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...

A conventional reading of economic history implies that free market reforms rescued the world’s economies from stagnancy during the 1970s and 1980s. I reexamine a well-established econometric literature linking economic freedom to growth, and argue that their positive findings hinge on two...

The study examines possibility of threshold effect of inflation on economic growth over the period of 2000-2009. Estimated threshold model indicates that there is a non-linear relationship between economic growth and inflation in the Azerbaijani economy and threshold level of inflation for GDP...

The study considers the exports-led growth hypothesis using quarterly data over the period 1990-2008 in case of Pakistan. For this purpose, Ng-Perron unit root test, ARDL bounds testing approach to cointegration and error correction method (ECM) for short run dynamics have been applied. Our...

While Pakistan has taken several steps to promote competition in its markets, further reforms are required in improving domestic commerce, agricultural markets and industries. With increasing risks and cost of doing business due to deteriorating law and order situation as well as massive energy...

The paper investigates China’s environmental performance-economic development relationship for the time period of 1965-2009. The results indicate that after 1990 China increased its environmental performance mainly driven by the implementation of several environmental policies. In addition...

This paper investigates the empirical relationship between labor productivity, real wages and real GDP in Singapore from 1997 to 2011. The paper begins with a review of productivity, wage and growth situations in Singapore in the past decade and further attempts to uncover the underlying...

Rule of Law and strong legal systems are considered a pre-condition for sustained development. Their relative weakness in the under-developed world is considered as the main obstacle to growth. Strengthening Rule of Law and legal systems has, therefore, become a standard advice from the...

In this paper we estimated the traditional cross-country growth model and corrected for model endogeneity bias and country-specific hetereogeneity effects. Using the System-IV Generalized Method of Moments (GMM) approach, we identified the key factors that determine GDP per capita growth rate in...

There is little doubt that SMEs plays a vital role in development of an underdeveloped economy, but still this sector is facing multifarious problems relating to raw materials, power, land, marketing, transport, technical facilities, and finance etc and due to these constraints it is getting...