Impact of exchange rate changes on domestic inflation: a study of a small Pacific Island economy

This paper investigates the effect of changes in exchange rate on consumer price level, in Fiji, known as exchange rate pass-through during a thirty year period (1982-2009). Specifically, three time periods are focused on: the pre-coup years (1982-1986); post coup years (1987-2009); and full time period (1982-2009). Monthly data on consumer price index, nominal exchange rate, monetary aggregate and interest rate are utilized. The study results show that the degree of exchange rate pass-through to domestic price was relatively low during the entire sample period at 0.183. It was 0.453 and 0.373 for the pre and post coups periods. Regardless of the sample periods under study, the monetary aggregate, as a variable plays a pivotal in stabilizing the price level.Exchange rate pass-through, price, monetary measure, cointegration, Granger causality

Impact of global growth fluctuations on India: an empirical study

The article examines how growth fluctuations in major trading partner countries of the world have affected the Indian economy since its liberalization from the mid 1990s. This empirical study confirms that domestic output of India was strongly influenced by global shocks. The findings are not surprising as India’s trade and financial integration with the rest of the world has been on the rise.Economic integration, global shock, regional shock, India

Role of Remittances in Economic Development: An Empirical Study of World’s Two Most Remittances Dependent Pacific Island Economies

In the context of the ongoing world-wide recession and the consequent dim prospects for exports from small Pacific island countries, mobilization of foreign exchange earnings assumes considerable importance. The dependency of Samoa and Tonga on inward remittances is well known, as the two Polynesian island countries in recent years have been amongst the first top ten remittance recipient countries of the world. This paper examines the long-run nexus between economic growth and inward remittances during a three-decade period (1981-2008). The paper also discusses some important policy implications arising out of the study findings.Remittances, financial sector development, economic growth, bounds test, Samoa, Tonga

Microstructures in rapidly solidified Ni-Mo alloys

Ni-Mo alloys of compositions ranging from pure Ni to Ni-40 at % Mo were rapidly solidified by Chill Block Melt Spinning in vacuum and were examined by optical metallography, X-ray diffraction and transmission electron microscopy. Rapid solidification resulted in an extension of molybdenum solubility in nickel from 28 to 37.5 at %. A number of different phases and microstructures were seen at different depths (solidification conditions) from the quenched surface of the melt spun ribbons

SPREAD OF ICT AND ECONOMIC GROWTH IN PACIFIC ISLAND COUNTRIES: A PANEL STUDY

This paper investigates the impact of information and communications technology (ICT) on economic growth in Pacific Island countries by employing an augmented production function model and panel data analysis from 2002 to 2017. The empirical findings reveal that ICT-related indicators have a positive and significant impact on the economic growth process, along with the fundamental variable of capital stock. The effect of control variables such as foreign direct investment and exports have a positive effect on the real gross domestic product per capita, whereas inflation has a negative effect. The sensitivity evaluation of ICT indicators with different control variables produces consistent evidence of ICT’s effect on economic growth. Policymakersas well as ICT stakeholders should enhance investments for improving ICT-relatedinfrastructure and promoting technology to boost economic growth in Pacific Islandcountries.This paper investigates the impact of information and communications technology (ICT) on economic growth in Pacific Island countries by employing an augmented production function model and panel data analysis from 2002 to 2017. The empirical findings reveal that ICT-related indicators have a positive and significant impact on the economic growth process, along with the fundamental variable of capital stock. The effect of control variables such as foreign direct investment and exports have a positive effect on the real gross domestic product per capita, whereas inflation has a negative effect. The sensitivity evaluation of ICT indicators with different control variables produces consistent evidence of ICT’s effect on economic growth. Policymaker

Determinants of Fiscal and Current Account Balances of Western Samoa: 1982-1991

Annual fiscal imbalances experienced by Western Samoa, an island nation in the South Pacific, are due to growing recurring expenditures each year, which are unmatched by current revenues. External aid flows in the past, mainly in the form of grants for development expenditures, have helped the country to bridge its fiscal deficits and reduce current account imbalances, thereby contributing to exchange rate stability. In the context of decreasing external aid flows to the South Pacific region, it would be appropriate to analyze the situation and take appropriate policy measures. This paper seeks to determine the underlying forces behind the fiscal imbalances and the resultant current account deficits in the external accounts of Western Samoa. The conclusions are that a higher level of mobilization of domestic resources is required, together with greater expenditure control in the short-run and fiscal reforms in the medium-term.Aid; Current Account

Failure of Sandwich Composite Structure Containing Face-sheet/Core Disbonds – An Experimental Study

Honeycomb sandwich specimens containing manufactured circular disbonds were loaded to failure in bending. Particular emphasis was placed on accurately identifying the occurrence of disbond buckling and growth initiation, as these two events are difficult to monitor. The test results are presented and then the methods used to identify disbond buckling and growth initiation are described. The method of identifying disbond buckling was very successful. The method of identifying growth initiation was largely successful but improvements are suggested. Finally, conclusions are presented and recommendations made regarding design and repair considerations. The study was performed to provide data against which predictive models can be validated, filling a large gap in the published literature regarding experimental results for disbonded sandwich structure

Influence of Polymer Restraint on Ballistic Performanceof Alumina Ceramic Tiles

An experimental study has been carried out to evaluate the influence of confinement ofalumina ceramic tiles through polymer restraint, on its ballistic performance. Tiles of 99.5 per centpurity alumina were subjected to ballistic impact against 7.62 mm armour piercing projectiles atvelocities of about 820 m/s. The tiles of size 75 mm x 75 mm x 7 mm were confined on both facesby effectively bonding varying numbers of layers of polymer fabrics. These were then bondedto a 10 mm thick fibre glass laminate as a backing using epoxy resin. High performance polyethyleneand aramid polymer fabrics were used in the current set of experiments for restraining the tiles.Comparative effects of confinement on energy absorption of tiles with varied number of layersof fabrics were evaluated. It was observed that by providing effective confinement to the tile,energy absorption could be doubled with increase in areal density by about 13 per cent.Photographs of the damage and the effects of restraint on improvement in energy absorptionof ceramic tiles are presented and discussed