Template-Type: ReDIF-Article 1.0
Author-Name: A.R. Kemal
Author-X-Name-First: A.R.
Author-X-Name-Last: Kemal
Author-Workplace-Name: Pakistan Institute of Development Economics, Islamabad.
Title: Exploring Pakistan’s Regional Economic Cooperation Potential
Abstract: Free trade benefits are not well-harnessed despite the WTO because of the
regional groupings. Such groupings have, in fact, resulted in a chaos. Pakistan has
been a member of the SAARC and the ECO. In both the groups, intra-regional trade
accounts for only four percent of total trade. The present study briefly reviews and
identifies constraints to intra-regional trade and other modes of economic cooperation
in the region. The SAFTA agreement and the possibilities of greater economic
cooperation are also examined. Comparative advantage and low trade complementarity
are found to be the main impediments to trade. Other obstacles such as limited
capacity to generate exportable surpluses, restrictive trade policies, and political
problems have also inhibited the growth of intra-regional trade. Higher trade levels can
be achieved through intra-industry trade, vertical specialisation, joint export marketing
of competing regional export products, deepening trade liberalisation, promoting
monetary cooperation, and encouraging joint industrial ventures. It is imperative for
the success of SAFTA that the negative list is kept quite small and the countries are
prepared for closure of a few industries. Thus the SAFTA has great potential and
South Asian countries should accept short-term costs for long-run benefits. Expansion
of trade as well as efficiency and improved quality of exports would benefit the
countries participating in the regional co-operation effort.
Classification-JEL: R10
Keywords: Pakistan, Regional Economic
Journal: The Pakistan Development Review
Pages: 313-334
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartI/A%20R%20Kemal.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:313-334

Template-Type: ReDIF-Article 1.0
Author-Name: Agustin Carstens
Author-X-Name-First: Agustin
Author-X-Name-Last: Carstens
Author-Workplace-Name: International Monetary Fund, Washington, D.c.
Title: Making Regional Economic Integration Work
Abstract: The world has been witnessing a wave of regionalism in recent years. Preferential
trade arrangements (PTAs) have been a central element of most regional agreements.
This paper looks at the growing international experience with PTAs. It first provides
some basic facts on the extent of regionalism and discusses the motives for entering into
regional arrangements. This is followed by an analysis of the impact of PTAs on trade,
growth, and welfare, based on traditional and new trade theories. Although the paper
finds that empirical studies seem to conclude that in practice PTAs are not harmful or
necessarily very beneficial, the main conclusion of the paper is that regional integration
can work if done right, and can be pursued in parallel with, or as a stepping-stone
towards, multilateral trade liberalisation. The paper provides four major
recommendations to ensure that PTAs have a positive impact on member (and nonmember)
countries. These include: (i) a large and diverse membership; (ii) continued
reduction in external tariffs; (iii) comprehensive product coverage, with simple and
transparent rules of origin; and (iv) effective implementation.
Classification-JEL: R10
Keywords: Regional Economic
Journal: The Pakistan Development Review
Pages: 335-352
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartI/Agustin.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:335-352

Template-Type: ReDIF-Article 1.0
Author-Name: M. Ali Khan
Author-X-Name-First: M. Ali
Author-X-Name-Last: Khan
Author-Workplace-Name: Department of Economics, The Johns Hopkins University, Baltimore.
Title: Regional (East-West/North-South) Cooperation and Peter Singer’s Ethics of Globalisation
Abstract: I open Peter Singer’s One World: The Ethics of Globalization to a ‘local’ and a
‘global’ text, and am thereby led to argue that problems of poverty, inequality,
governance, corruption, transparency, tolerance, growth and welfare, and more generally
of justice and freedom, be they economic or political, are not the monopoly or ward of a
particular region, packages to be pried open by the language of economic theory alone.
They rather demand an acknowledgement that an economy is also a society, a polity, a
community, a collectivity in short; and a conceptual recognition by agents, albeit
embodied with their own needs and desires, that is correspondingly capacious. Thus, to
move beyond conception to fruition, theory, of necessity, can hardly ignore values
garnered from the past, ethics, and therefore texts, local to the collectivity, that make its
past come alive.
Classification-JEL: R10
Keywords: Globalisation
Journal: The Pakistan Development Review
Pages: 353-396
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartI/M%20Ali%20Khan-1.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:353-396

Template-Type: ReDIF-Article 1.0
Author-Name: S. M. Naseem
Author-X-Name-First: S. M.
Author-X-Name-Last: Naseem
Author-Workplace-Name: Development Planning Division, ESCAP, United Nations, Bangkok
Title: Economic Growth and Development in South Asia, with and without Regional Cooperation
Classification-JEL: o18, o40
Keywords: Economic Development, Economic Growth, South Asia
Journal: The Pakistan Development Review
Pages: 397-422
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartI/S%20M%20Naseem.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:397-422

Template-Type: ReDIF-Article 1.0
Author-Name: Hassan N. Gardezi
Author-X-Name-First: Hassan N.
Author-X-Name-Last: Gardezi
Author-Workplace-Name: Algoma University College, Sault Ste. Marie, Ontario, Canada.
Title: Globalisation and Pakistan’s Dilemma of Development
Abstract: Pakistan’s development project that was initiated in the 1950s with a focus on
creating a prosperous and equitable society, making the benefits of scientific
advancement and progress available to all the people, got lost somewhere in the labyrinth
of development fashions and econometric modelling learned in American universities and
World Bank/IMF seminars. The latest of these fashions being eagerly followed by the
economic managers of the state is the implementation of structural adjustments, termed
“Washington Consensus” by some, flowing from the operative rules and ideological
framework of neo-liberal globalisation. In practice these adjustments, euphemistically
called reforms, have foreclosed the possibility of improving the condition of working
masses, not only in Pakistan but globally, including the developed West. If Pakistan is to
reclaim its original people-centred development project, it will have to set its own
priorities of development in the context of indigenous realities shared in common with its
South Asian neighbours. Following the globalisation agenda at the behest of the
Washington-based IFIs will sink the country into ever greater debt and mass poverty.
Classification-JEL: 010, 053
Keywords: Globalisation, Pakistan
Journal: The Pakistan Development Review
Pages: 423-440
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartI/Gardezi.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:423-440

Template-Type: ReDIF-Article 1.0
Author-Name: Cynthia B. Lolyd
Author-X-Name-First: Cynthia B.
Author-X-Name-Last: Lolyd
Author-Workplace-Name: The Population Council, New York.
Title: The Changing Transitions to Adulthood in a Comparative Perspective: the Case of Pakistan
Abstract: The paper compares and contrasts the situation of young people in Pakistan with
broader global trends drawing on data from both the recent US National Research
Council report, Growing up Global: the Changing Transitions to Adulthood in
Developing Countries, and from the national survey of adolescents and youth in Pakistan
AYP) 18 months earlier [Sathar, et al. (2003)]. The paper begins with some
demographic background, and a discussion of how recent trends in schooling in Pakistan
compare with broader trends in all developing countries as a group as well as in South
Asia. It then follows the broad outlines of the National Research Council’s report in
exploring transitions to adult work and family roles in a comparative perspective. The
concluding section of the paper draws on the NRC panel’s programme and policy
recommendations which were developed after a careful review of lessons learned from
recent policy research and programme intervention research from around the world, all of
which are relevant in some form in the Pakistani context.
Classification-JEL: j13
Keywords: Adulthood, Youth, Pakistan
Journal: The Pakistan Development Review
Pages: 441-467
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartI/Cynthia.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:441-467

Template-Type: ReDIF-Article 1.0
Author-Name: Madeeha G. Qureshi
Author-X-Name-First: Madeeha G.
Author-X-Name-Last: Qureshi
Author-Workplace-Name: Pakistan Institute of Development Economics, Islamabad.
Author-Name: Sarfraz Khan Qureshi
Author-X-Name-First: Sarfraz Khan
Author-X-Name-Last: Qureshi
Author-Workplace-Name: Pakistan Institute of Development Economics, Islamabad.
Title: Impact of Changing Profile of Rural Land Market in Pakistan on Resource Allocation and Equity
Classification-JEL: Q13
Keywords: Agricultural impact
Journal: The Pakistan Development Review
Pages: 471-492
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Madeeha%20Qureshi.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:471-492

Template-Type: ReDIF-Article 1.0
Author-Name: Shujat Ali
Author-X-Name-First: Shujat
Author-X-Name-Last: Ali
Author-Workplace-Name: Punjab Resource Management Programme, Planning and Development, Government of the Punjab, Lahore.
Title: Total Factor Productivity Growth in Pakistan’s Agriculture: 1960–1996
Abstract: Limits to further expansion of cultivated land and slowing returns to further input
intensification accord a central role to productivity growth in meeting the challenges of agricultural
growth in the future. There have not been many studies measuring total factor productivity growth in
Pakistan’s agriculture. The most frequently applied techniques for measuring total factor productivity
growth in agriculture are: (a) Arithmetic Index (AI); and (b) Tornqvist-Theil Index (TTI). Total Factor
Productivity in this study has been estimated using both the Arithmetic and the Tornqvist-Theil
indexing methodologies. It has been shown that the Tornqvist-Theil indexing procedure is more
appropriate due to dependence of results for the Arithmetic index on the weights used. The TFP index
for the period 1960–96 is computed with a gross output index that includes both crops and livestock
products and the aggregate input index that, in addition to land, capital, and labour, also includes
purchased intermediate inputs (fertilisers and pesticides). The results show that the TFP has grown at
an average annual rate of 2.3 percent for the entire period (1960-61 to 1995-96). This accounts for
about 58 percent of the total output growth in the country during this period. It is fair to say that
productivity growth was a significant driving force in the performance of the agriculture sector in
Pakistan for over 36 years. The chief source of growth in TFP has been the technological progress
embodied in the high-yielding varieties of grains and cotton with supporting public investment in
irrigation, agricultural research and extension (R&E), and physical infrastructure. Sustaining and
improving on this productivity performance of Pakistan’s agriculture requires a strengthening and
deepening of the agricultural markets and enhanced funding for the agricultural research system.
Classification-JEL: Q01
Keywords: Agricultural Development, Pakistan
Journal: The Pakistan Development Review
Pages: 493-513
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Shujat%20Ali.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:493-513

Template-Type: ReDIF-Article 1.0
Author-Name: Abdul Aleem Khan
Author-X-Name-First: Abdul
Author-X-Name-Last: Aleem Khan
Author-Workplace-Name: Social Policy and Development Center (SPDC), Karachi.
Author-Name: Qazi Masood Ahmed
Author-X-Name-First: Qazi Masood
Author-X-Name-Last: Ahmed
Author-Workplace-Name: Institute of Business Administration, Karachi.
Title: Agricultural Terms of Trade in Pakistan: Issues of Profitability and Standard of Living of the Farmers
Abstract: Liberalisation policies have a major impact on the profitability, employment, and incomes
in agriculture sector, as well as on living standards and the poverty levels in the rural areas. In the
wake of the IMF structural adjustment programmes and the new emerging trade scenario, the
Government of Pakistan, in addition to eliminating input subsidies, is also reluctant to increase
support prices for various crops. This has initiated a debate. One view is that the Government must
support agricultural prices and farmers must be protected from the decline in market prices of
agricultural commodities. The contrasting view is that the subsidies have made the agriculture
sector highly dependent on government support, and in order to survive in the WTO trade regime
the sector must become highly competitive, efficient, and self-dependent. This paper computes
relative price changes in the crop sector to explore whether profitability in this sector has improved
or deteriorated. Another goal is to gauge the impact of price changes on the standard of living of the
farmers. For this purpose, various terms of trade are calculated. The terms of trade for the crop
sector are defined as the ratio of the index of prices received by the crop sector and the index of
prices paid by the sector. The paper also probes how movements in international crop prices affect
the profitability in the sector and the standard of living of the farmers. The empirical findings, based
on the data from 1983-84 to 2002-03, show that the purchasing power and profitability of the
farmers in the crop sector have not improved over the last twenty years.
Classification-JEL: Q17, I31
Keywords: Agricultural Trade, Standard of Living, Pakistan
Journal: The Pakistan Development Review
Pages: 515-537
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Aleem%20Khan.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:515-537

Template-Type: ReDIF-Article 1.0
Author-Name: Amir Mahmood
Author-X-Name-First: Amir
Author-X-Name-Last: Mahmood
Author-Workplace-Name: Newcastle Graduate School of Business, University of Newcastle, NSW 2300, Australia.
Title: Export Competitiveness and Comparative Advantage of Pakistan’s Non-agricultural Production Sectors: Trends and Analysis
Abstract: This paper analyses export specialisation of Pakistan’s non-agriculture production sectors during
1990-2000, by using the revealed comparative advantage (RCA) approach at HS 4-digit level. The paper
provides an insight into the challenges and opportunities that Pakistan’s non-agricultural sectors face as
they become rapidly integrated into global markets. The paper identifies those non-agricultural export
categories in which Pakistan is losing, gaining, or maintaining its export competitiveness. The study
examines the extent to which Pakistan’s leading non-agriculture product lines have witnessed a shift in
comparative advantage away from the traditional labour-intensive production to the export of technologybased
production activities. The study also provides an in-depth investigation of export specialisation of
Pakistan’s non-agriculture production sectors by dividing key HS 4-digit non-agricultural product lines
into six distinct groups based on their position in Pakistan’s RCA profile. To assess the relative
competitive position of various manufacturing and mining activities, the study also provides a
comprehensive analysis at the sectoral level.
Journal: The Pakistan Development Review
Pages: 541–561
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Amir%20Mahmood.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:541-561

Template-Type: ReDIF-Article 1.0
Author-Name: Nasim Shah Shirazi
Author-X-Name-First: Nasim Shah
Author-X-Name-Last: Shirazi
Author-Workplace-Name: Faculty of Economics and Management Science, International Islamic University, Malaysia.
Author-Name: Turkhan Ali Abdul Manap
Author-X-Name-First: Turkhan Ali
Author-X-Name-Last: Abdul Manap
Author-Workplace-Name: Faculty of Economics and Management Science, International Islamic University, Malaysia.
Title: Exports and Economic Growth Nexus: The Case of Pakistan
Abstract: This paper re-investigates the exports and economic growth nexus for Pakistan. The paper
employs cointegration and multivariate Granger Causality Test [Toda and Yamamoto (1995)] to study the
long-run and short-run dynamics among exports, imports, and real output growth over the 1960–2003
period. Results strongly support a long-run relationship among imports, exports, and output growth.
Feedback effect between import and output growth and unidirectional causality from export to output
growth was found. Nevertheless, the results do not confirm any significant causality between imports and
exports.
Classification-JEL: F43
Keywords: Exports, Economic Growth, Pakistan
Journal: The Pakistan Development Review
Pages: 563-581
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Nasim%20Shah%20Shirazi.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:563-581

Template-Type: ReDIF-Article 1.0
Author-Name: Ahmed M. Khalid
Author-X-Name-First: Ahmed
Author-X-Name-Last: M. Khalid
Author-Workplace-Name: Faculty of Business, Bond University, Gold Coast, Australia.
Author-Name: Gulasekaran Rajaguru
Author-X-Name-First: Gulasekaran
Author-X-Name-Last: Rajaguru
Author-Workplace-Name: Faculty of Business, Bond University, Gold Coast, Australia.
Title: Financial Market Linkages in South Asia: Evidence Using a Multivariate GARCH Model
Abstract: Regional integration of the financial markets is the building-block for globalisation and
internationalisation. Many regions around the world have recently been engaged in such regional
economic and financial market integration to form the basis of a more complex international
financial system. The recent developments in South Asia and the revived activities under the
SAARC forum have raised some hopes for a more sustained economic development in the regional
economies. It is timely, therefore, to investigate the prospects of regional financial market
integration in the South Asian region. In this perspective, this paper analyses the currency market
integration within four South Asian countries and with their major trading partners. For empirical
estimation, we use data from a sample of four South Asian countries, namely, India, Pakistan,
Bangladesh, and Sri Lanka. The paper examines the nature of the causal relationship between
exchange rates in the sample countries and their major trading partners. Both the short-run and the
long-run causal relationships between these markets are examined using high-frequency data of
exchange rates. The paper also explores whether the causal linkages between these variables are of
similar intensity across the country and across the market. The nature of the mean and volatility
transmission between stock and foreign exchange markets is explored through multivariate
exponential GARCH model, which is capable of capturing asymmetries in the volatility
transmission mechanism in both the short run and the long run within a co-integration framework.
The departing feature of this approach is that it captures both linear and non-linear relationships,
which are linked through second order moments. We believe that this to be fresh research on this
issue for South Asia and it may have important implications for any future policy for the region.
Classification-JEL: G15
Keywords: Financial Market, South Asia, GARCH Model
Journal: The Pakistan Development Review
Pages: 585-603
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Ahmed%20M%20Khalid.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:585-603

Template-Type: ReDIF-Article 1.0
Author-Name: Attaullah Shah
Author-X-Name-First: Attaullah
Author-X-Name-Last: Shah
Author-Workplace-Name: Institute of Management Sciences, Peshawar.
Author-Name: Tahir Hijazi
Author-X-Name-First: Tahir
Author-X-Name-Last: Hijazi
Author-Workplace-Name: Muhammad Ali Jinnah University, Islamabad.
Title: The Determinants of Capital Structure of Stock Exchange-listed Non-financial Firms in Pakistan
Abstract: In this paper, we study the potential determinates of the capital structure of non-financial firms listed
on Karachi Stock Exchange. We analyse a sample of 445 firms listed on the KSE for the period 1997–2001.
We have chosen tangibility of assets, size, firm growth rate, and profitability as independent variables, and
measure their effect on debt/total asset ratio (proxy for leverage). Using the technique of panel data analysis,
we observe that of the four independent variables, growth, size, and profitability have significant effect on
leverage. However, we do not find tangibility as significantly correlated with leverage.
Classification-JEL: G1
Keywords: Capital Movement
Journal: The Pakistan Development Review
Pages: 605-618
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Syed%20Tahir%20Hijazi.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:605-618

Template-Type: ReDIF-Article 1.0
Author-Name: Mohammed Nishat
Author-X-Name-First: Mohammed
Author-X-Name-Last: Nishat
Author-Workplace-Name: Institute of Business Administration, Karachi.
Author-Name: Rozina Shaheen
Author-X-Name-First: Rozina
Author-X-Name-Last: Shaheen
Author-Workplace-Name: Institute of Business Administration, Korangi Creek, Karachi.
Title: Macroeconomic Factors and Pakistani Equity Market
Abstract: This paper analyzes long-term equilibrium relationships between a group of macroeconomic
variables and the Karachi Stock Exchange Index. The macroeconomic variables are represented
by the industrial production index, the consumer price index, M1, and the value of an investment
earning the money market rate. We employ a vector error correction model to explore such
relationships during 1973:1 to 2004:4. We found that these five variables are cointegrated and
two long-term equilibrium relationships exist among these variables. Our results indicated a
"causal" relationship between the stock market and the economy. Analysis of our results indicates
that industrial production is the largest positive determinant of Pakistani stock prices, while
inflation is the largest negative determinant of stock prices in Pakistan. We found that while
macroeconomic variables Granger-caused stock price movements, the reverse causality was
observed in case of industrial production and stock prices. Furthermore, we found that
statistically significant lag lengths between fluctuations in the stock market and changes in the
real economy are relatively short.
Classification-JEL: G1
Keywords: Financial Market, Pakistan, Stock Market
Journal: The Pakistan Development Review
Pages: 619-637
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/M%20Nishat.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:619-637

Template-Type: ReDIF-Article 1.0
Author-Name: Anjum Aqeel
Author-X-Name-First: Anjum
Author-X-Name-Last: Aqeel
Author-Workplace-Name: University of Karachi, Karachi.
Author-Name: Mohammed Nishat
Author-X-Name-First: Mohammed
Author-X-Name-Last: Nishat
Author-Workplace-Name: Institute of Business Administration, Karachi.
Title: The Determinants of Foreign Direct Investment in Pakistan
Abstract: The paper empirically identifies the determinants of growth in foreign direct investment (FDI) in
Pakistan over the period 1961–2003. Our main interest is to study how different variables or indicators
reflecting the trade, fiscal, and financial sector liberalisation attract FDI in Pakistan. The study uses the
cointegration and error-correction techniques to identify the variables in explaining the FDI in Pakistan.
The study considers the tariff rate, exchange rate, tax rate, credit to private sector, and index of general
share price variables to see if they may explain the inflow of foreign direct investment. Also included are
wages and per capita GDP to test for the relative demand for labour and market size hypotheses. All
variables indicate correct signs and are statistically significant except for wage rate and share price index.
The study clearly emphasises the role of these policy variables in attracting FDI and determining its
growth in both short- and long-run in Pakistan, and also indicates a positive and significant impact of
reforms on FDI in Pakistan.
Classification-JEL: G11
Keywords: Foreign Investment, Pakistan
Journal: The Pakistan Development Review
Pages: 651-664
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Anjum%20Aqeel.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:651-664

Template-Type: ReDIF-Article 1.0
Author-Name: Shahbaz Nasir
Author-X-Name-First: Shahbaz
Author-X-Name-Last: Nasir
Author-Workplace-Name: Pakistan Institute of Development Economics, Islamabad.
Author-Name: Mahmood Khalid
Author-X-Name-First: Mahmood
Author-X-Name-Last: Khalid
Author-Workplace-Name: State Bank of Pakistan, Islamabad.
Title: Saving-investment Behaviour in Pakistan: An Empirical Investigation
Abstract: This paper explores the saving-investment behaviour in Pakistan by identifying their patterns over
time and across selected Asian countries. Further potential determinants were empirically tested, based on
theoretical foundations of modelling for saving and investment behaviour. Savings in Pakistan for our
sample period showed a positive response to GDP growth and government current expenditure while it
remained insensitive to interest rates. On the other side, domestic savings and short-run expected returns
positively affected investment whereas uncertainty reduced investment.
Classification-JEL: G11, E21
Keywords: saving Investment, Pakistan
Journal: The Pakistan Development Review
Pages: 665-682
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Shahbaz.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:665-682

Template-Type: ReDIF-Article 1.0
Author-Name: Iffat Ara
Author-X-Name-First: Iffat
Author-X-Name-Last: Ara
Author-Workplace-Name: Social Policy and Development Center (SPDC), Karachi.
Title: Is Pakistan’s Manufacturing Sector Competitive?
Abstract: This paper attempts to examine the cost competitiveness of the manufacturing sector of Pakistan for
the period 1972-73 to 2002-03. Given that the data on the value of cost expenditure has not been published
after 1995, the paper relies on constructing a composite index of input prices and compares it with export
price (taken as a proxy for output price, since the main focus here is on external competitiveness). The
findings indicate that both the composite (weighted) factor input price and the non-factor input price indices
have grown at a rate faster than the export price index during the sample period. Furthermore, the growth in
the prices of energy, imported machinery, and wages stayed higher than that of the overall inflation. While
investigating the pattern of productivity of the manufacturing sector, the paper reveals that although it
increased over the sample period, its rate of growth has slowed down. And, for the most recent period, 1999-
03, productivity growth has failed even to offset the extent to which input price increases have outpaced
increase in the export price. This creates the concern that if this situation goes on, over the course of time, the
profits eventually will become negative and will put some producers/exporters out of business.
Classification-JEL: L60
Keywords: Industry, Pakistan
Journal: The Pakistan Development Review
Pages: 685-706
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Iffat%20Ara.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:685-706

Template-Type: ReDIF-Article 1.0
Author-Name: Zeshan Atique
Author-X-Name-First: Zeshan
Author-X-Name-Last: Atique
Author-Workplace-Name: University of Karachi, Karachi.
Author-Name: Mohsin Hasnain Ahmad
Author-X-Name-First: Mohsin Hasnain
Author-X-Name-Last: Ahmad
Author-Workplace-Name: University of Karachi, Karachi.
Author-Name: Usman Azhar
Author-X-Name-First: Usman
Author-X-Name-Last: Azhar
Author-Workplace-Name: Balochistan University of Information Technology and Management Sciences, Quetta.
Title: The Impact of FDI on Economic Growth under Foreign Trade Regimes: A Case Study of Pakistan
Abstract: FDI has been one of the defining features of the world economy over the past two decades. It has
grown at an unprecedented pace for more than a decade. Liberalisation of the foreign trade regime is an
integral part of growth of FDI. This paper investigates the trade policy regime followed by Pakistan that
has influenced significantly both the amount of inward FDI received and economic growth. Our findings
maintain that the Bhagwati Hypothesis Emphasis on both export promotion policy and inward FDI on the
part of the government can get the desired result of economic growth.
Classification-JEL: G11, F43
Keywords: Foreign Investment, Economic Growth, Trade, Pakistan
Journal: The Pakistan Development Review
Pages: 707-718
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Zeshan%20Atique.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:707-718

Template-Type: ReDIF-Article 1.0
Author-Name: Abdul Qayyum
Author-X-Name-First: Abdul
Author-X-Name-Last: Qayyyum
Author-Workplace-Name: Pakistan Institute of Development Economics, Islamabad.
Author-Name: Muhammad Arshad Khan
Author-X-Name-First: Muhammad Arshad
Author-X-Name-Last: Khan
Author-Workplace-Name: Government Post-graduate College, Muzaffarabad, Azad Jammu and Kashmir.
Author-Name: Khair-U-Zaman
Author-X-Name-First: Khair-U-
Author-X-Name-Last: Zaman
Author-Workplace-Name: Gomal University, D. I. Khan.
Title: Exchange Rate Misalignment in Pakistan: Evidence from Purchasing Power Parity Theory
Abstract: This paper examines the validity of the purchasing power parity to evaluate whether the Pakrupee
vis-à-vis the US-dollar has been overvalued since the introduction of managed floating exchange
rate. The Johansen multivariate cointegration technique is applied for the period 1982Q2-2002Q4. A
single cointegrating vector is identified whose coefficients conform in broad terms to the restriction
implied by the PPP theory, lending support to the interpretation of the model as describing a long-run
relationship. This support is reinforced by the results derived from the adjustment coefficient, which is
identifies clear short-run tendency for the exchange rate to revert to the equilibrium value defined by the
estimated long-run model. Furthermore, exchange rate misalignment is also calculated using the estimated
long-run relationship to evaluate whether the Pak-rupee vis-à-vis the US-dollar was undervalued or
overvalued since the inception of managed floating exchange rate system. Calculated misalignment shows
a substantial undervaluation of the Pak-rupee vis-à-vis the US dollar.
Classification-JEL: F43, F31
Keywords: Exchange Rate, Pakistan
Journal: The Pakistan Development Review
Pages: 721-735
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Abdul%20Qayyum.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:721-735

Template-Type: ReDIF-Article 1.0
Author-Name: Faiza Amjad
Author-X-Name-First: Faiza
Author-X-Name-Last: Amjad
Author-Workplace-Name: Fatima Jinnah Women's University, Rawalpindi.
Author-Name: Naheed Zia Khan
Author-X-Name-First: Naheed Zia
Author-X-Name-Last: Khan
Author-Workplace-Name: Fatima Jinnah Women's University, Rawalpindi.
Title: External Determinants of Growth and Growth Projections: SAARC and Pakistan
Abstract: In the global trading arena, the regional integration perhaps represents the most important
legacy of the 20th century. This paper focuses on the scope and promise of economic cooperation
between the SAARC region countries. Descriptive statistics is used to provide the evidence for the
argument that very high share of trade in the GDP of the region’s economies exposes them to external
shocks in a potentially harmful manner, and these countries ought to be paying greater attention to
increasing the size of their economies. In order to determine the importance of the external sector in
the economies of the region, a simultaneous equations model is formulated and estimated, utilising the
pooled data for the period from 1972–2001, by applying the 2SLS technique. The coefficients of two
of the three external sector variables included in the model, namely, export earnings and trade balance,
turn out to be significant, providing the evidence on the importance of the external sector in the
economic growth of the SAARC region countries. Keeping in view that Pakistan needs to adopt
sustainable growth strategies, the authors maintain that extended economic cooperation within the
SAARC region is the most viable alternative for the country. The argument is substantiated with the
help of inferential statistics, providing the evidence that exports to SAARC countries are positively
related with the economic growth of Pakistan. The simulation output also shows that increasing and
diverting the country’s exports to the SAARC region have positive impact in terms of growth
projections. By estimating and simulating another model, it is inferred that in the short run, diverting
exports to both the SAARC and ASEAN region countries appears to be a viable strategy to help
Pakistan move towards greater integration within the SAARC region, and that the SAARC forums
must make meaningful progress in terms of delivering concrete results.
Classification-JEL: F43
Keywords: Trade, Economic Growth, Pakistan
Journal: The Pakistan Development Review
Pages: 737-755
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Naheed%20Zia%20Khan.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:737-755

Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Afzal
Author-X-Name-First: Mohammad
Author-X-Name-Last: Afzal
Author-Workplace-Name: Gomal University, D. I. Khan.
Title: Estimating Long-run Trade Elasticities in Pakistan: A Cointegration Approach
Classification-JEL: F43
Keywords: Trade Elasticities, Pakistan
Journal: The Pakistan Development Review
Pages: 757-770
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Muhammad%20Afzal.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:757-770

Template-Type: ReDIF-Article 1.0
Author-Name: Mehtab S. Karim
Author-X-Name-First: Mehtab S.
Author-X-Name-Last: Karim
Author-Workplace-Name: The Agha Khan University, Karachi.
Title: Socio-economic Development, Population Policies, and Fertility Decline in Muslim Countries
Abstract: Islam is one of the world’s major monotheistic religions. Its followers, spread all over the world
and numbering about 1.5 billion people, constitute about one-fourth of the world’s population. The
Economist (2003). Muslims are mainly concentrated in about 50 countries, most of which have had slow
pace of fertility transition, mainly due to low level of socio-economic development, on the one hand, and
lack of effective population policy, on the other. With the help of macro level data available on Muslimmajority
countries, this paper examines fertility decline in these countries, their socio-economic indicators,
and support for family planning. Examples from two neighbouring countries—Pakistan and Iran—are
also given.
Classification-JEL: J13, J18
Keywords: Population Policy, Fertility
Journal: The Pakistan Development Review
Pages: 773-789
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Mehtab%20S%20Karim.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:773-789

Template-Type: ReDIF-Article 1.0
Author-Name: Farooq Rasheed
Author-X-Name-First: Farooq
Author-X-Name-Last: Rasheed
Author-Workplace-Name: Pakistan Air Force Karachi Institute of Economics and Technology, Karachi.
Author-Name: Javed A. Ansari
Author-X-Name-First: Javed A.
Author-X-Name-Last: Ansari
Author-Workplace-Name: Pakistan Air Force Karachi Institute of Economics and Technology, Karachi.
Title: A Search for an Optimum Currency Area Partners for Pakistan
Abstract: This paper empirically examines the existence of a common trend between the exchange rates of
Pakistan and four regional countries (Bangladesh, India, Saudi Arabia, and Sri Lanka) with two of their
major trading partners (the United States and Japan) as base countries. Results from cointegrating analysis
show that the strongest evidence points to the existence of common stochastic trends between the
Pakistani rupee, on the one hand, and the Bangladeshi Taka and the Sri Lankan rupee, on the other hand.
There is no strong evidence for the existence of a common stochastic trend between the Pakistani rupee
and the currencies of India and Saudi Arabia. Optimum Currency Area (OCA) theory seems to justify the
formation of a currency union between Pakistan, Bangladesh, and Sri Lanka. The case of a currency union
between Bangladesh and Pakistan is strengthened by a shared political past and a shared history of
financial institutional development. The immediate impact of the formation of such union on Pakistan’s
GDP growth will however be insignificant.
Keywords: Currency, pakistan
Journal: The Pakistan Development Review
Pages: 793-811
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Farooq%20Rashid.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:793-811

Template-Type: ReDIF-Article 1.0
Author-Name: Khalid Mustafa
Author-X-Name-First: Khalid
Author-X-Name-Last: Mustafa
Author-Workplace-Name: university of Karachi, Karachi.
Author-Name: Mohammed Nishat
Author-X-Name-First: Mohammed
Author-X-Name-Last: Nishat
Author-Workplace-Name: Institute of Business Administration, Karachi.
Title: Volatility of Exchange Rate and Export Growth in Pakistan: The Structure and Interdependence in Regional Markets
Abstract: The study empirically investigates the effect of exchange rate volatility on exports growth
between Pakistan and leading trade partners. The countries are selected to determine the bilateral
relationship between Pakistan and the other countries under various regional economic blocks such as
SAARC, ASEAN, European, and Asia-Pacific regions. Cointegration and Error Correction techniques are
used to establish the empirical relationship between exchange rate volatility and exports growth, using
quarterly data from 1991:3 to 2004:2. The results indicate that the volatility of exchange rate has negative
and significant effects both in the long run and short run with major trade partners, namely, UK and US. A
similar pattern was observed in case of Australia, Bangladesh, and Singapore, where the volume of trade
with Pakistan is comparatively consistent and less volatile. The relationship between exports growth and
exchange rate volatility for India and Pakistan is observed only in the long-run perspective. However, of
countries like New Zealand and Malaysia, no empirical relationship is observed between export growth
and exchange rate volatility.
Classification-JEL: F31
Keywords: Export, Exchange Rate, Pakistan
Journal: The Pakistan Development Review
Pages: 813-828
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Khalid%20Mustafa.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:813-828

Template-Type: ReDIF-Article 1.0
Author-Name: M. Ali Kemal
Author-X-Name-First: M. Ali
Author-X-Name-Last: Kemal
Author-Workplace-Name: Pakistan Institute of Development Economics, Islamabad.
Author-Name: Rana Murad Haider
Author-X-Name-First: Rana
Author-X-Name-Last: Murad Haider
Author-Workplace-Name: Pakistan Institute of Development Economics, Islamabad.
Title: Exchange Rate Behaviour after Recent Float: The Experience of Pakistan
Abstract: The paper analyses different models to check the behaviour of exchange rate after the recent
floating period in July 2000. It is found that the gap between the nominal and real exchange rate has
widened after 9/11. Changes in the nominal exchange rate and real exchange rate are highly correlated and
relative prices are not significantly correlated with the nominal exchange rate. Moreover, the exchange
rate did not capture frequent changes in relative prices, which implies that PPP does not hold for the recent
floating period. Real exchange rate always overshoots in response to exogenous shocks and then adjusts
back to restore the equilibrium, although the adjustment process varies by country. The real exchange rate
is not completely a random walk model and the movements are also explained by other fundamentals. It is
safer to keep reserves in dollar and yen than in any other currency.
Classification-JEL: F31
Keywords: Exchange Rate, Pakistan
Journal: The Pakistan Development Review
Pages: 829-852
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/M%20Ali%20Kemal.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:829-852

Template-Type: ReDIF-Article 1.0
Author-Name: Talat Anwar
Author-X-Name-First: Talat
Author-X-Name-Last: Anwar
Author-Workplace-Name: State Bank of Pakistan, Karachi.
Author-Name: Sarfraz K. Qureshi
Author-X-Name-First: Sarfraz K.
Author-X-Name-Last: Qureshi
Author-Workplace-Name: Pakistan Institute of Development Economics, Islamabad.
Author-Name: Hammad Ali
Author-X-Name-First: Hammad
Author-X-Name-Last: Ali
Author-Workplace-Name: Federal Bureau of Statistics, Islamabad.
Title: Landlessness and Rural Poverty in Pakistan
Abstract: Although reducing rural poverty has been the key agenda of economic reforms in Pakistan, the
rural poverty continued to rise during the 1990s. The causes of rural poverty are complex and
multidimensional. The rural poor are quite diverse both in the problems they face, and the possible
solutions to these problems are also different. The paper uses the most recent household data set
available—PIHS 2001-02—to examine the causes of rural poverty, as to what accounts for its persistence
and what policy measures should be taken to alleviate it. Poverty estimates using official poverty line
suggest the high prevalence of rural poverty ranging from 39 percent to 48 percent in all provinces. Rural
poverty is found to be strongly correlated with lack of asset in rural areas. The unequal land ownership in
the country is found to be one of the major causes of rural poverty, as poverty level was the highest among
the landless households followed by non-agriculture households. The incidence of landlessness is common
in rural areas. About 67 percent households own no land in the country. Unusually, just 0.3 percent
households own 55 and above acres of land across the country, suggesting a highly skewed landownership
pattern. Gini Coefficient of landholding suggests that Punjab has the most unequal landownership pattern,
followed by the NWFP, Sindh, and Balochistan. The highly unequal land distribution seems to have
resulted in tenancy arrangements such as sharecropping, resulting in high prevalence of absolute poverty
particularly in Sindh. A broad-based land reform programme, including land redistribution and fair and
enforceable tenancy contracts together with rural public works programmes and access to credit, is critical
to reducing rural poverty in Pakistan.
Classification-JEL: I32
Keywords: Poverty, Pakistan
Journal: The Pakistan Development Review
Pages: 855-874
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Talat%20Anwar.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:855-874

Template-Type: ReDIF-Article 1.0
Author-Name: Syed Nisar Hussain Hamdani
Author-X-Name-First: Syed Nisar
Author-X-Name-Last: Hussain Hamdani
Author-Workplace-Name: University of Azad Jammu and Kashmir.
Author-Name: Eatzaz Ahmad
Author-X-Name-First: Eatzaz
Author-X-Name-Last: Ahmad
Author-Workplace-Name: Quaid-i-Azam university, islamabad.
Author-Name: Mahmood Khalid
Author-X-Name-First: Mahmood
Author-X-Name-Last: Khalid
Author-Workplace-Name: State Bank of Pakistan, Islamabad.
Title: Study of Philanthropic Behaviour in Divine Economics Framework
Keywords: Philanthropic Behaviour
Journal: The Pakistan Development Review
Pages: 875-894
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Nisar%20Hussain%20Hamdani-New.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:875-894

Template-Type: ReDIF-Article 1.0
Author-Name: Rashida Haq
Author-X-Name-First: Rashida
Author-X-Name-Last: Haq
Author-Workplace-Name: Pakistan Institute of Development Economics, Islamabad.
Title: Transition of Poverty in Pakistan: Evidence from the Longitudinal Data
Abstract: This paper quantitatively investigates transition of poverty in Pakistan using two-period
panel data set of Pakistan Socio-economic Survey. Empirical results show that the incidence,
intensity, and severity of poverty have increased over time. This analysis also identifies ‘the
absolute poor’, ‘the transitory poor’, and ‘the non-poor’, and suggests that ‘the absolute poor’
households have increased significantly over time. The poverty transition portrays that about onequarter
of the households remain poor, while approximately fifty percent households remain nonpoor.
Analysis of poverty entries and exits over these two periods show that many households enter
poverty while fewer households exit from poverty. The analyses also suggest that transition of
poverty is closely related to socio-economic dimensions of the households such as school
enrolment, child labour, employment status of the head of the household, and indebtedness of the
households. The main message that emerges from this study is that poverty reduction should focus
on the extremely vulnerable households, and should try to reduce entry into poverty while
increasing exit from poverty.
Classification-JEL: I30
Keywords: Poverty, Pakistan
Journal: The Pakistan Development Review
Pages: 895-909
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Rashida%20Haq.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:895-909

Template-Type: ReDIF-Article 1.0
Author-Name: Pervez Tahir
Author-X-Name-First: Pervez
Author-X-Name-Last: Tahir
Author-Workplace-Name: Planning Commission, Government of Pakistan, Islamabad.
Title: Prospects of Economic Integration among the ECO Countries
Abstract: Promotion of Intra-regional trade is the most important economic justification for regional
economic blocs. This paper examines such prospects in the Economic Cooperation Organisation (ECO)
region, a grouping of ex-RCD and Central Asian States. It is shown that the progress is extremely slow
and the time table fixed for the implementation of the ECO Trade Agreement is ambitious, given the
lukewarm will to cooperate, the unsettled state of affairs in Afghanistan, and the dirigistic legacy of
central planning in the Central Asian States.
Classification-JEL: R11, F15
Keywords: regional Cooperation, Economic Integration
Journal: The Pakistan Development Review
Pages: 913-923
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Pervez%20Tahir.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:913-923

Template-Type: ReDIF-Article 1.0
Author-Name: M. Asaduzzaman
Author-X-Name-First: M.
Author-X-Name-Last: Asaduzzaman
Author-Workplace-Name: Bangladesh Institute of Development Studies, Dhaka, Bangladesh.
Title: Trade Liberlisation as an Instrument for Regional Cooperation
Classification-JEL: R11, F15
Keywords: Trade Liberlisation, Regional Co-operation
Journal: The Pakistan Development Review
Pages: 925-931
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Asaduzzaman.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:925-931

Template-Type: ReDIF-Article 1.0
Author-Name: Dwarika Dhungel
Author-X-Name-First: Dwarika
Author-X-Name-Last: Dhungel
Author-Workplace-Name: Institute of Integrated Development Studies, Kathmandu, Nepal.
Title: South Asian Association for Regional Co-operation (SAARC): Prospects for Development
Classification-JEL: R11
Keywords: South Asian, Regional Co-operation
Journal: The Pakistan Development Review
Pages: 933-941
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Dwarika%20Dhungel.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:933-941

Template-Type: ReDIF-Article 1.0
Author-Name: Indra Nath Mukherji
Author-X-Name-First: Indra Nath
Author-X-Name-Last: Mukherji
Author-Workplace-Name: School of International Studies, Jawaharlal Nehru university, new dehli.
Title: South Asian Free Trade Area and Indo-Pakistan Trade
Abstract: South Asian Preferential Trading Arrangement (SAPTA) became operational in December 1995,
through a modest exchange of tariff preference among the contracting states. The concessions exchanged
expanded progressively through the second and third rounds, and by end of October 1999 as many as 5550
products were conceded preferential concessions by all contracting states, of which 3439 products were
offered exclusively in favour of Least Developed Countries (LDCs). India offered concessions on 477
products. Using highly disaggregated data from Indian sources, this paper highlights the trend in
preferential trading between India and Pakistan on these products through the three rounds of negotiations
covering the period 1996-97 to 2002-03. The hypothesis of the study is that the share of preferential trade
in relation to bilateral trade (both for imports and exports) would increase with the offer of concessions
and also lead to trade diversification in such products. The results of this study support this hypothesis.
The paper examines the various constraints to bilateral trade and agrees that in case these were removed,
the bilateral trade between the two countries would expand even further.
Classification-JEL: R11, F14
Keywords: South Asian, Free Trade, Indo-Pakistan Trade
Journal: The Pakistan Development Review
Pages: 943-958
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Mukerjee.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:943-958

Template-Type: ReDIF-Article 1.0
Author-Name: Musleh-Ud Din
Author-X-Name-First: Musleh-Ud
Author-X-Name-Last: Din
Author-Workplace-Name: Pakistan institute of Development Economics, Islamabad.
Author-Name: Shahbaz Nasir
Author-X-Name-First: Shahbaz
Author-X-Name-Last: Nasir
Author-Workplace-Name: Pakistan institute of Development Economics, Islamabad.
Title: Regional Economic Integration in South Asia: The Way Forward
Classification-JEL: R11, F15
Keywords: regional Cooperation, Economic Integration, South Asia
Journal: The Pakistan Development Review
Pages: 959-974
Volume: 43
Issue: 4
Year: 2004
File-URL: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/Muslehuddin.pdf
File-Format: Application/pdf
Handle: RePEc:pid:journl:v:43:y:2004:i:4:p:959-974