Fiscal Policy and Current Account Dynamics in Case of Pakistan

The study empirically investigates the effects of fiscal policy or government budget deficit shocks on the current account and the other macroeconomic variable: real output, real interest rate and exchange rate for Pakistan over the period 1960-2009. The structural Vector Autoregressive model is employed; the exogenous fiscal policy shocks are identified after controlling the business cycle effects on fiscal balances. The results suggest that an expansionary fiscal policy shock improves the current account and depreciates the exchange rate. The rise in private saving and the fall in investment contribute to the current account improvement while the exchange rate depreciation. The twin divergence of fiscal deficit and current account deficit is also explained by the output shock which seems to drive the current account movements and its comovements with the fiscal balance.Restricted Vector Autoregressive model, current account, government budget deficit, fiscal policy, exchange rate

Entropic Leggett-Garg inequality in neutrinos and B (K) meson systems

Entropic Leggett-Garg inequality is studied in systems like neutrinos in the context of two and three flavor neutrino oscillations and in neutral $B_d$, $B_s$ and $K$ mesons. The neutrino dynamics is described with the matter effect taken into consideration. For the decohering $B/K$ meson systems, the effect of decoherence and CP violation have also been taken into account, using the techniques of open quantum systems. Enhancement in the violation with increase in the number of measurements has been found, in consistency with findings in spin-$s$ systems. The effect of decoherence is found to bring the deficit parameter $\mathcal{D}^{[n]}$ closer to its classical value zero, as expected. The violation of entropic Leggett-Garg inequality lasts for a much longer time in $K$ meson system than in $B_d$ and $B_s$ systems

Stock Market Reaction to Catastrophic Shock : Evidence from Listed Pakistani Firms

This study examines the effect of the earthquake of October 8, 2005 on the price behaviour and activities of KSE. Sixty firms are selected from those listed on Karachi Stock Exchange, and the results are informative about the price behaviour of the stock market in response to unanticipated shock. The results reveal the fact that the earthquake had both a positive and a negative information content for KSE stocks. There is an increase in the return and volume of the cement, steel, food, and banking sectors, which indicates that investors have expectations of the upcoming demand of investment in these sectors. Furthermore, there is no significant increase in the volatility, because the investors seem certain about the future outlook and they take into account the March 2005 market crash. These findings support the fact that the stock market of Pakistan is reactive to unanticipated shocks and it takes no time to impact the market activities. The evidence also suggests that the Pakistani stock market is resilient, and that it recovered soon after the catastrophic shock.Catastrophic Shock, Market Model, GARCH Specification, Average Return, Market Volume, Market Volatility

Stock Market Reaction to Catastrophic Shock: Evidence from Listed Pakistani Firms

This study examines the effect of the earthquake of October 8, 2005 on the price behaviour and activities of KSE. Sixty firms are selected from those listed on Karachi Stock Exchange, and the results are informative about the price behaviour of the stock market in response to unanticipated shock. The results reveal the fact that the earthquake had both a positive and a negative information content for KSE stocks. There is an increase in the return and volume of the cement, steel, food, and banking sectors, which indicates that investors have expectations of the upcoming demand of investment in these sectors. Furthermore, there is no significant increase in the volatility, because the investors seem certain about the future outlook and they take into account the March 2005 market crash. These findings support the fact that the stock market of Pakistan is reactive to unanticipated shocks and it takes no time to impact the market activities. The evidence also suggests that the Pakistani stock market is resilient, and that it recovered soon after the catastrophic shock.Catastrophic Shock, Market Model, GARCH Specification, Average Return, Market Volume, Market Volatility

Cranked shell model and isospin symmetry near N=Z

A cranked shell model approach for the description of rotational bands in $N\approx Z$ nuclei is formulated. The isovector neutron-proton pairing is taken into account explicitly. The concept of spontaneous breaking and subsequent restoration of the isospin symmetry turns out to be crucial. The general rules to construct the near yrast-spectra for rotating nuclei are presented. For the model case of particles in a j-shell, it is shown that excitation spectra and the alignment processes are well described as compared to the exact shell model calculation. Realistic cranked shell model calculations are able to describe the experimental spectra of $^{72,73}$Kr and $^{74}$Rb isotopes. \Comment: 23 pages, 5 figure