PUBLIC DEBT MANAGEMENT

This paper examined the issue of managing public debt and analyses the present situation of public debt in Pakistan. When the government resorts to borrowing instead of introducing additional tax measures, to finance the budget deficit, it creates liability on itself known as public debt. Public debt accumulates over time if deficit in the budget presists for a long period of time. Growing public debt is a global phenomenon. Contemporary economic wisdom does not consider public debt a major problem per se; rather problem is the mismanagement and unsustainability of the debt. In Pakistan, due to improper use of debt, the debt management has become a much serious problem. Presitent mismanagement of debt made it unsustainable, which is threatening to cause further slowdown in the declining growth rate of the country. Off course, current exercises of debt restructuring could not help improve our debt to GDP ratio immediately: however, it has improved some short run debt burden indicators significantly. It is hoped that these reschedulings/restructuring will help us in increasing the investment and to promote growth. By improving our debt managemet process we can ensure it.

The Violating Maxims of Main Characters in the Hangover Movie's Script

The study deals with the types of maxims violation in The Hangover movie's script used by the main characters. The objectives of study were to describe the violation of maxim, to describe the dominant type of maxim violation and to elaborate the reason for the maxim violation. The data were the dialogue of main characters in The Hangover movie. This research was conducted by using descriptive qualitative and limited on the main characters. The data analysis findingsshowthat there are 22 violation of maxim of quality, 2 violation of maxim of quantity, 9 violation of maxim of relation, and 8 violation of maxim of manner.The reason of the violations areto give the lack of evidence, to lying to other speaker in hiding the truth, to save face the embarrassment, to present the strongest information, to represent what is in the speaker's mind, or to trick audience or listener for making a joke or not

Biometric multimodal security simulation on schedule Ii controlled drug

The paper present a multimodal (multi biometrics) security system focusing on the implementation of fingerprint recognition and facial feature recognition to enhance the existing method of security using password or personal identification number (PIN). This project is operated through a personal computer where all the identification for fingerprint and facial feature are done by using specific software. Successful identification will send a signal through a serial communication circuit and open an application. In this project, the final application should be a cupboard that store and secure schedule II controlled drug in hospital. Due to some problem, the final application was replaced by using a light emitting diode (LED) simulation circuit

Performance Measurementof Xyz Government Institution's Contracts Workers Using Personal Balanced Scorecard Method

Implementation of good governance of bureaucracy system of Surabaya City Government, one of them with developed performance-based salary program ( e-performance ) dedicated specially to Civil Servant. But in reality agencies in Surabaya do not have the full use of civil servants as their human resources, thus involving contractors as supporters of government performance processes. The purpose of this study is to determine key performance indicators(KPI) and strategic objectives in XYZ Institution, determine the importance of each KPI criterion, to understand the performance of each contractor at XYZ Government Agency and provide improvement recommendations from the current employee performance. The unit of analysis of this research is carried out at the General Section in the Sub Division of Administration with the administrative position as the administrative contractor. The design of this study used a survey with questionnaire data collection techniques and questionnaires. The method used is personal balanced scorecard by formulating strategic targets and KPI by stakeholders from XYZ Agency. Weighting method using Analytic Network Process method(ANP). From the research results obtained: the formulation of KPI and Strategy Target has been formed with the highest level of KPI weight is KPI Total Late (0.1532). Total performance of the best contractor performance is Mr. C (6.253) while the smallest total performance achievement is obtained Mr. K ie (3.346). Recommendations include: Provide rewards, provide coaching, conduct regular control and evaluation systems, provide socialization and provide slogans in the corner of the room on performance improvement

Corporate Governance for Banks in Pakistan: Recent Developments and Regional Comparisons

The emerging economies in the South Asian region have embarked on a bold reform process to develop the banking sector. This development has improved the transparency and accountability of the banking sector because these countries focused on ‘best practice’ corporate governance for banks. In view of a rapidly developing market with a slow pace of information dissemination, adverse selection and moral hazard problems are likely to be on the rise and may need a mechanism to train and discipline bank management. It was, therefore timely for the central banks in the region to introduce a ‘best practice’ for the banking system as a whole. This study provides a survey of recent developments in corporate governance of the banking sector in Pakistan and a comparison of similar developments in two other regional economies, namely, India and Bangladesh. In addition to a theoretical discussion on this issue, we also provide an overview of the banking sector restructuring and highlighting important features of the codes of corporate governance established by central banks in the sample countries. In conclusion, we present a comparison of the major differences in these measures across countries and comment on the pace of these developments.Corporate Governance, Banks, Pakistan

Financial Development and Textile Sector Competitiveness: A Case Study of Pakistan

Kletzer and Bardhan (1987) argue that countries with a relatively well-developed financial sector have a comparative advantage in industries that rely on external finance. Beck (2002), and Fanelli and Medhora (2002) find that well-developed financial sector translates into a comparative advantage in the production of manufactured goods. There has been no attempt so far to explore the relationship between the financial development and international trade competitiveness in the case of Pakistan. We construct Balassa’s Revealed Comparative Advantage (RCA) index for textile sector of Pakistan. Using ratio of credit extended to the textile sector to the total non-government credit of the banking system (TCS) as proxy for external finance we estimate long run relationship, and ECM, between RCA index and TCS while controlling for other determinants of the international trade competitiveness of textile sector of Pakistan. In line with the findings of Beck (2002), and Fanelli and Medhora (2002), our results suggest that recourse to external finance has a strong positive impact on the country’s textile sector competitiveness both in the short and the long run even when we control for traditional determinants of competitiveness.Financial Development, Competitiveness

Corporate Governance for Banks in Pakistan : Recent Developments and Regional Comparisons

The emerging economies in the South Asian region have embarked on a bold reform process to develop the banking sector. This development has improved the transparency and accountability of the banking sector because these countries focused on best practice corporate governance for banks. In view of a rapidly developing market with a slow pace of information dissemination, adverse selection and moral hazard problems are likely to be on the rise and may need a mechanism to train and discipline bank management. It was, therefore timely for the central banks in the region to introduce a best practice for the banking system as a whole. This study provides a survey of recent developments in corporate governance of the banking sector in Pakistan and a comparison of similar developments in two other regional economies, namely, India and Bangladesh. In addition to a theoretical discussion on this issue, we also provide an overview of the banking sector restructuring and highlighting important features of the codes of corporate governance established by central banks in the sample countries. In conclusion, we present a comparison of the major differences in these measures across countries and comment on the pace of these developments.Banking, Corporate governance, banking sector restructuring

Financial Development and Economic Growth: Evidence from a Heterogeneous Panel of High Income Countries

This paper examines the empirical relationship between financial development and economic growth for high income countries. The study focuses on both indirect finance and direct finance, separately as well as jointly. Applying the methodology of Nair-Reichert and Weinhold (2001) for causality analysis in heterogeneous panel data, two sets of results are reported. First, the evidence regarding the relationship between financial development and economic growth from a contemporaneous non-dynamic fixed effects panel estimation is mixed. Negative and statistically significant estimates of the coefficient of the inflation and financial development interaction variable indicate that financial sector development may even be harmful to economic growth when inflation is rising. Second, in contrast with the recent evidence of Beck and Levine (2003), heterogeneous panel causality analysis applied on a refined model indicates that there is no definite evidence that finance spurs economic growth or growth spurs finance. Most of our findings are in line with the Lucas (1988) view that the importance of financial matters is over-stressed. The only exception is the case of activity in stock markets where our result supports the Robinson (1952) view that finance follows enterprise.