The Pakistan Development Review
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Linkage between Stock Market Prices and Exchange Rate: A Causality Analysis for Pakistan
Get PDFGlobalisation and financial sector reforms in developing
economies have ushered in a sea change in the financial architecture of
the economies. In the contemporary scenario, the activities in the
financial markets and their relationships with the real sector have
assumed significant importance. Correspondingly, researches are also
being conducted to understand the current working of the economic and
the financial system in the new scenario. Interesting results are
emerging particularly for the developing countries where the markets are
experiencing new relationships which are not perceived earlier. The
analysis on stock markets has come to the fore since this is the most
sensitive segment of the economy. The stock markets of emerging
economies have been of vital importance to the global investment
community. Since emerging markets are more volatile than the well
developed stock market, therefore the emerging markets tend to be
unrelated to one another and with the developed markets. Numerous
investors worldwide select to diversify their funds across the emerging
markets
Trade Liberalisation as an Instrument for Regional Co-operation
Get PDFSouth Asia is home to nearly 1.4 billion people, a vast part
of humanity. The countries in the region vary widely in the size of the
population as well as area and physiography. On one side of the scale is
India with a population of more than a billion while on the other side
is Maldives with a population no more than half a million. There is
Bangladesh which is essentially a flat delta, island countries such as
Sri Lanka and Maldives and countries full of high rise mountains such as
Nepal and Bhutan. In between are India and Pakistan with some of
everything. While there are several such external differences among the
countries in the region and their people, these are literally only
skin-deep. The people in the region share, by and large, the same basic
culture. In many cases the same or a similar language is spoken across
the borders. There are, of course, local variations in the general
pattern. But that diversity makes it all the more interesting and
attractive. It is only natural that the countries of the region will
band together to show a united face to the world. This is yet to happen,
though
The Determinants of Foreign Direct Investment in Pakistan
Get PDFThe significance of foreign direct investment (FDI) flows is
well documented in literature for both the developing and developed
countries. Over the last decade foreign direct investment have grown at
least twice as rapidly as trade Meyer, (2003). As there is shortage of
capital in the developing countries, which need capital for their
development process, the marginal productivity of capital is higher in
these countries. On the other hand investors in the developed world seek
high returns for their capital. Hence there is a mutual benefit in the
international movement of capital
Is Pakistan’s Manufacturing Sector Competitive?
Get PDFThe manufacturing sector of any country bears significant
importance. Globalisation, and in particular, enhanced exports are
generally believed to benefit developing countries. And with Pakistan’s
exports concentrated largely in textile and semi-manufactures, the
country needs to strengthen this sector. Since the foreigncurrency
dominated export prices for developing countries are largely determined
in the international market, any downward slide in them exerts a
downward slide in foreign-exchange export earnings. It is therefore
imperative, for a country like Pakistan, to prevent the decline in
manufacturing output, not only to sustain but also to increase the
export share and hence to gain external competitiveness in this
sector
Total Factor Productivity Growth in Pakistan’s Agriculture: 1960-1996
Get PDFNearly one-quarter of Pakistan’s Gross Domestic Product (GDP)
is contributed by the agriculture sector and it employs nearly 44
percent of the labour force. Agricultural exports, directly and
indirectly, make up a large proportion of total exports and foreign
exchange earnings of the country. Agriculture in Pakistan faces
considerable challenge in the 21st century. The present population of
about 149 million, growing at about 1ta. 9 percent per year, is expected
to double to 298 million in about 40 years. Pakistan’s agriculture has
experienced rapid growth since the 1960s. The average annual growth of
about 4 percent in the four decades before the onset of the new
millennium has exceeded the population growth that touched about 3
percent for a substantial part of this period.1 This rate of growth in
agriculture has been sustained by the technological progress embodied in
the highyielding varieties of grains and cotton with supporting public
investment in irrigation, agricultural research and extension (R&E),
and physical infrastructure. Agricultural growth, in turn, has made
significant contribution to the overall economic growth of about 6
percent per year during this period. Despite rising per capita income,
food demand is likely to grow rapidly given the low level of current per
capita income. There is a compelling need for sustained efforts to
increase production of essential items (wheat, edible oils, etc.). Faced
with limits to further expansion of cultivated land and slowing returns
to further input intensification, productivity growth assumes a central
role in meeting the challenges of the future
The Determinants of Capital Structure of Stock Exchange-listed Non-financial Firms in Pakistan
Get PDFCapital structure refers to the different options used by a
firm in financing its assets. Generally, a firm can go for different
levels/mixes of debts, equity, or other financial arrangements. It can
combine bonds, TFCs, lease financing, bank loans or many other options
with equity in an overall attempt to boost the market value of the firm.
In their attempt to maximise the overall value, firms differ with
respect to capital structures. This has given birth to different capital
structure theories that attempt to explain the variation in capital
structures of firms over time or across regions. On the other hand,
empirical evidence is also not sometime consistent in substantiating a
particular capital structure theory
M. Ashraf Janjua. History of the State Bank of Pakistan (1988–2003). State Bank of Pakistan. 976 pages. Hardback. Price not given. M. Ashraf Janjua. History of the State Bank of Pakistan (1988–2003) Supplement. State Bank of Pakistan. 352 pages. Hardback. Price not given.
Get PDFHistory of the State Bank of Pakistan is a series beginning
with two volumes published first in 1992 and 1994. The former covered
the 1948–60 period and the latter the years from 1961 to 77. M. Ashraf
Janjua then wrote the next two volumes covering the years 1977–88 and
1988–2003. The third volume, pertaining to the years 1977–88, was
reviewed by A. R. Kemal (PDR, 42:2, pp.161–166). That volume contains
not only the major developments in the monetary and real sectors during
the eleven-year period but also traces the developments since
Independence
Electric Power Generation from Solar Photovoltaic Technology: Is It Marketable in Pakistan?
Get PDFSolar photovoltaic systems are prohibitively expensive in
terms of installation costs. Power from them is also available
intermittently—only when energy from the sun is available. On the other
hand, PV systems are free of the ever-rising costs of input fuel. They
also incur much less operation and maintenance costs and are supposed to
have a longer lifetime than, for example, a fossil fuel power plant.
Thus using solar-PV power looks uneconomical in the short term, but may
be profitable in the long term. It is, therefore, interesting to
identify the factors that can make investment in solar PV power
generation acceptable. This paper carries out a financial analysis of
installing a 10 MW solar photovoltaic power generation plant for sale of
electricity to a grid. It compares the levelised cost of this mode of
energy generation as compared to a fossil fuel plant. It also calculates
the cost of electricity generation and tariff for power from this plant.
It then identifies the factors that can make the investment in a
grid-scale solar PV plant more favourable than investment in other
conventional and non-renewable sources
Transition of Poverty in Pakistan: Evidence from the Longitudinal Data
Get PDFInterest in the dynamics of income and consumption at the
household level has increased in the developing countries as measures of
living conditions at a point in time are not necessarily a good
indicator of its stability over time. For many purposes it is important
to adopt a dynamic perspective, distinguishing between extremely,
chronically or transitory poor. In Pakistan studies of poverty at a
point in time provide very valuable information about its nature,
characteristics and distribution. However, given the fluctuations in
many dimensions of poverty such as school enrolment, nutritional status
and income, these studies are unable to capture the dynamics of this
phenomenon, making it impossible to analyse the factors associated with
the poverty transition, i.e., movement into and out of
poverty