Initial results of Pakistan's first road traffic injury surveillance project

Our aim is to report the findings of the initial three years of road traffic injuries (RTI) surveillance at Karachi and to compare it with previously published RTI-related data from Pakistan and other low-and middle-income countries. Data were collected through the RTI surveillance programme at Karachi (RTIRP) from the five biggest emergency departments of the city, which receive almost all the major emergencies of the city for the period September 2006 till September 2009. A total of 99,272 victims were enlisted by the RTIRP during the study period. Annual incidence of RTI is calculated to be 184.3 per 100,000 populations and mortality is 5.7 per 100,000 populations. Eighty nine per cent of victims are male and 73% are between 15 and 44 years of age. Commonest road user to be affected is riders of two wheelers (45%). Only 7% of affected motorcyclists were found to be wearing helmets at the time of the accident. Trends of injuries remained uniform over the years. Most frequent injuries were external wounds, followed by orthopaedic injuries. On the basis of our surveillance system, we have presented the largest RTI-related data from a metropolitan city of Pakistan to date.     

Fixprice-flexprice industries among Malaysian agrobased manufacturing: An input-output approach

Industries can be classified into fixprice sectors according to their pricing behaviour. Although Hicks and Morishima have broadly classified manufacturing industries into fixprice and the rest of the economy into flexprice, using cost-based input-output models, the present paper reclassifies Malaysian agrobased manufacturing into flexprice and nonagrobased manufacturing into fixprice categories. By compiling annual sectoral price indices, both for intermediate and primary inputs, the model estimates sectoral residual profits of 1978 and 1983 vintage technologies.     

Planting strategies of maize farmers in Kenya: a simultaneous equations analysis in the presence of discrete dependent variables

A fairly comprehensive range of planting choices made by maize farmers in Kenya (including discrete endogenous variables creating self-selectivity) is modelled and estimated as one system of interrelated decisions. Two-stage and three-stage probit procedures are used to handle the simultaneity and self-selectivity problems. Results showed that population pressure and agroclimatic diversity are important determinants of crop intensification and planting regimes among maize farmers and further supported the importance of focusing maize research in terms of agroclimate and socio-economic domains. Shorter maturity and efficient double and multiple cropping methods are needed to increase land productivity and intensity of labour use in areas of high population pressure and bimodal rainfall, i.e. mid-altitude zones. On the other hand, technologies that would lead to increased productivity of capital and higher response to external inputs are desired for the highlands of Kenya. Access to extension and machine services, distance to the maize plot, and time of onset of the rains were also found to significantly influence the planting strategies of maize farmers.     

PERSONAL TAXES,INFLATION AND MARKET VALUATION

In an inflation-non-indexed progressive tax system, inflation results in a “bracket-creep” effect that reduces the demand for corporate debt while the tax-deductibility of nominal interest makes the use of debt financing cheaper. The interactive effect of inflation and differential dividend and capital gains taxes on the value of a levered firm is analyzed in this paper. Under a non-indexed progressive tax system, inflation decreases the value of the unlevered firm but the effect of inflation on the firm's debt-to-asset ratio is theoretically indeterminate. The gain from leverage is also derived and compared with other valuation models.     

Cross‐market correlations and transmission of information

We investigate characteristics of cross‐market correlations using daily data from U.S. stock, bond, money, and currency futures markets using a new multivariate GARCH model that permits direct hypothesis testing on conditional correlations. We find evidence that arrival of information in a market affects subsequent cross‐market conditional correlations in the sample period following the stock market crash of 1987, but there is little evidence of such a relationship in the precrash period. In the postcrash period, we also find evidence that the prime rate of interest affects daily correlations between futures returns. Furthermore, we find that conditional correlations between currency futures and other markets decline steeply a few months before the crash and revert to normal dynamics after the crash. © 2002 Wiley Periodicals, Inc. Jrl Fut Mark 22:1059–1082, 2002     

Trade-offs between conservation and socio-economic objectives in managing a tropical marine ecosystem

Understanding the trade-off relationships between ecological, economic and social objectives is important in designing policies to manage or restore ecosystems. Using the northern South China Sea (NSCS) as a case study, we explore the trade-offs between conservation and socio-economic objectives in managing fisheries in tropical marine ecosystems. Using a numerical optimization routine and ecosystem modelling (Ecopath with Ecosim), the study shows that current management of the NSCS is sub-optimal both in terms of conservation and economic objectives. Therefore, improvement in both conservation status and economic benefits can be achieved by reducing fishing capacity. However, the implementation of conservation plans may be hindered by the reduced number of fisheries-related jobs and the lack of alternative livelihoods. Similar trade-offs are apparent in many tropical marine ecosystems. Thus, this paper supports claims from previous studies that solving the alternative livelihood problems appears to be a priority for improving management and conservation in these ecosystems. A buy-back scheme that is funded by fishers might be effective in reducing fishing capacity. However, public funds are required if management objectives focus strongly on conservation. This might be justified by the direct or indirect benefits to society that could be provided by well-conserved ecosystems. This study highlights the conflict between maximizing conservation and social objectives, although win-win solutions between conservation and economic objectives may be possible.     

Financial Deepening and Economic Growth in Gulf Cooperation Council Countries

Abstract

The goal of this study is to investigate the causal relationship between financial development and economic growth in Gulf Cooperation Council (GCC) countries, i.e. Bahrain, Oman, Kuwait, Qatar, United Arab Emirates and Saudi Arabia, over the period 1980–2012. We employ panel unit root tests, and Error Correction Model and cointegration techniques to detect long-run and short-run causalities between the variables used in our study. The overall empirical results reveal that the financial sector development contributes significantly to economic growth in the GCC countries. Our results could be of great interest for policymakers since the financial sector could play a crucial role in lowering the dependency of the governments to oil revenues and could contribute significantly to spur economic growth.     

Entrepreneurship through Bricolage: a study of displaced entrepreneurs at times of war and conflict

ABSTRACT

War and conflict brings about adverse changes for those who are displaced. How do entrepreneurial individuals respond to such adversity to either set-up, or continue with their existing entrepreneurial endeavours that would improve their own livelihood or that of others who have been affected? Whilst previous studies have found local knowledge, networks and resources to be crucial in the development of ventures in the war and conflict context, alienation from mainstream society within the host location often means that to succeed, those who are displaced require alternative strategies and approaches. Through examining the entrepreneurial ventures of six internally displaced entrepreneurs in Pakistan, our study identifies that entrepreneurial individuals find different ways to adapt to the new order, with both internal and external bricolage becoming the key strategies deployed to either re-establish their previous businesses or to develop new endeavours in the host location. To compensate for lack of local knowledge, networks and resources, we found that entrepreneurs followed closely their previous paths in their bricolage attempts, relying on reconfigurations of their pre-existing competencies, as well as utilizing pre-established and clandestine networks.