Do Debt Boosts Economic Growth? A Study of the South Asian Countries

This article determines the long run and short term relationship between GDP growth rate and three selected variables of debt in South Asian economy for the period of last 20 years i-e from 1994-2014. We inspected this relationship using graphical trend analysis, unit root test (ADF) and correlogram test. We implemented multiple regression analysis technique to determine the causality between the variables. Our findings depicts that in short run and long run significant positive linear relationship exists between external debt and GDP growth rate for South Asian economy. Surprisingly, no impact of central government debt and household debt on GDP growth rate was found. Our findings prove that external debt is a blessing for South Asian countries. Keywords: GDP, External debt, Central Government Debt, Household Debt, Multiple Regression Mode

Impact of global financial crisis on socially innovative microfinance institutions in Pakistan

The wave of global financial crises (2007 – 2008) caused a surge in the capital flows of developed countries particularly, between developed and developing countries. The crisis has hit all financial sectors with unexpected severity and speed. This paper determines the impact of global financial crisis (2007 – 2008) on socially innovative microfinance institutions operating in Pakistan by using descriptive ratio analysis and the Wilcoxon Signed Ranks Test. This paper analyzes performance of MFIs for 15 years i.e., from 2000 – 2014 in three waves: before, during and after the financial crisis. The results show that financial crisis affected performance of all selected MFIs but Thardeep Rural Development Programme (TRDP) showed major changes in three waves of crises. The output of the Wilcoxon Signed Ranks Test confirms that the financial crisis worsened the operations of MFIs in Pakistan. This study will assist microfinance practitioners, policy makers, rural financial institutions, and microfinance institutions in maintaining and developing more effective strategies to survive in such crisis in the future.peer-reviewe

Women’s Social Empowerment and Microfinance: A Brief Review of Literature

Women’s empowerment is essential for socio-economic development as it is considered as one of the major factors for increasing worldwide development efforts. The influence of microfinance on women\u27s empowerment is a debatable topic, as past studies have documented. Some researchers claim that microfinance facilitates women to increase their earning capacity, leading to greater control to tackle cultural irregularities. Others contend that their spouses mostly control micro-loans provided to women, causing severe demotion of women. In this paper, we examined the findings of past studies through word cloud analysis to determine the influence of microfinance on the decision-making power of women and their social empowerment. Among the 54 studies reviewed in this paper, most research studies were found to conclude positive associations between microfinance and women\u27s empowerment. In several studies, results varied due to the measure of empowerment applied gender or socio-political differences. This study is one of its kind in that it evaluated past literature for assessing the relationship between microfinance and women\u27s empowerment

Environmental regulation and high-quality sustainable development of China’s economy – an empirical study based on a spatial durbin model and threshold model

Coordinating and managing the contradictions among the environment, resources and economy is an urgent problem in China. Based on the panel data of 30 provinces and cities in China from 2004 to 2017, this paper empirically studies the impact of environmental regulation on China’s high-quality economic development and the mediating effect mechanism through the spatial Durbin model and threshold model. The results show that China’s high-quality economic development shows a fluctuating upward trend, and the east is higher than the middle and west. Environmental regulation significantly inhibits high-quality economic development, but its impact is moderated by accelerating industrial upgrading, promoting technological innovation, and enhancing foreign direct investment. As the primary driving force, technological innovation has a significant spatial spillover effect. The results show that industrial upgrading has no threshold effect, and technological innovation and foreign direct investment have the characteristics of a ‘U’ single threshold

Impacts of COVID-19 pandemic on renewable energy production in China: transmission mechanism and policy implications

The renewable energy industry, in particular, has experienced an immense amount of pressure that has stemmed from the novel COVID-19 pandemic. This study, however, investigates the renewable energy production initiatives that have taken come into place as a reaction to the COVID-19 pandemic, using a time series data of China in particular. The study uses the robust ARDL bounds testing approach in order to get sound parameter estimates. The findings of the study reveal that COVID-19 pandemic has significantly reduced the renewable energy production in China, both in the short and long run. In addition to this, the GDP and trade tend to positively impact the incidence of renewable energy production in the wake of the Covid-19 pandemic. In the same context, it has been observed that the energy price has a significant and negative impact on renewable energy production, particularly in the long-run, during the pandemic period. Keeping these observations in consideration, it can be asserted that the government should ideally adopt a short-term policy, while mid-term and long-term action plans should be formulated, so as to achieve the renewable energy targets in the future. In this regard, the research implications and future directions have thoroughly been discussed in the paper

Un análisis empírico de los factores que influyen en el emprendimiento social: Un enfoque de género

[EN] Purpose: This study examines how entrepreneurial ecosystem factors (entrepreneurial finance, entrepreneurial education, physical and commercial infrastructure, culture, and R&D transfer activities) shape social entrepreneurial activities (SEA) of men and women. Design/methodology/approach: Panel data from 35 countries are examined through General Methods of Moments (GMM) with Arellano Bond tests for the period of ten years (2005-2014). Findings: Our results indicate that women are more likely to get involved in creation of social ventures. Further, the selected six entrepreneurial factors modify SEA in a significantly different manner for both genders. Originality/value: Based on this analysis, this study is the first to provide deeper insights for improving the assessment of social entrepreneurial activities in efficiency and innovation driven economies within the entrepreneurial ecosystem.[ES] Finalidad: Este estudio examina el modo en que los factores del ecosistema empresarial (financiación empresarial, educación empresarial, infraestructura física y comercial, cultura y actividades de transferencia de I+D) dan forma a las actividades empresariales sociales (AES) de hombres y mujeres. Diseño/metodología/enfoque: Para un periodo de diez años (2005-2014) se examinan datos de panel de 35 países mediante los Métodos Generales de Momentos (GMM), empleando el test de Arellano Bond. Hallazgos: Nuestros resultados indican que las mujeres son más propensas a involucrarse en la creación de empresas sociales. Además, los seis factores empresariales seleccionados modifican las AES de una manera significativamente diferente para ambos géneros. Originalidad/valor: Sobre la base de este análisis, el presente estudio es el primero en ofrecer una visión más profunda para mejorar la evaluación de las actividades empresariales sociales en economías impulsadas por la eficiencia y la innovación dentro del ecosistema empresarial

Factores que influyen en el aprendizaje en línea de estudiantes universitarios bajo la pandemia covid-19

Online learning systems owing to their nature are free of restrictions of time or place and can prove to be a useful platform for students where they can continue their studies when it is not possible for them to go to a university in person owing to different reasons. Such systems have also been used in Pakistan, particularly in private sector, for university and school education. This paper attempts to highlight various issues that the students are facing and the factors that have a significant effect on their online learning experience. We collected data through online questionnaires distributed to 1200 students enrolled in six private universities in Pakistan. This study employed the Structure Equation Modelling (SEM) to examine factors that influenced online learning. The results showed that teaching and professional behaviour, course instructional planning and methodology and online connectivity were significantly positively associated with online learning. With the identification of key factors that affects online learning of students, it will be more helpful to provide improved services for effective student leaning. Other crucial implications and a way forward are also discussed in the paper.Los sistemas de aprendizaje en línea, por su naturaleza, están libres de restricciones de tiempo o de lugar y pueden resultar una plataforma útil para los estudiantes en la que pueden continuar sus estudios cuando no les es posible ir a una universidad en persona por diferentes razones. Esos sistemas también se han utilizado en el Pakistán, en particular en el sector privado, para la educación universitaria y escolar. Este artículo intenta destacar varios problemas que enfrentan los estudiantes y los factores que tienen un efecto significativo en su experiencia de aprendizaje en línea. Recopilamos datos a través de cuestionarios en línea distribuidos a 1200 estudiantes matriculados en seis universidades privadas en Pakistán. Este estudio empleó el Modelado de Ecuación de Estructura (SEM) para examinar factores que influyeron en el aprendizaje en línea. Los resultados mostraron que la enseñanza y el comportamiento profesional, la planificación y metodología de la enseñanza de cursos y la conectividad en línea se asociaban significativamente positivamente con el aprendizaje en línea. Con la identificación de los factores clave que afectan el aprendizaje en línea de los estudiantes, será más útil ofrecer mejores servicios para una efectiva formación de los estudiantes. En el documento también se examinan otras consecuencias cruciales y un camino a seguir.Universidad Pablo de Olavid

Exploring the role of microfinance in women’s empowerment and entrepreneurial development: a qualitative study

Abstract In developing countries, women’s empowerment is a major concern. Several efforts were made to tackle this issue as the aims of poverty reduction and development cannot be achieved without giving attention to women’s empowerment. Over the past decades, microfinance institutions (MFIs) have appeared as crucial tools not only to address the issue of poverty but also particularly to empower women. Resultantly, a huge number of studies focus on the relationships between MFI and women empowerment. However, in the context of rural areas of Pakistan, the research is limited. Therefore, the objective of this study is to investigate the role of MFI in women’s empowerment in Pakistan so that the research will facilitate MFIs and policymakers in strengthening the link between MFIs and women entrepreneurship. We have used a qualitative methodology, using primary data collected through in-depth interviews and a focus group discussion with six female borrowers of Rural Community Development Programs (RCDP). The empirical results provide valuable insights into the efforts made by RCDP to empower women and combat poverty by encouraging women’s entrepreneurship. Hence, this paper not only examines empowerment, which women are attaining from microfinance but also assists MFIs to know about their significance in developing the economy. The paper is significant for MFI practitioners to develop policies for boosting women’s entrepreneurship and to help their existing women clients with efficient training and supervision

Pleural effusion in dengue Karachi perspective

Objectives:To study the presentation of pleural effusion among dengue Patients in Pakistan and to explore limitations in the diagnosis of these Patients by the physicians of a developing country. Methods: We conducted a cross-sectional study on Patients admitted to Aga Khan University Hospital, Karachi, Pakistan from January 2005 to September 2008. Records of 663 dengue Patients were reviewed. Demographic data, respiratory complaints, radiographic studies, and final outcome were studied. Presentation and radiological modality confirming the diagnosis of pleural effusion were noted. Descriptive statistics followed by Chi-Square test were applied, testing against an alpha of 0.05 and 95% confidence interval (CI). Results: Three hundred and fifty-four (53%) out of a total of 663 dengue syndrome Patients did not complain of any respiratory symptoms at presentation, nor did their medical examination elicit any suspicion of PE. Hence, no radiological study was advised. Amongst the remaining 309 Patients, 299 (97%) underwent chest x-ray and 10(3%) had abdominal ultrasound. The pleural effusion was noted in 50 (16%) Patients (31 male and 19 female Patients, with a mean age of 32 15 years). A right-sided pleural effusion was found in 23/50 (46%) Patients, left sided in 9/50 (18%), and 18/50 (36%) Patients had pleural effusion on both sides. Out of the radiologically confirmed pleural effusion dengue Patients, 44/50 (88%) showed altered hemo-concentration with an insignificant odds ratio of 0.7 (p=0.56, 95% CI: 0.263-2.066). Conclusion: Compared to other studies, fewer numbers of our Patients suffered from pleural effusion. The diagnostic modality preferred by the physician was the chest x-ray

Wpływ struktury własności na efektywność firm na przykładzie Pakistanu

Background: The objective of this study is to determine the impact of concentrated leverage and ownership (high levels of control and power) on firm performance in the case of Pakistan’s logistics sector separately in the presence and absence of growth options available to the firm. Both leverage and ownership concentration can have a significant influence on firm performance in either a positive or a negative way. Methods: In the data sample of this study, 141 companies in Pakistan listed on the Karachi Stock Exchange were selected with a study window from 2008 to 2018. The selection criteria for our sample study are based on firms with the highest market capitalization. Using a Panel based regression methodology, Generalized Methods of Estimating Equations are applied, which cover for 1st and 2nd order serial correlation and controls for endogeneity and autocorrelation problems. Results: The overall results indicate that the availability and non-availability of growth options to firms are very important factors in analyzing ownership concentration and debt influence on firm performance. This paper takes growth option availability and non-availability as dummy variables and finds that in the presence of growth options, non-linear relations are found between firm performance and ownership concentration and positive significant relations of debt with firm performance. Whereas, in the absence of growth opportunities, inverse parabola relations are depicted of ownership concentration and firm performance, and negative relations between debt and firm performance. Conclusions: Financial leverage represents a two part structure, negative in the presence of growth options and positive in the absence of growth options. The study demonstrates that high levels of power concentrated in the hands of owners leads to a convergence and entrenchment effect depicting non-linear relations with financial performance in both the availability and non-availability of growth options. Furthermore, the study also revealed that the explanatory power of results with a sales rate of growth (as a growth options measurement proxy) is higher than the Price to Earnings Ratio measurement proxy.Wstęp: Celem pracy jest określenie wpływu struktury własnościowej firmy na efekty jej działalności w obszarze sektora logistycznego w Pakistanie w przypadku opcji możliwości rozwojowych firmy oraz jej braku. Struktura własnościowa ma istotny wpływ zarówno pozytywny jak i negatywny na efekty działalności firmy. Metody: W celu uzyskania danych do analizy, wybrano 141 firm pakistańskich, będących obecnych na giełdzie w Karachi. Dane pochodziły z okresu 2008-2018. Kryterium wyboru tych firm była najwyższa rynkowa kapitalizacja. Dane poddano analizie statystycznej za pomocą metody GEE (generalized estimating equation) stosowanej dla problemów endogeniczności i autokorelacji. Wyniki: Uzyskane wyniki pokazują możliwości i ich brak dla różnych opcji wzrostu firm jako bardzo ważny czynnik wpływu struktury własnościowej oraz zadłużenia na efekty działalności firmy. W przypadku istnienia możliwości rozwoju dla firmy, wykryto zależność pomiędzy efektami działalności firmy and pozytywną istotną zależność pomiędzy zadłużeniem a efektami działalności firmy. W przypadku braku możliwości rozwoju zaobserwowane negatywną zależność pomiędzy strukturą własnościową a efektywnością firmy jak również negatywną zależność pomiędzy zadłużeniem a efektami działalności firmy. Wnioski: Dźwignia finansowa ma dodatni wpływ w przypadku istnienia możliwości rozwoju i negatywny w przypadku jego braku. Uzyskane wyniki wskazują, że skupienie władzy w małym gronie właścicieli prowadzi do konwergencji i efektu „okopania się” w połączeniu z nieliniową zależnością od wyników finansowym w przypadku zarówno brak jak i występowania możliwości rozwoju firmy