Essays on exchange rate pass through, monetary policy regimes, and financial development and growth

Monetary policy has become a key component of economic policies. Modern monetary policy has been shaped by a substantial amount of theoretical and empirical research over the past few decades. The thesis focuses on three particular areas where the influences of monetary policy have become of great importance over the recent decades. While the 1st chapter sets out the backdrop, the 2nd chapter focuses on exchange rate pass through elasticities and their macroeconomic determinants. Pass through is a source of inflation through imports in open economies and has reportedly been declining in a number of countries since the 1980s for aggregate prices level. Low average and persistent inflation has been suggested as one of the main reasons for this decline. Pass through is influenced by the monetary policy regimes. We first estimate the pass through elasticities and verify the evidence of declining pass through across different monetary policy regimes for 39 countries over the period 1981 to 2010 by constructing some relevant indices. We find the evidence of declining pass through over the period. Secondly, we verify the important macroeconomic determinants by including some macroeconomic variables and monetary policy regimes. Our findings reaffirmed the importance of inflation in determining pass through elasticities and suggest that inflation targeting monetary policy regime and greater central bank autonomy reduce pass through elasticities. In the 3rd chapter, we first provide a classification of de facto monetary policy regimes for 124 countries, which includes 7 exchange rate regimes and 4 inflation targeting and monetary targeting regimes. The previous studies had only classified de facto exchange rate regimes and ignored the underlying monetary policy frameworks in their classifications exercises. However, the outcome of such classifications will not be accurate, as some of the identical exchange rate regimes will have different monetary policy frameworks, such as inflation targeting, which needs to be taken into account in any proper assessment of the impact of the regimes on growth and inflation. Secondly, we evaluate the regime performances on growth and inflation by using pooled mean group (PMG) estimation method instead of GMM. PMG is more suitable for panel analysis with a large number of time series observations () and the number of groups(). The findings suggest that monetary policy with nominal anchors is more conducive to growth. The 4th chapter focuses on the relationship between financial development and economic growth in terms of both the quality and volume of financial development in eight Asian and south east Asian emerging economies for the period 2003 to 2012. We have estimated the cost and profit efficiencies of the banks in these countries for the first time to measure the quality of financial institutions. Broad money growth and bank credit to the private sector as a percentage of GDP have been used for the volume measures. The findings suggest the importance of both the volume and the quality of financial development for growth in these countries. The 5th and the final chapter concludes

Value chain analysis of carp fish seed farms in some selected areas of Mymensingh district in Bangladesh

This study is an attempt to analyze the prevailing value chain of fish seed farms in some selected areas of Mymensingh district in Bangladesh. Data were collected from 280 fish seed farms owners (56) and traders (224) covering four Upazilas of Mymensingh district namely Mymensingh Sadar, Gauripur, Muktagacha, and Trishal from the period of July 2019 to October 2019 through purposive random sampling technique. Three important fish seed species of carp; namely Rui, Catla, Mrigel were selected to address the following objectives: typical value chain map and marketing system of fish seed farms, determination of the net value addition of fish seed production and marketing, and problems impacting different actors in the value chain. Total net marketing margin per 10 Kg. spawn and per 100000 pieces’ fingerlings are Tk. 20204 (190.43 USD) and Tk. 43148 (406.69 USD), respectively. Among all three intermediaries, the net marketing margin of the retailer is the highest. A large percentage of value addition is covered by paiker for both cases and that is 20.85% and 31.2%. The study finds that fish seed farms with hatcheries are more profitable than fish seed farms with nursery. The yearly net return from spawn production in the hatchery is Tk. 4324775 (40763.15 USD) and from fingerling production in the nursery is Tk. 2388126 (22509.27 USD). The owners and traders have currently been facing some difficulties. Lack of information about good quality seed, the higher price of inputs, and lack of extension service is some of the examples. If these problems could be solved, fish seed farms and market intermediaries could earn a higher profit than the existing level

Detection of qnr genes and gyrA mutation to quinolone phenotypic resistance of UTI pathogens in Bangladesh and the implications

Background: Plasmid-mediated quinolone-resistant (PMQR) genes and mutations within the quinolone resistance determining regions (QRDRs) resulted in the advent of quinolone-resistant pathogenic microbes. This research was designed to assess the roles of three PMQR genes, qnrA, qnrB, and qnrS, and any mutation in the gyrA gene in the QRDR as a process of quinolone/fluoroquinolone resistance to urinary tract infection (UTI) bacteria in Bangladesh to guide future management of UTIs. Methods: Pathogens from UTIs were isolated and identified, and their phenotype antibiotic susceptibilities were tested for lomefloxacin, ofloxacin, ciprofloxacin, and nalidixic acid. Polymerase chain reaction (PCR) detected the qnrA, qnrB, and qnrS genes. PCR and sequencing were performed to evaluate any mutation within the QRDRs of the gyrA gene. Results: Of 100 UTI bacteria, phenotypic resistance was observed in 95.0%, 89.0%, 83.0%, and 71.0% against lomefloxacin, nalidixic acid, ofloxacin, and ciprofloxacin, respectively. PMQR genes qnrS, qnrA, and qnrB genes were found in 54.0%, 1.0%, and 4.0% of isolates, respectively. Sequencing the gyrA gene revealed single mutation (Ser-83 to Leu) and double mutations (Ser-83 to Leu and Asp-87 to Asn). PMQR genes showed a statistically nonsignificant association with phenotypic resistance. Conclusions: This study confirms the presence of QRDR mutations that were independent of PMQR genes. Consequently, high resistance against quinolones among uropathogens is evident, and their future use needs to be moderated

Targeting specific checkpoints in the management of SARS-CoV-2 induced cytokine storm

COVID-19-infected patients require an intact immune system to suppress viral replication and prevent complications. However, the complications of SARS-CoV-2 infection that led to death were linked to the overproduction of proinflammatory cytokines known as cytokine storm syndrome. This article reported the various checkpoints targeted to manage the SARS-CoV-2-induced cytokine storm. The literature search was carried out using PubMed, Embase, MEDLINE, and China National Knowledge Infrastructure (CNKI) databases. Journal articles that discussed SARS-CoV-2 infection and cytokine storm were retrieved and appraised. Specific checkpoints identified in managing SARS-CoV-2 induced cytokine storm include a decrease in the level of Nod-Like Receptor 3 (NLRP3) inflammasome where drugs such as quercetin and anakinra were effective. Janus kinase-2 and signal transducer and activator of transcription-1 (JAK2/STAT1) signaling pathways were blocked by medicines such as tocilizumab, baricitinib, and quercetin. In addition, inhibition of interleukin (IL)-6 with dexamethasone, tocilizumab, and sarilumab effectively treats cytokine storm and significantly reduces mortality caused by COVID-19. Blockade of IL-1 with drugs such as canakinumab and anakinra, and inhibition of Bruton tyrosine kinase (BTK) with zanubrutinib and ibrutinib was also beneficial. These agents' overall mechanisms of action involve a decrease in circulating proinflammatory chemokines and cytokines and or blockade of their receptors. Consequently, the actions of these drugs significantly improve respiration and raise lymphocyte count and PaO2/FiO2 ratio. Targeting cytokine storms' pathogenesis genetic and molecular apparatus will substantially enhance lung function and reduce mortality due to the COVID-19 pandemic.https://www.mdpi.com/journal/lifeam2023Pharmacolog

Haematopoietic stem cell transplantation in thalassaemia major: A narrative review

Thalassaemia constitutes an especially prevalent human monogenic illness caused by a lack of synthesis of the α- or β-globin chains. The clinical impact of β-thalassaemia is worse since it consists of the same pair gene configuration, thalassaemia major, causing significant health discouragement and loss of life due to life threateningly insufficient haemoglobin (Hb) levels. Only a few nations have successfully reduced the prevalence of β-thalassaemia major, even though comprehensive screening, group counselling, pre-natal detection and public education can all be used. Since over ½ century ago, the fundamental elements of treatment for thalassaemia major have been iron chelation and hypertransfusion. The globin chain that makes up the adult Hb molecule is missing or synthesised at a reduced rate in β-thalassemia. The aberrant buildup of the α-globin chain and faulty formation of red blood cells (RBCs) leading to RBC haemolysis are the outcomes of this genetic abnormality. Since allogeneic haematopoietic stem cell transplantation (Allo-HSCT) has been a well-established gene replacement therapy for individuals with thalassaemia major for several years, it has had very successful outcomes for patients with access to it. Over the past 20 years, the consequences for more susceptible patients have also steadily improved, leading to 80%–90% longer-term life expectancy amongst this group of patients. However, providing Allo-HSCT as a treatment for these patients globally presents numerous difficulties. Replacing genes in autologous HSCs employing viral vectors has been possible in recent years

Monetary policy shock and impact asymmetry in bank lending channel: evidence from the UK housing sector

Banks play a defining role in translating monetary policy shocks to pull or push‐effects in the housing market. The literature is ambiguous on the exact role of bank lending channel (BLC) in translating such effects into either moderation or acceleration of dynamics in the housing market. This paper argues that monetary policy shocks, of the same magnitude, can have asymmetric implications for a housing market via a state dependent BLC, particularly during expansion and recessionary phases of the business cycle. We test this hypothesis for the UK housing sector using a long quarterly data (1973Q1‐2015Q4) and employing Markov Switching Vector Auto Regression (MSVAR) models. Our results show that the magnitude of the bank lending channel is contingent upon the state of the economy, with a one standard deviation expansionary monetary policy shock producing a significant effect only in normal economic times. Further study on whether large cuts in policy rates could stimulate mortgage lending and whether there is impact asymmetry to dissimilar expansionary monetary policy shocks during financial crisis, we show that a sharp cut in policy rate indeed stimulates the BLC greater compared to smaller expansionary money policy shocks during recessions

Rising Trends of Cesarean Section in Bangladesh: Associated Factors and Long-Term Complications on Health of Mother and Children

Background: With taking into consideration of the high cesarean section (CS) rate, the objectives of this study were to ascertain factors associated with and point out metamorphose complications with high CS rates in Bangladesh.Subjects and Method: A cross-sectional study accounted for data collection from rural (196) and urban (241) women who gave birth to babies between 2005 and 2018 in Chattogram, Bangladesh. The study subjects were selected by using a systematic random sampling technique and the sample size was determined by using web-based Raosoft software. The delivery modes were dependent variables whereas influential factors and complications related to delivery were independent variables. The data were collected through face-to-face interviews using a pre-structured question­naire. The height and weight of the participants were measured by using a stadiometer and weighing machine respectively. Data analysis was done by using regression analysis.Results: The results divulged that mingling of relative influence and doctor’s profit-making tendency, obstetric factors, and demand from a family with higher socioeconomic status contributed to the recent increased cesarean rate in urban areas (41.5%). The distended abdomen in mothers (OR= 5.11, 95% CI= 2.98 to 8.76) was strongly associated with CS (p< 0.05), and back pain, and urinary incontinence were about one and half times higher in CS mothers. However, miscarriage and pelvic organ prolapse were associated with decreased risks of CS. Postnatal complications include cold fever (OR= 11.95, 95% CI= 7.02 to 20.35), and pneumonia (OR= 5.79; 95% CI= 2.71 to 12.36) were highly prevalent in children with cesarean delivery.Conclusion: Cesarean section has become alarmingly increased in urban rather than rural areas of Bangladesh in recent decays. Awareness-raising, doctor commitment, government policy, and strict monitoring of private health facilities are needed to control high rates of cesarean delivery.Keywords: cesarean delivery; vaginal delivery; demographic factors; obstetric factors; postpartum complications.Correspondence: Md. Altaf Hossain, Department of Animal Resources Science, Sunchon National University, Suncheon, Jeollanam-do, South Korea. Telephone: +8201098532108; Email: [email protected] of Maternal and Child Health (2022), 07(05): 532-542https://doi.org/10.26911/thejmch.2022.07.05.04

Diabetes Mellitus: A Path to Amnesia, Personality, and Behavior Change

Type 2 diabetes mellitus is increasingly being associated with cognition dysfunction. Dementia, including vascular dementia and Alzheimer&rsquo;s Disease, is being recognized as comorbidities of this metabolic disorder. The progressive hallmarks of this cognitive dysfunction include mild impairment of cognition and cognitive decline. Dementia and mild impairment of cognition appear primarily in older patients. Studies on risk factors, neuropathology, and brain imaging have provided important suggestions for mechanisms that lie behind the development of dementia. It is a significant challenge to understand the disease processes related to diabetes that affect the brain and lead to dementia development. The connection between diabetes mellitus and dysfunction of cognition has been observed in many human and animal studies that have noted that mechanisms related to diabetes mellitus are possibly responsible for aggravating cognitive dysfunction. This article attempts to narrate the possible association between Type 2 diabetes and dementia, reviewing studies that have noted this association in vascular dementia and Alzheimer&rsquo;s Disease and helping to explain the potential mechanisms behind the disease process. A Google search for &ldquo;Diabetes Mellitus and Dementia&rdquo; was carried out. Search was also done for &ldquo;Diabetes Mellitus&rdquo;, &ldquo;Vascular Dementia&rdquo;, and &ldquo;Alzheimer&rsquo;s Disease&rdquo;. The literature search was done using Google Scholar, Pubmed, Embase, ScienceDirect, and MEDLINE. Keeping in mind the increasing rate of Diabetes Mellitus, it is important to establish the Type 2 diabetes&rsquo; effect on the brain and diseases of neurodegeneration. This narrative review aims to build awareness regarding the different types of dementia and their relationship with diabetes

The Effect of Socio-Demographic Factors in Health-Seeking Behaviors among Bangladeshi Residents during the First Wave of COVID-19

Background: Socio-demographic variability among nations and cultures highly influences health-seeking behavior (HSB) in managing endemic or pandemic diseases. The present study aimed to investigate the influence of socio-demographic factors on HSB among Bangladeshi residents during the first wave of COVID-19. Methods: A cross-sectional online survey was performed with Bangladeshi residents (60% male and 40% female; age range: 10&ndash;60 years or above) from May to July 2020. Information was collected from the participants who resided in slum areas or did not have internet access through face-to-face surveys, maintaining spatial distancing and proper preventive measures. A self-reported and structured questionnaire, including socio-demographic and HSB, was undertaken, and the data was analyzed using a convenience sampling method. Finally, among the 947 participants, 20 were selected using a stratified random sampling technique for in-depth-interview (IDI). The linear regression analysis was performed to determine the influence of socio-demographic factors on HSB. Results: Only about 4.2% of respondents did not wear masks, but nearly half of the participants (46.6%) did not use hand gloves. The mean score of HSB was 9.98 (SD = 2.01) out of 16, with a correct overall rate of 62.4%. As per regression analysis, higher HSBs were found among participants who reported older age (&gt;50 years) (9.96 &plusmn; 2.45), educated unemployed students (10.1 &plusmn; 1.95), higher education (10.5 &plusmn; 1.76), and higher-income (10.4 &plusmn; 1.59); in contrast, participants living in slum areas (8.18 &plusmn; 2.34) and whose source of income was business (8.46 &plusmn; 2.04) exhibited lower HSBs. Females, compared to men, showed better HSB in every aspect, apart from online food ordering. Qualitative data showed that the younger generation is more aware because of their access to information and persuaded the older generations to follow health-seeking protocols. The results also showed that some lower-income slum-dwellers have access to information and healthcare through their employers. IDIs also found cultural, religious, and mental-health affect people&rsquo;s adherence to health-seeking guidelines and regulations. Conclusions: The findings suggest that socio-demographic factors significantly influenced HSBs during COVID-19 in the Bangladeshi population. Authorities can use these observations to systematically manage future endemics or pandemics