A Rare Presentation of Crohn's Disease

Free peritoneal perforation is a rare complication of Crohn's disease with a report of only 100 cases in the literature. It needs an emergency exploration and an unaware general surgeon is confounded in intraoperative decision-making. We present our experience when this rarity struck us in a district hospital and briefly review the guidelines of optimal management of this complication of Crohn's disease

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.

Non-Tachyonic Semi-Realistic Non-Supersymmetric Heterotic String Vacua

The heterotic--string models in the free fermionic formulation gave rise to some of the most realistic string models to date, which possess N=1 spacetime supersymmetry. Lack of evidence for supersymmetry at the LHC instigated recent interest in non-supersymmetric heterotic-string vacua. We explore what may be learned in this context from the quasi--realistic free fermionic models. We show that constructions with a low number of families give rise to proliferation of a priori tachyon producing sectors, compared to the non--realistic examples, which typically may contain only one such sector. The reason being that in the realistic cases the internal six dimensional space is fragmented into smaller units. We present one example of a quasi--realistic, non--supersymmetric, non--tachyonic, heterotic--string vacuum and compare the structure of its massless spectrum to the corresponding supersymmetric vacuum. While in some sectors supersymmetry is broken explicitly, i.e. the bosonic and fermionic sectors produce massless and massive states, other sectors, and in particular those leading to the chiral families, continue to exhibit fermi-bose degeneracy. In these sectors the massless spectrum, as compared to the supersymmetric cases, will only differ in some local or global U(1) charges. We discuss the conditions for obtaining $n_b=n_f$ at the massless level in these models. Our example model contains an anomalous U(1) symmetry, which generates a tadpole diagram at one loop-order in string perturbation theory. We speculate that this tadpole diagram may cancel the corresponding diagram generated by the one-loop non-vanishing vacuum energy and that in this respect the supersymmetric and non-supersymmetric vacua should be regarded on equal footing. Finally we discuss vacua that contain two supersymmetry generating sectors.Comment: 31 pages. 10 tables. Minor corrections. Tables are amended. Published versio

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.