Exogenous Shocks and Exchange Rate Management in Developing Countries

Even though globalization benefits less developed countries (LDCs), it also makes them more vulnerable to the exogenous shocks to the economies. Many LDCs rely on imported technologies and intermediate inputs to compete in the international export markets with better quality and cost efficient products. In this regard, exchange rate policies in respective countries have a direct bearing on the cost of production. This paper examines alternative exchange rate regimes to suggest an appropriate exchange rate policy in the context of developing countries. The paper utilizes a small open economy model involving direct supply-side effects of exchange rate and expectations of key economic variables and considers four possible exchange rate policies, e.g., fixed exchange rate, perfectly flexible exchange rate, leaning against the wind, and leaning with the wind. Contrary to the conventional wisdom, the paper finds that in the event of a shock, leaning against the wind is likely to be the most appropriate exchange rate policy. Moreover, in the event of rigid wages, a fixed exchange rate policy is advisable.globalization, exchange rate regimes, exchange rate policy

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.

Reforming education in Pakistan – tracing global links

This paper is about tracing global links in national education reforms in Pakistan. The paper tries to describe globalization and its general effects on national policies. It particularly highlights the effects of globalization on education reforms, which are: competitiveness-driven, finance-driven and equity-driven. In light of these global education reform patterns the paper explores the major educational reforms being pursued in Pakistan since 1990s. The paper argues that globalization has seriously challenged the national reform policies, which are now becoming more and more globally driven. Rather than out rightly rejecting all global policies, engaging critically with them is the stance of the authors

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

WETTING AND DRYING RESISTANCE OF LIME-STABILIZED EXPANSIVE SOILS MODIFIED WITH NANO-ALUMINA

Weak soil at construction sites necessitates ground improvement. Chemical stabilization is typically carried out using either lime or cement. The primary objective of this study was to assess the strength and durability of lime-stabilized soils modified with nano-alumina (NA). This study adopted the scientifically established initial consumption of lime (ICL) content for soil stabilization. In addition, nano-alumina was added in varying percentages as an auxiliary additive. It was observed that 0.5 % of nano-alumina was optimal with respect to the ICL for maximizing the soil stabilization. The stabilized soils were cured for 0, 7, 14, and 28 days. Post-curing testing revealed that the strength increased sixfold for the optimal combination, compared with the virgin soil. To understand the durability behavior of the optimal combination, the stabilized soil specimens were subjected to wetting and drying cycles after 28 days of curing. The optimal combination was nearly as durable as that of the lime-stabilized soil subjected to five cycles of wetting and drying

Giant condyloma acuminatum of vulva

In this paper, A 23 year old married woman who was diagnosed as a case of giant condyloma acuminatum of vulva measuring about 15 x 8 x 3 cm, irregular surface with multiple projections, oval in shape, firm to hard in consistency, mildly tender, exophytic, cauliflower like growth involving the whole vulva (lower part of mons pubis, labia, vestibule, clitoris, around vaginal opening). Another multiple small lesions were present at perineal region but there was no inguinal lymphadenopathy. She underwent a combined electro cauterization and cryotherapy for small to moderate size multiple primary and recurrent warty lesions and wide surgical excision with fasciocutaneous advancement flaps procedure for a giant lesions in the vulva. Excisional biopsies were performed to detect potential malignancy but malignancy was not found histologically. The patient was advised to first follow-up 1 month after operation when multiple small warty lesions were developed and treated and the subsequent follow-ups for 3 months

A novel training simulator for portable ultrasound identification of incorrect newborn endotracheal tube placement – Observational diagnostic accuracy study protocol

Background: Endotracheal tube (ETT) placement is a critical procedure for newborns that are unable to breathe. Inadvertent esophageal intubation can lead to oxygen deprivation and consequent permanent neurological impairment. Current standard-of-care methods to confirm ETT placement in neonates (auscultation, colorimetric capnography, and chest x-ray) are time consuming or unreliable, especially in the stressful resuscitation environment. Point-of-care ultrasound (POCUS) of the neck has recently emerged as a powerful tool for detecting esophageal ETTs. It is accurate and fast, and is also easy to learn and perform, especially on children.Methods: This will be an observational diagnostic accuracy study consisting of two phases and conducted at the Aga Khan University Hospital in Karachi, Pakistan. In phase 1, neonatal health care providers that currently perform standard-of-care methods for ETT localization, regardless of experience in portable ultrasound, will undergo a two-hour training session. During this session, providers will learn to detect tracheal vs. esophageal ETTs using POCUS. The session will consist of a didactic component, hands-on training with a novel intubation ultrasound simulator, and practice with stable, ventilated newborns. At the end of the session, the providers will undergo an objective structured assessment of technical skills, as well as an evaluation of their ability to differentiate between tracheal and esophageal endotracheal tubes. In phase 2, newborns requiring intubation will be assessed for ETT location via POCUS, at the same time as standard-of-care methods. The initial 2 months of phase 2 will include a quality assurance component to ensure the POCUS accuracy of trained providers. The primary outcome of the study is to determine the accuracy of neck POCUS for ETT location when performed by neonatal providers with focused POCUS training, and the secondary outcome is to determine whether neck POCUS is faster than standard-of-care methods.Discussion: This study represents the first large investigation of the benefits of POCUS for ETT confirmation in the sickest newborns undergoing intubations for respiratory support

Relationship of BMI and age with gallstone disease

Objective: To find out the relationship of BMI and age in patients with gallstone disease.  Methodology: This is a cross-sectional study done from March 2019 to February 2020 at the Department of General Surgery PIMS, Islamabad. All patients admitted with a diagnosis of Cholelithiasis were included and patients with previous abdominal surgery were excluded from the study. Patients’ data was collected about their age, sex, dietary habits, occupation and medical history. Their weight in kilograms and heights in centimeters were measured and BMI was calculated in kg/cm2. All data was collected, recorded and analyzed using SPSS 22. Results: A total of 158 patients were included in the study with mean age was 46.2±6.7 years (18 - 83 years). Majority (63%) of the patients were between 41 and 60 age group. There were 120 females and 38 males with ratio of 3:1. The mean BMI of the study population was 25.8 ± 7.61 (Range 19.37 - 33.12). Most of the patients were healthy (n=86, 54.4%) having their BMIs between 18 and 24.9 whereas 72 (46.6%) patients were overweight and obese. Conclusion: Increased frequency of cholelithiasis is found with increasing age even with normal BMI

Energy conservation and climate change mitigation potential of improving efficiency of room air conditioners in Pakistan

The present study predicts the energy savings, carbon emissions reduction and economic benefits for Pakistan through energy efficiency improvements for room air conditioners under different policy scenarios. The simulation model assumes that room air conditioner stock will increase from 2.7 million for year 2020 to 4.9 million for year 2030. A market average energy efficiency ratio of 2.95 is assumed for year 2020. The impact of improvement in energy efficiency ratio is analyzed for business as usual and four other different scenarios: continuous improvement (5-years and 2-years cycles) and accelerated improvement (5-years and 2-years cycles). The model dynamically incorporates the retiring of old stock and addition of new stock every year. Our results show that annual national electricity consumption for this sector is projected to increase from 7.3 TWh in 2020 to 12.6 TWh in 2030 under the business as usual scenario. The cumulative energy consumption and carbon emissions are 103.5 TWh and 63.1 MtCO 2. However, implementing energy efficiency policies can result in electricity savings of 11.6 TWh over the ten years or savings nearly 7 million barrels of oil import. Policy recommendations aimed at promoting energy labeling, minimum energy performance standards, regulatory policies, and further country-specific studies for variety of appliances are provided. © 2022 The Author(s

Unexplained recurrent hematuria and clot retention following transurethral resection of the prostate

Severe hemorrhage following a prostatectomy is a rare and serious complication. A 60-year-old male with recurrent hematuria and clot retention following transurethral resection of the prostate  (TURP) which led to anemia presented at our department and was treated with repeated clot evacuation and fulguration and lastly re-resection and fulguration succeed to stop bleeding. At 18 months follow-up, the patient had recovered well. We concluded that re-resection and fulguration on fresh tissue without opening the venous sinusoids should be considered as one of the effective treatment of choice in recurrent hemorrhage following TURP.