Financial Sector Reform and Its Impact on Investment and Economic Growth: An Econometric Approach

The financial sector is central to economic development as it serves the role of intermediary by mobilising savings and subsequently allocating credit for productive activities. However, in many developing countries including Pakistan, administered interest rate, domestic credit controls, high reserve requirements, use of captive banking system to finance large budgetary requirements of the government and controls on international capital inflows have remained the main features of the monetary policy. These repressive policies had their repercussions in the form of excess liquidity with the banking system, disintermediation of cash flows, segmentation of financial markets, underdeveloped money and capital markets, etc. [McKinnon (1973) and Shaw (1973)], therefore, argued that low interest rate ceilings unduly restrict the real flow of loanable funds, thus depressing the quantity of productive investment. Financial liberalisation, on the other hand, is defined as policy measures designed to deregulate certain operations of the financial system and transform its structure with a view to achieving a liberalised market oriented system with an appropriate regulatory framework. The financial sector reforms would lead to increase in loanable funds by attracting more household savings to bank deposits due to higher interest rates. This, in turn, would result in greater investment and faster economic growth.

What Explains the Current High Rate of Inflation in Pakistan?

One of the most significant developments in the current economic scene in Pakistan has been the sharp increase in the rate of inflation. The annual average rate of increase in the wholesale price index (WPI) during the first seven months (July-January 1994-95) of the current fiscal year has been about 19 percent as opposed to 11.3 percent during the same period last year. A similar increase was also witnessed in the consumer price index (CPI) which accelerated to 13 percent as opposed to 11.1 percent during the previous period. Such a sharp increase in prices in recent months has not only caused alarm in the academic circles but has equally disturbed the country’s chief executive, the Prime Minister. The recent surge of inflation is a matter of serious concern for a variety of reasons. First, Pakistan has been a low-inflation country as it has experienced price stability during the last three decades. The rate of inflation, as measured by an increase in the WPI, averaged 2.6 percent during the 1960s. The components of the WPI, i.e., food, raw materials, manufactures, and fuel and lubricants, also grew by an average rate ranging from 2.0 to 3.4 percent p.a. during then 1960s (see Table 1 for relevant statistics). The rate of inflation crossed the single-digit threshold during the 1970s. The WPI and its components increased at an annual average rate ranging from 12 to 18 percent. The double-digit inflation during the 1970s has been the result of two major oil shocks, a massive devaluation of currency, and devastating floods destroying agricultural crops. Pakistan returned to the fold of the single-digit inflation during the 1980s. The rate of inflation remained at the single-digit level during the first three years of the 1990s with the exception of 1990-91, when the rate of inflation increased to 11.7 percent as a result of the Gulf War. It is only during the outgoing fiscal year and in the current year that the rising inflation is posing a major threat to macroeconomic stability.

Investigation of CNTFET Performance with Gate Control Coefficient Effect

For the first time, a deep study of gate control coefficient (αG) effect on CNTFET performance has done in this research. A new, analytical CNTFET simulation along with multiple parameter approach has executed with 3D output in MATLAB and that used it to examine device performance. It is found that, drain current and transconductance increases with high gate control coefficient. On the other hand, total capacitance decreases with high αG value resulting improved charging energy. Likewise, drain induced barrier lowering (DIBL) decreases with αG that provides less deviation from ideal device performance. Finally, subthreshold swing comes very close to the theoretical limit at high αG which is desired for low threshold voltage and low-power operation for FETs scaled down to small sizes. When you are citing the document, use the following link http://essuir.sumdu.edu.ua/handle/123456789/3598

Comparison between kNN and SVM for EMG Signal Classification

This paper shows an approach for EMG signal processing and classification as a tool to classify neuromuscular disorder. EMG signal classification is an emerging field of science and engineering providing efficient way for diagnosing neuromuscular disorder. Several techniques have been suggested for classification of EMG signals.This paper shows an approach for EMG signal processing and classification based on discrete wavelet transform as a tool to extract important information such as approximate and detail coefficients. Present work shows the comparison of kNN (k-Nearest Neighbours) and Support vector machin

Rural consumers’ adoption of CRM in a developing country context

This paper illustrates how understanding consumer preferences through market research may enhance CRM adoption among the rural customers of a developing country like Bangladesh. It presents the case of Community Information Centre (CIC) established by Grameenphone, a company owned by Telenor, the Norwegian telecommunications company and Grameen Bank, the Nobel prize winning micro credit organisation in the rural settings of Bangladesh. The paper shows that CIC is an innovative way of building and maintaining customer relationships and technological interface with the financially constrained consumers in a poor developing economy like Bangladesh