Does Pak-Rupee Exchange Rate Respond to Monetary Fundamentals? A Structural Analysis

This study empirically examines the contribution of monetary fundamentals in explaining nominal exchange rate movements in the case of Pak-rupee vis-à-vis US-dollar over the period 1982Q2 to 2014Q2. The empirical results support the existence of cointegration relationship between nominal exchange rate and monetary fundamentals. The results reveal that relative money stocks and real income are the key drivers of exchange rate determination in Pakistan in the long-run. For dynamic interaction, the Structural Vector Autoregressive (SVAR) method is applied. Results from the SVAR show that the responses of exchange rate to shocks, originated from money supply, income, interest rate and inflation differentials, are consistent with the predictions of the flexible-price variant of the monetary model of exchange rate in the short-run. More specifically, the results indicate that inflation and interest rate differential explain maximum variations in exchange rate in the short-run. In essence, results suggest that monetary fundamentals are the key drivers of exchange rate fluctuations in Pakistan, especially in the short-run. JEL Classification: F31, F33, C32, F41 Keywords: Monetary Model, Exchange Rate, SVAR, Pakista

Impact evaluation of structural adjustment program: a case of Pakistan

We analyzed the effect of Structural Adjustment Program (SAP) on macroeconomic variables of Pakistan using annual time series data for the years 1981-2001. The impact of four policy instruments of SAP, i.e. reduction in budget deficit, increase in indirect taxes,adjusting the exchange rate and sliding down of subsidies, on employment, income distribution, per-capita income and inflation has been analyzed. It is found that the first policy instrument, i.e. decrease in budget deficit has affected employment, income distribution and inflation adversely. The second policy instrument of imposition of indirect tax negatively affected the employment, income distribution, per capita income and positively affected the inflation. The third policy instrument of SAP was adjustment of exchange rate. It is estimated that adjusting exchange rate has resulted into increased unemployment and inflation. The fourth policy instrument of shrink in subsidies augmented the unemployment, unequal distribution of income and inflation and dwindled the percapita income. It appears that SAP has adversely affected the major socioeconomic variables of the economy. Currently the government is considering for loan from IMF, so it is proposed to avoid such type of policy directives from IMF.Structural Adjustment Program, Budget deficit, Indirect taxes, Exchange rate, Subsidies, Employment, Income distribution, Per-capita income, Inflation,Pakistan

Do Mergers and Acquisitions Vacillate the Banks Performance? (Evidence from Pakistan Banking Sector)

Today economy of Pakistan is facing the financial, security and political problems due to which its economic growth badly disturbed. This research has been conducted to analyse either merger and acquisition increased or decreased the performance of Pakistani banks. Secondary purpose of this research paper is to provide information to bankers, government authorities, banking employees, investors and other stake holders. It also helps to the new researchers through its literature. Financial ratios such as profitability ratios (ROA,ROE...) liquidity ratios(DTA,ATD,CTA), investment ratios (ROI, EPS) and solvency ratios (DE, IC, DR) are used to analyze the impact of Mergers and acquisitions (M&A) on banks performance in Pakistan. After analyzing the merger and acquisition literature and financial ratios results it is found that not all banks which go through deal of this process (M&A) and they have not shown significant enhancement in performance and gain on equity when compared to their performance before the deals.  Additionally, it is concluded that M&A have negative relationship with banks performance in Pakistan and it is suggested to Pakistani banking corporations that they should make feasible financial analysis before going to M&A deal. This research relied much on the publically available data for a sample of Pakistani Banks listed in Karachi Stock exchange. It is difficult to collect data of mergers and acquisitions of banks before 2006 and implementation of quantitative analysis. This study results will apply in Pakistan financial sector or in those developing countries which financial environment is same as Pakistan. This study is useful for the banks, employees of banks, Proprietors, Government authorities, insurance companies and manufacturing firms. These above mentioned organizations can developed their capabilities to deal with equitably and effectively to solve the social professional problems of affecters. The value of paper easily identified through its topic, it is not only a specific study of Pakistani banking performance but it may leads toward knowledge about all developing countries banking performance. It may be the first kind of paper that offers evidences on the M&A impact on Pakistani banks profitability which uses a lot of ratios and banks have been used. This study provides useful information that keeps the great value for decision makers (management), businessmen, academics and other stakeholders. Key words: Merger & Acquisition, financial ratios, financial institutions performance, Pakistan

Role of Social Media in Civic-State Engagement and Political Apathy in New Public Sphere: A Survey of Faculty/Research-Scholars from Gomal & Qurtuba Universities DIK KP Pakistan

Social media [SM] has become a political platform in new public sphere for the politicians, governments and citizens. It is rapidly becoming a popular tool for political and social activism. It has become a smart instrument of protests and communication. Digital revolution is igniting political and social revolutions through social media using leading edge communication and data sharing gadgets. Social media has been found supporting civic-state engagement [CSE] and helpful in reducing political apathy [PA] particularly in the developing states like Pakistan. The events of last decade in the ‘Middle East have verified the powers of SM in political activism and breaking the ice of PA. This study explores the same theory of relationships among the academicians of higher education in Khyber Pakhtunkhwa, Pakistan. The results confirm the hypotheses by giving significant statistics regarding both positive and negative relations of SM with CSE and PA respectively

N-[(Methyl­sulfan­yl)meth­yl]benzamide

In the title compound, C9H11NOS, the phenyl ring and formamide unit make a dihedral angle of 23.93 (14)°, whereas the (methyl­sulfan­yl)methyl group is oriented at a dihedral angle of 61.31 (8)° with respect to the phenyl ring. There are inter­molecular N—H⋯O hydrogen bonds, forming C(4) chains along the [010] direction. These polymeric chains are linked by C—H⋯O hydrogen bonds to form polymeric sheets in the (110) plane

The predictors of success for e-learning in higher education institutions (HEIs) in N-W.F.P, Pakistan

The interrelationships between different perceptions and attitudes of e-Learning users are widely researched, which reveals that whatever the perception and theory of a user about the Information and Communication Technologies (ICTs) and e-Learning environment are, the same is reflected in his/her attitude towards using educational technologies for teaching and learning. The objective of this study was to measure the relationships between the indicators (perceptions about ICTs, educational technologies, development and use of e-Learning) and the Criterion variables (problems, satisfaction and prospects) among e-Learning users in Higher Education Institutions (HEIs) of N-W.F.P, Pakistan. The study found the existence of strong relationships in terms of indicators explaining the dependent variables. However, the impact is different from one variable to another. 81% of Problems, 57% of Satisfaction and 23% of Prospects are explained by the Indicators. Problems are significantly explained by all four indicators, while Satisfaction has been predicted by three of the indicators (excluding Perceptions). The study found that only two indicators (Perceptions about ICTs and Educational technologies) predict the Prospects, while Development and Use do not. The surprising finding is that Prospects are not defined by the 'Existing Development and Use Practices'. Rather, their perceptions about ICTs and e-Learning tools strongly forecast the Prospects

The Impact of Institutional Quality on Economic Growth: Panel Evidence

The aim of the present study is twofold. First, we develop a theoretical model which incorporates the role of institutions in promoting economic growth. The theoretical model predicts that rent seeking activities decrease as institutional quality improves, and hence income increases and vice versa. Second, we conduct an empirical analysis to quantify the impact of institutions on economic growth in selected Asian economies over the period 1996- 2012 by employing both static and dynamic panel system Generalised Method of Moments (GMM) technique with fixed effects. The empirical results reveal that institutions indeed are important in determining the long run economic growth in Asian economies. However, the impact of institutions on economic growth differs across Asian economies and depends on the level of economic development. The results reveal that institutions are more effective in developed Asia than developing Asia. This evidence implies that different countries require different set of institutions to promote long term economic growth. Keywords: Institutions, Economic Growth, Panel Evidence, Asi

New Public Sphere in an Emerging Global Polity: Prospects for the Issue of Climate Change

State has generally been considered internally and externally as the most powerful independent political authority However it has to engage with civil society and public sphere the two significant components of nation-state polity at home Globalization has profound impact on this power structure and shifted it to global level Globalization also brought with it mundane issues like climate change which the state alone is incapable to cope with Several powerful states and MNCs even become obstacle in fighting it Civil society organizations CSOs with their limited resources are combating this issue that threatens human existence on this planet However ICTs enabled new public sphere brings in a ray of hope by opening new prospects for CSOs to deal with this threat This article is meant to juxtapose the diversity of research-findings into a compact piece of knowledge and show strengths of NPS for civil society in perspective of climate chang

Improvement of Strength and Permeability Attributes of Silty Sand Type of Soils using Enzyme Induced Calcite Precipitation

ABSTRACT Enzyme Induced Calcite Precipitation (EICP) is one of the soil stabilization techniques based on microbiological activity. In this technique, urea decomposes with the aid of urease enzymes in the presence of calcium chloride and produces calcite, which acts as a bio-clogging and bio-cementing material. In this study, test tube experiments are performed to assess the optimal amount of calcium chloride, urea, and urease enzymes to be used for engineering applications. The silty sand type of soil is treated with different proportions namely; P1 (0.1g urease enzymes, 0.375g urea, 0.9g CaCl2), P2 (0.2g urease enzymes, 0.75g urea, 1.8g CaCl2), and P3 (0.4g urease enzymes, 1.5g urea, 3.6g CaCl2), to analyze their effect on strength and permeability attributes of soils after 14 days of curing time. It was observed that an increase in EICP content causes a substantial increase in shear strength particularly cohesion due to the bio-clogging phenomenon induced in soil particles by EICP which eventually leads to a decrease in permeability and inhibits the activity of urease. Overall, P3 yields higher cohesion (48 kPa) than P1(40 kPa), P2 (43kPa), and untreated soil samples (31 kPa). Furthermore, P3 causes a significant decrease in permeability as compared to P2, P1, and untreated soil samples tested after 14 days of the curing period. The findings of the study suggest the successful implementation of EICP for soil stabilization. Key Words: Enzyme Induced Calcite Precipitation (EICP); permeability; shear strength; bio-clogging; bio-cementation