Growth, debt, and sovereign risk in a small, open economy

The continuing debt crisis that many developing countries have faced in the current decade has underscored the need to understand the relationships between debt accumulation and growth, as well as the need to develop policy approaches that foster adjustment in the external account while maintaining the growth of output. The purpose of this paper is to develop a macroeconomic model for a small open developing economy that borrows abroad. This model will assist in studying the dynamic interaction between debt and growth, as well as the impact of various policies and exogenous shocks on the rate of capital accumulation, the current account and debt. From this analysis, the authors make the following conclusions. An upward shift in the supply of debt leads to a long run decline in external debt, a higher domestic interest rate, less capital stock, and a reduced trade surplus. An increase in the marginal cost of debt may or may not lower long run external debt as well. An increase in productivity raises the long run stock of capital but leaves the level of external debt and the interest rate unchanged in the long run. Finally, fiscal expansion has almost no effect in either the short run or the long run.Economic Theory&Research,Environmental Economics&Policies,Strategic Debt Management,Banks&Banking Reform,Financial Intermediation

Le régime du double marché des changes sous les Tropiques : une analyse théorique

Dans cet article, nous présentons un modèle de double marché des changes. La principale innovation de notre étude est l’inclusion de transactions croisées, ou de liaisons légales ou illégales entre les deux compartiments du marché des changes. L’existence de liaisons entre les marchés complique sensiblement le fonctionnement d’une telle économie car les résidents nationaux peuvent acquérir des actifs financiers étrangers alors qu’ils ne le peuvent pas lorsque les deux compartiments du marché sont parfaitement cloisonnés. En faisant la distinction entre des liaisons « à l’importation » ou « à l’exportation », nous analysons dans l’article l’impact de perturbations exogènes sur le taux d’intérêt, le niveau des prix et le taux de change financier.In this paper we present a model of a dual exchange-rate system. The innovation of the model is the formal inclusion of cross market transactions, or "leakages" between the two markets. This greatly complicates the workings of the economy with dual rates because domestic residents can change the size of their holdings of foreign assets. This is not the case with the fully insulated dual rate system. We draw the distinction between "import" and "export leakage" and we show the different impacts of external disturbances on domestic interest rate, price level and free exchange rate under the two types of leakages

Le régime du double marché des changes sous les Tropiques : une analyse théorique

In this paper we present a model of a dual exchange-rate system. The innovation of the model is the formal inclusion of cross market transactions, or "leakages" between the two markets. This greatly complicates the workings of the economy with dual rates because domestic residents can change the size of their holdings of foreign assets. This is not the case with the fully insulated dual rate system. We draw the distinction between "import" and "export leakage" and we show the different impacts of external disturbances on domestic interest rate, price level and free exchange rate under the two types of leakages. Dans cet article, nous présentons un modèle de double marché des changes. La principale innovation de notre étude est l’inclusion de transactions croisées, ou de liaisons légales ou illégales entre les deux compartiments du marché des changes. L’existence de liaisons entre les marchés complique sensiblement le fonctionnement d’une telle économie car les résidents nationaux peuvent acquérir des actifs financiers étrangers alors qu’ils ne le peuvent pas lorsque les deux compartiments du marché sont parfaitement cloisonnés. En faisant la distinction entre des liaisons « à l’importation » ou « à l’exportation », nous analysons dans l’article l’impact de perturbations exogènes sur le taux d’intérêt, le niveau des prix et le taux de change financier.

Nitrogen release kinetics of organic nutrient sources in two benchmark soils of Indo-Gangetic plains

An understanding of the mineralization process of organic amendments in soil is required to synchronize N release with crop demand and protect the environment from excess N accumulation. Therefore, we conducted a laboratory incubation experiment to assess nitrogen mineralization potential of crop residues (rice and wheat straw) and organic manures (poultry manure, farmyard manure, cowpea and sesbania) in two benchmark soils (Typic Haplustept and Typic Ustifluvents) of semi-arid region of Punjab, India, varying in textureat field capacity moisture level at a constant temperature of 331°C. Mineralization was faster during first 7 days of incubation in Typic Haplustept and upto 14 days in Typic Ustifluvents which subsequently declined over time. In both soils, net N mineralization continued to increase with increasing period of incubation (expect with crop residues) and was significantly higher in Typic Ustifluvents (54-231µg g-1) than Typic Haplustept (33-203 µg g-1). Compared to unamended soils, percent N mineralized was highest is sesbania (35-40 %) followed by cowpea (32-37 %) and least in wheat (10-11 %) after 42 days of incubation. Thus, sesbania and cowpea may preferably be used to meetthe large N demand during early period of plant growth. Further, mineralization rate constants (k) also indicated that availability of mineral N was significantly higher with application of organic amendments than unamended control treatments in both soils. Therefore, it may be concluded that considerable economy in the use of inorganic N fertilizer can be employed if N mineralization potential of organic inputs is taken into consideration

Flexible intramedullary nails: the panacea for paediatric femoral shaft fractures

Background: Management of pediatric femoral shaft fractures continues to evolve with time with flexible intramedullary nailing being one of the options to treat a specific age group of children. Grey zone exists concerning the cost effectiveness and appropriate timing of nail removal in treating such fractures. The objective of the study was to evaluate the treatment outcome of fracture shaft of the femur in children in the age group of 5- 12 years with flexible intramedullary nail.Methods: The study comprised of 30 consecutive cases of acute fractures of the femoral shaft in children of the age group of 5 to 12 years. Only closed fractures of the mid-diaphyseal region of the femur were included while supracondylar, subtrochanteric and pathological fractures were excluded. Flexible intramedullary nails of stainless steel (n=24) or titanium (n=6) were used for fixation of these fractures.Results: Evaluation of the results was done according to the criteria by Flynn et al. 21(70%) out of 30 patients had an excellent result and remaining 9 (30%) had a satisfactory result. All fractures united with a full range of motion at the hip and knee joint without any major complications. Conclusions: Intramedullary elastic nailing of simple diaphyseal femur fractures in children is an effective method with negligible complications. Treatment cost can be significantly lowered by using the much cheaper stainless steel flexible nails rather than the more expensive titanium nails

Internal Finishing of Aluminium Tube with Sintered Magnetic Abrasive

There has been a rapid growth in the development of harder and complex shapes to machine metals and alloys during the last few years. Conventional edged tool machining is difficult and uneconomical for such materials and degree of surface finish attainable is poor. In view of the seriousness of this problem, recently new non-conventional fine machining processes like Magnetic Abrasive Polishing, Magnetic Abrasive Flow Machining (MAFM), Magnetic Float Machining (MFM) and Magnetic Abrasive Machining (MAM), Magneto ndashRheological Machining (MRM), Chemo-Mechanical Polishing (CMP) have been developed. Among these processes lsquoMagnetic Abrasive Finishing processes are widely used for obtaining quality finish on metallic (ferrous and non ferrous) as well as non metallic (ceramics) components. MAF process has been recently used in its variant forms such as Magnetic float polishing, Magneto-rheological machining, Electrolytic magnetic polishing but the problem of development of magnetic abrasive powders is still present and efforts are in continuous progress at global to remove this problem.nbspIn the MAF method, a magnetic field is used to generate cutting force to treat the surface of a machined part. The magnetic field helps to form a flexible magnetic abrasives brush for finishing of surface.nbsp Finishing force can be controlled with magnetic field and a low surface temperature is generated during finishing operations. Magnetic abrasives are not easily available. Very few studies have been reported till date on the development of alternative magnetic abrasives. The aim of study is to evaluate the performance of developed sintered magnetic abrasives for internal finishing of aluminium tubes using MAF process. PISF is calculated nbspconsidering different variables like speed (rpm) , quantity of abrasive and gap of magnetic pole and work piece.nbsp Preparation of sintered magnetic abrasive was difficult and time consuming. The best result came at 425 rpm and quantity of abrasive used 6 gm. PISF value obtained in present case was 84 % . nbs

Giant tonsillolith causing odynophagia in a child: a rare case report

Giant tonsillolith is a rare clinical entity. Commonly, it occurs between 20–77 years of age. We had a twelve years old female patient, who had odynophagia due to a giant tonsillolith. The stone was removed and tonsillectomy was performed. We reviewed the literature on this rare clinical entity and found that this is the fourth case of giant tonsillolith in a child and largest ever tonsillolith to be reported in English literature