research papers of economics in pakistan

The Pakistan Development Review

About the journal.

The Pakistan Development Review is an internationally refereed journal published regularly by the Pakistan Institute of Development Economics since 1961. The journal focuses on economics and related social sciences and welcomes theoretical and empirical contributions in relevant disciplines with a particular emphasis on Pakistan’s socio-economic issues. The journal is published on a tri-annual basis. The journal’s editorial and advisory boards consist of more than 18 renowned scholars in the fields of economics and related social sciences. They actively participate in refereeing the papers and also render valuable advice on other related matters.

SUBMIT CONTRIBUTION: 1) All manuscripts submitted for publication should be in English. All submissions, or queries, should be sent by email to: [email protected] . A submission implies that the research work has not been published previously, that it is not under consideration for publication elsewhere and is approved by all authors. The journal also has the policy to verify the originality of the submissions through originality detection service.

2) Each request for a book review in the journal must be accompanied by one copy of the relevant book, which should be submitted to: The Executive Editor, The Pakistan Development Review, Post Box 1091, Islamabad-44000, Pakistan.

3) Manuscripts will be accepted for consideration on the understanding that they are original contributions to knowledge in social science fields.

Current Issue

The geopolitics of peace in a post-western world – special invited lecture, korea’s saemaul undong revisited as rural development game for poverty eradication: a new development economics perspective, determinants of management practices among manufacturing firms in pakistan, public cognizance of e-waste effects on human health and environment: evidence from punjab, pakistan, macroeconomic policy, institutional quality and inclusive growth in nigeria, manifestoes without substance, pre-afghan taliban refugee exodus and the complexities of returning home, is corruption perception index biased an ethnicity based analysis, book reviews, lahore in the 21st century: the functioning and development of a megacity in the global south.

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ISSN: 2415-2455 (Online) ISSN: 2415-2463 (Print)

About the Journal

Journal of Finance and Economics Research (JFER) is an open access blind-peer review journal, recognized by Higher Education Commission (HEC), published and owned by the Department of Business Administration, IQRA University. JFER is a biannual online research journal. It welcomes contributions from all around the world and has a wide range of readers. A free online access and free publication make it easily available. A high-quality Blind Peer review ensures its quality and original contributions in the field of Finance and Economics.

Journal of Finance and Economics Research (JFER) aims to become the premier open-access resource for Finance and Economics research. What sets JFER apart from conventional journals is that it does not limit content due to page limit or accept papers on the basis of themes; on the contrary, it assesses submitted papers purely on the basis of research validity. JFER enable the process of establishing links among papers, within or across disciplines, as it does not filter papers on the basis of themes or disciplines.

Each article accepted after peer review process is made freely available online immediately upon publication is published under a Creative Commons license and will be hosted online in perpetuity.

JFER covers dimension relating to Finance and Economics. JFER publishes articles which are; based on quantitative empirical work, theory-driven, and literature reviews - without preference.

All submitted research papers and articles will be checked for originality using Ithenticate. JFER does not have article processing, editorial processing and submission fee (APCs). JMS does not have article submission fee/charges (ASCs). -->

Subject Areas: Asset Pricing, Derivative Pricing and Hedging, Disruptive Models, Corporate Finance, Economics, Financial Economics, Econometrics, Accounting, Banking and Finance, Islamic Banking.

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Impact of Personality Traits on Investment Intention: The Mediating Role of Risk Behaviour and the Moderating Role of Financial Literacy 89

This study investigates the role of risk behaviour in mediating the association between personality traits and investment intention and moderating role of financial literacy between the association of risk behaviour and investment intention within a sample of 284 students with finance background. Regression analyses was executed in a series to test the impact of independent variables on dependent variables. Along this, separate models for the mediator and for the moderator were appraised to get more vibrant results. Results suggest that individuals who are active, sympathy toward others, determined, well-organized are more willing toward Investment. Further results revealed that risk behaviour [...]

Resistance to Adopt Mobile Banking in a Developing Country: Evidence from Modified TAM 75

Mobile banking is an emerging concept with great potential but it is facing lower rate of diffusion. This study examines the perception and intention aspects of mobile banking adoption in Pakistan. Modified Technology Acceptance Model is used with the integration of four perceived risk dimensions (financial, privacy, time and security). A sample of valid 389 responses was drawn from the mobile subscribers of Karachi. The techniques of both exploratory and confirmatory factor analyses were employed to assess the reliability and validity of the measurement model. The structural equation modeling method was also applied to investigate the hypothetical framework with the [...]

Impact of Capital Structure on Firms? Financial Performance: Evidence from United Kingdom 49

The purpose of this paper is to examine empirically the impact of capital structure on financial performance of United Kingdom (UK) firms' during the period from 2006 to 2015. The investigation is performed using data of 739 UK very large and large listed companies on London Stock Exchange. The study uses four performance measures, including return on equity - ROE, return on assets - ROA, Tobin's Q and earnings per share EPS as dependent variables. The two capital structure ratios, namely long-term liabilities and short-term liabilities as well as growth rate of total assets are applied as independent variables. Size [...]

Bank Profitability and its Determinants in Pakistan: A Panel Data Analysis after Financial Crisis 46

This study seeks to investigate the internal and external determinants of the Pakistan banking sector, specifically after the recent financial crisis of 2008. The sample data comprises of total 26 banks, which include 17 conventional, 5 Islamic and 4 public banks. The selected sample covers the period of five years from 2009 to 2013. A balanced panel data regression model has been used and considered return on assets (ROA) and return on equity (ROE) as an alternative of bank's profitability. The results of the study suggest that bank's profitability is significantly affected by its internal determinants while external determinants are [...]

Relationship between Trade Openness and Energy Consumption in Oil Importing Asian Countries 25

The present study intended to examine the impact of trade on energy consumption using data of four oil importing, heavily populated, and developing economies of Asia namely Pakistan, India, China and Bangladesh. The study covers the period of 1972 to 2011. The data was checked for the Cross-sectional Dependency using CD-test, then CIPS panel unit root test, Panel cointegration, and Pooled Mean Group estimates approaches were used. Empirical results confirmed the Long-run relationship between energy consumption and trade openness. This study confirms the influence of trade on energy consumption and that they are positively related. International trade increases the energy [...]

Does Government Borrowing Crowd out Private Sector Credit in Pakistan? 24

We investigate the impact of government borrowing from the scheduled banks on the credit to private sector in Pakistan, using monthly data from 1998:M6 to 2015:M12. We find that a one percentage point growth in the government borrowing leads to 8 basis points crowding out of the private sector credit in four months. Albeit small, there is negative impact of government borrowing on the private sector credit. The results remain unchanged even after implementation of the interest rate corridor since August 2009. [...]

Rise in E-payment Channels and the Response of Bank Credit to the Private Sector: A VAR Evidence from Nigeria

The upsurge in the use of e-payment channels has shaped the activities in the banking sector in diverse ways, and as such has motivated a plethora of research interests. To join the ongoing debate, this study examined the response of credit to the private sector to the rise in the use of e-payment channels in Nigeria. The study used monthly series that covered the period from 2012M12 to 2022M12 under the VAR framework. Findings of the study revealed that credit to the private sector responded positively to shocks in both electronic bills payment and Point of Sale in all the [...]

Impact of Exchange Rate Volatility on Trade Balance: Evidence from Pakistan and its Major Trading Partners

The present research study examines the response of exchange rate changes on the trade balance of Pakistan, in its major trading partners e-i., United States, China, United Kingdom, Saudi Arabia, Japan, Germany, Malaysia, and Singapore. Data has been taken from the World Development Indicator and the International Trade Centre for the time 2003 to 2021. To estimate the data, we applied the Panel Autoregressive Distributed Lags model. The findings of the study show that in the short run, the Exchange rate, and Consumer Price Index don't seem to have a significant impact on the Trade Balance, while the GDP demonstrates [...]

The Relationship of Government Effectiveness and Level of Economic Development with Bank Spread in Different Countries

The aim of this study was to investigate the relationship between the level of economic development, government effectiveness, and variations in financial intermediation spreads in 157 countries during the period from 2015 to 2021. The sample comprised countries from six different regions: Africa (43 countries), Asia (43 countries), Europe (42 countries), North America (15 countries), Oceania (3 countries), and South America (11 countries). These countries were categorized based on their levels of economic development, as defined by the International Monetary Fund (IMF). Banking spreads were determined as the difference between lending rates and deposit rates. Government effectiveness was assessed using [...]

Corporate Social Responsibility and Financial Performance: Role of Financial Distress

This study explores the impact of corporate social responsibility (CSR) and financial distress on the financial performance of companies in Pakistan's PSX 100 Index. With a focus on societal contributions and competitive advantage, the research addresses the limited CSR activities in Pakistan, emphasizing the necessity for comprehensive policies promoting social welfare and economic growth. Analyzing data from 48 companies of manufacturing and financial sectors, the study uncovers insights into Pakistani industries, emphasizing the effects of CSR on financial performance in the presence of financial distress. It underscores the importance of balancing financial risks with social responsibilities, contributing to the understanding [...]

Volatility Spillovers, Hedging and Safe-havens under Pandemics: All that glitters is not Gold

In the context of the COVID-19�s outbreak and its implications for the financial sector, this study analyses the aspect of hedging and safe-haven under pandemic. Drawing on the daily data from 02 August 2019 to 17 April 2020, our key findings suggest that the contagious effects in financial assets� returns significantly increased under COVID-19, indicating exacerbated market risk. The connectedness spiked in the middle of March, consistent with lockdown timings in major economies. The effect became severe with the WHO�s declaration of a pandemic, confirming negative news effects. The return connectedness suggests that COVID-19 has been a catalyst of contagious [...]

Usage of Credit Cards: Debt-Trap or Convenience? Role of Religiosity

The present study fills the gap by investigating the post-adoption behavior of credit card users and it also explains the role of religiosity in the use of credit cards. A quantitative research approach was used. By using non-random sampling, a total of 385 data was gathered from the credit card holders worldwide. PLS-SEM techniques was used to estimate the model. Results show that secure transactions and rewards are two important determinants that increase the use of credit cards. Whereas, social influence is not a significant factor that influence credit card users. In addition, it is revealed that credit card is [...]

Resistance to Adopt Mobile Banking in a Developing Country: Evidence from Modified TAM 239

Impact of personality traits on investment intention: the mediating role of risk behaviour and the moderating role of financial literacy 216, corporate social responsibility and financial performance: role of financial distress 194, impact of capital structure on firms financial performance: evidence from united kingdom 189, bank profitability and its determinants in pakistan: a panel data analysis after financial crisis 183, determinants of inflation in pakistan: demand and supply side analysis 148.

In order to achieve the objective, time series data is collected over a period of 1972 to 2014. Auto-regressive and distributed lag model is utilized for long run and short run results. The demand side factors of inflation are population, roads and government expenditure while supply side factors are imports, government revenue, electricity generation and external debt. In the long run, inflation is caused by roads, government expenditure, imports, government revenue and external debt. There is decline in price level due to foreign direct investment, electricity generation and population in long run. [...]

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Top Articles

Impact of personality traits on investment intention: the mediating role of risk behaviour and the moderating role of financial literacy, resistance to adopt mobile banking in a developing country: evidence from modified tam, impact of capital structure on firms financial performance: evidence from united kingdom.

The purpose of this paper is to examine empirically the impact of capital structure on financial performance of United Kingdom (UK) firms\' during the period from 2006 to 2015. The investigation is performed using data of 739 UK very large and large listed companies on London Stock Exchange. The study uses four performance measures, including return on equity - ROE, return on assets - ROA, Tobin\'s Q and earnings per share EPS as dependent variables. The two capital structure ratios, namely long-term liabilities and short-term liabilities as well as growth rate of total assets are applied as independent variables. Size [...]

Bank Profitability and its Determinants in Pakistan: A Panel Data Analysis after Financial Crisis

This study seeks to investigate the internal and external determinants of the Pakistan banking sector, specifically after the recent financial crisis of 2008. The sample data comprises of total 26 banks, which include 17 conventional, 5 Islamic and 4 public banks. The selected sample covers the period of five years from 2009 to 2013. A balanced panel data regression model has been used and considered return on assets (ROA) and return on equity (ROE) as an alternative of bank\'s profitability. The results of the study suggest that bank\'s profitability is significantly affected by its internal determinants while external determinants are [...]

Relationship between Trade Openness and Energy Consumption in Oil Importing Asian Countries

Does government borrowing crowd out private sector credit in pakistan, recent articles.

The present research study examines the response of exchange rate changes on the trade balance of Pakistan, in its major trading partners e-i., United States, China, United Kingdom, Saudi Arabia, Japan, Germany, Malaysia, and Singapore. Data has been taken from the World Development Indicator and the International Trade Centre for the time 2003 to 2021. To estimate the data, we applied the Panel Autoregressive Distributed Lags model. The findings of the study show that in the short run, the Exchange rate, and Consumer Price Index don\'t seem to have a significant impact on the Trade Balance, while the GDP demonstrates [...]

This study explores the impact of corporate social responsibility (CSR) and financial distress on the financial performance of companies in Pakistan\'s PSX 100 Index. With a focus on societal contributions and competitive advantage, the research addresses the limited CSR activities in Pakistan, emphasizing the necessity for comprehensive policies promoting social welfare and economic growth. Analyzing data from 48 companies of manufacturing and financial sectors, the study uncovers insights into Pakistani industries, emphasizing the effects of CSR on financial performance in the presence of financial distress. It underscores the importance of balancing financial risks with social responsibilities, contributing to the understanding [...]

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Pakistan: second and final review under the stand-by arrangement-press release; staff report; and statement by the executive director for pakistan.

Publication Date:

May 10, 2024

Electronic Access:

Free Download . Use the free Adobe Acrobat Reader to view this PDF file

The signs of economic stabilization are strengthening, with gradual disinflation underway and external pressures easing further since the first review on the back of improved fiscal balances. However, the outlook remains challenging, with downside risks remaining exceptionally high.

Country Report No. 2024/105

International organization Monetary policy

9798400275586/1934-7685

1PAKEA2024002

Please address any questions about this title to [email protected]

Female labor force participation

Across the globe, women face inferior income opportunities compared with men. Women are less likely to work for income or actively seek work. The global labor force participation rate for women is just over 50% compared to 80% for men. Women are less likely to work in formal employment and have fewer opportunities for business expansion or career progression. When women do work, they earn less. Emerging evidence from recent household survey data suggests that these gender gaps are heightened due to the COVID-19 pandemic.

Women’s work and GDP

Women’s work is posited to be related to development through the process of economic transformation.

Levels of female labor force participation are high for the poorest economies generally, where agriculture is the dominant sector and women often participate in small-holder agricultural work. Women’s participation in the workforce is lower in middle-income economies which have much smaller shares of agricultural activities. Finally, among high-income economies, female labor force participation is again higher, accompanied by a shift towards a service sector-based economy and higher education levels among women.

This describes the posited  U-shaped relationship  between development (proxied by GDP per capita) and female labor force participation where women’s work participation is high for the poorest economies, lower for middle income economies, and then rises again among high income economies.

This theory of the U-shape is observed globally across economies of different income levels. But this global picture may be misleading. As more recent studies have found, this pattern does not hold within regions or when looking within a specific economy over time as their income levels rise.

In no region do we observe a U-shape pattern in female participation and GDP per capita over the past three decades.

Structural transformation, declining fertility, and increasing female education in many parts of the world have not resulted in significant increases in women’s participation as was theorized. Rather, rigid historic, economic, and social structures and norms factor into stagnant female labor force participation.

Historical view of women’s participation and GDP

Taking a historical view of female participation and GDP, we ask another question: Do lower income economies today have levels of participation that mirror levels that high-income economies had decades earlier?

The answer is no.

This suggests that the relationship of female labor force participation to GDP for lower-income economies today is different than was the case decades past. This could be driven by numerous factors -- changing social norms, demographics, technology, urbanization, to name a few possible drivers.

Gendered patterns in type of employment

Gender equality is not just about equal access to jobs but also equal access for men and women to good jobs. The type of work that women do can be very different from the type of work that men do. Here we divide work into two broad categories: vulnerable work and wage work.

The Gender gap in vulnerable and wage work by GDP per capita

Vulnerable employment is closely related to GDP per capita. Economies with high rates of vulnerable employment are low-income contexts with a large agricultural sector. In these economies, women tend to make up the higher share of the vulnerably employed. As economy income levels rise, the gender gap also flips, with men being more likely to be in vulnerable work when they have a job than women.

From COVID-19 crisis to recovery

The COVID-19 crisis has exacerbated these gender gaps in employment. Although comprehensive official statistics from labor force surveys are not yet available for all economies,  emerging studies  have consistently documented that working women are taking a harder hit from the crisis. Different patterns by sector and vulnerable work do not explain this. That is, this result is not driven by the sectors in which women work or their higher rates of vulnerable work—within specific work categories, women fared worse than men in terms of COVID-19 impacts on jobs.

Among other explanations is that women have borne the brunt of the increase in the demand for care work (especially for children). A strong and inclusive recovery will require efforts which address this and other underlying drivers of gender gaps in employment opportunities.

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Cities as Engines of Opportunities: Evidence from Brazil

Are developing-world cities engines of opportunities for low-wage earners? In this study, we track a cohort of young low-income workers in Brazil for thirteen years to explore the contribution of factors such as industrial structure and skill segregation on upward income mobility. We find that cities in the south of Brazil are more effective engines of upward mobility than cities in the north and that these differences appear to be primarily related to the exposure of unskilled workers to skilled co-workers, which in turn reflects industry composition and complexity. Our results suggest that the positive effects of urbanization depend on the skilled and unskilled working together, a form of integration that is more prevalent in the cities of southern Brazil than in northern cities. This segregation, which can decline with specialization and the division of labor, may hinder the ability of Brazil's northern cities to offer more opportunities for escaping poverty.

We acknowledge the support of Cristian Jara-Figueroa in the initial conceptualization of the empirical strategy. Barza and Viarengo gratefully acknowledges the financial support received from the Swiss National Science Foundation (Principal Investigator: Prof. Dr. Martina Viarengo; Research Grant n. 100018-176454). Hidalgo acknowledges the support of the Agence Nationale de la Recherche grant number ANR-19-P3IA-0004, the 101086712-LearnData-HORIZON-WIDERA-2022-TALENTS-01 financed by European Research Executive Agency (REA) (https://cordis.europa.eu/project/id/101086712), IAST funding from the French National Research Agency (ANR) under grant ANR-17-EURE-0010 (Investissements d'Avenir program), and the European Lighthouse of AI for Sustainability [grant number 101120237-HOR-IZON-CL4-2022-HUMAN-02]. The usual caveats apply. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

I have received speaking fees from organizations that organize members that invest in real estate markets, including the National Association of Real Estate Investment Managers, the Pension Real Estate Association and the Association for International Real Estate Investors.

MARC RIS BibTeΧ

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