This paper attempts to investigate the domestic components of the financial liberalization proces... more This paper attempts to investigate the domestic components of the financial liberalization process in Pakistan and develops an index of domestic financial liberalization capturing the important dimensions of reform process. Employing the multivariate co-integration technique and error-correction mechanism, the results indicate a positive impact of the index on economic growth in the long run, while its short run impact is found to be negative. Empirical findings highlight the importance of further financial deepening and financial intermediation, in a conducive environment, that are essential components to successfully implement reforms for growth stimulation.
This paper attempts to investigate the domestic components of the financial liberalization proces... more This paper attempts to investigate the domestic components of the financial liberalization process in Pakistan and develops an index of domestic financial liberalization capturing the important dimensions of reform process. Employing the multivariate co-integration technique and error-correction mechanism, the results indicate a positive impact of the index on economic growth in the long run, while its short run impact is found to be negative. Empirical findings highlight the importance of further financial deepening and financial intermediation, in a conducive environment, that are essential components to successfully implement reforms for growth stimulation.
The trade costs imposed by numerous policy and non-policy barriers on exporters are still conside... more The trade costs imposed by numerous policy and non-policy barriers on exporters are still considered an impediment in their export growth rate. Thus, this paper aims to measure overyear trends in total trade costs and trends in trade costs related to policy barriers. Further, to find out which trade cost-policy barriers are high. The research found that total trade costs have a decreasing trend for the rest of the world while developing countries like Pakistan have the lowest rate of a declining trend. Trade cost estimates associated with tariff barriers show a declining trend, whereas trade costs related to non-tariff barriers are on the rise as compared to developed countries. The results further reveal that higher trade costs are among the major factors that have rendered especially developing countries' exports uncompetitive in world markets.
The study further examines the effects of different trade cost components on bilateral export flo... more The study further examines the effects of different trade cost components on bilateral export flows via the dynamic panel gravity model. Empirical evidence shows that trade costs generally have a declining trend globally, however, in the case of emerging countries, this rate of decline is very low. The costs associated with non-tariff barriers in emerging countries have a greater role in the continuation of higher trade costs, in comparison to tariff barriers' costs. Likewise, the two-steps system GMM model's results suggest that the infrastructure quality, transportation costs, volatility of exchange rate, and uncertainty in time (days) delay are major hurdles in the sustainable growth of exports and indeed have rendered the exports uncompetitive in the world market, those are also sturdily supported by the prediction of the theory.
Productivity (TFP) performance is not only influenced by the direct effects of human capital, R&D... more Productivity (TFP) performance is not only influenced by the direct effects of human capital, R&D (technology development)), embodied and disembodied forms of technology transfer and know-how through capital imports, FDI and use of foreign IPRs (technology transfer activities), but importantly is indirectly affected by components like the interactive effects of machinery and equipment imports, royalties and licenses fee payments, FDI, human capital and technology deployment. In this context, we analyzed internal technology building capabilities, trade-related technology transfer activities and foreign technology absorption capabilities. The ARDL technique demonstrates that stable long-run association exists amongst all the chosen variables. The results indicate that investment in human capital boost the TFP, in addition expenditures on R&D, imports of machinery are crucial determinants of TFP growth. Surprisingly, FDI appears with a negative sign but the indirect effect of FDI throu...
The trade costs imposed by numerous policy and non-policy barriers on exporters are still conside... more The trade costs imposed by numerous policy and non-policy barriers on exporters are still considered an impediment in their export growth rate. Thus, this paper aims to measure over-year trends in total trade costs and trends in trade costs related to policy barriers. Further, to find out which trade cost-policy barriers are high. The research found that total trade costs have a decreasing trend for the rest of the world while developing countries like Pakistan have the lowest rate of a declining trend. Trade cost estimates associated with tariff barriers show a declining trend, whereas trade costs related to non-tariff barriers are on the rise as compared to developed countries. The results further reveal that higher trade costs are among the major factors that have rendered especially developing countries’ exports uncompetitive in world markets.JEL codes: F1, F10, F13, F14
The services sector has offered sound support to Pakistan’s economic development. It has emerged ... more The services sector has offered sound support to Pakistan’s economic development. It has emerged as one of the fastest growing and highest contributing sectors of the economy. Through the use of Fully Modified OLS Estimation Technique, this study has provided evidence that liberalization of the two key sub-sectors (telecom and banking) of services of Pakistan has played an important role in development of these sectors. The task is achieved by preparing liberalization index for the two sectors. The econometric evidence reveals that results are robust and in accordance with the theory. Relationships are found to be relatively strong for the telecom sector and less strong for the financial sector. The research also shed light on the constraints that the country has to face in the liberalization process of these sectors. Rapid liberalization of the telecom sector has attracted substantial amount of investment, both local and foreign, and has created saturation in the industry, which ha...
The study focuses on the examination of income-convergence or inequalities amid Asian economies i... more The study focuses on the examination of income-convergence or inequalities amid Asian economies in the presence of trade liberalization, foreign direct investment, governance, and technology adoption. The existence of clubs in the sample of 14 selected Asian countries for a large panel data set covering the 1999-2015 period facilitated us to examine the club-convergence. Unconditional and conditional income-convergence is explored by adopting Blundell and Bond's estimating technique. Findings reveal that income-convergence is taking place among Asian developed countries and ASEAN countries. However, there is income-divergence in SAARC countries and Asian least developed countries. Nevertheless, it is concluded that despite Asian countries having different economic structures and policy measures; they are on the track of conditional convergence in their respective clubs.
The cherished goal of speedy economic growth in the Asian regional blocs cannot be achieved witho... more The cherished goal of speedy economic growth in the Asian regional blocs cannot be achieved without attaining income convergence among them. Economic integration and assessment of income convergence or disparities among Asian blocs is the aim of this study. This study assesses a number of factors, such as trade openness, foreign direct investment, intellectual property rights protection and governance, to see how open economies are integrating themselves while competing with each other. Findings reveal that the SAARC group has not shown intra-regional income convergence, while the ASEAN group provides sufficient evidence. Although simultaneously considering SAARC and ASEAN groups in the form of a panel, there is evidence of non-convergence between the two regional groups. An important policy implication of the study is that the ASEAN and SAARC blocs are in dire need for combined and collective policy framework at the regional level. JEL: O19, O31, F15
Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.
This book contains interesting studies on an important topic, i.e., effective management, which i... more This book contains interesting studies on an important topic, i.e., effective management, which is a prerequisite to increase the productivity of enterprises. It is divided into three parts: ‘Chinese Culture and Chinese Management’, ‘Work Values and Work Organisations’, and ‘Leadership, Management Style, and Organisational Change’. All essays, except three, have been selected from the ‘International Symposium on Social Values and Effective Organisations’, held at the National University, Chung-Li, Taiwan, on November 26–30, 1988. The book examines the impact of cultural and social values on organisational structure and work habits.
The urban informal sector of Pakistan is both large and growing rapidly, covering host of differe... more The urban informal sector of Pakistan is both large and growing rapidly, covering host of different activities. To understand the development-oriented and job-promoting character of the informal sector, it is useful to have knowledge about the characteristics of self-employed, who manage and promote this sector. This report analyses the basic characteristics of self-employed and the factors, which influence their decision to start an informal sector enterprise. The knowledge about the characteristics and the factors contributing in decision-making has been utilized by this report to suggest a set of policies to policy-makers who wants to work out a programme of self-employment promotion.
Environmental Science and Pollution Research, 2020
South Asia is comprised of several countries, including Bangladesh, Pakistan, India, and Sri Lank... more South Asia is comprised of several countries, including Bangladesh, Pakistan, India, and Sri Lanka, all ranked highly at risk of climatic variability. The region’s susceptibility to climate change can be attributed to both its spatial and inherent characteristics. Considering the countries’ high dependence on agricultural products, to support their economies and growing populations, it is vital to measure the factors impacting crop productivity. This study quantifies the change in temperature and precipitation, coupled with their respective effects on the productivity of three major crops, wheat, rice and cotton, within two of Pakistan’s largest provinces: Punjab and Sindh. Based on the collated data, multivariate regression analysis is conducted. Moreover, highly vulnerable areas to climate change have been identified under RCP scenarios 4.5 and 8.5, until the end of this century. Results reveal that there is a substantial increasing trend in temperature, whereas precipitation has high inter-annual variability. Regression outcomes, based on fixed/random effects models, indicate that temperature above threshold values of 24.3 °C, 33.0 °C and 32.0 °C for wheat, rice and cotton, respectively, negatively impacts productivity (statistically significant). Precipitation is statistically insignificant in explaining its role in crop productivity. Overall, the region is heading towards temperature and threshold exceedances at an alarming rate, which will impact the overall availability of suitable crop-growing areas.
Trade is a field of economics that is useful for investigating the issue of economic competitiven... more Trade is a field of economics that is useful for investigating the issue of economic competitiveness. A nation’s advantages in competing against other nations are reflected in its performance in international economic transactions. Earlier theories on trade (Ricardian and Heckscher-Ohlin) analysed a nation’s inter-sectoral comparative advantage. Due to the intuitive appeal of these theories, governments have implemented various policies designed to improve comparative advantage in factor costs by reducing interest rates and resorting to devaluation, special depreciation allowances, export financing, etc. There is now a growing awareness that these theories are unrealistic as to many industries, although they can be useful in explaining broad tendencies apparent in the patterns of trade.
The world in its politico-economic aspects is run by policy-makers who have an academic backgroun... more The world in its politico-economic aspects is run by policy-makers who have an academic background in law or public administration or other related social disciplines including economics. Only rarely would a majority of the policy-makers be trained in economics. In the making of economic policy, the basic choices before the policy-makers are political and they transcend the narrow concerns of economists regarding optimal use of resources. These considerations in no way downgrade the relevance of economic analysis in economic policy-making and for the training of policy-maker in economics. Policy-makers need economic council to understand fully the implications of alternative policy options. In this book, Wolfson attempts to educate policy-makers in the areas of public finance and development strategy. The analysis avoids technicalities and is kept to a simple level to make it understandable to civil servants, law-makers and members of the executive branch whom Wolfson refers to as p...
This paper attempts to investigate the domestic components of the financial liberalization proces... more This paper attempts to investigate the domestic components of the financial liberalization process in Pakistan and develops an index of domestic financial liberalization capturing the important dimensions of reform process. Employing the multivariate co-integration technique and error-correction mechanism, the results indicate a positive impact of the index on economic growth in the long run, while its short run impact is found to be negative. Empirical findings highlight the importance of further financial deepening and financial intermediation, in a conducive environment, that are essential components to successfully implement reforms for growth stimulation.
This paper attempts to investigate the domestic components of the financial liberalization proces... more This paper attempts to investigate the domestic components of the financial liberalization process in Pakistan and develops an index of domestic financial liberalization capturing the important dimensions of reform process. Employing the multivariate co-integration technique and error-correction mechanism, the results indicate a positive impact of the index on economic growth in the long run, while its short run impact is found to be negative. Empirical findings highlight the importance of further financial deepening and financial intermediation, in a conducive environment, that are essential components to successfully implement reforms for growth stimulation.
The trade costs imposed by numerous policy and non-policy barriers on exporters are still conside... more The trade costs imposed by numerous policy and non-policy barriers on exporters are still considered an impediment in their export growth rate. Thus, this paper aims to measure overyear trends in total trade costs and trends in trade costs related to policy barriers. Further, to find out which trade cost-policy barriers are high. The research found that total trade costs have a decreasing trend for the rest of the world while developing countries like Pakistan have the lowest rate of a declining trend. Trade cost estimates associated with tariff barriers show a declining trend, whereas trade costs related to non-tariff barriers are on the rise as compared to developed countries. The results further reveal that higher trade costs are among the major factors that have rendered especially developing countries' exports uncompetitive in world markets.
The study further examines the effects of different trade cost components on bilateral export flo... more The study further examines the effects of different trade cost components on bilateral export flows via the dynamic panel gravity model. Empirical evidence shows that trade costs generally have a declining trend globally, however, in the case of emerging countries, this rate of decline is very low. The costs associated with non-tariff barriers in emerging countries have a greater role in the continuation of higher trade costs, in comparison to tariff barriers' costs. Likewise, the two-steps system GMM model's results suggest that the infrastructure quality, transportation costs, volatility of exchange rate, and uncertainty in time (days) delay are major hurdles in the sustainable growth of exports and indeed have rendered the exports uncompetitive in the world market, those are also sturdily supported by the prediction of the theory.
Productivity (TFP) performance is not only influenced by the direct effects of human capital, R&D... more Productivity (TFP) performance is not only influenced by the direct effects of human capital, R&D (technology development)), embodied and disembodied forms of technology transfer and know-how through capital imports, FDI and use of foreign IPRs (technology transfer activities), but importantly is indirectly affected by components like the interactive effects of machinery and equipment imports, royalties and licenses fee payments, FDI, human capital and technology deployment. In this context, we analyzed internal technology building capabilities, trade-related technology transfer activities and foreign technology absorption capabilities. The ARDL technique demonstrates that stable long-run association exists amongst all the chosen variables. The results indicate that investment in human capital boost the TFP, in addition expenditures on R&D, imports of machinery are crucial determinants of TFP growth. Surprisingly, FDI appears with a negative sign but the indirect effect of FDI throu...
The trade costs imposed by numerous policy and non-policy barriers on exporters are still conside... more The trade costs imposed by numerous policy and non-policy barriers on exporters are still considered an impediment in their export growth rate. Thus, this paper aims to measure over-year trends in total trade costs and trends in trade costs related to policy barriers. Further, to find out which trade cost-policy barriers are high. The research found that total trade costs have a decreasing trend for the rest of the world while developing countries like Pakistan have the lowest rate of a declining trend. Trade cost estimates associated with tariff barriers show a declining trend, whereas trade costs related to non-tariff barriers are on the rise as compared to developed countries. The results further reveal that higher trade costs are among the major factors that have rendered especially developing countries’ exports uncompetitive in world markets.JEL codes: F1, F10, F13, F14
The services sector has offered sound support to Pakistan’s economic development. It has emerged ... more The services sector has offered sound support to Pakistan’s economic development. It has emerged as one of the fastest growing and highest contributing sectors of the economy. Through the use of Fully Modified OLS Estimation Technique, this study has provided evidence that liberalization of the two key sub-sectors (telecom and banking) of services of Pakistan has played an important role in development of these sectors. The task is achieved by preparing liberalization index for the two sectors. The econometric evidence reveals that results are robust and in accordance with the theory. Relationships are found to be relatively strong for the telecom sector and less strong for the financial sector. The research also shed light on the constraints that the country has to face in the liberalization process of these sectors. Rapid liberalization of the telecom sector has attracted substantial amount of investment, both local and foreign, and has created saturation in the industry, which ha...
The study focuses on the examination of income-convergence or inequalities amid Asian economies i... more The study focuses on the examination of income-convergence or inequalities amid Asian economies in the presence of trade liberalization, foreign direct investment, governance, and technology adoption. The existence of clubs in the sample of 14 selected Asian countries for a large panel data set covering the 1999-2015 period facilitated us to examine the club-convergence. Unconditional and conditional income-convergence is explored by adopting Blundell and Bond's estimating technique. Findings reveal that income-convergence is taking place among Asian developed countries and ASEAN countries. However, there is income-divergence in SAARC countries and Asian least developed countries. Nevertheless, it is concluded that despite Asian countries having different economic structures and policy measures; they are on the track of conditional convergence in their respective clubs.
The cherished goal of speedy economic growth in the Asian regional blocs cannot be achieved witho... more The cherished goal of speedy economic growth in the Asian regional blocs cannot be achieved without attaining income convergence among them. Economic integration and assessment of income convergence or disparities among Asian blocs is the aim of this study. This study assesses a number of factors, such as trade openness, foreign direct investment, intellectual property rights protection and governance, to see how open economies are integrating themselves while competing with each other. Findings reveal that the SAARC group has not shown intra-regional income convergence, while the ASEAN group provides sufficient evidence. Although simultaneously considering SAARC and ASEAN groups in the form of a panel, there is evidence of non-convergence between the two regional groups. An important policy implication of the study is that the ASEAN and SAARC blocs are in dire need for combined and collective policy framework at the regional level. JEL: O19, O31, F15
Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.
This book contains interesting studies on an important topic, i.e., effective management, which i... more This book contains interesting studies on an important topic, i.e., effective management, which is a prerequisite to increase the productivity of enterprises. It is divided into three parts: ‘Chinese Culture and Chinese Management’, ‘Work Values and Work Organisations’, and ‘Leadership, Management Style, and Organisational Change’. All essays, except three, have been selected from the ‘International Symposium on Social Values and Effective Organisations’, held at the National University, Chung-Li, Taiwan, on November 26–30, 1988. The book examines the impact of cultural and social values on organisational structure and work habits.
The urban informal sector of Pakistan is both large and growing rapidly, covering host of differe... more The urban informal sector of Pakistan is both large and growing rapidly, covering host of different activities. To understand the development-oriented and job-promoting character of the informal sector, it is useful to have knowledge about the characteristics of self-employed, who manage and promote this sector. This report analyses the basic characteristics of self-employed and the factors, which influence their decision to start an informal sector enterprise. The knowledge about the characteristics and the factors contributing in decision-making has been utilized by this report to suggest a set of policies to policy-makers who wants to work out a programme of self-employment promotion.
Environmental Science and Pollution Research, 2020
South Asia is comprised of several countries, including Bangladesh, Pakistan, India, and Sri Lank... more South Asia is comprised of several countries, including Bangladesh, Pakistan, India, and Sri Lanka, all ranked highly at risk of climatic variability. The region’s susceptibility to climate change can be attributed to both its spatial and inherent characteristics. Considering the countries’ high dependence on agricultural products, to support their economies and growing populations, it is vital to measure the factors impacting crop productivity. This study quantifies the change in temperature and precipitation, coupled with their respective effects on the productivity of three major crops, wheat, rice and cotton, within two of Pakistan’s largest provinces: Punjab and Sindh. Based on the collated data, multivariate regression analysis is conducted. Moreover, highly vulnerable areas to climate change have been identified under RCP scenarios 4.5 and 8.5, until the end of this century. Results reveal that there is a substantial increasing trend in temperature, whereas precipitation has high inter-annual variability. Regression outcomes, based on fixed/random effects models, indicate that temperature above threshold values of 24.3 °C, 33.0 °C and 32.0 °C for wheat, rice and cotton, respectively, negatively impacts productivity (statistically significant). Precipitation is statistically insignificant in explaining its role in crop productivity. Overall, the region is heading towards temperature and threshold exceedances at an alarming rate, which will impact the overall availability of suitable crop-growing areas.
Trade is a field of economics that is useful for investigating the issue of economic competitiven... more Trade is a field of economics that is useful for investigating the issue of economic competitiveness. A nation’s advantages in competing against other nations are reflected in its performance in international economic transactions. Earlier theories on trade (Ricardian and Heckscher-Ohlin) analysed a nation’s inter-sectoral comparative advantage. Due to the intuitive appeal of these theories, governments have implemented various policies designed to improve comparative advantage in factor costs by reducing interest rates and resorting to devaluation, special depreciation allowances, export financing, etc. There is now a growing awareness that these theories are unrealistic as to many industries, although they can be useful in explaining broad tendencies apparent in the patterns of trade.
The world in its politico-economic aspects is run by policy-makers who have an academic backgroun... more The world in its politico-economic aspects is run by policy-makers who have an academic background in law or public administration or other related social disciplines including economics. Only rarely would a majority of the policy-makers be trained in economics. In the making of economic policy, the basic choices before the policy-makers are political and they transcend the narrow concerns of economists regarding optimal use of resources. These considerations in no way downgrade the relevance of economic analysis in economic policy-making and for the training of policy-maker in economics. Policy-makers need economic council to understand fully the implications of alternative policy options. In this book, Wolfson attempts to educate policy-makers in the areas of public finance and development strategy. The analysis avoids technicalities and is kept to a simple level to make it understandable to civil servants, law-makers and members of the executive branch whom Wolfson refers to as p...
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