Economics Commons^™

Impact Of Privatization On Sustainable Development, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The impact of Privatization on Sustainable Development is difficult to measure as it involves several complex and little understood transmission channels. To start with, successful privatization, if implemented properly, leads to efficiency in allocation of resources, higher productivity and innovation and entrepreneurship. These outcomes then impinge upon a country’s growth nexus and help accelerate the rate of economic growth. If the pattern of economic growth is such that it conserves depletable natural resources and preserves the environment then we are on path to sustainable development. It must be pointed out that none of these links are automatic or can be …

Impact Of Adopting Hris On Three Tiers Of Hrm: Evidence From Developing Economy, Irfan Saleem

Business Review

In information based economies, cross-sectional studies are needed to uncover missing linkage between Human Resource Management and Information Technology. Consequently Human Resource (HR) researchers and managers need to rethink about achieving organizational objectives with and through the people added by modernized technology in this information age. The main objective of this study is to identify the contribution of Human Resource Information System (HRIS) adoption impact on three tiers i.e. Operational, Functional and Strategic Human Resource Management (HRM). Findings show that that HRIS adoption significantly impacts HRM Operational Processes and moderately facilitates its Functional Processes and provides insignificant support for Strategic …

New Fiscal Federalism, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The 7th NFC award and the 18th amendment to the constitution have brought about a fundamental structural change in the fiscal affairs of Pakistan. The federal government is no longer the main driver of fiscal policy. Power and resources have shifted, rightly so, to the provinces. The share of the federal government in the net proceeds of the divisible pool has come down to 42.5 percent while that of the provinces has gone up to 57.5 percent. Adding straight transfers, grants/ subventions and development loans to the provinces pushes this share further up.

Human Resource Development: Cultivate New Forces For Future Cooperation, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

It is now well established that the driver of economic growth in the 21st Century will be Knowledge economy. The sustenance and strength of this economy, in turn, will depend upon the quality of human resources a country possesses. Countries that are able to invest in equipping their younger population in acquiring, accumulating the know-how about new ways of doing things and applying this know-how to solve world problems will forge ahead. The name of the game in the future is going to be competition. Just like the firms compete for shares in their national markets of goods and services …

The Budget Arithmetic, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Pakistan's economic growth in the last four years has been quite disappointing both in relation to the preceding four years and compared to other South Asian countries. Austerity measures to contain fiscal deficit, achieve macroeconomic stability and reduce external borrowing have squeezed the space for public sector development programme. The uncertainty and lack of direction, political instability, energy shortages, security concerns and high interest rates have played to the fear of private sector which has withheld productive investment. Consequently, total investment-GDP ratio which had reached 23 percent has declined to 13 percent. Assuming that investment ratio and the incremental capital-output …

Parallel Session: Building Pakistan’S Country Of Origin Image Through The Corporate Image: Exploring Optimal Corporate Brands For The Image Transfer, Ishrat Hussain

International Conference on Marketing

Pakistan is facing a multi-dimensional attack on its country image. While it is imperative to triumph over negative factors causing Pakistan’s bad country image, it is also necessary to explore additional images to strengthen favorable associations with Pakistan and support a distinguishing image. Such image will be beneficial for increasing tourism, foreign investment, exports of goods/services and generating favorable condition for achievement of economic and other strategic objectives in the world. Corporate image is one such image. But what are the optimal corporate brands for image transfer to build Pakistan’s country of origin (CoO) image overseas? This research aims to …

Keynote: The Role Of Marketing In Economic Development And Business: Trends And Challenges For Pakistan, Mushtaq Luqmani

International Conference on Marketing

This paper examines the role of marketing in economic development and business for developing countries and the marketing challenges for Pakistan within the context of some key emerging global trends.

Keynote: Branding A Nation In The 21st Century, Kriengsak Chareonwongsak

International Conference on Marketing

The concept of a ‘’Nation as a Brand’’ is not new, but has already been a historical reality. In the 21st Century however, it is necessary for each country to pay much more attention to this topic due to the greater and increasing interconnectedness and globalization of our world in every aspect; economically, politically and socially, as illustrated by the KOF Index of Globalization in 2011 which collected the data of 186 countries from 1970 to 2008, concluding that our world is more globalized (KOF Swiss Economic Institute, 2011).

Business, Society, Science, And Technology, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

I would first like to sketch before you the major global trends which would be affecting Pakistan in the future. This will provide the context in which the businesses have to make decisions. There are at least five broad trends which are highly relevant. First, the economic power balance is shifting from the U.S., Europe and Japan to Asian countries. The crises of 2007-08 did not fully debunk the myth of decoupling between the advanced and emerging economies as the spillover and contagion effects were quite destabilizing. The speed, intensity and spread of financial and then real economy crisis were …

Flawed Privatisation Approach, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

There has been a hiatus in the privatisation of state-owned enterprises for the last five years. Recently, the Privatisation Commission has announced a capital market transaction roadmap. Under this programme, sales of public shares will take place through initial public offerings (IPOs), secondary public offerings (SPO), global depositary receipts (GDR) and follow on public offering (FoPo). The main objective is to raise funds for meeting fiscal deficit and mobilise foreign exchange to fill in the widening gap in the balance of payments. Will these transactions achieve the stated objective? The companies for which local markets will be accessed are PPL, …

Judicial Reforms And Economic Growth, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Growth rates in Pakistan since 2008 have declined to almost half of the level achieved in the preceding four years. The investment ratio in 2010-11 has been the lowest in the history of Pakistan. Most of the discussion on the stagnation and decline of the economy has rightly focused on fiscal deficits, energy shortages, inflation, and high interest rates. But the relationship between the rule of law and investment and business development is not much talked about in popular discourse. In the absence of a conducive legal environment, uncertainties created by other factors such as political instability, security, law and …

Building Ties Without Aid, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Pakistan–US relations suffered several major setbacks in 2011. A Parliamentary review currently underway will define the new terms of engagement. Along with this review, a reassessment of the economic relations between the two countries is also called for. The main instrument of economic ties is bilateral official aid for which the US administration persuaded the Congress to approve the Kerry-Lugar Bill amounting to $7.5 billion over a five years period.

Agricultural Productivity And Economic Development, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The literature on Economic Development has provided us some lessons about its links with agricultural productivity and clearly demonstrates that the process of transformation takes place when labor and jobs move out of agriculture sector while the productivity of land and labor keeps on rising. As population expands, demand for food and fibres increases and the domestic production has to keep pace with this growing demand. As the labour shifts from low productivity activities in agriculture sector to high productivity activities within agriculture such as livestock, diary, horticulture, fisheries and towards industry, the country’s allocation and utilization of resources improves …

Pakistan: A Tumultuous Economy And Divided Politics, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Pakistan’s economy remained sluggish in 2011 due to domestic political instability, energy shortages, deteriorating Pakistan-US relations, global climate change and internal security concerns.

For the fourth year in a row, GDP growth in 2011-12 will fall below its long-term growth rate. Per capita income will increase by around 2 per cent, in sharp contrast to the 5 per cent annual growth experienced during the 2002-07 period. The investment rate dropped to 13.4 per cent — its lowest level in the last four decades. Fiscal imbalances arising out of subsidies to loss-making public enterprises, low tax-mobilisation efforts, inefficiency and waste in …

The Way Out, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

There is a great deal of fear and apprehension that loose economic policies and an intensified patron-client based resource allocation would put the economy at risk in 2012. To avoid this risk, it is imperative that alternative solutions should be presented that not just stop the economic rot, but also make the ruling parties look better in the eyes of the electorate. Sifting through a large number of policy measures and screening them against the criteria of economic viability and political feasibility, the following nine priorities have been identified and recommended for serious consideration and implementation.

Customer Research Helps In Applying Crm For Surviving In Recession, Syeda Rakhshanda Mustafa

Business Review

The purpose of this research paper is to come up with ideas on the, how Customer Relationship Management (CRM) can be used in the most effective and productive manner in order to save companies and minimize the effects of recession. The researcher has tried to focus on those strategies that are best to overcome recession and companies could adopt them in order to overcome downfall and decline in profits. This paper also explores the idea that how helpful is CRM to recover at that time. This research paper is of considerable importance as the world is experiencing global recession and …

Pakistan In 2011, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Pakistan’s economy remained sluggish in 2011 due to domestic political instability, energy shortages, deteriorating Pakistan-U.S. relations, global climate change, and internal security concerns.

The latest estimates show that for fourth year in succession GDP growth in 2011-12 will again fall below its long term growth rate. With population rising around 2 percent per capita income will increase by around 2 percent. This outcome is in sharp contrast to the 2002-07 period when per capita incomes were recording around 5 percent growth annually. Investment rate dropped to 13.4 percent ---its lowest level in last four decades. Fiscal imbalances arising out of …

Role Of Marketing And Construction In Economic Development: Lessons For Emerging Economies, Low Sui Pheng, Dang Thuy Huong Giang

Business Review

This paper reviews the relationship between marketing, with focus on international marketing, and economic development based on existing theoretical and empirical studies. There have been different stances on the relationship. It is, however, argued that engagement in effective marketing in general and international marketing in particular is much needed for the economic development process in most developing countries. Primary theoretical insights for government policies that support the integration of developing countries into the international market are also discussed in this paper. The paper concludes with an observation that infrastructure support provided by the construction industry is essential for trade to …

International Business Environment Analysis, Sana Khalil

Business Review

This paper presents business environment analysis on the basis of cultural and economic differences. It elucidates the potential conflicts, risks and discusses the business opportunities that lie amid this whirlpool. The cultural differences are analyzed using Hofstede's dimensions and subsequent implications are discussed. It elucidates that the socio-economic differences require the managers to use their discretion while developing business strategies or goods and services for different markets. Since BRICS nations are emerging as potential business markets for firms around the globe and have attracted much attention and debate, I have chosen to present a comparative analysis using BRICS countries and …

G-20 Summit And Debt Crisis Of Europe, Badar Alam Iqbal

Business Review

Europe is under debt threat, facing the biggest crisis of uncertainty. If Euro fails, Europe fails. Since the Second World War, this is the hardest hour for Europe. One of the biggest limitations of global integration of EU is that small and weak countries could not fall in line with strong economies. This crisis is the example in this regard. The recent summit at Cannes has failed in giving concrete solution to the debt crisis especially in case of Greece, Italy, Portugal, Ireland and Spain. The crisis in Greece and ltaly cost the resignations of two popular Prime Ministers. The …

Courting Disaster For Votes, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Prime Minister Yousuf Raza Gilani is reported to have told the Pakistan Peoples’ Party (PPP) provincial assembly members from Punjab that the ban on recruitment in the federal government would be removed. Job quotas will be given to each Member Provincial Assembly (MPA) in addition to the substantial grants from the exchequer for development work in their respective constituencies.

This seems to be the first salvo fired by the government in preparation for the elections to be held in the next 12-15 months – if all goes well. These election-specific preparations should remind us of 2007 when a strong economy …

Parliament’S Role In Economic Governance, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

In a democratic system of government, some checks and balances are placed under the constitution of a country. In Pakistan, the executive branch has dominated the scene historically with the judiciary asserting itself in recent years. The parliament has so far remained subdued in many aspects of its work, particularly in the case of economic visioning, long-term planning, oversight of policymaking, the monitoring of implementation and accountability of the executive. Had the parliament been more active, it is possible that the judiciary would not have taken suo motu cognisance of many cases linked to economic governance. It is a pity, …

Policy-Performance Gap, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The diagnostics of Pakistan’s worsening economic conditions are quite well known. The vital signs of the health of the economy i.e. growth, inflation, employment, fiscal balance, current account balance, indebtedness, etc appear worrisome.

The persistence of an ailing economy sapping the energies of the people raises a fundamental question: are the policy prescriptions to rectify the situation themselves deficient or is the dosage administered, i.e. the phasing, sequencing, mixture and timing of the policies, inadequate, or is ‘patient management’— the implementation of these policies — poor?

A dispassionate analysis would reveal that it is a combination of all three elements …

Consequences Of Elitism, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

In my book Pakistan: The Economy of an Elitist State, I presented the thesis that one per cent of Pakistan`s population the elitist class had contrived to rig the market and hijacked the state for their own benefit. This small minority was able to enjoy its unjust accumulation of wealth in the midst of widespread poverty. Little did I realise that this phenomenon would spread from Tunis to Sanaa and from Sydney to Seattle. The Arab Spring and Occupy Wall Street movement may have originated for ostensibly different reasons but their root cause is the same growing disenchantment of the …

An Economic Mirage, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

For the past several years, Pakistan remains caught in the vortex of low growth and high inflation. Its widening fiscal deficit is creating an unsustainable debt. Its surging number of unemployed remains a cause of social unrest. Its deteriorating law and order has shattered the public confidence on the state institutions and the government. To sum it up, the overall mood and sentiment in the country remains depressing. Is this state of affairs going to help the incumbent political parties at the centre and provinces? If not, why aren’t they taking the decisions that will put things right?

This disconnect …

Subsidizing The Rich, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

A progressive state caters to the needs of those, who are unable to generate adequate incomes and forced to live in subhuman conditions. Targeted subsidies to the poor are seen as an integral part of the state policy for promoting equity within a society. To finance these subsidies, the rich pay taxes. What is ironical in Pakistan is the role reversal — as those who should be financing subsidy to the needy, are its beneficiaries. First, they evade taxes on their income and then, they also receive bulk of subsidies and concessions to which they are least entitled. The only …

Pakistan Economy At Sixty Four, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Pakistan’s current economic conditions are by no means something to celebrate as a nation. But it must be realized that these conditions do not portray the enormous progress the country has made since its birth in 1947.

Most outside observers and commentators at that time were of the view that the country would not survive for more than a few years. India’s partition was judged to be unnecessary and too costly in terms of human misery, deaths and displacement of millions of people as it was to unravel soon.

The Man With A Vision, Ishrat Husain Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Dr Ishrat Husain is the Dean and Director of IBA (Institute of Business Administration), Karachi, the oldest graduate business school of Asia. He was also the 13th Governor of the State Bank of Pakistan from 1999-2005. He joined the Civil Service of Pakistan in 1964 and served in the field of Finance, Planning and Development before moving to Washington in 1979 to join the World Bank as an Economist.

Maximising Benefits, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The recent moves to devolve some of the functions and responsibilities of the federal government to the provinces through the 18th Amendment and the decision of the National Finance Commission (NFC) to allocate a larger portion of divisible tax pool to the provinces are highly commendable. These steps have the potential to overcome some of the structural difficulties and micro-economic distortions that have been keeping Pakistan as an underachiever economically and socially. In a multi-ethnic and multi-linguistic society, with one of the federating units being much advanced and enjoying political dominance, de-concentration of powers and equitable sharing of resources among …

Governance Initiatives, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Pakistan's problems of governance do not require as much unknown remedies as they do political will to initiate bold reforms. Unnecessary leakages, high non-development expenditure , and a low tax base have strained the government's fiscal position to the point that without immediate reforms, it will remain caught in chronic stagflation, always spending beyond its means and adding to the unbearable deficit.

While formulating the National Commission for Government Reforms, we conducted a detailed cross-section study of the governance structure and related institutions, We gathered consultants and stakeholders on a single platform to hammer out consensus in terms of trimming …