). International currency arrangements and policies. New York, NY: Nova Publishers. Footnotes Barta, G. (2005). Hungarian spaces and places: patterns of transition. Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L.(2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer. Hajdu, Z. (1999). Regional processes and spatial structures in Hungary in the 1990’s Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L.(2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer Hajdu, Z. (1999). Regional processes and spatial structures in Hungary in the 1990’s Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L. (2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer Barta, G. (2005). Hungarian spaces and places: patterns of transition. Hungary. Centre for Regional Studies. Horvath, J. (2006). International currency arrangements and policies. New York, NY: Nova Publishers. Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund Barta, G. (2005). Hungarian spaces and places: patterns of transition. Hungary. Centre for Regional Studies. Horv ath, J. (2006). International currency arrangements and policies. New York, NY: Nova Publishers. Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund