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Aim and Scope

Aims and Scope The JEMS provides prospective on topic relevant to research in the field of business, commerce and economics. Through its publication the journal contributes to the development to the theory and practice. The journal accepts academically robust papers that contribute to the area of research of the business management, commerce and economics. Papers submitted to the journal are double-blind reviewed by members... Read More

Current Issue



Volume 3, Issue 1, 2022

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  • Abstract

    Tourism is the flourishing sector in Pakistan because there are multiple religious, archaeological and beautiful adventure places. This study explores the different determents of tourism demand based on the asymmetric effect of energy prices and the symmetric effect of the exchange rate, globalization, and governance during 1980-2020. The domestic pump diesel prices in liters have been used as the proxy to measure energy prices. The Non-linear ARDL econometric approach finds that positive shocks of energy prices decline tourism while negative shocks of energy prices increase tourism demand. While the deprecation in the exchange rate, massive globalization, and good governance significantly enhance tourism demand in Pakistan. The study recommends that Pakistan government should promote cheaper energy resources to promote tourism demand.

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    Authors

    Nabila Asghar and Muhammad Asif Amjad

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  • Abstract

    The paper examined the relationship between External debt and Foreign aid in the Economic Growth of Pakistan. We have used the data of all variables from 1980-2019.GDP has been used as a proxy variable in this study. The explanatory variables are a foreign direct investment, external debt, and foreign aid. Since we have time series data, the augmented Dickey-Fuller Unit Root test is used to ascertain stationarity. Some variables are stationary at a level, and some are stationary at the first difference, so we applied ARDL and found that foreign aid and foreign direct investment are positively related to growth. At the same time, external debt has shown a negative impact on the economic development of Pakistan.

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    Authors

    Nasir Munir and Zakia Batool

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  • Abstract

    This study explores the effectiveness of non-development and development expenditure's impact on economic growth. The researcher used gross domestic product growth as the proxy of economic growth, military expenditures that indicate the non-developmental expenditures, developmental expenditure, total expenditure by government and gross domestic savings. Time series data have been used from 1988 to 2020 in this study and the target country has Pakistan. In this paper, the Auto-Regressive Distribution Lag Model has been estimated to check the effectiveness and long-run relationship. The main findings suggest that a long-run relationship exists between non-development expenditure, development expenditure and economic growth. Development expenditure, non-development expenditure and savings have a positive and increasing impact on the economic growth of Pakistan. So, in Pakistan development expenditure and non-development expenditure both are equally important for economic growth.

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    Authors

    Noman Riaz & Guoyong Wu

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  • Abstract

    The study empirically analyzes the impacts of public spending and efficiency of financial intermediaries on economic growth in selected five SAARC countries using panel data from 1994 to 2018. Financial intermediaries like banks provide different services to the community and earned valuable deposits. On the basis of deposits, it offers credit facility to the community and business units. Domestic credits to private sector and financial system deposit shows worth of financial intermediaries in the economy. Credit to private sector is important for private sector development and for consumer financing which increases aggregate demand hence economic growth. Similarly, financial system deposits (LNFSD) represents more reserves of financial institutions/system which shows more availability of loan lending facility for private sector/ investor which results in higher production/growth in the economy. Government expenditure is one of the prime tools of fiscal policy which shows important role in achieving the goals of growth and stability in the economy in many developing countries. When there is rise in government expenses, it results in creation of jobs, provision of better infrastructure and improvement in services by government in the economy.

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    Authors

    Muhammad Imran & Maqbool Hussain Sial

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  • Abstract

    The study investigates the impact of globalization and democracy on the aggregate level of social spending for Pakistan for the period 1972-2020. The investigation includes how governments react to the challenges of globalization with welfare policy decisions that are located more toward reducing cost ("efficiency theory") otherwise ensuring individuals' government assistance ("compensation theory"). Empirical evidence based on Johansen Cointegration and VECM indicate the long-run and short-run dynamics between globalization, democracy, and social spending. The normalized cointegrating results show that the globalization variables (trade and financial openness) are inversely related to social spending, reflecting the existence of the “efficiency thesis”, while democracy has a positive association with social spending. The other control variable results also indicate a significant impact on social spending, specifically debt service and inflation rate have a negative impact while the economic development and unemployment rate have a positive and significant relationship with social spending in the long run.

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    Authors

    Sarah Hakeem, Dr. Saghir Pervaiz Ghauri, Dr. Mirza Aqeel Baig

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  • Abstract

    Foreign direct investment, commodity production sector, and inflation play an incredibly important part in the economic growth of any country developing nations, particularly. In developing countries like Pakistan, foreign direct investment is frequently regarded as a major component of economic progress. The agriculture sector in Pakistan is extremely important to the economy, contributing 18.9% of GDP and employing 42.3 percent of the workforce, and also Industry is regarded as the most important industry for economic development. In Pakistan, as in most emerging and developed countries, inflation is a big issue. The basic motive of this research is to investigate the effect of foreign direct investment, commodity production, and inflation on the GDP rate of growth in Pakistan, by taking time-series data from 1990 to 2019, by world development indicator, and economic surveys of Pakistan. GDP rate of growth is used as dependent while, FDI, commodity production, consumer price index, interest rate, Gross capital formation, and labor force participation rate are used as explanatory variables. Based on the unit root analysis, we applied Nonlinear Autoregressive distributed lag model. And the finding revealed that a positive shock in foreign direct investment and commodity production has a positive and significant impact on Pakistan's economy, but the negative shock has a negative but insignificant influence on the economic development of Pakistan. Although the consumer price index has a negative but significant impact on the GDP growth rate

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    Authors

    Dr. Hina Ali, Dr. Salma Mouneer, Dr. Tahira Bano Qasim & Afifa Sadar Ud Din

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  • Abstract

    The main objective of this study is to estimate a significant model to forecast Pakistan’s yearly economic variables of imports and exports. The data have been collected from the World Bank website ranging from 1962 to 2020. Imports and Exports of Pakistan are observed and analyzed by using time series analysis techniques by utilizing the Box-Jenkins methodology and Vector autoregressive model through Eviews-10 software. These methods were used for analysis, estimation, and forecasting purposes. The empirical analysis involved using the ADF (Augmented Dickey-Fuller) unit root test to check the stationary of the data. We used multivariate and univariate time series models. Before forecasting we check the correlation among the variables and apply the VAR model. it checks the forecasting accuracy by using RMSE, and MAE. We conclude that VAR model is the best technique for the forecasting of imports and exports.

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    Authors

    Fareeha Nosheen & Wajiha Nasir

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  • Abstract

    This article empirically examines direct and indirect impact of dynamic institutions on sustainable development 40 developing countries over the period of 2000-2015. Dynamic institutions taken into consideration in this study are political and ethnic institutions, market legitimizing and regulating institutions and democratic institutions. For empirical analysis, a dynamic panel model approach is utilized System Generalized Method of Moments (SYS-GMM). The overall results verify that ethnic conflicts discourage sustainable development while democracy has no impact on sustainable development. However, market regulatory institutions have significant positive impact on sustainable development in developing countries.

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    Authors

    Uzma Nisar & Muhammad Azam

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  • Abstract

    Due to technological improvement, there has been a significant and quick change in the patterns of all economic activity. Even for the cost-effective and efficient use of the other four components of production, such as labour, energy has become a significant issue (land, labor, capital, and organization). Due to the extreme use of energy, the global environment is deteriorating, and international economies are desiring an environmentally sustainable approach to economic growth. Using Annual data from 1981 - 2018, the current study tries to explore the influence of energy usage and environmental deterioration in Pakistan Economy. The stationarity is checked using the Augmented Dickey and Fuller unit root approach. Long-term relationships between variables are provided by the auto regressive distributive lag model. ECM calculates and displays changeable short-run behaviour. GNP and CO2 emissions have been employed as proxy variables for economic development and environmental damage, respectively. Export, GFCF, and population density are the additional factors utilised to further explain and analyse the link between variables. Export, GFCF, and CO2 have a significant influence on economic growth, however energy consumption and population have an unfavourable association with Pakistan's economic growth. ECM returns a positive and substantial value, indicating that if a shock to the independent variable happens, the equilibrium will diverge.

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    Authors

    Farhat Rasul & Rakia Nasir