Integration from Retail Banking to Non-Financial Corporations in EMU

( Sanjay Sehgal ),( Priyanshi Gupta ),( Florent Deisting ) 세종대학교 경제통합연구소 2016 Journal of Economic Integration Vol.31 No.3

This paper investigates the integration process within the European Economic and Monetary Union’s retail banking industry by analyzing deposit and lending rates to nonfinancial corporations. The investigation covers the 2003~2014 period, examining the normal period, the global crisis period, and the European debt crisis period. The paper classifies sampled countries into three groups on the basis of their Gross Domestic Product to investigate the relationship between economic size and degree of integration. We employ five different indicators to assess various dimensions of integration: beta convergence, sigma convergence, variance ratio, asymmetric dynamic conditional correlation, and dynamic co-integration. The results point toward a weak degree of integration, which was worsened by the twin crises. In addition, results indicate that more heterogeneity exists in the credit market than in the deposits market. Furthermore, short-term maturity products are observed to be more converged than longer-term maturity products. We also observe a positive relationship between economic size of sampled countries and the degree of retail banking integration.

Friction and wear properties of core-shell (CI is a core & GO is a shell) particles based magnetorheological fluid under steel on steel point contacts

Sanjay Kumar,Rakesh Sehgal,M.F. Wani,Mukund Dutt Sharma 한국공업화학회 2023 Journal of Industrial and Engineering Chemistry Vol.118 No.-

This work is concerned with the experimental investigation of tribological and rheological properties ofcore–shell (carbonyl iron is the core and graphene oxide is the shell) particle-based MR fluid. Carbonyliron (CI) particles were encapsulated with graphene oxide (GO) by a simple wet stirring process. The surfacemorphology, structural properties, and magnetic properties of graphene oxide encapsulated CI particleswere analyzed by Field Emission Spectroscopy (FE-SEM), Raman Spectroscopy, and VibrationalSample Magnetometer (VSM). The rheological properties of prepared samples were examined on a modularcompact rheometer. The CI@GO particle-based MR fluid exhibited lower yield stress compared tobare CI particle-based MR fluid. Tribological tests of developed MR fluid were conducted on a universaltribometer with and without the presence of a magnetic field to ascertain the friction and wear behaviour. Experimental results revealed that the tribological properties are significantly improved by usingCI@GO-based MR fluid in comparison to bare CI-based MR fluid and dry sliding conditions. Further, thewear analysis of worn surfaces was observed on FE-SEM, Energy-Dispersive X-ray Spectroscopy (EDS),and 3D-profilometer before and after each test. Three body abrasion wear mechanism was observed withsome ploughing and groove formation.

Asymmetric Dynamic Conditional Copula Correlation and Fundamental Determinants of Interest Rate Comovement

Priyanshi Gupta,Sanjay Sehgal 세종대학교 경제통합연구소 2019 Journal of Economic Integration Vol.34 No.4

We study time-varying interest rate comovement and its determinants for the retail banking sector in the euro area over pre-crisis and during crisis, between 2003 and 2018. The analysis is conducted for 11 euro area countries, each classified as either core or periphery. Copula Asymmetric DCC-GARCH is estimated for each country-pair to measure the dynamic interest rate correlations for deposits and loans to households. We then examine the determinants by regressing quarterly correlations on macroeconomic and cross-border linkages, banking, and sociological variables. We also assess the impact of the two crises and of policy initiatives, including negative interest rate, Single Supervisory Mechanism, and Single Regulatory Mechanism. Different panel regressions reveal limited, although varied, influence of determinants on correlations across different products, maturities, and country groups. We conclude that the intrinsic features of the retail banking industry, such as customers' trust, information asymmetry, and political influence, hinder strong interest rate convergence in the euro area.

Time-Varying Bond Market Integration in EMU

( Priyanshi Gupta ),( Sanjay Sehgal ),( Florent Deisting ) 세종대학교 경제통합연구소(구 세종대학교 국제경제연구소) 2015 Journal of Economic Integration Vol.30 No.4

We examine the level and progress of bond market integration amongst the eleven Economic and Monetary Union countries with active bond markets, over normal and crisis periods. The study covers data from January 2002 up to March 2014. We employ seven indicators for assessing integration, namely beta convergence, sigma convergence, variance ratio, Asymmetric Dynamic Conditional Correlation, dynamic co-integration, market synchronisation, and common factors approach. The results suggest that there is no heterogeneity in the integration process of large-sized economies and medium-sized economies, thereby restricting portfolio diversification potential. Further, bond market integration in the Economic and Monetary Union deteriorated during the crisis period, especially during the European debt crisis, with the economies of Greece, Ireland, Italy, Portugal, and Spain being the worst affected. We observe that bond markets take a lead in information linkages vis-a-vis stock markets, and hence should get precedence in policy intervention relating to market integration, development, and crisis management.

Performance of a low cost magnifying device, magnivisualizer, versus colposcope for detection of pre-cancer and cancerous lesions of uterine cervix

Veena Singh,Aditya Parashari,Sanjay Gupta,Pushpa Sodhani,Ashok Sehgal 대한부인종양학회 2014 Journal of Gynecologic Oncology Vol.25 No.4

Objective: To assess the performance of a low cost magnifying device (Magnivisualizer) compared to a standard optical colposcope for detection of precancerous and cancerous lesions of the uterine cervix. Methods: A total of 659 consecutive symptomatic women attending a gynecologic outpatient clinic underwent unaided visual inspection followed by cytology, visual inspection of the cervix using 5% acetic acid (VIA), and VIA under magnification (VIAM) with the Magnivisualizer. All women, independently of test results, were referred for colposcopic examination. Colposcopic-directed biopsies were obtained from all positive lesions and compared to positive VIAM cases. Results: The detection rate for VIA positive lesions was 12% (134/659), while it was 29% for VIAM positive lesions (191/659). The sensitivities of detection of cervical intraepithelial neoplasia (CIN) 2 and higher lesions were 61.7% for VIA, 88.3% for VIAM, and 86.7% for colposcopy, with a specificity of 58.5% for VIA, 55.8% for VIAM, and 90.4% for colposcopy. The performance of colposcopy and VIAM was moderate (κ, 0.48; 95% confidence interval [CI], 0.41 to 0.54) for detection of CIN 1 and higher lesions and excellent (κ, 0.87; 95% CI, 0.82 to 0.94) for detection of CIN 2 and higher lesions. Conclusion: In low resource settings, where colposcopic facilities are not available at the community level, a simple low-cost, handheld Magnivisualizer can be considered a valid option for detection of cervical precancerous and cancerous lesions. However, it cannot replace traditional colposcopy because it has a low specificity that results in many unnecessary biopsies.

Glutathione S-transferase M1 and T1 Polymorphisms, Cigarette Smoking and HPV Infection in Precancerous and Cancerous Lesions of the Uterine Cervix

Sharma, Anita,Gupta, Sanjay,Sodhani, Pushpa,Singh, Veena,Sehgal, Ashok,Sardana, Sarita,Mehrotra, Ravi,Sharma, Joginder Kumar Asian Pacific Journal of Cancer Prevention 2015 Asian Pacific journal of cancer prevention Vol.16 No.15

Glutathione S-transferases (GSTs) play an important role in detoxification of carcinogenic electrophiles. The null genotypes in GSTM1 and GSTT1 have been implicated in carcinogenesis. Present study was planned to evaluate the influence of genetic polymorphisms of GSTM1 and GSTT1 gene loci in cervical carcinogenesis. The study was conducted in Lok Nayak hospital, New Delhi. DNA from clinical scrapes of 482 women with minor gynaecologic complaints attending Gynaecology OPD and tumor biopsies of 135 cervical cancer cases attending the cancer clinic was extracted. HPV DNA was detected by standard polymerase chain reaction (PCR) using L1 consensus primer pair. Polymorphisms of GSTM1 and GSTT1 were analysed by multiplex PCR procedures. Differences in proportions were tested using Pearson's Chi-square test with Odds ratio (OR) and 95% confidence interval (CI). The risk of cervical cancer was almost three times in women with GSTM1 homozygous null genotype (OR-2.62, 95%CI, 1.77-3.88; p<0.0001). No association of GSTM1 or GSTT1 homozygous null genotypes was observed in women with normal, precancerous and cervical cancerous lesions among ${\leq}35$ or >35 years of age groups. Smokers with null GSTT1 genotype had a higher risk of cervical cancer as compared to non-smokers (OR-3.01, 95% CI, 1.10-8.23; p=0.03). The results further showed that a significant increased risk of cervical cancer was observed in HPV positive smoker women with GSTT1 (OR-4.36, 95% CI, 1.27-15.03; p=0.02) and GSTM1T1 (OR-3.87, 95% CI, 1.05-14.23; p=0.04) homozygous null genotypes as compared to HPV positive non smokers. The results demonstrate that the GST null genotypes were alone not associated with the development of cervical cancer, but interacted with smoking and HPV to exert effects in our Delhi population.

Do Cervical Epidural Injections Provide Long-Term Relief in Neck and Upper Extremity Pain? A Systematic Review

Manchikanti, Laxmaiah,Nampiaparampil, Devi E.,Candido, Kenneth D.,Bakshi, Sanjay,Grider, Jay S.,Falco, Frank J. E.,Sehgal, Nalini,Hirsch, Joshua A. AMERICAN SOCIETY OF INTERVENTIONAL PAIN PHYSICIANS 2015 Pain physician Vol.18 No.1