Asian Economic and Financial Review

Asian Economic and Financial Review

Basic info

  • Publisher: Aess
  • Country of publisher: pakistan
  • Date added to EuroPub: 2017/May/11

Subject and more

  • LCC Subject Category: Finance and Financial Services, Economics
  • Publisher's keywords: Economic, Financial
  • Language of fulltext: english
  • Full-text formats available: PDF

Publication charges

  • Article Processing Charges (APCs): No
  • Submission charges: No
  • Waiver policy for charges? No

Editorial information

Open access & licensing

  • Type of License: CC BY
  • License terms
  • Open Access Statement: Yes
  • Year open access content began: 2011
  • Does the author retain unrestricted copyright? False
  • Does the author retain publishing rights? False

Best practice polices

  • Permanent article identifier: DOI
  • Content digitally archived in: LOCKSS, CLOCKSS
  • Deposit policy registered in: None

This journal has '574' articles

Dimensions Of Globalization And Their Effects On Economic Growth And Human Development Index

Dimensions Of Globalization And Their Effects On Economic Growth And Human Development Index

Authors: Utpal Kumar De| Associate Professor, Department of Economics North-Eastern Hill University, Shillong, India, Manoranjan Pal| Professor, Economic Resea...
( 75 downloads)
Abstract

The globalisation is supposed to reduce regional inequality, poverty and promote sustainability and improve overall human quality. Several studies have provided contradictory results in regard to the effect of globalisation, either in case of growth of GDP, or reduction in inequality and poverty or maintaining environmental sustainability and finally the human development. This paper attempts to examine the pattern of globalisation across the countries along with its effect on the growth of GDP as well as human development index. The term globalization is becoming more and more meaningful as can be seen from the interrelations of these variables. Also globalization has been seen to have effect on the contemporary and very recent future values only.

Keywords: Globalisation, Globalisation index, GDP growth, Human Development index, Panel data
Economic Freedom Verses Economic Growth: Cross Countries Analysis in the form of ARDL Approach

Economic Freedom Verses Economic Growth: Cross Countries Analysis in the form of ARDL Approach

Authors: Khalid Mahmood| Ph.D student department of Economics, Bahauddin Zakariya University Multan Pakistan, Toseef Azid| Professor of Economics, Faculty of F...
( 74 downloads)
Abstract

The generous theoretical and empirical debates are available on institutionalfreedom and economic growth, but unsuccessful to facilitate stationaryconclusion regarding the nature of connection. It is still confusing that eithereconomic freedom cause economic growth or economic growth widens thefoundation for economic freedom. The finale will be more puzzled if the analysisbased on different kinds of economies. The aim of this study is to probe thenature of relationships between economic freedom and economic growth indifferent kinds of economies. For statistical evidence autoregressive distributedlag (ARDL) approach is employed by using the data of 96 countries [HighIncome (29), Upper Middle Income (18), Lower Middle Income (26) and LowerIncome (23)]. The empirical results indicate bilateral and robust relationshipsbetween economic freedom and economic growth in high income and lowermiddle income countries, while in upper middle income and low incomecountries, economic freedom causes economic growth in unilateral connection.

Keywords: Economic Freedom, Economic Growth, Causation, ARDL
The Forecasting Performance of Seasonal and Nonlinear Models

The Forecasting Performance of Seasonal and Nonlinear Models

Authors: Houda Ben Hadj Boubaker| The Higher Institute of Management of Tunisia, Tunisia
( 74 downloads)
Abstract

In this paper, we compare the forecasting performance of seasonal and nonlinear autoregressive models in terms of point, interval, and densityforecasts for the growth rates of the Tunisian industrial production, for theperiod 1976:1- 2006:2. Our results suggest that the point forecastsgenerated by the linear models perform better than those provided by thenonlinear models at all horizons. By contrast, the analysis of interval anddensity forecasts at horizons of one and three quarters provide an evidentsupport for the nonlinear models, this result is in line with the literature.Thus, our findings assess the usefulness of nonlinear models to investigatethe dynamic behavior of economic systems and to produce accurateforecasts.

Keywords: Seasonality, Nonlinearity, Interval forecasts, Density forecasts, Forecast evaluation tests
Determinants of Earnings: Evidence from Pakistan Engineering Sector

Determinants of Earnings: Evidence from Pakistan Engineering Sector

Authors: Kashif Imran| Applied Economics Research Centre University of Karachi., Khalid Naeem Akbar*| Applied Economics Research Centre University of Karachi.
( 74 downloads)
Abstract

Engineering sector plays a considerable role in Pakistan’s economy. The contributionof engineering industry to GDP is $2 billion and it provides employment tosignificant personnel. The engineering sector in a number of economies of the world,works as a major and speedy engine of economic growth. This study is an attempt toidentify the factors affecting the earnings of engineering sector of Pakistan, by usingthe panel data of twenty-seven engineering firms listed on Karachi Stock Exchange(KSE) covering the period of 1990 to 2008. It is found that, in the long run NetWorking Capital, and GDP growth has a positive impact on Earnings per Share andOperating Ratio, Net Fixed Assets and GDP deflator has a negative impact whileInterest rate has not significant effect on earnings per share.

Keywords: Engineering sector, KSE, earning per share
Determinants of Foreign Direct Investment in Developing Countries: A Panel Data Analysis

Determinants of Foreign Direct Investment in Developing Countries: A Panel Data Analysis

Authors: Behrooz Shahmoradi| Faculty Member of Department of Economics, Sciences and Researches Branch, Islamic Azad University, Kurdistan, Iran, Mostafa Baghb...
( 75 downloads)
Abstract

The aim of this paper is to explore, by estimating a panel data econometric model, thedetermining factors of foreign direct investment (FDI) inflows in developing countriesover the period of 1990-2007. The study is based on a sample of panel data on 25developing countries. In the model, dependent variable is FDI inflows. Independentvariables are FDI outflows, GDP, BOP, population, openness of the economy, mobile,internet, technology, ODA and labor. According to the econometric results, in themain model, openness of the economy, market size, availability of labour force, ODA,mobile, technology and internet have positive effects on FDI inflows in developingcountries.

Keywords: Developing Countries, FDI Inflows, Panel data Analysis, Determinants of FDI
Factors Affecting the Real Estate Prices in Pakistan

Factors Affecting the Real Estate Prices in Pakistan

Authors: Mehmood khan kakar| Lecturer in Economics Government Degree College Loralai (corresponding author) E-mail [email protected] Cell # 92-333-3909889, M....
( 81 downloads)
Abstract

The current study examines the effect of factors influencing the prices of real estate inQuetta city. Hypothetically, this study is based upon five observed factors(urbanization, refugees? influx, monetary, lack of investment alternatives and inflow offoreign remittances) in relation to the prices of real estate. Questionnaire developed onthe basis of above variables were administered to a heterogeneous sample of 50property dealers and Quetta Development Authority. Descriptive statistics (percentage,percentile and frequency distribution) were used to identify the level of influence andthe relation of above mentioned attributes towards the prices of real estate. The resultsrevealed that the prices of real estate in the region have been on an increasing trendand strong influence of all variables especially of government?s monetary and fiscalpolices and urbanization was found significant on the prices of real estate in Quetta.

Keywords: Real estate, prices, Quetta
An Overview of the New Emerging Balance of Forces- ‘the BRICS, G 20 and G 7’ Response to the Global Financial Crisis

An Overview of the New Emerging Balance of Forces- ‘the BRICS, G 20 and G 7’ Response to the Global Financial Crisis

Authors: Akhilesh Chandra Prabhakar| Assistant Professor in International Economics, Debre Berhan University, Ethiopia. Email: [email protected]
( 77 downloads)
Abstract

The USA and the EU economies have just been through a severe recession marked byfinancial turmoil, large-scale destruction of wealth, and declines in industrialproduction and global trade. As the result of reduction in the demand of products in theglobal market, continued falling prices due to lack of demand of their products. TheUSA economy is not competitive now. The current international financial crisis was anexplosion that was the ultimate result of the accumulation of a number of unbalanced,inconsistent and unsustainable factors in the world economy. It is a reflection of thelimitations of the liberal capitalist development concept of Western countries. It alsoshows the dangers of blindly copying the Western development model. The BRICScountries (Brazil, Russia, India, China and South Africa) and the G 20 replacing the G-7 in the wake of the economic crisis, as the premier global forum to deal with thecrisis, reflected a relative decline in the power of the US and other advanced capitalistcountries. The BRICS can represent the interests of all the developing countries. TheBRICS countries are not only the emerging largest economies but its growing strongeconomic and political relationship with the African, Latin American and Asiancountries; it may change in the international economic order through using commoncurrency in trade, sharing their own science and technology to improve and transformin agriculture, energy, and industrial sectors, and establishing a new military block sothey can provide security from the imperialist aggression. Of course, China would beas backbone of the BRICS.

Keywords: null
Driving Forces of Globalization in Emerging Market Economies Developing Countries

Driving Forces of Globalization in Emerging Market Economies Developing Countries

Authors: Ghirmai T. Kefela| Operations Manager, CIPS Inc. Campbell,CA 95008, USA E-mail: [email protected] Tel: 510 793 9732, 408 593 9610.
( 90 downloads)
Abstract

The paper will deal mainly with the macroeconomics of globalization (trade andfinance), but before proceeding, a final distinction needs to be drawn betweenglobalization and liberalization. Developing countries themselves had to take someimportant steps before the full impact of globalization could be felt. Specifically, theyhad to open their own economies, to lower the barriers to trade and capital flows thathad been an important component of the import-substitution industrialization modelthat almost all followed for some period. Without these policy shifts, globalizationwould be much less relevant than it is today, especially in the developing world.Liberalization, then, is the other side of globalization.

Keywords: Globalization and liberalization, Trade and finance, Ttrade and capital flows, Policy’s Shifts
Effect of Workers’ Remittances on Private Savings Behavior in Pakistan

Effect of Workers’ Remittances on Private Savings Behavior in Pakistan

Authors: Rahila Munir| Ph. D Student, Department of Economics, University of Sargodha, Pakistan, Maqbool H. Sial| Dean and Professor, Department of Economics,...
( 76 downloads)
Abstract

The study empirically examined the macroeconomic impact of remittances onprivate savings in Pakistan by applying the ARDL Bounds Testing Approach of cointegration by using annual time series data for 1973-2007.It also analyzes theeffectiveness of remittances and foreign direct investment in promoting savings.The results reveal that worker remittances positively affect the private savings inPakistan in the long run and in the short run. So remittances are not only spent onbasic consumption needs, but are also either saved or invested. But the effect offoreign direct investment on private savings is negative because it is not directlyreached the poor households.

Keywords: ARDL Co-integration, Error Correction Model, Private Savings, Remittances
Public Expenditure And Economic Growth In Nigeria

Public Expenditure And Economic Growth In Nigeria

Authors: Usman A| Department of Economics, University of Ilorin, Ilorin, Nigeria. E-mail:[email protected], Mobolaji. H. I| Department of Economics, U...
( 78 downloads)
Abstract

The debate on the use of fiscal policy for economic stabilization andinducement of economic growth is an old one. Key issue in this debate relatesto the efficacy of public expenditure on stimulating economic growth. Theneo-classical school held on extreme position by refuting the usage of fiscalpolicy to regulate the economy even in the time of economic crisis. At theother extreme are those who emphasize the efficiency of fiscal policy instabilizing economic fluctuations and stimulating growth. There is nearly aconsensus on the short-run effects of fiscal policy on the economy. Fiscalpolicy can temporarily raise or lower national income or counteractmacroeconomic disturbances that would otherwise influence national output.This paper contributes to this debate by investigating the effect of federalgovernment expenditure on economic growth in Nigeria.An augmented Solow model is specified in Cobb-Douglas form with publiccapital as one of the factors. Public expenditure is used as proxy for publiccapital which is further decomposed by sectors. This helps us to investigatethe impact of each sector on economic growth. The decomposition is in threeexpenditure streams: (i) expenditure on building human capital- publicexpenditure on education and health; (ii) expenditure on buildinginfrastructure- public expenditure on transport and communication, and othersocial services; and (iii) expenditure on administration which is necessary forthe functioning of government;A multivariate time series framework is used. Augmented Dickey- Fuller testindicated that two of the variables are stationary at first difference while othervariables are stationary at levels. While Phillips Peron tests show that threeare stationary at levels and others at first difference. Results of the regressionsshow that in the short run public spending has no impact on growth.However, Cointegration and VEC results show that there is long runrelationship between public expenditure and growth.

Keywords: null
Trade Liberalization, Poverty and Inequality Nexus: A Case Study of India

Trade Liberalization, Poverty and Inequality Nexus: A Case Study of India

Authors: Rana Ejaz Ali Khan| Associate Professor/Head Department of Management Sciences. COMSATS Institute of Information Technology. Sahiwal, Pakistan. E-mail...
( 75 downloads)
Abstract

The paper attempted to see the relationship between trade liberalization and poverty andinequality in India. For trade liberalization, volume of trade as ratio of GDP, head countratio for poverty and Gini-coefficient has been used for income inequality. The grangercausality technique is applied to time series data for the years 1970-2009. The resultsindicate that trade has no significant effect on poverty and poverty has no effect ontrade. However, trade has increased inequality in the short-run and inequality affectedthe trade in the long-run negatively. It partially contradicts the prediction of the Stolper-Samuelson theorem.

Keywords: India, Trade liberalization, Income distribution, Poverty
The Corruption and the Quality of Auditing Standards

The Corruption and the Quality of Auditing Standards

Authors: William R. DiPietro| Professor of Economics Daemen College, United States. E-mail: [email protected]
( 74 downloads)
Abstract

The paper uses cross country regression analysis on a data set consisting of one hundred thirty countries for the year 2008 to test whether better auditing standards lead to lower levels of corruption. The results are consistent with the hypothesis that improved auditing standards reduce corruption.

Keywords: null
Unemployment and Property Crimes in Pakistan

Unemployment and Property Crimes in Pakistan

Authors: Syed Yasir Mahmood Gillani| Deputy Director, Planning and Development.Government College University. Lahore. Pakistan., Rana Ejaz Ali Khan| Head, Depa...
( 76 downloads)
Abstract

The study examines the relationship between unemployment and propertycrimes for Pakistan covering the period of 1975 to 2008. The Johansencointegratiom methodology along with Granger causality through VEC isapplied to the annual time series data. The results of the cointegration analysisprovide evidence of a valid long-run relationship between unemployment anddifferent kinds of property crimes. The results provide evidence ofunidirectional causality running from unemployed to different kinds ofproperty crimes. The causality results explain that unemployment Grangercause theft, dacoity, robbery and cattle theft while it does not cause burglary.

Keywords: Crimes, Pakistan, Unemployment, Cointegration, Causality
Wage rate, regional trade bloc and Location of Foreign Direct Investment Decisions

Wage rate, regional trade bloc and Location of Foreign Direct Investment Decisions

Authors: Onwuka| Department of Economics, Faculty of Social Sciences, Nnamdi Azikiwe University Awka, Anambra State, Nigeria. E-mail: [email protected], Kevin...
( 82 downloads)
Abstract

The objective of this paper is to examine the impact of wage rate on FDIlocation in South East Asia in the presence of trading systems (regional andmultilateral trading systems) drawing example from panel data of fiveASEAN countries (Malaysia, the Philippines, Indonesia, Singapore andThailand). The analysis is built on the extended endogenous growth modeldue to work of Borensztein et al. (1998) and utilizes the fixed effectsestimation technique to estimate the parameters of the model. Three measureswere constructed for each trading system and used as regressors. The resultsshow that the decisions to locate FDI in ASEAN countries are motivated bylow wage rate or labour costs in the presence of both regional and multilateraltrading systems. This implies that as the MNEs (Multinational Enterprises)aim at cost minimisation whether the host country is following multilateral orregional trading system makes no difference. Too for the host country toremain competitive in the global market and attract more MNEs, it has tocompromise its labour standard. Or alternatively seek high-tech FDI thatrequires high skilled labour force.

Keywords: Wage rate, FDI, Trading system, ASEAN
A Study On Individual Competencies-An Empirical Study

A Study On Individual Competencies-An Empirical Study

Authors: B.Latha Lavanya| University of Madras, Department of Management Studies Chennai-05, Tamil Nadu, India E-mail: [email protected]
( 76 downloads)
Abstract

Measuring the soft factors in economic terms is being challenged.Individual’s performances were described as competencies in order for themto performed, observed and assessed to obtain accreditation as competent.The study is restricted to IT companies in South India. The objective of thisstudy is to do factor analysis and CFA for individual competencies. Thequestionnaires distributed to different companies were 300 of which 172 werereceived and only 151 questionnaires fulfilled the condition of the study.Factor analysis and Confirmatory factor analysis were done to provide aframework for a promising investigation in that field.

Keywords: null

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