Exchange Rate Pass-through to Consumer Prices in Pakistan: Does Misalignment Matter?

This study investigates the impact of exchange rate changes on consumer prices (commonly known as exchange rate pass-through (ERPT)) in Pakistan for the period 1995M1 to 2009M3. The study estimates short-run and long-run ERPT in Pakistan while taking into account the existing real exchange rate misalignment (RERM). The results suggest that the ERPT to consumer price inflation in Pakistan is very low (close to zero). The impact of the previous periods’ misalignment on inflation is found significant in managed exchange rate regime. However, the overall sample misalignment does not affect inflation. The impact of foreign inflation on domestic inflation is positive and statistically significant.Pass-through, Misalignment, Inflation

Electrochemical Properties of Nanoceria

The purpose of the study was to synthesize and examine the electrochemical properties of ceria (CeO2) nanoparticles and ceria-reduced graphene oxide (CeO2-RGO) nanocomposites. The synthesis of ceria nanoparticles and ceria-reduced graphene oxide (CeO2-RGO) nanocomposites were successfully carried out by using hydroxide mediated and sonochemical methods, respectively. The formation of ceria nanoparticles and ceria-reduced graphene oxide (CeO2-RGO) nanocomposites were confirmed by using characterization techniques such as UV-visible spectroscopy, Fourier-transform infrared (FTIR) spectroscopy, Raman spectroscopy and X-ray diffraction (XRD) techniques. The electrocatalytic reduction of oxygen, super capacitive behaviour of nanoceria and electrocatalytic oxidation of methanol by using nanoceria with cyclic voltammetry (CV) and rotating ring disc electrode (RRDE) techniques were analysed. The high oxidation peak current was observed with ceria nanoparticles coated on glassy carbon (GC) electrode in the electrooxidation of methanol in alkaline media. The electrocatalytic reduction of oxygen was successfully carried out with ceria-reduced graphene oxide (CeO2-RGO) nanocomposites coated on the glassy carbon (GC) and gold (Au) electrodes. The electrochemical reduction of para-nitrophenol was successfully done by ceria nanoparticles coated on glassy carbon (GC) electrode in aqueous solution. The ceria-reduced graphene oxide (CeO2-RGO) nanocomposites can enhance the electrocatalytic activity by inducing the synergistic effect. It can also have a great impact on the utilization of ceria-reduced graphene oxide (CeO2-RGO) nanocomposites in the electrochemical devices

Family Business Groups and Tunneling Framework : Application and Evidence from Pakistan

In Pakistan there is a ubiquity of firms in which there exists a controlling shareholder, usually in the form of the family. By and large this control is maintained via crossshareholding and inter-locked directorships which in turn is facilitated by the pyramidal organization of these firms. Moreover, these controlling families have often been alleged of tunneling resources from firms in which they have few cash flow rights to ones in which they have more cash flow rights. This paper attempts to quantify the extent of tunneling prevalent in Pakistani family business groups. The framework that is adopted is one that has been presented by Mullainathan et al. (2000) : we use the responses of different firms to performance shocks and map out the flow of resources within a group of firms to quantify the extent to which the marginal rupee is tunneled. We apply this technique to data on Pakistan business groups.Pakistan, tunneling, business groups, crossshareholding

Exchange Rate Pass-through to Consumer Prices in Pakistan: Does Misalignment Matter?

This study investigates the impact of exchange rate changes on consumer prices (commonly known as exchange rate pass-through (ERPT)) in Pakistan for the period 1995M1 to 2009M3. The study estimates short-run and long-run ERPT in Pakistan while taking into account the existing real exchange rate misalignment (RERM). The results suggest that the ERPT to consumer price inflation in Pakistan is very low (close to zero). The impact of the previous periods’ misalignment on inflation is found significant in managed exchange rate regime. However, the overall sample misalignment does not affect inflation. The impact of foreign inflation on domestic inflation is positive and statistically significant. JEL classification: F31, F41, E31 Keywords: Pass-through, Misalignment, Inflatio

ASSESSMENT OF LOADING OF ASCORBYL-2-PHOSPHATE AND 6-O-PALMITOYLASCORBIC ACID IN CETYL DIMETHICONE COPOLYOL BASED W/O/W EMULSIONS

W/O/W emulsions with multifaceted nature ensure the ability to incorporate lipophilic as well as hydrophilic compounds based on their solubility. Loading of these compounds in different phases of W/O/W emulsion may affect their constancy. This study was aimed to evaluate the constancy of Ascorbyl-2-phosphate and 6-O-Palmitoylascorbic acid in W/O/W emulsions (F1 and F2). F1 and F2 samples containing Ascorbyl-2-phosphate and 6-O-Palmitoylascorbic acid  in different phases of cetyl dimethicone copolyol based W/OW emulsions were analyzed for globule size, rheological behavior and HPLC, immediately after preparation and then at different storage conditions (8°C, 25°C, 40°C and 40°C+75%RH) for 90 days. Rheological analysis showed that at accelerated storage conditions F1 and F2 had shear thinning behaviour of varying shear stress with no influence of location of functional ingredients in the carrier system. Microscopic analysis showed increase in globule size with time, especially at higher temperatures while decreased at low temperatures. HPLC analysis at the end of 90 days showed that 6-O-Palmitoylascorbic acid and Ascorbyl-2-phosphate were almost stable in F1 and F2 W/OW emulsions with no influence of their location in a carrier system. F1 and F2 W/OW emulsions were found stable carriers for Ascorbyl-2-phosphate and 6-O-Palmitoylascorbic acid. This study may contribute to the improvement of formulations with Ascorbyl-2-phosphate and 6-O-Palmitoylascorbic acid to enhance their cosmetic benefits and also provides the direction to evaluate the stability with different concentrations of these compounds