Architecture As Landscape Of Memory - 3629 Words

Architecture as landscape of memory. An exploratory journey into the role of memory in architecture. _____________________________________________________________________________________________ Memory voices once recognised command us to create, and to memorialize what we remember. Both architect and writers endow their glittering memories with form and prepare places for them to rest. A.S. BYATT _____________________________________________________________________________________________ Martina Terracciano Mentor: Kaye Newman BA (Hons) Interior Design Student ID: 11043218 Module: CP6010 The Cass Dissertation May-2015 Content Illustrations Abstract 01. Introduction 02. Philosophical Concepts †¢ The Memory system and the relation to place †¢ The architect as a writer †¢ Further estimation: Marc Treib, Juhani Pallasma, Mario Botta 03. Case studies †¢ Memories and Modernism †¢ Carlo Scarpa a collage of architectural events, images and fragment of memory †¢ The Washington Holocaust Memorial Museum as a framework of emotion 04. Conclusion Bibliography Appendices Glossary 01. Introduction Architecture moves us. It can comfort us or intimidate us; it can enlighten us or mystify us; it can bring joy or tear at our hearts. Architecture moves us by touching three layers of memory. Through primal space it can touch our deepest emotional core; evoking shadow memories of the womb, the cave, the forest, and light. It can recall memories of culture, or ourShow MoreRelatedMy Photographic Methodology And Research Practice On The Gulf Region1598 Words   |  7 Pagesappropriation allows individuals to claim a space as their own. As a result ‘temporality’ becomes an important structural component in forming and exploring ocular identity in Gulf cities. 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The Financial Crisis And The Liquidity Risk Finance Essay - Free Essay Example

Sample details Pages: 3 Words: 993 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Put simply, liquidity risk is the risk stemming from the lack of marketability of an investment that cannot be bought or sold quickly enough to prevent or minimize a loss (investopedia). It is useful to determine between two types of liquidity risk: funding liquidity risk and market liquidity risk. The former describes the ease of obtaining funds from other financial institutions or investors. Brunnermeier (2009) differentiates between three different types of funding liquidity risk: 1) rollover risk, the possibility that it will be expensive or impossible to rollover short term borrowing 2) redemption risk, the risk that depositors withdraw funds and 3) margin/haircut funding risk. The latter regards a situation where an asset is purchased and the buyer uses the purchased asset as collateral and borrows short term against it. As the buyer cannot borrow the assets entire price, they must finance the difference (the margin/haircut) using their own equity capital. T raders tend not to carry much excess capital thus, as margins/haircuts increase; they must sell part/all of the asset. It is the same scenario if depositors begin withdrawing their funds. In order to rollover debt, financial institutions began to rely heavily on short term (commercial) paper (repo contracts). This creates substantial liquidity risk as it is dependent on the market remaining awash with liquidity (Brunnermeier, 2009). In each of the above scenarios, the liquidity risk arises when the asset can only be sold at fire-sale prices. This occurs when market liquidity is low. The market liquidity risk represents the ease of finding a buyer. If liquidity is low then buyers will be more risk averse, as such, unwilling to pay above the odds for an asset. This depresses asset prices, further increasing liquidity risk. Typically, the risk of assets is measured by their return relative to the risk free return (generally the US Treasury Bill rate). In times of crisis this interes t rate spread widens due to the desire to hold first rate collateral. In other words, the demand for US Treasury bills increase, depressing the rate, whereas demand for risky assets fall, increasing the rate (Brunnermeier, 2009). In July 2007, Chuck Prince (Citigroups then CEO), summarised the significance of liquidity risk in the financial crisis by drawing on Keynes analogy between bubbles and musical chairs: When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, youve got to get up and dance. Were still dancing. (Nakamoto Wighton, 2007). There was a perceived reduction in liquidity risk of banks in the years preceding the crisis as they moved to a model of originate and distribute, in addition to financing their assets with short term maturity instruments (Brunnermeier, 2009). The former was supposedly a method to offload risk as it involved banks originating loans, e.g. residential mortgages, pooling these together into diversified portfolios, slicing these portfolios into tranches (each tranche represented a different level of risk), and then distributing these loans (in their new securitised form) to various non bank financial institutions (Goodhart). Liquidity risk arises in this situation for various reasons. First of all, as banks intended offloading the loans, they only carried pipeline risk thus had little incentive to take due care in approving, processing and monitoring loan applications (Brunnermeier). Secondly, these Collateralised Debt Obligations (CDO) were considered to be off- balance sheet thus were not included when determining a banks required capital (set at 8% under Basel I) (Goodhart). However, in reality the banks risk, through exposure to these SIVs, was little changed. Often many of these securitised assets were held by conduits which, in turn, were owned by the bank (Goodhart). In addition, buyers of these tranches could also purchase credit default swaps (CDS) which, in exchange for a fee, would insure the buyer against any default (Brunnermier). The structure of banks financing further added to the mounting liquidity risk as the investment projects or mortgages (which were typically long term investments) were increasingly financed with short term deposits. To maintain financing for their conduits and SIVs banks issued asset backed commercial paper (ABCP), with typical maturities of 1 to 3 months (Goodhart), creating significant funding liquidity risk if investors stopped buying ABCP. However, in the event that funding for ABCP dried up, the commercial bank granted a liquidity backstop, exposing the sponsoring bank to significant risk that was not accounted for in the balance sheet (Brunnermier). The increase in liquidity risk through maturity mismatch was also as a result of repo contracts, which was often overnight financing. Under repo contracts a firm would raise funds by selling a collateral asset today with an agreement to repurchase the asset in future (Brunnermeir). Due to the reliance of banks on short term financing, any reduction in funding liquidity would cause significant stress on the financial system. In summer 2007 we witnessed a dry up in liquidity for ABCP as investors struggled to value structured products and confidence in rating agencys eroded (Brunnermier). The constant reiteration that the financial crisis was due to defaults on US subprime mortgages is evident from figure 1 as, following an increase in defaults noted from February 2007, the market for mortgage backed securities collapsed where as other markets remained relatively stable (Brunnermeier). As is evident, liquidity risk played a significant role in the financial crisis and, due to the open economy the United States possesses and its position as a major financial player, many other countries and non US banks were exposed to the US subprime mortgage market. The UK was particularly exposed as RBS and Barclays were the two biggest underwriters of mortgage backed securities in 2007. Both banks were also big lenders of leveraged finance (Timeonline). In addition, HSBC and RBS (through Citizens Bank) have significant presence in the United States. Other UK banks had less exposure to the US mortgage market, however, were heavily reliant on wholesale funding thus were susceptible to liquidity shocks e.g. HBOS (TimesOnline). https://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3572658.ece Don’t waste time! Our writers will create an original "The Financial Crisis And The Liquidity Risk Finance Essay" essay for you Create order

Illustration Free Essays

The 29th Annual French Quarter Festival of New Orleans New Orleans is a city where festivals are a way of life. There are festivals showcasing almost every cultural aspect of the city. However, The French Quarter Festival stands out as the largest free local music festival in the state of Louisiana. We will write a custom essay sample on Illustration or any similar topic only for you Order Now The 29th annual French Quarter Festival showcased a wide variety music, food, and special events that provided insight to what makes New Orleans so unique and full of life compared to other to cities in the county. The biggest aspect of the French Quarter Festival was the music that was showcased, the most prominent genres being Jazz, Cajun-Zydeco, and Blues. A variety of Jazz music was heard during the festival. Traditional Jazz sounds from bands such as the New Orleans Cottonmouth Kings and the Smoking Jazz Club could be heard on Friday. Saturday included a modern Jazz style with acts such as Big Daddy ‘O’ and Kermit Ruffins. The brass sounds of Jazz, such as the Treme Brass Band and the Stooges Brass Band were heard on the last day of the festival. There were also several Blues music acts present. The first day brought performers such as ‘Wolfman’ Washington and ‘Big Al’ Carson. The next day, Eharmonic Souls and John Lisi and the Delta Funk were among the artists. The Blues music that closed out the festival was from acts such as Vagabond Swing and Amanda Wallace. Lastly, Cajun-Zydeco music could also be heard at the festival. Some of the Cajun-Zydeco bands that opened for the festival were Dikki Du and the Zydeco Krewe and also Brandon Moreau and Cajungrass. The following day, Tank and the Zydeco Codebreakers and the Lost Bayou Ramblers were among the acts. Also, The Big Easy Playboys and Sunpie and the Louisiana Sunspots were among the Cajun-Zydeco acts on the final day of the festival. The traditional, modern, and brass Jazz musicians listed were just a few of the acts, but they provide examples of the talent at the 29th Annual French Quarter Festival. The French Quarter Festival had local vendors featuring the cuisines of the French Quarter, some of which were Cajun, Creole, and Po’boys. Cajun food was a cuisine that was prominent at the festival. Crawfish was a popular ingredient that was featured in several Cajun dishes at the festival such as in Crawfish Etouffee or Crawfish Cakes. Andouille sausage, found in gumbo and jambalaya was another aspect of the festival cuisine. Alligator, as kebabs or sausages, was also among the many Cajun dishes. Creole food also had a presence in the festival’s cuisine. Rice dishes, such as Dirty Rice and also Red Beans and Rice, were among the Creole cuisine featured at the festival. There were also many Creole seafood dishes, such as Shrimp Jambalaya and Grits or Shrimp Remolaude available. Creole desserts such as King Cake or beignets were also among the dishes offered at the festival. Additionally, several varieties of Po’boy were staples of the cuisine at the festival. Seafood Po’boys, such as the Shrimp Caminada Po’boy and the BBQ Oyster Po’boy, were among the Po’boys offered. Also available were Creole style Po’boys, such as the Cochon de lait Po’boy or Creole Hot Sausage Po’boy. Finally, Po’boys such as the Alligator Sausage Po’boy or the Blackened Catfish Po’boy were some Cajun- style Po’boys at the festival. Whether you were looking for Cajun, Creole, or Po’boys, the 29th Annual French Quarter Festival had the dishes discussed above along with many more available to choose from. Finally, the French Quarter Festival also held events such as educational lectures, kids events, and dance lessons. The French Quarter Festival strived to educate people on the impact that the local musical community provides. Super Sousaphone was a lecture by local sousaphone virtuoso Matt Perrine about the impact his career in many influential New Orleans bands created. Another lecture was Groove Interrupted, which focused on behind-the-scenes makings of the modern-day Jazz album. Funkify Your Life discussed The Meters, a New Orleans funk band, impact on New Orleans music. There were also several children’s events at the festival. The Kid’s Music Stage introduced children to festival’s musical genres in a child-friendly way. The Satchmo collage project was another event where children decorated pieces of a collage of Louis Armstrong. Children were also able to create Victorian-style jewelry at the many crafts station at the festival. Also, several dance lessons were offered at the festival. NOLA Zydeco group hosted a class that taught the traditional Zydeco moves. BrassXcise, with Dancing Man 504, taught dance and exercise moves that are used in Second-Line parades. Also, the NOLA Jitterbugs taught traditional jazz dances such as the Jitterbug and the Charleston. The lectures, children’s events and dance classes at the French Quarter Festival helped to add the educational and cultural aspect of the festival. The 29th annual French Quarter Festival provides a special aspect to festivals of New Orleans. It sought to showcase strictly the local aspects of the culture of New Orleans. Also unlike other festivals, it was also made free to the public. Those aspects and also the music, food, and events of the festival combined to create an experience unlike other festivals in New Orleans, one that is focused on the people of the city rather than just the city itself. How to cite Illustration, Papers