Study Of Economic Development Of Pakistan Through Stock Market
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Study Of Economic Development Of Pakistan Through Stock Market
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Author : Rizwan Raheem Ahmed
language : en
Publisher: GRIN Verlag
Release Date : 2015-11-02
Study Of Economic Development Of Pakistan Through Stock Market written by Rizwan Raheem Ahmed and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-11-02 with Business & Economics categories.
Master's Thesis from the year 2007 in the subject Economics - Finance, , course: Masters of Philosophy (M.Phil.), language: English, abstract: The purpose of the research is to examine the causal relationship between stock prices and the variables representing the real sector of the economy like read GDP, and real investment spending, in Pakistan. Researcher has used annual data from December 1980 to June 2007, to examine the stochastic properties of the variables, and has taken care of the expected shift in the series due to the start of the liberalization program in the early 1990s. State Bank General Price Index (SBGPI) with base 1980-81 is used for stock prices whereas for real variables GDP, and investment, at constant prices of 1980-81 were used. The descriptive statistics indicate a much higher expansion in stock prices relative to real variables. However, the stock prices also experienced much higher volatility during the sample period whereas the real variables seem to be stable. The correlation analysis shows low correlations between stock prices and real variables. However, there is evidence of significant increase in these correlations in the post reform period suggesting that these reforms resulted in significant improvement in the behavior of stock market and its linkages to the economy. In the formal investigation, the co-integration regressions indicate the presence of a long run relationship between stock prices and real variables. Regarding the cause and effect relationship the error correction model suggest a unidirectional causality from the real variables to stock prices implying that in Pakistan fluctuations in real sector cause changes in stock prices. The analysis does not verify the evidence of improvement in the linkages of stock market to the economy, which is indicated by the correlation analysis. These results have not changed by the incorporation of the expected shift in the variables resulting from the liberalization measures. The findings suggest that the stock market in Pakistan is still not that developed to play its due role in influencing the real sector of the economy. It can be implied, however, that the government can use the real sector to influence the stock market. An important implication of the findings is that the stock market in Pakistan cannot be characterized as the leading indicator of the economic activity. The study clearly indicates that it lags economic activity. It seems that the phenomenal growth in stock market variables like market capitalization, trading volume, the market index, etc. do not seem to influence the economy of Pakistan.
Stock Market Development And Long Run Growth
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Author : Ross Levine
language : en
Publisher: World Bank Publications
Release Date : 1996
Stock Market Development And Long Run Growth written by Ross Levine and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Aumentoa de la produccion categories.
The Impact Of Imf Credit On The Economic Growth Of Pakistan
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Author : Tashif Ahmed
language : en
Publisher: GRIN Verlag
Release Date : 2020-10-05
The Impact Of Imf Credit On The Economic Growth Of Pakistan written by Tashif Ahmed and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-05 with Business & Economics categories.
Academic Paper from the year 2019 in the subject Business economics - Investment and Finance, grade: 95.0, GC University, language: English, abstract: This empirical study was conducted to find the impact of IMF credit on the economy of Pakistan. Amid of 2018, Pakistan, being a developing nation is facing the critical situation for which it is left with no option other than knocking the door of IMF for borrowing credit in order to reform the up speculated economic crises. However, the studies have shown the controversial effects of IMF credit and its programs on the economies. Many critics believed that the programs of IMF exert significant effects on the economy, though this study was conducted to find the impact of IMF credit programs on the economy of Pakistan. The results depicted that the acceptance of the null hypothesis and rejection of the alternative hypothesis. Thus, the finding is that there is no impact of IMF credit programs on economic growth (GDP) of Pakistan since 1971. This proves that Pakistan can invest their borrowed loan in profitable projects to prosper the economic growth. Pakistan, being a developing nation is facing the critical situation for which it is left with no option other than knocking the door of IMF for borrowing credit in order to reform the up speculated economic crises. Before approving the loan the government of Pakistan must convince the IMF for less harsh conditionality against the additional fund than its quota. However, it would be a challenging task to reach IMF to demand 300% more than its quota. So, it is significant to know that whether the government is consuming that loan in fruitful projects so that enough turnover would generate from the economy to pay back the acquired loan. Unfortunately, despite of the global growth objective of IMF, around 11 major conditions imposed by IMF including: excise duty on service as well as agricultural sector, less expenditure in development programs of public sectors, currency devaluation, ceasing gas and electricity subsidy, uniformity in the rates of dollar exchange rate and interbank, ceasing of financial intervention in stock market of Pakistan, raise markup rate on bank and bank transactions, ceasing of non- development expenditure under budget of defense, non-allowance of supplementary grants to the government sectors, reduction in the non-developing expenses of ministries.
Stock Market Development And Financial Intermediaries Stylized Facts
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Author : Ross Levine
language : en
Publisher:
Release Date : 1999
Stock Market Development And Financial Intermediaries Stylized Facts written by Ross Levine and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
May 1995 The three most developed stock markets are in Japan, the United Kingdom, and the United States, and the most underdeveloped markets are in Colombia, Nigeria, Venezuela, and Zimbabwe. Markets tend to be more developed in richer countries, but some markets commonly labeled emerging (for example, in Malaysia, the Republic of Korea, and Thailand) are systematically more developed than some markets commonly labeled developed (for example, in Australia, Canada, and many European countries). World stock markets are booming. Between 1982 and 1993, stock market capitalization grew from $2 trillion to $10 trillion, an average 15 percent a year. A disproportionate amount of this growth was in emerging stock markets, which rose from 3 percent of world stock market capitalization to 14 percent in the same period. Yet there is little empirical evidence about how important stock markets are to long-term economic development. Economists have neither a common concept nor a common measure of stock market development, so we know little about how stock market development affects the rest of the financial system or how corporations finance themselves. Demirgüç-Kunt and Levine collected and compared many different indicators of stock market development using data on 41 countries from 1986 to 1993. Each indicator has statistical and conceptual shortcomings, so they used different measures of stock market size, liquidity, concentration, and volatility, of institutional development, and of international integration. Their goal: to summarize information about a variety of indicators for stock market development, in order to facilitate research into the links between stock markets, economic development, and corporate financing decisions. They highlight certain important correlations: * In the 41 countries they studied, there are enormous cross-country differences in the level of stock market development for each indicator. The ratio of market capitalization to GDP, for example, is greater than 1 in five countries and less than 0.10 in five others. * There are intuitively appealing correlations among indicators. For example, big markets tend to be less volatile, more liquid, and less concentrated in a few stocks. Internationally integrated markets tend to be less volatile. And institutionally developed markets tend to be large and liquid. * The three most developed markets are in Japan, the United Kingdom, and the United States. The most underdeveloped markets are in Colombia, Nigeria, Venezuela, and Zimbabwe. Malaysia, the Republic of Korea, and Switzerland seem to have highly developed stock markets, whereas Argentina, Greece, Pakistan, and Turkey have underdeveloped markets. Markets tend to be more developed in richer countries, but many markets commonly labeled emerging (for example, in Korea, Malaysia, and Thailand) are systematically more developed than markets commonly labeled developed (for example, in Australia, Canada, and many European countries). * Between 1986 and 1993, some markets developed rapidly in size, liquidity, and international integration. Indonesia, Portugal, Turkey, and Venezuela experienced explosive development, for example. Case studies on the reasons for (and economic consequences of) this rapid development could yield valuable insights. * The level of stock market development is highly correlated with the development of banks, nonbank financial institutions (finance companies, mutual funds, brokerage houses), insurance companies, and private pension funds. This paper -- a product of the Finance and Private Sector Development Division, Policy Research Department -- is part of a larger effort in the department to study stock market development. The study was funded by the Bank's Research Support Budget under the research project Stock Market Development and Financial Intermediary Growth (RPO 678-37).
Business Economics Financial Sciences And Management
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Author : Min Zhu
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-02-11
Business Economics Financial Sciences And Management written by Min Zhu and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-02-11 with Technology & Engineering categories.
A series of papers on business, economics, and financial sciences, management selected from International Conference on Business, Economics, and Financial Sciences, Management are included in this volume. Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources and natural resources. The proceedings of BEFM2011 focuses on the various aspects of advances in Business, Economics, and Financial Sciences, Management and provides a chance for academic and industry professionals to discuss recent progress in the area of Business, Economics, and Financial Sciences, Management. It is hoped that the present book will be useful to experts and professors, both specialists and graduate students in the related fields.
Financing Of Economic Development And The Capital Market
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Author : Abdul Karim
language : en
Publisher:
Release Date : 1966
Financing Of Economic Development And The Capital Market written by Abdul Karim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1966 with categories.
Kickstarting Pakistan S Economy
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Author : Mohammad Zubair Khan
language : en
Publisher:
Release Date : 2001
Kickstarting Pakistan S Economy written by Mohammad Zubair Khan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Pakistan categories.
Determinants Of Capital Structure A Study On The Cement Sector Of Pakistan
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Author : Muhammad Khurram Shabbir
language : en
Publisher:
Release Date : 2018-08-19
Determinants Of Capital Structure A Study On The Cement Sector Of Pakistan written by Muhammad Khurram Shabbir and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-08-19 with categories.
Project Report from the year 2014 in the subject Economics - Finance, grade: A-, course: Adavance research methodology, language: English, abstract: The decisions relating to the capital structure have been one of the most important decisions that have to be taken by the financial managers in any organization. The cement sector of Pakistan plays a vital role in economic development. Hence the importance of decisions pertaining to its capital structure can't be denied. This study investigates the effect of profitability, tangibility, size and liquidity on capital structure decisions of the listed companies in Karachi stock exchange of cement sector in Pakistan. This research study provides the information that would help the management of cement industry to make better decisions related to the capital structure. Its provides a deep insight of an optimal capital structure for the cement industry. Which will then support in maximization of the share value of firms on the one side and the minimization of cost of capital on the other side, and overall it would have a significant effect on the firm's profitability which is the main objective of any organization. The variables include leverage, profitability, liquidity, Size, and tangibility.
The Macroeconomic Analysis Of Foreign Capital Inflows In Pakistan
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Author : Ghulam Mohey-Ud-Din
language : en
Publisher: GRIN Verlag
Release Date : 2011-04
The Macroeconomic Analysis Of Foreign Capital Inflows In Pakistan written by Ghulam Mohey-Ud-Din and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04 with categories.
Master's Thesis from the year 2008 in the subject Economics - Macro-economics, general, grade: A-, GC University (Department of Economics), course: M. Phil Economics, language: English, abstract: The topic of Foreign Capital Inflows (FCI) to Pakistan got much attention in empirical literature, but the existing literature on FCI about Pakistan mostly used the customary econometric tools like OLS, 2SLS, FIML and 3SLS for analysis. However, we know that most of the macroeconomic variables are non-stationary, which mandates the re-examination of the past studies using new time-series tools like cointegartion and ECM. Thus, the present book re-examines the macroeconomic role of Foreign Capital Inflows (FCI) in Pakistan through applying vector error correction model (VECM) on annual time-series data for the period of 1972-2006. The present study does not find any evidence for direct positive impact of aggregate FCI on GDP growth and Investment (capital formation). However, the study finds the positive (complementary) relationship between FCI and domestic saving, thus suggesting an indirect positive impact of FCI on GDP through supplementing domestic resources. These results seem contradicting i.e. positive relation with domestic savings but negative linkages with investment and growth. However, we can interpret it as that FCI is supplementing the domestic resources and there is a need and justification for FCI in Pakistan due the shortage of domestic savings. But, these inflows of foreign capital are not transforming in the productive investment and thus not boosting economic growth. As this study shows that most of FCI are of non-investment (non FDI) type and are concentrated in the selected non-export-oriented and less-employment-generating sectors. In addition, the present study finds that exchange rate depreciation and current account deficit causes more inflows of foreign capital in Pakistan. While FCI also results in increasing the import of goods and services in P
Economic Growth And Financial Development
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Author : Muhammad Shahbaz
language : en
Publisher: Springer Nature
Release Date : 2021-09-21
Economic Growth And Financial Development written by Muhammad Shahbaz and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-21 with Business & Economics categories.
This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.