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on Central and Western Asia |
| By: | Desh Gupta |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:pas:asarcc:2008-05&r=cwa |
| By: | Mustafizur Rahman; Habibur Rahman; Wasel Bin Shadat |
| Keywords: | Economic coperation, bangladesh, India, China, Myanmar |
| Date: | 2007–09 |
| URL: | http://d.repec.org/n?u=RePEc:pdb:opaper:64&r=cwa |
| By: | Khan, Safdar Ullah; Adnan, S. Adnan H. A. Bukhari |
| Abstract: | The objective of this study is to estimate potential output vis-à-vis output gap for Pakistan’s economy. This paper reviews six commonly used techniques to estimate potential output and from that the output gap. The results suggest that while measures of output gap are not identical they nonetheless do show some degree of association among each other. Therefore, a bench mark output gap is calculated for 1950 to 2007. The benchmark output gap depicts that Pakistan economy has been observing a cyclical episode of excess supply corresponding with demand pressures in the period of analysis. Furthermore, evidence suggests that Pakistan economy is currently experiencing rising demand pressures since FY05. |
| Keywords: | gross domestic product; potential output; output gap |
| JEL: | E32 C53 O53 C23 |
| Date: | 2008–02–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8695&r=cwa |
| By: | Sukanya Das (Jadavpur University, Kolkata, India); Ekin Birol (Markets, Trade, and Institutions Division; International Food Policy Research Institute 2033 K St, NW; Washington, DC 20006, USA); ARabindra N. Bhattacharya (Centre for Studies in Social Sciences, Kolkata, India) |
| Abstract: | In this paper we employ the choice experiment method to estimate residents’ willingness to pay (WTP) for improvements in the solid waste management (SWM) services provided in Chandernagore and South Dum Dum municipalities of Greater Kolkata in West Bengal, India. 101 randomly selected residents took part in a choice experiment survey. Data are analysed with conditional logit, random parameter logit and random parameter logit with interactions models. The best fitting random parameter logit with interactions model reveal that there is significant conditional and unconditional heterogeneity in residents’ preferences for improvements in SWM services. The results reveal that on average residents of these municipalities are WTP significant amounts, in terms of higher monthly municipality taxes, to increase the frequency of waste collection, and to ensure that the waste is collected by covered trucks. Differences in WTP values across residents, however, should be taken into consideration to ensure social equity. The results reported in this paper have important policy implications for informing efficient, effective and equitable SWM services aimed at reducing local environmental pollution and the consequent public health risks. |
| Keywords: | Municipal solid waste management, choice experiment, conditional logit model, random parameter logit model, interactions, preference heterogeneity, India |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:lnd:wpaper:200833&r=cwa |
| By: | Sabihuddin, Muhammad; Nasir, Najeeb; Shahbaz, Muhammad |
| Abstract: | Economic literature reveals that inflation is harmful for the health of financial sector through its detrimental affects. The present study also confirms the relationship between inflation and financial sector’s performance. We employed ARDL bounds testing approach to investigate log run relationships and Error Correction Method (ECM) for short run dynamics. Our findings argue that inflation lowers the efficiency of financial intermediaries not in short run but also in long run. Financial sector improves its performance through its previous policies and development in both the periods. Real GNP per capita also promotes the development of financial sector through their causal channels. Government spending enhances the efficiency of financial institutions in long run. Human capital formation declines the performance of financial sector due to low quality of education. |
| Keywords: | Finance; Inflation; ARDL Approach |
| JEL: | B22 |
| Date: | 2007–03–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8687&r=cwa |
| By: | Erdogdu, Oya Safinaz |
| Abstract: | The economics literature argues that once Ricardian hypothesis is valid fiscal policy do not have any real impact on macroeconomy via consumption decisions. However, it has beeen argued by many studies on fiscal dominance that there are exceptions to the validity of Ricardian Equivalence theorem and under certain conditions, fiscal policy can effect monetary policy and macroeconomic variables like inflation through consumption decisions. Using threshold vector aurotregression (TVAR) methodology, this study analyzes the possible non linear fiscal impact of government debt on consumption / saving decisions of economic agents. The empirical analysis of government debt, interest rate and private savings of Turkey documents that fiscal policy effects on private agents saving behavior and monetary policy variable follows a non linear pattern. Hence, the effects of interest rate on saving decisions of agents differ according to a threshold level of debt. The impulse response analysis indicates that under high (low) debt regime, higher interest rate leads to higher (lower) consumption levels. This result supports the argument on the requirement for joint commitment of fiscal and monetary policies to control inflation. The empirical results also notes the positive impact of decreasing government debt on private savings under every state, but also notes this this effect is persistent under low debt regime. |
| Keywords: | savings;threshold VAR; government debt |
| JEL: | C32 E21 |
| Date: | 2007–11–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8681&r=cwa |
| By: | Hasan, Zubair |
| Abstract: | Over the past few decades Islamic finance has been the fastest growing segment of the global system. The fast growing market has necessitated corresponding expansion of education and training facilities to increase appropriately the supply of skilled manpower. This called for a stock taking of the adequacy and suitability of the existing educational and training facilities in several directions. IRTI has launched a project to accomplish this work. The present working paper looks at the range, sufficiency and quality of education in Islamic finance at the graduate level. It uses Malaysia as an illustrative case because the country is in the forefront of this development and has made several innovations and pioneering efforts in the field. This work finds that the graduate level finance education is not currently in a very satisfactory state. This is partly reflected in the increasing departure of financing expedients from the major goals of the Islamic system. The difference between the legality of transactions and their permissibility is usually ignored giving rise to perilous divisions at the juridical level. Validation of mixed banking opened the doors for convergence with the mainstream presumably to the disadvantage of Islamic finance long run, in education also. Some other points of significance that emanate from the foregoing discussion are in brief as under. 1. The unidirectional convergence of Islamic finance with the mainstream in practice is directing its educational approach and structure as well. In both cases it has some immediate advantages but has also potential to promote divisive and deviant tendencies in the area of Islamic finance. There already is some evidence on the point and has to be guarded against. 2. There is much diversity in the academic programmes and course structures in the area of Islamic finance within and between public institutions. Some degree of standardization with flexibility margins is desirable, feasible as well. Establishment of layered mutual consultation bodies and sharing of information may help. 3. Creation of research environment, foundational infrastructures based on positive filtering approach, sharing of knowledge and experience, cooperative teaching and ample funding may help build the critical mass to speed up research and build skills in the area of education. 4. Since the total number of students seeking doctoral degrees is not very large, their admission may be restricted to selected institutions where faculty and facilities could be strengthened to promote excellence. This will also allow pooling of teachers coupled with stricter screening of the students. The final product could thus be improved at reduced cost. 5. Academic administration must in general synchronize with academic hierarchy. Contribution to knowledge, research and supervision ought to be recognize and appropriately rewarded strictly on merit. 6. There should be arrangement for preparing reading material integrating mainstream positions and Islamic requirements. Classificatory approach that has mostly been followed so far has to go. Teachers should invariably be associated, rather lead such projects. The effort would produce Shari’ah literate economists. Advisory boards are today exclusively loaded with Shari’ah scholars who are often poor economists. Having both fuqha and economists on the boards would improve compliance. . This could have helped to avoid the controversy and confusion as is found today in the case of Sukuk markets. |
| Keywords: | Education; Islamic finance; Convergence consequences; Supervision; Curricula structures; Course designs; Private sector role; Critical mass; Western dominance |
| JEL: | I22 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8712&r=cwa |
| By: | Prema-chandra Athukorala; Raghav Gaiha; Shylashri Shankar |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:pas:asarcc:2008-04&r=cwa |
| By: | Herani, Gobind M.; Pervez, Mohammad Wasim; Rajar, Allah Wasayo; Shaikh, Riaz Ahmed |
| Abstract: | This paper attempts to identify the farming and growth rate of livestock and demographic conditions helping in its growth and focus is specially to examine: (i) to know the trend of growth of performance of livestock farming; (ii) to promote fencing of farmland and conservation of rangeland for fodder (iii) to find the new topics for further research. Hypothesis given bellow are tested in the light of above objectives: (i). it is hypothysed that livestock farming is reliable source of income generation; (ii). it is also hypothysed that reforming of farmland and rangeland will provide abundant fodder and will prove sustainable source of income generation and rehabilitation of environment. Two alternatives hypothesis are also set: (i). livestock farming is not reliable source of income generation, if properly managed too. (ii) reforming of farmland and rangeland will not provide abundant fodder and will prove sustainable source of income generation and rehabilitation of environment. The study reveals that the important component of agriculture sector is livestock and is an insurance against harvest failures and a source of easily cashable investment capital. It has more than 22 percentage of share of whole province’s livestock. Agriculture dependent families are 81 percent and 92 percent families have opinion that livestock is the only first level sustainable source of livelihood in Tharparkar and needs more attention of researchers to evaluate it. |
| Keywords: | Livestock; Trends; Comparison; Tharparkar; Growth rate; Rehabilitation; Reforming |
| JEL: | Q13 Q12 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8700&r=cwa |
| By: | Mehmet Guclu (Department of Economics, Ege University) |
| Abstract: | The choice of exchange rate regime has become one of the most important issues one more time in many economies after the financial crises in recent years. In the wake of the financial crises, many countries, especially emerging market economies, opted for floating exchange rate regimes by forsaking the pegged regimes. Consequently, an old debate on the choice and determinants of exchange rate regimes has been triggered. Economists have started to debate what appropriate exchange rate regime for an economy is. When the tendency in recent years is taken into consideration, the choice of exchange rate regime of countries, especially emerging economies, needs to be analyzed. To do this, in this paper, we attempt to uncover how emerging market economies choose their exchange rate regimes. In other words, we try to find the economic and political factors underlying the choice of exchange rate regimes. The study includes 25 emerging market economies over the period 1970-2006. We use random effect ordered probit model in order to find the long run economic and political determinants of exchange rate regimes for emerging economies. The determinants of both the de jure and de facto exchange regimes are empirically analyzed in the paper. |
| Keywords: | Exchange Rate Regime, Emerging Market |
| JEL: | E42 F31 F33 F41 |
| Date: | 2008–05 |
| URL: | http://d.repec.org/n?u=RePEc:ege:wpaper:0806&r=cwa |