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

Circuit breakers with uncertainty about the presence of informed agents: I know what you know . . . I think

This study conducts experimental asset markets to examine the effects of circuit breaker rules on market behavior when agents are uncertain about the presence of private information. Our results unequivocally indicate that circuit breakers fail to temper unwarranted price movements in periods without private information. Agents appear to mistakenly infer that others possess private information, causing price to move away from fundamental value. Allocative efficiencies in our markets are high across all regimes. Circuit breakers perform no useful function in our experimental asset markets.Markets ; Financial markets ; Risk

An experimental study of circuit breakers: the effects of mandated market closures and temporary halts on market behavior

This paper analyzes the effect of circuit breakers on price behavior, trading volume, and profit-making ability in a market setting. We conduct nine experimental asset markets to compare behavior across three regulatory regimes: market closure, temporary halt, and no interruption. The presence of a circuit breaker rule does not affect the magnitude of the absolute deviation in price from fundamental value or trading profit. The primary driver of behavior is information asymmetry in the market. By comparison, trading activity is significantly affected by the presence of a circuit breaker. Mandated market closures cause market participants to advance trades.Financial markets ; Flow of funds ; Stock market

Development of Instant Foods and Emergency-Survival Rations for Service Use

A variety of instant and ready-to-eat foods and emergency/survival rations were developed for use by the Services meeting logistic requirements. Items developed include quick-cooking dehydrated pulses and vegetables, curry mixes like the Avial mix and omelette mix, instant fruit flavoured milk and lassi beverage powders. soup cubes, fruit bars and intermediate moisture fruits and vegetables which could be used as such or as components of pack rations. Various types of compressed ready-to-eat bars were developed for use as combat rations by the Army and a soft, flavoured fudge bar as survival ration for the Navy. The various products remained acceptable for 6-12 months under ambient conditions when packed in flexible laminate pouches and were found acceptable in large scale user trials by the Services and several mountaineering and Antarctica expeditions

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

Production and partial purification of extracellular tannase by Klebsiella pneumoniae MTCC 7162 isolated from tannery effluent

Diverse bacteria belonging to various taxa were isolated from tannery effluent of leather industries located at Ranipet, India and were screened for the production of extracellular tannase. One of the strains identified as Klebsiella pneumoniae MTCC 7162 was found to produce tannase (3.4 U/ ml) at pH 6.0, 37°C and 100 rpm. Use of individual carbon and inorganic nitrogen sources resulted in lower tannase production. However, a combination of urea and corn steep liquor extract yielded marginal increase in tannase production (3.9 U/ ml). End-product repression was also studied with inclusion of gallic acid to the growth medium. Enrichment with various additives of metal ions and detergents resulted in inhibition of tannase production. The enzyme was partially purified using ammonium sulfate precipitation followed by the use of DEAE-cellulose. SDS-PAGE analysis indicated that the molecular weight of the protein to be 46.5 kDa. The enzyme was found to be active in a wide range of pH and temperature with an optimal activity at pH 5.5 and 40°C.Key words: Bacterial tannase, Klebsiella pneumoniae MTCC 7162, tannery effluent, minimal media