Economics Commons^™

The Economics Of Fundamentalism, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Growing religious fundamentalism in Pakistan and other muslim countries has aroused a lot of anxiety particularly among the urban educated middle classes. Their lifestyles are at serious risk and the recent speculations that Taliban were about to take overPeshawarhad left a lot of chill in the spines of most of the people belonging to this class.

Why is fundamentalism despite its obscurantist and unreal view of Islam spreading so fast? Why did Hamas sweep the elections in Palestine? Why are other fringe religious organizations gaining popularity in other Muslim countries?

Most of the analyses explaining the resurgence of fundamentalism in …

اسلامی بنیاد پرستی کی معاشی وجوہات, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

No abstract provided.

Pakistan-Us Economic Ties, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The Obama administration has recently completed a review of Washington’s Pakistan strategy. The US Congress is considering a bill that will triple aid appropriations to Pakistan for non-military economic development and another bill to set up Reconstruction Opportunity Zones in Fata. Is US aid as envisaged in the Kerry-Lugar bill an appropriate tool for Pakistan’s long term economic development? Is its disbursement through the existing channels the most preferred mode of assisting Pakistan in its endeavour to resume its journey to sustainable and equitable growth? Before we get overwhelmed by this act of generosity the issue needs to be explored. …

Ishrat Pinpoints Four Areas For Economic Stability, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Reporting on a brainstorming session at the Karachi Chamber of Commerce and Industry, the article summarizes remarks identifying four priority areas for economic stability as Pakistan's IMF support program nears its end: better produce prices for growers, smooth supply of utilities at competitive rates, removal of infrastructure constraints, and human resource development. The speaker also called for political harmony to help the country overcome its economic crisis.

Beyond The Imf, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

In November 2008, Pakistan entered into a stand by arrangement with the IMF to support the country’s stabilization program and fill in the external financing gap. Pakistan has successfully drawn down the first two tranches of this loan. Most of the stabilization indicators are showing improvement and if the present efforts to maintain the fiscal discipline, curtail borrowings from the State Bank of Pakistan and build up foreign exchange reserves remain intact it is likely that IMF will be able to complete the forthcoming reviews successfully and the agreement should reach an orderly termination point by June 2010. While the …

From Global Financial Meltdown To Global Economic Crisis, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

Global financial meltdown that started in August 2007 had its origin in the United States. A combination of easy monetary policy, rapid economic growth, rising asset prices, low interest rates and financial innovation created conditions whereby the American dream of a home for everyone became almost a reality. As the creditworthy and deserving borrowers had saturated the mortgage market the lenders took excessive risks by moving down the curve to provide subprime mortgages to otherwise suspect borrowers. The banks themselves originated the loans but did not keep them on their balance sheets as they bundled them and sold them to …

Factors Affecting Business Success Of Small And Medium Enterprises (Smes) In Bangladesh, Muhammad Aminul Islam, Ejaz Ahmad Mian, Muhammad Hasmat Ali

Business Review

The concepts of cluster and networking emerged in 1960s in Small and Medium Scale Enterprises (SMEs) literature but the formation of SME clusters and networking is a very new strategy for Sri Lanka started in 2001 and Pakistan started in 2003. But it shows some positive sign of growth by increasing competitiveness of SMEs by opening-up new opportunities due to good innovative networking, common facility usage and collective efficiency of economies of scale, scopes and synergies, etc. The problem of many SMEs in both countries is not their size, but being isolated and working in enclave nature, therefore SMEs individually …

Pakistan’S Economy – 1999/2000 – 2007/2008: An Objective Appraisal, Ishrat Husain

Business Review

This article is an attempt to present a dispassionate and objective analysis of the economic situation that attempts to try to sift facts from fiction and myths, separate analysis from emotions, present the strengths and weaknesses of the economy and draw conclusions based on evidence and analysis rather than popular rhetoric and half-truths. As there is a great deal of skepticism about the quality of the official data the sources used in this paper draw upon both internationally and nationally verified and authenticated numbers. At the international level, the IMF, World Bank, Asian Development Bank, UNDP, Merrill Lynch, JP Morgan, …

Pakistan’S Trade Liberalization Experience: Lessons And Way Forward, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Pakistanhas been one of the fastest growing economies inAsiafor last five years. Economic growth rates have risen from 1.8 percent in 2000/01 to average 6-7 percent a year. ForPakistanthese rates are not spectacular but a reversion to mean. It may be recalled that the average annual growth rate of GDP over 60 year period ofPakistanhas been 5.2 percent. Manufacturing sector output growth was over 15 percent, exports have doubled in US dollar terms in 5 years and an open trade regime has allowed imports to triple. Tax revenues have risen by 14 percent a year reducing fiscal deficit which used …

Pakistan's Trade Liberalisation Experience And The Way Forward, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The article reviews Pakistan's economic growth and trade liberalisation reforms over the preceding decade, noting reduced tariffs, eliminated quantitative restrictions and improved export performance. It draws five lessons from Pakistan's reform experience, including the importance of political stability, effective communication, inter-agency coordination, adaptable policy objectives, and institution building at provincial and local levels. The author also discusses prospects for greater regional trade integration with India and South Asia.

Global Financial Meltdown: Genesis, Consequences, And Lessons, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

First of all let me thank ICAP for inviting me to this very important meeting. I feel that there is a lack of understanding of the global financial crisis, what its consequences are and more importantly what are the lessons. We all seem to believe in rhetoric, slogans and platitudes and one of the most popular platitudes these days is that ‘capitalism is dead’ and nationalization is the word which will prevail over the entire global finance. If we draw the wrong conclusions we are going to make even more mistakes and, therefore, it is important to put this in …

Mobius, Ishrat Still Bullish On Pakistan At Bma Funds' Investor Forum, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Dr Mark Mobius, Executive Chairman of Templeton Asset Management, indicated he would recommend buying Pakistani stocks if regional valuations remained high. Former State Bank Governor Dr Ishrat Husain gave the keynote address at the event, expressing confidence in Pakistan's economic resilience.

Boom And Gloom, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The popular discourse on the economy of Pakistan has swung all of a sudden from one extreme to the other. The previous discourse was set in a tone of self-congratulation and loud pronouncements that everything was honky and dory while the discussion these days is marked by a sense of alarm, blame game, doubts about the veracity of the statistics and an accusatory tone. Both these approaches are highly flawed and leave most Pakistanis in a state of daze, confusion and anger. They do not know as to what the real state of the economy is, what the factual position …

Micro-Economic Foundations Of Economic Policy Performance In Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The topic of this Conference “Micro-Economic Foundations of Economic Policy Performance in Asia” is both relevant and timely for South Asian Policy makers and researchers. I am pleased that I am able to share my thoughts with this august gathering about the microeconomic policy reforms in Pakistan with which I was associated for the past eight years. Having the interests of a researcher and academic at the same time I have chosen to present an analytical narrative of Pakistan’s reform episode. T

Training Within Oil And Gas-Based Industries In The State Of Qatar, Hend A. Jolo

Business Review

This research is an exploratory study that investigates training in the state of Qatar. It is carried out with the intention to provide an insight into such a process among national workers in the Oil and Gas-based Industries (OGBI), which is one of the most significant economic sectors in the country. Additionally, the study also endeavors to investigate the training process and its related factors and practices that affects the development of their skills within the industry, such as their educational background, promotion and training incentives. It is found that educational attainment had influenced the Qatari workers' achievement of their …

Dr.Ishrat Husain Speech At Bma Funds Investor Forum, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

Bismillah. Thank you very much for inviting me here to share my thoughts with you. It's nice to see such a large gathering of investors and this is a very good opportunity for me to put a different spin on the air of despondency and almost a state of depression which I came across the entire country and I think we have to put this whole thing in perspective. Let me start by saying the economic conditions of any country are determined not by one single set of variables, it is an interplay of a number of complex inter-related variables …

Economic Reforms And Total Factor Productivity Growth In Pakistan: An Empirical Analysis, Muhammad Sabir, Qazi Masood Ahmed

Business Review

This paper compares the average growth rates in GDP, factor inputs and total factor productivity during pre-reform period 1972-73 to 1987-88 and the reform period 1987-88 to 2001-02 and summarizes the historical patterns. Particular attention is given to assessing the impact of structural adjustment policies on total productivity growth directly and indirectly through other determinants of total factor productivity growth, such as human capital etc.

Islamic Finance, Inclusive Growth, And Poverty Alleviation, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

Most of the attention on Islamic finance has so far been focused on the regulatory framework, products and services offered, comparability with conventional finance, risk management characteristics, Shariah compliance, and expansion and penetration issues. Very little work has been done to explore the unique features of Islamic finance for the larger good of the society particularly in the context of economic growth and poverty alleviation. I would argue this morning that Islamic finance can be a powerful tool for inclusive growth and amelioration of the conditions of poor in the Muslim countries. Let me clarify at the outset as to …

Regional Cooperation In Asia: Options For Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The topic ‘Regional Cooperation’ is quite wide and encompasses many different dimensions – political, security, cultural, economic etc. I would like to focus my remarks this morning on economic cooperation and interaction only. The context for regional economic cooperation is the globalization that is driving the economic processes. From 1990 to 2003 global GDP increased 1.7 times while global trade and FDI increased 2.2 and 3 times respectively. Globalization has contributed to economic growth through several channels.

Surge In Islamic Finance Service Industry, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The last five years have witnessed a huge expansion in the Islamic Finance Service Industry (IFSI). The current assets are estimated at over $ 500 billion in Islamic banking segment alone. More than 250 Shariah-compliant mutual funds are currently managing about US 11 billion dollars in assets. Corporate and sovereign sukuk bonds amounting to about $ 18 billion have been issued so far. The annual market capitalization of the stocks meeting the Dow Jones Islamic Market Index Criteria in Islamic countries is estimated at US $ 300 billion. The total assets of all the banking and non-banking financial services being …

Pakistan And Indian Economies – Sixty Years Later, 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 among the Indians as well as the foreigners about Pakistan’s economic future. They wondered as to how a country so poorly endowed, heavily bruised by the pangs of partition, separated physically by 1000 miles across a hostile territory could survive politically and economically. It is true that the political union of the two wings of the country could not be sustained but the emergence of two independent nations out of Pakistan in 1971 did not in any material way adversely affect the …

Research: Pide Policy Viewpoint, Vice Chancellor .

Business Review

RENEW CITIES TO BE THE ENGINES OF GROWTH

PIDE Cities Research Programme was initiated in Karachi with a conference titled Cities: the Engine of Growth on November 15-16, 2006. The conference was held in our largest city and was well-attended by economists, architects, town planners, Nazims, government officials, NGOs, journalists, and other citizens. The discussion was animated and about twenty-five speakers addressed the gathering. All points of view were represented and debated. The main points of the discussion that took place there may be summarised as follows: • All segments of our society are dissatisfied with the current state of …

The Casual Link Between Stock Returns And Trading Volume: Some Evidence From An Emerging Market, Abdul Rashid

Business Review

This paper investigates the dynamic association between daily stock index returns and percentage trading volume changes. To proceed with this, linear and nonlinear Granger causality tests are applied to the Karachi Stock Exchange (KSE) data. The analysis covers the span of about 5 years with 1266 daily observations. The same methodology is employed for two non-overlapping sub-periods to examine the robustness of the results. Unidirectional linear Granger causality from stock returns to trading volume is observed for the entire sample period and for both the sub-periods as well. The null hypothesis of linear Granger noncausality from percentage volume changes to …

Trade Liberalization, Economic Growth, And Poverty Reduction: Recent Evidence From Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

Standard economic theory starting from Ricardo to the neoclassical model is quite clear about the benefits of trade between nations based on comparative advantage and relative factor endowments (Hecksher-Ohlin). The main conclusions of the free trade model are that all countries gain from trade and world output is increased; that the countries will tend to specialize in products that use their resources abundantly; and given identical technologies and production throughout the world, factor prices will equalize across trading countries. By enabling countries to move beyond their production possibility frontiers trade is assumed to stimulate growth by securing capital as well …

Reforming The Government, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

In order to lay down the direction in which the reforms will be undertaken it is essential that the broad principles that will underpin these reforms are clearly defined. The article outlines broad principles of reform across civil services, government structure, and business process re-engineering.

Prudential Arrangements For Stability And Development Of Islamic Finance, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

Prudential regulations, supervisory mechanisms, monitoring and enforcement arrangements are as important to Islamic finance industry as they are to the rest of the financial industry. The only distinction is that the institutional arrangements governing Islamic finance are to be derived from the specific nature and characteristics of Islamic financial institutions, Islamic financial markets, Islamic financial instruments, Islamic banking laws and the Islamic financial infrastructure. This paper based on a cross country comparison of seven countries which account for most of the Islamic finance activities in the national jurisdictions attempts to highlight the question of adequacy of these institutional arrangements, pleads …

How Critical Is Us Assistance?, Sara Agha Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The article examines US economic and military assistance to Pakistan since September 2001, breaking it down into debt relief, military aid, economic assistance and reimbursements for logistics support. Using four key indicators, the author argues that even a complete withdrawal of US aid would have only a marginal impact on Pakistan's budget, foreign exchange receipts and overall economy. The piece concludes that Pakistan should not be unduly concerned about losing US official aid and should instead focus on broader bilateral economic ties.

Pakistan’S Economic Future, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Economists have a very poor track record of forecasting the future as the dynamic interactions between complex variables, an imperfect understanding of the non-economic factors and the occurrence of unanticipated exogenous shocks turn their judgements into hit and miss episodes. Despite these weaknesses economic forecasting flourishes as a discipline and the economists show indomitable courage to sketch out their scenarios of an uncertain and unknown future. This article therefore examines the past developments, current trends of Pakistani economy and the future global and regional outlook and builds the most likely scenario for the medium term economic prospects of the country …

Broad-Based Strategy For Overseas Pakistanis In The Development Of Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

This Conference is targeted mainly at exploring how the overseas Pakistanis can participate in the growing investment opportunities being offered by Pakistan. My paper this evening is aimed at a broad-based strategy in which Overseas Pakistanis can play an important role – investment being one of the many components of this strategy. Pakistan has been able to turn around its economy during the last six years from a situation of imminent default in the late 1990s to the current status of a dynamic, vibrant emerging economy - one of the fastest growing in Asia. Pakistan has successfully re-established its access …

Prospects For Japanese Investors In Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

As a young Civil Service office of Pakistan I had the distinct privilege of receiving my training in the Ministry of Finance National Tax Administration Bureau of Japan in 1973. Having observed first hand the strong work ethic, discipline, teamwork and decision making by Consensus. I came back convinced that Pakistan and Pakistanis have a lot to learn from Japan. I have become an active proponent of the policy for Pakistan to look towards East for the simple reason that East Asian Countries and China have benefited a lot by forging close economic collaboration with Japan. The record of this …