Impact of Exchange rate Volatility on Growth and Economic Performance: A Case Study of Pakistan, 1973-2003

This paper investigates the impact of volatility of exchange rates on the manufactured production of Pakistan’s economy. After a short introduction of the underlying theories and empirical literature, the relationship between these two variables is estimated. In the regression, the conditional variance of the real exchange rate is the measure of uncertainty (GARCH estimation). The results obtained are positive but are insignificant, and do not support the position that excessive volatility or shifting of exchange rate regimes has pronounced effects for manufacturing production. These results are consistent with what we obtain from the impulse responses. It is believed, however, that the thesis adds to the body of evidence, suggesting that exchange rate variability has no significant effect on manufacturing products.

Impact of Exchange Rate Volatility on Growth and Economic Performance: A Case Study of Pakistan, 1973-2003

“Exchange rate” is the price of one currency in relation to another. In a slightly different perspective, it expresses the national currency’s quotation in respect to foreign ones. Thus, exchange rate is a conversion factor, a multiplier or a ratio, depending on the direction of conversion. It is believed that if exchange rates can freely move, it may turn out to be the fastest moving price in the economy, bringing together all the foreign goods with it. In the existing literature, (most of the time) volatility comes with the exchange rate. Volatility is defined as “instability, fickleness or uncertainty” and is a measure of risk, whether in asset pricing, portfolio optimisation, option pricing, or risk management, and presents a careful example of risk measurement, which could be the input to a variety of economic decisions

Corpus-assisted transitivity analysis of The shadow in the rose garden

Transitivity is a clause system that affects not only the process but also the participants and circumstances (Halliday & Matthiessen, 2004). The study deploys transitivity as a method for clause analysis for studying the experiential meta-function of language while constructing the character in the short story entitled, The shadow in the rose garden. The qualitative approach has been employed in this study, and the corpus software AntConc (3.5.7) has been used to calculate the frequency of different processes and to analyze the data. The findings show that these three processes are dominant in the whole text such as the material (46.68%), relational (18.64%) and the mental process (16.30%). The most frequent material process shows the tangible and dynamic actions of the characters. Correspondingly, the findings show that circumstances of place (30.66%) and circumstances of time (21.95%) are dominant in the entire text, that is, where and when the characters are involved in the setting of story