The report covers the global MPD market in major regions namely Asia-Pacific, Europe, North America, South & Central America, Middle East, and Africa under major technology CBHP, DGD, MCD, RFCD
'The revisions to the RFCD and the SEO proposed by the ABS in consultation with the whole sector (not just universities) would appear to be the most appropriate course of action in terms of simplification and consistency of terminology.'
Dear Colleague The Australian Bureau of Statistics (ABS) is revising Research Fields, Courses and Disciplines (RFCDs) and is consulting on the proposed changes [which were included in an attached spreadsheet]....
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The foreign exchange crisis forced the balance of payments adjustment which has brought down the current account balance of payments deficit (before accruals to RFCD) from the peak of $5.3 billion in 1995-96 or 8 percent of GDP to $2.5 billion or 3.8 percent of GDP in 1998-99.
Indeed the relatively recent 1997 IMF agreement considered a current account balance of payments deficit (after accrual to RFCD) of 4 percent of GDP or roughly 6 percent of GDP (before accrual to RFCD) quite feasible for 1997-98.
The changes in the ratio of M2/GDP suggests an increase in financial intermediation, while the ratio (M2/RFCDs)/GDP shows the contribution of RFCD towards this (Table 10).
Box 1 FCAs and FEBCs Foreign Currency Accounts (FCAs can be opened by resident (RFCDs) and non-resident (NRFCDs) nationals.
In 1993-94, the year of peak inflows into FCDs, especially RFCDs, these financed nearly a quarter of the current account deficit in that year (Table 7).
During the eight years 1991-98, Pakistan ran current account balance of payments deficits (before accruals of Resident Foreign Currency Deposits, RFCDs) totaling over $28 billion or an average of about 5.5 percent of GDP.
(16) The State Bank of Pakistan began drawing the attention of the government to the dangers inherent in the heavy and subsidised reliance on RFCDs after August 1996 (see SBP annual report 199798, Chapter VII and appendix on Foreign Currency Deposits).