bluuebunny/crossref_metadata_2025 huggingface dataset:
Opportunities and Challenges for the Sustainability of Lakes and Reservoirs in Relation to the Sustainable Development Goals (SDGs)
Authors: Ho Long T. , Goethals Peter L. M.
Published: July 2019

Emerging global threats, such as biological invasions, climate change, land use intensification, and water depletion, endanger the sustainable future of lakes and reservoirs. To deal with these threats, a multidimensional view on the protection and exploitation of lakes and reservoirs is needed. The holistic approach needs to contain not just the development of economy and society but also take into account the negative impacts of this growth on the environment, from that, the balance between the three dimensions can be sustained to reach a sustainable future. As such, this paper provides a comprehensive review on future opportunities and challenges for the sustainable development of lakes and reservoirs via a critical analysis on their contribution to individual and subsets of the Sustainable Development Goals (SDGs). Currently, lakes and reservoirs are key freshwater resources. They play crucial roles in human societies for drinking water provision, food production (via fisheries, aquaculture, and the irrigation of agricultural lands), recreation, energy provision (via hydropower dams), wastewater treatment, and flood and drought control. Because of the (mostly) recent intensive exploitations, many lakes and reservoirs are severely deteriorated. In recent years, physical (habitat) degradation has become very important while eutrophication remains the main issue for many lakes and ponds worldwide. Besides constant threats from anthropogenic activities, such as urbanization, industry, aquaculture, and watercourse alterations, climate change and emerging contaminants, such as microplastics and antimicrobial resistance, can generate a global problem for the sustainability of lakes and reservoirs. In relation to the SDGs, the actions for achieving the sustainability of lakes and reservoirs have positive links with the SDGs related to environmental dimensions (Goals 6, 13, 14, and 15) as they are mutually reinforcing each other. On the other hand, these actions have direct potential conflicts with the SDGs related to social and economic dimensions (Goals 1, 2, 3 and 8). From these interlinkages, we propose 22 indicators that can be used by decision makers for monitoring and assessing the sustainable development of lakes and reservoirs.
Datation dendrochronologique du bâti traditionnel et occupation humaine dans les Alpes françaises du Sud, au cours du dernier millénaire
Authors: Edouard Jean-Louis
Published: July 2019

Les constructions traditionnelles de montagne, notamment les granges, constituées d'empilages de bois, pièces sur pièces, en mélèze, sont une source de données exploitables par la dendrochronologie. L'analyse dendrochronologique de nouveaux bâti¬ ments, la chapelle Saint-Romain de Puy-Saint-Vincent (massif des Ecrins) et des chalets-granges du Mercantour, révèle des dates d'abattage très anciennes remontant à la deuxième moitié du XIIe siècle comme nous l'avons déjà mis en évidence dans la vallée de la Clarée, et de la fin du XVe siècle au début du XXe siècle, dans le Mercantour. Ces résultats confirment l'importance historique de ce patrimoine architectural traditionnel alpin.
ENVIRONMENTAL PERFORMANCE, INTELLECTUAL CAPITAL, PRAKTIK PENGHINDARAN PAJAK DAN NILAI PERUSAHAAN
Authors: SEPTIANI EKA , HOLIAWATI HOLIAWATI , RUHIYAT ENDANG
Published: July 2019

This study aims to examine the effect of environmental performance, intellectual capital and tax avoidance practices on firm values. This type of research is quantitative by using the population in this study is a manufacturing company that is listed on the Indonesia Stock Exchange in 2012-2016. The selection of data samples using a purposive sampling technique. The analytical method used is multiple linear regression analysis. The results of this study indicate that environmental performance has no effect on company values, intellectual capital has a positive and significant effect on corporate values and tax avoidance practices that have a negative and significant effect on firm value.
Editorial
Authors: Isea Argüelles Josía
Published: July 2019

Editorial
Ontología en la enseñanza de la física
Authors: Morantes Patricia , Rivas Suárez Rónald
Published: July 2019

Existen diversas tendencias educativas y nuevas propuestas de cómo implementar el proceso de enseñanza de la física, lo que ha conducido a una diversificación del lenguaje que tiende a dificultar la comunicación. La ontología en computación es un documento que define formalmente términos y las relaciones entre términos para determinar un vocabulario común. En este trabajo se clasifican algunas tendencias de la enseñanza de las ciencias según los principios de la ingeniería de modelos (metametamodelo, metamodelo, modelo) determinando a través de la ontología los conceptos utilizados más comúnmente, contribuyendo a la unificación de conceptos en los modelos de la enseñanza de la física, estableciendo estándares en este dominio.
VOCATIONAL INTEREST, ATTRIBUTION AND CAREER MATURITY AMONG SECONDARY SCHOOL TEACHERS IN SOKOTO METROPOLIS
Authors: Tsagem Shehu Yahaya , Tambuwal Malami Umar
Published: July 2019

The main thrust of this study was to examine and investigate whether relationships exist among vocational interest, attribution and career maturity among teachers in secondary schools of Sokoto state. Some research questions raised were: Is there any relationship between vocational interest and career maturity of secondary school teachers in Sokoto state: and is there any relationship between vocational interest and attribution of secondary school teachers in Sokoto state? Some null hypotheses generated for the conduct of the study were that: there is no significant relationship between vocational interest and career maturity of secondary school teachers in Sokoto state and there is no significant relationship between vocational interest and attribution of secondary school teachers in Sokoto state. The study used the correlational survey methodology for237 subjects drawn from the total population by means o f simple random sampling technique. Data for the study was collected with the use of an adopted version of Bakare 's Vocational Interest Inventory, an adopted version of Olomolaiye's Self Other Motivation Scale and an adopted version of Crites' Career Maturity Inventory Attitude Scale. Some major findings of the study were that there is a relationship between vocational interest and career maturity and also that there is a relationship between career maturity of secondary school teachers in Sokoto state. Some of the recommendations made were that the Ministry of Education in Sokoto state and the teachers themselves should embark on developing both internal and external inspiring factors toward the general development of the teachers' career maturity thus leading to sound academic effectiveness and that the state Ministry of Education should look for all possible ways to develop teachers' interest and attribution which will eventually enhance the realization of positive and efficient self-esteem, self-efficacy, self-concept and self-fulfillment which are necessary ingredients in career maturity etc.
Human Capital and Economic Growth: Pakistan, 1960-2003
Authors: Abbas Qaisar , Foreman-Peck James
Published: July 2019

This paper investigates the relationship between human capital and
economic growth in Pakistan with aggregate time series data. Estimated
with the Johansen (1991) approach, the fitted model indicates a critical
role for human capital in boosting the economy’s capacity to absorb world
technical progress. Much higher returns, including spillovers, to secondary
schooling in Pakistan than in OECD economies is consistent with very
substantial education under-investment in Pakistan. Similarly, extremely
large returns to health spending compare very favorably with industrial
investment. Human capital is estimated to have accounted for just under
one-fifth of the increase in Pakistan’s GDP per head. Since the 1990s, the
impact of deficient human capital policies is shown by the negative
contribution to economic growth.
The Determinants of Capital Structure of the Chemical
Industry in Pakistan
Authors: Rafiq Muhammad , Iqbal Asif , Atiq Muhammad
Published: July 2019

This study is an attempt to determine the capital structure of listed
firms in the chemical industry of Pakistan. The study finds that by
studying a specific industry's capital structure, one can ascertain unique
attributes, which are usually not apparent in the combined analysis of
many sectors as done by Shah and Hijazi (2004). This study analyzed 26 of
39 firms in the chemical sector, listed at the Karachi Stack Exchange for
the period 1993-2004 using pooled regression in a panel data analysis. Six
regressors i.e. firm size, tangibility of assets, profitability, income variation,
non-debt tax shield (NDTS) and growth were employed to examine their
effects on leverage. The results show that these six independent variables
explain 90% of variation in the dependent variable and, except for firm
tangibility, results were found to be highly significant. The study has policy
implications of importance for researchers, investors, analysts and
managers.
Size and Value Premium in Karachi Stock Exchange
Authors: Mirza Nawazish , Shahid Saima
Published: July 2019

This study evaluates the ability of the Fama and French Three
Factor model to explain a cross section of stock returns in the Karachi
Stock Exchange (KSE). Following Fama and French factor approach, we
sorted six portfolios by size and book to market. The sorted portfolios were
constituted to represent stocks from each and every sector of KSE. Using
Daily returns from January 2003 to December 2007, the excess returns for
each portfolio were regressed on market, size and value factors. Our
findings, in general, supported the notion of the three factor model. The
three factor model was able to explain the variations in returns for most of
the portfolios and the results remain robust when the sample was reduced
to control for the size effect. Our findings are consistent with most of the
studies that suggested the validity of the three factor model in emerging
markets. These results warrant for the inclusion of size and value factors
for valuation, capital budgeting and project appraisals, thus, having
substantial implications for fund managers, analysts and investors.
Measuring Volatility of Inflation in Pakistan
Authors: Saleem Nadia
Published: July 2019

The available evidence in Pakistan suggests that inflation is a
monetary phenomena. This paper examines the relationship between the
determinants of inflation and its volatility by using monthly data for
1990:M1-2007:M5. The determinants of inflation are estimated by a VAR
analysis, which shows that inflation, the interest rate and money supply
move together. A VAR model assumes constant error variance. We relaxed
this assumption by employing an ARCH/GARCH model and conclude that
inflation is volatile in nature. For measuring the qualitative nature of the
inflationary process we used an EGARCH model. It confirms that the time
effect model is significant. It also suggests that in the first four months of
the calendar year, the inflationary shock is negative and it can, therefore,
hamper growth.
Ensuring Stable and Inclusive Growth in Pakistan
Authors: Amjad Chaudhry Shahid
Published: July 2019

The article provides an overview of the Pakistani economy and
addresses various sectoral issues currently being faced by the economy. The
first and the most critical problem highlighted concerns the protection of the
poor. Other issues highlighted relate to education, healthcare, housing,
taxation and energy. This paper discusses how the current account deficit
needs to be tackled by higher tariffs, exchange rate adjustments, and possible
export duties. The paper also discusses the need to reduce the cost of
production for industry and upgrade governance through an emphasis on
the local government system. Regarding public sector investments, the paper
explains how the government needs to be transparent about the Public Sector
Development Programme, and allow projects to be executed by the provinces.
Unfinished Agenda of Reforms
Authors: Sheikh Hafeez
Published: July 2019

This paper gives a brief overview of Pakistan’s economic growth
over the past decades and critically examines the economic policies of the
last government. It draws attention to the unchecked state dominance
across all sectors of the economy and emphasizes the need for further
privatization. The paper concludes with some suggestions on the way
forward towards growth and economic prosperity.
Trade Liberalization and the Lead Role of Human Capital and Job Attributes in Wage Determination: The Case of Pakistan’s Labor Market
Authors: Yasmin Bushra
Published: July 2019

This study analyzes the role of human capital and job attributes, i.e., supply-side determinants, in determining wages in a period of trade liberalization. Using the Mincerian earning function and based on data from the Labor Force Surveys, we construct a model to estimate various wage determinants and compute the rates of return to different educational qualifications and relative occupational wage shares for the years 2005/06 and 1990/91. The estimated earning functions for 1990/91 and 2005/06 are compared to investigate whether individual characteristics—such as gender, job location, nature of job, educational qualifications, and different occupations—cause the wage gap to widen or contract under conditions of trade liberalization. The mean and quantile regression approach is used for estimation purposes. Our key findings postulate (i) an increasing gender pay gap, (ii) a higher wage premium to the highest educational qualification, and (iii) more or less stable relative wages for different occupations over time. In addition, wage dispersion across occupational groups appears more pronounced in 1990/91 than in 2005/06, implying a declining trend in the difference in wage distribution across occupations.
Cointegration and Causality: An Application to Major Mango
Markets in Pakistan
Authors: Ghafoor Abdul , Mustafa Khalid , Mushtaq Khalid , Abedullah Abedullah
Published: July 2019

Mangoes are one of Pakistan’s most important fruits; the country is
the world’s fourth largest producer and exporter of mangoes. Integrated
markets are those where price signals are transferred from one to another,
allowing physical arbitrage to adjust any disturbances in these markets;
integrated markets are thus a sign of efficiency. From this viewpoint, we
investigate domestic integration among ten major mango markets, i.e.,
Lahore, Faisalabad, Multan, Gujranwala, Sargodha, Karachi, Hyderabad,
Sukkur, Peshawar, and Quetta employing Johansen’s cointegration
approach and error correction model. Data on monthly wholesale prices
data (PRs/100 kg) were obtained from the agricultural and livestock
marketing advisor, Government of Pakistan. The results of the study
confirm the presence of integration among major mango markets in
Pakistan. These markets were able to adjust for 16 to 68% of
disequilibrium in one month, implying that it takes almost two to six
months to remove any disequilibrium and to move back to long-run
equilibrium. The Granger causality test shows that the Karachi market has
bidirectional causality with Lahore, Faisalabad, Multan, Hyderabad, and
Sukkur, and a unidirectional relationship with the rest. An impulse
response analysis was also conducted to check the stability of these markets
given a standard error shock to the Karachi base market.
An Empirical Investigation of the Causal Relationship among Monetary Variables and Equity Market Returns
Authors: Hasan Arshad , Javed M. Tariq
Published: July 2019

This study explores the long-term dynamic relationship between equity prices and monetary variables for the period June 1998 to June 2008. Monetary variables include money supply, treasury bill rates, foreign exchange rates, and the consumer price index. The data have been examined using multivariate cointegration analysis and Granger causality analysis. Johansen and Juselius’ multivariate cointegration analysis indicates the presence of a long-term dynamic relationship between the equity market and monetary variables. Unidirectional Granger causality is found between monetary variables and the equity market. In the case of money supply, a positive relationship supports the liquidity hypothesis. Impulse response analysis indicates that the interest rate shock has a negative impact on equity returns in the Pakistani equity market. Exchange rates also have a negative impact on equity returns in the short run. However inflation has little impact on returns in the equity market. Variance decomposition analysis suggests that the interest rate, exchange rate, and money supply shocks are a substantial source of volatility for equity returns.
Total Factor Productivity Growth in Pakistan: An Analysis of the Agricultural and Manufacturing Sectors
Authors: Amjad Chaudhry Azam
Published: July 2019

This paper uses Cobb-Douglas and translog production functions to calculate total factor productivity (TFP) in Pakistan over the period 1985 – 2005, first for the manufacturing and agricultural sectors individually, then for the economy as a whole. In manufacturing, productivity increased at an average of 2.4% per year with output growth being driven mainly by increases in capital. Despite the limitations of the available agricultural data, we have determined that productivity has grown at an average rate of 1.75% per year in this sector. The major drivers of growth in agriculture have been increases in labor and TFP. These estimates of sectoral TFP put Pakistan at par or above average as compared to other developing countries, but lagging behind the East Asian economies. For the economy as a whole, TFP has increased at an average rate of only 1.1% a year in Pakistan, resulting in almost three quarters of GDP growth attributed to increases in labor and the capital stock.
The Political Economy of Industrial Development in Pakistan:
A Long-Term Perspective
Authors: Ali Imran , Malik Adeel
Published: July 2019

Private industrial development in Pakistan has a mixed track record. This paper presents a political economy overview of industrial development in Pakistan. Starting with an analysis of initial conditions, such as low levels of urbanization and out-migration of bourgeoisie, the paper looks at the ways in which policies were used to create advantages for elites and special interests. The paper also investigates the role of foreign aid in distorting industrial structure.
Capital Flows and Real Exchange Rate Overvaluation - A
Chronic Ailment: Evidence from Pakistan
Authors: Ahmed Hamna
Published: July 2019

The objective of this study is twofold: (i) to estimate the equilibrium
real exchange rate (RER) from a long-run perspective and calculate the
degree of overvaluation for the period 1972–2007, and (ii) to test the Dutch
Disease hypothesis concerning the effect of capital flows on the RER in
Pakistan. Based on various macroeconomic fundamentals suggested in
economic literature by Edwards (1988, 1989, 1994), Elbadawi (1994), and
Montiel (1997), the equilibrium RER is estimated as a function of the terms
of trade, government spending, degree of openness, workers’ remittances,
foreign direct investment (FDI) flows, and foreign economic assistance. In
view of this study’s long-term focus, all unsustainable and temporary flows
are filtered out to obtain an accurate misalignment index. Estimation
results are in line with theoretical postulations: an increase in capital
flows, government spending on nontradable goods and terms of trade
improvement are consistent with an appreciation of the RER, while an
increase in the degree of openness is expected to depreciate the RER.
Findings suggest that the RER suffers from chronic overvaluation in
Pakistan. In spite of filtering out unsustainable and temporary flows,
overvaluation increased from 0.75% in 2001 to 22.9% in 2007. A sharp
rise in FDI flows (between 2005 and 2007) and an increase in remittances
(between 2002 and 2007) are among the main factors that have
contributed to this persistent overvaluation. Results also suggest that the
Dutch Disease hypothesis holds in the case of Pakistan.
Recent Experience and Future Prospects of Pakistan’s Trade with China
Authors: Musleh-ud Din Musleh-ud Din , Ghani Ejaz , Qadir Usman
Published: July 2019

This paper examines the prospects of expanding bilateral trade between Pakistan and China particularly in the context of the recently signed free trade agreement between the two countries. Using the augmented gravity model in the tradition of Rose (2004), the paper shows that there is significant potential for the expansion of bilateral trade between the two countries as a result of the free trade agreement. The paper also analyzes bilateral trade flows between the two countries in terms of a trade specialization index and the Grubel-Lloyd index of intra-industry trade. We show that bilateral trade between the two countries is heavily tilted in favor of China and that this situation may persist in the short term.
International Trade Arising from Wage Differences
Authors: Rahim Sikander
Published: July 2019

This paper analyzes how trade can develop between low and high wage countries when there is free trade and when there is protection. In particular, the paper focuses on Pakistani industrial development from the 1950’s and how standard international trade theory relies on specific assumptions about the nature of capital, which may not hold. This, in turn, has specific implications for industrial policy in low wage countries.
Development of Supply and Demand Functions of Pakistan’s
Wheat Crop
Authors: Zulfiqar Muhammad , F. Chishti Anwar
Published: July 2019

A simultaneous-equations model was used to capture the supply and
demand functions for Pakistan’s wheat sector at the national level. This
model reflects the fact that Pakistan’s domestic wheat supply is priceresponsive
and positively affected by the use of nutrient fertilizers. While
price appears to be a statistically significant factor on the supply side, it is
statistically insignificant on the demand side. Population size appears to be
very significant in determining wheat demand. The wheat import supply
seems to be influenced by the current world wheat price, current world
wheat supplies, Pakistan’s domestic consumption in previous years, and
domestic supply in previous years. We recommend that policymakers allow
market forces to play a role in the wheat economy in a way that protects
producers from adverse market conditions. The availability of various
nutrient fertilizers should be central to policies on future inputs use. Work
is also needed on wheat alternatives so that the country’s dependence on
wheat is eased as much as possible.
Adopting Inflation Targeting in Pakistan: An Empirical
Analysis
Authors: Saleem Nadia
Published: July 2019

The objective of this paper is to assess the conditions for inflation
targeting in Pakistan. The recent inflationary surge in Pakistan calls for
rethinking monetary policy afresh. This paper argues the case for inflation
targeting in Pakistan as a policy option to achieve price stability. The country
experienced an inflation rate of just below 10 percent during 1970-2009, which
makes it a potential candidate for inflation targeting. Applying the VAR
technique to data for the same period, inflation is shown to be adaptive in nature,
leading us to reject the accelerationist hypothesis. The Lucas critique holds as
people are found to use forward-looking models in forming expectations about
inflation. The paper also sheds some light on the State Bank of Pakistan’s level of
preparedness for the possibility of adopting inflation targeting, for which
transparency and autonomy are prerequisites. The interest rate channel can play
the role of a nominal anchor in the long run.
Measurement and Decomposition of Consumption
Inequality in Pakistan
Authors: Idrees Muhammad , Ahmad Eatzaz
Published: July 2019

This paper shows that inequality in consumption expenditure in
Pakistan improved slightly between 1992/93 and 2004/05, and that the extent of
inequality in food consumption has remained substantially lower than in nonfood
consumption. An important result is that household expenditure on education
has been more unequally distributed than overall consumption expenditures. In
contrast, healthcare expenditure in urban areas has been distributed relatively
more evenly in recent years, while the level of inequality in healthcare
expenditures in rural areas has remained persistent and somewhat higher.
The Endemic Crisis of Federalism in Pakistan
Authors: Ahmad Raza
Published: July 2019

This paper looks at the issue of federalism in Pakistan. It begins
with an analysis of the conceptual paradigms of federalism and goes on to
examine the history of federalism in Pakistan. The paper goes on to discuss
the reasons for the failure to develop an organic federal covenant as well as
discuss how the 7th National Finance Commission (NFC) Award and the
18th Amendment may be indicative of a paradigm shift. The paper
concludes by presenting the way forward for federalism in Pakistan.
A Panel Data Analysis of Electricity Demand in Pakistan
Authors: Amjad Chaudhry Azam
Published: July 2019

This paper looks at the economy-wide demand and the firm level
demand for electricity in Pakistan. The economy wide estimation of
electricity demand uses panel data from 63 countries from 1998-2008, and
finds that the elasticity of demand for electricity with respect to per capita
income is approximately 0.69, which implies that a 1% increase in per
capita income will lead to a 0.69% increase in the demand for electricity.
The firm level analysis uses firm level data from the World Bank’s
Enterprise Survey for Pakistan and finds that the price elasticity of demand
for electricity across all firms is approximately -0.57, which implies that a
1% increase in electricity prices will lead to a 0.57% decrease in electricity
demand across firms. Across sectors, the textile sector has the highest price
elasticity of demand (-0.81) while the price elasticity of demand for firms in
the electricity and electronics sector is the smallest (-0.31). Finally, firm
level data is also used to estimate production functions in order to estimate
the impact of electricity shortages on manufacturing output.
Why is it so Difficult to Implement a GST in Pakistan?
Authors: Ahmad Ehtisham
Published: July 2019

This paper discusses the efforts by the Government of Pakistan to
implement a General Sales Tax (GST). First, a history of Pakistani tax
reform efforts is presented along with the reforms recommended by the
National Taxation Reforms Commission. After this, the design and
implementation of the GST is discussed followed by an analysis of the
political economy and provincial issues that arise in the process of
implementing the GST. Finally, the paper discusses various proposals
regarding the determination of the base for the GST. The paper concludes
that the splitting of the GST by sectors, given the perspective that the
1930’s style sales tax, is not sensible, and the Pakistani formulation is more
unstable than the assignment of the GST on goods.
Can Pakistan Get Out of the Low Tax-to-GDP Trap?
Aisha Ghaus Pasha∗
Abstract
Authors: Ghaus Pasha Aisha
Published: July 2019

This paper explores how Pakistan can get out of the low-tax-to-GDP
trap and come close to achieving its revenue targets. Examining the trend
factors influencing the trend in total and individual tax-to-GDP ratios over
a period of twenty years, the paper concludes that partially successful
and/or inappropriate tax reforms have put Pakistan in this trap. While
highlighting that a period of economic slowdown may not be the best time
to make a big push on resource mobilization, the paper presents a strategy
which aims at not only enhancing tax revenues but also making the
taxation structure more progressive, broad based and balanced.
Pakistan: Indus Basin Water Strategy – Past, Present and
Future
Authors: Amjad Chaudhry Shahid
Published: July 2019

This paper looks at the Indus Basin Water Strategy for Pakistan. It
begins with a historical overview of the Indus Basin Irrigation System
(IBIS), the Indus Basin Replacement Works (1960-1980) and the Indus Basin
Salinity Control Efforts (1960-2000). The paper then looks at the IBIS
irrigation and salinity control investments that have taken place over the
last decade (2000-2010). The paper goes on to look at the present situation
of the IBIS as well as discuss an IBIS strategy for the next decade. Finally,
the paper discusses supply side and demand management strategies for IBIS.
Overall, the paper concludes that Pakistan should focus on (1) Creating
Additional Surface Storage, (2) Preserving surface water (particularly
through lining canals), (3) Controlling Groundwater and controlling
salinity (by discouraging excessive tube-well use), (4) Encouraging general
efficiency of irrigation water use (through improved land management
techniques), (5) Enhancing yields through improved farming practices, and
(6) Fully meeting the environmental concerns of the Indus Delta, river
systems and wetlands.
Prospects for Cooperative Marketing among Surgical
Instrument Producers in Pakistan
Authors: Thompson Chaudhry Theresa
Published: July 2019

Given that clustered firms in developing countries generally sell their
goods through multinational firms, we seek to determine under what conditions
might clustered surgical instrument firms band together and form a cooperative
to “break out” of their relationship with multinational buyers to market their
own goods. Our results, based on a survey of surgical instrument producers in
Sialkot, Pakistan, demonstrate that firms are more likely to be interested in such
initiatives once they have already had some direct experience in marketing, such
as selling products under their own brand name and having already sold some
goods directly to hospitals. Firms that have had relationships of longer duration
with customers tend to be less likely to be interested in joint action initiatives.
This indicates that a higher opportunity cost of engaging in joint action (as
proxied by relationships of longer duration) reduces the likelihood of cooperative
marketing initiatives in clusters.
Comparative Advantage of Major Crops Production in
Punjab: An Application of Policy Analysis Matrix
Authors: A. Quddus Muhammad , Mustafa Usman
Published: July 2019

This study uses data from 1999/2000 to 2004/05 to determine the
relative efficiency of major crops (wheat, rice, sugarcane, and cotton) in Punjab
(Pakistan) and their comparative advantage in international trade as measured
by economic profitability and the domestic resource cost (DRC) ratio. An
economic profitability analysis demonstrates that Punjab has a comparative
advantage in the domestic production of wheat for self-sufficiency but not for
export purposes. In basmati production, Punjab has a comparative advantage,
and increasing Basmati production for export is a viable economic proposition.
The nominal protection coefficient (NPC), effective protection coefficient (EPC),
and DRC for Irri rice are more than 1: the given input-output relationship and
export prices do not give Punjab a comparative advantage in production of Irri
for export. Sugarcane growers did not receive economic prices (i.e. prices
reflecting true opportunity costs) during 2001/02 and 2002/03 in an importing
scenario, while in 2003/04, the NPC was 1.02, indicating positive support to
sugarcane growers. The NPCs estimated under an exporting situation range
from 1.33 to 1.99, indicating that the prices received by growers are higher than
the export parity/economic prices.
The Reserve Equation and the Analytics of Pakistan’s Monetary Policy
Authors: Hassan Rubina
Published: July 2019

This paper deals with the computation and analysis of some fundamental reserve aggregates and associated monetary statistics, which impart important information regarding the design and conduct of monetary policy at the State Bank of Pakistan (SBP). Specifically, we compute the data series for borrowed, unborrowed, free, and drainable reserves using balance sheet data published by the SBP for the period 1985-2009. Results show that Pakistan’s monetary policy revolves around managing the exchange rate while using the t-bill rate as a key policy instrument. However, the value of the t-bill rate is both incorrectly and sub-optimally related to macroeconomic fundamentals rendering monetary policy time inconsistent. This hinges on the finding that, since 2000/01, the SBP has targeted the net free reserves of the banking system at 4 percent of total private deposits. Among other observations, we find that the scope of open market operations as a tool of monetary policy remains limited and that this limited role of open market defenses derives from the concern of the central bank to sterilize its own foreign exchange reserves. Furthermore, the growth rate of unborrowed plus drainable reserves bears a strong negative correlation with the annual average rate of inflation, which, on account of the former being consistently negative since 2005, implies that neither the government nor the SBP have an overriding concern for controlling inflation.
Market Discipline in Commercial Banking: Evidence from
the Market for Bank Equity
Authors: Afzal Ayesha , Mirza Nawazish
Published: July 2019

This study presents empirical evidence of market discipline, using a panel
dataset of listed banks on the Karachi Stock Exchange. We construct multiple riskbased
measures from the stock prices between 2004 and 2009 to determine whether
an increase in the risk profile results in an increase in compensation for depositors
and other creditors. The risk variables used include market risk, value at risk, size
and value premium, default likelihood indicator, price relatives, and a control
variable representing gross domestic product growth. We find a significant
relationship between our risk factors and cost of deposits, indicating that banks
align deposit compensation with their risk perception. However, we cannot find a
link between the market perception of risk and deposit switching. These findings
have important implications for policymakers as market discipline could
complement the state’s regulatory role and lower the cost of supervision. Our
estimations of value at risk and the default likelihood indicator using stochastic
simulations is a methodological contribution that could be used for effective risk
management practices.
Norms of Cooperation, Trust, Altruism, and Fairness:
Evidence from Lab Experiments on Pakistani Students
Authors: Thompson Chaudhry Theresa , Saleem Misha
Published: July 2019

A rich area of economic research focuses on the role of controlled
experiments to understand interactions between agents and agents’ own deepseeded
preferences as they pertain to pro-social behavior. Four of the most
common games—the prisoner’s dilemma, and the trust, ultimatum, and dictator
games—have been used both in laboratory and field settings, and with student
and nonstudent participants. Cardenas and Carpenter (2008) have compiled
evidence for these four games that has been collected from behavioral experiments
conducted in the US and a number of developing countries. In this paper, we
wish to add to the existing evidence by presenting the results of lab experiments
carried out on a population of economics students at a university in Lahore.
Pakistan: Breaking Out of Stagflation into Sustained Growth
Authors: Amjad Rashid , Musleh ud Din Musleh ud Din , Abdul Qayyum Abdul Qayyum
Published: July 2019

This 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 expenditures and revenues, it is critical to also address the
acute energy shortages which is constraining supply. The paper goes on to present
four recommendations for breaking out of the present stagflation: (i) prudent
macroeconomic management, (ii) reviving the role of the government in
development while restoring fiscal balance, (iii) loosening monetary policy in order
to spur the private sector, and (iv) improving social safety nets.
A Qualitative Analysis of Pakistan’s External and
Internal Debt
Authors: Ahmad Eatzaz
Published: July 2019

This 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 then analyzes the debt data using various debt burden indicators. After the
analysis of the economic and social costs of debt overhang in Pakistan, it is found that
net foreign resource flows to the private and public sectors tended to crowd out
private and public savings respectively and that public savings is crowded out by
resource flows from the private sector to the public sector. Finally, the results of the
paper find that the resource allocation between development and non‐development
expenditure did not depend on whether government expenditure was financed by
revenues or government borrowing and that more resources are directed towards
development activity when government expenditure is financed by foreign resource
flows rather than domestic resource flows.
The Impact of Monetary Policy on Lending and Deposit
Rates in Pakistan: Panel Data Analysis
Authors: Muhammad Mohsin Hasan
Published: July 2019

This 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 deposit rate is not co-integrated, and the pass-through
is not complete. The study finds that, overall, banks pass on only 20 percent of
the impact of a change in the discount rate to lenders in the first month. There is
also a significant difference among various banks’ pass-through rates. A shortrun
analysis reveals that the pass-through of the deposit rate is low at 0.16,
which implies that the effectiveness of monetary policy is limited in Pakistan.
The Economics of Inflation, Issues in the Design of
Monetary Policy Rule, and Monetary Policy Reaction
Function in Pakistan
Authors: Maqsood Ahmed Ather , Shahid Malik Wasim
Published: July 2019

The 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 activity in a manner that is consistent with the
Taylor (1993) rule, and with the explicit objective of interest rate smoothing and
exchange rate management. This policy has remained consistent for most of the
sample period, except for the last two years, during which a price hike and the
massive depreciation of domestic currency led to a significant change in the
parameters of the policy reaction function. We also find evidence of nonlinearity
in the reaction function as the response to an inflation rate above 6.4 percent is
found to be more aggressive than that in low inflationary episodes.
BIOFUEL VIA INTERESTERIFICATION OF RAPESEED OIL WITH METHYL ACETATE IN PRESENCE OF POTASSIUM t-BUTOXIDE/THF
Authors: Kampars Valdis , Abelniece Zane , Kampare Ruta
Published: July 2019

Transesterification does not allow to make full conversion of oil to biodiesel because the by-product glycerol cannot be included in the composition of biofuel. Interesterification constitutes a full conversion process with production of triacetin (TA) instead of glycerol, which can be included in the composition of biofuel and allows to increase its yield. Both interesterification and transesterification effectively occur only in presence of catalysts. Results of the investigation of heterogeneous and homogeneous catalysts indicate the superior importance of catalyst solubility in starting reaction mixture. Partial solubility can remarkably lower the activity of homogeneous catalyst and extremely increase that of formally heterogeneous one. The reaction mixture of interesterification reaction is less polar than that of transesterification, and potassium tert-butoxide (t-BuOK) should be more appropriate catalyst for interesterification than sodium methoxide which is used in most cases. The catalytic system t-BuOK/t-BuOH substantially increases the yield of TA and changes the properties of obtained biofuel. Whereas the content of the TA in the interesterification reaction mixture does not achieve the same level from the theoretically predicted as the FAME, the occurrence of side reaction between t-BuOH and TA cannot be excluded. This paper presents a study of the interesterification of rapeseed oil in presence of catalytic system t-BuOK/THF (catalytic system without alcohols) with the aim of establishing the influence of aprotic tetrahydrofuran to the proceeding the reaction, composition of reaction mixtures and their fuel properties. Obtained results show that the absence of alcoholic hydroxyl groups in the catalytic system insufficiently increases the activity of catalytic system but fails to increase the yield of FAME.
HYPERSPECTRAL REMOTE SENSING ROLE IN ENHANCING CROP MAPPING: A COMPARISON BETWEEN DIFFERENT SUPERVISED SEGMENTATION ALGORITHMS
Authors: Awad Mohamad M.
Published: July 2019

In agriculture sector there is need for cheap, fast, and accurate data and technologies to help decision makers to find solutions for many agricultural problems. Many solutions depend significantly on the accuracy and efficiency of the crop mapping and crop yield estimation processes. High resolution spectral remote sensing can improve substantially crop mapping by reducing similarities between different crop types which has similar ecological conditions. This paper presents a new approach of combining a new tool, hyperspectral images and technologies to enhance crop mapping.  The tool includes spectral signatures database for the major crops in the Eastern Mediterranean Basin and other important metadata and processing functions. To prove the efficiency of the new approach, major crops such as “winter wheat” and “spring potato” are mapped using the spectral signatures database in the new tool, three different supervised algorithms, and CHRIS-Proba hyperspectral satellite images. The evaluation of the results showed that deploying different hyperspectral data and technologies can improve crop mapping. The improvements can be noticed with the increase of the accuracy to more than 86% with the use of the supervised algorithm Spectral Angle Mapper (SAM).
Pengaruh Motivasi dan Komitmen Terhadap Prestasi Kerja Karyawan Manise Hotel di Ambon
Authors: Paais Maartje
Published: July 2019

Research was conducted on Manise Hotel in Ambon. This study uses the motivation and commitment of employees as independent variables, and job performance as the dependent variable. The purpose of this study to analyze and determine the effect of motivation and commitment of employees on work performance and determine the dominant influence between the variables of motivation and commitment of employees on work performance. The samples are employees Manise Hotel Ambon with a total sample of 47 respondents. Based on the above results it can be seen that: (1) Motivation and employee commitment significant and positive impact on employee performance, high motivation with employee commitment will lead to improved employee performance Manise Hotel in Ambon; (2) It can be seen that motivation is a free variable that has dominant influence on achievement compared with other independent variables; and (3)Motivation and commitment to jointly contribute / donations by 58.2% to changes in job performance, while the remaining 41.8% is the donation / contribution of other variables that are not observed in this study, for example stress of work, compensation, leadership style, culture work and discipline
Disiplin Karyawan Mempengaruhi Kualitas Produksi Blimbing Petani Ratu Buah di Blitar (Studi pada Bisnis Keluarga di Kec Sukorejo Desa Karangsari Blitar)
Authors: Sumarsasi Sumarsasi
Published: July 2019

In managing Human Resource management both done in companies and organizations require discipline in achieving production quality targets that can make a flourish, although companies or organizations have clear goals and programs. If not supported by employee discipline which is one key to success then the company or organization will not work optimally. The higher the employee discipline the more optimal the production quality targets produced. But it is difficult to apply to organizations or companies, let alone those that are managed in a kinship
Pengaruh Gaya Kepemimpinan, Situasi Kepemimpinan, Iklim Kerja Organisasi, Terhadap Kinerja Karyawan pada PT. Berlina Plastik Pandaan.
Authors: Hariyanto Hariyanto
Published: July 2019

Nowadays, the relationship between leader and subordinates is very decisive work climate organization, with a good work organization climate then the production process becomes smooth, sales targets are met so that corporate goals can be achieved. Sample In this is the employees of PT. Berlina Plastik Pandaan. The analysis method is path analysis. The results of his research are: (1) The change of leadership style (X1) has a positive and significant effect on the organizational climate change cluster (Y1). the leadership situation (X2) has a positive and significant effect on the organizational climate change (Y1). indirect influence between the variables of leadership style (X1), leadership situation (X2), on employee performance variable (Y2) through the influence of organizational climate (Y1), it can be concluded that: coefficient path calculation indirect influence, style of leadership (X1) on employee performance (Y2) through organizational climate change cluster (Y1).
Kualitas Produk yang Dihasilkan Mempengaruhi Perilaku Pembeli (Studi pada Bisnis Keluarga di Perusahaan “Achiyat” Blitar)
Authors: Sunarsasi Sunarsasi
Published: July 2019

With the growing development of the business world, the competition is also getting tighter, so as a business person must always find various ways to win the competition, so as not to experience losses or bankruptcy especially with similar products. And do not forget about the product innovations so that they are not outdated, in the sense that buyers' interests can be maintained. To meet buyers' interests, the quality of the products produced must always be maintained. Product quality greatly affects the behavior of buyers; therefore the authors use variables for this study and buyer behavior. While this type of research uses quantitative descriptive to draw conclusions through statistical analysis. Using the buyer as a population and the sample took as many as 50 people as respondents. Data collection techniques using purposive sampling with questionnaires that are validity and reliability. For the hypothesis using simple linear regression analysis and t test. While the test t count = 3.905 with a probability of 0.00. Which means the probability is <0.05, then the results of the t test are appropriate and the hypothesis is accepted. Based on the results of the data analysis above, there is a significant influence between product quality and buyer behavior.