The Lahore Journal of Economics

Provides articles in economics and related fields.

Articles from Vol. 16, September

An Evaluation of Mutual Fund Performance in an Emerging Economy: The Case of Pakistan
AbstractThis article examines the performance of Pakistan's mutual fund industry during 2006-10, a period characterized both by bullish and bearish markets. An analysis of fund types reveals that Islamic funds have shown strong growth in spite of their...
A Qualitative Analysis of Pakistan's External and Internal Debt
AbstractThis paper discusses how poor debt management combined with the policies of donor agencies (particularly the IMF) have brought on the present domestic and foreign debt crises. The paper presents a qualitative account of the debt in Pakistan and...
Editors' Introduction
The Center for Research in Economics and Business (CREB) of the Lahore School of Economics, hosted the Seventh Annual Conference on the Management of the Pakistan Economy from May 4th - May 6th, 2011 and the theme of this year's conference was 'Financial...
Financing Constraints: Determinants and Implications for Firm Growth in Pakistan
AbstractThis study has a twofold objective: (i) to investigate the determinants of firm growth, specifically the extent to which finance constrains enterprise growth; and (ii) to explore the determinants of external financial access in Pakistan. External...
Government Budget Deficits and the Development of the Bond Market in Pakistan: Issues and Challenges
AbstractThis article examines how better discipline can be brought to fiscal policy, first, through enhanced institutional checks and balances, and second, through better market discipline. We examine the political institutions and budgetary processes...
Interest Margins and Banks' Asset-Liability Composition
AbstractThis article examines the determinants of banks' interest margins. The results suggest that short-term government bonds (floating debt) and the large share of interest-insensitive deposits held by banks are the key determinants of the interest...
Market Discipline in Commercial Banking: Evidence from the Market for Bank Equity
AbstractThis study presents empirical evidence of market discipline, using a panel dataset of listed banks on the Karachi Stock Exchange. We construct multiple risk-based measures from the stock prices between 2004 and 2009 to determine whether an increase...
Norms of Cooperation, Trust, Altruism, and Fairness: Evidence from Lab Experiments on Pakistani Students
AbstractA rich area of economic research focuses on the role of controlled experiments to understand interactions between agents and agents' own deep-seeded preferences as they pertain to pro-social behavior. Four of the most common games-the prisoner's...
Pakistan 2011: Policy Measures for the Economic Challenges Ahead
AbstractPakistan faces economic challenges in the summer of 2011 with regard to its balance of payments and its public finances, resulting primarily from the suspension of an ongoing International Monetary Fund (IMF) program, the associated cessation...
Pakistan: Breaking out of Stagflation into Sustained Growth
AbstractThis paper proposes that the underlying cause of the macroeconomic problems facing Pakistan today are a series of supply shocks which have constrained output growth. It is argued that while the current debate has solely focused on government...
Pakistan, Growth, Dependency, and Crisis
AbstractCompared to the historical and even contemporary experience of India, Pakistan has long been regarded as a "dependent" economy. Gross domestic product growth in Pakistan is typically argued to be contingent on external factors: trade, financial...
Reconstructing the Performance of Pakistan's Political Economy: Another Paradigm
AbstractThis paper looks at the major factors limiting economic growth in Pakistan. The paper then analyzes the structural problems faced by Pakistan today and goes on to discuss the challenges facing monetary policy makers in Pakistan as well as the...
The Capital Account and Pakistani Rupee Convertibility: Macroeconomic Policy Challenges
AbstractPakistan embarked on the liberalization of its capital account more than two decades ago. Today, it is an economy with a capital account that is, by and large, free of restrictions, and a convertible currency. However, its actual integration...
The Economics of Inflation, Issues in the Design of Monetary Policy Rule, and Monetary Policy Reaction Function in Pakistan
AbstractThe objective of this study is to estimate a monetary policy reaction function for Pakistan. To do this, we use data for the period 1992Q4-2010Q2. Our results show that the State Bank of Pakistan reacts to changes in the inflation rate and economic...
The Impact of Bank Governance on Bank Performance in Pakistan
AbstractThis study attempts to investigate the impact of changes in bank governance on bank performance in Pakistan. Governance changes entail the privatization and restructuring of state-owned banks, and the merger and acquisition of private and foreign...
The Impact of Monetary Policy on Lending and Deposit Rates in Pakistan: Panel Data Analysis
AbstractThis study estimates the impact of monetary policy on lending and deposit rates in Pakistan, using bank data for the period November 2001 to March 2011. We find evidence of a long-run relationship between the lending and discount rate, but the...
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