Journals of Forman Christian College
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An Analysis of Income Convergence across Asian Countries: Kalsoom Zulfiqar and Qurat-ul-Ain
Full text linkThe development process in Asia over past few decades has given rise to widespread income disparities. Present study is conducted to examine the income convergence process for a set of 40 Asian countries for the time period 1980 to 2016.The study has utilized pooled least square methodology with time dummies and cross section weights standard errors (PCSE). Empirical results support the presence of conditional convergence in Asian region which is further established by including population growth, inflation rate, unemployment rate, exports growth and openness as control variables. Disparity level (distance from average steady state) for each Asian country is also assessed by using demeaned values to understand the relative position of each country. Furthermore, the study provides estimates of average speed of convergence (how many years to reach steady state) for each country as well
Finance-Growth Nexus and Relative Efficacy of Alternative Policy Regimes: An Investigation for Pakistan: Saira Tufail and Ather Maqsood Ahmed
Full text linkThe recurring financial turbulences, witnessed in both advanced and emerging economies over the past few decades, have brought financial stability risks and potential monetary and macro-prudential policies in addressing them, to the forefront of policy debates. This study assesses the nature of finance-growth relationship to address some of the long-standing and recent issues in the conduct of monetary policy. Specifically, it addresses three research questions, that are; 1) Does the traditional finance-growth relationship exist for EDEs? 2) Should benign neglect or lean against the wind be the central bank strategy for stabilizing macroeconomic shocks? and, 3) Does macro-prudential policy present policy dilemma or boosts economic growth by addressing financial vulnerabilities efficiently? By estimating DSGE model using Bayesian technique for Pakistan the findings of the study showed the segregation of financial and business cycle activities and the absence of most trumpeted credit-growth nexus for Pakistan. Given growth is not credit driven, financial instability concerns emanating from credit boom and bust cycles in developed countries become irrelevant for financially less developed EDEs like Pakistan. Price and financial stability goals of central bank are not found dichotomous conforming to Jackson Hole Consensus; a monetary policy strategy prevalent before GFC. Overall findings of study suggest that monetary authority may reconsider its commitment for implementing Basel III and other macro-prudential regulations to counter the risk of over regulation and to boost the process of benign financial deepening
Perception of Working Mothers on Child Development: AQualitativeStudy from Pakistan: Iqra Rass and Ambreen Salahuddin
Full text linkThe inclusion of women in the workforce is imperative for the advancement of every country in the world. In Pakistan the role of women is undergoing dynamic transformation which can have considerable influence on the mother-child relationship and child development. This research attempts to understand the influence of out-of-home maternal employment on the development of child, as perceived by mothers. The study is qualitative in nature using snowball sampling. A total of six working mothers were interviewed from Lahore, Pakistan. Thematic analysis technique has been used to analyze the data. The following themes were identified: (i) Child Neglect; (ii) Strained Child-Parent Relationship; (iii) Child Aggression; (iv) Low Academic Achievement; and (v) Independence and Sense of Responsibility. The study concludes that working mothers need family and employer support to ensure child development in Pakistan. Some of the key reforms that are needed include respect for women’s triple role in society and employment benefits for working mothers
Portrayal of Women in Pakistan Television Dramas: A Quantitative Content Analyses and Comparison of ARY and HUM TV Dramas: 1. Dr. Parvaiz Akhter 2. Dr. Zaheer Khan 3. Dr. Muhammad Ismail
Full text linkThe research examines the nature of coverage given to females in Pakistani television dramas and compares different channels from a framing perspective. Especially to evaluate the framing responsibilities of television channels in Pakistan by examining the content of TV drama from an Islamic perspective, as framing females in Television Dramas is very common in today’s media. This content analysis uncovers the portrayal of females in the ARY Digital and Hum TV dramas. A simple random sampling technique has been used for the data collection. For analyzing content, two entertainment TV channels are selected. A criterion for selecting channels is according to the ranking of entertainment channels in October 2019, which shows ARY Digital and HUM TV at the top of the ranking. From the findings of this study, we can see the nature of coverage given to females. In most of the scenes, females are shown as helpless people. There were 38 scenes on both channels that showed females as an Absolute helpless, and 20 scenes showed females as normal Helpless. Overall, females are framed as helpless people who cannot do anything for themselves; even if she is right, they cannot prove themselves right. Sometimes, she sacrifices for her family and sometimes to save his marriage life
Exchange rate and export nexus: Mohammad Afzal & Sijjad Hussain Shah
No full textThis paper investigated the responsiveness of exports demand and supply to nominal, real and effective exchange rates over the period 1972-2005. We have used 3SLS that yields estimators with greater asymptotic efficiency than that achieved by the limited-information methods. It has been found that depreciation of the nominal exchange rate is expansionary suggesting the success of devaluation. Liberalization of the trade regime leads to depreciation and its impact is positive on export demand. Effective exchange rate has positive and significant coefficient implying that when an economy is liberalized, export incentives and subsidies assume relatively more importance to promote exports. Depreciation of both nominal and real exchange rates has expansionary effect on the exports supply. The price elasticity of exports supply is positive but not significant suggesting that Pakistan is a price-taker. Keeping in view, low supply price elasticity, exchange rate changes are not the sufficient condition. In addition to exchange rate, other factors also matter. Maintenance of a reasonably realistic exchange rate is expected to help export promotion and will have healthy impact on income distribution and employment
Performance assessments of micro credit programs: Ahmed Nawaz Hakro
No full textThe study has been designed to assess the performance of micro credit programs and institutions in Pakistan, Broad category of performance indicators such as, program scale, target groups, efficiency of program services, services performance, cost effectiveness, and sustainability have been used. For institutional capacity assessment parameters; financial capacity, financial conditions, viability, sound management practices etc have been used. Results indicated; micro credit programs have sound financial size but unable to reach the significant number of poor. Size of amount disbursement is very significant, operational efficiency is negative or at least the micro finance institutions are not profitable. Programs are cost effective, moderately efficient but financially unstable. The targeted participation is very low. The service performance is moderate. The efficiency, profitability, capital formation and other financial ratios do not show the long run sustainability of the overall financial performance of the institutions. There is strong need of the policy/intervention to make these programs more efficient and financially sustainable. It is strongly suggested that micro finance institutions. government/semi government should formulate the framework for program monitoring and evaluation and make baseline studies to measure the impact and magnitude of change in longitudinal studies
Changing Demographic Trends and Housing Market in Pakistan
Full text linkThis paper analyzes the impact of changing demographictrends on housing market in Pakistan. An analytic device, aphase diagram, has been used to show the relationship betweendemographic change and demand for housing in Pakistan. Thecharacteristics of this paper are as follows. First, a modelcomprising four equations is developed to investigate therelationship between different variables such as housing stock,demand for housing, real rental price, rate of depreciation, netinvestment in housing, gross investment in housing, real priceof housing unit and growth in population. Second, set of fourequations is reduced to two differential equations which areused to solve for house prices (P) and number of houses peradult in a country (h). These two equations are also used todraw phase diagrams and to draw our conclusions. It isconcluded that house prices are directly related to growth rateof population and inversely related to the number of houses peradult. In Pakistan, a rise in the growth rate of the adult (housebuyingyears segment) population will increase the demand forhousing for the next four decades. Moreover, a fall in the totalpopulation growth rate could not cause downward trend inhouse prices because of changing age structure. We have toconsider the composite impact of all related factors on houseprices which in turn impact the supply and demand for housingin country
An Economic Study of Slow Growth of Crops in Pakistan: A Case of Pulses Production in Punjab: Mohammad Pervez Wasim, Shafiq-ur-Rehman, Amjad Ali, and Ms. Shehnaz Rashid
Full text linkThis study attempts to explain the growth trends and supply response behaviour of pulse crops in Punjab. The study examines the trends in area, production and productivity of gram, mung, mash, masoor and matar pulses, and alsoestimates the growth rates of area, production and productivity of different pulses. Moreover, we examine the response of supply of different pulses to changes in; relative price of the crop, relative yield of the crop, own price of the crop, own yield of the crop, gross irrigated area to gross cropped area, rainfall during the critical periods, price risk and finally, yield risk. Nerlovian partial adjustment lagged model has been used to test the factors influencing the farmers supply allocation. The results reveal that the slow growth in most of the pulses production can be mainly attributed to stagnation and decline in area.
Impact of Natural Disasters, Terrorism and Political News on KSE-100 Index: Mian Ahmad Hanan, Saleem Noshina, Saqib Ali Siddiqui and Shahid Imran
No full textThis paper discusses the impact of news related to natural disaster, terrorism and political on the Karachi Stock Exchange (KSE-100) index. This study is based on Event Study Methodology. It focuses on 21 different news events:10 political, 9 terrorism and 2 natural disasters. It attempts to determine the statistical relationship and effect of these events on the KSE -100 index by using an 11 day stock market window. This paper concludes that news events have a strong impact on the KSE-100 index and among political, terrorism and natural disaster events; news related to terrorism has the most profound influence on trend of KSE-100 index. It also shows that the bigger the news event the greater is the impact on KSE-100 index. It also supports the notion that good news has a positive and bad news has a negative impact on the KSE-100 index. This study also reveals that the Karachi Stock Exchange is “informationally efficient.
Rural-Urban Differences in Consumption Patterns: An Application of QUAIDS: Zahid Iqbal and Sofia Anwar
Full text linkThe main focus of this study is to estimate the rural-urban income and own price elasticities across a range of consumption quintiles. The analysis revolves around computation of expenditure/income and price elasticities (own price and cross price) including the compensated and uncompensated elasticities of food items using HIES data (2010-2011). The Quadratic Almost Ideal Demand system is used to estimate the parameters of the food commodity groups and estimation was done by SUR technique. The results of the study showed that the poorest families in Pakistan are the most vulnerable section of the society as their expenditures are greater on food items as compared to the expenditures of richest households taken into analysis. Expenditure elasticity of fruits was found to be highest in both rural and urban sectors and this is reasoned by the current economic scenario in the country where higher tax rates, consumer preferences and low salaries determine what people prefer in food consumption to a greater extent. Lack of dietary diversion is one major reason for such unique consumption patterns across rural-urban households in the country, thus, suggesting that policies inclined towards income will play an important role to achieve the goal of balanced diet prevalence in Pakistan