Stay Specific in Your Statement of Interest for Graduate School

When writing your Statement of Interest for Graduate School, remember to stay specific. This statement, which is similar to the Personal Statement, is the opportunity for the candidate to offer a detailed look at his or her motivation, dedication, inspiration, and passion for the field. The university requests a statement of interest for graduate school in an effort to learn more about the candidate than is revealed in the application packet, which includes test scores, grades, letters of recommendation, and a resume or curriculum vitae (CV.)The application packet contains numbers and statistics, revealing the candidate’s data and indicators of potential success in the program. What the packet does not include is the information which should be included in the statement of interest for graduate school. This information â€Å"shows† the admissions committee, rather than â€Å"tells† them, the type of student the candidate will be. This is accomplished through stor ies about experiences that have influenced the candidate in their choice of graduate programs and eventual career.Work to Make Your Personal Statement Technically Perfect and Emotionally CompellingA charming anecdote or a painfully personal story can allow the admissions committee to get to know the candidate on a level not available through statistical analysis. Composing a statement of interest for graduate school should be done carefully and with a great deal of thought. Word count is usually limited, especially considering the large number of these statements read by the committee members, so a concise and solid statement of interest for graduate school is appealing as well as informative.Think carefully about your academic background and incidents, positive to be highlighted or negative to be diminished by a brief explanation, which could be included in the statement. Are there exceptional personal circumstances which the admissions committee would benefit from knowing about yo u? Is there a deeply moving story you would like to share about your inspiration to study medicine? Or is there a humorous anecdote about a law internship which could be shared to reveal your lighthearted personality, which is underpinned by a rock solid sense of justice. Consider the best way to personalize your statement of interest for graduate school. Maximize the opportunity to let the admissions committee get to know you and the reasons why you hope to attend their university’s program. Use strong words and clear ideas to portray your passion for the graduate school. Be specific!

What to Expect During a Grad School Interview

What to Expect During a Grad School Interview Knowing what to expect during a grad school interview is key to effectively answering the questions youre asked. Graduate school acceptance rates in 2017 were approximately 22% for doctoral programs and 50% for masters degree programs, according to the Council of Graduate Schools. The interview is your opportunity to show the admissions committee the person you are beyond test scores, grades, and portfolios. Describe Yourself Interviewers often begin by asking applicants about themselves to put them at ease and for the interviewers to get a sense of who the applicants are as individuals. Admissions officers and faculty want to know what motivates you as a student and how your personal interests relate to your goals as a graduate student. Some common questions are: Tell me about yourself.What are your strengths and weaknesses?What do you believe your greatest challenge will be if you are accepted into this program?How would your professors describe you?Describe your greatest accomplishment.Why should we choose you over another candidate?Are you motivated? Explain and provide examples.What would you change about yourself and why?If you could have dinner with anyone, living or dead, who would it be? Why?What do you do in your spare time?What volunteer experiences do you have?What contribution have you made to your department or school?What was the last movie that you saw?What was the last book that you read? Describe Your Professional Goals Personal questions often segue into ones about your professional plans and interests. These arent limited to the graduate program to which youre applying. Be prepared to talk about what you may do if you arent admitted to grad school as well as what you plan to do upon graduation. Interviewers ask these questions to get a sense of how much thought you have put into your plans. If youre not accepted into graduate school, what are your plans?Why did you choose this career?How will you be able to make a contribution to this field?What are your career goals? How will this program help you achieve your goals?How do you intend to finance your education?What do you plan to specialize in? Describe Your Academic Experiences Academic institutions want to make sure theyre bringing in students who will become positive members of the departmental community and will develop healthy faculty relationships. Your experience as an undergraduate may indicate how good a fit the program is for you. In college, what courses did you enjoy the most? The least? Why?Describe any research project youve worked on. What was the purpose of the project, and what was your role in the project?In what ways have your previous experiences prepared you for graduate study in our program?Tell me about your experience in this field. What was challenging? What was your contribution?What skills do you bring to the program?How will you contribute to your mentors research?Why did you choose to apply to our program?What do you know about our program, and how does it align with your goals?What other schools are you considering? Why?If you could change one thing about your undergraduate college, what would it be?Tell me about a professor who you dont like. Why? Describe Your Problem Solving and Leadership Skills Grad school can be a stressful time for even the most successful students. There will be times when you will be pushed to your intellectual limits and must find your own way forward. Interview questions about your leadership skills and problem-solving abilities are a way for admissions advisers and faculty to understand how you function by yourself and in a group during demanding times. Explain a situation in which you had a conflict and how you resolved it. What would you do differently? Why?What do you believe can be determined about an applicant at an interview?Define success.How well do you handle stress?Discuss a situation in which you showed leadership ability.Do you think one person can make the world a better place? Why or why not?How will you make the world a better place?Explain an ethical dilemma that you faced and how you dealt with it. Tips for a Winning Grad School Interview Experts and academic admissions officers offer these hints for having a positive grad school interview.   Practice your answers: Now that you know some of the questions to expect, think about how youd respond. Write down your thoughts to organize them, but dont memorize them or you might come across as stiff during the interview.Think of relevant personal stories: These stories demonstrate how your life experiences have led you to grad school.Dont forget about funding: Higher education is very expensive, and many graduate programs offer their students teaching assistantships or grants to help them defer costs.Interview your interviewers: You want to make sure youll be studying with faculty who share your academic goals and intellectual interests. Think of questions that youd like to ask about the culture of the program and how students and faculty interact.Be yourself: Youre committing yourself to a year or more of intense academic study, and grad school isnt cheap. If you cant honestly tell your interviewers why you want to be admitted to their program, that may be a sign that that prog ram wouldnt be a good fit. Sources 2017 CGS/GRE Survey of Graduate Enrollment and Degrees.Murray, Gregg R. 7 Key Questions to Ask During Your Grad School Interview. PsychologyToday.com. 18 Dec. 2014.Petersons blog staff. Graduate Admission: Tips for a Great Interview. Petersons.com. 29 Nov. 2017.Struefert, Billie. How to Ace Your Grad School Interview. USAToday.com. 20 Feb. 2015.

(A War against Nature) Essay Example | Topics and Well Written Essays - 1000 words

(A War against Nature) - Essay Example Particular ethos, pathos, and logos support the aim of the text. The author uses inductive reasoning to appeal the audience to a logical reasoning where he adopts specific representative facts to draw rational conclusions. He quotes report findings from Working Group and International Union for Conservation of Nature to show the destruction of above 90,000 snares since 2011 that ascertains the absence of parks and protected areas in Southeast Asia to safeguard wild parts (Debuys 1). The author also uses an ethical appeal by relying on reliable sources to support his arguments. He uses the figures from the WildAid  to show how helping administrations and NGOs of Southeast Asia will enhance the conservation of regional natural heritage and restore Earths biodiversity. He also establishes a common ground by recognizing the critics of conservation. Ultimately, he uses an emotional appeal to persuade readers to buy his arguments. For instance, William Debuys uses a personal story to dep ict a legitimate and real picture of the threat posed by poaching in Southeast Asia (Debuys 1). The author chose inductive reasoning to present sufficient evidence in support of his claim that poaching is poaching is rampant in Southeast Asia. The author chose authoritative and reliable sources of wildlife information like WildAid to show how advocates of Earths biodiversity can help Southeast Asia to conserve wildlife and wildlife parts (Debuys 1). By establishing a common ground with the audience, the author sought to acknowledge diverse opinions about conservation to derive the proponents view on conservation as the correct one. The ethical appeal supports the author’s claim that the increased demand for wildlife parts is jeopardizing Earths biodiversity especially in Southeast Asia. The author chose emotional appeal where he used his expedition to central Laos as a legitimate

Organization and Group Process Coursework Example | Topics and Well Written Essays - 1500 words

Organization and Group Process - Coursework Example The facilities that organizations use in the course of operation require a lot of monitoring so that they can remain relevant to the process and this requires the leadership or the management team to provide necessary resources to achieve the set goals. This necessary in all organization including the education department where there are various demands that leaders need to put into consideration to come up with strategies to enhance learning for all the students (Passino, 2004). In order to achieve a conducive learning environment for all students, district leader can apply various plans that will ensure that all of them can achieve the most out of their learning. This means the that a district leader will need to have a good understanding of the stakeholders of education in a certain environment in that they will understand the needs of all of them and come up with ways to address them specifically. In order to optimize the learning environment in a district, a leader will need to understand the norms of the people he or she is leaders so that to get the understanding of why people behave in certain ways while they are in the environment. This will ensure that the leader will be able to introduce a plan that will maximize on the various ways those stakeholders have been doing their own things. In order to optimize the learning environment, a district leader will need to understand the organizational structure of the learning institution he or she leads to come up with a plan through which he or she can make communication. The understanding of the organizational structure will ensure that a district leader will be able plan of the best way to ensure that information flows in efficient ways that will ensure that there are no delays and the target gets it with ease (Passino, 2004). To achieve the goal of creating and sustaining an optimal learning environment, there are different things that a district leader will need to carry out the necessary program evaluati on to determine them that are productive and others that may not be necessary. The evaluation will eliminate the unproductive program and optimize on those that give little results and ensure that they improve on the processes that are necessary in implementation of learning. The process of program evaluation will need to be carried out regularly to track on the progress of the programs that are introduced at different times in the course of evaluation and change. This will ensure that all the programs are able to optimize on the available resources that will ensure that minimum losses are made and that all that is invested resources produce the best at such conditions (Doyle, 2008). In the process of optimizing the learning environment, there are different principle and models through which leaders achieve the process of enhancing learning in a district. These models target to maximize the resources by providing a good platform for participation of all stakeholders as well as ensur ing a good control of conditions of that they implement to have the students benefit. One of the models through which a district leader can use to optimize on the learning environment is the action research model whereby the he or she seeks to obtain empirical data that can be used to inform the various things that happen in the organization. Through the action resear

Pulling the Wool Essay Example for Free

Pulling the Wool Essay Abstract   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The sharp contrast between William Smith’s Lectures on the Philosophy and Practice of Slavery and Frederick Douglass’s Narrative of the Life of Frederick Douglass, an American Slave leads to important conclusions about the vast differences in perception between those who owned and those who were owned in the period of American slavery. Smith’s work implores his fellow White landowners to practice what he sees as a just treatment of African slaves. However, his contempt for abolitionists and belief that Northerners are off the mark in understanding the state of slavery in the South show his belief that the institution itself is appropriate, even God-driven, and that only a minority of slave owners may require correction. Moreover, what drives Smith’s philosophy—the very religion from which Douglass saw the greatest brutality spring forth—causes him to assert and reassert the necessity of slavery for both White landowner and African slave. One cannot help but be struck by the stark contrast Smith’s work shows to the real-life experiences of the ex-slave Frederick Douglass as he recounts a life in which all of Smith’s proposals are brutally and routinely disregarded.                  William Smith’s Lectures on the Philosophy and Practice of Slavery and Frederick Douglass’s Narrative of the Life of Frederick Douglass, an American Slave offer a stark contrast between the two men’s views on American slavery. Smith, a White proponent of slavery, outlines what he believes to be a proper and just relationship between master and slave, and disparages those slave owners who do not follow the tenets of this relationship. However, he never hesitates in stating his full support for the institution itself. Douglass, who bears the burden of slavery firsthand, reveals to the reader a world vastly different from the â€Å"fat, sleek, and cheerful, and long-lived† (Smith, 1856, p. 291) slaves of some of Smith’s observances. His own journey from slavery to freedom affords the reader a view into a brilliant mind in contrast to what Smith (1856) believes can only be the equivalent of â€Å"minors, imbeciles, and uncivilized persons† (p. 282). It is Douglass’s account of his awakening, from a young slave ignorant of the reasons for his bondage to a learned man of inalienable self-respect, which topples the entire premise of Smith’s philosophy.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Smith believes the teachings of the Christian Bible dictate the proper relationship between master and servant. Smith (1856) also details what he sees as a moral imperative on the part of White landowners to have â€Å"guardianship† (p. 277) over â€Å"God’s poor, committed to [the benevolent White master]† (p. 309), believing that they must â€Å"control and protect them for their profit as well as work them for [the slave and slave owner’s] mutual profit.† (309). In Smith’s estimation, slavery is proper and just because he assumes White intellectual and moral superiority over the African slave. He never confuses his call for benevolent treatment of slaves with the idea that the institution itself may be unjust.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Smith lays out what he believes are the rights of slaves according to both Christian doctrine and the law of men in his society. He divides the duties of the master into 3 main categories: â€Å"the duty of masters to their slaves considered as ‘their money’, their duty to their slaves considered as social beings, and their duty to their slaves considered as religious beings† (Smith, 1856, p. 283). In the first part, concerning slaves considered as masters’ money, Smith includes all of the physical needs of the slave. Working conditions, food, clothing and bedding, sleep and rest, housing, and free time are all detailed according to what Smith sees as ideal treatment. Woven into the framework of these requirements is a Christian code that reminds the master that he, too, will have a master in heaven. (p. 277). Smith begins by discussing the rights of the slave in regard to labor. Interestingly, Smith (1856) first focuses on what he calls a known â€Å"idleness† (p. 284) among slaves and warns slave owners to be dutiful in making their slaves accountable for their labor. He weaves a pattern that not only offers a sense of Christian duty on the part of the slave owner, but of the slave as well. It is Smith’s insistence upon the righteousness of slavery as a Christian imperative that continues to inform and guide his philosophy. Likewise, in all of the other physical comforts he asks the slave owner to provide the slave, he asks the slave owner to â€Å"give unto your servant that which is just and equal, knowing that ye also have a master in heaven† (Smith, 1856, pp. 278-279). While Smith admonishes those he believes violate the Christian mandate, he shows some confidence that there is not a crisis in the treatment of slaves. In condemnation of the attitudes of Northern abolitionists, he says that â€Å"A most fanatical spirit is abroad in the land on the subject of domestic slavery. The inhumanity of masters at the South is greatly exaggerated† (Smith, 1856, p. 278). He goes on to compare the treatment of Southern slaves as equivalent to that of hired help in the North. Smith seems on one hand to implore the White master to better the circumstances of his slaves in order to save his very soul from damnation, while on the other to denounce the efforts of the Northern advocates of freedom. He truly believes in a system of slavery wherein the slave is completely satisfied with his lot in life, and the landowner finds himself a benevolent overseer who will profit in life and in heaven. The other two sections of Smith’s call to righteous treatment of slaves follow a vein similar to the first. He repeatedly denounces those masters who violate his ideal image of slavery while insisting on the justness and necessity of the institution itself.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   While Smith’s ideal slavery leads the reader to envision sunny pastures with young Black slave children frolicking and elders laughing and singing merrily, Douglass’s account of real slave life offers a startling contrast. All of the Christian mandates of Smith’s slavery are turned asunder, and, in fact, it is the very observance of the religion which causes some of the harshest abuses to occur. Born a slave on a Maryland plantation, Douglass witnesses repeated acts of brutality upon the adult slaves in his company. The rumored son of the master, Douglass is given some favor in his early years, although he is never fed or clothed enough. Held up to Smith’s view of slavery, Douglass’s constant hunger and discomfort seem all the more intolerable. If one compares the specifics, Smith’s work calls for slaves to be offered a variety of the plantation’s food, cooked well and prepared ahead of time so that slaves may enjoy good nutrition and take two-hour lunches to properly digest their meal. Douglass’s reality, a measly monthly supply of pork or fish and corn meal doled out uncooked, makes Smith’s (1856) vision of the â€Å"early roasting ear, the ripe fruit, the melons, the potatoes, the fat stock†(pp. 297-298) seem like paradise for a slave. In contrast, Douglass, in chapter 3, describes a large and plentiful garden that slaves were routinely whipped for stealing from. Later, living with another master, Edward Covey, Douglass and his fellow slaves are afforded 5 minutes to eat before returning to the field to work until midnight.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Douglass’s account of his years in bondage read like a response to Smith at every turn. Douglass recounts continual starvation and discomfort, a world wherein his only clothing as a child was a linen shirt. While Smith talks of coats, hats, and shoes, Douglass speaks of children from 7 to ten years old running naked in winter for lack of clothing. While Smith discusses the necessity for comfortable beds and encourages the master to set up separate quarters to encourage fidelity and morality among slaves he believes are less geared toward fidelity than Whites, Douglass speaks with disgust of unrelated groups of people huddled together on dirt floors sharing a blanket in winter. Douglass’s journey lands him in completely different circumstances when he is taken to live in Baltimore with family members of his master, and he shows a different side of slave life in the city. However, perhaps the greatest indictment against Smith’s Christian ideal comes when the mistress of the house changes her demeanor from warm, humane, and welcoming to harsh and cruel under the â€Å"fatal poison of irresponsible power† (Douglass, 1845, p 18). Douglass (1845) notes that â€Å"the cheerful eye, under the influence of slavery, soon became red with rage† (p. 18). Douglass shows how, no matter what steps one may take to set a proper course for slavery, to offer the best of worlds for all involved, the premise cannot but collapse under the weight of its injustice. Setting a proper course for slavery is suddenly seen as being as impossible as setting a proper and just course for murder or betrayal. In Douglass’s experience, the inhumanity of slavery leads to dead souls performing hideous acts upon their subjects. There is no room for benevolent treatment in a reality based on the subjugation and demoralization of others. Perhaps the most striking difference between the two men’s view comes in the story of Douglass’s outcast grandmother. He describes how, after raising generations of a plantation owner’s family as well as her own, she is left alone in the woods in a hovel to fend for herself, far from the care of her extended family. Smith asks the reader why it should be difficult to afford the elderly the soothing hand of relatives in his or her final days, and he implores the master to see that the older slaves are given the respect and care they have a right to. There is a grave sadness in the story of Douglass’s grandmother who, treated like chattel, is offered no such comfort.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   If Douglass’s account leaves the reader with anything, it is the impression that religion and the benefit of being on the fortunate side of a brutal reality have pulled the wool over Smith’s eyes. It is hard to imagine that Smith’s reflections are a mere cover for his undying support for slavery; he truly seems to believe that Christian charity, manifest destiny, and the rights of everyone involved can merge to form an ideal state of slavery. It is his undying belief in the inferiority of the African slave that ultimately makes him comfortable with the situation. One sees, however, that it is no secret to even the least experienced master that â€Å"if you teach [a slave] how to read, there would be no keeping him† (Douglass, 1845, p. 20). That one fear alone—educating the slave—would not be a fear if the slave were truly the inferior creature described in Smith’s accounts. And Douglass, who eventually does just what the White master fears, provides evidence that there can exist no happy bondage, Christian or other, among human beings. References Douglass, Frederick (1845). Narrative of the Life of Frederick Douglass, an American Slave. Boston: The Antislavery Office. Smith, William A. (1856). Lectures on the Philosophy and Practice of Slavery. Nashville: Stevenson and Evans.

Social Justice Essay -- Liberation Theology

What is social justice and how does it relate to liberation theology? How do sin, love, grace, and human freedom affect social justice? What restricts freedom and social justice? And how does all of this play a role in the Kingdom of God? Social justice is a concept of a society in which every human being is treated justly, without discrimination based on financial status, race, gender, ethnicity, etc. Grace is a gift from God that we don’t deserve, which helps us choose the good, therefore it promotes social justice. On the other hand, sin, which can be regarded as a lack of love and care for â€Å"others,† distances us from social justice. Therefore, love and grace are essential aspects of social justice and without them there could be no social justice in the world. Liberation theologians, major supporters of social justice, have multiple elements in their beliefs that respond to major social justice issues such as: unfair distribution of wealth, goods and services; oppression of people based on gender, race, and ethnicity; and the unjustness of social structures and institutions towards the underprivileged. Lastly, the ends of God’s kingdom and the ends of social justice are one in the sa me: Humans acting out of love to serve and give everything to those less fortunate and in need. In this idea of social justice is the belief that every human is entitled to specific political, economic, social, and human rights. However, in reality many people are stripped of these rights, leaving them without power and privilege, in other words leaving them less than human. They are subject to political structures making decisions for them, which is unjust because political figures with power, acting on behalf of those without power, ... ...cial justice. Works Cited 1. Haughey, John C. The Faith That Does Justice: Examining the Christian Sources for Social Change. Broadway, New York: Paulist Press, 1977. 2. U.S. Catholic Conference. To Campaign for Justice. Washington, D.C.: The Bobbs Merrill Company, Inc., 1982 3. Gutierrez, Gustavo. A Theology of Liberation. Maryknoll, New York: Orbis Books, 1971. 4. Cory, Catherine. Landry, David. â€Å"Augustine of Hippo.† The Christian Theological Tradition: Second Edition. Upper Saddle River, New Jersey: Prentice Hall, 2003. 5. Boff, Leonardo. â€Å"On Development and Theology.† Introducing Liberation Theology. Maryknoll, New York: Orbis Books, 1986 6. Dazet, Paul. Love Wins: God Hears the Cries of the Oppressed. January 15, 2008. 7. Wolff, Edward. â€Å"The Wealth Divide: The Growing Gap in the United States between the Rich and the Rest.†

The Impossible Trinity

The impossible trinity Stephen Grenville, 26 November 2011 The impossible trinity doctrine – that it is not possible to have a fixed exchange rate, monetary policy autonomy, and open capital markets – still holds powerful sway over policymakers and academia. But it does not reflect reality in East Asian emerging countries. Assets in different currencies and different countries are not close substitutes. Capital flows to emerging countries present serious challenges, but the trinity is not the best framework for analysing the policy options.Capital flows are rarely discussed without a genuflection in the direction of the impossible trinity, also known as the trilemma. For example, Magud et al (2011) write: â€Å"†¦ a trinity is always at work. It is not possible to have a fixed (or highly managed) exchange rate, monetary policy autonomy, and open capital markets. † According to the trilemma, a stable exchange rate without capital controls requires domestic an d foreign interest rates to be equal. Otherwise, ‘uncovered interest arbitrage’ will force continuous appreciation or depreciation of the currency.As such, nations without capital controls must choose between stabilising the exchange rate (by slaving interest rates to foreign rates) and stabilising the domestic economy (adjusting interests slaved to domestic macro conditions but letting the exchange rate fluctuate). Mechanically, this is enforced – according to trilemma logic – by substantial capital inflows or outflows and the impact of these on the money supply. Why this doesn’t fit the East Asia experience Since the 1997–98 Asian crisis, East Asian countries have clearly run their own independent monetary policies.   They have successfully set interest rates to broadly achieve their inflation objectives. As Figure 1 shows, they are most definitely not all slaving their rates to foreign rates. Figure 1. Despite this, their exchange rates have been fairly stable. They have managed their primary exchange-rate objective – leaning against the prevailing appreciation pressures in order to maintain international competitiveness (see Figure 2). Remember that according to the classic trilemma, the similarity in exchange-rate movements since the global crisis should have coincided with identical interest rate levels (all equal to, eg, the US nterest rate); comparing Figures 1 and 2, we see this isn’t the case. Figure 2. These attempts to restrain appreciation have involved heavy government intervention, resulting in very large increases in foreign-exchange reserves (Figure 3). This didn’t, however, cause excessive increases in base money (Figure 4), thanks to effective sterilisation by open-market operations and increases in banks’ required reserves. Figure 3. Foreign-exchange reserves as a share of GDP Figure 4. Growth in foreign-exchange reserves (y-axis) and base money (x-axis), Percent, 2001â €“07 Why doesn’t the trinity apply?There are four reasons why the trinity doesn’t work in East Asia. First, if uncovered interest parity held, markets would treat different currencies as close substitutes. An investor would know that the interest differential would be a good guide to where the exchange rate was heading and even small interest differentials would trigger large arbitrage flows. It is now abundantly clear that interest parity offers feeble guidance for the exchange rate–interest rate nexus (see Engel 1996). The parity condition often gets the direction wrong, let alone the quantity (Cavalo 2006), as it does for six of the seven countries illustrated in Figure 5.Figure 5. Annual average interest differential versus change in exchange rate 2001–10 Capital flows responding strongly to interest differentials are the core element in the impossible trinity story. But in practice: * Different currencies are not close substitutes; and * Capital flows are driven by many other forces besides short-term interest differentials. Second, instead of well-formed views on how different currencies will behave over time, there are fluctuating (sometimes wildly fluctuating) assessments of risk attached to cross-currency holdings.The higher interest rates generally available in emerging countries have encouraged carry trade–type capital inflows, but these were offset by official reserve increases (Figure 6). Figure 6. Net capital flows to emerging countries ($ trillion) Third, the impossible trinity envisages that any intervention to prevent these capital flows from bidding up the exchange rate will be fully reflected in base money increases which will, in turn, thwart the authority’s attempts to set interest rates as desired.But this sort of base money-multiplier view of monetary policy no longer corresponds with the way monetary policy works in practice. These days the authorities set the policy interest rate directly v ia announcement, while managing liquidity in the short-term money market through open-market operations, including an effective capacity to sterilise foreign-exchange intervention (Figure 4). In some cases (eg China) excess base money was effectively sterilised through increases in banks’ required reserves.Thus capital flows do not usually prevent the authorities from setting interest rates according to their objectives. Finally, the impossible trinity envisages that any official intervention in foreign-exchange markets will be taking the exchange rate away from its equilibrium, opening up arbitrage opportunities. But suppose, instead, that the authorities have a better understanding (or longer-term view) of where the equilibrium lies, and are managing the exchange rate to maintain it in a band around the equilibrium.East Asian countries have not, in general, prevented some appreciation of their exchange rates, but they have sought, through intervention, to prevent momentum-d riven overshooting. Is there a useful softer version of the impossible trinity? Even if the impossible trinity in its pure version does not hold, is it still a useful concept in a looser version, as a reminder that there are interconnections and policy constraints between interest rates, exchange rates, and capital flows?Frankel [2] As they become more closely integrated internationally, foreign investors will increasingly respond to this underlying profitability differential. How can this prospect of sustained higher returns be reconciled with portfolio balance for the foreigners whose initial portfolios are in the lower-return mature economies? This, not the short-term impossible trinity problem, is the policy challenge Conclusion The impossible trinity began as a useful theoretical insight into the nteractions of policy instruments. It is still a useful blackboard reminder that not all policy combinations are possible. The blackboard illustration, however, has been adopted as a d octrinal policy rule. This over-emphasis on a simple thought-experiment may have been because it served to support the arguments for free-floating exchange rates. The argument went like this: capital controls are not workable; if you want to have your own monetary policy, then you have to let your exchange rates float freely.But the impossible trinity was a stylised insight relying on simplified assumptions. The real world was always more complex and nuanced. Of course there is some connection between interest differentials and capital flows. But there are other forces motivating capital flows, and these are much more random and non-optimising than envisaged by the impossible trinity. The fickle changes in risk assessments, mindless herding, and booms and busts in the capital-exporting countries make international capital flows volatile in ways not envisioned in the trinity.Author’s Note: This column is based on ‘The Impossible Trinity and Capital Flows in East Asiaâ₠¬â„¢, Asian Development Bank Institute Working Paper 318 November 2011. References Aizenman, J, MD Chinn, and H Ito (2009), â€Å"Surfing the Waves of Globalisation: Asia and Financial Globalisation in the Context of the Trilemma†, Asian Development Bank Working Papers No. 180. Cavalo, M (2006), â€Å"Interest Rates, Carry Trades, and Exchange Rate Movements†, FRBSF Economic Newsletter 2006/31.Engel, C (1996), â€Å"The forward discount anomaly and the risk premium: a survey of recent evidence†, Journal of Empirical Finance (32): 305–319. Frankel, JA (1999), â€Å"No single currency regime is right for all countries or at all times†, Princeton Essays in International Finance 215. Magud, NE, CM  Reinhart and KS  Rogoff (2011), â€Å"Capital controls: myth and reality – a portfolio balance†, Peterson Institute Working paper 11-7 1 Except, of course, Hong Kong, with its fixed rate. Singapore is a special case, implementing monetary p olicy via the exchange rate rather than interest rates.Its capital market is open; it closely manages its exchange rate; and it has an independent monetary policy, achieving its objective of having one of the lowest inflation rates in the world. 2 Some might see this same argument in terms of growth rates. Interest rates will approximate the economy’s growth rate (whether measured in real or nominal terms). Thus the higher prospective growth rates of the emerging countries will be accompanied by higher interest rates. Share on linkedin Share on facebook Share on twitter Share on email More Sharing Services 12