Keeping in view the global environmental emergency Green Growth assessment will show policymakers... more Keeping in view the global environmental emergency Green Growth assessment will show policymakers how to maximize economic outcomes while ensuring environmental sustainability. This study aims to construct a Green Growth (GG) Index and empirically test its long-run and short-run determinants for the time series data from 1990 to 2021 in the case of Bangladesh, India and Pakistan. A set of nineteen indicators covering three dimensions, including resource productivity, environmental quality and economic and social aspects, is used to develop the GG index through the principal component methodology. Given the mixed order of integration, Autoregressive Distributed Lag (ARDL) method is utilized to check the co-integration relationship of variables. The results of this study depict that in the case of Bangladesh, there are three significant determinants in which urbanization and forest area are positively associated with GG and trade openness negatively. In India, GG is significantly and positively influenced by urbanization and forest area, while socioeconomic conditions impair it. For the third country, Pakistan, urbanization, trade openness, law and order have significant and positive associations with GG, while socioeconomic conditions have significant but negative relationships. Based on the study's outcomes, dependent variables show divergence from their short-run equilibrium with error correction terms-0.726,-0.914 and-0.439 for Bangladesh, India and Pakistan, respectively. Therefore, this study suggests implementing policies related to urbanization, trade openness, forest area, law and order and socioeconomic conditions to stimulate GG.
Pakistan Journal of Commerce and Social Sciences (PJCSS), 2021
Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.
The economic growth in Pakistan is volatile and unstable because of dependency of foreign debts a... more The economic growth in Pakistan is volatile and unstable because of dependency of foreign debts and unstable political and law and order situation of the country. Agriculture, being the largest sector of Pakistan economy, accounts for more than one-fifth of GDP and employs nearly half of the work force as well. Therefore, growth in agriculture sector is closely associated with movements in poverty. In Pakistan, the growth performance of agriculture over a few decades remained volatile. This study tries to interpret the poverty linkages with the said variables in different provinces of Pakistan as rural Sindh seems to be more vulnerable than other regions of the country. The results show a robust improvement in foreign direct investment especially in manufacturing and agriculture sector leads to higher capital accumulation, while higher government spending on infrastructure, rural development and other safety net programs leads to generate more opportunities of employment especially ...
The present study is an attempt to investigate empirical linkages among economic growth, openness... more The present study is an attempt to investigate empirical linkages among economic growth, openness, income inequality, education and health in Pakistan during 1974-2009 by using annual time series data. Phillips-Perron (PP) unit root test is utilized to check stationarity of the variables. Long-run relationship is confirmed through Johansen and Juselius cointegration test. VECM is proposed to check short-run and long-run dynamics. Toda-Yamamoto causality test is utilized for observing the causality. Diagnostic tests are utilized to confirm the validity of the model. The results support strong positive impact of openness of trade, education and health on economic growth in the long-run whereas income inequality is negatively associated with economic growth. The study finds significant five uni-directional causalities and two bi-directional causalities among variables. For achieving higher economic growth in Pakistan attention must be directed towards decisive economic policies related to liberalizing trade, provision of education and health facilities and to reduce income inequality.
International Journal of Economics and Finance, 2012
This study is an attempt to investigate the role of human capital in terms of education and healt... more This study is an attempt to investigate the role of human capital in terms of education and health on economic growth of Pakistan during 1974-2009. Using annual data, ADF, PP and Ng-Perron tests are utilized to check the stochastic properties of the variables. Long-run relationship among variables is confirmed through Johansen and Juselius cointegration test whereas the long-run and short-run dynamics are observed by VECM specification. For causality purpose both VECM based causality and Toda-Yamamoto causality tests are employed. Stability of the model is confirmed through CUSUM and CUSUMSQ. The results indicate strong positive impact of human capital on economic growth despite the fact that Pakistan has been spending less percentage of GDP on education and health facilities to create human capital. The study concludes that in order to reap maximum benefits from human capital there is a need to formulate and implement effective economic policies related to the provision of education and health facilities to the people.
a Assistant Professor, Department of Economics, University of the Punjab, Lahore, Pakistan Email:... more a Assistant Professor, Department of Economics, University of the Punjab, Lahore, Pakistan Email: [email protected] b Dean, Faculty of Social Sciences, Director, School of Economics, Bahauddin Zakariya University, Multan Email: [email protected] c Assistant Professor, School of Economics, Bahauddin Zakariya University, Multan Email: [email protected] d Assistant Professor, School of Economics, Bahauddin Zakariya University, Multan Email: [email protected]
This study is an endeavor to examine joint determination of prices, money supply and output in Pa... more This study is an endeavor to examine joint determination of prices, money supply and output in Pakistan during 1975-2019 by using macro-economic model and annual time series data. Three Stage Least Square (3SLS) method is utilized to estimate simultaneous model of prices, money supply and output nexus. Our results strongly support significant positive association between prices and money supply thus supports monetarist view that growth in money supply causes inflation and rising behavior of prices is detrimental to real output. The accelerated inflation has obstructed real output and reduced output levels has further caused jump in price levels during the investigated period. The empirical results also supports significant bi-directional relationship between prices and money supply. Prudent monetary policy is need of hour to stabilize prices in order to minimize its adverse impacts on real output.
Australian Journal of Business and Management Research, 2011
The massive debt burden of Pakistan calls for a detailed analysis of trends in the foreign debt l... more The massive debt burden of Pakistan calls for a detailed analysis of trends in the foreign debt levels, its causative factors and implications for economic growth. The present study is an attempt to analyze the relationship between external debt and exchange rate, fiscal deficit and deterioration of terms of trade for the period 1974-2008. Using Johansen approach, the study found significant long-run relationship between external debt and exchange rate and deterioration of terms of trade. The results of the study revealed that fiscal deficit had no significant impact on external debt. In the short-run all the variables failed to establish relationship with external debt. However, the existence of long-run causality was observed and three channels of uni-directional causalities were found actively running from (i) fiscal deficit to external debt, (ii) terms of trade to exchange rate, and (iii) fiscal deficit to terms of trade. Diagnostic test confirmed the validity of the model and C...
Keeping in view the global environmental emergency Green Growth assessment will show policymakers... more Keeping in view the global environmental emergency Green Growth assessment will show policymakers how to maximize economic outcomes while ensuring environmental sustainability. This study aims to construct a Green Growth (GG) Index and empirically test its long-run and short-run determinants for the time series data from 1990 to 2021 in the case of Bangladesh, India and Pakistan. A set of nineteen indicators covering three dimensions, including resource productivity, environmental quality and economic and social aspects, is used to develop the GG index through the principal component methodology. Given the mixed order of integration, Autoregressive Distributed Lag (ARDL) method is utilized to check the co-integration relationship of variables. The results of this study depict that in the case of Bangladesh, there are three significant determinants in which urbanization and forest area are positively associated with GG and trade openness negatively. In India, GG is significantly and positively influenced by urbanization and forest area, while socioeconomic conditions impair it. For the third country, Pakistan, urbanization, trade openness, law and order have significant and positive associations with GG, while socioeconomic conditions have significant but negative relationships. Based on the study's outcomes, dependent variables show divergence from their short-run equilibrium with error correction terms-0.726,-0.914 and-0.439 for Bangladesh, India and Pakistan, respectively. Therefore, this study suggests implementing policies related to urbanization, trade openness, forest area, law and order and socioeconomic conditions to stimulate GG.
Pakistan Journal of Commerce and Social Sciences (PJCSS), 2021
Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.
The economic growth in Pakistan is volatile and unstable because of dependency of foreign debts a... more The economic growth in Pakistan is volatile and unstable because of dependency of foreign debts and unstable political and law and order situation of the country. Agriculture, being the largest sector of Pakistan economy, accounts for more than one-fifth of GDP and employs nearly half of the work force as well. Therefore, growth in agriculture sector is closely associated with movements in poverty. In Pakistan, the growth performance of agriculture over a few decades remained volatile. This study tries to interpret the poverty linkages with the said variables in different provinces of Pakistan as rural Sindh seems to be more vulnerable than other regions of the country. The results show a robust improvement in foreign direct investment especially in manufacturing and agriculture sector leads to higher capital accumulation, while higher government spending on infrastructure, rural development and other safety net programs leads to generate more opportunities of employment especially ...
The present study is an attempt to investigate empirical linkages among economic growth, openness... more The present study is an attempt to investigate empirical linkages among economic growth, openness, income inequality, education and health in Pakistan during 1974-2009 by using annual time series data. Phillips-Perron (PP) unit root test is utilized to check stationarity of the variables. Long-run relationship is confirmed through Johansen and Juselius cointegration test. VECM is proposed to check short-run and long-run dynamics. Toda-Yamamoto causality test is utilized for observing the causality. Diagnostic tests are utilized to confirm the validity of the model. The results support strong positive impact of openness of trade, education and health on economic growth in the long-run whereas income inequality is negatively associated with economic growth. The study finds significant five uni-directional causalities and two bi-directional causalities among variables. For achieving higher economic growth in Pakistan attention must be directed towards decisive economic policies related to liberalizing trade, provision of education and health facilities and to reduce income inequality.
International Journal of Economics and Finance, 2012
This study is an attempt to investigate the role of human capital in terms of education and healt... more This study is an attempt to investigate the role of human capital in terms of education and health on economic growth of Pakistan during 1974-2009. Using annual data, ADF, PP and Ng-Perron tests are utilized to check the stochastic properties of the variables. Long-run relationship among variables is confirmed through Johansen and Juselius cointegration test whereas the long-run and short-run dynamics are observed by VECM specification. For causality purpose both VECM based causality and Toda-Yamamoto causality tests are employed. Stability of the model is confirmed through CUSUM and CUSUMSQ. The results indicate strong positive impact of human capital on economic growth despite the fact that Pakistan has been spending less percentage of GDP on education and health facilities to create human capital. The study concludes that in order to reap maximum benefits from human capital there is a need to formulate and implement effective economic policies related to the provision of education and health facilities to the people.
a Assistant Professor, Department of Economics, University of the Punjab, Lahore, Pakistan Email:... more a Assistant Professor, Department of Economics, University of the Punjab, Lahore, Pakistan Email: [email protected] b Dean, Faculty of Social Sciences, Director, School of Economics, Bahauddin Zakariya University, Multan Email: [email protected] c Assistant Professor, School of Economics, Bahauddin Zakariya University, Multan Email: [email protected] d Assistant Professor, School of Economics, Bahauddin Zakariya University, Multan Email: [email protected]
This study is an endeavor to examine joint determination of prices, money supply and output in Pa... more This study is an endeavor to examine joint determination of prices, money supply and output in Pakistan during 1975-2019 by using macro-economic model and annual time series data. Three Stage Least Square (3SLS) method is utilized to estimate simultaneous model of prices, money supply and output nexus. Our results strongly support significant positive association between prices and money supply thus supports monetarist view that growth in money supply causes inflation and rising behavior of prices is detrimental to real output. The accelerated inflation has obstructed real output and reduced output levels has further caused jump in price levels during the investigated period. The empirical results also supports significant bi-directional relationship between prices and money supply. Prudent monetary policy is need of hour to stabilize prices in order to minimize its adverse impacts on real output.
Australian Journal of Business and Management Research, 2011
The massive debt burden of Pakistan calls for a detailed analysis of trends in the foreign debt l... more The massive debt burden of Pakistan calls for a detailed analysis of trends in the foreign debt levels, its causative factors and implications for economic growth. The present study is an attempt to analyze the relationship between external debt and exchange rate, fiscal deficit and deterioration of terms of trade for the period 1974-2008. Using Johansen approach, the study found significant long-run relationship between external debt and exchange rate and deterioration of terms of trade. The results of the study revealed that fiscal deficit had no significant impact on external debt. In the short-run all the variables failed to establish relationship with external debt. However, the existence of long-run causality was observed and three channels of uni-directional causalities were found actively running from (i) fiscal deficit to external debt, (ii) terms of trade to exchange rate, and (iii) fiscal deficit to terms of trade. Diagnostic test confirmed the validity of the model and C...
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