Exchange Rate Policy under Floating Regime in Bangladesh: An Assessment and Strategic Policy Options

This paper examines the exchange rate policy in Bangladesh for the period 2000-08. Regime classification of the paper suggests that Bangladesh maintained a de facto managed floating regime by intervening in the foreign exchange market on a regular basis. This is at odds with the Bangladesh Bank's claim of maintaining de jure floating regimesince end-May 2003. A high exchange rate pass-through is observed along with high market pressure during the period of expansionary monetary policy. Given the thin foreign exchange market and high pass-through effects, it appears difficult for Bangladesh to mainatin a freely floating regime. Although Bangladesh maintained average competitiveness, the currency remained somewhat overvalued. Based on the findings, some pragmatic policies in managing the exchange rate in Bnagladesh have been suggested.Exchange Rate, Floating Regime, Bangladesh

Causality between Export and Growth: Evidence from South Asian Countries

Strong economic growth accompanied with robust export performance leads many people to conclude that export sector of a country has pivotal role in the economic growth of that country. Empirical evidence on export growth nexus has been mixed and inconclusive. This study examined whether there was any time series support for such export-led growth hypothesis for South Asian Countries. Engle-Granger's Error Correction Model (ECM) was used to test the Granger causality between export and output. The study had produced fairly mixed results, and did not find any conclusive evidence in favor of export-led growth for South Asian Countries. While Pakistan, Srilanka and Bhutan were the cases of export-led growth, India, Nepal, and Maldives show the opposite result of growth-led exports. In one country, namely Bangladesh, the data had failed to detect any causality in either direction which is attributed in low value addition in export.Export-led growth hypothesis, Granger causality test, Unit Root Tests, Error Correction Model

Lifestyle measures for primary prevention of T2 Diabetes Mellitus (T2DM)

Worldwide, the number of adults with diabetes was 285 million in 2010 and it will be 439 million in the year 2030. Although the genes we inherit may influence the development of type 2 diabetes, they take a back seat to behavioral and lifestyle factors. Data from the Nurses’ Health Study suggest that 90 percent of type 2 diabetes in women can be attributed to five such factors: excess weight, lack of exercise, a less-than-healthy diet, smoking, and abstaining from alcohol. From this data it can be said that up to 90 percent of diabetes prevention is possible with behavioral and lifestyle factors intervention. This intervention should be given to the people through primary prevention. The purpose of primary prevention is to limit the number of people who develop a disease by controlling causes and risk factors for the disease

THE MICROENTERPRISING SIZE AND ACCEPTANCE OF ISLAMIC HEALTH INSURANCE (TAKAFUL) IN NORTHWESTERN NIGERIA

Application of Theory of Planned Behavior (TPB) in Islamic Health Insurance (takaful) acceptance revealed mixed findings. Hence, the need for a moderating variable to explain the conflicting results. This paper examines the moderating role of size of microenterprise among the TPB variables. To achieve this end, quantitative methodology adopted through distribution of research questionnaires among the participants of the study. Results indicate that attitude, social influence, perceived behavioral control and size of microenterprises significantly influence Islamic Health Insurance (takaful) acceptance intention among microenterprises in northwestern Nigeria. The findings also revealed that size of microenterprise moderates the effect of social influence on Islamic Health Insurance acceptance intention, but it failed to moderate the influence of attitude and perceived behavioral control on Islamic Health Insurance acceptance intention in same context. It implied that size of microenterprises does not matter most in Islamic Health Insurance acceptance; nonetheless, the finding contributes to the Theories of Reasoned Action and Planned Behavior as it provides evidence on the significant moderating role of size on the effect social influence on Islamic Health Insurance acceptance intention among microenterprises

Cointegration, Error Correction and the Demand for Money in Bangladesh

The demand for money is a critical component in the formulation of and implementation of monetary policy. A well-defined and stable money demand function is a necessary condition for monetary policy to have predictable effect on the macroeconomic variables. This paper applies the advanced technique of cointegration to estimate the demand for money balances in the case of Bangladesh and evaluates stability of the equations. The analysis shows that there exist a long-run relationship between real money, real income, inflation, and interest rate that remains stable over time. The long-run properties emphasize that both inflation and interest rate have negative effects on real money demand, whereas real income has positive effects. The long-run relationship is finally embedded in a dynamic equilibrium correction model. The short-run dynamic parsimonious error correction models for both money demand functions were estimated and these were free from the conventional econometric problem faced by other studies. The stability of the equations and coefficients were highly encouraging

Cointegration, Error Correction and the Demand for Money in Bangladesh

The demand for money is a critical component in the formulation of and implementation of monetary policy. A well-defined and stable money demand function is a necessary condition for monetary policy to have predictable effect on the macroeconomic variables. This paper applies the advanced technique of cointegration to estimate the demand for money balances in the case of Bangladesh and evaluates stability of the equations. The analysis shows that there exist a long-run relationship between real money, real income, inflation, and interest rate that remains stable over time. The long-run properties emphasize that both inflation and interest rate have negative effects on real money demand, whereas real income has positive effects. The long-run relationship is finally embedded in a dynamic equilibrium correction model. The short-run dynamic parsimonious error correction models for both money demand functions were estimated and these were free from the conventional econometric problem faced by other studies. The stability of the equations and coefficients were highly encouraging

United Nations Observer Mission and ECOMOG Intervention in Liberia’s Peace Process

The Liberian civil war which began in 1989 exhibited all the manifestations and consequences of post cold-war intra-state conflict, state collapse, ethnic conflicts and political fragmentations. The late response of the United Nations at intervening in the impasse adds a new dimension when studying the Liberian question. Therefore, this article critically examines the peacekeeping efforts and role played by the United Nations Observer Mission in Liberia (UNOMIL) and Economic Community of West African States Monitoring Group (ECOMOG) during the war. The author pays particular attention to the collaboration efforts of the UNOMIL and ECOMOG in restoring peace and stability in Liberia. The article provides a historical background of the Liberian civil war which led to the deployment of the UNOMIL and ECOMOG highlighting the successes and failures of the UN and ECOWAS contingents as regards the rivalry that existed between the UNOMIL and the ECOMOG peacekeeping force in Liberia in the process of restoring peace and stability in the country. In exploring the ineffective international response in the Liberian crisis and the challenges ECOMOG faced in restoring a semblance of peace in the country, the author analyzes the views of various scholars on the subject as well as those of some participants and victims of the war granted in interviews after the war. A case study and concrete historical method is used in this study as well as reliance on interviews to study the various ramifications of the UNOMIL and ECOMOG interventions and the aftermath of the conflict. The paper concludes after a thorough and tentative research on the subject matter that the UNOMIL and ECOMOG deployment and intervention in Liberia’s civil war and the human rights abuses and the humanitarian assistance were during the conflict, in which some successes were recorded in the humanitarian arena largely due to ECOMOG’s ability to restore a semblance of order and peace which allowed international humanitarian agencies to return to Liberia. The late political response of the UN to Liberia’s crisis which was not until October 1992 impeded the effectiveness of the international response in the Liberian crisis which propelled the pivotal role that regional organizations began to play in keeping peace and ensuring security and stability on the Continent. The plethora of scientific work and publications by scholars on the Liberian question, including those of Russian academicians is indicative of the relevance of the study especially as it pertains the lessons learned from the successes and failures of the various attempts at peacekeeping in Liberia

Measuring Training Effectiveness: A Case Study Of Public Sector Project Management In Pakistan

Many organizations do invest precious resources on training and development but without examining how training interventions could effectively contribute in the achievement of organizational objectives, eventually resources are wasted. To yield desired level of performance, it is an imperative that organizations effectively plan, implement and evaluate their training interventions. Several authors have studied the training and development practices but most the studies lack any operational framework for diagnosing the training and development system. This study used Kunder’s (1998) indicators of training ineffectiveness and developed a framework for measuring effectiveness of training and diagnosing problems at various stages of training and development. We developed a questionnaire based on framework and collected data from 115 project directors to measure training effectiveness in project organizations in Pakistan. The study had found that on overall basis training practices are ineffective. Results reveal that there is a poor mechanism of evaluation of training and use of evaluation results. The framework developed by this study can be used in other organizations to measure training effectiveness and diagnose problems at various stages of training cycle

Services Trade Liberalisation and Domestic Regulation: Perspectives from Bangladesh

This paper explores the issues related to services trade liberalisation and domestic regulation from Bangladesh's perspectives

Exchange Rate Policy under Floating Regime in Bangladesh: An Assessment and Strategic Policy Options

This paper examines the exchange rate policy in Bangladesh for the period 2000-08. Regime classification of the paper suggests that Bangladesh maintained a de facto managed floating regime by intervening in the foreign exchange market on a regular basis. This is at odds with the Bangladesh Bank's claim of maintaining de jure floating regimesince end-May 2003. A high exchange rate pass-through is observed along with high market pressure during the period of expansionary monetary policy. Given the thin foreign exchange market and high pass-through effects, it appears difficult for Bangladesh to mainatin a freely floating regime. Although Bangladesh maintained average competitiveness, the currency remained somewhat overvalued. Based on the findings, some pragmatic policies in managing the exchange rate in Bnagladesh have been suggested