The Demand for Simple-sum and Divisia Monetary Aggregates for Pakistan: A Cointegration Approach

Financial liberalisation and the advance of financial innovation in a number of developed economies has been blamed for the break-down in the demand for money based on simple sum measures. This break-down has prompted research into Divisia measures of the demand for money. Like many developing countries, Pakistan is going through a period of financial deregulation which goes hand in hand with financial innovation due to increased competition in the banking industry. This paper employs the methodology of cointegration to compare simple-sum and Divisia level estimates of the demand for money for Pakistan for the period 1974Q4 to 1992Q4. Simple sum measures of M1 and M2 were compared with Divisia versions. The paper reports little evidence in support of the superiority of the Divisia monetary aggregates. Both types of measure produce a stable demand for money and perform satisfactorily in post-sample stability tests, although the Divisia measure appears to perform marginally better on conventional statistical criteria. However, our conclusions have to be qualified by the limitations of the data and the knowledge that the period of financial innovation and deregulation has been relatively recent. The policy significance of the results suggests that currently there is no advantage from switching from simple-sum to Divisia aggregates at the existing level of official aggregation as the proper indicator of monetary policy. However, if financial deregulation and innovation continues at the current pace, the Divisia aggregates may in future prove to be the better indicator.

Some remarks on Spin orbits of unit vectors

For $n \in \mathbb{N}$ and a commutative ring $R$ with $2 \in R^{\times}$, the group $SL_n (R)$ acts on the set $Um_n (R)$ of unimodular vectors of length $n$ and $Spin_{2n}(R)$ acts on the set of unit vectors $U_{2n-1}(R)$. We give an example of a ring for which the comparison map $Um_n (R)/SL_n (R) \rightarrow U_{2n-1}(R)/Spin_{2n}(R)$ fails to be bijective.Comment: 16 pages; comments welcome

Areca nut chewing and the risk of re-hospitalization and mortality among patients with acute coronary syndrome in Pakistan

Objectives: Areca nut is widely consumed in many parts of the world, especially in South and Southeast Asia, where cardiovascular disease (CVD) is also a huge burden. Among the forms of CVD, acute coronary syndrome (ACS) is a major cause of mortality and morbidity. Research has shown areca nut chewing to be associated with diabetes, hypertension, oropharyngeal and esophageal cancers, and CVD, but little is known about mortality and re-hospitalization secondary to ACS among areca nut users and non-users. Methods: A prospective cohort was studied to quantify the effect of areca nut chewing on patients with newly diagnosed ACS by categorizing the study population into exposed and non-exposed groups according to baseline chewing status. Cox proportional hazards models were used to examine the associations of areca nut chewing with the risk of re-hospitalization and 30-day mortality secondary to ACS. Results: Of the 384 ACS patients, 49.5% (n=190) were areca users. During 1-month of follow-up, 20.3% (n=78) deaths and 25.1% (n=96) re-hospitalizations occurred. A higher risk of re-hospitalization was found (adjusted hazard ratio [aHR], 2.05; 95% confidence interval [CI], 1.29 to 3.27; p=0.002) in areca users than in non-users. Moreover, patients with severe disease were at a significantly higher risk of 30-day mortality (aHR, 2.77; 95% CI, 1.67 to 4.59; p<0.001) and re-hospitalization (aHR, 2.72; 95% CI, 1.73 to 4.26; p<0.001). Conclusions: The 30-day re-hospitalization rate among ACS patients was found to be significantly higher in areca users and individuals with severe disease. These findings suggest that screening for a history of areca nut chewing may help to identify patients at a high risk for re-hospitalization due to secondary events

Intersectionality at work: South Asian Muslim women’s experiences of employment and leadership in the United Kingdom

Drawing on qualitative interviews with 20 South Asian heritage, Muslim, female leaders, managers, and supervisors in the United Kingdom, we examine the multi-layered issues and challenges they face in pursuit of employment and leadership positions. The paper offers an intersectional perspective taking into account interconnected and overlapping factors (gender, ethnicity, religion, and family status) that affect not only the issues and challenges these women face in the labour market but also the individual agency and strategies they use to overcome any obstacles in the way of their employment and career. The results show that although Muslim women continue to face a myriad of challenges in the workplace, they are also able to tackle some of these issues through their individual strategies and networks, such as personal networks and further education. The study highlights the need for policymakers and employers to consider intersectionality to enable ethnic minority women’s inclusion and leadership within and outside the workplace

Paradox of gender and leadership in India: A critical review of Mardaani

Purpose: The paper sheds light on the paradoxical and dynamic nature of gender and leadership in India through a critical review of Indian film ‘Mardaani’. Design/methodology/approach: The paper offers a critical review of an Indian film and relates the analysis to the context of gender and leadership in India. Findings: The review shows that masculine stereotypes of leadership are simultaneously reinforced and shattered in the Indian context, and that despite all the odds, women’s role in organisations is characterised of dynamism and change. The paper situates this review in the broader context of gender, employment and leadership in India and offers a critical analysis. Research limitations/implications: The analysis has two implications. Firstly, it indicates that women are equally capable of demonstrating worthy leadership. Secondly, it highlights that being a leader, or ‘mannish’, in the workplace does not mean that women are not responsible for the domestic and caring duties at home. In fact, female leaders in India continue to do the double-shift by struggling to balance their roles in the workplace and their personal lives. Originality/value: The paper offers an original analysis of a Bollywood film in the context of gender, culture and leadership

Algebraic Representation of Social Capital Matrix

This paper proposes a mathematical model based on a Boolean algebra involving a 4×4 social capital matrix [Shah (2008)], that emerges through interaction within and across individuals, communities, institutions and state. The framework provides a coding system for the existence or otherwise of various categories of social interaction. The model illustrates that social interaction can be neatly described in a format that facilitates the interpretation of social intra- and interactions among the four types of players in generating economic activity.Social Capital (Matrix), Linear Space, Interactive Systems, Boolean Algebra

Convergence Model of Governance: A Case Study of the Local Government System of Pakistan

The future of devolution plan in Pakistan may be analysed in view of our Convergence model. This model views stability of the local Govt. system drawn on Devolution Plan 2001. It claims that as there would be more volatile and non-committed (floating) number of agents in the political market and governance system, there is more probability of divergence; i.e. the system will remain unstable. Contrary to that more is the systematic trend in political market and governance system more is the probability that the convergence in the system occurs and that in turn leads to stability of the over all system. In this ‘Convergence’ Model different types of agents have been highlighted on the basis of their political ffiliation and being in competition as ruling elite and/or their allies and non-ruling elite and/or their allies. The agents have interactive relationship horizontally and vertically with other agents i.e. either they are ally or otherwise. The composition of this structure of the agents and clients is based on the principle of bottom top pproach i.e. Union council’s members, Nazim and their political competitors, Tehsil council and Nazim, District Nazim and his allied district assembly members and their political competitors, Member provincial Assembly and their political rivals, Member National Assembly/Senator, and their political rival and the ruling political elites, Provincial Government and their political rivals, and Political elites ruling Federal Government and their political rivals.