Monetary policies in Mexico

One of the most striking features of the economic history of Mexico is the persistent instability in prices that has been witnessed for a considerably long period of time due to ineffective monetary policies. Reliable statistics from the World Bank indicate that variability in pricing index coupled with high inflation rates in Mexico has been a recurring phenomenon (par.2).Advertising We will write a custom research paper sample on Monetary policies in Mexico specifically for you for only $16.05 $11/page Learn More Consequently, the living standard in this nation as reflected by worsening income distribution, sharp wage declines, instabilities in business performance indices as well as low economic growth among other indicators have negatively contributed towards the unfavorable economic well being of Mexico. Since the 1990s, monetary policies in Mexico have been formulated and implemented with the aim of monitoring and regulating exchange rate systems. Nonetheless, most of these policies have not yielded positive economic outcomes as expected. Lorà ­a and Jorge posit that economic failures been demonstrated in major outbreaks of inflation and in the devaluation of the Mexican peso when exchanged against the US dollar (840). However, as this paper analyzes, monetary policies, exchange rate regimes that are flexible and inflation targeting approaches have been set in place by the Banco de Mexico to stabilize the economy since the crisis of 1995. It is against this backdrop that this paper offers a critical look at monetary policies and exchange rates in Mexico in relation to the United States dollar. Mexico and its economic background from early 1990’s Reports by the World Bank obtained from the 2010 Census indicate that the present day Mexico has a population of 113,432,047 people and a GDP of $ 1,034,804,491,256 (The World Bank par.1) . The country has been documented as one of the largest and fast growing economies in the world. However, since the early 1990’s, Mexico has grappled with economic instabilities due to poor monetary policy regimes. Risso and Edgar are categorical that until 1990, the economic policies in Mexico were regarded as strong protectionist policies that had trade barriers for automotive and computer industries among other key industries (246). For instance, in 1995, a major financial crisis springing from complex political, economic and financial factors struck the Mexican economy and caused a major economic instability. The episodes of instability among other factors paved way for the formation of proposals favoring exchange rate regimes to stabilize the economy.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Some of the proposals that gained ground included setting up a strategy to improve the monetary policy using exchange regime rates which are flexible and adoptin g dollarization or making the dollar a legal tender. Another option that was set at that time was to increase its integration with Canada and the United States of America. Figure 1: A figure showing the GDP to dept ratio in Mexico Source: https://noelmaurer.typepad.com/aab/economics/ Lorà ­a and Jorge argue that the Mexican economy was subjected to persistent variation and high inflation rates after the crisis that damaged its capacity to attain better standards of economic growth (839). The previously set policy of fixed rate regime was abandoned by the government and a floating exchange rate regime was adopted. Within six months, the currency in Mexico took a 50% nose dive and the recession in the country deepened in late 1990, the Mexican Peso began depreciating steadily causing exports to increase and import prices to rise. This turned Mexican economy to be export-based and therefore benefitting industries, softening devaluation but hurting emerging middle class and poorest s egments. Changes over-time After the 1995 crisis, the trajectory measure that the government in Mexico had adopted was the flexible exchange rate system which was used to maintain better economic results to the year 2000.Advertising We will write a custom research paper sample on Monetary policies in Mexico specifically for you for only $16.05 $11/page Learn More As a matter of fact, some of the monetary steps that were taken by Mexican government had major positive impacts to the economy in spite of the fact that there were myriad of challenges that were faced in course of the monetary reform process. Risso and Edgar posit that by using the flexible exchange rate regime, inflation rate that was 52% took fell to a low of 9% (246). Indeed, this was a clear proof that this was the best regime in the monetary policy in Mexico. However, economic analysts posit that that drop was not satisfactory when viewed from the perspective of price stability and inflat ion rates in other countries. The government then adopted the floating exchange rate system regime that had been initiated in 1994 after the Mexican Peso crashed. In 1996, mechanisms were set by the Banco de Mexico to target and capture foreign reserves for exchange rates. This led to acquisition of more foreign reserves which gave the country revenues from petroleum. The latter action led to significant improvement of overall economic conditions in Mexico and assisted it in paying its debts. The country had been heavily suffering from external debts prior to this grand economic plan. The country’s current monetary policy is a floating exchange rate regime. The latter policy has been hailed by the World Bank arguing out that in 2007, it made Mexico’s international reserves to stand at US$ 75.8 billion (par. 4). Ettinger is of the opinion that through this policy, the government and Banco de Mexico began a monthly auction program that traded US dollars with an intention of reducing heavy reliance on petroleum to stabilize the economy and raise the level reserves (729). As a matter of fact, Mexico had been spending mammoth sums of its reserve currency in the importation of crude oil. It is imperative to note that in the period 1998-2008 and 1998-2004, Mexico traded its Peso with the US$ at a range from $8.46 MXN to $11.66 MXN per USD$ 1.00 respectively. This period of ten years 1998-2008 saw the depreciation of Mexican Peso by about 38.18% (Bahmani-Oskooee  and  Scot 1019). During the acceleration of the credit crisis in the US in 2008 to the global financial crisis, the Peso has fluctuated from lows of $10.96 MXN to $15.42 per USD$1.00. Other exchange rate trends are shown in the figure below:Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Figure 3: A figure showing exchange rate trend in Mexico Conclusion To sum up, it is imperative to reiterate that inflation in Mexico has been a major problem that has impacted on the living standards of the population in the country. Studies and credible statistics from the World Bank have pointed out that the major source of persistent inflation has been predetermined monetary policies and unstable exchange rates which have not been strategized to meet the objectives of stabilizing the general level of prices. However, monetary reforms like dollarization and modifying monetary policies can create stability in investments, foreign trade and prices as already discussed in the paper. On a final note, it is also worth to mention that both exchange rates and inflation levels do affect the overall performance of an economy. Works Cited Bahmani-Oskooee,  Mohsen  and  Hegerty, Scott.  Ã¢â‚¬Å"The Effects of Exchange-rate Volatility on Commodity Trade Between the United States and Mexico†.  Southern Economic Journal  75.4  (2009):  1019-1044. Print. Ettinger,  Aaron.  Ã¢â‚¬Å"The Globalizers†. International Journal  62.3  (2007):  728-730. Print. Lorà ­a,  Eduardo  and  Ramà ­rez,  Jorge. â€Å"Inflation, Monetary Policy and Economic Growth in Mexico. An Inverse Causation, 1970-2009†.  Ã‚  Modern Economy  2.5  (2011):  834- 845. Print. Risso, Adrià ¡n and  Sà ¡nchez Carrera, Edgar.  Ã¢â‚¬Å"Inflation and Mexican Economic Growth: Long-run Relation and Threshold effects†.  Ã‚  Journal of Financial Economic Policy  1.3  (2009):  246.  Print. The World Bank. Mexico. 2012. Web. https://data.worldbank.org/country/mexico. This research paper on Monetary policies in Mexico was written and submitted by user Changel1ng to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Free Essays on Art And Architecture Of The Roaring Twenties

Art and Architecture of the Roaring Twenties Architecture Art Deco ‘Art Deco’, also know as a ‘Art Moderne’, was a very popular style of design during the 1920s, although the name of it was not official until the 1960s when it was decided to be named after the International Exposition of Decorative Art, held at the pinnacle of the art deco movement. Art Deco design was particularly common in architecture but also appeared on ocean liners, toasters and jewelry. It is characterized by: long thin forms, curving surfaces and geometric patterns; with the purpose of making the object look like it originated from the â€Å"machine age†. The most prime example of art deco is the Chrysler building in New York. The tip of the skyscraper not only features curving surfaces, but also geometric patterns that appear as triangular windows and as you move higher up the building, the tip becomes thinner (see picture). The design of the building was inspired by machine form and cubist works. More on the construction of this building later. Other examples of art deco include The Rockefeller Building in NY, many buildings in Miami Beach and Fair Park, Dallas. Some of the most famous artists of the art deco movement include William Van Alen, Raymond Hood, Paul Manship and C. Paul Jennewein. Of the notables, Van Alen is perhaps the most famous as he was the chief architect of the Chrysler Building. Skyscraper Skyscrapers are very tall, slender, multi-story buildings that dominate the urban skyline. Unlike conventional buildings, skyscrapers consists of a rigid frame to which non-load-bearing walls are attached. The walls of skyscrapers do not bear the weight unlike other shorter buildings. This type of structure allows for the amazing heights of the skyscrapers to be technically achievable. Before the technologies necessary to construct such structure existed, skyscrapers were impossible dreams. However, by the 1920’s, technology was... Free Essays on Art And Architecture Of The Roaring Twenties Free Essays on Art And Architecture Of The Roaring Twenties Art and Architecture of the Roaring Twenties Architecture Art Deco ‘Art Deco’, also know as a ‘Art Moderne’, was a very popular style of design during the 1920s, although the name of it was not official until the 1960s when it was decided to be named after the International Exposition of Decorative Art, held at the pinnacle of the art deco movement. Art Deco design was particularly common in architecture but also appeared on ocean liners, toasters and jewelry. It is characterized by: long thin forms, curving surfaces and geometric patterns; with the purpose of making the object look like it originated from the â€Å"machine age†. The most prime example of art deco is the Chrysler building in New York. The tip of the skyscraper not only features curving surfaces, but also geometric patterns that appear as triangular windows and as you move higher up the building, the tip becomes thinner (see picture). The design of the building was inspired by machine form and cubist works. More on the construction of this building later. Other examples of art deco include The Rockefeller Building in NY, many buildings in Miami Beach and Fair Park, Dallas. Some of the most famous artists of the art deco movement include William Van Alen, Raymond Hood, Paul Manship and C. Paul Jennewein. Of the notables, Van Alen is perhaps the most famous as he was the chief architect of the Chrysler Building. Skyscraper Skyscrapers are very tall, slender, multi-story buildings that dominate the urban skyline. Unlike conventional buildings, skyscrapers consists of a rigid frame to which non-load-bearing walls are attached. The walls of skyscrapers do not bear the weight unlike other shorter buildings. This type of structure allows for the amazing heights of the skyscrapers to be technically achievable. Before the technologies necessary to construct such structure existed, skyscrapers were impossible dreams. However, by the 1920’s, technology was...

Why do we need so many different theories in accounting Essay - 2

Why do we need so many different theories in accounting - Essay Example The purpose of this paper is to discuss how accounting theories differ from each other including real life examples that show contrasting accounting theories in the real world. Accounting is a simple, yet complex field due to fact that there hundreds of different principles that establish the foundation for its practice. The accounting profession as a whole is self-regulated. There different accounting bodies that set the principles and standards that guide the profession. Two of those governing bodies are the FASB and ICPA. The primary accounting framework that is used by accountants to guide their everyday daily activities are the generally accepted accounting principles (GAAP). The GAAPs covered a wide variety of accounting subjects such as long lived assets, revenue recognition, and inventory topics (Accountingtools). An illustration of how the accounting profession has different treatments or accounting applications for the same economic event can be seen in the way accountants calculate depreciation of assets. Accountants can choose one among various depreciation methods to calculate the depreciation of an asset. Five of the techniques that accountants can use to calculate depreciation are FIFO, LIFO, age-life method, straight, declining balance, and sum-of-the years’ digits method (Weygandt & Kieso & Kimmel, 2002, p.409). The final depreciation calculated by each of these methods gives an output that is different. This might seem a little confusing for a person outside accounting circles, but there is a financial logic behind the existence of so many depreciation methods. The reason there is so many accounting depreciation method is that these methods are available so that accountants can select the method that most appropriate depending on the circumstance. For example an accountant that is auditing a company dedicated to selling

Courage Essay Example | Topics and Well Written Essays - 750 words

Courage - Essay Example The average person derives an image of a superhero when thinking about courage. However, that a limited view of what courage means. This is because it can be applied to so many other aspects of life. The second half of the definition in regards to negative forces is what allows for individual perspective on the word. For example, courage can pertain to a person stopping a gunman from shooting another victim despite the immense danger he or she faces in possibly getting maimed or dying in the process. On the other hand, courage can be reflected in the depths of an individual who recently became crippled and has to face the pain, difficulty and fear of starting life in a new way with new challenges. Both situations involve a form of evil to some extent and to be courageous is appropriately applied to the people involved. The situation also does not have to be a severe one that radically changes peoples’ lives. There is no indication in the definition of courage that there has to be a big or massive negative situation that happens to someone for it to maintain its context. Courage can be applied to as little a situation as giving a successful speech in front of a classroom of students or having the courage to try something new whether it is a type of food or a physical activity. The definition is also not limited to who can have courage. The definition does not state that a particular kind of person can achieve this mental state. This is where it gets tricky. The definition does not say who can have courage, but does that mean an animal can? Can a dog have courage? Most would agree that animals or people who do not have a clear understanding of the term courage cannot be courageous. However, if you go by the actual definition, it fails to decipher whether having courage is a human attribute or not. The fact is that that courage is a feat attributed to a mental or emotionally state of mind. Courage is then taken on and assigned to an individual based on his or her performance during a physical or outward activity that is negative in some fashion. A person cannot have courage in face of something that is not difficult or terrifying on some level. Works Cited "courage." Merriam-Webster. 2011. Web. 2 Nov. 2011. . â€Å"fear.† Merriam-Webster. 2011. Web. 2 Nov. 2011 http://www.merriam- webster.com/dictionary/fear. â€Å"difficulty.† Merriam-Webster

Structured System Analysis and Design Method (SSADM) Research Paper - 1

Structured System Analysis and Design Method (SSADM) - Research Paper Example SSADM is an implementation that particularly combines different school of thoughts postulated by different schools of development, authors and scholars (Hutchings, 2001). These schools of developments structure design projects into well defined and small activities and also give the sequence and interaction of these activities. SSADM also uses modeling techniques and diagrammatic techniques to specify structured definitions that can be easily comprehended by the developers as well as the system users (Chaffey, 1999). The SSADM is a method that is more structured and detailed and provides a better platform for the development of information systems. Due to its attributes the structured method has several advantages compared with other design and analysis methods (The Government of the Hong Kong special Region, 1998). Structured system analysis and design method always provides a requirements statement that is always clear and understandable. This provides a foundation for the analysis design and the implementation of the system. This is mainly achieved through the use of simple language and use of diagrammatic descriptions (E & E, 1988). This method also allows for more utilization of both experienced and inexperienced staff in an organization for the design process. All staff can be assigned various tasks and responsibilities with the inexperienced staff given the less demanding tasks and are guided by the experienced or expert staff (Hawryszkiewycz & Igor, 1995). Structured method also guarantees a more improved project planning and control. The breaking don of the project into phases enables division of labour and effective estimation of project duration and management. Errors and flows can also be easily identified and rectified before moving to the next stage (Hawryszkiewycz I. T., 1995). Better Quality systems. Comprehensive definition of system

Antimicrobial Activity of Oil Extract from Marang Seeds

Antimicrobial Activity of Oil Extract from Marang Seeds Antimicrobial Activity of Oil Extract from Marang Seeds (Artocarpus odoratissimus)  against Escherichia coli and Staphylococcus epidermidis Introduction Essential oils are widely gaining interest a component in medicinal products, food industry and pharmaceutical industry. Many studies were conducted to identify the antimicrobial, antifungal and insecticidal activities of essential oils obtained from plants. Essential oils have many therapeutic activities and they aid the distribution of drugs and antiseptics. Furthermore, the testing of plant extracts for its antimicrobial activity has always been of great attention to scientists looking for new sources for drugs for the treatment of various diseases (Nagala et al., 2013). Antimicrobial Compounds from Plants Phenols According to Cetin-Karaca (2011), phenolic compounds are one of the most diverse groups of secondary metabolites found in edible plants. They are found in a wide variety of fruits, vegetables, nuts, seeds, stems and flowers. There are different classes of polyphenols known as tannins, lignins and flavonoids. Cinnamic and caffeic acids are common representatives of a wide group of phenylpropane-derived compounds which are in the highest oxidation state. Herbs such as tarragon and thyme both contain caffeic acid that is effective against viruses, bacteria and fungi. Catechol and pyrogallol both are hydroxylated phenols, shown to be toxic to microorganisms. Catechol has two 2OH groups, and pyrogallol has three. The site(s) and number of hydroxyl groups on the phenol group are thought to be related to their relative toxicity to microorganisms, with evidence that increased hydroxylation results in increased toxicity (Cowan, 1999). Flavonoids Flavonoids are the most widely occurring polyphenol and are present in almost every form of human consumed vegetation. Flavonoids are potent antioxidants, free radical scavengers and metal chelators; they inhibit lipid peroxidation and exhibit various physiological activities including anti-inflammatory, anti-allergic, anti-carcinogenic, anti-hypertensive, anti-arthritic and antimicrobial activities (Cetin-Karaca, 2011). Flavonoids are also hydroxylated phenolic substances but occur as a C6-C3 unit linked to an aromatic ring. Since they are known to be synthesized by plants in response to microbial infection, it should not be surprising that they have been found in vitro to be effective antimicrobial substances against a wide array of microorganisms. Catechins, the most reduced form of the C3 unit in flavonoid compounds, have been extensively researched due to their occurrence in oolong green teas. It was noticed some time ago that teas exerted antimicrobial activity and that they contain a mixture of catechin compounds. These compounds inhibited in vitro Vibrio cholerae, Streptococcus mutans, Shigella and other bacteria and microorganisms (Cowan, 1999). Plant Extracts as Potential Antibacterial Agents Numerous studies investigated about the antimicrobial activity of plant extracts against a great number of bacterial species. Plant extracts were prepared from fresh or dried plant material using conventional extraction methods (Soxhlet extraction, maceration, percolation). Extraction is process of separation of active compounds from plant material using different solvents. During extraction, solvents diffuse into the plant material and solubilise compounds with similar polarity. At the end of the extraction, solvents have been evaporated, so that an extract is a concentrated mixture of plant active compounds. Successful extraction is largely dependent on the type of solvent used in the extraction procedure. Water extracts and extracts from organic solvents such as methanol, ethanol, acetone and chloroform are usually used. Diffusion and dilution method are two types of susceptibility test used to determine the antibacterial efficacy of plant extracts. Diffusion method is a qualitati ve test which allows classification of bacteria as susceptible or resistant to the tested plant extract according to size of diameter of the zone of inhibition. In dilution method, the activity of plant extracts is determined as Minimum Inhibitory Concentration (MIC). MIC is defined as the lowest concentration able to inhibit bacterial growth (Stefanovic, et al., 2012). Marang (Artocarpus odoratissimus) Artocarpus odoratissimus is also known as Marang, Johey oak or Tarap which is a tropical fruit tree native to Asia. It belongs to the Moraceae family and is closely related to Jackfruit (Artocarpus heterophyllus) and breadfruit (Artocarpus comminis). It originated in Borneo and has been introduced into neighbouring countries, including the Philippines, Malaysia and Thailand. It is an evergreen tree, which can grow up to 25 m tall and has a 40 cm diameter trunk with low buttresses. The leaves are broadly elliptic to obovate at around 16to 50cm long and 11to 28cmwide. They are cuneated at base to slightly decurrent, margin entire or shallowly crenate, and apex blunt or shortly acuminate. It is a monoecious plant so one plant is enough for the production of fruit. The fruit is green, ovoid in shape, quite large, averaging about 16 cm in length, 13 cm in diameter and weighing about 1 kg (KPR Gardeners Club, 2009). It is roundish oblong, regular, and thickly studded with short, brittle, g reenish yellow spines. The rind is thick and fleshy. The flesh is snowy white, very sweet when ripe, juicy and very aromatic. The flesh is separated into segments clinging to the central core and each segment contains a seed. The seeds are many, whitish, 8 Ãâ€" 15 mm in size, smooth surfaced and readily separated from the flesh (Subhadrabandhu, 2001). Escherichia coli Escherichia coliis the most prevalent infecting organism in the family of gram-negative bacteria known as enterobacteriaceae.E. coli is a Gram-negative, rod-shaped bacterium propelled by long, rapidly rotating flagella. Escherichia colibacteria were discovered in the human colon in 1885 by German bacteriologist Theodor Escherich. Dr. Escherich also showed that certain strains of the bacterium were responsible for infant diarrhea and gastroenteritis, an important public health discovery. AlthoughE. coli bacteria were initially called Bacterium coli, the name was later changed toEscherichia colito honor its discoverer (Clark, 2005). It is part of the normal flora of the mouth and gut and helps protect the intestinal tract from bacterial infection, aids in digestion, and produces small amounts of vitamins B12 and K. The bacterium, which is also found in soil and water, is widely used in laboratory research and is said to be the most thoroughly studied life form (The Columbia Electronic Encyclopedia, 2012). Staphylococcus epidermidis Staphylococcus epidermidis belongs to the genus Staphylococcus, and they are facultative anaerobes (Wiedemer, 2012). Staphylococcus epidermidis is a well characterized, non-fastidious, and it is a gram positive bacteria. Staphylococcus epidermidis is a coagulase – negative staphylococcus (CNS) they are found and colonizes the skin and the mucous membranes of the human body and they play an important part of it normal flora (Sousa et al., 2008). These species of staphylococcus secretes and produces a biofilm of polysaccharides that protects the cell against the host immune system or antibiotic treatments (Schjorring et al., 2002). These staphylococci are mainly dispersed during skin to skin contact using medical instruments and procedures. Staphylococcus epidermidis can cause infections in humans like meningitis, urinary tract infection (UTI) conjunctivitis, and endocarditis (Wiedemer, 2012). Bibliography Cetin-Karaca, H. (2011). Evaluation of Natural Antimicrobial Phenolic Compounds Against Foodborne Pathogens. University of Kentucky Masters Theses.Paper 652. Retrieved from http://uknowledge.uky.edu/cgi/viewcontent.cgi?article=1163context=gradschool_theses Clark, M. (2005). E. coli Food Poisoning: What is E. coli and how does it cause food poisoning? About E. coli. Retrieved from http://www.about-ecoli.com/. Retrieved on July 15, 2014. Cowan, M. (1999). Plant Products as Antimicrobial Agents. Clinical Microbiology Reviews Oct. 1999, p. 564–582. Retrieved from http://www.ncbi.nlm.nih.gov/pmc/articles/PMC88925/pdf/cm000564.pdf?origin=publication_detail KPR Gardeners Club. (2009). Breadfruit Artocarpus odoratissimus, Marang. Botanix – A Journal About Plants and Gardening. Retrieved from http://www.botanix.kpr.eu/en/index.php?text=6-breadfruit-artocarpus-odoratissimus-marang Nagala, S., Yekula, M. Tamanam, R. (2013). Antioxidant and gas chromatographic analysis of à ¯Ã‚ ¬Ã‚ ve varieties of jackfruit (Artocarpus) seed oils. Drug Invention Today 5 (2013) 315-320. Retrieved from http://www.sciencedirect.com/science/article/pii/S0975761913000616 Schjorring, S., Ramos, A., Fraustrup, H., Hallin, P.F. (2002). Pathogenic investigation of Staphylococcus aureus and Staphylococcus epidermidis. Technical University of Denmark. Retrieved from http://www.cbs.dtu.dk/~pfh/files/mrsa.pdf Sousa,C., Teixeira, P. Oliveira, R. (2008). Influence of surface properties on the adhesion of Staphylococcus epidermidis to Acrylic and Silicone. International Journal of Biomaterials Volume2009(2009), Article ID718017, 9 pages doi:10.1155/2009/718017. Retrieved from http://www.hindawi.com/journals/ijbm/2009/718017/ Subhadrabandhu, S. (2001). Under-Utilized Tropical Fruits of Thailand. Food and Agriculture Organization of the United Nations Regiona Office for Asia and the Pacific. Retrieved from http://www.fao.org/3/a-ab777e.pdf Stefanovic, et al. (2012). Antibacterial Activity of Naturally Occurring Compounds from Selected Plants. ISBN: 978-953-51-0723-1, InTech, DOI: 10.5772/33059. Retrieved from http://cdn.intechopen.com/pdfs/38642.pdf The Columbia Electronic Encyclopedia. (2012). Escherichia coli. Infoplease.com. Retrieved from http://www.infoplease.com/encyclopedia/science/escherichia-coli.html Wiedemer, C. (2012). Microbiology Unknown Lab Report. CPR St. Louis. Retrieved from http://aclsstlouis.com/3961/microbiology-unknown-lab-reports/

martin luther :: essays research papers

One of the world's best known advocates of non-violent social change strategies, Martin Luther King, Jr., synthesized ideas drawn from many different cultural traditions. Born in Atlanta on January 15, 1929, King's roots were in the African-American Baptist church. He was the grandson of the Rev. A. D. Williams, pastor of Ebenezer Baptist church and a founder of Atlanta's NAACP chapter, and the son of Martin Luther King, Sr., who succeeded Williams as Ebenezer's pastor and also became a civil rights leader. Although, from an early age, King resented religious emotionalism and questioned literal interpretations of scripture, he nevertheless greatly admired black social gospel proponents such as his father who saw the church as a instrument for improving the lives of African Americans. Morehouse College president Benjamin Mays and other proponents of Christian social activism influenced King's decision after his junior year at Morehouse to become a minister and thereby serve society. His continued skepticism, however, shaped his subsequent theological studies at Crozer Theological Seminary in Chester, Pennsylvania, and at Boston University, where he received a doctorate in systematic theology in 1955. Rejecting offers for academic positions, King decided while completing his Ph. D. requirements to return to the South and accepted the pastorate of Dexter Avenue Baptist Church in Montgomery, Alabama. On December 5, 1955, five days after Montgomery civil rights activist Rosa Parks refused to obey the city's rules mandating segregation on buses, black residents launched a bus boycott and elected King as president of the newly-formed Montgomery Improvement Association. As the boycott continued during 1956, King gained national prominence as a result of his exceptional oratorical skills and personal courage. His house was bombed and he was convicted along with other boycott leaders on charges of conspiring to interfere with the bus company's operations. Despite these attempts to suppress the movement, Montgomery bus were desegregated in December, 1956, after the United States Supreme Court declared Alabama's segregation laws unconstitutional. In 1957, seeking to build upon the success of the Montgomery boycott movement, King and other southern black ministers founded the Southern Christian Leadership Conference (SCLC). As SCLC's president, King emphasized the goal of black voting rights when he spoke at the Lincoln Memorial during the 1957 Prayer Pilgrimage for Freedom. During 1958, he published his first book, Stride Toward Freedom: The Montgomery Story. The following year, he toured India, increased his understanding of Gandhian non-violent strategies.