Determinants of Interest Spread in Pakistan

Interest spread of Pakistan s banking industry has been on the rise for the last two years. The increase in interest spread discourages savings and investments, on the one hand, and raises concerns about the effectiveness of the bank-lending channels of monetary policy, on the other. This study examines the determinants of interest spread in Pakistan using panel data of 29 banks. The results show that the share of interest-insensitive deposits in total bank deposits is a key determinant of interest spread, whereas industry concentration has no significant impact on interest spread. Furthermore, the ongoing merger wave in the banking industry will limit the options for the savers, with adverse implications for the interest spread. We argue that to maintain a reasonably competitive environment, merger proposals may be subjected to review by an anti-trust authority.Banks, Determination of Interest Rates, Mergers, Acquisitions

A Rare Xanthogranulomatous Oophoritis Presenting as Ovarian Cancer

Xanthogranulomatous inflammation is an uncommon form of chronic inflammation that is destructive to affected organs; it is characterized by the presence of lipid-filled macrophages with admixed lymphocytes, plasma cells, and neutrophils. Only a few cases of xanthogranulomatous oophoritis have been reported to date. We describe a rare case of xanthogranulomatous oophoritis with involvement of omentum

Stabilizing intrinsic defects in SnO2_{2}

TThe magnetism and electronic structure of Li-doped SnO$_{2}$ are investigated using first-principles LDA/LDA$+U$ calculations. We find that Li induces magnetism in SnO$_{2}$ when doped at the Sn site but becomes non-magnetic when doped at the O and interstitial sites. The calculated formation energies show that Li prefers the Sn site as compared with the O site, in agreement with previous experimental works. The interaction of Li with native defects (Sn V$_\mathrm{Sn}$ and O V$_\mathrm{O}$ vacancies) is also studied, and we find that Li not only behaves as a spin polarizer, but also a vacancy stabilizer, i.e. Li significantly reduces the defect formation energies of the native defects and helps the stabilization of magnetic oxygen vacancies. The electronic densities of states reveals that these systems, where the Fermi level touches the conduction (valence) band, are non-magnetic (magnetic).cancies. The electronic densities of states reveal that those systems, where the Fermi levels touch the conduction (valence) band, are non-magnetic (magnetic).Comment: Phys. Rev. B (2013), Accepte

Sistem Pendidikan Surau : Karakteristik, Isi, dan Literatur Keagamaan

Mosque constitutes eldest education institute at Minangkabau, even before input Islam goes to Minangkabau mosque have available. With its Islamic coming, mosque also experience islamisasi\u27s process, without has to experience changing name. Hereafter mosque gets amends at Minangkabau. With its amends mosque education institute this, transformasi\u27s happening scholarship and culture to Minang\u27s young men. Knowledge that is gotten at this mosque not only theology just, but also knowledge which is needed deep life everyday, as gnostic as custom, self-defence knowledge, politeness, independence etceter

Instrument of Managing Exchange Market Pressure: Money Supply or Interest Rate

Exchange market pressure (emp) reflects disequilibrium in money market. The traditional approaches used to examine the disequilibrium in money market include the monetary approach to balance of payments and monetary approach to exchange rate. Under the former approach the variation in foreign reserves helps restore the equilibrium while under the latter one the change in exchange rate does the needful.1 The idea of this study stems from the fact that under the managed float exchange rate regime, changes in foreign reserves or changes in exchange rate in isolation are not a sufficient guide to characterise the external account situation of an economy. For example, exchange rate depreciation can be partially avoided or at least delayed if the central bank injects foreign currency in the forex market by letting its foreign reserves deplete. Alternatively, central bank can build up foreign reserves by purchasing foreign currency from the market against domestic currency. Such intervention would curb the exchange rate appreciation demanded by fundamentals. Therefore, focus on either of the two, that is, movement in exchange rate or variation in foreign reserves, to the complete exclusion of the other, is bound to portray a misleading picture of the external account situation. Given the foregoing a composite variable, that incorporates changes in exchange rate as well as variation in foreign reserves, over a certain period, is needed to characterise the condition of external account. The requisite composite variable has been developed by Girton and Roper (1977) as ‘simple sum of exchange rate depreciation and variation in foreign reserves scaled by monetary base’. They refer to it as exchange market pressure (emp)

Banking: Interest Spread, Inelastic Deposit Supply, and Mergers

Interest spread, the difference between what a bank earns on its assets and what it pays on its liabilities, has been on an upward trend during the last few years: during 2005 the average interest spread of the banking sector has increased by 2.14 percent. An increase in the interest spread implies that either the depositor or the borrower or both stand to loose. In the context of developing economies, the lack of alternate avenues of financial intermediation aggravates the adverse impact of increase in spread.1 Interest spread also has implications for the effectiveness of the bank lending channel. For example, with a commitment to market based monetary policy, the central bank influences the yield on treasury bills (T. bill hereafter) that in turn affects the deposit and lending rates.2 The change in these rates influences the cost of capital that in turn affects the level of consumption and investment in the economy. If the pass-through of the changes in yield on T. bill rate to the deposit and lending rates is asymmetric then this changes the spread, for better or worse, depending upon the nature of asymmetry. If the increase in spread is due to lower return to depositors then this discourages savings; alternatively if it is due to higher charge on loans, investment decisions are affected. In either case the increase in spread has an adverse bearing upon the effectiveness of bank lending channel of monetary policy and has therefore important implications for the economy.....

Global X-ray properties of the O and B stars in Carina

The key empirical property of the X-ray emission from O stars is a strong correlation between the bolometric and X-ray luminosities. In the framework of the Chandra Carina Complex Project, 129 O and B stars have been detected as X-ray sources; 78 of those, all with spectral type earlier than B3, have enough counts for at least a rough X-ray spectral characterization. This leads to an estimate of the Lx/Lbol ratio for an exceptional number of 60 O stars belonging to the same region and triples the number of Carina massive stars studied spectroscopically in X-rays. The derived log(Lx/Lbol) is -7.26 for single objects, with a dispersion of only 0.21dex. Using the properties of hot massive stars listed in the literature, we compare the X-ray luminosities of different types of objects. In the case of O stars, the Lx/Lbol ratios are similar for bright and faint objects, as well as for stars of different luminosity classes or spectral types. Binaries appear only slightly harder and slightly more luminous in X-rays than single objects; the differences are not formally significant (at the 1% level), except for the Lx/Lbol ratio in the medium (1.0--2.5keV) energy band. Weak-wind objects have similar X-ray luminosities but they display slightly softer spectra compared to "normal" O stars with the same bolometric luminosity. Discarding three overluminous objects, we find a very shallow trend of harder emission in brighter objects. The properties of the few B stars bright enough to yield some spectral information appear to be different overall (constant X-ray luminosities, harder spectra), hinting that another mechanism for producing X-rays, besides wind shocks, might be at work. However, it must be stressed that the earliest and X-ray brightest amongst these few detected objects are similar to the latest O stars, suggesting a possibly smooth transition between the two processes.Comment: 30 pages, 9 figures. Accepted for the ApJS Special Issue on the Chandra Carina Complex Project (CCCP), scheduled for publication in May 2011. All 16 CCCP Special Issue papers are available at http://cochise.astro.psu.edu/Carina_public/special_issue.html through 2011 at leas

A Mathematical Model for the Dynamics of Zika Virus via Homotopy Perturbation Method

Zika virus is a member of the Flavivirus genus of the Flaviviridae family, which includes other globally relevant human’s pathogens such as dengue virus, yellow fever virus, West Nile virus and tick-borne encephalitis virus. In this paper, a deterministic mathematical model of Zika virus was formulated using ordinary differential equations with two control strategies: treatment for humans and insecticide spray for mosquitoes. Homotopy Perturbation Method was used to obtain the approximate solution of the model. From the result obtained, 59% effective administration of insecticide spray proved effective which showed a great reduction in the infected humans as well as infected vector population. Numerical results were offered in the form of Graphs. This research work contributes to new field of knowledge included to the dynamics of Zika virus in population’s dynamics with the application of Homotopy Perturbation Method and can be further extended to study the pattern of Zika associated diseases that pose a significant public health risk. Keywords: Homotopy Perturbation method, Zika virus, Modelling, Numerical Simulation

Protodiscs around Hot Magnetic Rotator Stars

We develop equations and obtain solutions for the structure and evolution of a protodisc region that is initially formed with no radial motion and super-Keplerian rotation speed when wind material from a hot rotating star is channelled towards its equatorial plane by a dipole-type magnetic field. Its temperature is around $10^7$K because of shock heating and the inflow of wind material causes its equatorial density to increase with time. The centrifugal force and thermal pressure increase relative to the magnetic force and material escapes at its outer edge. The protodisc region of a uniformly rotating star has almost uniform rotation and will shrink radially unless some instability intervenes. In a star with angular velocity increasing along its surface towards the equator, the angular velocity of the protodisc region decreases radially outwards and magnetorotational instability (MRI) can occur within a few hours or days. Viscosity resulting from MRI will readjust the angular velocity distribution of the protodisc material and may assist in the formation of a quasi-steady disc. Thus, the centrifugal breakout found in numerical simulations for uniformly rotating stars does not imply that quasi-steady discs with slow outflow cannot form around magnetic rotator stars with solar-type differential rotation.Comment: Accepted for publication in MNRAS. 16 pages, 1 figure, 7 table