Hafiz Khalil Ahmad | GC WOMEN UNIVERSITY (original) (raw)

Papers by Hafiz Khalil Ahmad

Research paper thumbnail of PUBLIC AND EXTERNAL DEBT SUSTAINABILITY IN PAKISTAN (1970s–2000s)

Pakistan Economic and Social …, 2009

Abstract. Apart from reporting the traditional debt ratios, two theoretical models are used to de... more Abstract. Apart from reporting the traditional debt ratios, two theoretical models are used to derive and assess the necessary and sufficient conditions for public and external debt sustainability of Pakistan. Our main findings are that the primary fiscal and current account imbalances ...

Research paper thumbnail of Inflation Dynamics, Globalization and Monetary Policy: Empirical Evidence from Selected South and Southeast Asian Countries

The present study investigated the impact of monetary policy and globalization on inflation. The ... more The present study investigated the impact of monetary policy and globalization on inflation. The study utilized an updated measure of globalization along with two other dimensions i.e., de facto and de jure measure of globalization to examine the nature of the globalization-inflation relationship. It measures the impact of monetary policy variables on inflation, ignoring random shocks as these are considered minor fractions for the inconsistency of the policy instruments. The study also used the Hodrick Prescott filter to calculate the domestic output gap to assess the notion that the changes in the domestic output gap are still relevant to inflation variations in the presence of globalization. Structural modeling of dynamic heterogeneous panel data estimation technique, which accounts for endogeneity and serial correlation issues has also been employed. The results of the study confirm that both global and domestic factors have significant and descriptive power for domestic inflati...

Research paper thumbnail of National innovative capacity and knowledge creation in advanced economies: an empirical investigation

Innovation-the European Journal of Social Science Research, 2020

The main objective of this study is to seek the robust and significant determinants of National I... more The main objective of this study is to seek the robust and significant determinants of National Innovative Capacity in technologically advanced economies. In this era of knowledge-based economies h...

Research paper thumbnail of An Estimation Of Normalized Revealed Comparative Advantage And Its Determinants In Pakistan

This study has investigated the Comparative Advantage (CA) of Pakistan’s exports over the period ... more This study has investigated the Comparative Advantage (CA) of Pakistan’s exports over the period of 1995 to 2013. For measuring comparative advantage, Normalized Reveal Comparative Advantage (NRCA) index has been constructed in case of Pakistan’s exports. There are 17 sectors and more than two hundred commodities are used for measuring NRCA of Pakistan. In this study Agricultural Products (ArP), Food Items (Food), Fuels and Mining Products (FMP), Fuels Products (Fuel), Manufactured Products (MuP), Iron and Steel Products (ISP), Chemical Products (ChP), Machinery and transport equipment (MTE), Iron and Steel (IAS), Office and telecom equipment (OTE), Telecommunications equipment (TLE), Pharmaceuticals Products (PaP), Integrated circuits and electronic components (ICEC), Transport equipment (TrE), Automotive products (AutoP), Textiles (Text) and Clothing (Cloth) are the selected sectors for measuring NCRA in case of Pakistan. This study has also investigated the determinants of Normal...

Research paper thumbnail of Impact of Economic and Political Freedom on Economic Growth in Asian Economies

European Online Journal of Natural and Social Sciences, 2020

The present study investigates the impact of economic and political freedom on economic growth in... more The present study investigates the impact of economic and political freedom on economic growth in Asian economies. Thirty Four Asian countries have been included in empirical analysis over the period of 1995-2018, on annual basis. Two different econometric techniques, fixed effect model and GMM, have been applied to see empirical analysis. Economic freedom has positive and significant influence on economic growth. Political rights and civil liberties have optimistic and considerable influence on economic growth. The impact of human capital is positive and significant. The roles of physical capital and FDI are positive and considerable. The results of GMM are almost identical with the outcomes of fixed effect model. The impression of lagged dependent variable is optimistic and significant. At this juncture, current economic growth is based on the previous year’s economic progress.

Research paper thumbnail of The Impact of Urbanization and Energy Consumption on CO 2 Emissions in South Asia

This paper explores the relationship between urbanization, CO2 emissions and energy consumption i... more This paper explores the relationship between urbanization, CO2 emissions and energy consumption in South Asia for the period of 1983 to 2013, using Panel Co-integration and Granger causality approach. A long-run relationship exists between CO2, energy consumption and urbanization. The empirics also indicate that energy consumption and economic growth are playing a significant role in degrading the environment while trade is improving its quality. Bidirectional causality exists between CO2 and energy, and between urbanization and CO2 emissions both in the short run and long run.

Research paper thumbnail of An Analysis of Banks Performance in Pakistan Using Two-Step Double Bootstrap Dea

This study analyzes the technical efficiency and sources of technical efficiency of conventional ... more This study analyzes the technical efficiency and sources of technical efficiency of conventional banking sector of Pakistan by applying the DEA double bootstrap technique. In the first stage, we applied the bootstrapped DEA variable returns to scale model for measuring the efficiency scores by utilizing the two inputs and three outputs. In the second stage, we employed the bootstrapped truncated maximum likelihood regression model to determine the sources of technical efficiency. As per our results, size of banks does not matter for technical efficiency of banks as the coefficient was insignificant. The liabilities of banks negatively and significantly affect efficiency of banks. Privately owned banks significantly perform better than public sector banks in terms of efficiency scores. Thus, our results shed support in favour of privatization hypothesis.

Research paper thumbnail of The Impact of Foreign Capital Inflows on Economic Growth : Pooled Mean Group Analysis for Developing Countries

This study attempts to include all foreign capital inflow variables to analyze their impact on ec... more This study attempts to include all foreign capital inflow variables to analyze their impact on economic growth of 21 developing countries for the period of 1990 to 2013. Modern econometric techniques are applied for data analysis including panel unit root test and pooled mean group (PMG) estimation for short-run and long-run analysis. The results indicate that inflows including net external debt and net official development assistance have significantly negative impact on economic growth of developing countries, while net foreign direct investment and net remittances have positive and significant impact on economic growth in the long-run. The negative sign of error correction term shows the convergence of the variables towards equilibrium in the long-run. The study highlights the need of allocation of foreign resources effectively and efficiently.

Research paper thumbnail of The Impact of Foreign Aid, Energy Production and Human Capital on Income Inequality: A Case Study of Pakistan

This study attempt to examine the impact of foreign aid, energy production and human capital on i... more This study attempt to examine the impact of foreign aid, energy production and human capital on income inequality in case of Pakistan. For empirical analyses, the study have been used annual time series data covering the period 1984 to 2012. The study has been used the Johansen co-integration to see the long run co- integration among the variables of the study. The results of Johansen co-integration shows that there is long run co-integration among the variables of the study. The long run coefficient shows that foreign aid and human capital play significant role to decrease the income inequality in case of Pakistan. When energy production positively and significantly affect income inequality in case of Pakistan.

Research paper thumbnail of Inflation, Monetary Policy and Globalization Nexus: A Panel data analysis

Inflation, as major macroeconomic variable has always been an important area of research for soci... more Inflation, as major macroeconomic variable has always been an important area of research for socio-economic policy makers. For prudent policy formulation it is of vital importance to investigate the possible dimensions, through which it is generated. The aim of present study is to measure the impact of monetary policy and globalization on South and South East Asian inflation by utilizing the time span from 1981-2016. To examine the nature of globalization-inflation relationship the study utilized an updated measure of globalization. Moreover, the current study measures the impact of monetary policy variables on inflation, ignoring random shocks as these considered fewer fractions for the inconsistency of the policy instruments. The study also employed Hodrick Prescott filter to calculate the domestic output gap in order to assess that still changes in domestic output gap is relevant to inflation variation in the presence of globalization, hence refute the observation of flat Phillip...

Research paper thumbnail of Financial Performance of Non Banking Finance Companies in Pakistan

Financial institutions play an important role in the economy by channelizing funds and thus act a... more Financial institutions play an important role in the economy by channelizing funds and thus act as prominent stakeholders. The intention of this study is to analyze the financial performance of those non-bank finance companies (NBFCs) which are providing the services of investment advisory (IAS), asset management (AMS), leasing and investment finance (IF) for last two years. Ratio analysis method has been used to analyze the financial performance of non-bank financial institutions. The study concludes that the financial performance of NBFCs was better in 2008 as compared to the overall decline in 2009 caused by many factors. This study can be helpful for investors for sake of knowledge and to take long term investment decisions.

Research paper thumbnail of Technological Advancement and Total Factor Productivity Growth: A Panel Data Analysis of Asian Growing Economies

The paper empirically examines the potential determinants of total factor productivity (TFP) grow... more The paper empirically examines the potential determinants of total factor productivity (TFP) growth in order to assess the role of technological advancement in promoting productivity. The particular emphasis is placed on intangible sources such as research and development and information and communication technology in defining the TFP growth. Fixed effect with robust standard errors panel data approach is applied for estimation in the case of nine Asian growing and emerging economies over the period 1996 to 2015. The results indicate that information & communication technology, Governance and gross domestic investment as a percentage of GDP yield positive and statistically significant impact on TFP growth of selected countries. The research and development expenditure although yield positive impact but not statistically significant. Policy attention must be committed to provide universal information & communication technology coupled with broadband connectivity to facilitate the IC...

Research paper thumbnail of Prices, Money Supply and Output Nexus in Pakistan – A Macro Econometric Model

iRASD Journal of Economics

This study is an endeavor to examine joint determination of prices, money supply and output in Pa... more This study is an endeavor to examine joint determination of prices, money supply and output in Pakistan during 1975-2019 by using macro-economic model and annual time series data. Three Stage Least Square (3SLS) method is utilized to estimate simultaneous model of prices, money supply and output nexus. Our results strongly support significant positive association between prices and money supply thus supports monetarist view that growth in money supply causes inflation and rising behavior of prices is detrimental to real output. The accelerated inflation has obstructed real output and reduced output levels has further caused jump in price levels during the investigated period. The empirical results also supports significant bi-directional relationship between prices and money supply. Prudent monetary policy is need of hour to stabilize prices in order to minimize its adverse impacts on real output.

Research paper thumbnail of EXPLORING THE EFFECT OF TOTAL FACTOR PRODUCTIVITY GROWTH ON FUTURE OUTPUT GROWTH Evidence from a Panel of East Asian Countries

Pakistan Economic and …, 2010

Total factor productivity (TFP) has gained increased importance as it has been helpful in acceler... more Total factor productivity (TFP) has gained increased importance as it has been helpful in accelerating the rate of economic growth in developed countries. The East Asian Countries (EACs) have also followed the developed countries. There has been a debate among growth economists whether the unprecedented growth of these countries has been factor-driven or productivitydriven. In this backdrop, the present study has tested the predictability of TFP for economic growth in four EACs (Hong Kong, Korea, Malaysia and Thailand) using the fixed effects regression model and the pooled regression model over the period 1970-2004. The study concludes that productivity growth is a significant source of output growth as well as of investment growth. Further, the countries under study converge to their own steady state paths.

Research paper thumbnail of RELATIONSHIP BETWEEN SCHOOL EDUCATION AND ECONOMIC GROWTH IN PAKISTAN ARDL Bounds Testing Approach to Cointegration

Pakistan Economic and …, 2010

The present study is designed to investigate short-run and long-run linkage between school educat... more The present study is designed to investigate short-run and long-run linkage between school education and economic growth in Pakistan using annual time series data on real GDP, real physical capital, inflation and general school enrollment for the period 1970-71 to 2008-09. Cointegration between school education and economic growth is found in the present study. The results of this study also confirm the existence of direct relationship between school education and economic growth in Pakistan, both in the short-run and the long-run. Macroeconomic instability due to inflation retards economic growth both in the short-run and the long-run while it retards school education only in the long-run. A statistical significant and inverse relationship between school education and economic growth is observed only in the short-run.

Research paper thumbnail of Inflation, Globalization and Interest Rate Nexus to Curb Price volatility: An Empirical Cross-Country Analysis

I

The aim of the present study is to investigate the long run impact of monetary policy and globali... more The aim of the present study is to investigate the long run impact of monetary policy and globalization on inflation in the selected South and South East Asian countries. The study measures the impact of monetary policy variables on inflation, ignoring random shocks as these are considered fewer fractions for the inconsistency of the policy instruments. Two exclusive dimensions, defacto and dejure measure of globalization, are taken into account. The study also employed Hodrick Prescott filter to calculate the domestic output gap in order to assess that still changes in domestic output gap is relevant to inflation variation. It employed structural modeling dynamic heterogeneous Panel data estimation technique, which accounts for endogeneity and serial correlation issues. The results of the study confirm that both global and domestic factors have significant and descriptive power for domestic inflation and interest rate is found to be a best nominal anchor to effect inflation.

Research paper thumbnail of Determinants of Firm’s open innovation performance and the role of R & D department: an empirical evidence from Malaysian SME’s

Journal of Global Entrepreneurship Research

The prime objective of the current study is to investigate the major determinants of firm's open ... more The prime objective of the current study is to investigate the major determinants of firm's open innovation performance in Malaysian small and median-sized enterprises (SMEs). Recently, Malaysian SMEs have suffered from low open innovation performance. These SMEs are still struggling to get success in open innovation adoption. Decline in open innovation practices hampered the overall SMEs performance. To address this issue the current study adopted quantitative research approach and cross-sectional research design. A 5-point Likert scale was used to collect the data through mail survey. Two hundred (200) questionnaires were distributed among the managerial staff of SMEs in Malaysia by using area cluster sampling. Smart PLS3 (SEM) was utilized as a statistical tool. It was found that external knowledge, internal innovation and R & D department were the major determinants of firm's open innovation performance. Thus, the current study contributed in the body of knowledge by revealing the real determinants of open innovation performance and R & D department as a mediator. Therefore, the current study is beneficial for SMEs to boost up the overall performance by accelerating open innovation system.

Research paper thumbnail of The Aid, Macroeconomic Policy Environment and Growth Nexus: Evidence from Selected Asian Countries

THE LAHORE JOURNAL OF ECONOMICS

This study empirically investigates the aid effectiveness debate in light of the Burnside-Dollar ... more This study empirically investigates the aid effectiveness debate in light of the Burnside-Dollar (2000) hypothesis that the recipient country’s policy environment is critical for aid effectiveness. Based on data from ten Asian countries for 1984–2015 and in line with Burnside and Dollar (2000), we construct a new composite policy index. Employing two-stage least squares to estimate the model, we find that aid had a negative impact on economic growth during the study period for these countries, thus refuting the Burnside-Dollar aid effectiveness hypothesis.

Research paper thumbnail of The Aid, Macroeconomic Policy Environment and Growth Nexus: Evidence from Selected Asian Countries

THE LAHORE JOURNAL OF ECONOMICS

This study empirically investigates the aid effectiveness debate in light of the Burnside-Dollar ... more This study empirically investigates the aid effectiveness debate in light of the Burnside-Dollar (2000) hypothesis that the recipient country’s policy environment is critical for aid effectiveness. Based on data from ten Asian countries for 1984–2015 and in line with Burnside and Dollar (2000), we construct a new composite policy index. Employing two-stage least squares to estimate the model, we find that aid had a negative impact on economic growth during the study period for these countries, thus refuting the Burnside-Dollar aid effectiveness hypothesis.

Research paper thumbnail of Determinants of Cost Efficiency of Islamic Banks of Pakistan

The Journal of Muamalat and Islamic Finance Research

Efficient utilization of the resources as trust of the depositors is the first and foremost respo... more Efficient utilization of the resources as trust of the depositors is the first and foremost responsibility of the Islamic bank, as directed in Al-Quran (17:29). Efficiency in managing the cost of the bank is only aspect that bank can control which can lead to increase in income of bank and depositors. There is a vast literature on theoretical models of business cost minimization but in reality the situation is not promising. This paper aims to measure and compare the real cost efficiency of full-fledged Islamic banks operating in Pakistan between the years of 2003 to 2015, using the Panel Stochastic Frontier Approach (SFA). The results revealed that surprisingly the Islamic banks in Pakistan are only 36 percent cost efficient, which can be contributed to the challenges faced because of parallel Islamic & conventional banking system and the nature of support from the regulatory and economic system. While determining the factors for efficiency for banking, fixed effect estimates revealed that operating efficiency, asset utilization has a positive effect while profit margin has a negative effect on cost efficiency. This study concludes that Islamic banks are facing issues of excess liquidity, inadequate support from regulatory authorities and competition from the conventional banking system which are causing inefficiency in cost management.

Research paper thumbnail of PUBLIC AND EXTERNAL DEBT SUSTAINABILITY IN PAKISTAN (1970s–2000s)

Pakistan Economic and Social …, 2009

Abstract. Apart from reporting the traditional debt ratios, two theoretical models are used to de... more Abstract. Apart from reporting the traditional debt ratios, two theoretical models are used to derive and assess the necessary and sufficient conditions for public and external debt sustainability of Pakistan. Our main findings are that the primary fiscal and current account imbalances ...

Research paper thumbnail of Inflation Dynamics, Globalization and Monetary Policy: Empirical Evidence from Selected South and Southeast Asian Countries

The present study investigated the impact of monetary policy and globalization on inflation. The ... more The present study investigated the impact of monetary policy and globalization on inflation. The study utilized an updated measure of globalization along with two other dimensions i.e., de facto and de jure measure of globalization to examine the nature of the globalization-inflation relationship. It measures the impact of monetary policy variables on inflation, ignoring random shocks as these are considered minor fractions for the inconsistency of the policy instruments. The study also used the Hodrick Prescott filter to calculate the domestic output gap to assess the notion that the changes in the domestic output gap are still relevant to inflation variations in the presence of globalization. Structural modeling of dynamic heterogeneous panel data estimation technique, which accounts for endogeneity and serial correlation issues has also been employed. The results of the study confirm that both global and domestic factors have significant and descriptive power for domestic inflati...

Research paper thumbnail of National innovative capacity and knowledge creation in advanced economies: an empirical investigation

Innovation-the European Journal of Social Science Research, 2020

The main objective of this study is to seek the robust and significant determinants of National I... more The main objective of this study is to seek the robust and significant determinants of National Innovative Capacity in technologically advanced economies. In this era of knowledge-based economies h...

Research paper thumbnail of An Estimation Of Normalized Revealed Comparative Advantage And Its Determinants In Pakistan

This study has investigated the Comparative Advantage (CA) of Pakistan’s exports over the period ... more This study has investigated the Comparative Advantage (CA) of Pakistan’s exports over the period of 1995 to 2013. For measuring comparative advantage, Normalized Reveal Comparative Advantage (NRCA) index has been constructed in case of Pakistan’s exports. There are 17 sectors and more than two hundred commodities are used for measuring NRCA of Pakistan. In this study Agricultural Products (ArP), Food Items (Food), Fuels and Mining Products (FMP), Fuels Products (Fuel), Manufactured Products (MuP), Iron and Steel Products (ISP), Chemical Products (ChP), Machinery and transport equipment (MTE), Iron and Steel (IAS), Office and telecom equipment (OTE), Telecommunications equipment (TLE), Pharmaceuticals Products (PaP), Integrated circuits and electronic components (ICEC), Transport equipment (TrE), Automotive products (AutoP), Textiles (Text) and Clothing (Cloth) are the selected sectors for measuring NCRA in case of Pakistan. This study has also investigated the determinants of Normal...

Research paper thumbnail of Impact of Economic and Political Freedom on Economic Growth in Asian Economies

European Online Journal of Natural and Social Sciences, 2020

The present study investigates the impact of economic and political freedom on economic growth in... more The present study investigates the impact of economic and political freedom on economic growth in Asian economies. Thirty Four Asian countries have been included in empirical analysis over the period of 1995-2018, on annual basis. Two different econometric techniques, fixed effect model and GMM, have been applied to see empirical analysis. Economic freedom has positive and significant influence on economic growth. Political rights and civil liberties have optimistic and considerable influence on economic growth. The impact of human capital is positive and significant. The roles of physical capital and FDI are positive and considerable. The results of GMM are almost identical with the outcomes of fixed effect model. The impression of lagged dependent variable is optimistic and significant. At this juncture, current economic growth is based on the previous year’s economic progress.

Research paper thumbnail of The Impact of Urbanization and Energy Consumption on CO 2 Emissions in South Asia

This paper explores the relationship between urbanization, CO2 emissions and energy consumption i... more This paper explores the relationship between urbanization, CO2 emissions and energy consumption in South Asia for the period of 1983 to 2013, using Panel Co-integration and Granger causality approach. A long-run relationship exists between CO2, energy consumption and urbanization. The empirics also indicate that energy consumption and economic growth are playing a significant role in degrading the environment while trade is improving its quality. Bidirectional causality exists between CO2 and energy, and between urbanization and CO2 emissions both in the short run and long run.

Research paper thumbnail of An Analysis of Banks Performance in Pakistan Using Two-Step Double Bootstrap Dea

This study analyzes the technical efficiency and sources of technical efficiency of conventional ... more This study analyzes the technical efficiency and sources of technical efficiency of conventional banking sector of Pakistan by applying the DEA double bootstrap technique. In the first stage, we applied the bootstrapped DEA variable returns to scale model for measuring the efficiency scores by utilizing the two inputs and three outputs. In the second stage, we employed the bootstrapped truncated maximum likelihood regression model to determine the sources of technical efficiency. As per our results, size of banks does not matter for technical efficiency of banks as the coefficient was insignificant. The liabilities of banks negatively and significantly affect efficiency of banks. Privately owned banks significantly perform better than public sector banks in terms of efficiency scores. Thus, our results shed support in favour of privatization hypothesis.

Research paper thumbnail of The Impact of Foreign Capital Inflows on Economic Growth : Pooled Mean Group Analysis for Developing Countries

This study attempts to include all foreign capital inflow variables to analyze their impact on ec... more This study attempts to include all foreign capital inflow variables to analyze their impact on economic growth of 21 developing countries for the period of 1990 to 2013. Modern econometric techniques are applied for data analysis including panel unit root test and pooled mean group (PMG) estimation for short-run and long-run analysis. The results indicate that inflows including net external debt and net official development assistance have significantly negative impact on economic growth of developing countries, while net foreign direct investment and net remittances have positive and significant impact on economic growth in the long-run. The negative sign of error correction term shows the convergence of the variables towards equilibrium in the long-run. The study highlights the need of allocation of foreign resources effectively and efficiently.

Research paper thumbnail of The Impact of Foreign Aid, Energy Production and Human Capital on Income Inequality: A Case Study of Pakistan

This study attempt to examine the impact of foreign aid, energy production and human capital on i... more This study attempt to examine the impact of foreign aid, energy production and human capital on income inequality in case of Pakistan. For empirical analyses, the study have been used annual time series data covering the period 1984 to 2012. The study has been used the Johansen co-integration to see the long run co- integration among the variables of the study. The results of Johansen co-integration shows that there is long run co-integration among the variables of the study. The long run coefficient shows that foreign aid and human capital play significant role to decrease the income inequality in case of Pakistan. When energy production positively and significantly affect income inequality in case of Pakistan.

Research paper thumbnail of Inflation, Monetary Policy and Globalization Nexus: A Panel data analysis

Inflation, as major macroeconomic variable has always been an important area of research for soci... more Inflation, as major macroeconomic variable has always been an important area of research for socio-economic policy makers. For prudent policy formulation it is of vital importance to investigate the possible dimensions, through which it is generated. The aim of present study is to measure the impact of monetary policy and globalization on South and South East Asian inflation by utilizing the time span from 1981-2016. To examine the nature of globalization-inflation relationship the study utilized an updated measure of globalization. Moreover, the current study measures the impact of monetary policy variables on inflation, ignoring random shocks as these considered fewer fractions for the inconsistency of the policy instruments. The study also employed Hodrick Prescott filter to calculate the domestic output gap in order to assess that still changes in domestic output gap is relevant to inflation variation in the presence of globalization, hence refute the observation of flat Phillip...

Research paper thumbnail of Financial Performance of Non Banking Finance Companies in Pakistan

Financial institutions play an important role in the economy by channelizing funds and thus act a... more Financial institutions play an important role in the economy by channelizing funds and thus act as prominent stakeholders. The intention of this study is to analyze the financial performance of those non-bank finance companies (NBFCs) which are providing the services of investment advisory (IAS), asset management (AMS), leasing and investment finance (IF) for last two years. Ratio analysis method has been used to analyze the financial performance of non-bank financial institutions. The study concludes that the financial performance of NBFCs was better in 2008 as compared to the overall decline in 2009 caused by many factors. This study can be helpful for investors for sake of knowledge and to take long term investment decisions.

Research paper thumbnail of Technological Advancement and Total Factor Productivity Growth: A Panel Data Analysis of Asian Growing Economies

The paper empirically examines the potential determinants of total factor productivity (TFP) grow... more The paper empirically examines the potential determinants of total factor productivity (TFP) growth in order to assess the role of technological advancement in promoting productivity. The particular emphasis is placed on intangible sources such as research and development and information and communication technology in defining the TFP growth. Fixed effect with robust standard errors panel data approach is applied for estimation in the case of nine Asian growing and emerging economies over the period 1996 to 2015. The results indicate that information & communication technology, Governance and gross domestic investment as a percentage of GDP yield positive and statistically significant impact on TFP growth of selected countries. The research and development expenditure although yield positive impact but not statistically significant. Policy attention must be committed to provide universal information & communication technology coupled with broadband connectivity to facilitate the IC...

Research paper thumbnail of Prices, Money Supply and Output Nexus in Pakistan – A Macro Econometric Model

iRASD Journal of Economics

This study is an endeavor to examine joint determination of prices, money supply and output in Pa... more This study is an endeavor to examine joint determination of prices, money supply and output in Pakistan during 1975-2019 by using macro-economic model and annual time series data. Three Stage Least Square (3SLS) method is utilized to estimate simultaneous model of prices, money supply and output nexus. Our results strongly support significant positive association between prices and money supply thus supports monetarist view that growth in money supply causes inflation and rising behavior of prices is detrimental to real output. The accelerated inflation has obstructed real output and reduced output levels has further caused jump in price levels during the investigated period. The empirical results also supports significant bi-directional relationship between prices and money supply. Prudent monetary policy is need of hour to stabilize prices in order to minimize its adverse impacts on real output.

Research paper thumbnail of EXPLORING THE EFFECT OF TOTAL FACTOR PRODUCTIVITY GROWTH ON FUTURE OUTPUT GROWTH Evidence from a Panel of East Asian Countries

Pakistan Economic and …, 2010

Total factor productivity (TFP) has gained increased importance as it has been helpful in acceler... more Total factor productivity (TFP) has gained increased importance as it has been helpful in accelerating the rate of economic growth in developed countries. The East Asian Countries (EACs) have also followed the developed countries. There has been a debate among growth economists whether the unprecedented growth of these countries has been factor-driven or productivitydriven. In this backdrop, the present study has tested the predictability of TFP for economic growth in four EACs (Hong Kong, Korea, Malaysia and Thailand) using the fixed effects regression model and the pooled regression model over the period 1970-2004. The study concludes that productivity growth is a significant source of output growth as well as of investment growth. Further, the countries under study converge to their own steady state paths.

Research paper thumbnail of RELATIONSHIP BETWEEN SCHOOL EDUCATION AND ECONOMIC GROWTH IN PAKISTAN ARDL Bounds Testing Approach to Cointegration

Pakistan Economic and …, 2010

The present study is designed to investigate short-run and long-run linkage between school educat... more The present study is designed to investigate short-run and long-run linkage between school education and economic growth in Pakistan using annual time series data on real GDP, real physical capital, inflation and general school enrollment for the period 1970-71 to 2008-09. Cointegration between school education and economic growth is found in the present study. The results of this study also confirm the existence of direct relationship between school education and economic growth in Pakistan, both in the short-run and the long-run. Macroeconomic instability due to inflation retards economic growth both in the short-run and the long-run while it retards school education only in the long-run. A statistical significant and inverse relationship between school education and economic growth is observed only in the short-run.

Research paper thumbnail of Inflation, Globalization and Interest Rate Nexus to Curb Price volatility: An Empirical Cross-Country Analysis

I

The aim of the present study is to investigate the long run impact of monetary policy and globali... more The aim of the present study is to investigate the long run impact of monetary policy and globalization on inflation in the selected South and South East Asian countries. The study measures the impact of monetary policy variables on inflation, ignoring random shocks as these are considered fewer fractions for the inconsistency of the policy instruments. Two exclusive dimensions, defacto and dejure measure of globalization, are taken into account. The study also employed Hodrick Prescott filter to calculate the domestic output gap in order to assess that still changes in domestic output gap is relevant to inflation variation. It employed structural modeling dynamic heterogeneous Panel data estimation technique, which accounts for endogeneity and serial correlation issues. The results of the study confirm that both global and domestic factors have significant and descriptive power for domestic inflation and interest rate is found to be a best nominal anchor to effect inflation.

Research paper thumbnail of Determinants of Firm’s open innovation performance and the role of R & D department: an empirical evidence from Malaysian SME’s

Journal of Global Entrepreneurship Research

The prime objective of the current study is to investigate the major determinants of firm's open ... more The prime objective of the current study is to investigate the major determinants of firm's open innovation performance in Malaysian small and median-sized enterprises (SMEs). Recently, Malaysian SMEs have suffered from low open innovation performance. These SMEs are still struggling to get success in open innovation adoption. Decline in open innovation practices hampered the overall SMEs performance. To address this issue the current study adopted quantitative research approach and cross-sectional research design. A 5-point Likert scale was used to collect the data through mail survey. Two hundred (200) questionnaires were distributed among the managerial staff of SMEs in Malaysia by using area cluster sampling. Smart PLS3 (SEM) was utilized as a statistical tool. It was found that external knowledge, internal innovation and R & D department were the major determinants of firm's open innovation performance. Thus, the current study contributed in the body of knowledge by revealing the real determinants of open innovation performance and R & D department as a mediator. Therefore, the current study is beneficial for SMEs to boost up the overall performance by accelerating open innovation system.

Research paper thumbnail of The Aid, Macroeconomic Policy Environment and Growth Nexus: Evidence from Selected Asian Countries

THE LAHORE JOURNAL OF ECONOMICS

This study empirically investigates the aid effectiveness debate in light of the Burnside-Dollar ... more This study empirically investigates the aid effectiveness debate in light of the Burnside-Dollar (2000) hypothesis that the recipient country’s policy environment is critical for aid effectiveness. Based on data from ten Asian countries for 1984–2015 and in line with Burnside and Dollar (2000), we construct a new composite policy index. Employing two-stage least squares to estimate the model, we find that aid had a negative impact on economic growth during the study period for these countries, thus refuting the Burnside-Dollar aid effectiveness hypothesis.

Research paper thumbnail of The Aid, Macroeconomic Policy Environment and Growth Nexus: Evidence from Selected Asian Countries

THE LAHORE JOURNAL OF ECONOMICS

This study empirically investigates the aid effectiveness debate in light of the Burnside-Dollar ... more This study empirically investigates the aid effectiveness debate in light of the Burnside-Dollar (2000) hypothesis that the recipient country’s policy environment is critical for aid effectiveness. Based on data from ten Asian countries for 1984–2015 and in line with Burnside and Dollar (2000), we construct a new composite policy index. Employing two-stage least squares to estimate the model, we find that aid had a negative impact on economic growth during the study period for these countries, thus refuting the Burnside-Dollar aid effectiveness hypothesis.

Research paper thumbnail of Determinants of Cost Efficiency of Islamic Banks of Pakistan

The Journal of Muamalat and Islamic Finance Research

Efficient utilization of the resources as trust of the depositors is the first and foremost respo... more Efficient utilization of the resources as trust of the depositors is the first and foremost responsibility of the Islamic bank, as directed in Al-Quran (17:29). Efficiency in managing the cost of the bank is only aspect that bank can control which can lead to increase in income of bank and depositors. There is a vast literature on theoretical models of business cost minimization but in reality the situation is not promising. This paper aims to measure and compare the real cost efficiency of full-fledged Islamic banks operating in Pakistan between the years of 2003 to 2015, using the Panel Stochastic Frontier Approach (SFA). The results revealed that surprisingly the Islamic banks in Pakistan are only 36 percent cost efficient, which can be contributed to the challenges faced because of parallel Islamic & conventional banking system and the nature of support from the regulatory and economic system. While determining the factors for efficiency for banking, fixed effect estimates revealed that operating efficiency, asset utilization has a positive effect while profit margin has a negative effect on cost efficiency. This study concludes that Islamic banks are facing issues of excess liquidity, inadequate support from regulatory authorities and competition from the conventional banking system which are causing inefficiency in cost management.