Stability of money demand function in Pakistan

This paper is an attempt to contribute to the ongoing debate: should central bank of Pakistan adopt inflation targeting or continue with the monetary targeting as a monetary policy strategy? A pre-requisite for monetary targeting strategy is a stable money demand function, which in turn requires stability in velocity. Instability in velocity on the other hand is believed to stem from the volatility of the interest rate. The paper explores the stability of velocity of money in Pakistan. The results show that the base and broad money velocities are independent of the interest rate fluctuations. It is also found that all the three velocities (with respect to M0, M1, and M2) have stable relationship with their determinants. These findings validate use of monetary aggregates as nominal anchor.monetary targeting, income velocity of money, money demand function

Pro Poor Growth in Pakistan: An Assessment of the 1970s, 1980s, 1990s and 2000s

This study assesses the impact of economic growth on absolute poverty in Pakistan over the last four decades. The paper attempts to answer the question; is economic growth in Pakistan pro poor? In addition, an attempt is made to evaluate the distribution of income within the poor to determine the sensitivity of different income groups, below the poverty line, to economic growth. The assessments are conducted through Growth Incidence Curves, a calculation of the Rate of Pro-Poor Growth (RPPG) and the Ordinary Rate of Growth (ORG). it is found that the economic growth in Pakistan is not intrinsically pro poor. Although it was strongly pro poor in the 1980’s and pro poor in the 2000s, growth in the 1970s was neutral for poverty whereas growth in the 1990s was anti poor. The analysis shows that the first decile is most sensitive to economic growth and most vulnerable to economic shocks as well.Pro Poor Growth, Pakistan, Growth Incidence Curve

Poverty, Female Labour Force Participation, and Cottage Industry: A Case Study of Cloth Embroidery in Rural Multan

It is a well-known fact that cottage industries can play a significant role in the development of an economy like Pakistan. As it is observed that this industry is not required too much financing, imported and highly sophisticated technology. So the problems like deficit in public finance and balance of payments is not related with the growth and development of these industries. Simultaneously, high degree of female labour force participation in this sector has also been proved in the number of studies. Which seems to be helpful in the process of reduction of poverty especially in the rural areas. The Southern Punjab especially its rural areas are comparatively less prosperous than the other parts of Punjab. A number of female workers can be seen in the rural areas of Southern Punjab. The concentration of these workers is in few traditional areas and is characterised by the low technology and low production levels. These areas are typically those, which require skills that are basically the extension of household skills or which reflect a specific educational and employment experience of women. It has also been observed that women’s income of the rural areas of Southern Punjab are more likely than their male partners to go towards meeting their family’s basic needs. These women spent most of their business income on the households, food, clothing and education of their children rather than reinvesting it in their business.

Post-operative Functional Outcome in Fracture Distal Shaft of Femur Treated with Retrograde Nailing

Background: To determine the functional outcome of retrograde femoral nailing in terms of Tegner Lysholm score for distal femoral farctures. Methods: This prospective cross-sectional study was done at the Department of Orthopaedics, Benazir Bhutto Hospital, Rawalpindi from 20th January 2018 to 19th January 2019. The study comprised of 35 patients who presented with simple, extra-articular distal femur fracture. All patients were treated with retrograde femoral nailing using anterior (Para patellar) approach. Functional outcome was assessed at 6-months using Tegner Lysholm score. Data was analyzed using SPSS version 22. Results: Out of the 35 patients, majority were females (60%). Mean age of patients was 51.4±11.4 years. Most common age group in males was 41-50 years while in females it was 61 years and above. Average BMI of patients was 22.7±2.8 kg/m2. At 6-months post-operatively, Tegner Lysholm score was between 86-100, 71-85 and 56-70 in 65.7%, 25.7% and 8.6% cases, respectively. Tegner Lysholm score between genders was insignificant (p=0.4). Conclusion: Retrograde femoral nailing has excellent functional outcome in patients with extra-articular distal femoral fractures

Significance of Entrepreneurship

This paper investigates the degree of  current empirical evidence that  can communally and systematically authenticate the claim that entrepreneurship has important economic value. A systematic assessment is provided that can  answer the contribution of entrepreneurs to the economy in contrast to non-entrepreneurs? We study the comparative contribution of entrepreneurs to the economy based on four measures that have most widely been studied empirically. Hence, we answer the question: What is the contribution of entrepreneurs to (i) employment creation and dynamics, (ii) innovativeness and (iii) productivity and growth, relative to the contributions of the entrepreneurs’ counterparts, i.e. the ‘control group’? A fourth type of contribution studied is the role of entrepreneurship in escalating individuals’ effectiveness levels. 57 recent studies of high quality that contain 87 relevant separate analyses, were referred to  conclude that entrepreneurs have a very important – but specific – purpose in the economy that  they bring about relatively much employment creation, productivity growth and produce and commercialize towering quality innovations. They are more satisfied than employees. More importantly, recent studies show that entrepreneurial firms produce important externalities that affect regional employment growth rates of all companies in the region in the long run. However, the counterparts cannot be ignored either as they contribute to a relatively high value of GDP, a less unpredictable and more sheltered labor market, higher paid jobs and a greater number of innovations or they have a more dynamic role in the adoption of innovations. Keywords: entrepreneur, entrepreneurship, self-employment, productivity, economic development, growth, employment, innovation, patents, R&D, utility, remuneration, incom

Wind prediction modelling and validation using coherent Doppler LIDAR data

A physically-based wind model is applied to determine wind speed and direction and to conduct a model sensitivity analysis. The model is later coupled with a microclimatic model utilizing a novel technique to support short term forecasting at Lake Turkana Wind Fam site, Kenya. Improved statistical comparisons of wind speed and direction are achieved between the model and in situ observations. Coherent Doppler LIDAR observations agreed well with the microclimatic model