Financial Liberalization And Demand For Money: A Case of Pakistan

Literature in economics has identified many channels through which the financial liberalization may affect demand for money. There are evidences of stability as well as instability of demand for money due to financial development for developing economies. The objective of the current study is to examine the effect of financial liberalization on demand for money in Pakistan, i.e. whether financial liberalization has affected the demand for money or not. The issue is important as stable demand for money function is a prerequisite for formulating and operating monetary policy. To achieve the objective JJ cointegration and auto regressive distributed lag (ARDL) to the cointegration is employed to estimate the long-run equilibrium relationship between broad money M2 and composite financial liberalization index along with other determinants of demand for money like gross domestic product, real deposit rate and exchange rate. In order to assess the stability of the model, the parameter constancy tests, i.e. recursive residuals, CUSUM and CUSUMSQ tests have been applied. The empirical results indicated that for broad money, there exists long-run money demand function. The financial liberalization, gross domestic product and real deposit rate positively affect the demand for money in the long as well as short-run.Demand for money, Financial liberalization, Real deposit rate, Financial reforms, Pakistan, ARDL

Financial Liberalization And Demand For Money: A Case of Pakistan

Literature in economics has identified many channels through which the financial liberalization may affect demand for money. There are evidences of stability as well as instability of demand for money due to financial development for developing economies. The objective of the current study is to examine the effect of financial liberalization on demand for money in Pakistan, i.e. whether financial liberalization has affected the demand for money or not. The issue is important as stable demand for money function is a prerequisite for formulating and operating monetary policy. To achieve the objective JJ cointegration and auto regressive distributed lag (ARDL) to the cointegration is employed to estimate the long-run equilibrium relationship between broad money M2 and composite financial liberalization index along with other determinants of demand for money like gross domestic product, real deposit rate and exchange rate. In order to assess the stability of the model, the parameter constancy tests, i.e. recursive residuals, CUSUM and CUSUMSQ tests have been applied. The empirical results indicated that for broad money, there exists long-run money demand function. The financial liberalization, gross domestic product and real deposit rate positively affect the demand for money in the long as well as short-run

SPATA: Strong Pseudonym based AuthenTicAtion in Intelligent Transport System

Intelligent Transport System (ITS) is generally deployed to improve road safety, comfort, security, and traffic efficiency. A robust mechanism of authentication and secure communication is required to protect privacy and conditional resolution of pseudonyms to revoke malicious vehicles. In a typical ITS framework, a station can be a vehicle, Road Side Unit (RSU), or a server that can participate in communication. During authentication, the real identity of an Intelligent Transport System-Station (ITSS), referred to as a vehiclečň should not be revealed in order to preserve its privacy. In this paper, we propose a Strong Pseudonym based AutenTicAtion (SPATA) framework for preserving the real identity of vehicles. The distributed architecture of SPATA allows vehicles to generate pseudonyms in a very private and secure way. In the absence of a distributed architecture, the privacy cannot be preserved by storing information regarding vehicles in a single location. Therefore, the concept of linkability of certificates based on single authority is eliminated. This is done by keeping the real identity to pseudonym mappings distributed. Furthermore, the size of the Certificate Revocation List (CRL) is kept small, as only the most recent revoked communication pseudonyms are kept in the CRL. The privacy of the vehicle is preserved during the revocation and resolution phase through the distributed mechanism. Empirical results show that SPATA is a lightweight framework with low computational overhead, average latency, overhead ratio, and stable delivery ratio, in both sparse and dense network scenarios

Forensic investigation of small-scale digital devices: a futuristic view

Small-scale digital devices like smartphones, smart toys, drones, gaming consoles, tablets, and other personal data assistants have now become ingrained constituents in our daily lives. These devices store massive amounts of data related to individual traits of users, their routine operations, medical histories, and financial information. At the same time, with continuously evolving technology, the diversity in operating systems, client storage localities, remote/cloud storages and backups, and encryption practices renders the forensic analysis task multi-faceted. This makes forensic investigators having to deal with an array of novel challenges. This study reviews the forensic frameworks and procedures used in investigating small-scale digital devices. While highlighting the challenges faced by digital forensics, we explore how cutting-edge technologies like Blockchain, Artificial Intelligence, Machine Learning, and Data Science may play a role in remedying concerns. The review aims to accumulate state-of-the-art and identify a futuristic approach for investigating SSDDs

BCON : Blockchain Based Access CONtrol across Multiple Conflict of Interest Domains

In today's on-demand computing and virtual coalition environment, cross-domain services are acquired and provided. These business domains may belong to either the same or different conflict of interest system. “Transitive access” can cause leakage of information between competitors through some other conflict of interest system's member. Therefore, a secure access control mechanism is required to detect and deny “transitive access” efficiently with minimal trust in externalist. Existing access control mechanisms focused on either single or multiple conflict of interest domains but with no “transitive access”. In addition, these existing mechanisms are centralized with inherited unfair access control and are a single point of failure. Blockchain (BC) is a shared digital ledger encompassing a list of connected blocks stored on a decentralized distributed network that is secured through cryptography. We propose a BC based access control for conflict of interest domains. We have integrated a BC in our architecture to make access control fair, verifiable and decentralized. Users access histories and “transitive accesses” are stored on BC ledger. We propose a novel mechanism called “Transitive Access Checking and Enforcement (TACE)” i.e., “Algorithm.1”. It makes an authorization decision based on BC endorsement that “transitive access” will not occur. “Algorithm.2” verifies and updates users access histories stored at BC before each request approval. Similarly, “Algorithm.3” detects possible future “transitive accesses” and updates Transitive Access Set (TAS) stored at BC after each request approval. The Simple Promela Interpreter (SPIN) model checker is used to verify the proposed mechanisms for “transitive access” detection and prevention. We have identified four conflicting sequences of execution that can cause “transitive access”. Results show that the proposed mechanism is safe against “transitive access” by checking all the four possible conflicting sequences of execution

Impact of opioid-free analgesia on pain severity and patient satisfaction after discharge from surgery: multispecialty, prospective cohort study in 25 countries

Background: Balancing opioid stewardship and the need for adequate analgesia following discharge after surgery is challenging. This study aimed to compare the outcomes for patients discharged with opioid versus opioid-free analgesia after common surgical procedures.Methods: This international, multicentre, prospective cohort study collected data from patients undergoing common acute and elective general surgical, urological, gynaecological, and orthopaedic procedures. The primary outcomes were patient-reported time in severe pain measured on a numerical analogue scale from 0 to 100% and patient-reported satisfaction with pain relief during the first week following discharge. Data were collected by in-hospital chart review and patient telephone interview 1 week after discharge.Results: The study recruited 4273 patients from 144 centres in 25 countries; 1311 patients (30.7%) were prescribed opioid analgesia at discharge. Patients reported being in severe pain for 10 (i.q.r. 1-30)% of the first week after discharge and rated satisfaction with analgesia as 90 (i.q.r. 80-100) of 100. After adjustment for confounders, opioid analgesia on discharge was independently associated with increased pain severity (risk ratio 1.52, 95% c.i. 1.31 to 1.76; P < 0.001) and re-presentation to healthcare providers owing to side-effects of medication (OR 2.38, 95% c.i. 1.36 to 4.17; P = 0.004), but not with satisfaction with analgesia (beta coefficient 0.92, 95% c.i. -1.52 to 3.36; P = 0.468) compared with opioid-free analgesia. Although opioid prescribing varied greatly between high-income and low- and middle-income countries, patient-reported outcomes did not.Conclusion: Opioid analgesia prescription on surgical discharge is associated with a higher risk of re-presentation owing to side-effects of medication and increased patient-reported pain, but not with changes in patient-reported satisfaction. Opioid-free discharge analgesia should be adopted routinely

Issues, Challenges, and Research Opportunities in Intelligent Transport System for Security and Privacy

Intelligent transport system (ITS), owing to their potential to enhance road safety and improve traffic management, have attracted attention from automotive industries and academia in recent years. The underlying technology—i.e., vehicular ad-hoc networks (VANETs)—provide a means for vehicles to intelligently exchange messages regarding road and traffic conditions to enhance safety. The open nature of ITS as wireless communication technology leads to many security and privacy challenges. These challenges pertain to confidentiality, authentication, integrity, non-repudiation, location privacy, identity privacy, anonymity, certificate revocation, and certificate resolution. This article aims to propose a novel taxonomy of security and privacy issues and solutions in ITS. Furthermore, categorization of security and privacy schemes in ITS and their limitations are discussed with various parameters—scalability, privacy, computational cost, communication overhead, latency—and various types of security attacks has been analyzed. This article leverages new researchers for challenges and opportunities related to security and privacy in ITS

Foreign direct investment and liberalization policies in Pakistan: An empirical analysis ABOUT THE AUTHOR

Abstract: To enhance the inflow of foreign direct investment (FDI) and ultimately to increase the economic growth, the countries have implemented a variety of financial and trade liberalization policies in the last three decades. Pakistan also initiated such type of policies. This study makes an analysis of the impact of liberalization (financial and trade) in Pakistan, on the inflow of FDI using the time series data of 1971-2009. The DF-GLS test is used to determine the level of integration, and autoregressive distributed lag model to examine the long-run relationship. The results indicate that liberalization indicators, like financial liberalization index and trade openness along with real interest rate, negatively affect the inflow of FDI in Pakistan. Tax revenue of product also negatively affects the FDI. On the other hand, the gross fixed capital formation, infrastructure, and inflation positively influence the FDI in Pakistan. The market size (proxied by real gross domestic product) has shown insignificant effect on FDI. Keywords: F21-international investment; long-term capital movements, O16-financial markets; saving and capital investment JEL classifications: F21, O16, C33, P2

Issues, Challenges, and Research Opportunities in Intelligent Transport System for Security and Privacy

Intelligent transport system (ITS), owing to their potential to enhance road safety and improve traffic management, have attracted attention from automotive industries and academia in recent years. The underlying technology—i.e., vehicular ad-hoc networks (VANETs)—provide a means for vehicles to intelligently exchange messages regarding road and traffic conditions to enhance safety. The open nature of ITS as wireless communication technology leads to many security and privacy challenges. These challenges pertain to confidentiality, authentication, integrity, non-repudiation, location privacy, identity privacy, anonymity, certificate revocation, and certificate resolution. This article aims to propose a novel taxonomy of security and privacy issues and solutions in ITS. Furthermore, categorization of security and privacy schemes in ITS and their limitations are discussed with various parameters—scalability, privacy, computational cost, communication overhead, latency—and various types of security attacks has been analyzed. This article leverages new researchers for challenges and opportunities related to security and privacy in ITS