This paper estimates monetary policy stance measures like Monetary Conditions Index (MCI), Financial Conditions Index (FCI), and Bernanke and Mihov Index (BMI) for Pakistan. The estimated monetary policy stance guides whether the policy is tight, neutral or loose relative to its objectives. And thus, it may help policy maker adjusting policy instrument(s) to guide the economy in desired direction. It also helps in knowing which monetary policy transmission channel is more effective along with the impact of various monetary policy measures upon the desired goals. Despite the fact that supply shocks are found to be dominant in Pakistan which gives little room to monetary policy to play an effective role as stabilising tool, movements in exchange rate and monetary aggregates turn out to be more important than the interest rate in policy transmission mechanism. Being a small open economy facing persistent current account deficits, exchange rate consideration are thus playing major role in monetary policy transmission in Pakistan. State Bank of Pakistan has been targeting monetary aggregate until recently and has just recently started active use of interest rate as policy instrument. It may take some time for interest rate channel to take lead. The comparison of different estimated measures shows that MCI performs better as measure of monetary policy stance (compared to FCI and BMI) in the case of Pakistan.

Technical Vocational Education and Training (TVET) is pivotal for the achievement of socio-economic well beings along with proper utilisation of work force in the development process of the country. Efficient working of (TVET) system enhances the chances of employability, career development and sustainable livelihood. The success of (TVET) sector strongly hinges upon smooth running and well defined roles of organising and controlling bodies. A well-defined (TVET) sector embodies a coordinated, coherent and an organised (TVET) authorities working under a proper hierarchy, accountable for execution of their plans. However, (TVET) sector in Pakistan is beset with overlapping and conflicting functions at three points: Conflicts/overlaps among Federal Ministries/institutions; conflict/overlaps between Federal and Provincial institutions/authorities and conflicts/overlaps among Provincial Ministries/departments, etc. This study presents the various developments over time in TVET sector of Pakistan and analysis is made on the conflicts/overlaps among TVET authorities. Performance of the system is examined along with various forward and backward linkages. Pakistan can use the great potential of its labour force by streamlining TVET as per need of the hour and can become great economic power in this competitive World.

To evaluate competing investment projects, corporate managers generally use the NPV criterion. Their choice is justified from the perspective of shareholders assuming unlimited supply of funds for a firm. Their choice, however, cannot be justified for a country which has limited supply of funds. This research therefore highlights negative externality of the common use of NPV criterion. By taking numerical examples, this research first illustrates that the NPV criterion is biased against small-size and short-term projects even if they are more efficient as per the IRR criterion. Then assuming a fixed supply of monetary capital for the country, it proves that this biasedness leads to allocative inefficiency in the country. The policy implication is that this externality may be researched further in order to develop a better criterion for project evaluation.

The study primarily focused on mapping farm households’ vulnerability index and to identify gender differentiated determinants of vulnerability, food security, and health vulnerability. PCA has been applied to generate vulnerability indices by combining different socioeconomic and climatic factors. The study uses data of Climate Change Impact Survey [CCIS (2013)]. The results indicate that high vulnerability to climate change prevails in the study area. Further, the results obtained from descriptive, and ordered Logit, and binary Logit/Probit regression models are suggestive that those households where females are empowered through decision making, entitlement to inheritance, are more educated, and can participate in social gatherings and are allowed to visit hospital are found less vulnerable as compared to male dominant families. Moreover, female empowerment makes farm households more food secure, and lesser vulnerable in terms of health vulnerability. The study also observes the gender specific perceptions to climate change, and findings reveal that male and female decision makers are found perceiving climate change and having some significant differences regarding perceptions.

The paper analyses the long-run creditworthiness of Pakistan. The analysis is conducted on time series data of the years 1972-2013. Two Probit Models are estimated by Maximum Likelihood Method. Three specifications of Probit Model of long-run creditworthiness of Pakistan are estimated. These alternative specifications are due to measurement of expected net capital inflows/GDP ratio. It is found that with the inclusion of lagged net capital inflows/GDP ratio in the first Probit Model, the DS/GDP ratio and INV/GDP ratio are found to be significantly impacting the long-run creditworthiness of Pakistan. In the second Probit Model, when POP/GDP ratio is included as an alternate to INV/GDP ratio, the two alternative specifications for expected net capital inflows/GDP ratio mainly the current values of net capital inflows/GDP ratio and the lagged values of net capital inflows/GDP ratio, DS/GDP ratio and POP/GDP ratio all significantly impact the long-run creditworthiness of Pakistan.

The purpose of the study was to reflect an overview of Muslims about teaching of sex education as a part of curriculum mandatory in schools of Newcastle upon Tyne and North Tyne side. A structured questionnaire validated through pilot study was personally administered by the researcher to parents and students mostly at their homes scattered throughout Newcastle upon Tyne and North Tyne side using convenient sampling technique. Simple percentage method was used for data analysis. The researcher also recorded opinions of some of the imams and parents given at the last part of the paper. It reflected that a great majority of Muslims (parents and students) did not like the teaching of sex education mandatory in schools taught under the subject of Biology.

This Study was conducted in a far-flung village of Bajaur agency, where no electricity was available and about two years back a non-government organization provided solar system to each household. The paper intended to examine the socioeconomic and environmental changes occurred after the installation of the solar home system. Using a recall method, household survey was conducted for collecting the primary data through questionnaire and focus group discussions. The data was analysed through Regression model as well as through descriptive statistics. The results discovered that solar system has provided direct and indirect benefits to the plotted households. The study hours of the students were getting improved after the lightning source availability. The consumption of kerosene oil and LPG, which were used for lighting have been subtracted from their consumption baskets. This resulted less indoor pollution and more saving due to cut off of expenditure on these resources. The impact on business activities was negligible, however it added a little bit to the income because of the extended working hours at evening. Information and communication appliances along with other electrical equipment were found which were not available before the installation. There was significant improvement in social activities which were earlier limited to day time. Thus solar system has improved the livelihood capitals of the rural households and it is a viable system and should be extended to such other remote communities.

The study is an attempt to reveal a link between foreign aid and educational projects in the last one and a half decade. This study used nonlinear model by adding square term of foreign aid to capture the nonlinear association with the primary enrolment, secondary enrolment and higher enrolment. Nevertheless the linear model is also estimated and in the all the three models the results are same that foreign aid in the three sectors does not affect enrolment rate. The study concludes that foreign aid could be effective in increasing primary enrolment but not secondary or higher enrolment.

Present study investigates the determinants of farmers earning at Tehsil Arifwala, Punjab. The primary data of 309 rural households is collected through stratified random sampling technique. Ordinary least squares (OLS) technique is applied to estimate the results. Mother’ s education, livestock, years of schooling, size of land, spouse job, working hours, age and household size are considered as determinants of farmers earning. Empirical results of this study indicate that Mother’s education, livestock, years of Schooling and size of land have significant and positive association with the earning of farmers. On the other hand, spouse job has significant and negative effect on the earning whereas age and household size has positive and insignificant relationship with the farmers earning. The present study suggests that female education/ Mother’s education, livestock, schooling years of the respondent and sizes of land are important determinants to enhance the farmer’s earning. So, Government and farmers should be focused on these determinants to raise income.

Pakistan. Employing Fixed Effect (FE) and Instrumental variable (IV) estimations on district level panel data, this study finds evidence for significant impact of climatic variables on agriculture of the country. Warming is found harming the agriculture especially in warmer and rain-fed regions of the country. Increasing precipitation affects the agriculture produce positively. Findings are suggestive that agriculture production of previous year is a significant determinant of current year’s production of the sector. Fertilizer is found generating a statistically significant robust positive impact on agriculture production. Spatially varying impact of climate variables, both in magnitude and direction, is evident from the study. The results are robust to alternative specifications using agriculture output and revenue per hectare as dependent variable.

Technical barriers to trade (TBT) and sanitary and phytosanitary (SPS) measures are two major tools of non-tariff barriers set by world trade organisation (WTO) and should strictly followed by WTO member countries. These NTBs are set by WTO for safety of food, human, animal, plants and environment. In global competitive market producers/countries can maintain their trade position and trade volume only if they follow WTO rule set for quality and standards of products. These non-tariff barriers have promoted as well as restrict trade. As exports in any country promotes not only because of demand and supply of products but it depends on correct functioning of all micro and macroeconomic policies. This paper discusses the role of Pakistan macroeconomic policies that facilitate trade and redefine the prosperity paths in changing global and local economies. Currently CPEC a big opportunity for Pakistan but its challenge for Pakistan to promote its exports in the presence of non tariff barriers. We analysed impact of these NTBs on trade between Pakistan and its top export partners that are U.S.A, China, and U.A.E, using HS-2 digit code data. To quantify TBT and SPS measures we employ coverage ratio and frequency index, Coverage ratio captures the extent of exports covered by SPS and TBT, whereas frequency index considers the presence/absence of the SPS and TBT in a product without indicating the value of exports covered. As these all countries are member of WTO and follow its standards regarding quality of products, so they constantly uses technical barriers to trade (TBT) and sanitary and phytosanitary (SPS) measures against imports from Pakistan. Literature shows TBT imposed by importer on Pakistan’s exports has positively affected the export performance while SPS discourage exports. In this research paper, we constructed SPS and TBT database from 2003-2016 to examine the influence of NTBs initiated as well as enforced on exports of Pakistan, and compare impact of tariff and non tariff barriers (TBT and SPS) on exports of Pakistan. A separate effect of these NTBs on manufacturing and agriculture sectors is also analysed. The frequency index and export coverage ratio shows that TBT measure promoted exports of manufacturing sector while SPS also promote exports of agriculture sector. The data set is sourced by WTO, UN Comtrade, and WDI.

Currently Pakistan’s economy is under stress and registered a sluggish growth for many years in a row. The performance of major economic indicators is not satisfactory. Low investment, double digit inflation, fiscal imbalances and low external capital inflows indicates the severity of the grave economic situation. This paper investigates fiscal and monetary policy interaction in Pakistan using dynamic stochastic general equilibrium model. Finding of the paper reveals that fiscal and monetary policy interacts with each other and with other macroeconomic variables. Inflation responds to fiscal policy shocks in the form of government spending, revenue and borrowing shocks. Monetary authority’s decisions are also affecting fiscal policy variables. It is also evident that fiscal discipline is critical for the effective formulation and execution of monetary policy.

Technical Vocational Education and Training (TVET) is essential for the attainment of socio-economic well beings in Pakistan having growing and abundant labour work force in the country. Well-organised working of TVET system enhances the chances of employability, career development and sustainable livelihood. The success of (TVET) sector strongly hinges upon smooth running and well defined roles of organising and controlling bodies. A well-defined TVET sector embodies a coordinated, coherent and an organised TVET authorities working under a proper hierarchy, accountable for execution of their plans. However, TVET sector in Pakistan is beset with overlapping and conflicting functions at three points: Conflicts/overlaps among Federal Ministries/institutions; conflict/overlaps between Federal and Provincial institutions/authorities and conflicts/overlaps among Provincial Ministries/departments. However, this study takes into account the duplications and conflicts among federal level authorities. The study will understand the nature and extent of conflicts and duplication of functions and its impact on performance of TVET sector in Pakistan. The youth bulge which is going to engulf Pakistan in coming decade can be converted into production bomb having the potential to overturn fortune of Pakistan by placing a uniformed and coherent apparatus in place.

The study analyses the impact of climate change on productivity of cotton in Pakistan using the district level disintegrated data of yield, area, fertiliser, climate variables (temperature and precipitation) from 1981-2010. Twenty years moving average of each climate variable is used. Production function approach is used to analyse the relationship between the crop yield and climate change. This approach takes all the explanatory variables as exogenous so the chance endogenity may also be minimised. Separate analysis for each province (Punjab and Sindh) is performed in the study. Mean temperature, precipitation and quadratic terms of both variables are used as climatic variables. Fixed Effect Model, which is also validated by Hausman Test, was used for econometric estimations. The results show significant impact of temperature and precipitation on cotton yields. The impacts of climate change are slightly different across provinces—Punjab and Sindh. The negative impacts of temperature are more striking for Sindh. The impacts of physical variables—area, fertiliser, P/NPK ration and technology, are positive and highly significant. The results imply educating farmers about the balance use of fertiliser and generating awareness about the climate change could be feasible and executable strategies to moderate the adverse impacts of climate change to a reasonable extent.

This study takes into the account effect on exports going from Pakistan by key trading partners , tariff imposed by exporting partners, population within and outside Pakistan, distance with trading partner and exchange rate. This impact is taken into consideration based on the modelling done by [Tibergen (1962); Bergstrand (1985) and Deadroff (1995)]. Through examining results for data taken from 2005-17, it is found that with population, GDP and tariff there is positive relation of exports going from Pakistan. While with exchange rate and distance there is negative relationship confirming that greater the distance lower will be the exports from Pakistan and also there is problem of exchange rate uncertainty. Based on the findings it is recommended there is need for consistency in export destinations which are not flexible in case of Pakistan. It is also recommended that Pakistan should look at internal cost of doing business with primary focus on improving compliance cost and also there is need to abolish protectionist policies which are depleting out capacity to compete for Pakistani enterprises.

Socioeconomic and environmental factors play an important role in determining the housing prices. This study investigates both socioeconomic and environmental factors that influence the rental price of housing in Islamabad. The primary data were collected by using the questionnaires through survey conducted in urban areas of Islamabad. Random sampling technique was used to collect data from 380 respondents. The Hedonic Price Model was applied to estimate the impact socioeconomic and environmental factors on house rental prices. The empirical results shows that Building characteristics like total covered area, total number of bathrooms, proper sewerage system, security system, total number of TV lounge, availability of lawn and availability of school, college public transportation, park, play ground in the vicinity, gas, water and electricity facility in house, Presence of trees in the house, balcony, garage, number of bedrooms, distance to the nearest hospital are all significant variables and have positive impact on house rents. All the above variables have positive impact on house rents. On the other hand age of the building, distance to the industry, distance to work place and number of floors has negative impact on house rents in Islamabad. Furthermore, the locational characteristics of the houses attract the lessee and it has significant impact on the rental price of the houses. Therefore the government should build small parks, lakes, streets and make a best sewerage system as well as extend the environmental services.

The textile industry in Pakistan has largest share in the manufacturing industry sector. The textile sector is one of the most polluting industrial sectors. Cotton dust is present in the air during the handling and processing of cotton which threatens the health of labours working in this industry. This study estimated the impact of the dust pollution on workers’ health and cost of illness in the textile industry of the Faisalabad, Pakistan. This was the cross sectional research conducted among the 200 randomly selected textile workers. Both health and opportunity cost of textile workers estimated by using the structural equation model (SEM) with observed and latent variables. This paper used the confirmatory factor analysis (CFA) to interlink the latent factor diseases with their indicators symptoms. The results of the SEM model on age, respiratory diseases, overtime work, duration of employment, use of masks and dust level are significant. Study finds that 62 percent workers beard the cost of illness and 43 percent workers miss the work last two weeks. The 69 percent workers reported that due to the illness their work performance in industry is not normal, they suffered the problems during the work such as muscle aches, asthma, cough; respiratory allergy etc. It also calculated the prevalence of the respiratory diseases among the textile workers was high. Result revealed that 35.5 percent workers had wheezing, 65.5 percent phlegm, 58 percent chest tightness, 72 percent had a throat irritation problems. Paper concluded that there is a high prevalence of respiratory diseases among the textile workers due to the exposure of dust pollution and if successfully reduction in dust pollution occurs in textile industry; the worker will gained the benefits in term of the reduction in medical cost and gain in terms of wages.

This study utilises Fixed Effect Model (FEM), to assess and analyse the impact of climate change on yield of fine and coarse rice in Pakistan by using district-level panel data for the period of 1987-2010. The evidence suggests that climate change significantly affects yield of both types of rice crops. The impact varies across different phonological stages of the crop in magnitude as well as in direction. Precipitation forms a statistically significant non-linear relationship with yield for both types of rice. No evidence, however, was found for presence of non-linear temperature effects. Additionally, fertiliser use plays a significant role in enhancing yield in case of Basmati rice only.

Exploitation, taking unfair advantage of others, is a subject of interest that has attracted a great deal of research in the recent past. The focus of conventional research is on the exploitation of workers by supervisors, whereas that of Islamic finance is on the exploitation of borrower in financial transactions. The curtailing of exploitation in financial transactions through interest (riba) and uncertainty (gharar) is well-known in Islam; however, there is hardly any noticeable work that shed light exclusively on curtailing the exploitation of workers from Islamic perspective. This paper provides a critical insight into competing school of thoughts on the issue (such as capitalist, mixed economies and Marxism or socialism) and provides an Islamic perspective on curtailing the exploitation of workers. Capitalism and Marxism are the two polar cases. The former leaves everything to market, while the later seeks refuge in public ownership. Mixed economies on the other hand take the middle way and advocate some level of intervention, which is to some extent closely related to what is characterised by Islam. A unique feature that distinguishes Islamic perspective from mixed economies is to invoke morality as a policy instrument apart from material measurements. An important question in this regards is related to the relevance and significance of the moral dimension. The paper provides comparison related to the issue of exploitation and tries to answer whether this issue of exploitation can be addressed without invoking morality.