The 2007 Cricket World Cup Essay Example | Topics and Well Written Essays - 1000 words

The 2007 Cricket World Cup - Essay Example Obtaining such funds was a big challenge, in that the organizers and the sports ministries involved had to present their governments with the requests for the allocation of funds to finance the renovations. This process took long before such funds were approved, with some countries like Jamaica almost wanting to cut down the fund proposals that were presented, claiming that spending $100 million on the cricket final hosting was not worth, since there was little observable benefit from hosting such an event to the country (Atherton, 2007). Low attendance is yet another challenge that faced the organizers of this event. The 2007 Cricket World Cup in the Caribbean was not attended by a large audience of fans. This lack of high attendance was caused by the restrictions that the organizers of the event had placed, for security purposes, which hindered any individual from bringing in outside items such as food, kits, musical instruments among other items mostly used by the fans during such events (Tyson, 2007). The organizers of the events over commercialized it, by requiring that those attending the event purchase requisite items for use from within, an aspect that killed the morale of the fans, who would have attended. The high prices charged for the ticket is yet another factor that hindered the large attendance of the fans to the event. This hindered the achievement of the set revenue target of $42 million (Jordan, 2006). Lack of good preparation is yet another challenge that faced the organizers of the events. Poor preparations led to some of the major venues where the event had to take place remain incomplete, by the time the event was kicking off (Chambers, 2007). Security concerns and the selection of incompetent jury, who caused confusion in the final match, are the other challenges that the organizers faced. There are various positive and negative impacts the 2007 Cricket World Cup in the Caribbean had on the countries that hosted the event. Among the posit ive impacts is the income generating opportunities that were presented to this countries, courtesy of the event (Tyson, 2007). With the event running for six weeks, there were many business opportunity that were open for the entrepreneurs in different industries of those countries to capitalize on. Such opportunities mostly favored the transport, the trade, tourism and hospitality industry as well as the entertainment industry. That was a period of high-income generation for such businesses, in that the goods and services they offer were in high demand due to a higher number of visitors. Improved cooperation and coordination is yet another positive impact that was brought by this event. The Caribbean countries were forced to enhance their cooperation and coordination, since the event required that all the countries in that island co-host the event, with each country hosting six matches. This being the situation, the countries were forced to coordinate and cooperate in the organizati on and management of the event, serving to enhance their relationships (Lakshman, 2008). Promotion of the region as a tourism destination is yet another benefit obtained by the Caribbean countries from hosting the event (Jordan, 2006). Since there were different people from various parts of the world who attended the event, they learnt the beauty of the region and its attractiveness, enhancing the chances of such visitors coming back to tour the region. Additionally, the focus of the media on the

International Economic relations Essay Example | Topics and Well Written Essays - 2000 words

International Economic relations - Essay Example In some cases, entirely new loans were contracted to service interest only. At the same time bankers in the western world ignored signals of an imminent debt crisis and remained more than willing to refinance maturing loans of developing countries, but with shorter maturities. In this process, third world debt snowballed from $130 billion in 1973 to about $612 billion in 1982. Between 1975 and 1980 four countries had to postpone amortization payments while servicing interest only. The spark that ignited the LDC debt crisis can be readily identified as Mexico's inability to service its outstanding debt to the U.S. commercial banks and other creditors. The crisis began on August 12, 1982, when Mexico's minister of finance informed the Federal Reserve chairman, the secretary of the treasury, and the IMF managing director that Mexico would be unable to meet its August 16 obligations to service an $80 billion debt. Then by 1983 the number of countries defaulting on their repayments reached twenty one, and some third world countries had instituted state criminal processes against public figures on account of alleged negligence and mishandling of public money. The fact that the 1982 crisis occurred when there was a steep rise in interest rates in the U.S. underscores the significance of the capital outflow element of a financial crisis. The appreciation of the dollar at that time also means that repayments magnified the capital outflow in domestic currency terms. At the same time, the accompanying drop in dollar prices of internationally traded commodities undermined inflows derived from exports. It is also necessary to mention that the satiation described above is also reflected in the 1994 financial crises in Mexico, Turkey and Venezuela equally attributed to dramatic reversal of large scale lending to emerging markets, as well as the experience of Argentina in 1995 and East Asian economies in 1997. There is the argument that most of that crises were characterized with large amounts of international loans to forestall default, hence the rebuke of Mexico at the onset of the 1982 crisis worsened a financial condition that was potentially manageable. 1. Balance of Payments During the second part of the 1970s, and partially as a result of the oil price shocks, most countries in the world experienced large swings in their current account balances. These developments generated significant concern among policy makers and analysts, and prompted a number of experts to analyze carefully the determinants of the current account. As Edwards (2000) writes, the departing point was based on the recognition on two interrelated facts. First, from a basic national accounting perspective the current account is to savings minus investment. Second, since both savings and investment decisions are based on intertemporal factors - such as life cycle considerations and expected returns on investment projects, the current account is necessarily an intertemporal phenomenon. The Balance of Payments (BOP) is an account of all transactions between one country and all other countries - transactions that are measured in terms of receipts and payments. A country's international transactions can be grouped into three categories: Current account: records net flow of money into a country resulting from trade in goods and services and transfer payments made from abroad. The current account