Economics Commons^™

Institutions For Market Governance And Doing Business, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

I would like to place the topic assigned to me in the larger context of separation of functions of policy making, ownership of the assets and regulatory oversight. Until the beginning of this decade all these varied functions in Pakistan were bundled together and carried out by each Ministry. In early 2000s the Cabinet decided to unbundle these functions to avoid conflict of interest, protect consumers and provide a level playing field for both the public and private sectors. The concern was: How can a private firm compete with a public sector firm in the same field when the owner …

Providing A Voice To ‘Excluded’ Nations In The G20, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The formation of the G20 grouping of finance ministers and central bank governors and their heads of state is indeed a significant improvement compared to the previous G8 arrangements. The dynamic changes in global economic output and international trade are adequately reflected in this expanded group. The inclusion of 10 emerging economies such as South Africa, Mexico, Argentina, Brazil, China, South Korea, India, Indonesia, South Arabia and Turkey in the consultative process has broadened the scope of the dialogue. but it still excludes 170 nations from direct participation in this forum. Norway, one of the major donors to development programs, …

Economic Stability And Growth In Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

This lecture is divided into four parts. I would begin by narrating the pre-requisites for economic stability and growth at a generalized level drawing on the experience of the last six decades. Then I would dwell upon the positive factors in Pakistan that can influence the rate of economic growth. Next I take up the negative domestic factors that are impeding the path of economic growth followed by the external shocks that have worsened the situation.

Tough Economic Decisions, Ishrat Husain

Faculty Research - Newspaper and Magazine Articles

PAKISTAN has never been hit by such adverse shocks as in the past few years. All of these have occurred in quick succession and their speed, intensity, duration and magnitude are unparalleled. The war on terrorism has caused enormous loss to life, property and order. It is still going on. The bulk of the population was already suffering from diminished purchasing power due to high inflation, stagnating incomes and growing unemployment. The global economy has been in recession and has remained unhelpful in stimulating the domestic economy. There are few expectations of economic recovery at this stage. On top of …

Providing A Voice To 'Excluded' Nations, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The article critiques the G20's representativeness, noting that while the grouping improves on the earlier G8 structure, it still excludes 170 nations, including Pakistan, from direct participation in global economic decision-making. Using Pakistan as a case study, the author examines the risks of exclusion from reforms to institutions like the IMF and World Bank, and proposes two options: forming country constituencies or establishing formal consultative mechanisms between G20 members and excluded "associate" countries.

Floods: The Next Phase, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The devastation caused by the floods is unparalleled in Pakistan’s history. It has come at a time when Pakistan is already contending with the enormous losses incurred in fighting the terrorists and a global economic crisis.

No country with the resources and capacity of Pakistan could have been expected to meet the assault on the economy by these shocks. Pakistan’s response will depend upon the degree of stimulus provided by both the domestic and international community. Over the next few months, coordinated relief efforts to provide food, safe water and hygienic living conditions will have to be accelerated. As the …

Pakistan And Indian Economies Compared, Ishrat Husain Dr

Faculty Research - Newspaper and Magazine Articles

Pakistan and India both achieved independence in 1947. At that time there was a great deal of skepticism about Pakistan's economic future. India was much advanced on all indicators of economic sustenance, resource endowment, potential output and growth.

Comparative Study About English Socio-Economics Factors Of Pakistani Universities Students, Syed Umar Farooq, Iqbal Shah

Business Review

Learning materials written in English language often embarrass our students due to lack of the command over this imported language. As Pakistani Universities curriculum happens in English, therefore, the study will let us know the extent to which University students comprehend written English. This paper will let us know whether different socio-economic factors affect the reading skill of English language. Further it will help the teachers and curriculum developer to look into such factors while teaching or developing English curriculum. It will also help the students to know about their English reading skill and work for its improvement in the …

Pakistan's Growth Experience 1947-2007, Ishrat Hussain

Business Review

Pakistan's growth experience over the past sixty years is both impressive and disappointing. It is impressive because rapid growth rate has resulted in a quadrupling of per capita incomes and reduction in poverty levels by one half despite fairly high population growth. Structural changes have transformed a predominantly agrarian economy to a more diversified production structure. Manufactures account for 80 percent of the country's exports. But there is a sense of disappointment too. Social indicators are among the worst in developing countries. Pakistan ranks 134th among 177 countries in Human Development Index. Income Inequalities, Rural Urban disparities and Gender differentials …

Paradigmatic Asymmetries Between Economics And Management Discourses As Instrumentalities Of Capitalist Order, Javed Akbar Ansari, Zahid Siddique Mughal

Business Review

This paper contrasts the economics and the management discourse paradigms to identify the purposes these discourses serve in sustaining and reproducing capitalist order The paper begins with an identification of the major characteristics of capitalist order Section 2 and 3 compare and contrast economics and management discourses respectively on the basis of the role they are designed to play in legitimizing and operationalizing capitalist order The concluding section argues that their roles vary in efficacy. Both economics and management provide incomplete justificatory and reformative proposals but this is because capitalism is an inherently conflictive social order always threatened by implosion. …

The Effects Of Corruption On The Nigerian Economy, Ahmed Audu Maiyaki

Business Review

The study aims at examining closely the effects of corruption on Nigerian economy. This is informed by the general belief that the menace of corruption has disastrous consequences not only on the economy but on all sectors of human endeavor. A number of related works were intensively reviewed and both the secondary data and primary data from secondary source were used It was however discovered that corruption has significant effects on the Nigerian economy. In effect, corruption slows growth, leads to inefficient investments in public projects, and slows down foreign investments. Hence, it was recommended that government should ensure that …

Determinants Of Foreign Direct Investment In Services Sector Of Pakistan: An Econometrics Approach, Muhammad Zahid Awan, Khair Uz Zaman, Bakhtiar Khan

Business Review

This study examines the key determinants of FDI inflows in Services sector of Pakistan, using time series data (quarterly) for the period of 1996Q1-2008Q4. To check the stationarity of the data, ADF test has been applied. Co-integration and Error Correction Model (ECM) is used for estimation of the data. This study found that Gross Domestic Fixed Capital formation (GDFCF), Inflation Rate(INF), Current Account Balance(CAB), Exchange Rate (ER), and Per Capita Income (PC) are main factors of FDI inflows in services sector of Pakistan. This study reveals that GDFCF, INF and PC are found statistically significant with positive signs. CAB and …

Trade And Human Development, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

I agree with the main message of the Report that the link between Trade, Human Development and Economic growth is not straight forward and has to be created consciously by forward looking policies and strategies by both national governments and multilateral trade bodies. But having said that we must also recognize that South Asian countries have made remarkable progress in opening their economies since early 1990s. Till about 1990, trade-GDP ratio was 20 percent which has escalated to 52 percent by 2008. The three large countries of the region – India, Pakistan and Bangladesh – started the process of liberalization …

Islam And The Future Of Economics, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The topic that has been assigned to me today is Islam and the future of Economics. As a practitioner I would hesitate from indulging in pure abstractions and would illustrate my viewpoint with the help of application to Pakistan. There are many protagonists in Pakistan who are pushing the country towards adopting this system. Western analysts and observers view such a move with apprehension and feel that this will lead to Pakistan’s decoupling from the global economic system and its isolation from mainstream economic thinking. In their minds such behavior will create greater instability and amplify risks for the rest …

Islam And The Future Of The Economics, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

There are many protagonists in Pakistan who are pushing the country towards adopting an Islamic economic system. Western analysts and observers view such a move with apprehension and feel that this will lead to Pakistan's decoupling from the global economic system and its isolation from mainstream economic thinking. In their minds such behavior will create greater instability and amplify risks for the rest of the world. I believe these apprehensions are totally misplaced and the assumptions and premises on which the hypothesis about the Islamic economic system have been constructed are seriously flawed. As a practitioner I would hesitate from …

Business In The New Environment, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

I am extremely grateful to the Institute of Chartered Accountants of Pakistan (ICAP) for inviting me to address this august gathering. I do not remember as to how many times I have addressed the institute organized events but this respect for your profession in my heart has arisen because of the high professional standards you have been able to maintain. It gives me immense pleasure when the employers in UK, Middle East tell me that they would be more than happy to hire Pakistan qualified Chartered Accountants because they are well trained. I commend to other professional bodies in Pakistan …

Economy Of Pakistan: Challenges And Prospects, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Economy practically affects every single walk of life. This lecture provides an overview of the structure of Pakistan's economy since 1947, identifies key challenges such as low savings, trade imbalance, fiscal deficit, weak social indicators, and energy and water shortages, and offers prospects and solutions for improvement.

Banking And Monetary Policy In 2010, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Pakistan faced serious economic difficulties in the last few years particularly in 2008 due to high inflation, large current account deficit, dwindling foreign exchange reserves and excessive borrowing by the Government from the Central Bank. Monetary policy was therefore tightened throughout 2009 to bring inflation under control. Policy rate was cut only when signs of moderation in inflation began to appear. It is only in the last few months that macro stability has been achieved with the assistance of the IMF. But paradoxically the global financial crises had very little to do with the domestic economic problems. The trouble inPakistanstarted …

مالی استحکام کا راستہ : بد نظمی اور سیاسی مصلحتوں کا خاتمہ کرنا ہوگا, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

مہنگائی، جاری حسابات کے بھاری خسارے، زرمبادلہ کے گرتے ہوئے ذخائر اور مرکزی بینک سے حکومت کی حد سے متجاوز قرض گیری کی وجہ سے پاکستان کو پچھلے چند برسوں خصوصاً 2008ء میں شدید معاشی مشکلات کا سامنا رہا ہے۔ چنانچہ بلند گرانی کو قابو میں لانے کے لیے 2009ء کے دوران پورے سال زری پالیسی سخت رکھی گئی۔ پالیسی ریٹ اس وقت کم کیا گیا جب گرانی میں اعتدال کے آثار نمودار ہونا شروع ہوئے۔

Economic Cost Of Instability, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

BROADLY speaking,Pakistan’s economic policies in the 1960s and since 1977 have been fairly consistent, although their execution has left much to be desired.

So, considering that the thrust of economic policy has been fairly constant (except for nationalisation in the 1970s) the variations in economic output need to be explained.

The dominant narrative ofPakistan’s tumultuous and uneasy political journey since independence has comprised the precarious nature of civil-military relations that have caused severe damage to democracy in the country. This is true. However, what needs to be added to this narrative is the enormous cost to the economy in view …

Governance Reforms In Education, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The education policy announced recently envisages a big jump in the allocation of public expenditure on education from the current level of two per cent of the GDP to seven per cent over the next five years.

Is Capitalism Dead? : The Global Economic Recession Has Enhanced The Risk Of Protectionism In The Developed World., Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

September 16, 2009 marked one year from the day American financial firm Lehman Brothers collapsed. The subsequent onslaught on the global financial system set in a recession of the magnitude not experienced since 1930

Interview With Dr. Ishrat Husain, South Asia

Faculty Research - Newspaper and Magazine Articles

The World Bank has been providing assistance to developing countries since it was established in 1945. The Bank is the largest provider of both intellectual and financial aid to developing countries. What makes it more distinguishable is that, unlike episodic involvement of the IMF, which comes in on for a period of a year or two to help the ailing economies, World Bank is a long-term development partner of the developing countries.

Lessons From Financial Crisis, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

SEPTEMBER 15, 2009 marked one year from the day American financial firm Lehman Brothers collapsed. The subsequent onslaught on the global financial system set in a recession of the magnitude not experienced since 1930.

Financial institutions considered rock solid such as AIG and Citibank came almost on the verge of collapse. The world economy contracted for the first time in decades. But a year later the ‘green shoots’ have started appearing and the consensus view is that the global economy is coming out of the storm.

Economic historians will take many years to fully analyse the causes of the crisis …

Economy Of Pakistan – Challenges And Prospects, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

It is indeed great honour and pleasure for me to be spending this morning with you. I am quite cognizant of the fact that this is one of the finest institution Pakistan has and I always keep saying that if we had institutions like C & SC replicated in our civilian life, the country would be much better off, therefore, I commend you and I am sure that all of you would be rising stars of Pakistan Armed Forces and would make a contribution which is badly required for the uplift of the country. Gentlemen! I am going to talk …

Economic Policies Under Shoaib, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The period from 1958 to 1969 during which President Ayub ruled and Mr. Shoaib served as Finance Minister for most of these years is considered as the golden era of Pakistan’s economic history. The period had strong macro economic management and the economic indicators were extremely impressive. Agriculture grew at a respectable 4 percent while remarkable rates were achieved in manufacturing (9 percent) and trade (7 percent) GNP growth rates exceeded 6 percent on average throughout the period. Economic growth was very strong on all fronts. Structural changes that took place under the stewardship of Mr. Shoaib laid the foundation …

The Indian Dream, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

During a recent visit to Mumbai and New Delhi I attended two major conferences on India’s economy. A report, commissioned by the Asian Development Bank, India 2039: An affluent society in one generation, formed the basis of the Mumbai discussion. The focus of the report was on how India would be able to make the transition from a low-income country to an affluent society within a generation if it was able to maintain and accelerate an annual average growth rate of 9.5 per cent over the next 30 years. According to the report’s projections the Indian economy would increase by …

Recent Privatizations In Pakistan And Their Impact, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The decade of 1970s in Pakistan witnessed a massive redistribution of national assets from the private owners to the state. The reason underlying the then Government’s thinking for this extremely radical action was that the national wealth was being concentrated in the hands of few families and the rich were getting richer and the poor getting poorer. It was asserted by the proponents of this strategy that the state control over allocation of the resources would promote the best interests of the poor. The intellectual support for this strategy was drawn from the success of the Soviet Union and the …

Technology And Poverty Reduction In South Asia, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The 2008 Human Development Report (HDR) makes a drastic but a significant departure from the previous analysis in the past reports by examining the relationship between Technology and Poverty reduction. The two channels through which Technology can affect poverty reduction are indirect, i.e. by accelerating growth impulses via productivity gains and direct, i.e. by using technology in better health care, education, water supply, agriculture and good governance. As much has been written about the technology-growth channel the Report rightly focuses on the direct channel. Within South Asia, it must be conceded that India is an exception as it has become …

The Development Of Informal Sector Small And Medium Scale Enterprises Through Formation Of Cluster And Networking: A Case Study Based On Sri Lanka And Pakistan, S.W.S.B. Dasanayaka

Business Review

In recent years Pakistan has faced a rapidly growing services sector which has lead some observers to believe that there is a transfer of resources occurring in Pakistan from the tradable to the non-tradable sector, hence causing the Dutch Disease in the economy. However no precise response has been offered on this subject. This paper seeks to provide empirical evidence on the question of the existence of Dutch Disease in Pakistan by using Linda Kamas's model on Dutch Disease. The percentage change in the growth of the tradable and the non-tradable sectors in Pakistan is calculated by using data from …