CURRENCY MISMATCHES IN EMERGING MARKET ECONOMIES: IS WINTER COMING?

We develop a currency mismatch index and examine the causes of currency mismatches in emerging market economies. This study is based on a unique dataset on 22 economies from 2008 to 2017. We also construct the original sin index using granular data on international debt securities. We find Latin American countries, followed by Central European countries, suffer from the original sin and currency mismatch problems. The panel regression estimates show that country size, trade openness, and the level of economic and financial development explain cross-country variations in currency mismatches. Our empirical results suggest that unstable monetary and fiscal policies are the primary causes of currency mismatches. The results indicate that a better institutional environment reduces currency mismatches. These findings call for monetary independence, stable fiscal policy, and macroprudential policy measures tominimize currency mismatches.We develop a currency mismatch index and examine the causes of currency mismatches in emerging market economies. This study is based on a unique dataset on 22 economies from 2008 to 2017. We also construct the original sin index using granular data on international debt securities. We find Latin American countries, followed by Central European countries, suffer from the original sin and currency mismatch problems. The panel regression estimates show that country size, trade openness, and the level of economic and financial development explain cross-country variations in currency mismatches. Our empirical results suggest that unstable monetary and fiscal policies are the primary causes of currency mismatches. The results indicate that a better institutional environment reduces currency mismatches. These findings call for monetary independence, stable fiscal policy, and macroprudential policy measures tominimize currency mismatches

MOLECULAR DOCKING STUDY ON 1H-(3,4d) PYRAZOLO-PYRIMIDINES AS CYCLIN DEPENDANT KINASE (CDK2) INHIBITORS

Objective: CDK2 inhibitors are implicated in several carcinomas viz. Carcinoma of lung, bladder, sarcomas and retinoblastoma. Pyrazolopyrimidines, being purine bioisosters inhibit more than one type of kinase. In this study, we are studying some novel derivatives of 1H-pyrazolo [3,4d] pyrimidines not reported earlier. The objective of the present study is an attempt towards design and development of 1H-[3,4-] pyrazolo-pyrimidines as CDK2 inhibitors through rational drug design.Methods: The present study has been done on CDK2 structure, PDB ID, 3WBL, co-crystallized with ligand PDY from RCSB protein data bank. A series of seventeen 1H-Pyrazolo [3,4-d] pyrimidines feasible for synthesis was docked on the said CDK2 receptor using Auto Dock 4 version, 1.5.6. Outputs were exported to discovery studio 3.5 client for visual inspection of the binding modes and interactions of the compounds with amino acid residues in the active sites.Results: The results of docking studies revealed that the present series of 1H-Pyrazolo[3,4-d] pyrimidines is showing significant binding through hydrogen bonding, hydrophobic, pi and Van der waals interactions, similar to the ligand PDY. Some conserved H-bond interactions comparable to bioisosters and compounds presently under human trials were noted. Ki values predicted in silico also suggest that the series will show promising CDK2 inhibitory activity.Conclusion: The series designed and docked can be further developed by synthesis and in vitro and in vivo activity. The receptor inhibitory activity can also be checked by specific receptor assays

A Study on Dispensing Pattern of OTC (Over the Counter) Medication among Community Pharmacist in Kalaburagi City

Purpose: Over the counter drugs (OTC) are sold without the prescription of a registered medical practitioner. There are reports that OTC drug market in India is on the rise. This is attributed to the rising cost of healthcare, difficulty in accessing healthcare, and an alarming tendency to self-manage symptoms. The outcome of this is OTC related adverse effects, abuse and hospitalizations. Subjects and Methods: The primary objective was to assess the knowledge of drug dispensing pattern of community pharmacists. The secondary objective was to assess the knowledge regarding drug related problems of over the counter medication. The tertiary objective was to find out whether the pharmacists involving in counselling activities. A community based, observational study was conducted among community pharmacist in Kalaburagi city, to find out knowledge on dispensing pattern of OTC medication. All the community pharmacist participated in the study were provided with a data collection form including self -structured questionnaires. One week after pre-test all the community pharmacist were educated regarding OTC drugs by means of providing information leaflets about OTC drugs. Post-test has been taken after 15 days of education by means of same questionnaires. Data were entered into Excel and analyzed using SPSS software. Pre and post intervention data were compared using student’s t-test. Results: Among 110 pharmacist, males 98 (89.1%) were more compared to females 12(10.9%). The mean knowledge scores on drug dispensing pattern of community pharmacist in pre-test were 57.0% and post test is 87.6%. Conclusions: Among 110 pharmacist, males 98 (89.1%) were more compared to females 12(10.9%). The mean knowledge scores on drug dispensing pattern of community pharmacist in pre-test were 57.0% and post test is 87.6%

Effects of Option Introduction on Price and Volatility of Underlying Assets - A Review

The effect of options’ introduction on underlying market is one of the frequently debated themes in financial research. A significant body of literature addresses the question of effects of options’ introduction. The critical review of the literature shows that there is no consensus among scholars regarding the impact. Theoretically, it has been argued that the option market stabilizes the underlying market. Though the empirical evidences of stabilization effect have not lead to a consensus, but there is little evidence for the destabilization effect of options. Given increasing growth of options in financial market especially in emerging markets, the future studies from these markets may shed new light on the debate

Effects of Option Introduction on Price and Volatility of Underlying Assets - A Review

The effect of options’ introduction on underlying market is one of the frequently debated themes in financial research. A significant body of literature addresses the question of effects of options’ introduction. The critical review of the literature shows that there is no consensus among scholars regarding the impact. Theoretically, it has been argued that the option market stabilizes the underlying market. Though the empirical evidences of stabilization effect have not lead to a consensus, but there is little evidence for the destabilization effect of options. Given increasing growth of options in financial market especially in emerging markets, the future studies from these markets may shed new light on the debate

On the random walk characteristics of stock returns in India

An attempt is made in this paper to examine whether stock returns in two premier two exchanges in India namely, Bombay Stock Exchange (BSE), and National Stock Exchange (NSE) follow a random walk. Towards this end, data on major indices during the period 1997 to 2009 are analyzed by using non-parametric Runs and BDS tests. The findings of the study reveal that the stock returns do not follow random walk during the sample period

Stock Returns Predictability and the Adaptive Market Hypothesis: Evidence from India

The present paper evaluates whether the adaptive market hypothesis provides a better description of the behavior of Indian stock market using daily values of Sensex and Nifty, the two major indices of India from January 1991 to April 2013. We employed linear and nonlinear methods to evaluate the hypothesis empirically. The linear tests show a cyclical pattern in linear dependence suggesting that the Indian stock market switched between periods of efficiency and inefficiency. However, the results from nonlinear tests reveal a strong evidence of nonlinearity in returns throughout the sample period with a sign of the taping magnitude of nonlinear dependence in the recent period. The findings suggest that Indian stock market is still in the first stage of AMH and hence calls for an active portfolio management for excess returns

Do stock returns in India exhibit a mean reverting tendency? Evidence from multiple structural breaks test

This paper re-examines the issue of mean-reversion in Indian equity market. Unlike earlier studies, the present paper carries out multiple structural breaks test and uses new and disaggregated data set. The study found significant structural breaks in the returns series of all selected indices and thus provide evidence of mean-reverting tendency in the Indian stock returns. This implies violation of efficient market hypothesis in India. The endogenously searched significant structural breaks occurred in the years 2000, 2003, 2006, 2007 and 2008 for most of the indices indicating respectively rise in international oil prices, global recession, erratic fluctuations in exchange rates, and sub-prime crisis followed by global meltdown. The evidences of structural breaks and mean-reverting tendency indicate possibility to predict the future returns. Further, it is observed that small indices with less liquidity and lower market capitalization are more vulnerable to external events than the liquid indices. The results call for appropriate policy and regulatory measures particularly external shocks to improve the efficiency of the market

Stock Returns Predictability and the Adaptive Market Hypothesis: Evidence from India

The present paper evaluates whether the adaptive market hypothesis provides a better description of the behavior of Indian stock market using daily values of Sensex and Nifty, the two major indices of India from January 1991 to April 2013. We employed linear and nonlinear methods to evaluate the hypothesis empirically. The linear tests show a cyclical pattern in linear dependence suggesting that the Indian stock market switched between periods of efficiency and inefficiency. However, the results from nonlinear tests reveal a strong evidence of nonlinearity in returns throughout the sample period with a sign of the taping magnitude of nonlinear dependence in the recent period. The findings suggest that Indian stock market is still in the first stage of AMH and hence calls for an active portfolio management for excess returns

Stock returns predictability and the adaptive market hypothesis in emerging markets: evidence from India

This study addresses the question of whether the adaptive market hypothesis provides a better description of the behaviour of emerging stock market like India. We employed linear and nonlinear methods to evaluate the hypothesis empirically. The linear tests show a cyclical pattern in linear dependence suggesting that the Indian stock market switched between periods of efficiency and inefficiency. In contrast, the results from nonlinear tests reveal a strong evidence of nonlinearity in returns throughout the sample period with a sign of tapering magnitude of nonlinear dependence in the recent period. The findings suggest that Indian stock market is moving towards efficiency. The results provide additional insights on association between financial crises, foreign portfolio investments and inefficiency