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Russian cultures and traditions
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Topic: Russian cultures and traditions
Russia is a federal semi- presidential republic that lies on the northern side of the Eurasian continent. It s the largest country in the world, formed by the East Slavs in the 3rd and 8th centuries. Russian Soviet Federative Socialist Republic became the largest constituent of the Soviet Union.
The perception of home by Russian culture…
Russians view their homes in spiritual aspect; they have the perception and respect for their homes as a spiritual dwelling and are sacred. According to their culture a home should not be built in regions close to cemeteries, where tragic events have occurred or marshy places. They have good or bad places for building their homes hence they just do not build any where they must first follow the spiritual aspect about it. This is evident in some of the decorations and objects in their homes; tables are a symbol of prosperity in the house, should be covered by a white cloth and people should not eat on uncovered table. They consider home as a place to relax and have bonding time with the family.(Singleton, 88)
Effects of Western culture on Russians…
After the post-war period in the Soviet Union isolation of the youth, lead to no infiltration of the western way of living in Russia; consequently western youth culture and their lifestyle rarely infiltrated the soviet nation. Under Khrushchev’s rule though, things began to change the western ways slowly dissolved in the Russian youth. Over the past half century the Russian youth have changed and have little in common as compared to the past. The youth started imitating the western culture which lead gradually to the diminishing of Russian culture. The ‘normals’ (soviets who had not embraced westernization) used their leisure time the soviet way but the ones who had already embraced the western way combined both leisure activities and studying which was not the trend before. The type of music too changed and suggested more of the western way than the soviet way; Russians viewed music as an element of the soul while the west viewed it as an element of the body, leading to a difference in the kind of music produced in the country (Pilkington, 7).
Russians and religion…
Russia has been a Christian community from the past. Most of the population are of Christian religion. There are two theories to the origin of Christianity in Russia one theory suggests that Russia started as a catholic community another describes them as an Orthodox community. From the time of Peter the great to Alexander there has been conflict between the catholic community and the Orthodox institution, through protest and demonstrations organised by the Orthodox brotherhood. This institution and form of religion has dominated most of Russia and has hindered most of other Christian forms and other religions from establishing themselves (Fagan, 3).
The influence of Dostoevsky on Russian culture…
He was supportive of the Russian legacy in Europe and always wanted Russia to maintain that aspect. He was very interested in the European literature, and as a child he would dream of himself travelling to countries like Italy and Switzerland. He promoted the importance of Europe to Russia and the other way round and encouraged people to ignore the western culture. He is quoted saying “do you not know how dear this land is to us and the tribes that constitute it?” he was a patriot to Russia even after his years in prison he still sent messages for people to love and take their mother country seriously and proudly. He influenced people to follow and preserve their cultural heritage (Rzhevsky, 131). He found the Russians more noble and above other people in European community. He foresaw a bad end in the west and warned Russia to stay away from the west to prevent it from falling as the rest of the nations did. He supported the knowledge of all cultures though even though he still wanted people to live the Russian way; through knowledge about other European cultures he believed that Russia would be the saviour of Europe. He influenced people to maintain their families and the relationship and customs in the family set up in Russia.
Stereotypes about Russians in media…
After the fall of the Soviet Union as others may still see Russia as a strong nation, western nation, U.S.A does not see it that way. And they have lost interest in the country. But as result they do not have an idea of the political, social and cultural development going on in the country. Some of the stereotypic information being passed on about Russia are; Putin is a former KGB member who is suppressing opposition and accumulating power, that Russian media is not free and is under state control, that Russians live under Putin’s tyranny, brutality and human right violation still are found in Chechnya. That Kremlin supports Hamas and Iran (Barfoot, 67).
This is the history religious and political status and origin of Russia. Russians are people that respect and love their country and still have the hope to keep it their strength and maintain their culture.
Cited work;
Fagan, Geraldine. Believing in Russia – Religious Policy After Communism. Hoboken: Taylor and Francis, 2012. Print.
Pilkington, Harry. Looking West?: cultural globalization and Russian youth cultures. University Park: Pennsylvania State University Press, 2002. Print.
Rzhevsky, Nicholas. An anthology of Russian literature from earliest writings to modern fiction: introduction to a culture. Armonk, N.Y.: M.E. Sharpe, 2005. Print.
Singleton, Amy C.. Noplace like home the literary artist and Russia’s search for cultural identity. Albany, NY: State
Barfoot, C. C.. Beyond Pug’s tour: national and ethnic stereotyping in theory and literary practice. Amsterdam: Rodopi, 1997. Print
Credit risk what we know, what we dont know and what we should know
Credit risk: what we know, what we don’t know and what we should know
Risk is the possibility of loss or the element of uncertainty that always exists in any transaction of business in any mode, any place and at any time. The financial world has numerous risks which are referred to as enterprise risk and they can be classified broadly as follows: Credit Risk, Market Risk, Operational Risk and other risks (Altman, E.I. and Saunders, A., 1997).
Credit Risk
This is the possibility that a counter party or borrower will not meet the agreed upon obligations. More than 50% of the entire risk elements in banks and financial institutions worldwide are Credit risk alone. Managing credit risk in attaining efficient management of financial institutions has increasingly become an important task. Management of credit risk is about identifying, measuring, matching mitigations, monitoring and controlling of the exposures of credit risk (Nickell, et al 1998).
Credit risk mostly does not happen in isolation. For instance, an interest rate rise can be detrimental to the creditworthiness of the issuer of the bond hence increasing the credit risk of the financial institution holding the bonds. On the other hand a fall in the bond value increases the market risk for the financial institution.
Credit Risk Grading
Credit risk grading (CRG) refers to a pre-specified scale which reflects the credit risk which is underlying for a given level of exposure. Credit risk uses employs the use of alphabet/symbol/number which represents the risks associated with a certain credit exposure. CRG is the appropriate module for establishing a system of credit risk management.
Credit Risk Grading is a crucial element that helps in the process of credit risk management as it helps the various financial institutions in understanding the dimensions of risk that come along when dealing with credit transactions. This task of credit risk grading of lines of business, borrowers and business activities provides a better view of the credit portfolio quality of a financial institution. Credit risk grading systems are important in taking appropriate decisions at both post and pre-sanction stages (Carey, 1998).
Credit grading helps at the pre-sanction stage to sanction authority in deciding on whether to lend or not, the extent of exposure, what the lending price should be, the various facilities, appropriate credit facility and the numerous risk mitigation techniques to put a cap on the level of risk (Lopez, 1999a).
CRG can be beneficial at the post-sanction stage in helping financial institutions decide about the depths of the renewal or review, the frequency of the review, frequency of the grading and several other measures to be taken. CRG should be invoked at the start of lending and it should be updated annually. Grading of credit risk should however be reviewed in instances of adverse events. Portfolio monitoring entails that financial institutions should come up with reports concerning credit risk exposure by risk grade. Enough migration and trend analysis should be done to come up with any credit facility deterioration. Accuracy and consistency of the grading of the credit risk should be periodically examined by a function for instance an independent credit review.
Functions of Credit Risk Grading
CRG systems that are well managed promote soundness and safety in financial institutions through enhancing decision making which is informed. Credit risk is measured by grading systems which also differentiates groups and individual credits by the risks they offer. CRG allows management and examiners of financial institutions to observe trends and changes in their levels of risk. CRG further allows the management of financial institutions to efficiently manage risk and optimize their results (Kupiec, 1995).
Use of Credit Risk Grading
The CRG matrix allows the use of standards which are uniform to credits in order to attain a common standardized view in order to easily asses the credit portfolio of a business, unit, line or the financial institution as a whole, or the quality of individual obligor.
Grading of credit risk would be relevant in monitoring and surveillance and assessing the risk profile of a financial institution.
The CRG provides a measurement of risk which is quantitative which gives the level 0f risk of the borrower hence enabling fast decision making.
CRG offers a quantitative framework used for assessing the requirement in provisioning of the portfolio of credits of financial institutions.
The CRG results are relevant for credit selection at individual level, as borrowers and their risk exposure is already rated (Carey, 1998).
Risk Grading for Corporate and Small & Medium Enterprises (SMEs)
The proposed CRG scale below is considered applicable for both existing and new borrowers. It constitutes 8 categories, categories 1 to 5 stand for various grades of acceptable credit risk and 6 to 8 represent unacceptable credit risk. Individual financial institutions depending on their risk appetite however may implement more stringent policies.
Table 1: Credit Risk Grade Scale (Berkowitz, 1999)
Grading Short Name Number
Superior SUP 1
Good GD 2
Acceptable ACCPT 3
Marginal/Watchlist MG/WL 4
Special Mention SM 5
Sub Standard SS 6
Doubtful DF 7
Bad & Loss BL 8
After considering the importance of credit risk grading, it is therefore a noble idea for players in the financial system to develop carefully a model for grading credit risk which is in line with the objective outlined above (Berkowitz, 1999).
References
Altman, E.& Saunders, A., (1997). “Credit Risk Measurement: Developments over the Last Twenty Years,” Journal of Banking and Finance, 21, 1721-1742.
Basle Committee on Banking Supervision, (1999). “Credit Risk Modelling: Current Practices &Applications,” Basle Committee on Banking Supervision, Basle. (http://www.bis.org/press/index.htm)
Berkowitz, J., (1999). “Evaluating the Forecasts of Risk Models,” Manuscript, Trading Risk Analysis Group, Federal Reserve Board of Governors.
Carey, M., (1998). “Credit Risk in Private Debt Portfolios,” Journal of Finance, 53, 1363-1388.
Diebold, F.X., Gunther, T. & Tay, S., (1997). “Evaluating Density Forecasts with Applications to Financial Risk Management,” International Economic Review, 39, 863-883.
Diebold, F.X., Hahn, J. &Tay, A.S., (1998). “Real-Time Multivariate Density Forecast Evaluation and Calibration: Monitoring the Risk of High-Frequency Returns on Foreign Exchange,” Manuscript, Department of Economic, University of Pennsylvania.
Diebold, F.X. and Lopez, J.A., (1996). “Forecast Evaluation and Combination,” in Maddala, G.S. and Rao, C.R., eds., Handbook of Statistics, Volume 14: Statistical Methods in Finance, 241-268.Amsterdam: North-Holland.
Diebold, F.X. and Mariano, R., (1995). “Comparing Predictive Accuracy,” Journal of Business and Economic Statistics, 13, 253-264.
Kupiec, P., (1995). “Techniques for Verifying the Accuracy of Risk Measurement Models,” Journal of Derivatives, 3, 73-84.
Lopez, J.A., (1999a). “Regulatory Evaluation of Value-at-Risk Models,” Journal of Risk, forthcoming.
Lopez, A., (1999b). “Methods for Evaluating Value-at-Risk Estimates,” Federal Reserve Bank of San Francisco Economic Review, forthcoming.
Nickell, P., Perraudin, W. & Varotto, S., (1998). “Ratings- Versus Equity-Based Credit Risk
Modelling: An Empirical Analysis.” Manuscript, Conference on Credit Risk Modelling & Regulatory Implications.
Make-Up Journal
Name
Date
Ms. Roop
ENGL 2111 – E
Make-Up Journal
Unit 1: Oedipus the King
The story of Oedipus the King is set in the kingdoms of Thebes, in the city of Athens. The dominant female character in the story is Jocasta, Oedipus’ mother. According to the culture in Athens at the time, women had limited rights and freedoms. They were not formally educated and often got married early to older men. Their primary role was childbearing and taking care of the home. The story of Oedipus the King was written by a man named Sophocles.
“And as for this marriage with your mother—have no fear. Many a man before you, in his dreams, has shared his mother’s bed. Take such things for shadows, nothing at all— Live, Oedipus, as if there’s no tomorrow! (Sophocles, 1071–1078)
These are the words spoken to Jocasta when Oedipus recalls the oracle’s prophecy that he would cause the death of his parents and wed his mother. Jocasta brushed away Oedipus’ fear urging him to live fearlessly. As a woman, Jocasta was concerned with protecting her marriage to Oedipus, and she did not want to believe that he might be her son. Her words are ironic as the prophecy comes to pass; Oedipus is the son that Jocasta abandoned many years before.
Unit 2: The Book of Ruth
The story of Ruth is set in takes place in Bethlehem and Moab. Women in ancient Jewish culture were viewed mainly as being wives and mothers. The the story focuses mainly on Naomi, Ruth, and Orpah. Naomi was married to Elimelech, and they lived in the country of Bethlehem. Together with their children; Mahlon and his brother Chilion, they relocated to Moab because of a drought that struck their home of Bethlehem. Their sons married two Moabite girls, Ruth and Orpah. After some time, Elimelech and his sons passed away leaving the women alone. After the deaths, Naomi resolves to move back to Bethlehem, and her daughters-in-law insisted on leaving with her. She refused, urging them to stay. Ruth refused, saying “Where you go, I will go; Where you lodge, I will lodge; your people shall be my people, and your God my God. Where you die, I will die—there will I be buried.” (Ruth, 1:17) The quote shows the loyalty and friendship that Ruth shared with Naomi after the death of their husbands. It also signifies that women’s position in society depended on their marital status; without their husbands, the women preferred to be in their homelands, and that is why Naomi wanted to return to Bethlehem.
Unit 3: The epic of Gilgamesh
The epic of Gilgamesh is set in the kingdom of Mesopotamia during the reign of Gilgamesh, the king of the kingdom of Uruk. He was not completely human but two-thirds of him were god and the remaining third was human; therefore he possessed great physical strength. He raped any women who caught his fancy in the kingdom. Such actions show that in ancient Mesopotamia, women were used primarily for the sexual pleasure of men. The subjects of Gilgamesh begged the gods to save them from the tyranny of Gilgamesh, and the gods decided to make a wild man named Enkidu to save them. To save the wild man, a hunter sent a prostitute because it was believed that sex calmed wild men like him. “He will give you the harlot Shamhat, take her with you……have her take off her robe and expose her sex. When he sees her, he will draw near to her.”(Epic of Gilgamesh, 124-127) Enkidu would be overcome when he saw the prostitute and afterward he would become tame like other human men. Sex was a weapon that could b used by women to overpower their men and also as a means to any end the women wanted to achieve.
The Book of Songs
The book of songs in the Bible was written by King Solomon of Israel. Solomon is famous for having hundreds of wives and concubines. From this, we can conclude that women at the time were considered sexual beings, a source of pleasure for men. The women did not hold any important positions but were mainly wives and mothers.
King Solomon writes, “Ah, you are beautiful, my love; ah, you are beautiful; your eyes are doves. Ah, you are beautiful, my beloved, truly lovely.” (Solomon, 1: 15) The author of the book describes the women that he loves as being very beautiful. This shows that women were often judged by their appearance. The book of Songs contains many other descriptions of Solomon about his beloved, all of them expressing her beauty and his sexual desire for her. These passages give s glimpse of the view of women during King Solomon’s time, they were created to be a source of pleasure to their men, and no other attributes apart from the physical had much importance.
Works Cited
Beattie, Derek Robert George. Jewish Exegesis of the Book of Ruth. Department of Biblical Studies, University of Sheffield, 1977.
Fox, Michael V. The Song of Songs and the ancient Egyptian love songs. Vol. 276. Madison^ eWI WI: University of Wisconsin Press, 1985.
George, Andrew. “The epic of Gilgamesh. A new translation.” (1999).
Sophocles, E. A. Oedipus the king. Classic Productions, 1994.