The Demand for Money in Pakistan

It is the purpose of this paper to present an empirical analysis of the demand function for money in Pakistan. Our empirical investigation is restricted to the period 1951-70. During this period (a) nominal income rose at an average yearly rate of 7.0 per cent; (b) nominal stock of money averaged a yearly increase of 7.9 or 9.7 per cent depending on whether money is defined exclusive or inclusive of time deposits, respectively; (c) the average rise in real income was 4.0 per cent but it fluctuated substantially from one year to another; (d) the yieid on long-term government bonds increased about 2.9 per cent per year but the short-term interest rate (call money rate) advanced more than 7.1 per cent; (e) prices were relatively stable and by any measure, averaged a yearly increase of less than 4.0 per cent. To complete this outline we should mention that the institutional setup affecting these economic variables included a wide variety of controls on imports, exports, distribution of commodi¬ties, and prices prior to 1958 and somewhat less restrictive policies in the remainder of the period under consideration.

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A Note Concerning the Dynamics of Government Bond Yields

The American Economist ◽

10.1177/0569434520988275 ◽

2021 ◽

pp. 056943452098827

Author(s):

Tanweer Akram

Keyword(s):

Interest Rate ◽

Financial Markets ◽

Yield Curve ◽

Empirical Studies ◽

State Theory ◽

Government Bond ◽

Bond Yields ◽

Short Term ◽

Government Bonds

Keynes argued that the central bank can influence the long-term interest rate on government bonds and the shape of the yield curve mainly through the short-term interest rate. Several recent empirical studies that examine the dynamics of government bond yields not only substantiate Keynes’s view that the long-term interest rate responds markedly to the short-term interest rate but also have relevance for macroeconomic theory and policy. This article relates Keynes’s discussions of money, the state theory of money, financial markets, investors’ expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Investors’ psychology, herding behavior in financial markets, and uncertainty about the future reinforce the effects of the short-term interest rate and the central bank’s monetary policy actions on the long-term interest rate. JEL classifications: E12; E40; E43; E50; E58; E60; F30; G10; G12; H62; H63

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The Effect of Macroeconomic Variables On the Saudi Stock Market

Archives of Business Research ◽

10.14738/abr.712.7508 ◽

2019 ◽

Vol 7 (12) ◽

pp. 126-152

Author(s):

Amani Mohammed Aldukhail

Keyword(s):

Stock Market ◽

Performance Indicators ◽

Stock Price ◽

Price Index ◽

Inflation Rate ◽

Market Value ◽

Short Term ◽

Macroeconomic Variables ◽

Time Deposits

This study aimed at exploring the effect of macroeconomic variables on the activity of the Saudi stock market for the period 1997-2017. Macroeconomic variables were: GDP, interest rate on time deposits, inflation rate. The variables of the Saudi stock market activity were: stock price index, market value of shares, value of traded shares. To achieve this objective, the researcher used the ARDL model for the self-regression of the lagged distributed time gaps. The most important results of the research are: The effect of macroeconomic variables on the performance indicators in the Saudi stock market is not important in the short term and is statistically significant in the long term according to the proposed models, so investors in this market can rely on macroeconomic variables in Predict the movement of the stock market and predict long-term profits and losses.

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Contrarian and Momentum Strategies in the Indian Capital Market

Vikalpa The Journal for Decision Makers ◽

10.1177/0256090920020103 ◽

2002 ◽

Vol 27 (1) ◽

pp. 13-20 ◽

Cited By ~ 22

Author(s):

Sanjay Sehgal ◽

I Balakrishnan

Keyword(s):

Stock Returns ◽

Indian Market ◽

Momentum Effect ◽

Short Term ◽

Momentum Strategy ◽

Momentum Strategies ◽

Holding Period ◽

The Us ◽

One Year

The study attempts to evaluate if there are any systematic patterns in stock returns for the Indian market. The empirical findings reveal that there is a reversal in long-term returns, once the short-term momentum effect has been controlled by maintaining a one year gap between portfolio formation period and the portfolio holding period. A contrarian strategy based on long-term past returns provides moderately positive returns. Further, there is a continuation in short-term returns and a momentum strategy based on it provides significantly positive payoffs. The results in general are in conformity with those for developed capital markets such as the US.

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Effect of short-term heart rate variability biofeedback on long-term abstinence in alcohol dependent patients – a one-year follow-up

BMC Psychiatry ◽

10.1186/s12888-017-1480-2 ◽

2017 ◽

Vol 17 (1) ◽

Cited By ~ 9

Author(s):

Ana Isabel Penzlin ◽

Kristian Barlinn ◽

Ben Min-Woo Illigens ◽

Kerstin Weidner ◽

Martin Siepmann ◽

...

Keyword(s):

Heart Rate ◽

Heart Rate Variability ◽

Short Term ◽

Heart Rate Variability Biofeedback ◽

One Year ◽

Alcohol Dependent

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Mitochondrial and Oxidative Impacts of Short and Long-term Administration of HAART on HIV Patients

Current Clinical Pharmacology ◽

10.2174/1574884714666190905162237 ◽

2020 ◽

Vol 15 (2) ◽

pp. 110-124

Author(s):

Joy E. Ikekpeazu ◽

Oliver C. Orji ◽

Ikenna K. Uchendu ◽

Lawrence U.S. Ezeanyika

Keyword(s):

Treatment Group ◽

Term Treatment ◽

Short Term ◽

Short Term Treatment ◽

Hiv Patients ◽

Long Term Treatment ◽

Term Administration ◽

Short And Long Term ◽

One Year

Background and Objective: There may be a possible link between the use of HAART and oxidative stress-related mitochondrial dysfunction in HIV patients. We evaluated the mitochondrial and oxidative impacts of short and long-term administration of HAART on HIV patients attending the Enugu State University Teaching (ESUT) Hospital, Enugu, Nigeria following short and long-term therapy. Methods: 96 patients categorized into four groups of 24 individuals were recruited for the study. Group 1 comprised of age-matched, apparently healthy, sero-negative individuals (the No HIV group); group 2 consisted of HIV sero-positive individuals who had not started any form of treatment (the Treatment naïve group). Individuals in group 3 were known HIV patients on HAART for less than one year (Short-term treatment group), while group 4 comprised of HIV patients on HAART for more than one year (Long-term treatment group). All patients were aged between 18 to 60 years and attended the HIV clinic at the time of the study. Determination of total antioxidant status (TAS in nmol/l), malondialdehyde (MDA in mmol/l), CD4+ count in cells/μl, and genomic studies were all done using standard operative procedures. Results: We found that the long-term treatment group had significantly raised the levels of MDA, as well as significantly diminished TAS compared to the Short-term treatment and No HIV groups (P<0.05). In addition, there was significantly elevated variation in the copy number of mitochondrial genes (mtDNA: D-loop, ATPase 8, TRNALEU uur) in the long-term treatment group. Interpretation and Conclusion: Long-term treatment with HAART increases oxidative stress and causes mitochondrial alterations in HIV patients.

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General Assessment of the Operational Utility of National Water Model Reservoir Inflows for the Bureau of Reclamation Facilities

Water ◽

10.3390/w12102897 ◽

2020 ◽

Vol 12 (10) ◽

pp. 2897

Author(s):

Francesca Viterbo ◽

Laura Read ◽

Kenneth Nowak ◽

Andrew W. Wood ◽

David Gochis ◽

...

Keyword(s):

Water Model ◽

Short Term ◽

Bureau Of Reclamation ◽

Hydrologic Processes ◽

One Year ◽

Inflow Performance ◽

Basin Area ◽

National Water ◽

Total Inflow

This work investigates the utility of the National Oceanic and Atmospheric Administration’s National Water Model (NWM) for water management operations by assessing the total inflow into a select number of reservoirs across the Central and Western U.S. Total inflow is generally an unmeasured quantity, though critically important for anticipating both floods and shortages in supply over a short-term (hourly) to sub-seasonal (monthly) time horizon. The NWM offers such information at over 5000 reservoirs across the U.S., however, its skill at representing inflow processes is largely unknown. The goal of this work is to understand the drivers for both well performing and poor performing NWM inflows such that managers can get a sense of the capability of NWM to capture natural hydrologic processes and in some cases, the effects of upstream management. We analyzed the inflows for a subset of Bureau of Reclamation (BoR) reservoirs within the NWM over the long-term simulations (retrospectively, seven years) and for short, medium and long-range operational forecast cycles over a one-year period. We utilize ancillary reservoir characteristics (e.g., physical and operational) to explain variation in inflow performance across the selected reservoirs. In general, we find that NWM inflows in snow-driven basins outperform those in rain-driven, and that assimilated basin area, upstream management, and calibrated basin area all influence the NWM’s ability to reproduce daily reservoir inflows. The final outcome of this work proposes a framework for how the NWM reservoir inflows can be useful for reservoir management, linking reservoir purposes with the forecast cycles and retrospective simulations.

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The use of borehole inclinometry in determining basal sliding and internal deformation at Haut Glacier d’Arolla, Switzerland

Annals of Glaciology ◽

10.1017/s0260305500012404 ◽

1997 ◽

Vol 24 ◽

pp. 331-337 ◽

Cited By ~ 8

Author(s):

Luke Copland ◽

Jon Harbor ◽

Marie Minner ◽

Martin Sharp

Keyword(s):

Hot Water ◽

Short Term ◽

Digital Inclinometer ◽

Basal Sliding ◽

Internal Deformation ◽

One Year ◽

Annual Scale ◽

Insight Into ◽

Displacement Measurements

A series of boreholes were drilled with high-pressure hot water across a section of Haut Glacier d’Arolla, Switzerland, in summer 1995. Twenty-three of the boreholes were profiled with a digital inclinometer soon aller drilling, and 14 were re-profiled up to 6 weeks later to determine changes in the longitudinal shape of boreholes with time. In addition to the main surveys, three boreholes were surveyed 14 times each to assess the accuracy and reproducibility of inclinometry measurements. These repeat surveys suggest that caution is needed in the interpretation of short-term borehole displacement measurements, and that the reoccupation of boreholes from one year to the next may be a better way to determine patterns of internal deformation and basal sliding. The annual scale may also have advantages in providing more long-term insight into glaciological processes than short term (single season) measurements.

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Predicting Growth Components – Unemployment, Housing Prices and Consumption Using Both Government and Corporate Yield Curves

International Journal of Economics and Finance ◽

10.5539/ijef.v10n6p180 ◽

2018 ◽

Vol 10 (6) ◽

pp. 180

Author(s):

Dan Saar ◽

Yossi Yagil

Keyword(s):

Unemployment Rate ◽

Positive Relationship ◽

Housing Prices ◽

Corporate Bonds ◽

Short Term ◽

Yield Curves ◽

Government Bonds ◽

Personal Consumption ◽

Bond Spreads

In this study, we predict changes in specific segments of economic growth including the unemployment rate, the housing prices and changes in personal consumption by employing corporate and government bonds. Our hypothesis is that the use of yield curves of corporate bonds will improve the predictions over previous models that used only the yield curves of government bonds. Our results support that contention. We find that corporate bonds’ spreads actually help predicting the changes in both the unemployment rate and housing prices. We also find a significant positive relationship between bond spreads and future changes in personal consumption levels, but the results are weaker than in the other two segments. One additional finding worth noting is that government bonds are better predictors for the long-term, whereas corporate bonds are better indicators for the short-term.

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Prevalence and prognostic implication of iron deficiency and anaemia in patients with severe aortic stenosis

Open Heart ◽

10.1136/openhrt-2018-000901 ◽

2018 ◽

Vol 5 (2) ◽

pp. e000901

Author(s):

Anette Borger Kvaslerud ◽

Amjad Iqbal Hussain ◽

Andreas Auensen ◽

Thor Ueland ◽

Annika E Michelsen ◽

...

Keyword(s):

Iron Deficiency ◽

Aortic Stenosis ◽

Severe Aortic Stenosis ◽

Iron Status ◽

Transferrin Saturation ◽

Short Term ◽

Prognostic Implication ◽

Wide Range ◽

One Year

ObjectiveThe aim of this study was to evaluate the prevalence and prognostic implication of iron deficiency (ID) and anaemia in patients with severe aortic stenosis (AS).MethodsIn an observational study of consecutive patients referred for aortic valve replacement (AVR), we assessed a wide range of biomarkers of iron status, including the definition of ID commonly applied in patients with chronic heart failure (ferritin <100 µg/L or ferritin 100–299 µg/L with a transferrin saturation <20%). The endpoints were short-term (one-year) and long-term (median 4.7 years, IQR: 3.8–5.5) mortality and major adverse cardiovascular events (MACE) within the first year after inclusion.Results464 patients were included in this substudy. 91 patients (20%) received conservative treatment and 373 patients (80%) received AVR. ID was detected in 246 patients (53%). 94 patients (20%) had anaemia. Patients with ID had an overall worse clinical profile than patients without ID. During follow-up, 129 patients (28%) died. Neither ID as defined above, soluble transferrin receptor nor hepcidin were associated with short-term or long-term mortality or MACE independent on treatment allocation. Anaemia was associated with one-year mortality in conservatively treated patients.ConclusionsID and anaemia are prevalent in patients with severe AS. In our cohort, ID did not provide independent prognostic information on top of conventional risk factors. More studies are required to determine how to correctly diagnose ID in patients with AS.Trial registration numberNCT01794832.

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Simple Techniques for Monitoring Footpath Erosion in Mountain Areas of North-West England

Environmental Conservation ◽

10.1017/s0376892900025443 ◽

1977 ◽

Vol 4 (2) ◽

pp. 145-148 ◽

Cited By ~ 5

Author(s):

Rosalind A. Coleman

Keyword(s):

Aerial Photography ◽

Technical Expertise ◽

Short Term ◽

Mountain Areas ◽

North West ◽

Different Types ◽

Different Seasons ◽

One Year ◽

Site Types

Very precise measurements of the movement of coarse-textured, unconsolidated materials may be meaningless. Therefore the study of individual processes operating on footpaths may require a different approach. However, for identification of changes of reasonable dimensions, methods such as those described above are inexpensive, quick, and require no technical expertise. It may be argued that, for path management, erosion that is too limited to be measured by these methods is too limited to be a problem. It can certainly be argued that the problem of spatial correlation implies a large number of measurements. What is lost in lack of precision may be more than compensated for by the gain in data from the larger area and wider variation in site-types that it is possible to monitor with such simple techniques.To monitor the effects of recreation in mountain areas, it is desirable to be able to measure any change in path-state and relate this to recreation factors at different seasons and under different sit; -conditions. Three methods of measurement have been considered in this paper, corresponding to three time-scales. Aerial photography has been used to demonstrate trends over the long term, and has proved adequate to differentiate between path sections with differing resistance to erosion.Short-term measurement has been carried out relative to known fixed positions. Two methods are suggested. One is less precise, but simple and widely applicable, and can be used for measurement intervals of six months to one year. The other is more detailed and can be used for measurement intervals of a few days, but is limited in its application by practical considerations.It is suggested that simple techniques used at a large number of different types of site may be more effective than detailed measurements at a few sites.

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